by Ferry Bayu | Aug 11, 2023 | Business
BSP says may hike rates if…
MANILA — Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona said the central bank would only raise rates if there were new supply shocks on inflation.
Remolona made the statement in an interview with Nomura economist Euben Paracuelles
“If we have new supply shocks on inflation, which are unusually large, and if El Niño turns out to be very severe and combined with a confluence of other factors, we would have to tighten again,” the BSP governor said when asked what would trigger a resumption of the hiking cycle.
“Headline inflation is at 4.7 percent year-on-year, and we want to get to the target of 2 to 4 percent. But we also want to be comfortable that inflation is staying within that range and inflation expectations remain anchored,” he noted.
“If we don’t tighten when those shocks materialize, then expectations could get out of hand, inflation will feed on itself, and it gets much harder for us,” he explained.
Asked if policy settings would be kept stable if no supply shocks happen, Remolona said, “The pause means the signals from the data are still mixed and not consistent. Some indicators show the economy is holding up, some show it is weakening.”
“If this continues, then it’s likely prudent for us to still pause,” he said.
Remolona said the BSP would be cautious about cutting rates.
“If there’s a chance that we might have to raise rates again after we start cutting, we don’t want to take the risk from these quick reversals. I think the exit has to be a smooth process and this is what central banks have learned over the years. Sudden reversals are bad,” he said.
Inflation further eased for a sixth consecutive month in July. The BSP has said it remained ready to adjust the monetary policy stance if necessary to ease price pressures.
Easing inflation has allowed the BSP to keep rates steady at 6.25 percent during its last policy-setting meeting. The next meeting is on August 17.
by Ferry Bayu | Aug 11, 2023 | Business
MiiTel can now recognize voice emotions with AI
Jakarta, August 11, 2023 — RevComm is pleased to announce the latest breakthrough in the world of business communication. By combining artificial intelligence (AI) with voice emotion recognition capabilities, RevComm introduces an innovative feature that enables users to identify human emotions in phone conversations and online meetings using MiiTel.
Speech emotion recognition is a technology that allows users to recognize and visualize the level of positive and negative emotions in verbal conversations online. Through this feature, users can more easily monitor and evaluate the quality of their conversations.
The sophistication of the voice emotion recognition feature can be experienced in phone conversations using MiiTel, RevComm’s innovative AI-based smart telephone system that can automatically record, transcribe, and analyze voice. Most recently, MiiTel also supports the automatic generation of conversation summaries with ChatGPT. This technology can support the improvement of sales, call center, and business performance.
Furthermore, voice emotion recognition is also available for MiiTel Meetings, an AI-based online meeting analytics tool that can support business communication in Zoom, Microsoft Teams, and Google Meet platforms.
This feature utilizes colors to depict the levels of emotions in conversations. Darkening shades of green indicate higher levels of happiness, whereas deepening shades of orange indicate higher levels of negativity. Grey represents a neutral emotional state, while white signifies the absence of conversation.
Furthermore, the emotional identification within the speech emotion recognition feature can be observed from two distinct perspectives: that of MiiTel users and that of customers. The user’s facet enabling the monitoring of the quality of conducted conversations. Conversely, from the customer’s standpoint, this can serve as a evaluative guide and provide insights into the types of conversations that elicit positive or negative reactions from clients.
This breakthrough signifies RevComm’s commitment to provide cutting-edge technological solutions to meet the evolving needs of its customers. MiiTel is currently accessible in Japan, the United States, and Indonesia. Visit miitel.id to get a free demo.
MiiTel is an innovation from RevComm, one of Japan’s fastest-growing technology companies. Within five years, RevComm became a unicorn and won numerous awards: Forbes Japan’s Startup of the Year, Google for Startups, AWS Summit, Mizuho Innovation Award, Japan Venture Awards, BOXIL SaaS Award, Deloitte Technology Fast 50, and Forbes AI 50.
Nadira
na****@********co.jp
by Ferry Bayu | Aug 11, 2023 | Business
Diokno rejects proposed luxury tax hike
MANILA — Department of Finance (DOF) Secretary Benjamin Diokno on Thursday nixed the idea of imposing higher tax on luxury items.
Luxury goods are currently subject to a 20 percent tax.
Responding to questions from Nueva Ecija Rep. Rosanna Ria Vergara during the opening of the 2024 budget deliberations at the House of Representatives, Diokno explained that it is hard to implement and easy to avoid.
“I was wondering, do you have anything on your table that propose like a proportional tax, a luxury tax, a wealth tax? Is that something you would consider?” Vergara asked.
Diokno said the agency had no such proposals.
“When you propose a tax, one nice property of a tax is it should give you a high yield and the administrative cost should be very minimal… For example, if you wanna tax diamond, you’re practically not going to collect anything because that’s easy to hide,” Diokno said.
“Sometimes when you also try to tax a luxury good, people will just go abroad and buy it there… Luxury tax is not part of our proposal at the moment,” he added.
Albay Rep. Joey Salceda earlier raised the possibility of raising tax on jewelry, perfumes, and yachts to 25 percent or 30 percent to increase government revenue.
Marcos earlier said the proposal was “reasonable.”
When asked if the government is considering non-regressive taxes, Diokno revealed they are reviewing the VAT because the government is only collecting less than half of what it is supposed to make from the VAT.
“[VAT here] is one of the highest in this part of the world yet its yield is very low, only 40 percent. We only collect 40 percent of what we’re supposed to collect so we are doing a study on the value added tax which is a nice tax to make it more effective and more high yielding,” Diokno said.
Diokno also defended the VAT in terms of being pro-poor.
“I think our value added tax is one of the best in terms of being pro-poor because we do not tax food in its original state, in other countries it’s also being taxed,” Diokno said.
by Ferry Bayu | Aug 11, 2023 | Business
Mastering the New Media Landscape: TAPRO’s Freda Liu Shares Insights on Elevating Brand Presence at MGCC Event
TAPRO’s media trainer, Freda Liu grazed MGCC’s Tuesday Club with her sharing on how and what businesses can do to stay relevant in the digital age.
KUALA LUMPUR — In a rapidly evolving digital age, the role of media in shaping businesses’ brand presence has undergone a transformative shift. Recognizing the significance of adapting to these changes, the Malaysia German Chamber of Commerce and Industry (MGCC) hosted an insightful event on August 8 featuring esteemed speaker and TAPRO media trainer, Freda Liu. With a focus on illuminating the path towards brand elevation, the event shed light on the crucial relationship between modern media and business success.
As the media landscape continues to undergo unprecedented changes, businesses are confronted with the imperative to embrace these shifts to remain competitive. The recent event held at MGCC, headlined by renowned speaker Freda Liu, provided an in-depth exploration of the ways in which media can significantly impact a business’s visibility, reach, credibility, and trust. In an era where digital platforms dominate communication channels, understanding how to leverage media effectively is no longer a choice but a necessity for sustained growth.
Freda Liu, a distinguished voice in the realm of business and media, delved into the intricate facets of brand strategy during her engaging session. Attendees were presented with actionable insights aimed at refining their brand strategy across various dimensions. Liu underscored the pivotal role that strategic marketing, compelling content, an engaging website, and a robust social media presence play in shaping a brand’s identity. By aligning these elements cohesively, businesses can create a powerful and resonating brand narrative that captures the essence of their offerings.
One of the event’s standout highlights was Liu’s exploration of emerging trends in media and their profound implications for brand development. The digital revolution has fundamentally altered the way content is consumed and shared across diverse platforms. Liu emphasized that achieving brand differentiation now hinges not only on reach but also on cultivating an engaged and attentive audience. The dynamics of digital transformation necessitate businesses to meticulously evaluate their content dissemination strategies across platforms and consider the nuanced impact on their brand perception.
In her closing remarks, Freda Liu emphasized the escalating significance of thought leadership in the evolving media landscape. With an astute eye on the future, Liu urged attendees to proactively anticipate the needs of both current and prospective clients. She urged businesses to embrace a visionary approach that positions them as industry authorities, guiding the conversation and shaping perceptions. Liu’s insights echoed the profound truth that in a world brimming with information, brands that offer valuable insights and steer conversations are poised to thrive.
Attendees left the event equipped with a renewed understanding of media’s transformative potential and armed with actionable strategies to propel their brands to new heights.
Based in Petaling Jaya, Selangor, TAPRO is a specialised talent acquisition and training firm with a focus in the education, healthcare, banking & finance and IT industries for Malaysia and the region. Its services include talent acquisition, learning and development, business and marketing consulting and event management.
Name: Tania Perera
Email: tr******@*******om.my
Website: tapro.com.my
by Ferry Bayu | Aug 10, 2023 | Business
Wealth Of The Philippines’ 50 Richest On Forbes List Rises 11% To US$80 Billion
SINGAPORE (August 10, 2023) – The combined wealth of tycoons on the 2023 Forbes list of Philippines’ 50 Richest rose 11% to US$80 billion from $72 billion last year. The complete list can be found here and in the August issue of Forbes Asia.
The Philippine economy logged 6.4% growth in the first quarter of 2023, marking two years of continuous expansion since its recovery from the pandemic. Although the economy must now deal with inflation and higher interest rates, the country’s benchmark stock index rose 6% from a year ago when fortunes were last measured.
More than half of those on the list are wealthier this year, led by the top three. The Sy siblings, heirs to the group built by the late Henry Sy Sr., retain the top spot, adding $1.8 billion to their net worth, which now stands at $14.4 billion. Shares of their flagship SM Investments, a conglomerate with interests in banking, property and retail, jumped 19% from a year ago amid a rebound in consumer spending.
Property tycoon Manuel Villar continues to hold second place with a fortune of $9.7 billion, up $1.9 billion, on the back of a resilient housing market. Villar also listed his power business, Premiere Island Power REIT, in December 2022. Rounding out the top 3 is this year’s biggest dollar gainer, ports tycoon Enrique Razon Jr., who saw his fortune rise $2.5 billion to $8.1 billion. Shares in his company International Container Terminal Services jumped 24% from a year ago, thanks to sustained improvement in supply chains.
Another notable gainer is Ramon Ang, president and CEO of listed conglomerate San Miguel Corp., who moves up five spots to No. 4. His wealth was up nearly 40% to $3.4 billion following the acquisition of his majority owned Eagle Cement, one of the archipelago’s largest cement makers, by San Miguel. Taking the fifth spot on the list is Tony Tan Caktiong of Jollibee Foods, who saw his net worth rise $600 million to $3.2 billion.
Featured on the cover of the August issue of Forbes Asia is Sabin Aboitiz, a fourth-generation member of the Aboitiz family (No. 6, $3.15 billion). Aboitiz is spearheading a $7 billion transformation of Aboitiz Equity Ventures, Philippines’ second largest electricity producer, into a banking, infrastructure and technology powerhouse.
The three new newcomers to the list are all inheritors. The Gotianun family, at No. 22 with $850 million, inherited stakes in conglomerate Filinvest Development from matriarch Mercedes Gotianun, who died last December. The Yuchengco family, heirs of Alfonso Yuchengco and the biggest shareholder of Rizal Commercial Banking Corp., one of the country’s largest lenders, also joins the ranks at No. 33 with $420 million. Federico Lopez debuts on the list at No. 42 with $300 million, shared with his family, after taking over the media, property and power empire from his father, Oscar, who died in April at age 93.
The minimum net worth to make the list was $180 million, slightly down from $185 million last year.
The top 10 richest in the Philippines are:
- Sy siblings; US$14.4 billion
- Manuel Villar; $9.7 billion
- EnriqueRazon Jr.; $8.1 billion
- RamonAng; $3.4 billion
- Tony Tan Caktiong; $3.2 billion
6.Aboitiz Family; $3.15 billion
7.Lance Gokongwei & siblings; $3 billion
8.Isidro Consunji & siblings; $2.9 billion
- Jaime Zobel de Ayala; $2.8 billion
- Lucio Tan; $2.6 billion
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike the Forbes Billionaires’ rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 21, 2023. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/philippines
Jakarta, August 11, 2023 — RevComm is pleased to announce the latest breakthrough in the world of business communication. By combining artificial intelligence (AI) with voice emotion recognition capabilities, RevComm introduces an innovative feature that enables users to identify human emotions in phone conversations and online meetings using MiiTel.
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