01:01.8
It seems like resorts are off to a great start this summer.
01:05.4
Listed Boulevard Holdings reports its Friday's Puerto Galera Resorts saw sales more than quadruple in March,
01:12.5
bringing its total sales for the 10-month period ending March to 26.5 million pesos,
01:18.0
double the amount it made the same period the year before.
01:24.6
And later, find out whether the franchising business model is for you.
01:28.4
And how you can protect yourself from scams.
01:31.7
JP Morales, president of the Association of Filipino Franchisers, joins us later on the show.
01:40.2
We begin with stocks.
01:41.7
Asian markets expected to kick off this week on a high note
01:44.5
as investors choose to focus on strong economic numbers
01:48.0
rather than how these numbers could delay rate cuts by the Federal Reserve.
01:52.5
China, too, is coming back online today after a two-day break from last week.
01:57.2
So let's take a look.
01:58.2
Let's take a look at the numbers here.
02:00.3
So far, the Nikkei 225 outperforming, up 1%.
02:03.7
ASX up by a tenth.
02:05.5
The Kospi index feeling some pressure, down by a fifth.
02:09.1
We did say that China is coming back online,
02:11.5
so we're expecting a lot of attention on China's daily yuan reference rate
02:15.3
after the currency weakened towards the so-called no-go zone last week.
02:19.9
Now, any signs of fixing could be taken as a signal
02:23.1
whether Beijing will support its currency more vigorously this time around
02:26.9
or perhaps allow for a new currency.
02:27.5
So let's take a look at the numbers here.
02:27.6
China's daily yuan reference rate after the currency weakened towards the so-called no-go zone last week.
02:28.2
So let's take a look at the numbers here.
02:28.3
China's daily yuan reference rate after the currency weakened towards the so-called no-go zone last week.
02:28.4
For some moderate depreciation.
02:30.6
Let's take a look at contracts for U.S. futures.
02:34.9
Very close to the flat line, but the S&P and the Nasdaq
02:37.6
are expected to feel some downward pressure,
02:40.5
while the Dow Jones could see slightly upward pressure
02:44.7
when trading resumes tonight over in the U.S.
02:49.9
We do remember that both the S&P and the Nasdaq indexes
02:53.0
are coming from an over 1% advance last Friday.
02:57.0
Elsewhere, when you look at commodities,
02:58.2
oil retreated after six straight sessions of gains,
03:01.5
while gold is slipping this morning
03:03.3
after surging to records last week.
03:09.6
Now, here's a recap of what happened last week
03:13.1
U.S. stocks finished higher last Friday
03:15.0
after a strong jobs report reinforced the view
03:18.1
that the U.S. economy remains healthy
03:20.1
even as it suggested that the Federal Reserve
03:23.2
could delay cutting interest rates.
03:28.2
jobs in the month of March,
03:31.2
and unemployment rate fell to 3.8%.
03:34.4
These were, by any measure,
03:36.5
knocking it out of the park type of performance
03:39.7
by the American labor market.
03:41.7
This is implying that American economy
03:44.0
is strong and resilient despite the rate hikes
03:47.2
that we've seen in the last two years.
03:49.9
Earlier in trading, the equity markets were down
03:52.9
with the expectation that the Fed,
03:55.0
seeing a strong economy, would keep the rates higher,
03:59.5
And bond yields shot up with the same expectation.
04:03.0
Now, during the day, that reversed,
04:04.8
and stock market decided that this was actually good news.
04:10.1
So, U.S. stocks advanced,
04:11.9
with big tech leading the rebound,
04:13.4
the S&P 500 up 1.1%,
04:15.5
snapping a two-day drop.
04:17.5
As you can see, the NASDAQ outperformed
04:19.4
major benchmarks with Google's parent, Alphabet Inc.,
04:22.3
and Microsoft climbing at least 2.5% each.
04:25.9
Now, bonds traded mixed,
04:27.8
while the U.S. dollar barely budged.
04:29.7
Last week, traders got a respite
04:31.7
after Federal Reserve Bank of St. Louis
04:33.5
President James Bullard said
04:35.0
he doesn't think tighter credit conditions
04:37.4
stemming from the recent banking turmoil
04:39.2
will tip the U.S. economy into a recession.
04:42.4
But still, uncertainties over rate cuts
04:45.1
and when they'll actually happen
04:46.4
have put many traders on hold.
04:51.8
Back here at home,
04:52.9
here's a quick look at the local corporate headlines
04:54.7
we're watching this morning.
04:55.7
Very quiet on the disclosures front still.
04:57.8
We're getting a lot of buyback transactions,
05:00.3
but here's one interesting from Boulevard Holdings
05:03.2
that seems like resorts are off to a great start this summer.
05:06.2
Listed Boulevard Holdings reporting
05:07.8
it's Friday's Puerto Galera Resort.
05:10.3
So this is only coming from the operations
05:11.9
of one of its resorts out of several.
05:14.6
At least that results in Puerto Galera,
05:16.9
so more than sales,
05:18.4
more than quadruple in March,
05:19.7
to 5.8 million pesos,
05:21.8
bringing its total sales for the 10-month period
05:24.3
ending March 31 to 26.5 million pesos.
05:27.6
So that's a lot of buyback transactions.
05:27.7
So that's a lot of buyback transactions.
05:27.8
That is double the amount they made year on year.
05:34.0
Did you know that in 2022,
05:37.0
the franchising industry contributed
05:38.5
around 8% to the country's GDP
05:41.2
and generated roughly 2 million direct and indirect jobs?
05:45.1
Food and beverage franchises contributing
05:46.9
80% of this revenue,
05:48.9
bringing in more than $10.8 billion.
05:52.2
That's according to the trade department.
05:55.0
While non-food retail and services
05:56.6
each delivered $10.8 billion.
05:57.6
10% to the total value at $1.34 billion.
06:02.3
Now the estimate is that the Philippines
06:04.0
is actually the 7th largest franchise market
06:08.5
and the largest in the Southeast Asian region.
06:12.2
Joining us now for more on this,
06:14.5
President of the Association of Filipino Franchisers.
06:18.8
Welcome to Market Edge.
06:21.9
Good morning to everyone watching.
06:23.4
Thank you so much for having me here today.
06:25.5
So JP, for those who are wondering
06:27.0
how did you get into the franchising business,
06:29.2
how many franchises do you actually own
06:31.1
and how are you doing?
06:33.7
Yes, well, actually, back in 2017
06:36.0
when I was still a college student,
06:37.7
I started my very first business
06:39.4
that was Tayaki Ice Cream.
06:41.3
Then later on, I developed my business
06:43.6
into the franchising business.
06:45.7
Then that was the first time
06:46.9
I ventured into franchising.
06:48.6
Then I met this association.
06:50.7
It's called Association of Filipino Franchisers, Inc.
06:53.7
And that's where I started
06:54.8
my very first franchising
06:57.0
industry business model as well.
06:59.0
Currently, our association has 180 members
07:01.5
and my business, Raiti and Choco Monkey,
07:03.6
we currently have 40 outlets nationwide.
07:06.5
and two outlets for Choco Monkey
07:10.5
And all of these are using the franchising model?
07:15.1
So let's talk about the industry itself.
07:17.5
Everybody says there's a huge franchising opportunity,
07:21.3
especially for a domestic-driven economy
07:24.1
where 99.9% of establishments
07:28.1
What is the opportunity according to you?
07:30.7
And do you think there are typical characteristics
07:33.5
to the Philippines
07:34.5
that make us more inclined
07:36.6
to this business model?
07:39.7
Actually, the Philippines is a home
07:41.0
to multiple franchise businesses.
07:43.0
If you've noticed, in every corner,
07:45.1
there's a franchise outlet present.
07:47.4
In fact, 68% of the establishments
07:50.3
are into franchising.
07:52.0
Now, the opportunities into franchising
07:55.8
For example, if you want to,
07:56.8
for example, if you want to,
07:56.8
if you want to expand your business
07:57.8
across nationwide,
07:59.2
the best way to be able to expand your business
08:02.4
is through franchising.
08:03.8
With the right franchising system model,
08:06.2
you will be able to hit your target market.
08:08.9
And of course, the franchisees will be able
08:10.7
to earn more with the franchise model.
08:13.4
But what are the challenges, though?
08:15.4
I mean, do franchises typically do better
08:18.8
or are they typically more resilient
08:20.9
during economic slowdowns?
08:24.6
Well, actually, Mimi,
08:25.5
the pandemic has proven
08:26.8
that the franchise model
08:29.4
if you will be venturing into business,
08:31.2
especially if you're a first-time business owner.
08:33.5
The franchisor has already established
08:35.4
the franchise system
08:36.6
or the business model itself,
08:38.1
even the systems.
08:39.3
It's what they call this
08:40.2
the pandemic proof already.
08:41.8
It was a test to all franchisers
08:44.4
how resilient they are
08:46.0
and also how can they be able
08:49.3
to establish their franchise
08:50.5
into the pandemic time.
08:52.5
Now, if you use a franchise,
08:54.3
ito talaga yung pinaka-best model.
08:56.8
Hindi ka maloloko
08:58.3
dahil these franchisers
08:59.6
are talagang legitimate franchisers.
09:02.6
Let's get to the word legitimate there.
09:05.6
I know that you have a program
09:07.2
where you sort of give certifications
09:09.8
to be able to protect franchisees
09:13.0
and eliminate scam.
09:14.6
Tell us more about this.
09:16.0
I mean, first of all,
09:18.8
what and how would you consider
09:20.4
a franchise model a scam?
09:22.8
Because we know of so many big brands,
09:24.6
big, reliable, trusted brands,
09:26.8
where according to the franchisees,
09:28.8
only the brand owner wins.
09:30.8
And the franchisees feel,
09:32.8
you know, we're just working
09:33.8
for the brand owner talaga.
09:35.8
Eventually, we lose money
09:36.8
in our own venture.
09:37.8
How would you define
09:39.8
a scam franchise model?
09:42.8
Alright. Okay, Mimi.
09:44.8
So, let me first share
09:45.8
what the franchise practitioner
09:48.8
It's called the Certified Franchise Practitioner.
09:51.8
Now, this is in support
09:52.8
to the Executive Order 169,
09:54.8
which is certified franchise practitioner.
09:58.8
protect and strengthen the franchising industry
10:00.8
for the protection
10:01.8
of the small and medium enterprises.
10:03.8
Now, this Certified Franchise Practitioner,
10:06.8
well, it aims to certify,
10:08.8
legitimize, promote franchisers
10:10.8
the responsible way
10:11.8
of practicing a franchise
10:13.8
and eliminate the scam franchisers.
10:15.8
You know, this certification process
10:17.8
involves a series of modules
10:18.8
attended by franchisers
10:20.8
wherein the educators of the model
10:22.8
are franchise practitioners,
10:24.8
not only from the academic side,
10:25.8
but also the practitioners themselves.
10:27.8
Now, this certified program
10:28.8
is made by the homegrown franchisers
10:32.8
and for the homegrown franchisers
10:34.8
here in our country.
10:35.8
Now, through this initiative,
10:37.8
the legitimate franchisers
10:39.8
will be given a certified franchise practitioner title
10:43.8
at the end of their name
10:44.8
to signify that the franchisor is legitimate
10:47.8
and has undergone series of modules
10:49.8
and practices responsible franchising,
10:52.8
which informs the public
10:53.8
that the franchisor
10:54.8
is a legitimate franchise practitioner.
10:57.8
the question was,
11:00.8
yung franchisee hindi kumikita,
11:02.8
only the franchisor.
11:03.8
Well, actually po kasi,
11:05.8
with the right computation.
11:07.8
If the computation,
11:08.8
minsan kasi pagmali ang computation ng franchisee,
11:11.8
akala nila yung franchisor lang kumikita.
11:14.8
Let me give you an example, Mimi.
11:15.8
For example, we had this franchisee before.
11:17.8
Ang lakas ng sales niya.
11:18.8
Subili siya nabili ng supplies.
11:20.8
Ang sabi niya sa akin,
11:21.8
JP, bakit parang hindi ako takot kumikita?
11:24.8
Now, nung tinignan namin yung kanyang accounting,
11:26.8
mali yung kanyang computation.
11:28.8
Hindi niya na itatago yung kanyang income.
11:31.8
Akala minsan kasi ng franchisee,
11:34.8
yun na yung kanilang kita.
11:37.8
hihiwalayin pa natin siya yung cost of goods.
11:39.8
Then doon natin madedetermine yung ating net income
11:42.8
or net profit ng franchisee.
11:44.8
I think those are some of the mistakes na
11:46.8
nasasabi ng franchisee na hindi kami kumikita,
11:48.8
si franchisor lang kumikita.
11:50.8
So going back to the CFP,
11:53.8
the certified franchisor,
11:56.8
franchise practitioner.
11:58.8
So do you also do background checks
12:01.8
on their business models?
12:02.8
Or as long as they attend your course,
12:04.8
they get that CFP
12:06.8
and they're automatically considered legit?
12:09.8
Okay, but for this one, Mimi, no?
12:11.8
We have first to make due diligence.
12:13.8
So we have to first interview
12:15.8
the franchisor, the brand owner.
12:17.8
Then we have to check their commissary.
12:19.8
We have to check their papers.
12:20.8
Do they have the business permit?
12:22.8
Do they have the BIR permit?
12:24.8
Do they have the mayor's permit?
12:25.8
The barangay clearance and all the health certificates
12:29.8
We have to ensure na talagang legitimate sila
12:31.8
and even pumupunta po kami sa kanilang outlets
12:34.8
na dinideclare nila doon sa kanilang application form.
12:37.8
And then of course, once they pass,
12:39.8
they have first to be a member of the association
12:41.8
before they can get the certified
12:43.8
franchise practitioner module.
12:46.8
And you did say that your group currently has 180 members?
12:51.8
Members, is that correct?
12:54.8
Would that be 80% of the total franchising universe
12:58.8
for the Philippines?
13:00.8
Well, for the Philippines, actually,
13:02.8
that's roughly around,
13:04.8
well, let's say 70 to 80%
13:06.8
of the franchising industry.
13:09.8
So the big brands are members of your group?
13:13.8
For the homegrown brands like Show My House,
13:15.8
we have Toket Tempura, Boto King, Taters.
13:18.8
Those are some of the big brands that we have
13:20.8
in our association.
13:21.8
I wonder, JP, why did you come up with this program,
13:26.8
You must have seen something.
13:28.8
You must have heard stories from franchisees.
13:32.8
I mean, how big is the scam universe
13:34.8
for franchising industry in the Philippines?
13:36.8
Just very curious.
13:38.8
Yes, well, back in the days,
13:40.8
what people have been prying on are the OFWs
13:44.8
because these OFWs have been outside of our country
13:47.8
and doesn't know much about our franchising industry.
13:50.8
So what I have discussed with my fellow boards
13:55.8
is, what can we do to protect them?
13:57.8
So this is where the CFP came up.
13:59.8
We said, what is our objective with the CFP?
14:02.8
The objective is to protect the public
14:04.8
and the franchisees from getting a franchise scam,
14:07.8
to educate them about the franchising industry,
14:10.8
and of course, the homegrown franchisers
14:12.8
to be educated on responsible franchising
14:14.8
using their franchise model
14:16.8
and to easily distinguish their leaders
14:20.8
as a legitimate franchiser
14:22.8
and of course, to eliminate those scam franchisers.
14:24.8
Now, of course, to our story,
14:26.8
back in 2018, I had this business partner.
14:30.8
Well, sabi niya before,
14:31.8
JP, I bought a franchise bago tayo nagkakilala.
14:34.8
I said, oh, what was that franchise?
14:36.8
It was a burger franchise.
14:37.8
On the day of his opening, alam mo, sabi niya sa kanya,
14:40.8
wala kami maibibent ng burgers sa iyo.
14:42.8
You have to buy your own burgers outside.
14:44.8
You go to the market, hanap ka ng buns and patties.
14:47.8
Well, that's not how franchising works.
14:49.8
The franchising works is the franchisor delivers you his supplies
14:52.8
or you buy the supplies.
14:53.8
So, it's product distribution, yes.
14:55.8
Yes, yes. So, sabi ko, you got scammed.
14:57.8
So, how much did you buy for that franchise?
14:59.8
Sabi niya, it's cheap, it's cheap.
15:01.8
It's only 129,000 pesos.
15:03.8
So, sabi ko, sa halagang 129,000 pesos,
15:07.8
naloko ka, naiscam ka.
15:09.8
And of course, there are also some OFWs na
15:11.8
bumili sila ng franchise.
15:13.8
Nakapan sila nasa abroad.
15:14.8
Then, pag uwi nila dito, wala pala yung kanilang franchise.
15:17.8
So, naiscam sila, naloko ka.
15:19.8
So, sabi ko, nakakaawa naman itong mga tao na ito
15:22.8
dahil these are the people who work hard to earn that money
15:25.8
and to buy that franchise.
15:26.8
At umaasa sila na meron silang kikitain sa franchise na kanilang kinuha.
15:31.8
And the CFP that you put at the end of the names
15:35.8
of those who have passed this module, for example,
15:39.8
is CFP officially recognized by government agencies,
15:43.8
perhaps like the DTI?
15:46.8
Well, yes, we are partnering with the Department of Trade and Industry
15:49.8
Well, actually, Mimi, just a short story.
15:51.8
When we were coming up with the Certified Franchise Practitioner,
15:54.8
I asked for the guidance of former Secretary Mon Lopez
15:58.8
in creating this one.
15:59.8
I told former Secretary Mon that we're creating the CFP program
16:03.8
and how we can help other people to distinguish
16:07.8
what a legitimate franchisor looks like
16:09.8
and of course, how we can protect the franchising industry
16:12.8
since there's already the Executive Order 169,
16:15.8
the Strengthening the Franchising Industry
16:17.8
for the Protection of Microservices.
16:18.8
The Protection of Micro, Small and Medium Enterprises.
16:21.8
Final question, JP.
16:23.8
What is your visibility for the franchising business model for 2024?
16:28.8
Is it mighty hard to attract people into the model
16:33.8
when you've got a high interest rate, high inflation,
16:36.8
slowing growth environment like this?
16:40.8
Well, what we can see for this year,
16:42.8
there will be an increase of double digit
16:45.8
in the franchising industry this year.
16:47.8
As we have seen that there are a lot of franchisers,
16:50.8
first-time franchisers here in our country,
16:52.8
especially during the pandemic,
16:54.8
there are those who venture their business
16:56.8
into a franchising industry.
16:58.8
And as the Filipinos, I think we are very resilient
17:01.8
and I have seen that talagang gusto nilang pumasok
17:03.8
sa the franchising industry.
17:05.8
Ano ang mas marami, JP?
17:07.8
Yung mga may bagong negosyo na gustong i-franchise out yung brand?
17:12.8
Or those who, like OFWs and those who want a sideline,
17:16.8
who want to become franchisees?
17:22.8
Well, based on experience of Mimi,
17:24.8
I think mas marami yung mga gusto magtayo ng kanilang business
17:28.8
into the franchising industry.
17:30.8
Alright, and on that note, JP, thank you so much
17:34.8
for joining us this morning and for sharing with us stories from the ground
17:38.8
and for what you do to help our SMEs scale
17:41.8
and to give opportunities for Filipinos who want more opportunities
17:45.8
to earn a living.
17:46.8
Thank you again for the time and the insights.
17:48.8
Have a great week ahead.
17:50.8
Thank you, Mimi. Thank you so much for having me.
17:52.8
Alright, now moving on to other news.
17:55.8
The government task force warns the whole country
17:58.8
will feel the effects of the El Niño phenomenon by the end of this month.
18:03.8
Nearly 20 local governments have declared a state of calamity
18:07.8
due to the weather phenomenon with the agriculture damage
18:10.8
climbing to at least 2.63 billion pesos.
18:13.8
The task force expects more problems.
18:15.8
The government has ordered provinces to be affected by El Niño.
18:18.8
It's now urging the public to conserve and reduce their water consumption.
18:23.8
At the end of April, 80 out of the 82 provinces, more or less,
18:29.8
meron ng efekto yung El Niño sa kanya.
18:32.8
Pero hindi ibig sabihin nun na lahat ng sakahan mapipinsala,
18:36.8
lahat ng water reservoir o yung sources of water ay matutuyo.
18:41.8
Pero dahil nga sa init na nararanasan natin, kahit pa paano eh,
18:43.8
dahil nga sa init na nararanasan natin, kahit pa paano eh,
18:45.8
masasabi nating apektado na yung buong bansa.
18:48.8
Ipagpaliban po muna yung maintenance at saka yung paglilinis po ng swimming pools
18:56.8
Again, pakiusap po ito, hindi po ito pagbabawal,
18:59.8
pero po kasi talaga kapag maglinis tayo kahit ng isang swimming pool,
19:03.8
eh napakalaking konsumo po nun sa tubig.
19:09.8
Meanwhile, the Philippine Budget Department has released 4.5 billion pesos
19:13.8
for the crop insurance premium of nearly 2.3 million farmers and fisher folks in the country.
19:19.8
The agency also issued a notice of cash allocation for the first quarter of the year,
19:23.8
totaling 900 million pesos to the Philippine Crop Insurance Corporation or PCIC.
19:30.8
The DBM says the assistance will help the country's agriculture workers safeguard their means of livelihood
19:36.8
despite ongoing issues like the El Niño phenomenon.
19:39.8
PCIC's primary mandate is to provide insurance protection to farmers,
19:41.8
against losses from natural calamities and pest infestations, among others.
19:47.8
President Fernando Marcos Jr. earlier assured farmers of heightened government support
19:52.8
in ensuring sustainable harvest.
19:57.8
The Agriculture Department, meanwhile, ruling out imposing another price cap
20:01.8
on regular and well-milled rice,
20:03.8
saying it would rather focus on increasing production and lowering costs.
20:07.8
Based on government data, rice was the biggest contributor
20:10.8
to the upward trend in inflation, which rose for a second month in March to 3.7%.
20:16.8
The staple saw a 24.4% inflation that is a 15-year high.
20:21.8
But the agency notes, while year on year, the price of rice has gone up,
20:25.8
month on month, figures have actually been trending lower.
20:28.8
Meanwhile, agriculture damage due to El Niño is now estimated at 2.63 billion pesos.
20:34.8
Now remember, back in 2023, President Marcos, who then was still holding
20:39.8
the agriculture portfolio, had imposed a one-month price cap on rice,
20:43.8
a move that was heavily criticized.
20:48.8
Shifting gears now, Philippine authorities appealing to fugitive televangelist
20:52.8
Apolo Quiboloy to surrender and face charges.
20:56.8
The Philippine National Police says they're already coordinating
20:59.8
with various law enforcement agencies to monitor Quiboloy's whereabouts.
21:03.8
The PNP also assures the pastor of his safety, adding his sexual and child abuse charges
21:08.8
are all bailable.
21:38.8
Now, Quiboloy on Saturday denied he is in hiding.
21:47.8
He insisted he only wants to protect himself against extradition.
21:51.8
The pastor also issued conditions before surrendering to authorities.
21:55.8
He said he will face any courts as long as the President and the Secretary of Justice
21:59.8
will make a written guarantee the U.S. will not meddle in his case.
22:04.8
Quiboloy has been on the FBI's most wanted list for a series of cases
22:07.8
including sex trafficking and bulk cash smuggling.
22:13.8
Because what they want is a rendition, an extraordinary rendition.
22:18.8
And I still have a 2 million dollar bill in my head.
22:23.8
That means 110 million pesos.
22:26.8
Marcos himself and the FBI and CIA have agreed that I will give it to them.
22:35.8
They will give it to me.
22:37.8
Marcos, I am in the hands of the whites.
22:40.8
I will not lose my life.
22:42.8
I will just be shot.
22:48.8
Now here's a look at the other stories we're tracking in the newsroom today.
22:51.8
Happening within the hour, President Marcos will inspect and lead the energization
22:55.8
of the third stage of the Cebu-Negro-Spanay Backbone Project in Bacolod City.
23:01.8
While at 10, we cover the AMRO ASEAN Plus 3 Regional Economic Outlook Briefing,
23:06.8
and that one this afternoon, the Land Transportation, Franchising and Regulatory Board
23:10.8
will hold a press conference on transport-related issues.
23:14.8
And of course, big day for finance reporters.
23:18.8
At 3pm, the Philippine Central Bank will conduct its Monetary Board Policy Meeting
23:22.8
with a projected hold on interest rates even after inflation quickened again in March.
23:30.8
We're taking a quick break.
23:31.8
Up next, the opening numbers with CL Financial's Head of Institutional Sales, Adrian Yu.
23:36.8
Market Edge, we'll be right back.
23:58.8
You're still watching Market Edge, the headlines.
24:00.8
The Philippines, the US, Australia and Japan hold their first joint drills
24:05.8
in the West Philippine Sea.
24:09.8
China responding with its own combat patrols in the South China Sea.
24:15.8
And Israel reduces its presence in southern Gaza with fresh talks for a ceasefire set to begin.
24:23.8
The PSE Index kicking off from 67.45 after falling another 1.2% last Friday
24:29.8
as inflation heated up again for the month of March.
24:32.8
Regionally, markets mostly fell too.
24:35.8
Sino, amid rate uncertainties and heightened geopolitical tensions in the Middle East.
24:39.8
Joining us now to help get you set up for this week, another shortened trading week,
24:43.8
is Adrian Yu of CL Financial, Head of Institutional Sales.
24:48.8
Adrian, good morning.
24:50.8
Thanks so much for taking our call.
24:52.8
Good morning, Mimi.
24:53.8
Thanks for having me.
24:55.8
So we opened this week with the Philippine Central Bank's rate decision that happens at 3pm today
25:00.8
right after the closing bell.
25:01.8
And we're going to be leading a string of rate announcements from the Euro area.
25:03.8
And we're going to be leading a string of rate announcements from the Euro area.
25:04.8
From the Euro area, Canada, New Zealand, Thailand, and Israel.
25:09.2
Is this a non-event for the markets, you think?
25:11.4
I mean, coming from last Friday's March inflation print,
25:14.8
it seems like the print falling below 3% might be a blip.
25:19.4
And headline inflation might go back up to about 4% this Q2.
25:24.0
What are your thoughts on this?
25:26.7
Well, I think the market was slightly surprised globally
25:29.8
that inflation is proving to be a little stickier than what markets would have hoped.
25:35.6
And I think this is changing the course for what the interest rates,
25:41.1
what path the interest rates might take for the remainder of the year.
25:44.4
So I think what we're likely going to see is that the BSP and the US Fed
25:49.2
might end up pausing rates for longer before eventually cutting rates later in the year.
25:55.5
So I think that's what's potentially putting a cap to our markets
25:59.5
rather than a break.
26:00.1
Mm-hmm. All right. So we're pausing for longer.
26:05.3
So when are you now pricing in the first rate cut to happen?
26:08.7
And how deep will the cuts be for the totality of 2024?
26:13.3
Well, I think for the BSP, we'll have to see what the US Fed will do.
26:18.2
I don't think the BSP will take a very aggressive stance
26:22.1
on potentially cutting rates earlier.
26:24.5
So we're still looking at potentially 50 to 75 bps.
26:28.4
And we think that...
26:29.8
But the BSP will keep in lockstep.
26:32.0
So if the US Fed cuts in July,
26:35.3
so that's the earliest we're potentially looking at for a BSP rate cut as well.
26:40.6
Okay. And what are you looking at for the Fed rate cut?
26:43.5
July? Is July the month?
26:46.6
Well, initially, we're looking at July.
26:49.8
But potentially, we could see it push back potentially one session later
26:54.6
with the Minneapolis Fed, in fact, saying that...
26:58.3
...questioning whether or not...
26:59.8
...this rate cut might even be prudent this year.
27:02.6
So I think there's a downside risk to potentially also for the US Fed
27:07.1
to delay the cut one cycle later.
27:10.4
I want to pull up our calendar now for this week.
27:13.6
We know it's a shortening trading week for traders out there.
27:16.5
We have no trade tomorrow and Wednesday.
27:19.5
Ato ng Kagitingan plus Idil Fitir, of course.
27:23.0
So for Philippines, it's only Monday, Thursday, Friday.
27:25.4
But we're getting a lot of data coming out aside from central banks.
27:29.8
We're supposed to get jobs numbers on Wednesday,
27:32.0
but that could be moved because it's a holiday.
27:34.5
Thursday, we're getting trade numbers.
27:36.3
That's export, imports, and deficit, plus industrial production.
27:40.3
Anything else in the calendar for this week that excites you,
27:43.8
that you think could prove to be a catalyst,
27:45.7
whether to the downside or the upside?
27:48.5
Well, right now, I think as far as local news is concerned,
27:52.9
I don't think the market at this point should react to anything more significantly,
27:59.8
considering we already had the inflation print and then the U.S. jobs number last week.
28:05.7
I think those two have already dictated the path of the U.S. Fed and BSP quite to a significant degree.
28:14.3
So I think for the remainder of the week,
28:16.1
what we're rather looking at is to see how the market will react to these news
28:21.0
that has already been priced in the market.
28:22.9
We're trying to see if potentially our local market can in fact hold 6-7 support,
28:29.8
but if the market cannot hold this, we'll have to see potentially a deeper cut.
28:35.0
But for now, I think the base case is that the local market should be able to defend this support.
28:41.1
All right, defend this support at 6-7.
28:45.7
Adrian, when you look at the earnings that we've seen from Q4,
28:51.2
from the solicited companies, the pronouncements they've made so far,
28:55.6
and their CapEx plan for this year,
28:58.1
or maybe even when you do your analyst,
28:59.9
calls or briefings,
29:01.1
what is the sense that you're getting from these listed companies
29:04.7
about how they might feel about their own inflation experience
29:09.3
and their inflation expectations moving forward?
29:12.7
What sense are you getting?
29:14.0
Could you share that with us?
29:15.5
Well, I think for a variety of sectors,
29:19.7
I think when you look at their fourth quarter numbers,
29:21.7
you'll see that the range varies,
29:24.6
but within the sector, it's quite consistent.
29:27.8
So when you look at the banking sector,
29:29.1
we saw that fourth quarter numbers were still strong across the board.
29:34.5
When you check the property segment,
29:36.6
those that have a higher exposure to MOS did quite better
29:39.4
than those with a higher exposure to RECI.
29:42.3
And when you look at consumer companies,
29:44.4
you can see those with the pricing power
29:46.7
or those with the ability to price higher
29:48.3
tended to do better than those who are in general price takers.
29:53.1
So when you look at them across the board
29:54.7
in the first quarter guidances for this year,
29:59.1
and their capex expectations,
30:02.6
when we look at them,
30:03.6
we tend to see that those who did well in the fourth quarter
30:06.6
are probably still the ones who are expected to do better
30:10.4
largely for the remainder of the year
30:12.1
as inflation expectations still remain the same.
30:15.8
So I think you should focus or investors should focus
30:20.3
on those who did well in the fourth quarter
30:22.7
and who are still poised to do better for the remainder of the year.
30:28.0
Just very quickly,
30:29.1
seven minutes into trade for the day
30:30.7
and the index is so far lagging behind.
30:33.4
We're underperforming our peers.
30:34.7
The index is down by a tenth of 1%,
30:39.3
You did say that the challenge is to see
30:41.0
whether we can defend the 6,700.
30:44.0
I think we're now ready for your blind item.
30:46.4
Talk to us about the stock that you're monitoring closely
30:48.2
and that you like.
30:50.6
just describe to guess what this is.
30:52.6
So what do you have for us today?
30:56.7
I have a banking stock.
30:59.1
silently outperformed the market.
31:01.2
It's already up 18% for the year,
31:03.7
significantly outperforming the broad index.
31:06.8
This was brought about by the strong earnings
31:09.0
in the fourth quarter,
31:10.4
driven by double-digit loan growth.
31:13.0
But what's exciting for us is that
31:14.7
this company is actually trading amongst
31:17.8
the best amongst its peers
31:19.1
in terms of its return on equity
31:20.7
while trading at below book
31:23.6
or their cheap valuations.
31:25.8
And what's exciting for us is that
31:29.1
to most traditional issues,
31:30.4
trading at a significant discount,
31:33.2
its earlier price action
31:34.7
for the start of the year
31:35.8
leads us to think that
31:37.6
this might not be
31:38.8
like the rest of the companies
31:41.5
who have been experiencing a value trap
31:43.3
considering the price momentum
31:44.9
we've seen for the start of the year.
31:46.9
And we're expecting this stock
31:48.8
to potentially narrow the discount further
31:51.0
and rally some more to end the year.
31:52.8
To rally some more.
31:54.6
I mean, you did say it's already up 18% for the year.
31:59.1
our preliminary target is seeing another 20%.
32:03.0
But I think we can potentially exceed this
32:06.4
in the near term.
32:10.0
thank you very much, Adrian.
32:11.4
We're going to have to guess
32:12.2
which stock this is.
32:13.7
Always a pleasure to speak with you.
32:14.9
Have a great week ahead.
32:17.4
Thanks for having me.
32:19.3
Time now to zip through the top headlines
32:20.8
from major business papers.
32:22.7
Let's start with the business world.
32:24.6
La Vista-led Solar Philippines Power Project
32:26.7
and its partner in Indonesia,
32:30.1
have signed a $14 million
32:32.2
or P792 million loan deal
32:35.7
for a 25-megawatt solar farm project
32:39.9
The implementation of the solar project
32:41.8
actually started last year
32:43.0
and is estimated to cost some $20 million
32:45.5
and is funded by a combination of
32:47.8
Bank Negaris Credit Facility
32:49.2
and equity invested by Medco and Solar Philippines.
32:53.8
the joint venture of Solar Philippines
32:55.2
and Medco in Bali
32:56.1
have a capacity of up to 50 megawatts,
32:58.1
with plans to energize the first 25
33:00.3
by the end of this year
33:02.0
and the next 25 scheduled by 2025.
33:06.2
From the Philippine Daily Inquirer,
33:08.2
while digital banks continue to outperform
33:10.4
traditional banks in attracting deposits,
33:13.3
their bad loans are also on the rise.
33:16.3
BSP data show that digital banks'
33:18.2
non-performing loans ratio, or NPL,
33:20.6
these are borrowings,
33:21.6
so they're more than 90 days late on a payment,
33:24.3
actually accounted for 21.6%
33:26.9
of its total loan rate.
33:28.1
Slightly higher than the 20.9% ratio
33:34.2
that's equivalent to around
33:35.2
4.9 billion pesos in bad loans
33:37.6
and is more than 6 times larger
33:39.9
than the 3.44% NPL ratio
33:42.8
of the entire local banking industry.
33:47.1
And from Business Mayor Bicol Sado,
33:49.1
Party List Representative Brian Raymond Yamsuan
33:52.7
for the revival of the Bicol Express Rail Line,
33:55.7
urging government to explore again
33:57.3
the possibility of a new business.
33:58.1
of having Japan fund the stole project.
34:01.1
Yamsuan notes Japan continues to offer
34:02.8
highly concessional financing packages
34:04.7
to the Philippines for infrastructure projects
34:07.1
including one for the Metro Manila Subway.
34:10.1
For this line in particular,
34:11.6
the estimated cost of the first phase
34:13.2
of the reconstruction,
34:14.6
known as the South Long Haul Project,
34:17.2
is approximately worth 142 billion pesos.
34:23.3
President Mark is seeking to address
34:25.0
traffic woes in the Philippines
34:26.5
in his latest vlog,
34:27.6
Marcos says traffic congestion
34:29.5
is among the country's pressing problems,
34:32.0
which he says places the country
34:33.5
in a very bad light.
34:35.2
Marcos also blaming Filipinos'
34:37.0
supposed lack of road discipline
34:38.2
for the congestion.
34:39.6
He says government officials
34:41.2
should be an example
34:42.2
when it comes to being disciplined drivers
34:45.6
The president also underscoring
34:47.1
the importance of provincial development
34:48.8
to solve traffic woes in the Metro.
34:57.6
Sa nakakalungkot man,
34:59.4
ay isa na itong bahagi
35:00.8
ng pamumuhay ng bawat Pilipino.
35:02.9
At hindi rin natin mapagkaila
35:05.0
na kanyag o notorious na
35:07.1
sa buong mundo ang traffic dito sa Pilipina.
35:09.6
Congested ang Metro Manila.
35:11.6
Kung kaya bahagi talaga
35:13.0
ng pagpaplano ay may develop
35:15.5
ang mga kalapit probinsya at siyudad.
35:17.7
Ang higit nakakulangan
35:19.2
nating mga Pilipino
35:20.8
sa daan ay ang disiplina.
35:24.6
Dapat susunod tayo
35:26.0
sa traffic rules.
35:27.6
Para tayong mauubusan
35:33.1
Now motorists bracing for another
35:35.2
big time oil price increase this week.
35:37.3
Pilipinas Shell kicking off those hikes.
35:39.5
Announcing that gasoline will be going up
35:41.4
by 1 peso and 10 centavos per liter.
35:44.2
Kerosene by 1 peso
35:45.4
and 40 centavos per liter.
35:47.6
While diesel will see the biggest jump
35:49.2
of 1 peso and 55 centavos per liter.
35:52.1
Meanwhile, oil prices
35:52.9
fell more than a dollar
35:55.1
a barrel on Monday with the Brents
35:57.3
lighting under 90 dollars
35:58.4
as Middle East tensions eased
35:59.9
after Israel withdrew
36:01.0
more soldiers from southern Gaza
36:03.1
and committed to fresh talks
36:04.6
on a potential ceasefire
36:06.1
in the six-month conflict.
36:10.7
The BSP is tipped to keep
36:13.0
benchmark interest rates steady
36:14.3
at a near 17-year high
36:15.5
of 6.5% this week
36:17.1
amid lingering inflation risks.
36:19.3
For more on his BSP outlook,
36:20.7
Moody's Analytics,
36:21.7
Steve Kukrain joins us live.
36:27.8
So, Steve, we're coming from
36:29.0
two months of inflation uptick
36:30.5
here in the Philippines.
36:31.6
Does this change fundamentally
36:33.5
the narrative of the central bank for you?
36:37.7
I don't think it changes it too much.
36:39.8
I think what's important to realize
36:41.8
that when you look deeper
36:43.8
they're in a sense
36:44.9
kind of all over the place.
36:46.3
You look at top-line inflation
36:50.0
up over the last two months.
36:52.3
But when you look at core inflation,
36:55.3
which excludes food
36:57.1
and alcoholic beverages and such,
36:59.1
core inflation actually came down
37:08.7
Also, one of the real problems
37:10.9
is rising food prices.
37:13.0
The food component of the CPI
37:16.0
has really been rising strong.
37:17.7
And a lot of this has to do
37:18.6
with rising prices of rice.
37:21.5
Weather hasn't been so favorable.
37:24.1
And actually, in a sense,
37:26.2
there's not a whole lot
37:27.1
that the central bank can do
37:30.3
And so, I think still,
37:32.1
the central bank is kind of
37:33.4
going to remain on pause for a while
37:36.1
a more consistent downward trend
37:38.5
while the economy hopefully
37:39.7
continues to grow
37:42.1
at a fairly steady pace.
37:43.8
So you're not expecting
37:45.2
a further uptick in inflation
37:46.9
because you did say
37:47.8
the BSP will likely stay on pause
37:51.2
more consistent downward trends.
37:52.8
You're not expecting any upward,
37:54.7
any consistent upward trend?
37:57.1
You know, if there's an upward trend
38:00.5
it's going to come from food prices.
38:02.4
And that has been the major problem
38:04.9
for taming inflation
38:07.6
throughout much of Southeast Asia
38:09.1
over the last three to four months.
38:12.7
And again, a lot of food price,
38:14.9
the food price inflation
38:16.1
can't be controlled by interest rates.
38:19.5
And so, the BSP, pardon me,
38:22.8
will be probably looking more
38:24.8
at the core inflation
38:26.0
rather than that.
38:27.1
A top line number
38:27.8
that's still going up.
38:31.2
So, we are expecting another pause.
38:34.6
It would be the fourth straight meeting
38:36.3
for the BSP to keep rates unchanged
38:38.2
since the 25 bps off-cycle hike
38:41.9
What are you penciling in?
38:43.7
When do you expect
38:44.6
maybe the first rate cut to happen?
38:46.6
Is it going to be more dependent
38:48.5
on the Fed's narrative
38:49.7
or is it going to be
38:50.8
local core inflation numbers
38:52.9
that's going to direct it more?
38:57.1
I think it's both.
38:57.9
I tend to agree with Adrian
38:59.5
who was on a few moments ago
39:01.1
that the Fed has to be looking
39:03.5
over its shoulder,
39:04.3
the BSP has to be looking
39:05.7
over its shoulder at the Fed
39:07.9
because the BSP doesn't want
39:11.6
that spread between
39:13.5
local interest rates
39:14.9
and U.S. interest rates
39:20.2
they probably won't move
39:21.8
until the Fed moves.
39:23.5
how fast the BSP moves
39:29.6
in the Philippines.
39:32.9
when are you expecting
39:33.8
the Fed to make its first move?
39:36.9
it's a good question,
39:38.2
With the jobs numbers
39:39.1
that came out last week,
39:40.7
very, very strong.
39:42.3
a three-month moving average
39:43.7
of like 279,000 jobs a month.
39:46.8
good strong numbers.
39:47.8
So, the labor market
39:54.5
And the downward trend
39:56.8
has started to happen.
39:57.8
the inflation was coming in
39:59.5
second half of last year,
40:01.6
but we turned the corner
40:09.9
since that downward trend
40:14.0
and some of the conversation
40:15.2
coming out of the
40:16.2
Open Market Committee members
40:21.4
a little bit longer.
40:22.3
Maybe it wouldn't be June.
40:24.0
Maybe it wouldn't even be July,
40:32.7
But there's a lot
40:33.9
of uncertainty about that.
40:37.0
with that assumption.
40:39.0
But do you think, Steve,
40:40.3
there might not even be
40:42.0
for this year at all?
40:48.4
that there will be
40:50.5
second half of the year.
40:51.9
It's hard to believe
40:59.3
can continue to grow
41:01.5
as fast as it has
41:04.5
where interest rates
41:11.4
the global economy,
41:12.3
particularly in Europe
41:12.9
and in Latin America,
41:17.5
I certainly think
41:18.5
that we'll still have
41:19.9
in the second half
41:21.0
but exactly when,
41:22.4
it's so hard to tell
41:24.4
Are you expecting
41:26.0
Are you expecting
41:26.1
any other central bank
41:29.4
Philippine Central Bank,
41:32.2
to create some fireworks
41:34.1
even before the Fed's
41:35.4
next policy decision?
41:37.6
when you look over,
41:39.1
the Swiss National Bank
41:41.0
the first developed
41:41.7
market central bank
41:43.7
since the crisis.
41:45.1
Taiwan also came out
41:46.7
with a big surprise
41:47.5
with cutting rates.
41:50.2
The Bank of Japan
41:51.0
hiking for the first time
41:56.1
What do you think?
41:58.0
Are you expecting
41:58.7
any more fireworks
41:59.3
from other central banks
42:00.3
before the big story
42:03.2
if there's any surprise
42:05.4
it possibly could come
42:06.3
from the European Central Bank
42:07.6
and that is because
42:08.5
inflation has been coming
42:11.4
and the European economy
42:14.3
at a very slow pace.
42:15.5
They could certainly
42:16.2
use lower interest rates
42:18.4
as a bit of a foundation
42:20.9
under the economy.
42:26.0
move before the Fed,
42:28.9
the European Central Bank.
42:30.1
Could it be this week?
42:31.0
Because it meets this week.
42:34.3
it'll be this week.
42:35.4
I think it's a bit too soon.
42:38.5
central bank moves,
42:39.7
they have so many,
42:43.4
including currency.
42:47.2
your take on the peso.
42:49.3
the Philippine peso.
42:50.6
We actually closed
42:51.5
last week at 56.50.
42:53.0
It's our weakest close
42:54.3
in over two months.
42:56.4
our 56.53 per dollar
42:58.3
finish in January.
42:59.9
What are your thoughts
43:03.7
the peso will depend
43:05.1
a lot on what happens
43:06.0
with interest rates
43:07.5
and whether the BSP
43:14.5
the only central bank
43:17.2
I think we'll see
43:23.8
watching very carefully
43:27.0
close to the pace
43:28.0
that the Federal Reserve
43:31.1
take a little bit
43:31.6
of a longer term look,
43:33.5
over the past year,
43:34.8
the peso has been
43:39.7
I'm not too concerned
43:43.4
that interest rate
43:44.0
spread with the U.S.
43:45.3
doesn't get too wide.
43:47.6
And final question,
43:48.9
you did say that,
43:52.6
to help the economy
43:57.9
for the Philippine
44:01.0
to support the economy?
44:02.5
Because we did report
44:03.8
that, for example,
44:06.2
the actual GDP numbers
44:08.1
from the previous quarters.
44:10.7
everyone's expecting
44:18.4
on the central bank
44:25.8
so much pressure.
44:26.9
the fourth quarter
44:29.1
came in a little slower
44:33.0
than the third quarter.
44:35.8
to be fairly well on track
44:37.7
industrial production,
44:41.4
and the labor market
44:42.2
is fairly healthy
44:42.9
in the Philippines.
44:46.2
the Philippine economy
44:53.5
for the government
44:54.5
in the Philippines.
45:07.1
should have to move
45:09.0
I think they've got
45:09.4
a little bit of time
45:10.0
to be a little patient.
45:12.0
A little bit more time
45:12.8
to be a little bit more patient.
45:16.3
Thank you so much
45:17.0
for taking our call
45:17.8
and we look forward
45:18.4
to our next conversation.
45:22.5
before we go over
45:26.5
to bring you this.
45:28.1
Pure gold numbers,
45:31.2
for the fourth quarter
45:37.9
1.98 billion pesos.
45:42.5
operating expenses
45:43.6
amid store expansions
45:45.0
while the margins
45:47.6
increased competition.
45:49.4
We'll try to bring you
45:51.4
later on in the day,
45:58.0
the updated numbers.
45:59.1
We're about 22 minutes
46:00.5
into trade for the day.
46:06.3
down by four-tenths
46:12.2
quite a challenge
46:17.2
as Adrian said earlier.
46:19.7
the rest of the day
46:21.3
because we are taking
46:25.4
there's going to be
46:27.2
in whatever selling
46:28.3
we may see today.
46:30.5
here's a quick look
46:31.0
at the flash business
46:31.7
headlines from overseas.
46:33.3
U.S. Treasury Secretary
46:34.9
moving to advance
46:36.5
deteriorating ties
46:37.6
between Washington
46:40.1
The American official
46:40.9
made a four-day visit
46:44.3
Chinese officials
46:46.0
excess production
46:47.7
for electric vehicles,
46:51.0
energy technology
46:54.8
during the meeting,
46:56.7
also expressed concerns
46:59.5
and investment restrictions
47:00.6
aimed at blocking
47:10.7
relending program
47:14.0
science and technology
47:18.9
to small and mid-sized
47:20.3
technology companies
47:21.3
at an interest rate
47:27.4
a year each time.
47:28.7
China's policymakers
47:29.6
are seeking to boost
47:30.9
and increase confidence
47:33.2
second biggest economy
47:35.6
from a property crisis
47:37.5
with major trading partners.
47:44.2
medical science professor
47:48.1
patients have died
47:50.7
after local hospitals
47:52.4
refused to provide care
47:59.1
residents and interns
48:00.1
protesting a government
48:02.2
medical school admissions
48:05.8
Protesters assert
48:06.6
authorities should focus
48:08.3
on improving the pay
48:09.3
and working conditions
48:10.2
of trainee doctors first
48:11.5
instead of recruiting more.
48:13.6
The collapsing healthcare
48:14.6
has become a major issue
48:15.9
in the parliamentary elections
48:17.4
set to take place
48:25.1
The Japanese government
48:25.2
and Japanese beverage
48:28.0
recent acquisitions
48:29.0
seeking new opportunities
48:31.4
with a goal of reaching
48:35.3
This will make up
48:36.0
20% of the group's
48:39.7
Thailand steering
48:41.3
for a joint visa program
48:44.6
that hosted about
48:45.4
70 million tourists
48:51.0
and high-spending
48:55.2
and logistics hub.
48:58.6
include Cambodia,
49:03.9
in this so-called
49:04.9
single visa program.
49:09.2
in another accident.
49:10.3
American airline regulators
49:15.0
on a Boeing 737-800
49:22.3
had 135 passengers
49:24.0
and six crew members
49:25.7
no one was reported injured.
49:28.5
The incident comes
49:29.1
as Boeing has been
49:31.5
over manufacturing
49:32.4
and safety concerns.
49:36.7
And before we go,
49:37.9
a total solar eclipse
49:39.0
will cross North America
49:41.2
offering millions
49:42.4
a rare opportunity
49:44.7
temporarily darken
49:46.9
blots out the sun.
49:48.4
And that is going
49:49.7
Mexico's Pacific coast,
49:52.3
a swath of the U.S.
49:53.2
from Texas to Maine,
49:56.4
Here is a breakdown
50:03.6
across North America
50:05.0
are in for a treat
50:11.2
the United States,
50:13.4
Here's everything
50:18.1
A total solar eclipse
50:21.6
Earth and the sun,
50:23.0
completely blocking
50:24.1
the face of the sun,
50:25.1
along a small path
50:26.6
of a planet's surface.
50:28.9
the path of totality.
50:34.8
who are in the path
50:37.2
a total solar eclipse
50:40.0
blocks out the main
50:43.5
or the atmosphere
50:45.6
from around the moon.
50:47.5
According to NASA,
50:48.9
the April 8th eclipse
50:50.8
over the South Pacific
51:00.5
31.6 million people
51:06.6
in the contiguous
51:08.9
at least a partial eclipse
51:14.5
of totality though
51:15.2
that starts in Texas
51:20.8
in the path of totality
51:26.4
totally blocked out.
51:31.5
of North and South America
51:33.1
witnessed an annual
51:35.5
which is a slightly
51:41.7
its furthest point
51:44.2
It doesn't completely
51:46.8
leaving what looks
51:47.8
like a ring of fire
51:51.5
there's the lunar eclipse
51:55.4
and our planet's shadow
51:57.6
the moon's surface.
51:59.5
The next total solar eclipse
52:04.6
Total solar eclipse
52:05.6
happens somewhere
52:07.6
about every 18 months
52:10.4
most of the earth
52:12.1
It's not where people live
52:14.1
that so many people
52:16.8
the total eclipse
52:19.2
the partial phases
52:21.8
so many more people
52:22.6
will get to participate
52:28.8
the April 8th eclipse
52:33.0
that will be visible
52:34.3
from the contiguous U.S.
52:35.8
will be on August
52:40.5
20 years from now.
52:42.4
for those who tried
52:43.0
to guess a blind item
52:43.7
this is the pick of
52:44.8
Adrian UFCL Financial
52:48.4
but still looking
52:50.4
upside for the rest
52:53.4
it's a banking stock
52:59.4
Do tweet us at ANC Alerts.
53:00.7
that's it for the show.
53:01.7
I'm Michelle Long.
53:02.5
Thank you so much
53:03.8
Stay safe and stay
53:24.3
Thank you for watching.
