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00:00.0
Thank you for watching!
00:30.0
Thank you for watching!
01:00.0
Thank you for watching!
01:30.0
Thank you for watching!
02:00.0
It's not a surplus because the profits are earmarked.
02:04.3
I watched your interview with Congressman Edsel Edman this morning.
02:10.5
Two budget cycles.
02:12.4
Every penny spent for education.
02:13.8
For the country's interest.
02:15.2
When you win the pageant.
02:18.4
Thank you very much for this interview, sir.
02:21.2
This is Head Start.
02:27.5
We're going to talk to the lady boss,
02:30.0
Stephanie Candley Gonzalez,
02:31.8
the Vice President and COO of one of the country's
02:34.4
finest and leading furniture manufacturers.
02:46.4
Philox started with me as a mom-and-pop company.
02:50.4
it started with two carpenters in the backyard.
02:54.5
we still use the traditional techniques
02:56.5
of wood manufacturing.
02:57.7
What I'm most proud of is that,
02:59.6
at the core of the DNA of Philox,
03:02.9
it's really about highlighting Filipino craftsmanship.
03:06.2
We strive for international standards
03:08.1
in terms of design and services.
03:10.2
So that's our goal, right?
03:11.4
Bringing us to the international level
03:13.2
in terms of product and design and service,
03:16.9
but still maintaining the Filipino world.
03:19.6
Did you ever dream you'd ever be on television?
03:21.3
Your own TV show?
03:22.8
I wanted to be a DJ when I was a teenager.
03:26.6
I was just really pleasantly surprised.
03:29.6
I was surprised to get the call from someone in ABS
03:33.2
We have this show in the pipeline
03:35.4
and we want you to co-host it.
03:36.9
And I thought, barato.
03:38.7
Are you enjoying it?
03:40.9
simply because it's something I'm passionate about.
03:44.4
So I get to meet different interior designers.
03:46.5
I get to meet architects.
03:48.9
I get to meet clients who are passionate about design.
03:51.2
And I understand the manufacturing side of it.
03:53.7
It's like parallel work to me.
03:59.6
This is The Philippines.
04:18.6
Welcome to The Business Outlook.
04:20.6
And I'm Savvy Duplito.
04:23.6
U.S. futures inch higher while European markets are down
04:26.6
as caution remains over rising geo-economics.
04:28.6
U.S. futures higher while European markets are down as caution remains over rising geo-economics.
04:29.6
U.S. futures higher while European markets are down as caution remains over rising geo-economics.
04:31.6
Asian markets stumble as economic data from China shows still fragile growth.
04:36.7
The PSEI suffers it's biggest sell off into the year.
04:38.6
The PSEI suffers it's biggest sell off into the year.
04:39.6
And power interruption hit parts of Luzon
04:41.6
several power plants shut down.
04:46.5
Let's check on European markets first.
04:48.5
They are seeing losses over 1% with most sectors in the red.
04:52.5
Let's check on European markets first.
04:53.1
They are seeing losses over 1% with most sectors in the red.
04:55.9
They are seeing losses over 1% with most sectors in the red.
04:56.4
This is as mistakes remain away from the conflict in the middle east,
04:57.6
This is as mistakes remain away from the conflict in the middle east,
04:58.7
against Iran. As for
05:00.8
Wall Street, futures are inching higher,
05:02.9
boosted by upbeat quarterly results.
05:05.5
The list includes Morgan Stanley
05:07.0
reporting better than expected earnings
05:09.0
while the Bank of America beat
05:10.8
on both earnings and
05:12.8
revenue. J&J, on the
05:15.0
other hand, missed revenue forecasts
05:16.7
but saw earnings that beat estimates.
05:19.4
UnitedHealth, meanwhile, posted
05:20.8
revenue to top expectations.
05:25.0
Here are some stocks to watch out for
05:26.9
monitoring shares of Dr. Martins.
05:29.0
The Shoemaker issued an unscheduled
05:30.9
trading update in which it flagged
05:33.0
a challenging 2025
05:34.5
outlook and said its 2024
05:36.9
full-year results will be in line
05:38.9
with estimates. Its stock plunged
05:40.9
to an all-time low in early trading.
05:42.7
It last traded lower by 30%.
05:46.8
shares of Ericsson, which reported an
05:48.6
operating profit that exceeded analyst
05:50.7
expectations. Shares of the Swedish
05:52.9
telecom firm rose 7%.
05:55.1
We're also keeping a close watch
05:56.8
on shares of Live Nation Entertainment.
05:59.1
That's after the Wall Street Journal
06:00.6
reported the U.S. Justice Department
06:02.7
is planning to sue the parent
06:04.8
company of Ticketmaster over
06:06.7
alleged efforts to undermine
06:08.5
competition. Shares of
06:10.7
Live Nation Entertainment tumbled 8%
06:13.0
in pre-market trading.
06:15.5
Meanwhile, Asian markets
06:16.9
ended Tuesday with sharp losses
06:19.1
as rising geopolitical
06:20.7
tensions kept sentiment in check.
06:23.2
Investors also reacting to key
06:24.9
economic data from China, which,
06:26.8
show, the world's second biggest economy
06:31.0
first quarter, beating market
06:32.9
expectations. Industrial
06:34.7
production and retail sales numbers
06:36.8
for March, however, missed estimates,
06:38.9
suggesting still fragile growth
06:41.1
and raising questions on
06:42.6
sustainability. A Chinese
06:44.7
official admits the foundation for stable
06:46.8
growth is not yet solid,
06:48.9
adding that the property market remains
06:55.1
Overall, the national
06:56.7
economy had a good start in the first
06:58.7
quarter, with accumulated positive
07:00.9
factors laying a good foundation
07:02.8
for achieving annual targets.
07:05.4
However, it is essential
07:06.8
to recognize the increasing
07:08.5
complexity, severity,
07:10.6
and uncertainty of the external
07:14.8
The Shanghai composite slumped
07:18.9
the Hong Kong Hang Seng tumbled more than
07:22.8
the local market suffered its biggest
07:24.6
sell-off for the year. The main
07:26.7
index tumbled to the 6,400
07:30.8
for nine straight sessions.
07:34.8
The last time that I've
07:36.8
seen this is in November
07:38.6
2016. So clearly,
07:40.9
the local market is
07:42.2
under bearish sentiment
07:46.2
mainly the cost is
07:48.8
mainly the cost is
07:51.2
rise in the tensions
07:54.9
in the Middle East.
07:56.7
Caused by Iran's attack of Israel.
07:59.5
And investors are digesting
08:01.1
this. Particularly,
08:03.3
investors are digesting the possible
08:11.3
Middle East does escalate further.
08:13.4
I mean, bottom line, if
08:14.8
it does happen, of course, we see
08:17.2
upside risk to the
08:19.1
prices of oil. And this,
08:21.2
of course, is inflationary for us.
08:26.7
corporate news. Troubled Abra Mining
08:28.7
Industrial, set to be delisted soon
08:30.9
at the Philippine Stock Exchange.
08:33.0
That's after the Securities and Exchange
08:34.8
Commission slapped the company, its
08:36.7
officers and stock agents, with a
08:38.8
P560 million peso
08:40.7
fine for the unauthorized and
08:42.8
fraudulent trading of
08:44.5
unissued and unlisted shares
08:46.6
from 2015 to 2019.
08:49.2
The PSE says, with the SEC's
08:51.1
findings, it's now left with
08:52.7
no choice but to initiate
08:54.5
delisting proceedings.
08:56.7
Trading of AR shares was suspended
08:58.8
in May 2021 due to the
09:04.6
Infrastructure doesn't see its initial public
09:06.7
offering happening anytime soon.
09:08.6
Prime Infra President and CEO
09:10.3
Guillaume Lucci says, macro
09:12.5
uncertainties have affected the
09:14.3
Razon-led company's listing.
09:16.5
They first deferred their IPO in 2022
09:18.7
due to bearish market conditions.
09:24.5
There's not even certainty of an IPO.
09:26.7
There are many different ways to raise
09:28.5
capital, so we're evaluating all the
09:30.1
available options. We live in a very
09:34.6
as you are announcing through these headlines.
09:37.0
Look at what's happened to
09:38.2
fuel prices with the Russian-Ukraine
09:40.7
war. Look at what's happening now in Iran,
09:43.6
between Iran and Israel.
09:45.5
That combined with a
09:46.7
very unpredictable rate market.
09:49.0
It's very difficult to
09:50.2
decide what the best...
09:56.7
The Philippine telco company that's over a
09:58.7
century-old is eyeing nationwide expansion.
10:01.7
Jackie Pascual tells us more about how
10:03.7
Eastern Communications intends to catch a
10:06.7
bigger market share outside Metro Manila.
10:12.1
The 145-year-old Eastern Communications is
10:16.1
expanding further in the technological space.
10:19.1
The telco is allotting P1.15 billion in capital
10:23.0
expenditures this year to upgrade its equipment and
10:26.1
expand network coverage.
10:28.1
Most of the capex right now is on the refresh, improving network technology and everything that we have in terms of the network component.
10:35.6
But we still have a lot for expansion also.
10:38.9
After X number of years, your equipment becomes obsolete. Technology becomes obsolete quite quickly and we intend to upgrade and refresh our network.
10:50.3
It is eyeing to raise its revenue from 4.3 billion pesos last year to 4.8 billion this year.
10:56.1
And one way to do that is by expanding to so-called digital-ready provincial cities like Iloilo, Davao, Cagayan de Oro, and Bacolod.
11:04.9
Where BPOs are heading towards because they're economic magnets and those are the areas where we are expanding to cover the SMEs that are born out of these areas.
11:20.2
Eastern Communications is banking on the commencement of the Philippine Domestic Submarine Cable Network,
11:26.1
which is considered the longest in the country, to roll out its services to more islands.
11:30.7
The company, however, is only focused on business clients for now as it offers ICT solutions and not just internet connectivity.
11:40.3
You sell connectivity together with ICT because they will be able to experience and enjoy connectivity only.
11:46.9
Uninterrupted connectivity with all the applications and what not if they have ICT.
11:56.1
We have data center hosting and as well as cloud hosting. So we have our own cloud offering called Eastern Cloud. And we also have other things such as cyber security.
12:13.3
Eastern Communications is seeing double-digit growth this year as it also plans to grow its 6.1% market share in the B2B segment this year.
12:23.2
Jackie Pascual, ABS-CBN News.
12:26.1
The Philippine Senate Majority Leader bears he's still not convinced to vote in favor of the proposed changes to the Constitution's economic provisions.
12:36.0
Senator Joel Villanueva noted facilitating ease of business is more important than lifting foreign equity restrictions.
12:43.8
He, however, noted public hearings on the resolution will still proceed since they can provide valuable information to the public.
12:50.5
The Senate Subcommittee on Constitutional Amendments and Revision of Codes has so far conducted four.
12:56.1
Four hearings on RBH 6.
12:59.5
The House's counterpart measure on charter change was approved on third and final reading last March.
13:07.1
Right now, I'm not convinced. Right now. I have to say that.
13:12.3
And I think I'm very vocal about it.
13:14.2
And with all these figures and data that we have, it's a concern. It's a concern.
13:21.7
But I'm open. I'm open.
13:23.5
If you wanted to convince me, then...
13:27.3
Give me some convincing studies that says it is the only way to attract foreign investments.
13:37.1
Baka kasi hilaw pa sa ngayon, no? Ang nakikita ko.
13:41.4
But again, I'm open to discussions.
13:44.9
And that's why I wanted to attend hearings and continue to learn from it.
13:51.0
The Philippines' finance chief meets with top World Bank officials in Washington, D.C.,
13:56.1
Secretary Ralph Recto held talks with officials of the Global Funding Group at the sidelines of the IMF World Bank Spring Meetings this week in the U.S. Capitol.
14:06.2
The Finance Department said the World Bank pledged support for the Marcos administration's key projects.
14:11.4
These include digitalization efforts to improve tax collection efficiency, speeding up the rollout of flagship infrastructure projects, and the reskilling of workers to improve the labor force.
14:23.6
The World Bank also offered aid for the Philippines' IGRA.
14:26.1
The U.S. Treasury Secretary Janet Yellen will meet with finance ministers of Washington's allies
14:39.8
about topics on the agenda, shoring up supply chains, strengthening financial system stability, and the war in Ukraine.
14:47.6
Yellen will also discuss balanced growth with Chinese officials, a follow-up of discussions during her visit to Beijing last week.
14:54.6
Now, on Wednesday, she will...
14:56.1
She will meet with finance chiefs from South Korea and Japan for a first-ever trilateral meeting to tackle sanctions on Russia and Iran, as well as securing supply chains.
15:08.8
We're taking a quick break. Up next, Microsoft to invest $1.5 billion in a UAE-based artificial intelligence firm.
15:17.8
That and more when Business Outlook returns.
15:26.1
We'll be right back.
15:56.1
Through insightful segments, we digest business concepts, explore cutting-edge strategies, and provide practical advice for business leaders, aspiring entrepreneurs, and professionals seeking to thrive in this intricate environment.
16:23.4
We'll be right back.
16:23.5
Dive deep into the inner workings of industry, trade, and tech as we go through the issues affecting the business space.
16:31.2
Learn the current trends and emerging opportunities that can make or break a business.
16:39.4
Examine the solutions that address real-world problems, the breakthrough technologies that reshape markets, and the resilient individuals who turn adversity into opportunity.
16:51.0
Witness the profound impact of business.
16:53.5
Businesses can make on people, communities, and the environment.
16:59.9
Stay ahead of the competition.
17:01.7
Tune in to our daily business roadshow on ANC.
17:11.5
I think basically what happened there was during the pandemic, everybody wanted to share some feelings, especially during isolation.
17:20.4
Everybody who asked me what kind of business, I always say, what is it that you love?
17:28.7
And they say, I love pets. Okay, that's where you get into.
17:32.7
Well, number one, you have to know and you have to love your business.
17:37.4
If you don't love your business and you're just investing, forget about it.
17:41.6
Number two, you have to know and probably collab with a veterinarian.
17:47.5
Because you have to take care of the pets, no? I mean, they're not just there for show.
17:52.2
You have to also have that rapport with your customers.
17:56.8
They're able to explain. They're like an advisor. They're not just there for sales.
18:02.9
After this pandemic or during this pandemic, I've seen the boom of the pet industry.
18:17.5
Microsoft is investing $1.5 billion in UAE-based artificial intelligence firm G42.
18:28.7
That infusion gives a U.S. tech giant a minority stake and a board seat in the Emirati firm.
18:34.5
The two companies said the deal was backed by security assurances to the U.S. and UAE governments.
18:41.3
Under the agreement, G42 would use Microsoft's cloud services to run its AI applications.
18:47.5
The partnership comes amid Washington's efforts to hobble Beijing's technological advances.
18:57.0
Copenhagen's old stock exchange nearly reduced to ashes.
19:00.5
That's after a fire broke out Tuesday engulfing the building's iconic spire, shaped like dragon tails.
19:07.1
Fortunately, there were no reports of injuries.
19:09.3
The historic building no longer houses the Danish Stock Exchange but serves as headquarters for the Danish Chamber of Commerce.
19:16.5
It had been under-reported.
19:17.5
The renovation when the fire broke out.
19:19.7
The cause of the blaze is still unknown.
19:24.1
Donald Trump becomes the first former U.S. president to stand trial in a criminal case.
19:29.6
The judge dismissed dozens of potential jurors who said they could not fairly decide on the case.
19:36.0
Our North America Bureau correspondent, Don Tagala, has a wrap of day one of that historic trial.
19:42.9
The historic criminal trial of former U.S. President Donald Trump.
19:47.5
Donald Trump officially got underway in New York on Monday.
19:51.6
It's the first time in American history that a former U.S. president appeared in court for a felony.
19:58.3
Trump was charged by Manhattan's district attorney with 34 counts of Class E felony
20:03.5
for falsifying business documents to cover up a $130,000 hush money payment to adult film star Stormy Daniels.
20:13.0
The payment was supposedly made in exchange for Daniel's silence.
20:16.9
About an extramarital sexual encounter with Trump before the 2016 U.S. presidential elections.
20:24.9
Trump was required to attend the whole duration of the trial and appeared in court as the jury's elections began.
20:31.0
Nothing like this has ever happened before.
20:34.2
It's never been anything like it.
20:35.7
Every legal scholar says this case is nonsense.
20:39.7
It should never have been brought.
20:41.6
It doesn't deserve anything like this.
20:44.2
There is no case.
20:46.9
half of the nearly 100 potential jurors were dismissed
20:51.7
as they admitted they could not be impartial in arriving at a judgment on the former president.
20:58.6
Justice Juan Marchand reiterated that jurors must set aside any biases
21:03.3
or personal feelings about the defendant or the case,
21:07.2
which include political orientation.
21:09.6
Both sides are seeking 12 jurors and 6 alternates
21:13.1
to hear what could be the only criminal case against Trump,
21:16.9
before the November 5 presidential election.
21:20.0
Outside the New York Criminal Court building,
21:22.6
a smaller than usual crowd gathered to express their sentiments about this day.
21:27.7
This Filipino-American immigration lawyer says he came all the way from Honolulu, Hawaii
21:33.3
to show his support for Trump,
21:35.3
now once more the Republican,
21:37.3
presumptive presidential nominee.
21:40.2
You cannot persecute a man for doing what he allegedly did.
21:46.9
Nobody was killed, nobody was harmed,
21:48.9
nobody was prejudiced.
21:50.9
So, why should they do that to him?
21:52.9
The Ilocana lawyer also says he would like to let justice take its course.
21:57.9
Anti-Trump activist Marnie Halasa, meanwhile,
22:01.9
showed up in her hush money payment costume.
22:04.9
The Philem activist founded a theatrical protest group called Revolution is Sexy.
22:09.9
If I have to endure four more years of Donald Trump,
22:12.9
like bigotry, hate speech, tax breaks for the wealthy,
22:16.8
money for endless wars,
22:19.8
I mean, that's going to be a problem for me.
22:21.8
Falsifying records to influence an election in the U.S. is punishable by up to four years in prison.
22:28.8
But Halasa says, while a guilty verdict on Trump would not bar him from office,
22:33.8
it could be a double-edged sword come November.
22:37.8
I think New Yorkers are going to be like,
22:38.8
well, wait a minute, he's going to be criminally indicted.
22:41.8
You know, all the convicted, I mean, that would look bad.
22:44.8
But I think for this lady here,
22:47.8
that only makes people want to vote for him more.
22:53.8
It will take several more days to choose the jury on Trump's hush money trial.
22:58.8
Opening statements and testimonies will follow,
23:01.8
and the proceedings are expected to last through May or June.
23:05.8
Don Tagala, ABS-CBN News, New York.
23:11.8
Power interruptions hit parts of northern Luzon.
23:14.8
That's after more than 20 power plants went on forced outage
23:17.8
while three others were running on derated capacities.
23:21.8
The incidents forced the National Grid Corporation of the Philippines
23:24.8
to place Luzon under red alert Tuesday afternoon.
23:28.8
The classification, which indicates that power supply is insufficient to meet demand,
23:33.8
was extended until 11 in the evening.
23:36.8
The Visayas region, meanwhile, will be lowered from red alert to yellow by 9 in the evening.
23:41.8
The NGCP admits the need for increased power supply
23:44.8
in the country as the extreme heat jacks up electricity demand.
23:51.8
We will not avoid using electricity,
23:54.8
especially now that the weather is very hot.
23:58.8
Our usual warning is to use more electricity.
24:02.8
Right now, we are just doing demand-side management.
24:06.8
We will manage the use of electricity.
24:10.8
But maybe we also need to look in the long run
24:13.8
to increase the supply.
24:15.8
And what we see almost every year
24:17.8
is that we have an alert status during the heat season.
24:23.8
According to the Energy Department,
24:25.8
it may take until the weekend before the power plants go back online.
24:29.8
It has instructed distribution utilities to activate their Interruptible Load Program.
24:34.8
The program entails participants to use their own generating facilities
24:38.8
to help reduce overall demand on the grid.
24:43.8
Miralco also warning of rotational power interruptions
24:47.8
in its franchise area due to the red alert on the Luzon grid.
24:51.8
The power distributor assures its customers they will be informed in advance,
24:56.8
but it urges them to charge their mobile phones and other essential gadgets.
25:04.8
We need to implement measures such as rotating interruptions
25:09.8
in some areas of our franchise.
25:12.8
Then we will inform our customers ahead of time
25:17.8
and to please bear with us in case that happens.
25:23.8
The American Chamber of Commerce of the Philippines
25:25.8
confident about the growth prospects of the Philippine economy.
25:29.8
Sarah Murphy told ANC there are signs that the economy's promise is big,
25:34.8
including the recent U.S. trade mission to Manila
25:37.8
as well as the leaders' summit between the U.S., Japan, and the Philippines.
25:41.8
She adds, aside from the BPO industry, which she remains bullish about,
25:45.8
there are other economic pillars emerging in the coming years.
25:52.8
Obviously there's a lot of buzz right now about renewable energy, mining, manufacturing.
25:57.8
There's continued room for growth as our BPAP team and Jack Madrid has said.
26:01.8
We're continuing to be bullish and have a pretty aggressive roadmap to 2028.
26:07.8
I think we just need to continue to be in tune.
26:11.8
With the changing needs of our workforce, technology is bringing advancements.
26:15.8
And so I think, you know, as we look at the future of work coming out of the pandemic,
26:20.8
return to office mandates and such,
26:22.8
I just, you know, I really encourage everyone to be open to listening
26:26.8
and being open to trying new things and adjusting, getting it right and getting it wrong sometimes
26:30.8
and just continuing to kind of persevere.
26:32.8
But I'm incredibly optimistic about the future of the BPO industry here.
26:38.8
The Philippine Tax Bureau grants
26:40.8
a 90-day extension to online sellers who comply with the withholding tax system.
26:45.8
The new revenue regulation mandates the implementation of a withholding tax system
26:50.8
for transactions made by online sellers through electronic marketplace operators
26:55.8
and digital financial services.
26:57.8
This is part of the government's effort to regulate and tax online transactions.
27:02.8
BIR Commissioner Romeo Lumagui, Jr. notes,
27:05.8
while the industry has grown during and after the pandemic,
27:09.8
many online merchants are still not paying the right amount of taxes.
27:17.8
And before we go, here's what we can expect on Market Edge tomorrow at 9am.
27:21.8
Michelle Ong will be talking to Senior EVP and CEO of Cebu Landmasters,
27:26.8
Jose Franco Soberano, about developments and market projections for the real estate sector.
27:31.8
And the President of Sun Life Investment Management, Mike Enriquez, gives his insights on the stock market.
27:39.8
That's your Business Outlook. I'm Ron Cruz.
27:41.8
And I'm Salve Duplito.
27:42.8
The world tonight comes your way at the top of the next hour.
27:45.8
Keep it here on ANC.
28:09.8
Thank you for watching.
28:39.8
Thank you for watching.
29:09.8
Thank you for watching.
29:39.8
Thank you for watching.
30:09.8
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30:39.8
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