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00:01.0
Today on the Business Roadshow, Asian markets slipped to six-week lows as traders hold their breath on escalating tensions in the Middle East.
00:09.7
The Philippine government vows to secure the release of four Filipinos aboard a Portuguese ship seized by Iranian forces near the Strait of Hormuz.
00:19.7
Here at home, personal remittances from overseas Filipinos climbed to nearly 3 billion pesos in February.
00:25.7
Plus, later on the show, on Tax Day, we discuss revenue reforms in the Philippines and efforts to improve tax collection.
00:36.8
Join us in the next hour as we bring you the latest in the financial world. I'm Stanley Palisada. Let's get the show on the road.
00:55.7
We begin with regional markets down today after Iran's unprecedented strike on Israel on Sunday.
01:02.0
Investors are weighing the impact of the attack over the weekend while also taking stock of key economic data out later this week.
01:09.9
Looking at the major stock indices in the Asia-Pacific today, the Shanghai Composite is up while the Hang Seng is down after China's central bank kept its policy rates unchanged.
01:20.3
The Nikkei 225 also in the red even as Japan's core machinery orders.
01:26.2
Beat forecasts by a large margin in February.
01:29.8
Singapore, South Korea and Australia all posting losses to follow the downtrend in the region today.
01:39.7
Let's take a look now at futures in Europe.
01:41.9
Despite the worries from tensions in the Middle East, markets in the region are set for higher open.
01:48.2
Contracts tied to the German DAX are up seven-tenths of a percent,
01:52.6
while London's FTSE 100 is expected to open up to the US dollar.
01:55.7
The US dollar is expected to open nearly half a percent higher.
01:58.2
On the economic data front, Eurozone industrial production numbers are due out.
02:03.1
Stateside, futures for Wall Street are also pointing higher, with the major indices seen to rebound after a heavy sell-off last week.
02:14.0
A special focus on commodities today as tensions in the Middle East rattle the financial world.
02:20.0
Global oil benchmarks have since eased on Monday on speculations the conflict would remain contained.
02:25.9
After US President Joe Biden said he would not support Israeli retaliation on Iran.
02:32.0
Both Brent Crude and West Texas are down by half of a percent, trading at $89 and $85 per barrel, respectively.
02:40.5
Local pump prices have also been on the rise for four straight weeks due to the tensions in the Middle East.
02:47.3
Starting Tuesday, gasoline prices will see a 40 centavo hike per liter, while kerosene will increase by 85 centavos per liter.
02:55.7
Diesel prices, meanwhile, will see the biggest jump of nearly one peso.
03:00.7
Clean Fuel's CEO Bong Suntay urging Filipinos to brace for another price hike next week.
03:08.5
Negative ang magiging effect nito.
03:10.9
Any threat of war, any threat of any strikes among the Middle Eastern countries will always have an effect sa fuel prices.
03:22.9
Middle East supplies 40 percent of fuel.
03:25.7
Global crude oil exports.
03:28.1
Meron din na shipping risks na na-involve ngayon na baka among yung mga cargo vessels,
03:38.5
siyempre meron pangangamba na baka naman sila yung susunod na tamahan.
03:44.2
Dahil nga dun sa drone strike na nangyari, mag-decide ang US to tighten oil exports coming from Iran again.
03:53.5
Pagka nangyari yun, siyempre,
03:55.7
nakaroon ng epekto na naman yan dahil tatas ang presyo ng crude oil.
04:06.4
The international community urging calm following Iran's unprecedented attack on Israel.
04:12.7
UN Secretary General Antonio Guterres calls for maximum restraint,
04:16.8
with the Middle East now on the brink of a devastating full-scale conflict.
04:23.4
I stated the following.
04:25.1
During last night, and I quote,
04:27.9
I strongly condemn the serious escalation represented by the large-scale attack launched on Israel by the Islamic Republic of Iran.
04:37.8
And we have a shared responsibility to actively engage all parties concerned to prevent further escalation.
04:47.2
As the Friendly Relations Declaration of 1970 states,
04:51.2
acts of reprisal involving the use of force,
04:55.1
are bared under international law.
04:59.1
We have a shared responsibility
05:01.4
to secure an immediate humanitarian ceasefire in Gaza,
05:05.1
the immediate and unconditional release of all hostages,
05:08.7
and the unimpeded delivery of humanitarian aid.
05:14.6
The Philippine Foreign Affairs Department also expressing serious concern over the increasing tensions in the region.
05:20.3
It called on Israel and Iran to work towards a peaceful resolution
05:24.5
of their conflict.
05:28.5
The Philippine government moving to secure the release of four Filipino seafarers aboard a Portuguese cargo ship hijacked by Iranian forces on Saturday.
05:37.7
Iran's Revolutionary Guards reportedly seized the MSC Aris near the Strait of Hormuz for its alleged links to Israel.
05:45.8
The Philippine Migrant Workers Department assures the public the four Filipinos are safe and sound.
05:54.5
Andoon pa rin on board yung ating mga tripulante.
05:57.5
Hindi sila bumaba sa barko.
06:01.2
At sila ay safe and sound sa huling ulat.
06:03.2
Pero bagamat ganun,
06:04.5
tayo ay humihingi pa rin ang pagkakataon na
06:09.5
Lalo na yung mga kamag-anak nila.
06:11.5
Ito ang isang pagkakaiba nito sa let's say,
06:14.3
sitwasyon ng Somali,
06:16.6
Pirate o kaya mga Houthi rebels.
06:18.8
Iranian government ang...
06:22.3
nagsagawa ng pag-sampat sa barko.
06:24.5
Kaya meron naman tayong diplomatic relations with Iran dahil may embahada tayo sa Tehran.
07:02.0
We explored ways of enhancing our cooperation in a number of areas of mutual concern, including in enhancing economic resilience and security, promoting inclusive growth and development, addressing climate change, and maritime cooperation.
07:18.6
I emphasize that trilateral cooperation between the U.S., Japan, and the Philippines is a natural progression of the strong relations between close allies.
07:29.8
Aside from defense, the Philippines'
07:32.0
Philippines also bagged investment pledges from the summit.
07:35.5
America and Japan committed billions of pesos worth of investments covering the sectors of communications, semiconductor, and nuclear energy.
07:44.7
The U.S. International Development Finance Corporation also pouring in $20 million for housing projects in the country.
07:53.8
I'm confident that our collaborative efforts will pave the way for a brighter, more prosperous future for the Indo-Pacific region.
08:02.0
Together, we can harness the power of infrastructure and innovation to drive sustainable development and economic growth.
08:14.1
Let's now bring in Denise Insay for more stories here at home. Hi, Denise.
08:18.9
Now, the Philippine energy sector gets a boost with the launching of two government initiatives aimed at addressing the country's need for response capabilities in times of crisis.
08:30.2
Launched today in
Taguig.
08:32.0
The Energy Sector Emergency Operations Center, or ESEOC, and the Mobile Energy System, or MES.
08:39.6
The ESEOC is a centralized energy command hub which will monitor, assess, and coordinate responses to various energy-related emergencies, including natural disasters, grid failures, and cyber security threats.
08:55.8
The MES, on the other hand, is a fleet of adaptable and scalable energy solutions.
09:00.6
The MES is a fleet of adaptable and scalable energy solutions.
09:01.3
The MES is a fleet of adaptable and scalable energy solutions.
09:01.3
The MES, on the other hand, is a fleet of adaptable and scalable energy solutions.
09:01.4
Designed for rapid deployment in emergencies.
09:04.2
Designed for rapid deployment in emergencies.
09:07.1
With the Energy Sector Emergency Operations Center, the government would be able to conduct near real-time monitoring of our energy infrastructure, such as the grid performance and distribution network,
09:25.6
especially during disasters when power service is unauthorized.
09:31.4
Especially during disasters when power service is unauthorized.
09:32.2
It will also serve as a centralized hub for collaboration and information sharing across the entire energy supply chain to ensure seamless coordination among local, regional, and national authorities in times of crisis.
09:55.1
The initiatives are part of USAID's $34 million grant.
10:01.4
It will also serve as a centralized hub for cooperation among local, regional, and national authorities in times of crisis.
10:01.5
It will also serve as a centralized hub for cooperation among local, regional, and national authorities in times of crisis.
10:01.6
It will also serve as a centralized hub for cooperation among local, regional, and national authorities in times of crisis.
10:02.7
The MES will be able to document all the steps we moved to in line with the establishing of a new system and patient care that anytime we affect a hospital, an emergency center, an emergency room, or even a public health clinic.
10:08.3
It will also offer seats for patients who那个 mat aprender taro na ng mga mamabagatね.
10:10.9
It will also offer seats for patients who na már maka dun viele alicante .
10:11.9
It will also offer seats for patients who na amenities warum may that be scales is probable, and it will achieve potential savings.
10:13.9
Correct data from The Philippine Central Bank came by policy of 12 percent.
10:16.4
month came in at $2.95 billion, up from $2.86 billion in February last year.
10:24.4
Of that number, $2.65 billion was coursed through banks, which was also higher than
10:30.3
the amount posted last year.
10:32.4
The BSP says the U.S. was the biggest source of overall remittances in February, followed
10:38.3
by Singapore, Saudi Arabia, and Japan.
10:43.5
Let's open the week in corporate stories.
10:45.1
The Philippine government awards to ICSTI a 25-year contract to develop and operate
10:52.1
a commercial port in western Visayas.
10:55.2
The Iloilo Port Complex has 20 hectares of land for container and general cargo storage.
11:01.0
Enrique Razon's ICSTI vows to improve terminal productivity and service quality by developing
11:07.5
its infrastructure and investing in cargo handling equipment.
11:11.7
The port's giant assumes operations of the facility.
11:15.1
After securing the notice to proceed from the port's authority.
11:20.2
Now, the First Gen Corporation, it announced the awarding of its LNG cargo tender through
11:25.6
a subsidiary of China National Offshore Oil Corporation.
11:29.9
The cargo supply of some 130,000 cubic meters of liquefied natural gas will be delivered
11:35.8
in May by CNOOC to First Gen's LNG tanker in Batangas.
11:41.2
And finally, 2023 earnings from PT&T.
11:45.1
The telco service provider returns the profitability after its net income last year reversed
11:50.8
10 billion pesos in capital deficiency.
11:54.1
The company put the growth in net income at 155 percent, but did not disclose the figure.
12:00.4
PT&T also confirms it's eyeing to resume trading at the Philippine Stock Exchange after
12:05.6
a two-decade hiatus.
12:07.6
It says PSE has acknowledged it's no longer in the red, but adds some items remain unaddressed
12:13.6
in its rehabilitation.
12:15.1
Let's check on the Philippine Stock Exchange's closing numbers today.
12:23.1
The local bourse, much like its regional peers, ended Monday's session in the red.
12:28.0
The PSE's main index shed 1.5 percent.
12:30.9
It closed at 65.62.
12:33.5
Value turnover was at 5.6 billion pesos.
12:37.6
Also in stock market news, the PSE has approved Oceana Gold Philippines as initial public
12:43.1
Initial listing of the firm's shares.
12:45.1
Worth 8 billion pesos was set at 17.28 pesos apiece.
12:51.2
Offer period will be from April 29 to May 6.
12:58.1
That's us as the market's performance at the start of the new trading week.
13:02.2
Ron Acoba of Trading Edge joins us on the program.
13:05.8
Welcome again to the Business Roadshow.
13:09.6
Good afternoon and thank you for having me.
13:12.3
Conditions were very different.
13:13.4
The last time we spoke, market was bad.
13:15.8
Consensus target possibly above 8K ending the year.
13:19.9
Today, we have geopolitical.
13:22.4
That's good to know.
13:23.2
But, you know, geopolitical tensions are not abating.
13:26.2
In fact, it's worsening to a point.
13:28.6
Oil prices are also affected.
13:31.2
And these rises in prices could even heat up inflation again for a lot of economies
13:37.5
in the world, which means rate cuts are not happening soon.
13:41.0
So, how are you repricing this market?
13:45.1
as you've said, the last time that we spoke, the index was trading, if I remember correctly,
13:50.5
just below the 7,000 handle.
13:52.9
At that time, the index was up a little over 17% from its October 2023 low.
13:59.9
So, the index at that time was really due to either consolidate or correct.
14:04.8
In the last week or so, and up to today, the index has entered into a corrective phase.
14:12.4
At present level, the PSEI is now.
14:15.1
down by about 6% from its 7,000 high that we saw during the start of the month, which
14:23.0
was just two weeks ago.
14:25.9
Obviously, the main driver for the market remains to be the much-awaited rate cuts.
14:33.0
And as you've mentioned, sticky inflation both in the U.S. and here, and additional
14:37.9
upside risk to inflation due to the ongoing conflict in the Middle East.
14:45.0
So, I think that's a good thing.
14:45.1
It would possibly delay those cuts, and therefore, the market recovery.
14:51.0
Nonetheless, I would say that we are still essentially eyeing the 8,000 level, although
14:56.9
achieving that may be moved back, in my opinion, by, let's say, a quarter or two.
15:03.2
Ron, we had a good run, right?
15:04.9
I mean, you know, for the past three months, it was really okay.
15:08.0
We were clearly on an uptrend.
15:12.0
The problem just a few days ago was just about hitting 7%.
15:15.1
But today, it's more complex.
15:18.8
The pessimists are saying it is the end of the up wave, and we're nearing, of course,
15:23.3
the crucial support of 6,500 now.
15:26.9
On a risk-off market, Ron, how do you expect investors to move in the next sessions?
15:33.1
Well, the market is currently in a corrective phase.
15:37.9
Just 6% down, though, from the 7,000 level.
15:42.1
However, with the backdrop of sticky inflation that we saw, we're not going to be able to move
15:45.1
in the last two to three months and increasing, currently increasing global oil prices
15:52.2
due to the renewed conflict in the Middle East.
15:56.3
And more importantly, the next Fed meeting where it may possibly start to shift its policy
16:02.8
is at least two months away.
16:05.7
So there's really no positive catalyst in sight as we stand today.
16:39.3
Because at 6,500, it's just 6% off of the recent high.
16:45.0
So, we're not really in a major corrective phase.
16:49.6
We're just inside a healthy corrective phase as of now.
16:53.9
Okay. Now, are you seeing also shifts to low-risk assets at this point?
17:00.9
Although we've seen participation in the Philippine Stock Exchange still healthy at more than 5 million,
17:07.5
but with the expected dips in the market, you expect more investors to be on the sidelines looking for safer options.
17:16.3
Well, for me, it's not really a shift because even when the BSEI has been trading at 7,000 level,
17:24.4
market interest rates remain to be at multi-year high.
17:27.7
So, for the last several months and even a year or so,
17:35.2
obviously, there remains to be a win.
17:37.5
Even though for investors to take advantage of the high level of interest rates by locking them up
17:44.1
and going into instruments, safe haven instruments like fixed income, bonds, and time deposits.
17:51.3
Time deposits, for example, at present, there are some that are still offering 6 to 6.5%.
17:58.4
So, obviously, the demand for those safe instruments, given the relatively high yields, remain to be high.
18:07.5
But more so now that suddenly there is more uncertainty that's been going on
18:16.2
and brought about by the renewed conflict in the Middle East.
18:19.5
Yes, because we've seen some spike as well in some safe haven assets.
18:24.6
Gold prices were up as well and a lot of investors are really looking to hedge aside from the riskier asset.
18:32.1
Now, Ron, what worries you most about when it comes to macro conditions that would hamper,
18:37.5
desirable growth for the Philippine economy?
18:40.7
Because many investment houses and lenders are even recomputing GDP finish for 2024.
18:45.9
So, how is this looking to you? What is your number?
18:50.6
Well, I can't really say what my number is.
18:53.8
But what worries me more from macro level is the level of inflation and therefore the level of interest rates.
19:01.0
As you know, high level of inflation would negatively affect consumption, which is a huge part of our GDP.
19:07.5
Moreover, high level of rates would also negatively affect both on how consumers,
19:14.9
how they would consume and how companies would expand.
19:19.7
So, I'm more concerned, not really on in terms of GDP growth,
19:24.9
but more on the drag that high level of inflation and high level of interest rates would do.
19:41.8
Let's talk about IPOs now.
19:43.3
I mean, Ocean Gold Philippines getting PSA's green light for its IPO next month.
19:48.3
How are you seeing the IPO demand at this time?
19:51.1
Because all of these launches might have been planned.
19:55.4
Circumstances were different weeks ago.
19:59.3
Well, obviously, it would benefit the company more in terms of them being able to command a higher valuation
20:08.9
and therefore being able to raise more money when the market is up and good.
20:14.2
However, in my opinion, at present level, even when the market is a bit down,
20:17.7
they may still command a decent amount of demand since the price of gold is at an all-time high.
20:26.4
And given the fact that uncertainties abound on the technical end, it has no resistance at present level.
20:35.9
I would expect the price of gold to continue to move up
20:39.8
and thereby allowing the company to see perhaps increased revenues in the next quarters because of that.
20:49.1
All right. Lastly, Ron, what's your investor's guidance at Trading Edge?
20:53.2
Well, I still see the market to be...
20:56.4
to be at the last tranche of its turn from a bear face to a bull face.
21:02.7
It's just so happened that during the transition between a bear and bull,
21:08.3
it's really, really volatile and there remains to be uncertainty.
21:14.0
So having said that, I would advise investors and what my advice to my clients remains to be
21:20.8
stay on the course, stay on the course,
21:26.9
buy on dips and have a longer time frame and increase your patience by a little bit.
21:36.0
Mr. Ron Acoba of Trading Edge, thank you so much for this conversation.
21:39.5
Have a great day.
21:40.9
Thank you and have a great day.
21:42.8
We're stepping aside for a short break, but stick around because when we come back,
21:46.6
we speak with the founders of a firm pushing to revolutionize the local beauty and wellness service industry.
21:56.4
We'll be right back.
22:26.4
We'll be right back.
22:56.4
We'll be right back.
23:26.4
We'll be right back.
23:56.3
We'll be right back.
23:56.4
We'll be right back.
24:26.4
How does Sparlon's app enhance the customer experience, you know,
24:30.8
compared to the traditional salon booking methods?
24:33.5
Maybe Christine could go first.
24:35.7
It's not actually about the consumers only.
24:37.9
We give a software for the merchants where they can manage their operations, bookings, payments, and so much more.
24:44.3
And on the other side, we have a consumer-facing app and a website.
24:49.2
That's the fun part where you can discover, book, and buy the best and prized salon and wellness services online.
24:56.4
For Mico, I mean, because of this feature that Christine was talking about,
24:59.6
it's not just for the consumers, but also for the merchants.
25:02.6
You know, the app likely caters to a broad audience.
25:06.7
Can you delve deeper, though, into your core customer segments?
25:10.2
Are there specific age groups or income levels or geographic locations that you're targeting for growth, perhaps young professionals in urban areas?
25:22.1
So, our main target is actually 16 to 39 Filipinas.
25:26.4
But obviously, it could go, you know, higher in the range as well.
25:30.4
But that's the main target.
25:32.4
And most of our salons are here in the metro, but, I mean, also in Metro Manila.
25:37.8
But we also have many salons in different provinces as well.
25:41.6
So, we have some presence in Cebu.
25:43.4
We have presence in Iligan.
25:44.9
We want to increase that presence, obviously, as we get more merchants.
25:50.3
So, I would actually invite the users to go to, I guess, the deals page.
25:54.1
And then you can actually filter.
25:57.1
Like, you know, especially with what you do with your food apps, you can actually filter, like, where you are and then find the location.
26:02.9
And then you can find the deals catered to you.
26:06.4
Christine, tell us, what's the inspiration behind you guys founding this app?
26:13.5
So, before Parlon, we actually have an IT company.
26:16.0
We started back in college in Ateneo.
26:18.2
So, we were tech majors, management information systems.
26:21.5
So, it was just a mini racket.
26:23.1
So, for more than 10 years, we have been developing apps.
26:26.4
Mobile apps, websites for top Philippine companies and other startups as well.
26:29.8
I'm also a lawyer.
26:30.7
Then, one day, when I passed the bar, I said to Mico,
26:32.6
you know, it's time to build your own startup and solve a problem.
26:35.6
Then, I love everything about beauty.
26:37.6
And I realized that everything's digitalized online, right?
26:41.2
You can buy makeup, skincare, delivery for food, but not for salon and wellness services.
26:46.9
So, I wanted that same e-commerce experience this time when you book the salon.
26:51.7
Now, tell us, Mico, I mean, the beauty and wellness.
26:54.5
I could feel Christine's passion.
26:56.4
I mean, I do love anything beauty and wellness.
27:00.2
So, it kind of does skew towards, you know, the female segment, customer segment.
27:05.8
How do you tailor your marketing strategy accordingly, though?
27:10.2
Because it's not just towards consumers, but also the merchants.
27:16.2
So, actually, just to give a brief, to add on to what Claire said when she gave me this idea,
27:22.7
I met her with a lot of, I guess, questions.
27:26.4
I was like, I don't understand the industry that much.
27:27.8
And then, now that I understand more of the industry, then it made a lot of sense
27:31.5
because it's really an underserved industry.
27:34.0
And then, so your question is, like, we're actually dealing with two sets of people here.
27:38.0
One would be the merchants, and then the other one would be, like, the buyers.
27:41.3
With the merchants, we really have close relationships with them.
27:44.0
What we do is really talk to them.
27:46.0
They know our team.
27:47.8
So, we're kind of, like, very, we're very close with their relationships with them.
27:51.2
And then, with the buyers, we want to be able to provide them with as much,
27:56.4
as variety as possible.
27:57.7
And that's why we need to get more merchants because variety means, like, you know,
28:00.3
you can get hair deals at a certain price point and then higher than that.
28:04.5
So, you can actually do, I mean, if you check the site, their hair deals, the range is very big.
28:11.0
So, because we're trying to cater to, you know, to everyone.
28:15.0
And can you share any successful user acquisition campaigns,
28:19.2
whether paid or organic, that's really specific to the Philippines,
28:23.1
or if there's, you know, a specific area that you've mentioned,
28:26.4
that you've managed to really, huh, okay, we've gotten a good read on our users here?
28:35.1
So, actually, we launched Parlon.
28:36.7
We grew Parlon in an organic and community-driven way.
28:40.1
So, we didn't raise funds immediately.
28:43.3
So, it was really organic, community-driven, word of mouth.
28:46.3
And also, I want to go back.
28:47.7
You mentioned that we, yes, we cater mostly for women because, honestly,
28:51.9
basket size for women are higher.
28:53.9
But we will be launching an ambassador soon.
28:55.9
Just a male this time.
28:57.9
And do you see, I mean, what current trends?
29:00.9
Sorry, Mico, this one's for Claire.
29:03.9
You know, what trends are you seeing in the beauty industry?
29:06.9
I mean, the fact that you're taking on a male ambassador.
29:09.9
What does it say?
29:10.9
Are men starting to take an interest?
29:12.9
Are they willing to spend more as well on these, you know, beauty regiments, these salons?
29:20.9
So, women are still higher in terms of basket size.
29:25.9
Of course, they still take care of themselves.
29:27.9
In terms of beauty and wellness service space, it's growing exponentially.
29:31.7
You know, back in the high school days where we just have gi-ban, mani-pedi, that's it.
29:36.5
Now, it's not just mani-pedi.
29:37.9
There are different kinds of mani-pedi, lash extensions.
29:40.9
And now, we just wanted...
29:42.4
Before, we just wanted our hair colored.
29:44.4
But this time, we talk about also scalp care.
29:47.4
So, the beauty and wellness services industry, it gets complex day by day.
29:52.6
And at the same time, it's growing exponentially in terms of price.
29:55.9
And of course, in terms of needs also of the people.
29:58.4
Like before, back in high school, I'm just happy with a re-bond or a perm.
30:01.9
Now, lots of services.
30:04.9
Migo, talk to us about Parlon's business model.
30:07.9
I mean, does Parlon take a commission on each booking?
30:11.9
Or is there a tiered subscription model for salons?
30:14.9
I mean, how are you ensuring a fair balance between revenue generation?
30:19.9
Of course, you know, salon profitability and also customer discounts on the platform.
30:25.9
So, we give our platform actually for free to the merchants.
30:28.9
So, they can manage their software.
30:30.9
They manage their clients, manage their menu.
30:32.9
That's all for free.
30:34.9
And what we do, you're correct.
30:35.9
What we do is that for every transaction that happens in our platform, we get a percentage of that.
30:40.9
And that's going to be the transaction fee.
30:42.9
But that only happens when somebody books and buys in our platform.
30:46.9
So, when somebody buys, that's the time we get.
30:50.9
So, if somebody...
30:51.9
For example, you download the app and then you book a slot but you didn't buy.
30:56.9
So, we're giving it...
30:57.9
The ease of use is there.
30:59.9
You can just download that.
31:01.9
So, the idea is when you book and you can pay in the salon or you can buy now for a discount
31:06.9
and you can go to the salon without paying anything anymore.
31:09.9
And tell us more about the technology.
31:12.9
Does Parlon PH's app integrate with popular salon management software like Booker or Zanotti?
31:19.9
I mean, allowing salons to manage the appointments and client profile seamlessly?
31:24.9
I'm happy to say just because I think the dev team is that we really dev this from scratch.
31:30.9
Everything is, I guess, Pinoy made.
31:34.9
And there are more plans in the future but yes, we did this from scratch.
31:41.9
And Claire, tell us more.
31:42.9
I mean, there are also global players when it comes to these things.
31:47.9
How are you guys viewing the competitive landscape specifically within the Philippines?
31:53.9
Are there local competitors with a strong regional presence that Parlon, of course, needs to consider?
32:02.9
Actually, that's ironic.
32:03.9
In the Philippines, Parlon has the widest salon and wellness network in the Philippines.
32:07.9
Back then, I actually waited for someone to do it.
32:09.9
But now, we're Parlon having the widest salon and wellness network in the Philippines.
32:13.9
In terms of competition in the Philippines, I can't think of concretely.
32:18.9
In Southeast Asia, there's no great players yet probably except in Thailand.
32:22.9
So, Parlon is on the way to go to building the biggest Southeast Asian discovery and fintech platform for salon and wellness services.
32:30.9
I mean, exciting times ahead.
32:32.9
You know, when it comes to a digital booking platform or anything digital, especially nowadays, securing trust.
32:39.9
I mean, that's always the number one concern, challenge, whatever you call it.
32:44.9
But right now, what are the other big challenges Parlon Page is facing or maybe faced
32:51.9
in ensuring customer satisfaction, salon quality on the platform?
32:57.9
For me, I think anything digitalization is not easy.
33:00.9
Introducing any kind of innovation.
33:02.9
This is something new.
33:04.9
You know how we started booking rides?
33:06.9
You know, you wouldn't imagine that you can book a ride with a stranger, right?
33:10.9
So, anything innovation like this time, probably we're used to buying this time beauty and wellness products but not yet services.
33:17.9
So, this is something new for the consumer.
33:21.9
This is the challenging part.
33:22.9
When I was onboarding Parlon, it took time for me to actually explain, hey, this time, trash the pen and paper, go digital.
33:32.9
But right now, sorry, Claire, President Marcos is speaking at an event of the tourism department.
33:38.9
So, let's try to listen in to that one first.
33:40.9
Secretary, Secretary Luc Bersamin, for your kind introduction.
33:44.9
Please, please take your seats.
33:46.9
Of course, our tourism secretary, Secretary Cristina Frasco.
33:50.9
The Tiesa Authority Chief Operating Officer, Mark Lapid.
33:57.9
And ang lagi naming kasama pagka napupunta kami rito sa bandang CCP, PICC, ang butihing mayor ng Pasay City, Mayor Imelda Calixto Rubiano.
34:11.9
At ang lahat ng mga naging winner dito sa ating tourism championship.
34:18.9
Congratulations sa inyong lahat.
34:21.9
At maraming maraming salamat sa inyong lahat dahil ipagmamalaki ninyo ang kagandahan, hindi lamang ng lupa ng Pilipinas, kung hindi ang kagandahan ng loob at ugali ng Pilipino.
34:40.9
Fellow, my fellow workers in government, ladies and gentlemen, good afternoon.
34:46.9
Let me greet you.
34:47.9
Let me greet you in the same cheerful manner we Filipinos have been welcoming our guests to make them feel at home right away.
34:58.9
It has been said that a successful tourism program must possess five essentials.
35:04.9
As ACE or ACEs, accommodation, accessibility, activities, amenities, and attraction.
35:12.9
Today, we can add another A to that, awards.
35:16.9
Because if we want our tourism industry to attract more MIC, or meeting yung mais tinatawag, or meetings, incentives, conventions, exhibitions,
35:27.9
we must first entice them with a different set of mais.
35:31.9
And we have redefined it for the purposes of explaining that.
35:37.9
Ngayon, mais are merits, inducements, commendations, and entitlements.
35:43.9
And this challenge to elicit creativity will magnify the magnetism of Philippine tourism as a step in that direction.
35:53.9
So I would like to congratulate the Department of Tourism for striking a rich vein of talent
35:59.9
and tapping various stakeholders for innovative ideas that will energize and enhance tourism development in our country.
36:07.9
For indeed, the best way to draw crowds is through crowdsourcing ideas.
36:12.9
And how to bring them in.
36:15.9
The response to this Tourism Champions Challenge, I have been told, has been nothing less than overwhelming.
36:22.9
Taken together, the submissions form one impressive catalogue of creativity and innovation.
36:30.9
It is also heartwarming to note that these are not mere proposals anymore.
36:36.9
But they are existing projects of proven value.
36:40.9
And that have already shown unqualified success.
36:44.9
This is the way tourism should be developed in our view.
36:47.9
Like economic growth, not relying on trickle-down.
36:51.9
But built from the ground up.
36:54.9
You and I are all aware that we are in the midst of a great travel resurgence
36:59.9
which must be met with our own tourism renaissance.
37:03.9
That is why we have been modernizing our airports from Clark to Cebu.
37:08.9
Soon, we will bravely unravel the newly-improved Manila International Airport, Laguindingan Airport, the Abujol Airport are all in the pipeline now.
37:17.9
We have also been upgrading our seaports, paving more roads to tourism spots.
37:22.9
We are investing in the upskilling of our human resource that is the linchpin of any hospitality business.
37:30.9
And when our friendliness is matched with our fabulous sights, it is the perfect combination.
37:37.9
It is hard to beat.
37:39.9
We are world-class.
37:50.9
We have surf and shopping.
37:52.9
And we also have delicious food, pesto, and to enjoy.
37:58.9
By themselves, these are wonders already to behold.
38:03.9
And in their natural unfiltered state,
38:06.9
they are already picturesque.
38:08.9
That doesn't require Photoshop.
38:10.9
Para pagandahin pa.
38:12.9
In fact, travelers' reviews are one in raving that our islands are so enchanting
38:17.9
that no prose nor photo can adequately capture the true beauty of the Filipino countryside.
38:25.9
Nevertheless, this should not make us complacent.
38:29.9
We must work harder to make our country stand out amidst a very competitive market.
38:34.9
We have to build better, more tourism facilities and infrastructure,
38:39.9
step up our marketing drive,
38:41.9
and rev up training.
38:43.9
We have to open up more tourism areas so we can have a diversified and a dynamic portfolio
38:49.9
that can drive up interest before a wider clientele.
38:54.9
In 2023, we welcomed 5.5 million inbound tourists,
39:01.9
100% jump from the previous year.
39:03.9
This year, the DOT has targeted 7.7 million inbound tourists.
39:09.9
Back by the arrival, surpassing 1.2 million in the first two months of 2024,
39:16.9
the DOT has expressed optimism in sustaining the gains that we have made.
39:21.9
But we would all be very happy if we can breach this target again,
39:26.9
like we did last year.
39:28.9
Make no mistake about it,
39:30.9
the world is ready to love us.
39:33.9
We love the Philippines.
39:35.9
And when I say that,
39:40.9
for all of us here who live in the Philippines,
39:44.9
have been traveling around the Philippines,
39:46.9
we know how beautiful the Philippines is.
39:50.9
We know that it does not matter where our visitors come from,
39:55.9
we can show off with great pride the Philippines.
40:00.9
But I must tell you,
40:02.9
as somebody who talks to many, many other nationalities from around the world,
40:09.9
what really brings the travelers here,
40:13.9
that really brings the tourists here,
40:15.9
are certainly the beautiful sights,
40:18.9
certainly the fun activities,
40:20.9
certainly the great facilities.
40:23.9
But the most important part of it is the Filipino,
40:27.9
the heart of the Filipino,
40:29.9
that we show the love of the Filipino.
40:32.9
That we show even strangers
40:35.9
who we have never met before
40:37.9
and will no longer meet after they have come here.
40:40.9
But eh ganyan talaga ang ugali ng Pilipino.
40:44.9
Ganyan talaga ang ugali natin dito sa Pilipinas.
40:48.9
At yan ang pinakamalaking sa aking pagpalagay.
40:53.9
Yan ang pinakalaging hinahanap ng mga turista
40:58.9
na pumupunta dito sa Pilipinas.
41:00.9
I have how many times,
41:01.9
how many times have you heard it?
41:03.9
Come to the Philippines,
41:04.9
it's a beautiful country.
41:06.9
But come for the people.
41:09.9
So let us highlight not only the beauty of the Philippines,
41:12.9
not only the physical wonderment
41:17.9
that they will find when they come here,
41:22.9
the love that Filipinos always bring to their relationship.
41:27.9
We show the world that we have long been ready
41:30.9
to love them back.
41:32.9
Today, our LGU Tourism Champions
41:34.9
have proven equal to that challenge.
41:36.9
With these merits in mind,
41:38.9
the Tourism Infrastructure and Enterprise Zone authorities
41:41.9
approve the grant of an additional 5 million pesos
41:46.9
to the funding support that we have borrowed
41:49.9
under the Tourism Champions Challenge.
42:00.9
We are doing this because it is a very,
42:11.9
very good policy to invest in success.
42:15.9
So make the most of it.
42:17.9
Make the Philippines proud.
42:18.9
Make the Filipinos proud.
42:26.9
Each winner deserves this additional reward
42:28.9
towards building infinite capabilities
42:31.9
to make everything better.
42:33.9
It is also a reaffirmation of my belief
42:35.9
that local governments are our indispensable
42:38.9
and active partners in national development.
42:41.9
Be assured that we will match your industry,
42:44.9
equal your dedication,
42:46.9
and complement your work.
42:48.9
The national government will build more infrastructure,
42:51.9
implement tourism-friendly policies,
42:53.9
and arouse interest from global audiences.
42:56.9
As we move forward,
42:58.9
with optimism in our heart,
43:00.9
let us commend Secretary Cristina Frasco,
43:03.9
the Department of Tourism,
43:09.9
for doing exemplary work on these demands.
43:16.9
They have fostered a conducive environment
43:19.9
for creative and innovative tourism
43:21.9
through this initiative,
43:23.9
which meets one overriding objective.
43:27.9
In the new Philippines,
43:29.9
more visitors will come and enjoy it.
43:33.9
Thank you very much.
43:35.9
Long live the new Philippines.
43:38.9
Have a good afternoon.
43:40.9
Thank you very much.
43:42.9
That was President Ferdinand Marcos Jr.
43:44.9
speaking just moments ago
43:46.9
at the Tourism Champions Challenge
43:48.9
by the Department of Tourism.
43:50.9
The President in his speech reiterated the government's support
43:52.9
for the tourism sector.
43:54.9
He urged stakeholders to continue efforts
43:56.9
to draw more tourists into the country
43:59.9
to further help the economy.
44:01.9
Marcos also spoke of further improving
44:03.9
the country's infrastructure and facilities,
44:06.9
as well as of upskilling tourism workers
44:09.9
to be able to stand out in the global market.
44:13.9
We'll bring you more details on this event
44:15.9
in our succeeding newscasts.
44:19.9
We go back to our interview
44:21.9
with Parliament PH Christine
44:23.9
and Mico to talk more about their app.
44:25.9
Claire, we were talking just about, of course,
44:28.9
the rise of beauty before President Marcos' speech.
44:32.9
Now, you do cater to a lot of salons,
44:36.9
not just in the Metro but in Cebu.
44:38.9
But with the rise of freelance beauty professionals,
44:42.9
Best for Lawn have plans to also incorporate
44:46.9
a booking system for these individuals
44:48.9
alongside traditional salons.
44:52.9
That's one of our next steps.
44:54.9
So, yes, there's a rise of the freelance market,
44:57.9
especially in the nail artist, lash artist,
45:00.9
and even hair and makeup that's a need.
45:02.9
Actually, some others actually ask us,
45:04.9
Claire, when are you going to fitness?
45:06.9
When are you going to pets?
45:07.9
Probably someday, Parlon will be a lifestyle super app.
45:11.9
And lastly, Mico, would you invite our audiences
45:14.9
to download and try Parlon for themselves?
45:20.9
Sorry, I was on mute.
45:21.9
So, yes, please, it's available in Android.
45:24.9
iOS and the website.
45:26.9
So, any platform you use, you can actually download it.
45:29.9
Just go to parlon.ph for the web
45:31.9
and then just search for Parlon in your respective app stores
45:36.9
Just browse through it.
45:38.9
I'm not even inviting you to transact right away.
45:40.9
Just download it, see if you like it,
45:42.9
and then there's a lot of services there
45:44.9
that would be fit for you, definitely.
45:46.9
Christine, Claire, Ongkangko, and Mico Cornejo,
45:48.9
thank you so much, guys, for joining us.
45:52.9
And we'll have more stories.
45:53.9
When we come back, this is The Business Roadshow.
46:07.9
You're still watching The Business Roadshow.
46:09.9
Today is the last day of filing the annual income tax returns.
46:12.9
Let's get an update on that from Jackie Pascual
46:14.9
who now joins us on the line at the BIR office in Makati.
46:17.9
Jackie, go ahead.
46:19.9
Hi, good afternoon, Stanley.
46:20.9
The Bureau of Internal Revenue expects around
46:22.9
200,000 people to file their annual income tax return
46:26.9
on the last day of filing, which is today.
46:29.9
BIR Commissioner Romeo Lumagi, Jr.
46:31.9
inspected some revenue district offices in Metro Manila
46:34.9
and he said so far there have been no major complaints
46:37.9
or reports of any untoward incidents.
46:39.9
The news team also checked the BIR Revenue Region 8B South
46:43.9
NCR office in Makati, and there were several empty chairs.
46:47.9
The BIR compound even was decorated with summer vacation themed designs,
46:52.9
like surfboards, umbrellas, and any beach designs
46:55.9
to entice more people to file their ITR and pay taxes.
46:59.9
And Stanley, there was also free food given to the filers.
47:03.9
Lumagi explains that majority already filed early
47:07.9
and many filed online.
47:09.9
About 60 to 70 percent of filers, he said,
47:12.9
use the electronic forms on the BIR website
47:15.9
and only 30 to 40 percent are manual filers.
47:18.9
Lumagi is confident the Bureau will hit the tax collection target.
47:21.9
This year of 3.055 trillion pesos.
47:26.9
That's despite not hitting its target last year.
47:29.9
Tax collection in 2023 grew to 2.5 trillion pesos,
47:33.9
but just shy of its target of 2.67 trillion pesos.
47:38.9
But so far, Lumagi said tax collection for the first two months of the year
47:42.9
is above its target.
47:44.9
And they hope to continue that till the end of the year.
47:47.9
And that's it, Stanley. Back to you.
47:49.9
Thank you so much, Jackie.
47:50.9
Thank you so much, Jackie Pascual.
47:52.9
And speaking of taxes, let's discuss how the Philippines
47:54.9
could further improve its revenue collection
47:56.9
and roll out reforms in the tax system.
47:58.9
Mon Abrea, Chief Tax Advisor of Asian Consulting Group,
48:01.9
joins us today for his discussion. Hi, Mon.
48:06.9
All right. You must have heard about the latest report
48:09.9
from Jackie Pascual saying the target this year is 3.055.
48:13.9
That's for BIR. Are you confident we will meet those targets?
48:17.9
Well, if the government will continue to support and fund
48:20.9
our digitalization, I am confident that with the growing e-commerce
48:24.9
and more online transactions, I think the government will be able
48:28.9
to raise the target revenue.
48:31.9
And you mentioned digitalization. Where are we on this front?
48:35.9
Well, the good news is under the EOPT, the ease of paying taxes,
48:39.9
which is a newly enacted law and the IRR was just released,
48:43.9
the digitalization roadmap is now mandatory, which means aside from it no longer
48:50.9
being a project for administration, it's already institutional
48:54.9
and the Congress will now be forced to fund it so that the BIR will no longer
48:59.9
simply rely on foreign grants. So I guess this is good progress
49:04.9
and we can see continuity in the automation of the entire tax administration.
49:09.9
All right. Aside, of course, from digital and all other solutions,
49:13.9
the report a while back was saying that really meeting or hitting the targets
49:19.9
is one of the biggest challenge for the Bureau of Internal Revenue.
49:23.9
What remains the obstacles towards hitting these goals?
49:28.9
Number one, I honestly believe that we really need to lift the bank secrecy law
49:33.9
simply because the big-time tax evaders are still not caught.
49:37.9
I mean, there are those who remain free and the BIR is having a hard time
49:43.9
to really prosecute them simply because they don't have access to bank accounts
49:49.9
of these big-time tax evaders. Secondly is, I think with the digitalization,
49:56.9
more transactions will really be monitored by the Bureau of Internal Revenue.
50:01.9
And hopefully with the data sharing among government agencies,
50:04.9
the BIR will also have an access who among them are really operating,
50:09.9
who are dummy, who are laundering money. I guess all these information are essential
50:15.9
that BIR should have an access. Right now, there is so much restriction
50:18.9
for BIR to access this information.
50:21.9
Alright. Mon, you've always advocated tax reform and through the past couple of years
50:26.9
under this administration, are you seeing fruits in terms of tax reform in the Philippines?
50:33.9
With the passage of the ease of paying taxes and of course the previous legislation
50:39.9
under the comprehensive tax reform program, Stanley, I honestly believe
50:43.9
there is so much progress already, given that a decade ago, we never imagined
50:48.9
that it can actually be automated. And just the news you just mentioned
50:54.9
by Jackie Pascual that there were barely no taxpayers in the offices of BIR.
50:59.9
You know, during the time of the two presidents ago, people are literally running
51:05.9
before the closure of the gate of BIR. But now, people don't go to BIR anymore
51:11.9
because they do it online. And I think in the last filing of annual income tax return,
51:17.9
more than 90% have filed electronically. And for 2023 alone, more than 60%
51:25.9
have filed electronically. So I guess we have seen so much progress,
51:29.9
but it's a matter of really allowing BIR to get that information to run after
51:34.9
the big-time tax evaders because compliance has improved already.
51:37.9
Alright. People may not be rushing right now to file their taxes at the last minute,
51:43.9
but we still have about an hour to go before closing.
51:47.9
What do you want people to take note of when filing their income taxes this year?
51:51.9
Number one, we have to remember that not everyone is required to file annual income tax return.
51:57.9
We have our employees with minimum wage or below P250,000 or only one employer,
52:03.9
you don't need to actually file any tax return. Even our OFWs or our seafarers abroad
52:10.9
whose income are generated from abroad, you're also exempted from filing income tax returns.
52:15.9
For those who are required to file their income tax returns, you don't have to.
52:16.9
Especially the self-employed or professionals.
52:19.9
If in case until now you still don't know how much to pay,
52:23.9
you are allowed to file a tentative annual income tax return and in 15 days file your audited FS.
52:30.9
So don't beat the deadline because the penalty is huge, 25% surcharge,
52:35.9
and it can also be subject for tax evasion upon failure to file tax returns.
52:41.9
So let's take it seriously. Let's make sure we maximize the remaining hours.
52:46.9
And it's online anyway, so let's make sure that we responsibly and correctly file our annual income tax return.
52:53.9
Alright, Mr. Ramon Abrea of the Asian Consulting Group,
52:57.9
pleasure to have you on the program with us. Nice talking to you again today.
53:16.9
And those are the latest in all things business.
53:18.9
I'm Denise Dinsa. You can watch highlights, recaps, and exclusive content of our shows online.
53:24.9
And I'm Sally Palisada. Subscribe to the ANC YouTube channel, like us on Facebook, follow us on Twitter,
53:29.9
and join us again tomorrow for another edition of the Business Roadshow.
53:39.9
At the end of the day, you need a very, very good base to create good pizzas.
