00:47.3
The French CAC 40 is lower by nearly 1%.
00:51.2
On the data front, a survey showed business activity in the Eurozone stalled in July.
00:56.1
Following a downturn among manufacturers.
00:59.9
As for Wall Street, futures are also pointing to a negative open after weak quarterly reports from tech giants Alphabet and Tesla.
01:08.2
The Google parent reported second quarter results that beat estimates but flagged that capital expenses would remain high for the year.
01:16.7
Tesla, for its part, posted its lowest profit margin in over five years and missed second quarter earnings expectations
01:23.8
as the EV maker cut prices.
01:26.2
The stock market is now looking to increase prices to revive demand and increase spending on AI projects.
01:31.6
Alphabet shares are down 3.7% pre-market trade, while Tesla is slumping 8.5%.
01:38.2
Here are other stocks to watch out for.
01:42.5
We're monitoring shares of LVMH after its second quarter sales came in below analyst consensus.
01:48.5
Shares of the world's largest luxury group slumped 4%.
01:52.4
Also in focus, shares of Deutsche Bank, which snapped a 50-year high.
01:55.7
We're monitoring shares of Deutsche Bank, which snapped a 50-year high.
01:56.1
It's a 15-quarter profit streak with a narrower than expected loss.
02:00.4
Shares of the lender sank nearly 5%.
02:02.8
We're also keeping a close watch on Visa.
02:05.6
Its third quarter revenue growth fell short of Wall Street targets in a rare miss for the world's largest payments processor.
02:13.2
This sent the stock down 3% in pre-market trading.
02:18.4
Asian markets ended Wednesday lower as U.S. and European earnings disappointed.
02:23.4
The Nikkei 225 and the Hang Seng Index.
02:26.1
The Nikkei 225 and the Hang Seng Index slumped 1% each, with tech and electric vehicle stocks leading declines.
02:31.6
EV shares in Hong Kong in particular saw losses of about 4-5%.
02:36.3
Meanwhile, bourses in the Philippines and Taiwan were closed due to bad weather.
02:43.4
An update now on the Philippine government's efforts to aid storm-ravaged areas in the country.
02:49.5
President Ferdinand Marcos Jr. gives four orders to disaster management officials during their meeting Wednesday.
02:56.1
to prioritize critical and isolated areas affected by incessant rains.
03:01.8
He also asked them to map geographically isolated flooded areas,
03:06.1
ensure proper information dissemination among residents and local governments,
03:10.5
and continue to pre-position stockpiled relief goods.
03:14.2
Malacanang has suspended work in government offices and classes in Metro Manila,
03:18.5
which has been placed under a state of calamity tomorrow, July 25.
03:23.4
Work and class suspensions were also declared,
03:26.2
in the Cagayan Valley region and Calabarzon.
03:29.1
So far, rains brought by Typhoon Buchoy, Super Typhoon Karina, and the Southwest Monsoon
03:34.8
have killed eight people and injured two others.
03:38.0
One individual remains missing,
03:40.2
while over 180,000 families or around 882,000 individuals have been affected.
03:49.1
We have raised the alert of the NREAM OC to red,
03:52.4
so that all hands are present and the necessary assistance,
03:56.1
particularly the additional manpower,
03:59.5
which are usually coming from the uniformed services.
04:02.8
We need them very badly.
04:04.4
We coordinate with our regional offices on the ground
04:08.2
and their partners, the members of the regional DREAM Councils concerned,
04:13.5
so that they could institute this rescue operations.
04:19.2
As for State Weather Bureau Pag-asa,
04:21.7
it says Metro Manila and adjacent regions could continue to experience rains,
04:26.1
through Friday, even though Karina is expected to leave the Philippine Area of Responsibility Thursday morning.
04:33.0
Pag-asa adds it may be premature to liken Karina's rainfall with that of Typhoon Ondoy in 2009.
04:40.8
Si Ondoy kasi, umabot na around 300 millimeters yung mga pagulan in a span of six hours.
04:46.9
Although, ang data na nakita na natin ngayon ay yung mga paulan ng Southwest na enhanced ni Karina
04:53.4
nung mga for yesterday.
04:56.1
Umabot ng 200 plus, pero yun ay for 24 hours.
05:00.6
After ng event na yun, doon natin titignan yung data,
05:04.0
pag-aaralan yung data kung ano bang nangyari,
05:06.0
kung mas grabe ba si Ondoy or mas naging grabe ba itong si Karina.
05:13.0
The Finance Department says it is ready to tap $500 million in standby funds
05:18.1
from the World Bank to aid typhoon-ravaged areas.
05:21.4
Secretary Ralph Recto says this would accelerate the delivery of critical services
05:26.1
to other immediate needs of those affected.
05:28.4
It would also help rehabilitation efforts.
05:31.1
President Marcos earlier said nearly 3 billion pesos worth of aid were pre-positioned for the disaster.
05:38.7
We're taking a quick break.
05:40.3
Up next, Makati Business Club Executive Director Bobby Batumbacal joins us on the show
05:45.3
for his assessment on President Marcos' State of the Nation Address last Monday.
05:56.1
We'll be right back.
06:37.3
It was a speech that lasted around an hour and 20 minutes,
06:40.3
filled with assurance that his government is listening to the plight of Filipinos
06:43.3
and concluded by a ban on offshore gaming operations.
06:48.7
President Ferdinand Marcos Jr.'s Third State of the Nation Address touched on many subjects,
06:54.2
but there were also some notable issues left out.
06:57.3
Joining us now to discuss this, we have Bobby Batumbacal,
07:00.8
the Executive Director of Makati Business Club.
07:06.8
Good evening, Salve.
07:07.9
Good evening, Ron.
07:09.0
Good evening, Bobby.
07:09.7
Thank you very much for joining us in the studio.
07:12.4
No, not in the studio.
07:13.8
In the program, I mean.
07:15.5
Yes, I was hoping to be in the studio.
07:19.8
I hope you and your family are safe.
07:24.2
And, gosh, you know, our prayers go to 200,000 families affected so far.
07:30.7
I hope hindi na dumami, but it has been a very challenging evening, day to day.
07:36.2
And we're fine with you being in your home or in your office safe as well.
07:41.1
Bobby, before we ask you what could probably be the hits and misses for the MBC on the President Sona,
07:47.4
I want to ask you about your assessment on what he delivered as a whole.
07:56.7
Was it encouraging?
07:58.9
Was there a tone of hope that the business community heard from the State of the Nation address of the President?
08:10.8
Before I watched the Sona the other day, I went through Sona Marathon.
08:18.2
By that, what I did was I watched the 2022, 2023.
08:24.2
President Marcos, I also looked at the final Sona of President Aquino, President Duterte.
08:31.2
So after going through that, when you look at 2022, that's when President Marcos laid the ground for establishing
08:41.9
Bago Pilipinas Vision, and then quickly followed by the development of the PDP, the Philippine Development Plan from 2020 to 2028.
08:51.7
Given that, the last year's Sona was a success.
08:53.8
The last year's Sona of the President and this year's Sona had a very similar structure in reporting progress.
09:02.6
It was extensive, methodical, and it provides a consistent way of tracking progress or lack of it.
09:11.0
For business people like us, that's a very familiar process.
09:15.5
It makes it easy for us to understand.
09:17.2
Yes, it is detailed, but it's easy to understand.
09:23.8
And it's presented in that manner.
09:26.4
By the way, I'd also note that on the same day, NEDA also released the PDP statistical indicators for 2023.
09:37.4
And I'll come back to that, why those two things are important.
09:41.0
Before we go to the details also, I wanted to ask, since you opened this with, you watched the other Sonas and the other presidents,
09:49.1
sometimes it's not just about what he said, but how he says it.
09:53.8
Of the maybe five past presidents or the presidents you watched, was this something that, as Ron said, gives hope or inspiration?
10:03.8
Or, you know, right now, the global economic conditions are very challenging here and around the world.
10:11.9
Does this give hope to the business sector, some sort of direction or inspiration?
10:17.6
My quick answer is yes, it does.
10:20.1
And of course, different presidents under different administrations.
10:23.8
So, if I may, I think what was really interesting, what was really interesting about the Sona is that while the president was diligently reporting on each issue,
10:37.2
and he was very detailed on that, he also demonstrated the ability to listen and quickly decide on very urgent issues.
10:45.6
In this case, the banning of Pogos.
10:47.8
He demonstrated that reforms, difficult reforms, can be initiated or done when the case is done.
10:53.8
So, it was urgent and clear.
10:55.6
In the end, this is what brought the country on their feet, cheering and applauding his bold announcement.
11:02.6
Ron Singet, one question.
11:04.3
Did you find it interesting that he started with the price of rice?
11:11.3
Yes, of course it does.
11:13.3
And I think in the onset, he said right away that we haven't done this.
11:21.3
And so, you know, you know right away.
11:23.8
That, you know, he's not going to talk about the good things only.
11:26.1
He's going to talk about what, it sets the tone on being factual and being detailed.
11:37.7
I think it started right.
11:45.5
Having said that, here are five wins and five misses that in the point of view of NBC,
11:51.0
we've seen in the 2024 Sona.
11:53.8
Of President Marcos.
11:57.7
What are the things that we welcome?
11:59.9
Una-una is the education and TVET.
12:03.0
We want to thank President Marcos for integrating TechVoc into Senior High.
12:07.6
This will help employability of K-12.
12:12.0
NBC wants to collaborate with the new DepEd Secretary Angara and the new TESDA Director General
12:19.5
to align the TechVoc programs with what industry needs.
12:23.8
You know, what's interesting, you probably know, I'm new, new to NBC, you know, about four months pa lang.
12:29.3
Um, NBC actually is more diverse than you think, eh.
12:33.2
Did you know that manufacturers compose the second largest group of NBC?
12:38.4
Um, finance, marami eh, no?
12:40.1
But, and then conglomerates, and then it's manufacture.
12:42.8
So yeah, it's very diverse.
12:45.2
The second one, if I may, agriculture.
12:50.8
And I think, uh, starting with agriculture is, uh,
12:53.8
is, of course, a good, um, is, is the right way of going through all of the sectors of, uh, industry, no?
13:00.3
Um, we now know that Filipinos pay two to three times more than our neighbors for food.
13:06.8
So, food security, modernization is important.
13:10.7
Food is everybody's business.
13:12.9
Ay nasabi namin sa NBC.
13:14.7
So that the private sector do want to help.
13:16.6
And not only NBC, you see that, uh, almost all business sectors of business organizations
13:23.8
Or are, are, are, are, uh, responding to the needs of agriculture.
13:29.2
So, uh, we in NBC, we would like to collaborate with Secretary Kiko Chulaurel and the DA on working with cooperatives,
13:37.9
introducing agtech, and finding opportunities in agritech.
13:41.9
In fact, we're going to launch our first, um, our first summit on agriculture in September.
13:49.3
Third one, sorry.
13:53.7
The third one is power.
13:54.8
Investors, of course, look for affordability and reliability, especially, especially when you have power-intensive industries like manufacturing.
14:03.4
Um, the completion of the critical infra link between Visayas and Mindanao, as well as the President's call for EPIRA may be timely and may be, may be, uh, uh, an opportunity to create, enable job-creating investments.
14:19.0
And lastly, BOGO, no?
14:21.1
Thank you, uh, uh, uh, President, uh, Mark.
14:24.4
For your immediate action in banning BOGOs, we look forward to working with or hearing from Secretary La Cuesma and DOLE on their next steps to help the approximately 20,000 workers whose jobs will be affected.
14:37.7
Bobby, we, we just have a few minutes left on the program.
14:40.4
Let's go quickly through the misses.
14:41.8
And one of those is the apprenticeship reform and enterprise-based learning.
14:46.2
It's, it's one, it's a top concern of the NBC.
14:49.5
Tell us more about what it is.
14:53.7
And why is it important for the Makati Business Club that, uh, some concern from the President can be heard from this?
15:01.6
I, I, and I'm sure it, it, it wasn't sure, and I'm sure it wasn't meant to be omitted.
15:06.8
It's just that do, there's so many priorities, no?
15:09.3
Pero enterprise, uh, apprenticeship and enter, the enterprise-based training, it has been there, but we do need, uh, there's a couple of bills in the Senate that will enable it to be, uh, institutionalized.
15:23.7
Uh, FOI is also very important.
15:25.7
We are, uh, we are looking for that right-of-way amendments, and this one, uh, reached the SONA's technical report, which is the downstream natural gas development.
15:37.6
Bobby, I was thinking about your two points on what you called wins on agriculture and education, because while he talked a long time about agriculture during the SONA, I, I felt that there were,
15:53.7
there were, these were not the issues that really defined success in his management in the previous year because of, as he said, the prices of rice and other things.
16:04.7
Uh, why do you call them wins?
16:07.6
Uh, because it is cited and prioritized a lot in the SONA.
16:14.3
Now, let me put it into perspective, though.
16:17.1
Um, it is in the SONA.
16:19.6
It's been flagged.
16:20.8
It's been recognized.
16:22.3
We know they're working on it.
16:23.7
And it's still the same things that we would be looking for for the rest of his administration.
16:28.5
Let's remember, the, the Philippine development is a lot of things.
16:33.4
The PDP itself, the development plans, 14 sectors, over 300 indicators, they're all important.
16:40.1
But for us as a nation to reach our aspiration, we all need to work on each and every sector in the economy and society.
16:47.6
So you're saying because they were discussed, this was a win?
16:53.5
They were only discussed.
16:54.4
Um, there were projects that were, uh, that were, uh, uh, that were, uh, uh, announced and, uh, explained during, uh, I, I think the, uh, food and infrastructure got, uh, significant amount of time in his, uh, relatively brief SONA.
17:11.6
For about an hour and a half.
17:13.5
The, the president boasted of, uh, the number of PPP projects that's being done and, and, and how it's going to get easier.
17:23.4
It's like a long list of projects.
17:24.9
But I do want to get from, from Bobby, how has it been between the government and the private sector?
17:29.9
It feels like, to me at least, aside from the, the, the, that number of, uh, projects that were, that were mentioned, there, there has been some traction on the partnerships between the government and the private sector.
17:41.2
What could this be attributed to?
17:43.3
Why is there that traction?
17:45.4
Why is this there, this growing partnership between the government and the, uh, and, and the private sector?
17:53.4
I, I think, uh, there, there's a number of things going, uh, going into that.
17:58.7
First of all, the, uh, let's remember that we're, uh, nearly everything is in the upswing because we came from a very low base during the pandemic.
18:08.1
Um, there was almost nothing to be done but, um, business survival.
18:13.3
Um, I think the way the new administration has, uh, started off, uh, with, um, um, with the business sector across the country.
18:23.4
Across the society is very encouraging.
18:26.1
And each year and each, uh, uh, each project demonstrates, um, you know, a step forward.
18:32.8
Not, um, not everything at the right pace as every, that, what we want, no, but there is a steady progress.
18:39.1
If you look at the, um, the long, uh, pipeline of renewable energy project that came in because of the, uh, liberalization of foreign investment in the RE, it's, it's very exciting.
18:54.0
Absolutely not, no?
18:55.1
It will take time.
18:56.5
And that's why we need this kind of collaboration.
19:01.6
Bobby, looking at, uh, your expectations for the rest of the term, for example, you've talked about the things that you wanted to see more in the sauna.
19:10.6
But in greater detail, for maybe around one minute or so, can you discuss with us what are the first things that you want done?
19:21.2
Um, I think, uh, clearly, um, uh, agriculture, agriculture and food.
19:28.4
I think there's no question about it.
19:30.4
Second would be manufacturing.
19:31.7
That is a big, big thing that everybody's talking about.
19:34.8
We have a lot of opportunity, uh, and a lot of catching up.
19:38.7
But we have a lot of potential to excel in that one.
19:41.6
But, but again, it, that one, as well as digital infrastructure, the, um, enhancing our services, reskilling, upskilling.
19:49.9
There's a whole, whole.
19:51.2
There's a whole long, uh, list of things to do, but we're a big nation.
19:55.5
We have a hundred, we have, uh, over a hundred, 120 million people.
19:59.1
There's, there's a lot of us that can contribute to this one.
20:02.6
And as long as, uh, we keep on, um, striving for, uh, for, um, our national vision and our contribution as individual citizens, I think we're going to go forward.
20:14.8
Thanks for joining us today.
20:18.1
And that's your Business Outlook.
20:20.4
And I'm Savi Duque.
20:21.7
The world tonight comes your way at the top of the next hour.
20:24.6
Keep it here on ANC.
