01:38.6
cooperation on this year's IPEC.
01:41.1
Welcome to Boracay,
01:42.2
the Philippines' most famous beach.
01:44.6
We have covered the journey of our young democracy.
01:58.0
In ANC, we were witnesses to the defining moments of Philippine history that influenced the world.
02:14.6
We talk to leaders.
02:27.0
We don't shy away from difficult conversations.
02:30.0
ANC Leadership Series.
02:32.6
We report about disruption and how the latest technology and innovation have changed the way we live.
02:44.6
We tell stories about crisis, but also about opportunities that came with it.
03:14.6
This is the Philippines.
03:44.6
Hello everyone, I'm Stanley Palizadez, 9 a.m. in Manila, 10 a.m. in Tokyo, and 9 p.m. in New York.
04:06.7
Wall Street closes at record highs as inflation in the United States cools for the first time in six months.
04:13.0
Fueling bets now.
04:14.4
Off-rate cuts by the Federal Reserve.
04:17.0
Markets here in Asia set to follow this rally this Thursday.
04:21.7
Back here at home, Philippine shares kicking off trade from the 6,500 level,
04:26.5
with the Banco Central expected to keep its rates steady and new today.
04:31.7
San Miguel Corporation's first quarter income declines by half, mainly on foreign exchange losses.
04:38.4
And later on the show, we speak to Globe Telecom's Michelle Ora
04:42.0
on the push for zero-lead.
04:44.4
He's on telco infrastructure.
04:46.5
Plus, China Bank's Rastin Mercado joins us too for his market guidance.
04:53.0
We begin with a look at morning trade in Asia.
04:55.8
Equities are on a Thursday rally now as they follow peers in Wall Street overnight.
05:02.4
Markets here are cheering the latest inflation data in the United States,
05:06.1
which showed consumer prices cooling for the first time in six months.
05:10.6
This further fuels optimism that the Federal Reserve would cut its debt.
05:13.8
This further fuels optimism that the Federal Reserve would cut its debt.
05:14.1
This further fuels optimism that the Federal Reserve would cut its debt.
05:14.1
This further fuels optimism that the Federal Reserve would cut its rates this year.
05:15.8
Let's bring in the board now, taking a look at major indices in Asia.
05:19.6
All three, the Nikkei, the Kospi indices, and the ASX 200 are up more than 8%.
05:26.2
The Japanese benchmark is trading higher despite Tokyo's economy contracting
05:30.9
in the first quarter and slower private consumption and capital spending.
05:36.7
This Thursday, we also await industrial output figures from Japan and labor market data in Australia.
05:44.1
This Thursday, we also await industrial output figures from Japan and labor market data in Australia.
06:14.1
This Thursday, we also await industrial output figures from Japan and labor market data in Australia.
06:14.1
This Thursday, we also await industrial output figures from Japan and labor market data in Australia.
06:44.1
This Thursday, we also await industrial output figures from Japan and labor market data in Australia.
06:44.8
Taking a look at U.S. futures now, they're pointing to a marginally higher open
06:48.8
with the tech-heavy Nasdaq seem to take the lead.
06:53.4
Singapore officially swears in a new prime minister for the first time in 20 years.
06:58.7
Finance Minister Lawrence Wong took his oath Wednesday as the country's fourth premier since 1965.
07:06.7
Now, he replaces Lee Hsien Loong, who led Singapore for two decades.
07:11.4
Wong rose to prominence in 2020.
07:14.1
as co-chairperson of the Pandemic Task Force.
07:18.1
He was named Lee's successor in 2022
07:20.0
after a series of consultations
07:21.7
between the political leadership and his peers.
07:25.1
Wong is retaining Lee's cabinet
07:26.7
and will hold on to his finance portfolio.
07:31.3
I am the first Prime Minister of Singapore
07:34.2
to be born after independence.
07:37.5
Almost all my colleagues in the 4G team
07:40.3
were also born after 1965.
07:44.1
My generation's story
07:47.0
is the story of independent Singapore.
07:50.0
Our lives are testimony to the values
07:52.7
that forged our nation.
07:55.4
Then we can build a Singapore
07:57.0
where everyone succeeds
07:58.9
in being the best possible version of themselves.
08:02.6
Let us unite with common purpose
08:05.3
and shared resolve.
08:07.7
Let us take Singapore forward together.
08:14.1
Now, here's a look at the local corporate headlines
08:18.5
we're watching this morning.
08:20.0
Fresh numbers from San Miguel Corporation.
08:22.6
Its consolidated net income
08:24.0
down by half in the first quarter.
08:26.3
It stood at 8.88 billion pesos
08:28.8
from the 17.7 billion last year.
08:32.5
SME says, or SMC says,
08:35.3
this was mainly due to forex losses
08:37.7
which adds, was partly offset
08:41.1
by improved operations in its business segments.
08:44.1
Mega-wide quarterly profit rises
08:46.8
to 183 million pesos
08:48.9
to reverse over 7 million pesos
08:51.0
in losses last year.
08:52.8
The Saavedra-led construction firm says
08:55.1
this was due to recovery in its operations
08:57.5
along with initial contribution
08:59.7
from its real estate segment.
09:02.5
Meanwhile, from Puregold,
09:03.7
the supermarket chain saw a 3% increase
09:06.7
in its first quarter net income after taxes.
09:10.1
This amounts to 2.4 billion pesos.
09:12.6
Net sales were also,
09:14.1
also up at 47 billion pesos.
09:18.0
Dushako's company set its capex
09:24.7
ABS-CBN Corporation continues to see improvements
09:27.2
in its content production and distribution.
09:29.9
Revenues for this segment climbed 10%
09:32.0
in the first quarter
09:33.5
to 2.6 billion pesos.
09:36.5
The parent firm of this news channel says
09:38.3
it continued to explore more partnerships
09:40.8
in the three-month period
09:42.4
to maximize exposure,
09:44.1
and monetize its content.
09:46.9
It also beefed up content sales
09:48.8
and licensing to local and international clients.
09:52.6
The company's net loss continued to narrow
09:54.7
to 994 million pesos
09:57.5
on higher content production
09:59.4
and distribution revenues,
10:01.5
as well as lower costs.
10:03.4
Revenues stood at 4 billion.
10:08.1
Now, Philippine telco Giant Globe
10:10.4
is advocating for the removal
10:12.4
of lease fees for telco companies.
10:14.0
It believes this would cut operational costs
10:16.0
for telco and provide a more competitive market.
10:18.0
Joining us this morning for that discussion,
10:21.0
She's the vice president of Globe Group's
10:23.0
Site Lifestyle Management.
10:25.0
Hi, Michelle. Welcome to the show.
10:27.0
Hello. Good morning, Stanley.
10:29.0
All right. Now, Globe has been seen
10:31.0
as one at the forefront, in fact,
10:33.0
of the push to scrap the lease fees
10:35.0
for local and international companies.
10:37.0
So, we're going to talk a little bit more
10:40.0
So, we're going to talk a little bit more
10:42.0
So, we're going to talk a little bit more about this.
10:42.8
So, we're going to talk a little bit more about this.
10:43.8
What are the keys for the installation
10:45.8
of telecommunications facilities,
10:47.8
especially in buildings to make internet,
10:49.8
of course, available and more accessible
10:51.8
to the public, first the rationale
10:59.8
connectivity is a basic
11:03.8
especially in today's digital lifestyle.
11:05.8
It should be given
11:07.8
the same importance
11:09.8
like power and water,
11:11.8
which are readily provided, space,
11:13.8
in buildings and different developments.
11:17.0
People need connectivity
11:18.2
for most of our daily activities,
11:20.7
right? So, when you're
11:22.2
in the office, when you're at home,
11:24.5
financial transactions is
11:26.1
important for when you
11:27.9
allows you to make
11:30.1
financial transactions, right?
11:32.1
When you have connectivity. Transport,
11:34.4
entertainment, other activities.
11:36.5
This interview wouldn't be possible
11:38.3
without connectivity.
11:41.2
So, today, it's very important
11:43.8
especially that work from home
11:49.3
arrangement between
11:51.5
employees and employers.
11:55.1
go to school virtually.
11:57.7
So, connectivity at home, at
11:59.7
work, will always be a requirement
12:01.5
today and in the future. So, this
12:03.7
is why Telcos continued
12:05.4
its efforts to expand and
12:07.8
beef up their network. And this
12:09.8
entails a lot of costs.
12:12.2
Telcos like Glue continue
12:13.7
to invest, enhancing its network.
12:16.7
pose an unnecessary and
12:19.5
limiting financial burden.
12:21.6
It is quite ironic for
12:25.2
building owner to charge
12:27.0
recurring monthly fees to the
12:29.3
service provider to install
12:31.4
connectivity that they themselves need.
12:35.3
connectivity infrastructure we install
12:37.4
are for their own benefit and in the
12:39.3
service of their clients, their tenants, and
12:41.4
residents. Alright, Michelle.
12:43.7
That's why it's very important.
12:45.3
Yes. Michelle, I've been wondering how much
12:47.1
progress now is Globe making in
12:49.3
terms of really convincing property
12:51.3
owners and developers to accommodate Telcos
12:53.4
in building solutions
12:57.1
you know, this has
13:01.0
you also have to have their commitment
13:02.9
in this regard. Now, perhaps a number
13:05.1
on how many are on board so far.
13:09.3
we have been speaking to
13:11.2
various partners from the real estate
13:15.2
received mixed responses.
13:17.8
We have found fellow
13:19.7
champions, advocates
13:21.6
of our zero lease push.
13:24.5
These are really developers
13:25.8
who are more progressive in
13:27.9
viewing connectivity as a necessity
13:30.1
and a differentiator for their
13:32.0
townships and buildings.
13:34.0
There are also those who continue to
13:35.7
push back. This is why the other
13:37.7
leg of our campaign for the removal
13:39.6
of fees is through legislation.
13:43.7
across all the buildings
13:46.1
where we have indoor
13:47.8
antennas, more than 50%
13:50.0
are already on zero lease.
13:52.5
Okay. Now, this is
13:54.2
just more than, you know, charging
13:56.1
the Telcos because the current situation
13:57.9
really is unregulated installation
13:59.9
costs in buildings. You have
14:01.7
establishments becoming
14:03.2
more particular about charges.
14:06.5
This has been burdensome
14:08.1
of course for service providers like Globe.
14:10.5
Now, this is a situation
14:11.8
where utility providers
14:13.7
are now under the mercy of
14:16.1
builders in terms of pushing
14:17.9
forward infrastructure in all of
14:20.0
these developments. I mean, isn't this supposed to
14:21.9
also work to their advantage? You mentioned
14:24.0
earlier that, you know, this is also for
14:26.0
their own good and for their tenants as well.
14:32.0
the facilities, it's really meant
14:35.8
different customers or
14:37.8
tenants that these property
14:39.6
owners also serve.
14:41.7
So, it is really a
14:43.7
partnership that we bring to the table
14:45.6
while connectivity
14:49.3
something that residents
14:51.6
or tenants cannot
14:56.8
So, that's why it's
14:57.8
important for developers to really
14:59.8
work with us and see this
15:02.1
as a win-win situation,
15:03.8
something that Telcos
15:06.0
like Globe bring to the table to enable
15:08.0
their tenants and residents
15:09.8
while on their end, they need to make
15:12.0
sure that the infrastructure,
15:13.7
the facilities are ready
15:15.9
and at no cost for
15:17.6
providers. Okay, so
15:19.5
it is a win-win situation when you talk about
15:21.8
Globe, the property developer
15:25.4
part of this equation, in fact, is the consumer.
15:27.8
Now, with lease or cost-free
15:29.9
building solutions, you achieve
15:31.7
two things here. You reduce
15:33.6
industry costs and enhance public
15:35.8
access to connectivity. Does this also
15:37.7
mean cheaper internet rates now?
15:40.0
In the long run, at least, for
15:43.7
it also will be the impact of this one.
15:46.3
Yes, most definitely.
15:48.2
As these costs are
15:49.9
taken out of what we are
15:51.9
paying for today, it allows
15:54.1
us to build more infrastructure,
15:56.5
increase capacity,
15:58.2
and to the customer, that
15:59.8
means better experience for
16:01.9
them. And to your point,
16:03.9
that means eventually in the long run,
16:06.2
it will also be cheaper.
16:08.1
Okay, I understand, you know, the zero
16:09.8
lease policy is already in place in
16:11.9
countries like Australia, you have Singapore,
16:13.7
also Hong Kong. What had been
16:15.8
the best practices that the Philippines
16:18.0
can acquire from that experience there?
16:22.0
so like, if you mentioned
16:23.7
Australia, Singapore, and Hong Kong, so let me
16:25.8
talk about Australia, for example.
16:28.1
In Australia, property developers
16:29.8
are required to organize and meet
16:31.9
the costs of pit and pipe infrastructure,
16:35.8
services are ready when people move
16:37.9
into the premises.
16:39.8
And this responsibility aligns
16:42.0
with developers' obligations,
16:43.7
to provide essential utilities
16:45.6
for enhanced livability.
16:48.0
Okay. If we talk about
16:49.7
Hong Kong as well, they
16:51.7
have regulations that require
16:54.0
building owners to provide
16:55.5
telecom installation spaces
16:57.4
and access, emphasizing
16:59.6
that there is mutual benefit
17:01.9
for buildings and their tenants
17:03.4
from a shared mobile coverage.
17:06.4
And in fact, I'm happy
17:07.7
to say that we are actually also
17:09.6
starting to do that, a shared
17:11.5
infrastructure model for our indoor
17:15.3
Okay. Now, Michelle, two pieces
17:17.4
of legislation that might work in your
17:19.3
advantage. First, of course,
17:21.5
is the Pending House Bill 8534,
17:24.3
which is pushing for
17:25.7
the readiness of buildings
17:27.6
and structures to accommodate
17:29.4
ICT, infra, and of course, another
17:31.6
bill filed by Tarlac
17:33.6
District Representative Christian Niap
17:35.5
is pushing for in-building solutions
17:37.5
as mandatory infrastructure
17:39.6
in multi-dwelling commercial
17:41.8
schools and hospital buildings.
17:43.5
What else can government do in terms of laws
17:45.4
or even policy to accelerate
17:49.6
Okay. So, I think
17:51.3
they need to pass those bills.
17:53.4
That's one. Second is
17:55.4
we really need help in
17:57.5
terms of informing
17:59.3
the public, our national
18:01.3
government agencies, and the local government
18:03.5
units that once these
18:05.6
bills are passed,
18:07.6
they need to be implemented
18:09.0
and we'd like to work with
18:11.5
them to make these
18:13.5
bills happen, right? The intent
18:15.7
of the bill is to make internet
18:17.7
available for all, to
18:19.7
make our rollout faster
18:21.7
so we deliver and support
18:28.0
So, that's really the kind of
18:29.7
partnership that we'd like to have with
18:31.7
government. Okay, Michelle, are telcos
18:33.8
working together for this push?
18:35.9
I mean, what opportunities have so
18:37.7
far been forged, even with competition,
18:40.1
to make this an industry
18:41.9
initiative? Yeah.
18:45.5
correct. The industry has been
18:47.4
working together in collaboration
18:51.6
ARTA. We have been
18:53.5
participating in a lot of their
18:55.3
workshops, providing insights,
19:00.1
sharing with them best practices
19:01.7
in terms of how we
19:03.5
can deliver infrastructure
19:05.3
and connectivity faster and
19:09.9
Now, Michelle, to date, over
19:11.2
600, that's about, what,
19:13.5
15 properties have agreed to
19:15.5
provide a space for
19:17.3
in-building solutions at no cost to
19:19.4
telcos. Now, are these mostly in
19:21.4
Metro Manila? When do you expect
19:23.5
a tipping point, so to speak,
19:25.6
in terms of property owner support?
19:29.5
these are mostly in the key cities,
19:31.8
Metro Manila, you have Cebu,
19:33.9
Davao, Cagayan de Oro.
19:36.4
It's quite spread out,
19:37.7
although largely, it's in Metro
19:39.3
Manila. We do hope
19:41.4
that with the continued partnership
19:43.4
we have with the industry,
19:45.7
with the national government agencies
19:51.4
supporting us in our advocacy
19:53.2
of telcos utility,
19:57.6
in different developments,
19:59.7
I think we are well on our way
20:01.4
to make this happen for
20:03.4
the country and for the public.
20:05.8
And what kind of milestones are you
20:07.5
looking at? Is there a timeline
20:09.4
for specific achievements?
20:13.4
we're really supporting
20:15.8
the two bills that you mentioned
20:17.7
earlier, House Bill 900
20:19.3
and House Bill 8534.
20:22.7
So, if it doesn't make it
20:25.8
before the Congress
20:28.0
closes, we hope to
20:29.5
push it in the next one.
20:32.6
And without those bills, are there
20:33.9
other initiatives along the
20:35.3
line, you know, in terms of
20:37.7
campaigning, in terms of
20:39.9
reaching out to other stakeholders,
20:42.2
property developers to build? Yes.
20:43.4
To be on board. Correct.
20:45.1
We continue to champion this
20:47.2
across different venues and
20:49.0
stakeholders. We work closely
20:51.0
with our property developer partners.
20:54.2
conduct various workshops.
20:57.3
We talk to them about how to
20:59.2
master plan their developments,
21:01.3
work with us at the earliest stage
21:03.3
possible, so we can integrate
21:05.4
the telco infrastructure
21:06.7
at the onset, even prior to
21:09.2
their actual construction, so
21:11.2
that when they turn over,
21:13.4
the property or the unit to
21:15.4
the resident or the tenant,
21:18.0
it is already complete,
21:19.4
not just with power and water,
21:21.5
but also connectivity.
21:23.1
We've also gone to the extent of
21:24.9
making it seamless
21:27.2
and as easy as possible,
21:29.2
where all they need to do is
21:33.3
choose the plan, and tell us
21:35.2
when they want to activate their internet,
21:38.9
Alright. Lastly, maybe just give us
21:41.1
an idea of how much impact this
21:43.3
is going to have on Globe's
21:44.8
CAPEX, considering that
21:47.0
you mentioned earlier, this is a burden
21:49.2
to the telcos right now.
21:56.4
zero lease across the different
21:58.9
developments, and when
22:01.1
we unburden telcos of
22:07.1
us to free up funds,
22:09.7
it allows us to build
22:13.1
where there is still no connectivity.
22:15.4
It allows us to also
22:19.0
where connectivity is already
22:25.2
of us will benefit
22:29.0
are able to deliver and
22:31.1
build more telco infrastructure
22:33.2
and connectivity across
22:36.6
Alright, Michelle Ora, VP for Globe's
22:39.1
Site Lifestyle Management. Thank you so much
22:41.1
for joining us and for this conversation.
22:42.8
Have a great day.
22:44.3
Thank you. Good morning.
22:45.9
On to more news now. Personal remittances
22:49.2
sent by overseas Filipinos
22:51.0
rose in the first quarter of this year.
22:52.8
The Philippine Central Bank says
22:54.2
remittances reached 9.2 billion
22:57.1
US dollars, nearly
22:58.6
3% higher year on year.
23:01.5
Personal remittances in
23:02.9
March stood at 3 billion US
23:04.9
dollars. The US was the highest
23:06.9
source of overall remittances
23:08.8
followed by Singapore and
23:15.5
US trade official arriving in the
23:17.2
Philippines next week, a delegation led
23:19.1
by US Trade and Development Agency
23:22.5
Ebong will be in the
23:25.0
Philippines or in Manila in particular
23:26.8
for the 6th Indo-Pacific
23:29.1
Business Forum. Over 500
23:31.1
public and private sector leaders
23:33.1
from the US and the Indo-Pacific
23:35.5
region will explore
23:37.3
partnerships and discuss the latest
23:39.2
trends and opportunities
23:41.1
to support infrastructure,
23:42.8
energy, and energy in emerging
23:44.7
Filipino business leaders such as
23:46.3
Aboiti's Power President and CEO
23:48.3
Emmanuel Rubio, Jollibee CFO
23:50.9
Richard Chong Wu Shin,
23:53.7
and Integrated Microelectronics
23:55.6
Arthur Tan will be
23:57.1
speaking at the forum.
23:58.7
President Marcos Jr. and Trade Chief
24:00.7
Alfredo Pascual are also expected to
24:02.8
grace the event. Ebong's visit
24:04.8
to Manila comes after the trips
24:06.7
of US Department of State Assistant
24:08.9
Secretary Ramin Tuluoy
24:10.8
in April and Trade
24:12.5
Chief Gina Raimondo
24:16.5
The Philippine government
24:18.5
prepares to turn over
24:20.5
Manila's International Airport
24:22.5
to its new operator. It also
24:24.5
announced at least two provincial airports
24:26.5
may be privatized this year.
24:28.5
Jackie Pascual reports.
24:32.5
The Department of Transportation
24:34.5
and the San Miguel-led
24:36.5
new NIA InfraCorp have formed
24:38.5
a joint steering committee as part of
24:40.5
the transition before the turnover of the
24:42.4
Ninoy Aquino International Airport
24:44.4
in September. Under Secretary
24:46.4
for Aviation Roberto Lim
24:48.4
says contracts of concessionaires
24:50.4
at the terminal are among the things
24:52.4
being discussed as well as plans
24:54.4
on what they will initially do
24:58.4
The enlargement of some space
25:00.4
within Terminal 3 so that
25:02.4
we can create more
25:04.4
space for the passengers and
25:06.4
convenience for the passengers.
25:14.4
in terms of layout change
25:16.4
so that there are more
25:20.4
Lim also confirms the possible
25:22.4
demolition of the Philippine Village Hotel
25:24.4
to be replaced by a new
25:26.4
terminal. Many in the aviation
25:28.4
sector are excited for the
25:32.4
There are a couple of game changers with regards
25:34.4
to aviation sector.
25:36.4
These developments
25:38.4
will dramatically alter
25:40.4
the landscape for aviation.
25:42.4
We remain supportive of all of the
25:44.4
government's initiatives in the sector
25:46.4
including the move to privatize
25:48.4
NIA and we look forward
25:50.4
to working with the consortium
25:52.4
led by San Miguel Corporation.
25:54.4
Some European businesses
25:56.4
are also confident of the growth of the aviation
25:58.4
sector in the Philippines which has
26:00.4
a direct link to other sectors
26:02.4
such as tourism, trade and
26:04.4
more. They will hold an aviation
26:06.4
summit in October.
26:08.4
Philippines being a strategic location
26:10.4
with potential to become a major
26:14.4
with a unique opportunity
26:16.4
to embrace a sustainable
26:18.4
aviation pool or SAP.
26:20.4
And because of the success
26:22.4
of the NIA public-private partnership
26:24.4
the DOTR is looking to privatize
26:26.4
the operations of all provincial
26:28.4
airports. Lim says
26:30.4
the operations of the airports in
26:32.4
Lagindingan, Cagayan de Oro and
26:34.4
Panglao Bohol may be privatized
26:36.4
by the end of the year.
26:38.4
Aboyte's infracapital is the
26:40.4
original proponent status of both
26:42.4
airports. Villar's Prime
26:44.4
Assets Venture Inc. is the OPS
26:46.4
of the Iloilo Airport and
26:48.4
Puerto Princesa. Lim says
26:50.4
other airports may be bundled
26:52.4
for PPP similar to the
26:54.4
proposal many years ago.
26:56.4
Other airports that remain
27:00.4
would be of course General Santos,
27:08.4
These are the bigger
27:10.4
airports, La Huag,
27:12.4
Tacloban. These are big
27:14.4
airports by themselves
27:18.4
the central airport
27:24.4
bundle with. They have
27:26.4
engaged the International Finance Corporation
27:28.4
for an economic study on what
27:30.4
airports to bundle. They aim to eventually
27:32.4
make the Civil Aviation Authority of the Philippines
27:34.4
a purely regulatory body.
27:42.4
President Ferdinand Marcos Jr. calls
27:44.4
for a strategy to improve the state
27:46.4
of higher education in the country.
27:48.4
He spoke Wednesday at the National
27:50.4
Higher Education Day Summit in Manila.
27:52.4
The President regrets how
27:54.4
no Philippine university was included
27:56.4
in the top 100 list of
27:58.4
the Times Higher Education
28:00.4
Asia University Rankings
28:04.4
This judges universities across
28:08.4
such as teaching, knowledge
28:10.4
transfer, and international
28:14.4
We must pursue a comprehensive
28:16.4
and all-encompassing strategy
28:18.4
that will turn this trend around.
28:22.4
education today shapes the
28:24.4
future of the nation.
28:26.4
The battle to win the future
28:28.4
is waged in today's schools
28:30.4
where we should arm our young men
28:32.4
and women with the right
28:34.4
skills to not only survive
28:38.4
in a rapidly changing
28:40.4
world that does not wait
28:44.4
Also in education,
28:46.4
Philippine economic managers
28:48.4
approve a 30 billion peso
28:50.4
funding to repair schools
28:52.4
previously damaged by calamities.
28:54.4
The school building resiliency
28:56.4
project secured approval Wednesday
28:58.4
during a meeting of the National Economic
29:00.4
and Development Authority.
29:02.4
The project is to be funded mostly
29:04.4
by official development assistance
29:06.4
from the World Bank with 3 billion pesos
29:08.4
coming from the government.
29:10.4
The four-year project begins repairs
29:12.4
next year in over 1,200
29:14.4
schools outside the capital
29:16.4
region. The palace says
29:18.4
these facilities will be retrofitted
29:20.4
to ensure they can withstand
29:26.4
The Philippines' ranking
29:28.4
in the Global Good Governance Index
29:30.4
drops to its lowest in three
29:32.4
years. The latest list of
29:34.4
Singaporean non-profit group
29:36.4
Chandler Institute of Governance
29:38.4
showed Manila slipping for places.
29:42.4
out of over 100 countries
29:44.4
as it scored lower in several
29:46.4
indicators. The country
29:48.4
fared worse in financial
29:50.4
stewardship and global influence.
29:52.4
But its score in helping people
29:54.4
improved from 0.38
29:58.4
Singapore meanwhile
30:00.4
topped the global index anew
30:02.4
followed by Denmark and Finland.
30:04.4
Last year, the Philippines
30:06.4
ranked 63rd, a notch higher
30:08.4
than this year's result.
30:10.4
The index score tracks the
30:12.4
effectiveness of governments
30:14.4
around the world. It also examines
30:16.4
how good governance relates to the
30:18.4
challenges and opportunities that
30:20.4
countries are expected to face
30:22.4
in the coming years.
30:24.4
The Philippine gaming industry
30:26.4
sees record high revenue
30:28.4
in the first quarter thanks to
30:30.4
the e-gaming sector.
30:32.4
Gaming regulator Pagcor says the
30:34.4
country's gross gaming revenues
30:36.4
climbed 18.5 percent
30:44.4
Now Pagcor says the biggest
30:46.4
contributor to the Q1 performance
30:48.4
is still the country's licensed casinos.
30:50.4
But the e-gaming sector also
30:52.4
displayed a record breaking performance
30:54.4
generating over 22 billion pesos
30:56.4
in revenues. That's a
30:58.4
640 percent surge from
31:00.4
the previous year. Revenue
31:02.4
in the three month period also
31:04.4
more than 24 percent of Pagcor's
31:06.4
full year targets of
31:12.4
Now here's a look
31:14.4
at the other stories we're tracking today.
31:16.4
Happening this hour, transport group
31:18.4
Manivela will hold a protest action
31:20.4
as the apprehension of
31:22.4
unconsolidated PUVs begins today.
31:24.4
At 11 in the morning,
31:26.4
the National Grid Corporation will give an
31:28.4
update on the thinning power
31:30.4
reserves in the country.
31:32.4
At 3 in the afternoon, the Philippine Central Bank
31:34.4
of course will announce its monetary policy
31:36.4
decision. We will also monitor
31:38.4
today the distribution aid
31:40.4
to farmers and fishermen
31:42.4
for Kiniligan City and Cagayan de Oro
31:44.4
to be led by President
31:46.4
Ferdinand Marcos.
31:50.4
State Weather Bureau raises the possibility
31:52.4
of a delayed rainy season due
31:54.4
to the El Niño phenomenon.
31:56.4
Our resident meteorologist Ariel Rojas
32:00.4
Face-to-face class suspensions,
32:02.4
heat breaks, and cancellation
32:04.4
of different outdoor activities
32:06.4
peppered the month of April due to the
32:08.4
extreme heat in the country this April.
32:10.4
Mercury rose to 40 points
32:12.4
3 degrees Celsius in Camiling-Tarlac,
32:14.4
the highest in April,
32:16.4
while the heat index or apparent temperature
32:18.4
in Iba-Zambales reached
32:20.4
extremely dangerous level at
32:22.4
53 degrees Celsius.
32:24.4
Nine areas in the country recorded
32:26.4
their hottest April temperatures
32:28.4
including Pasay City, which logged
32:30.4
the new hottest Metro Manila reading
32:32.4
in history. Climatologists at
32:34.4
the European Union's Copernicus Climate Change
32:36.4
Service say April 2024
32:38.4
is the hottest April
32:40.4
on record. Southern and Southeast
32:42.4
Asia bore the brunt of the record-breaking
32:44.4
heat as heat waves blanketed the regions
32:46.4
where daily temperatures remained
32:48.4
above 40 degrees in Vietnam,
32:50.4
Laos, Thailand, Myanmar,
32:52.4
Bangladesh, and India.
32:54.4
Experts say the climate crisis
32:56.4
has made the El Niño heat worse
32:58.4
and pushed the country's heat index
33:02.4
It can also be a factor
33:04.4
that our world is getting hotter.
33:06.4
And one more thing, during the past
33:08.4
of historical extremes,
33:10.4
the heat weather bureau has
33:12.4
previously announced that the El Niño
33:14.4
is ending. It will transition first
33:16.4
to neutral condition before shifting
33:18.4
to La Niña during the July-August-September
33:20.4
season. This transition
33:22.4
from El Niño may result in a delay
33:24.4
in the onset of rains during
33:26.4
the rainy season.
33:28.4
The impact of La Niña,
33:30.4
pre-development, transitioning
33:32.4
from El Niño to La Niña,
33:34.4
that's what gives a delay in the onset.
33:36.4
Instead of expecting
33:38.4
above normal rainfall,
33:40.4
we expect La Niña
33:42.4
to be below normal
33:44.4
during the winter season.
33:46.4
Abastillas adds, above normal rains
33:48.4
usually brought by La Niña
33:50.4
are expected in the last quarter of the year
33:52.4
and the first quarter of 2025
33:54.4
and will be most pronounced
33:56.4
in the eastern sections of the country.
33:58.4
Ariel Rojas, ABS-CBN News.
34:02.4
Time for a quick break.
34:04.4
Coming up, we see how the local bourse
34:06.4
opens today's trade ahead of the Philippine
34:08.4
stock market meeting later today.
34:10.4
A market chat with Rustin Mercado
34:12.4
of China Bank Securities is next
34:14.4
when we come back.
34:38.4
A market chat with Rustin Mercado
34:40.4
of China Bank Securities is next
34:42.4
when we come back.
35:04.4
Mobility will be key
35:06.4
to recovery because we have
35:08.4
relaxed some of our
35:10.4
quarantine methods and
35:12.4
we have allowed more
35:14.4
transportation to come out.
35:16.4
That's going to prove to be better
35:18.4
for demand. If we do follow
35:20.4
the health protocols, the ability
35:22.4
of people to move around will likely
35:24.4
contribute better to growth.
35:38.4
For more information, visit us at
37:04.4
We're still watching Market Edge.
37:06.4
This is the second civilian mission
37:08.4
to the West Philippine Sea successfully
37:10.4
breaches China's blockade and
37:12.4
breaches Scarborough Shoal.
37:14.4
A Philippine diplomat
37:16.4
bears anonymous Chinese citizens
37:18.4
are sending hate emails to
37:20.4
Manila's consulate in Beijing.
37:22.4
And the Philippine Central Bank
37:24.4
expected to extend
37:26.4
the pause in its rate setting
37:28.4
during its policy meeting later today.
37:32.4
Time to zip through the top headlines
37:34.4
for major business papers from
37:36.4
the Philippine Star.
37:38.4
Finance Secretary Ralph Recto
37:40.4
sees the Banco Central easing its
37:42.4
monetary policy by the fourth quarter,
37:44.4
citing the weaker peso as among
37:46.4
the factors for keeping the borrowing
37:48.4
rates higher for longer.
37:50.4
From Business Mirror, government
37:52.4
officials admit revenue collection
37:54.4
could be lower this year amid a
37:56.4
slowdown in consumption among
37:58.4
Filipino households.
38:00.4
And from Business World,
38:02.4
the Japan International Cooperation
38:04.4
Agency eyeing funding more railway
38:06.4
and commercial development projects
38:08.4
in the Philippines this year.
38:10.4
Philippine shares further declined
38:12.4
on Wednesday as prospects of
38:14.4
higher for longer interest rates
38:16.4
linger in cloud investor sentiment.
38:18.4
This Thursday, though, the local
38:20.4
bourse opens on a positive note.
38:22.4
In fact, it's now up 85%
38:32.4
Now later today, we find out
38:34.4
the latest policy decision of the
38:36.4
World Bank, which the market expects
38:38.4
to keep its borrowing rates steady
38:40.4
once more. Now, the BSP's
38:42.4
benchmark rate is at 17-year
38:44.4
highs after it unleashed
38:46.4
Southeast Asia's most aggressive
38:48.4
policy tightening some two years
38:50.4
ago to curb rising inflation.
38:52.4
To discuss this and how it could
38:54.4
affect today's trade, we have with us
38:56.4
Racine Mercado. He's the Director for
38:58.4
Research of China Bank Securities.
39:00.4
Racine, good morning. Welcome to Market Edge.
39:02.4
Good morning, Mark. Thanks for having me.
39:04.4
Alright, Wall Street rallied.
39:06.4
Over the latest CPI print for April,
39:08.4
which shows U.S. consumer prices
39:10.4
are now showing some signs of cooling.
39:12.4
Now, all hopes point
39:14.4
to a possible earlier rate
39:16.4
cutting by the Federal Reserve, although
39:18.4
the board might still need really a
39:20.4
few more prints to establish a stable
39:22.4
trend. Are rate cuts by
39:24.4
the Fed imminent in Q4
39:26.4
now? What are your thoughts on this?
39:30.4
the April CPI print from the U.S.
39:34.4
data point coming out of there. There was
39:36.4
also softer than expected retail sales, so I think
39:38.4
that that kind of is what's forming
39:40.4
market expectations of
39:42.4
moving towards the September
39:44.4
cut from the Fed, right? And
39:46.4
that's a good sign because it's coming off of the heat
39:48.4
in the first quarter. So, as you
39:50.4
mentioned, policymakers might
39:52.4
need some time to gain confidence
39:54.4
in the inflation trajectory, right?
39:56.4
So, that data coming
39:58.4
in in April, which
40:00.4
is much sooner, is a good
40:02.4
sign. So, I think that
40:04.4
rate cuts could be very well on the horizon the second
40:06.4
half. All right, that's for the U.S.
40:08.4
What about us, though? BSP set to announce
40:10.4
no change in policy rates
40:12.4
later this afternoon. But the tone, though,
40:14.4
I mean, how much do you think would the
40:16.4
latest inflation numbers stateside
40:18.4
could be a push at least for the
40:20.4
BSP to be a little dovish later?
40:24.4
given the data that's come out, right,
40:26.4
from the U.S. and of course
40:30.4
that the BSP has room to be,
40:32.4
I wouldn't say a little dovish,
40:34.4
I think more, less hawkish at this point
40:36.4
right? And that's
40:38.4
primarily because we expect the BSP
40:40.4
to also maintain a hawkish tilt still
40:42.4
because headline inflation
40:44.4
could still come up in the next few months
40:46.4
due to base effects. And of course, there are
40:48.4
prospects that Lamina could
40:50.4
move food prices higher towards the end
40:52.4
of the year, right? So, that's another inflation risk.
40:56.4
certainly more room to be
40:58.4
less hawkish, but
41:00.4
I think still maintaining that hawkish tilt.
41:02.4
All right. Okay, let's talk
41:04.4
about the effect of those rates on the
41:06.4
markets now. In fact, yesterday,
41:08.4
it was down performance. Do you
41:10.4
think it could get some nudge up
41:12.4
with U.S. April CPI sending some
41:14.4
ripples already in other markets?
41:18.4
So, I mean, it's good that the market
41:20.4
kind of, I think, got up today, right? And
41:22.4
we see that strength in today's session,
41:24.4
the U.S. moving, the S&P moving
41:26.4
to a new high, right? So, I think
41:28.4
there definitely is legs.
41:30.4
You have the market sentiment
41:32.4
across markets coming into
41:34.4
risk on again. So,
41:36.4
this might be the legs that the market's
41:38.4
waiting for to possibly get back
41:40.4
to 7,000 at least for the PSE.
41:44.4
markets have already priced in at this
41:46.4
point from the U.S. Fed to rate
41:48.4
cuts sometime in September
41:50.4
and between November and December for
41:52.4
their one. So, I think that
41:54.4
markets already factored it in, right?
41:56.4
Compared to the three originally
41:58.4
guided by the Fed. So, I think there's
42:00.4
less volatility with respect to how that
42:02.4
develops. And of course, as
42:04.4
you move to the second half, markets will
42:06.4
increasingly shift their focus to
42:08.4
2025, right? So, where there's
42:10.4
firmer expectations of rate cuts. So,
42:12.4
I think there's definitely
42:14.4
some room for upside for equities and
42:16.4
markets as a whole. Alright.
42:18.4
Meantime, with the lack of catalysts,
42:20.4
really, we are just consolidating.
42:22.4
We closed yesterday at 65.58.
42:24.4
That's in the middle of
42:28.4
6,300 psychological support
42:30.4
and 6,800 resistance. Now,
42:32.4
what kind of trading behaviors do you expect
42:34.4
within these ranges now?
42:36.4
Yeah. So, I think
42:38.4
generally, we could keep into the range
42:40.4
but probably trading on
42:42.4
the higher end of that, possibly
42:48.4
And that's because we're expecting the markets to
42:50.4
or the PSEI to move with an upward
42:52.4
bias. The data that came
42:54.4
out recently is an encouraging sign.
42:58.4
we think that this could be a prelude
43:00.4
to the market moving
43:02.4
closer to 7,000 levels heading
43:04.4
into the second half of this year. Okay.
43:06.4
So, to you, the rally isn't over yet?
43:08.4
Yeah. Yeah. I think
43:10.4
it's just the market found its footing
43:12.4
and now it's on the way back up.
43:14.4
Alright. Let's go through some of our
43:16.4
earning stories at least.
43:18.4
Pure Gold seeing a 3%
43:20.4
increase in Q1 net income with
43:22.4
sales up 47 billion
43:24.4
pesos. Now, what is your evaluation
43:26.4
for this Lucio Co unit
43:28.4
which had been challenged
43:30.4
recently? I mean, why does
43:32.4
it seem to not benefit from the
43:34.4
supposed resilient consumer spending?
43:38.4
I think in the first part
43:40.4
what we saw was there was some
43:42.4
general tightness. I mean, the consumers
43:44.4
prioritized spending more towards essentials,
43:46.4
right? So, but with
43:48.4
Pure Gold, I think the modest profit
43:50.4
line growth relative to revenues
43:52.4
also factors in expansion
43:54.4
costs, right? So, as they bank on the longer
43:56.4
term growth story of the
43:58.4
Philippine consumer. So, and that's because
44:00.4
we're seeing across margins kind of
44:02.4
remaining resilient. So, in terms of
44:04.4
valuations, forward BE based on our
44:06.4
estimates around seven times. This is
44:08.4
much lower compared to the
44:10.4
three-year pre-pandemic average
44:12.4
of around 24 times, right? So, I think
44:16.4
value in Pure Gold is really a function of
44:18.4
one, it's not really an exciting sector
44:20.4
in the meantime, but that could be changing.
44:22.4
Inflation expect to come
44:26.4
volumes in local market continue to be tight,
44:28.4
right? So, the strength in
44:30.4
issues right now is very
44:32.4
in very selective names. So,
44:34.4
once the market sentiment
44:36.4
improves, then we could see more
44:38.4
fund flows into those value stocks.
44:40.4
Alright. Again, Megawide also
44:42.4
reporting a profit rise
44:44.4
to 183 million, reversing
44:46.4
last year's losses of over
44:48.4
7 million. Now, we
44:50.4
know these aren't the best times really
44:52.4
for property and construction with high interest
44:54.4
rates and with the lag effects
44:56.4
still in the next couple of
44:58.4
months or even quarters. Do you foresee
45:00.4
property and construction names
45:02.4
continuously challenged this year?
45:06.4
yes, definitely there's continuing challenges, but
45:08.4
I think there is room for progressive
45:10.4
improvement. For the first quarter
45:12.4
in the property names, what we saw generally
45:14.4
was a slowdown in
45:16.4
project launches and
45:18.4
that's because developers
45:20.4
are waiting for consumers to kind of digest
45:22.4
the supply that they injected
45:24.4
late last year, right?
45:26.4
Of course, in terms
45:28.4
of performance, the high-end could be pretty
45:30.4
strong. You see some softness in
45:32.4
affordable to mid-income. So,
45:34.4
I think progressively, of course,
45:36.4
affordable to mid-income are very
45:38.4
sensitive to rates.
45:40.4
So, if you're expecting those to come down,
45:42.4
then you should see improving
45:44.4
demand. And I think that's evidenced by
45:46.4
developers seeing a ramp up
45:48.4
in project launches towards the end of the year.
45:50.4
All right, Rastine, here's another one.
45:52.4
Cebu Pacific, core earnings
45:54.4
rising to 1.8 billion
45:56.4
due to increasing travel demand,
45:58.4
an improving top line, and now more than
46:00.4
costs, really. Now, is it time
46:02.4
to buy, Seb or Pal, given
46:04.4
the uptick in travel seem to be encouraging?
46:06.4
For the rest of the year?
46:08.4
So, I think it's a
46:10.4
worthwhile thing to consider. You do
46:12.4
see those passenger volumes moving higher.
46:14.4
You see Cebu Pacific
46:16.4
kind of ramping up
46:18.4
its capacity, and it's
46:20.4
hurdling operational challenges as well.
46:22.4
So, it could be under
46:24.4
consideration. But again,
46:26.4
in the context of
46:28.4
fund flows remaining tight, hopefully
46:30.4
getting progressively better.
46:32.4
There could be other
46:34.4
industries that could see fund
46:36.4
flows much sooner, right?
46:38.4
And I think one of them probably is
46:40.4
Telco, because we did see some
46:42.4
good numbers coming out of this space in the
46:44.4
first quarter. So, potentially
46:46.4
towards the end of the year, if you want
46:48.4
a position, then I think right now is a
46:50.4
good time to do that. All right, let's talk about
46:52.4
banks now. Metro Bank reporting
46:54.4
Q1 earnings up 14.5%
46:58.4
lending income. Now, banks
47:00.4
are expected to continuously benefit
47:02.4
or shine until those borrowing rates are
47:04.4
substantially cut. But share prices
47:06.4
are rising. Are banks
47:08.4
already expensive, really, especially
47:10.4
the top three? Are current bank
47:12.4
valuations still realistic?
47:14.4
Okay. So, as you mentioned,
47:16.4
the valuations for the big three are
47:18.4
pretty much close to
47:20.4
the 35-year average,
47:22.4
right? So, that indicates that there's
47:24.4
already tightness in terms of potential
47:26.4
or further upside.
47:28.4
But I think in terms
47:30.4
of the sector, there's still some
47:32.4
legs to go in different banks.
47:34.4
I think particularly what we want to
47:36.4
look at are banks with high ROEs,
47:38.4
right? So, that provides some
47:40.4
opportunity. But again, that
47:42.4
doesn't mean that the sector
47:48.4
The profitability
47:50.4
could continue to move higher. I think
47:52.4
now the focus really is in consumer
47:54.4
lending and in growing loan
47:56.4
volumes. So, for so long as that
47:58.4
continues and there's no clear
48:00.4
industry where money can rotate to,
48:02.4
then they could continue to
48:06.4
Alright. Lastly, Racine, what
48:08.4
is your trading guidance now
48:10.4
at China Bank Securities? Are there major
48:12.4
shifts in your portfolios and
48:14.4
how significant perhaps might these
48:16.4
revisions be, if ever?
48:18.4
Yeah. So, I think
48:20.4
I can cut this cake
48:22.4
two ways, right? So, one way is
48:24.4
in terms of portfolio allocation. And
48:26.4
earlier this year, we've been telling our clients
48:28.4
that maybe it's time to consider moving
48:30.4
some of your fixed income investments
48:32.4
progressively towards equities. And we
48:34.4
think that the case for that
48:36.4
is much stronger now.
48:38.4
There's improving confidence. And again, that's
48:40.4
because you're seeing better visibility
48:42.4
in terms of the inflation trajectory,
48:44.4
in terms of rate cut timings,
48:46.4
some risks that we
48:50.4
to possibly see in the first half didn't
48:52.4
materialize. So, that's giving us
48:54.4
confidence in that call.
48:56.4
We think equities could outperform the next
48:58.4
12 to 18 months. In terms
49:00.4
of sector allocations, that's the other way
49:02.4
to cut the cake, we think that there's
49:04.4
an opportunity to increase exposure in the
49:06.4
macro space. Numbers that
49:08.4
came out of the sector were pretty good.
49:10.4
Some even floating
49:12.4
the possibility of moving guidance
49:16.4
momentum continues into the next quarters.
49:22.4
attractive dividend yields to that, which
49:24.4
gives you a fixed income
49:28.4
consideration to the mix. So,
49:30.4
I think that that's a good place to gain
49:32.4
more exposure in, at least in the near term.
49:34.4
All right, Racine
49:36.4
Mercado, Director for Research of China Bank
49:38.4
Securities, thanks a lot for joining us this morning.
49:40.4
Have a great day. Thank you and
49:42.4
have a great day too. Moving on,
49:44.4
a Chinese firm bags the
49:46.4
P135 million contract
49:48.4
to build a structured cable system
49:50.4
for hotel and casino in construction
49:52.4
in Paranaque City.
49:54.4
Now, the listed firm, SunTrust
49:56.4
Resort Holdings, told the exchange
49:58.4
it awarded the contract
50:00.4
on May 14th to China
50:02.4
Communication Services Philippines Corporation.
50:04.4
The deal involves the
50:06.4
assigned supply and delivery
50:08.4
of the cabling system for the first
50:10.4
phase of SunTrust's Westside
50:12.4
City. The subsidiary
50:16.4
Let Group Holdings is
50:18.4
developing a $1 billion
50:20.4
project in Southern Metro
50:22.4
Manila, which will feature over
50:28.4
multi-million peso contract will require
50:30.4
China Communications to pay up advance
50:32.4
payment and guarantee bonds.
50:36.4
The Philippine State Health Insurer
50:38.4
is returning nearly
50:40.4
90 billion pesos of unused
50:42.4
subsidies to the National Treasury.
50:44.4
Philippine Health Department Spokesperson
50:46.4
Albert Domingo revealed this to
50:48.4
the House Committee on Health.
50:50.4
Domingo says PhilHealth has over
50:52.4
170 billion pesos in excess
50:54.4
funds from collections and
50:56.4
nearly 39 billion pesos from government
50:58.4
subsidies. PhilHealth
51:00.4
has since remitted 20 billion
51:02.4
to the National Treasury.
51:04.4
The disclosure prompted lawmakers to
51:06.4
reiterate their call for PhilHealth
51:08.4
to suspend premium collections or
51:10.4
to adjust its premium
51:14.4
If we don't suspend
51:24.4
I have a resolution.
51:26.4
Suspend premium payments.
51:28.4
That's a big possibility.
51:32.4
It's hard to be a citizen.
51:36.4
premium payments.
51:38.4
And I've been telling you
51:40.4
this for a long time.
51:42.4
You always learn.
51:48.4
Now here's a quick look at the flash
51:50.4
business headlines from overseas.
51:52.4
Jamie Dimon of the U.S.
51:54.4
banking giant JPMorgan Chase & Company
51:56.4
lauds the U.S. government
51:58.4
for fully engaging with China.
52:00.4
He says Beijing is a fierce
52:02.4
competitor but is not an enemy
52:04.4
of the West. His comments
52:06.4
the day after Washington hiked tariffs
52:08.4
on a number of Chinese imports including
52:10.4
electric vehicles, computer chips,
52:12.4
and medical products.
52:14.4
This earned the ire of Beijing which
52:16.4
has vowed retaliation
52:18.4
to protect its interests.
52:20.4
Warren Buffett's Berkshire Hathaway
52:22.4
bears a new $6 billion
52:24.4
stake in the Swiss
52:26.4
insurer Chubb. This
52:28.4
confirms in fact months of speculation
52:30.4
that it had made a big new
52:32.4
investment. A regulator
52:34.4
filing shows Berkshire owned
52:36.4
nearly 26 million Chubb's
52:38.4
shares as of the end
52:42.4
streaming platform Netflix reports
52:44.4
its ad-supported tier
52:46.4
has reached 40 million global
52:48.4
monthly active users. That is
52:50.4
from 5 million a year earlier.
52:52.4
Now Netflix launched the ad-supported
52:54.4
plan last November amid
52:56.4
stiff competition among streaming companies.
53:00.4
switching gears now from
53:02.4
TikToker to award winner,
53:04.4
Abby Marquez, who is dubbed as TikTok's
53:06.4
lumpia queen, is recognized
53:10.4
Webby Awards in New York.
53:12.4
Don Tagala has that story.
53:14.4
I bow to the people's voice
53:16.4
winner for food and drink in social.
53:18.4
From Chroma Entertainment, it's
53:20.4
Abby Marquez. Come on out, your majesty.
53:22.4
Philippines, this
53:28.4
Filipino content creator,
53:30.4
Abigail Marquez took home the
53:32.4
2024 People's Voice Award
53:34.4
for food and drink in
53:36.4
social at the 2024
53:38.4
Webby Awards in New York City.
53:40.4
Diversity of voices. Dubbed
53:42.4
as the Oscars of the internet,
53:44.4
the Webby's are awards for excellence
53:46.4
on the internet, given by the
53:48.4
International Academy of Digital Arts
53:50.4
and Sciences. It's the Oscars
53:52.4
for creators, you
53:54.4
know? And when you start
53:56.4
making content, or if you're
53:58.4
creator, influencer, digital
54:00.4
company, I feel like this is
54:02.4
one of the biggest
54:04.4
goals that you want, and
54:06.4
I started content creation
54:08.4
two years ago, and
54:12.4
social media space in the Philippines,
54:14.4
Marquez has come to be known
54:16.4
as the lumpia queen. She
54:18.4
started creating online content
54:20.4
after her love for food and filmmaking
54:22.4
collided while cooking
54:24.4
dinner for her family during the pandemic.
54:26.4
It's basically out of
54:30.4
And just to have fun in the kitchen.
54:32.4
Now I have this platform
54:34.4
where the world is looking at
54:36.4
my, you know, the world is looking at the videos
54:38.4
that I do. So it's really
54:40.4
an opportunity to show
54:42.4
them Filipino food.
54:44.4
This year's top honorees
54:46.4
include Julia Louis-Dreyfus,
54:48.4
who was the recipient of the Webby
54:50.4
Podcast of the Year. Taylor Swift
54:52.4
was honored with Best Creator
54:54.4
or Influencer Collab for
54:56.4
her National Voter Registration Day
54:58.4
Collab with Vote.org.
55:00.4
While Filipino-American Olivia
55:02.4
Rodrigo earned a Webby Award
55:04.4
in two categories,
55:06.4
Arts, Culture, and Lifestyle Social
55:08.4
Campaigns, and Celebrity Fan
55:12.4
Accepting the Webbys for Jam City's
55:14.4
Harry Potter Hogwarts Mystery Game,
55:16.4
the 2024 winner for
55:18.4
Action and Adventure Games
55:20.4
are the Weasley twins in the
55:22.4
Harry Potter film series, Oliver
55:24.4
and James Phelps.
55:26.4
There's so many people from Jam City
55:28.4
and so many guys who worked on
55:30.4
the Hogwarts Mystery and not to mention
55:32.4
the millions and millions and millions of players
55:34.4
who play the game. We know how many
55:36.4
hard work, how many long hours
55:38.4
hard work for all the many people that
55:40.4
helped make the game possible.
55:42.4
So we were honored to come and take
55:44.4
all the praise for it. Meanwhile, Phil M.
55:46.4
Dante Bosco and podcast co-host
55:48.4
Janet Varney won a
55:50.4
People's Voice Webby Award for
55:52.4
TV and Film Podcast
55:54.4
for their episode on Avatar
55:56.4
Braving the Element on Nickelodeon.
55:58.4
This has been, you know, such a
56:00.4
amazing journey. It's been such a great experience
56:02.4
and so much of it is connected to
56:04.4
not just the quality of the show.
56:06.4
To be a part of it. We're just
56:08.4
fortunate and excited. Fans of
56:10.4
Bosco can look forward to two new
56:12.4
exciting movies in the works.
56:14.4
We're working on putting
56:16.4
Pabos Filipino Brothers 2 together right now
56:18.4
so look for that. Yes, and I have another film
56:20.4
coming out called East of Western, all about
56:22.4
taking over Filipino towns. As for Marques,
56:24.4
the lumpia queen is keeping her
56:26.4
fingers crossed for another possible
56:28.4
international honor.
56:30.4
She has been nominated for a James Beard
56:32.4
Award for Best Social Media
56:34.4
Account, an award that recognizes
56:36.4
excellence in a food-related
56:38.4
social media account or platform.
56:40.4
Winners of the James Beard Awards
56:42.4
will be announced in Chicago on
56:44.4
June 8. Don Tagala,
56:46.4
ABS-CBN News, New York.
56:50.4
And before we go, the Palo Cebo
56:52.4
is a popular game during Filipino town
56:54.4
fiestas where contestants attempt to
56:56.4
climb a greasy pole
56:58.4
to grab a prize at the top.
57:00.4
Well, think of this as a
57:02.4
scaled-up version of that.
57:04.4
At the U.S. Naval Academy, the freshman
57:06.4
class annually climbed
57:08.4
the greasy 21-foot
57:12.4
as a rite of passage.
57:14.4
But rather than a competition, the plebs
57:16.4
must be exercising
57:18.4
perseverance, teamwork,
57:20.4
and ingenuity as they try to replace
57:24.4
with an upperclassman hat
57:26.4
to mark their official passage
57:28.4
as fourth-class midshipmen.
57:30.4
Now, this year's class finished
57:32.4
the task in two hours, 19 minutes
57:34.4
and 11 seconds, beating
57:36.4
last year's time by
57:42.4
And that's it for the show.
57:44.4
I'm Stanley Palizada. Thank you so much for watching.
57:46.4
You can listen to our interviews again
57:48.4
on the ANC Market Edge podcast
57:50.4
available on Spotify. You can also watch
57:52.4
highlights, recaps, and exclusive content
57:54.4
of our shows online. Subscribe
57:56.4
to the ANC YouTube channel, like us on Twitter,
57:58.4
Facebook, and follow us on X.
58:00.4
Stay safe everyone as you keep it here
58:28.4
Thank you for watching!
58:58.4
The ability of people to move around will likely
59:00.4
contribute better to growth.
