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Welcome to the Business Outlook. I'm Ron Cruz.
08:49.1
And I'm Salve Duplito.
08:51.2
U.S. futures little changed while European markets erupt in afternoon trade.
08:56.1
The Philippines' trade deficit narrows in March.
08:58.9
And the Philippine Migrant Workers Department teams up with RCBC to empower OFWs in financial management.
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A check on European markets first.
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They are seeing gains as investors suggest more earnings news.
09:14.1
Also in the spotlight, Sweden's central bank, which cut interest rates for the first time in eight years and signaled two more this year.
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This makes it the second major central bank to slash rates after the Swiss National Bank.
09:27.4
As for Wall Street, futures are drifting lower ahead of more Fed officials due to speak.
09:35.2
Here are some stocks to watch out for.
09:37.3
We're monitoring shares of Reddit, which logged a revenue pop in its first earnings report as a public company.
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Reddit shares surged 16% in the pre-market.
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Also in focus, shares of Siemens Energy after it raised its 2024 outlook on the back of the strength of its power grid business.
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Shares of the German firm jumped 12%.
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We're also keeping a close watch on shares of BMW after the company reported a lower first quarter profit amid higher costs and muted demand.
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The German automaker's shares fell 3% in afternoon trade.
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Meanwhile, Asian markets ended Wednesday trade mostly lower following a lackluster recession on Wall Street overnight.
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Japan's Nikkei 225 led the clients hitting its lowest level in nearly two weeks on profit-taking.
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Here at home, Philippine shares picked up.
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Gains ahead of the first quarter GDP report tomorrow Thursday.
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If GDP data surprises, growth that exceeds estimates or that goes within the government's target, then this could be a good upside for the local market.
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I believe now is also the time that investors are looking towards Q1 corporate earnings.
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If the trend is sustained within our Q1 corporate report,
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then that's also going to help the market in reaching 6-9.
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Some notable stock movements in the region.
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Shares of Nintendo tumbled the most in a month.
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That's after it warned of a steep profit fall and said the successor to its popular Switch device wouldn't arrive till 2025.
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Meanwhile, ship maintenance firm HD Hyundai Maruti,
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a marine solution makes a successful debut in South Korea.
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Its shares closed up 97% after a $538 million IPO, the country's biggest in two years.
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The unemployment rate in the Philippines climbs in March.
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It came in at 3.9%, translating to 2 million jobless Filipinos.
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That's an increase from February's 3.5%.
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The underemployment rate, that's the number of Filipinos who want more jobs,
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has meanwhile improved to 11% from February's 12.4%.
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The agriculture and forestry sectors saw the highest drop in employment
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with the Philippine Statistics Agency, citing the El Niño phenomenon.
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Pag bumababa yung ating production, yung ating mga operators ay nagbabawas din ng workers.
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So sa ngayon, ang nakita natin,
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in terms of value production, of course may reduction tayo dun sa crops,
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kaya nagkakaroon din dito ng impact.
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The National Economic and Development Authority meanwhile says
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it continues to prioritize creating high-quality and well-paying jobs
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to address the issue of vulnerable employment.
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It adds it's working with the private sector to upskill and reskill workers.
12:53.7
The Philippines' trade deficit narrows in March
12:56.2
as exports and imports declined.
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The trade gap came in at 3.18 billion dollars,
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36% lower than the same period last year.
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Exports in March fell 7% while imports saw a 20% slide.
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That's the biggest drop in nearly four years.
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This is as the top five import items saw declines.
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The Philippine Statistics Authority says
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the country's total external trade in goods fell 15.4% to $15.44 billion.
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The Philippines' Sovereign Wealth Fund
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are earmarking 2 billion pesos to upgrade the power infrastructure of Mindoro Island.
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This was confirmed by the head of the Maharlika Investment Fund's manager, Rafael Consing.
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He says this would be among the fund's first projects since its creation in 2023.
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The multi-billion peso investment is seen to help connect the island
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to the national grid and stave off power outages.
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Our role, basically, as Maharlika is to find ways by which we can then, well, improve.
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Particularly, we're going to be focusing on the lines.
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We don't need to be investing in the generation capacity
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because there are a number already who wish to do that.
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It would be in the lines that we would then invest.
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We will be looking at the type of investment that is required in order to prepare Mindoro
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Island for its eventual connection into the main grid.
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And once that grid is connected by NGCP, then we go to the next projects.
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Consing also bared plans for the MIC to help co-fund projects in healthcare and
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in rural connectivity.
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He expects these to materialize in the next three to four months.
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We're taking a quick break.
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Up next, a discussion on the MIS.
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We'll be right back.
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A discussion on empowering overseas Filipino workers on financial management.
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We'll be right back.
15:27.2
A discussion on empowering overseas Filipino workers on financial management.
15:28.2
We'll be right back.
15:29.2
A discussion on empowering overseas Filipino workers on financial management.
15:30.2
We'll be right back.
15:31.2
A discussion on empowering overseas Filipino workers on financial management.
15:32.2
We'll be right back.
15:33.2
A discussion on empowering overseas Filipino workers on financial management.
15:34.2
We'll be right back.
15:35.2
A discussion on empowering overseas Filipino workers on financial management.
15:36.2
We'll be right back.
15:37.2
A discussion on empowering overseas Filipino workers on financial management.
15:38.2
We'll be right back.
15:39.2
A discussion on empowering overseas Filipino workers on financial management.
15:40.2
We'll be right back.
15:41.2
A discussion on empowering overseas Filipino workers on financial management.
15:42.2
We'll be right back.
15:43.2
A discussion on empowering overseas Filipino workers on financial management.
15:44.2
We'll be right back.
15:45.2
A discussion on empowering overseas Filipino workers on financial management.
15:46.2
We'll be right back.
15:47.2
A discussion on empowering overseas Filipino workers on financial management.
15:48.2
We'll be right back.
15:49.2
A discussion on empowering overseas Filipino workers on financial management.
15:50.2
We'll be right back.
15:51.2
A discussion on empowering overseas Filipino workers on financial management.
15:52.2
We'll be right back.
15:53.2
A discussion on empowering overseas Filipino workers on financial management.
15:54.2
We'll be right back.
15:55.2
A discussion on empowering overseas Filipino workers on financial management.
15:56.2
We'll be right back.
15:57.2
A discussion on empowering overseas Filipino workers on financial management.
15:58.2
We'll be right back.
15:59.2
A discussion on empowering overseas Filipino workers on financial management.
16:00.2
We'll be right back.
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A discussion on empowering overseas Filipino workers on financial management.
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We'll be right back.
16:03.2
A discussion on empowering overseas Filipino workers on financial management.
16:04.2
We'll be right back.
16:05.2
We'll be right back.
16:06.2
A discussion on empowering overseas Filipino workers on financial management.
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We'll be right back.
16:08.2
Mobility will be key to recovery
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because we have relaxed some of our quarantine methods
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and we have allowed more transportation to come out.
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That's going to prove to be better for demand.
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If we do follow the health protocols,
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the ability of people to move around will likely contribute better to growth.
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Thank you for watching!
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Thank you for watching!
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Digital literacy and financial education play a big role
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in the everyday lives of overseas Filipino workers.
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And that's why the Philippine Migrant Workers Department
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and the Rizal Commercial Banking Corporation
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teamed up to help OFWs maximize their digital finances.
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Migrant Workers Secretary Hans Kakdak joins us via Zoom
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to tell us about his plans for helming the agency
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and his collaboration with RCBC.
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And we also have with us RCBC's Executive Vice President Lito Villanueva
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Hi Lito, hi Hans!
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Yes, yes, good evening Sir Ron and Miss Salve
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and to Sir Lito, good evening din po.
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Mr. Secretary, I'll start off the question.
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Let me just say it's nice to talk to you about a topic other than repatriation.
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This time we're talking about this partnership with RCBC
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but why is financial inclusion through digital platforms
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a priority for your department?
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Well, we could in fact talk about repatriation.
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We have a lineup for tomorrow.
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But yes, the story begins with Secretary Susan Tutsople.
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She had given us a, should I say, a mantra, a slogan,
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a principle upon which to build our policies and programs and operations
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and that is the DMW bilang tahanan ng mga OFWs.
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Home of OFWs would be the DMW.
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Where OFWs can find solace,
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who could find comfort,
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but more importantly,
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could find growth and development.
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And so, the term that I heard which is empowerment
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is very, very fitting indeed
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because we need programs and services
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that will not dictate or should I say spoon feed
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or just basically direct OFWs to financial literacy or education
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should I say provide the environment
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in which they will be so empowered.
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And when this comes to the fore,
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then we need to have the programs and services
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and information out there pertaining to how to be financially educated,
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how to be financially literate,
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how to be financially included.
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Speaking of financial inclusivity.
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And of course, it goes without saying that task
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is best done not just by government alone
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but with private sector partners such as the RCBC.
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The private sector would obviously have the expertise,
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the handle in terms of dealing with OFW families
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and OFWs themselves on the ground,
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what their needs are in terms of how they could access the programs,
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what are the difficulties that they could correct
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in terms of accessing the programs.
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That's why we saw so many IT designs and apps
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and models that I think we saw about four or five of them
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with the different branding.
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So we tip our hat off to our partners at the RCBC,
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Sir Lito and the whole crew,
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President Esa, President Acevedo.
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So we really are so thankful that we have private sector partners.
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So we really are so thankful that we have private sector partners.
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partners who could join us in the path toward financial literacy and education of OFWs.
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As you were discussing SEC hands, I'm reminded of in the previous years, the OFWs have been
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sending dollars home that's almost the size of a small country's GIR and yet they're invisible
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to the financial system here precisely because they don't have savings here, they don't have
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loans, and therefore the local banks here cannot see them, they're not in the system.
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So when they are reintegrated, in fact, to the Philippines, they're not able to borrow
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money for their own small businesses.
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This collaboration that the two of you, DMW and RCBC, have gotten into will now include
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That's what financial inclusion means?
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Well, definitely, yes.
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So I thank you again, once again, to Secretary Hans Kakdak for this, you know, this bold
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This is a big step in terms of having to really strengthen the collaboration between
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the public and private sectors in terms of having to safeguard the welfare of our overseas
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So what you saw, actually, is a post-Liber Day celebration on how we can further support
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the initiatives of the late Ka Tuts Ople, practically before we had the collaboration
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with her, even before she was appointed the first woman and first secretary of the Department
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And now, the great thing that happened yesterday, actually, when we had this event with Secretary
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Hans Kakdak together with his very, you know, dynamic and energetic team, you know, from
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the DMW, Yusek P.Y., Yusek Tonet, Velasco, Aliones.
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So I think one of the things that, you know, that was also mentioned, we always see the
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OFWs as, you know, as the bagong bayani.
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Who would always be the one providing, you know, inward remittance to the Philippines.
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But that is only on the remittance side.
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But to your point, we have not really fulfilled that promise of us being able to deliver financial
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inclusion or financial education to them.
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So sabi ko, I call that PISIL, the acronym PISIL.
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Payments, Investment, Savings, Insurance, and Loans.
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So this would be the pillars of financial...
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You're so tito, I swear.
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That would be the pillars of financial inclusion because, you know, while there is that $32
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billion of inward remittance volume annually, the thing is, most banks or most financial
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institutions do not see that, you know, huge opportunity for them to be able to, you know,
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to provide them with, you know, with sustainable financial services.
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Such as, for example...
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Lending or investments on capital markets on, you know, I think that has been one of
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the things that we've been trying to push insofar as this collaboration with DMW is
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concerned because we are there to really provide that Taglish or Cebuano or in any dialect
24:52.7
that you may have for us to be able to communicate properly and more effectively to our overseas
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Filipinos and to their families.
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So just a quick follow-up on SEC Hands and LITO.
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There are overseas banking units in the countries where they are, right?
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Some of the traditional banks are there as well.
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But we don't get to help them open an account, deposit, and borrow from those banks.
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It has to be an app?
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Is that what's happening?
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I think the good thing here is that the one that we launched yesterday with DMW is the
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ability now of our overseas Filipinos to open accounts digitally and they can now use
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their international mobile numbers.
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To register and create those accounts.
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Alam mo, Salved and Ron, the good news is that when we had the pre-launch of this product,
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RCBC Pulse, we were so delighted to see the analytics, the data, and it says that, you
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know, we now have overseas Filipinos who opened RCBC Pulse accounts from almost 40
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When was the first launch?
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When we had the pre-launch, the soft launch actually, it was in November last year because
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you know that, you know, December would be the high season for, you know, for remittances.
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So what we've seen, there is now a surge as much as 43% in terms of deposit level or growth,
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you know, in deposit level versus December last year.
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So there is, again, it shows, this data would show us, would tell us that...
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That OFWs or overseas Filipinos, you know, have the capability to save, have the capability
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to be responsible, you know, citizens when it comes to handling their finances.
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And having to give them the empowerment, kasi before, for overseas Filipinos, they would
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make, pakisuyo na, they will send money, o pakibigay mo ito, pakibayad mo sa amortization
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natin, tuition ni junior, et cetera.
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And for, you know, for some unfortunate event...
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Na, it's not being given to that particular, you know, intended purpose, right?
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Oh no, so now they can, they can pay their own bills.
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Yeah, from wherever they are in the world, they could now pay bills directly to say to
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electric, for electric bill, or water utility, et cetera, or education of their children.
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Because remember, the whole idea is that they will not be there overseas for life.
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They have to go back to Philippines.
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And practically, even before going back...
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Back to the Philippines, they now have that business.
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That's why part of this program is, there's, we have also RCBC ATM Go, that, you know, you'll
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be surprised that about 5% of our 3,000 merchant partners nationwide, some of them are ex-OFWs.
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So they now have that business in various parts of the country, and they're now earning
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extra livelihood for their families here in the Philippines.
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Mr. Secretary, I'm just going back to the financial and digital...
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literacy aspect of this partnership, partnership with RCBC, how big a number are we talking
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about possibly benefiting from this in, in, in how many countries around the world?
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How are you guys planning to, to, to roll this out and push for that literacy program?
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Well, yeah, the numbers are astounding, around 6 to 7 million OFWs, and you multiply the
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number of family members, immediate.
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And, and should I say more?
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Distant, distant family members, the numbers are astounding and the possibilities are endless
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if you think about it.
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Now, here's where we're coming from.
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We, we know for sure that the DMW, we are here to protect the rights of overseas Filipino workers
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in terms of their, their right against being victims of human trafficking, their employment
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rights, to ensure that their contracts are above board, both within the laws of the host country,
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and, and the Philippines, and of course, their basic human rights as workers and as human beings.
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So, the, the, the manner in which we defend OFW rights, the intensity upon which we do that will be the same
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intensity in which we protect or be there in terms of an OFW trying to maximize the gains of overseas employment.
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So, if an OFW earns so much income,
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we should be there as government to help an OFW make sure that the, the earnings are intact in a sense that an OFW can,
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can use the same income for basic needs, education, shelter, clothing, food of their families,
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and to make their earnings grow if they are so interested in terms of livelihood or investing.
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And this is where our, our mantra of saving, planning, and investing comes from.
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And what comes in, which is our basics, financial literacy model, which also adheres to the RCBC way.
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So, we want OFWs to make sure that they save, and when they do, there should be, there should be financial inclusiveness,
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or, or OFWs could find themselves included in, in the Philippine financial system by way of, of depositing their money in financial institutions,
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banking institutions,
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That all OFW income and that banking institutions could accumulate and in turn be packaged into financial products and services that will be given back to them.
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So we're very mindful of making sure that that income, kung ito ang rights nila which are protected,
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we envision their rights to be in the same mode as their income, which should also be protected from being wasted, from falling into debt traps, from being victims of investment scams.
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And most importantly, the manner in which that income should be used wisely. And we are here in government to guide them.
31:17.2
So we have things like making sure that recruitment fees down upon recruitment, remittance costs are down,
31:25.4
which by the way, we have a lot of money in the bank.
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So we have things like making sure that recruitment fees down upon recruitment, remittance costs are down, which by the way, we have a lot of money in the bank.
31:25.8
So we have things like making sure that recruitment fees down upon recruitment, remittance costs are down, which by the way, we have a lot of money in the bank.
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So we have things like making sure that recruitment fees down upon recruitment, remittance costs are down, which by the way, we have a lot of money in the bank.
31:58.5
Second, just one last question before we let you go. I know this has been a very busy day for you, in fact a very busy month.
32:05.3
Very quickly, in terms of your top three priorities as the new secretary of the MW, and also, let's ask about repatriation because that's going to be tomorrow and we'd love to know what the developments are on that front.
32:20.0
I think I've already mentioned a big part of what we're trying to do.
32:25.8
Under my watch, again, the rights-based approach. This too is a secthood's mantra that we shall adhere to the basic, to the human and employment rights of OFWs and put that forward as an agenda all around the world.
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So that means when we come before the labor diplomacy fora, bilateral negotiations with host countries, and multilateral fora, regional fora, ASEAN, and at the UN, at the ILO, so we will put forward the rights-based agenda for OFWs.
33:02.6
But, as I also mentioned, there is a developmental phase and what the Secretary of State calls developing OFWs as co-architects in national development.
33:12.4
And so that's the part about...
33:13.9
Protecting or protecting the maximization of gains in terms of their overseas employment experience.
33:22.7
Of course, we have been directed by the President to fast-track, to expedite, cut the red tape, roll the red carpet for OFWs, and digitalize, streamline our processes.
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They've already been streamlined and digitalized over the years, but there can still be so much more to do.
33:41.6
Secretary Toots gave us the...
33:43.9
OFW Pass, which is essentially a system where OFWs could access processes and clearances through their smartphones.
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So we're picking up on that and we're further developing that which Secretary Toots started.
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And then, of course, I need to mention the fight against illegal recruitment and human trafficking because the scourge continues, unfortunately.
34:07.8
And we've shut down around 18 since Secretary Toots.
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Assumed in 2022, and this year alone, we've shut down 8.
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And last year, we shut down 7.
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So we're doing a lot better in the first quarter, after the first quarter of this year.
34:27.1
And second, I know that I'm asking you to speak very fast, but repatriation.
34:32.0
Yes, repatriation, which is our favorite topic here.
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Tomorrow, we have 61 arriving from Israel.
34:43.9
So this will bring the figure, combined Israel and Lebanon and West Bank repatriations to around 820.
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So we will continue to provide the whole of government programs and services as mandated by the President.
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So we're thankful to the DFA, the DOH, the DSWD, and the TESDA and DOLE for comprising this.
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Of course, the DMW and the OWA for comprising this one whole government.
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So we'll continue to provide the full of government approach.
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Unprecedented financial assistance packages and livelihood, as well as training packages are in store for those who will be returning tomorrow.
35:23.3
Thank you so much, Mr. Secretary.
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And thank you, Lito.
35:27.3
Thank you so much.
35:29.3
That's your Business Outlook. I'm Ron Cruz.
35:31.3
And I'm Salve Duplito.
35:33.3
The world tonight comes your way at the top of the next hour.
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Keep it here on ANC.
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