Margin Trading - The Philippines Most Comprehensive Law ...
Forex Trading in the Philippines • Forex Strategies Benzinga
19 Best Forex Brokers Philippines for 2020 - ForexBrokers.com
Philippines Now Has 10 Approved Crypto Exchanges ...
McDo PH: no full recovery before 2022, fast food forever changed (Tuesday, Aug 11)
Happy Tuesday, Barkada --
The PSE closed up 85 points to 5931 ▲1.45%.
Thank you to microrama, LemonDoping, and xtiankahoy for the words of support and encouragement, and to Michael for his email question about my non-inclusion of the Consunji clan into the MB Family Showdown. I didn't exclude that family on purpose, they just don't really figure prominently in my investing "life", so I haven't had reason to deep dive into their holdings yet. Though, I will fix that this weekend! Also, shout outs to PabloCesar2189, hadalaboforlyf, and dimaandal for wishing me and my baby well. She's not so "new" anymore, but still it's incredible how a baby can entirely re-write all the household bylaws and customs overnight. She's the best, but because she was born at Makati Med on the night of Koko Pimentel's Great Big COVID Adventure, it's been a white-knuckled, wild ride of self-isolation, quarantine, and Viber pedia checkups. I'm thankful, though, because both mother and daughter are happy and healthy and that's been my only goal.
MiddleClass ▼1.30% Power Gen. ▼0.67% Cement ▼0.63%
Main stories covered:
Sobering deep dive into the takeaways from a Mcdonald's PH investor conference call
The background: I was given the chance to see a document put together by a global private equity powerhouse (to remain unnamed!), about the key takeaways from an investor conference call its analysts attended with McDonald's Philippines Managing Director Margot Torres. McDonalds Philippines is owned by Golden Arches Development Corp (GADC), which is in turn owned by Andrew Tan’s Alliance Global Group [AGI 5.80 ▲4.50%]. The following are a summary of the key takeaways (by those analysts) from that call. Keep in mind that everything here is simply from a document that I was provided; I have not independently confirmed the details (I wasn't invited to attend the call, haha), and what was said may have been incorrectly noted by the firm's analysts or I may have incorrectly interpreted their interpretations. Provided that's understood, let's get going!
#1 - Recovery is slow and might take until 2022: The main reasons for the slow recovery are (1) the continued curfew, (2) consumer uncertainty, and (3) the overall hassle of COVID precautions that people must take when leaving the home, getting on transpo, or entering a mall/facility. Interestingly, GADC said that delivery can’t make up the loss in in-store dining because it’s just less affordable: the P49 delivery fee and higher prices mix poorly with the job losses and income insecurity that GADC’s customers are feeling as a result of COVID. GADC thinks that we won’t see 2019 levels of activity until sometime in 2022; it doesn’t think it will break even until H1/2021, and it might not make a profit until H2/2021.
#2 - The dominance of off-site dining will “stick”: GADC thinks that off-site dining (delivery, drive-through, and take-out) will account for 70-80% of all sales… even after COVID is dead and gone. GADC believes that it will take material amounts of time and money to re-fit stores to maximize drive-through (and moto-through) sales. But, 70-80% off-site is a huge change from the “in-store dining first” model that GADC (and JFC) have operated under since… forever, and that’s why it’s shocking to hear GADC say that it might permanently slow store expansion under the assumption that off-site dining will be the “key driver” of topline sales in the future.
#3 - 3rd party aggregators are driving off-site growth: The 3rd party aggregators are all the delivery apps that pickup the food and deliver it to the end customer, like Food Panda and GrabFood, and according to GADC, these aggregators are driving the growth in the off-site sales channel. Unfortunately for GADC, the commissions charged by the aggregators has been climbing; it’s currently at 18%, and might be even higher next year at 20%. GADC thinks that building a robust in-house delivery infra will help GADC gain/keep bargaining power over aggregators to suppress commissions, and (bonus!) as delivery volumes increase, so does the profitability of its in-house delivery program (aggregators are more profitable in low volume situations -- perhaps “barely” profitable is a better descriptor). GADC thinks that delivery profitability can be higher than dine-in, as the “ticket size” (order size) is 3x larger for delivery. JFC doesn’t benefit from the same multiplier, as its orders tend to be smaller.
#4 - Competition has gone up as barriers have come down: GADC has noted that competition for stomachs has increased dramatically thanks to the 3rd party aggregators. The aggregators allow restaurants with no delivery infra to compete head-to-head with GADC and JFC, while customers who have lost their jobs or have experienced income insecurity have shifted purchasing patterns to favor hawker food and home-cooked food. GADC looks into the future and sees H2 having still more job losses with smaller and smaller remittances coming from overseas.
BARKADA BOTTOM-LINE: GADC’s outlook was based on the assumption that a viable vaccine would not be found in 2021, and/or there would be a second, material “wave” of infections that cause widespread disruption. Jollibee’s [JFC 137.50 ▲2.46%] outlook is, from far away, largely the same, though it’s clear GADC is more conservative and JFC more optimistic in its medical and societal assumptions for 2021. This conference call shows that GADC is contemplating immediate and (probably?) permanent changes to its business plan that has served the McDonald’s brand very well over the past half-century. Maybe the argument could be made that society was heading in that direction anyway, since aggregators are not new and didn’t come into play only after COVID arrived, but it’s without a doubt now that COVID has sped up this change to an insane degree. For GADC and JFC, the change from “70% of sales in-store” to “70% of sales off-site” was overnight. Both GADC and JFC will have to fight tooth and nail for profitability, and anyone reading this will already know where the battle will be: delivery, and the aggregators’ fee. GADC (and JFC) will be doing everything in their power to chip away at that fee, or to grow around it from the top (by emphasizing take-out or drive-through over delivery), or from the bottom, by building their own delivery systems. There are also a ton of open questions that touch other companies on the PSE, such as Philippine Seven [SEVN 125.00 ▲2.46%] and MerryMart [MM 2.90 ▲1.75%]. A big part of the convenience-store expansion was founded on the growth in customers using c-stores for grab-and-go meals and quick dine-in meals; how will these quick-meal profit centers change as foot traffic remains elusive, or as 3rd party aggregators grow cheaper as competition for food delivery grows more fierce?
Robinsons Land [RLC 14.20 ▲2.90%] profit ▼76% y/y… Gokongwei’s real estate development arm posted a paltry P520m profit in Q2, which was 76% less than the P2.2bn it earned in Q2/19. So while H1 profit might be down 8%, drilling down, we see that Q2 profit completely cratered by a considerably greater margin. RLC gave the usual reasons for the difference (COVID, lockdown), and trumpeted the ability for each of its division to be profit-positive despite the terrible circumstances.
MB:Even that H1 number is kind of iffy, since (if you’ll remember) RLC’s numbers were propped up in Q1 by an accounting change; without that accounting move, RLC’s H1 profit would have been down an incredible 51% as compared to just 8%.
Asia United Bank [AUB 45.05 ▼3.43%] profit ▼24% y/y… the bank made P1.1bn in Q2/20, down 24% from the P1.5bn it made in Q2/19. AUB blamed the discrepancy on COVID, specifically, on the “715% increase in provision for credit and impairment losses as the bank factored in the effect of the pandemic.” The bank experienced great income growth from its trading desk, improving 94% y/y.
MB:Read alone, the AUB statement is cold and reassuring in a distant sort of way, insofar as all of the terrible consequences of the COVID pandemic are distilled into “non-performing loan provisions” that still manage to shock us given their size. However, if you read AUB’s statement (or any bank’s Q2 for that matter) in conjunction with the GADC deep dive above, you can start to see why AUB has anticipated a 715% jump in loan default losses, and you can start to see how, for the banks, the crisis only just starting to reach their financial statements. If COVID is thought of as a tsunami of economic destruction, the banks are only just noticing the rush of water around their feet right now. I don’t mean to be dramatic, and I’m not calling that our banks will drown in a torrent of NPL losses, but just as COVID has leading indicators (new cases) and trailing indicators (deaths), so too does our economy have leading indicators (capex spending) and trailing indicators (non-performing loans). We’ve already seen all the big houses chop capex: that started in Q1. Now we’re starting to see the businesses and people go bankrupt as the economic disruption turns into economic destruction.
MB is posted to /PHinvest every Monday and Wednesday, but my newsletter goes out daily. To stay in the loop for daily email delivery, please join the barkada by signing up for the newsletter, or follow me on Twitter.
Herbert Hoover is the 54-year-old Republican candidate and the Secretary of Commerce. His running mate is US Senator from Kansas Charles Curtis.
Al Smith is the 55-year-old Democratic candidate and the Governor of New York. His running mate is US Senator from Arkansas Joseph Robinson.
A bit less than 10 years ago, the 18th Amendment was ratified, quickly followed by the Volstead Act which implemented the nationwide prohibition on the production, importation, sale, and transportation of alcoholic beverages that we are all familiar with today. For years, the parties have largely successfully kept Prohibition from becoming a major presidential election issue. Now, that has changed.
Herbert Hoover has never been one of Prohibition's most enthusiastic advocates, but he does support it and has gone along with his party's platform which calls for a vigorous enforcement of Prohibition.
While he has promised to enforce the laws so long as they exist, Al Smith opposes Prohibition. Specifically, he says he favors "changes" in the current law and even the Constitutional amendment. He states that he believes in temperance, but points out that too much of the public believes the conduct in question to be innocent for it to be adequately prosecuted. Thus, his main reason for opposing prohibition is that "disregard of the prohibition laws is insidiously sapping respect for all law." One immediate reform that Smith supports is "an amendment to the Volstead Law giving a scientific definition of the alcoholic content of an intoxicating beverage."
Aside from some brief periods of transitional industrial declines, the economy continues to largely be booming. Republicans are quick to take credit for this prosperity given their control of the executive branch post-Wilson and their control of both houses of Congress for even longer (as a side note, some Democrats have sharply criticized some of the circumstances that have allowed Republicans to maintain their power in Congress.) Hoover has praised income tax reductions and protective tariffs, attributing the current prosperity to policies like these. And his economic ambitions go further - he has proclaimed that "we are nearer today to the ideal of the abolition of poverty" than ever before. That Hoover served for 7 years as Secretary of Commerce gives him a unique opportunity to take credit for the accomplishments of the recent administrations. Republicans praise Hoover as an engineer of governance and a technocrat who can bring a unique efficiency and intelligence to government, and also highlight his humanitarian work.
Takeover of the Democratic Party? Smith represents the victory of a different kind of Democrat in securing the nomination. Post-Wilson, tension has been on the rise between the Democratic Party of the rural south, the west, prohibition supporters, and KKK-sympathizers versus the Democratic Party of eastern cities, Tammany Hall, prohibition skeptics, and Catholic & Jewish immigrant communities. In the last election, Davis represented a compromise between the two factions. But this time, the latter faction won outright at the top of the ticket - with the caveat that the vice-presidential nominee to some extent represents the former faction.
This elevation of a newer faction of the Democratic Party is a major development - but also comes with risks. Smith is associated with a diverse urban culture that is foreign to vast swaths of the country. As one radio preacher argued, Al Smith is to be associated with "card playing, cocktail drinking, poodle dogs, divorces, novels, stuffy rooms, dancing, evolution, Clarence Darrow, nude art, prize-fighting, actors, greyhound racing, and modernism."
Al Smith has had to combat abundant questions and criticisms related to his Catholic faith. Protestant ministers have involved themselves in political commentary surrounding this election at an unprecedented level, spreading unfounded claims to their congregants that Smith will take orders from the Pope. The Ku Klux Klan has engaged in active opposition to Smith, burning crosses outside his rallies and distributing unsupported literature arguing Smith will annul Protestant marriages.
Al Smith has also received criticism for his association with Tammany Hall. While the political organization has in many ways attempted to reinvent itself, many Americans still associate it with its history of corruption.
On economic policy, the differences between Republicans and Democrats have become particularly nuanced, marginal, and difficult to identify. On tariffs for example, once a major anchor issue distinguishing the parties, the Democrats have become more open to protectionism and moved towards the traditional Republican position. Both parties call for tax reductions broadly. Democrats have distinguished themselves somewhat with a call for public works programs during times of high unemployment, but this is not to say that Republicans are known to oppose such programs.
Statement that "under Republican inspiration and largely under Republican executive direction the continent has been bound with steel rails, the oceans and great rivers have been joined by canals, waterways have been deepened and widened for ocean commerce, and with all a high American standard of wage and living has been established"
Statement that the "citizen and taxpayer has a natural right to be protected from unnecessary and wasteful expenditures"
Statement that the "Republican Party will continue to reduce our National debt as rapidly as possible"
Pledge for "further reduction of the tax burden as the condition of the Treasury may from time to time permit"
Reaffirmation of "our belief in the protective tariff as a fundamental and essential principle of the economic life of this nation"
Statement that "contrary to the prophesies of its critics, the present tariff law has not hampered the natural growth in the exportation of the products of American agriculture, industry, and mining, nor has it restricted the importation of foreign commodities which this country can utilize without jeopardizing its economic structure"
Statement that the "Republican Party believes that in the interest of both native and foreign-born wage-earners, it is necessary to restrict immigration" but that in cases where "the law works undue hardships by depriving the immigrant of the comfort and society of those bound by close family ties, such modification should be adopted as will afford relief"
Support for "freedom in wage contracts [and] the right of collective bargaining by free and responsible agents of their own choosing"
Endorsement of "a multilateral treaty proposed to the principal powers of the world and open to the signatures of all nations, to renounce war as an instrument of national policy"
Statement that the "object and the aim of the United States is to further the cause of peace, of strict justice between nations with due regard for the rights of others in all international dealings"
Opposition to US membership in the League of Nations or "to assume any obligations under the covenant of the League"
Endorsement of cooperating "in the humanitarian and technical work undertaken by the League"
Statement that "the Republican Party pledges itself to aid and assist in the perfection of principles of international law and the settlement of international disputes"
Pledge for "the observance and vigorous enforcement" of "the Eighteenth Amendment"
Statement that the "Republican Party, which from the first has sought to bring this development about, accepts wholeheartedly equality on the part of women, and in the public service it can present a record of appointments of women in the legal, diplomatic, judicial, treasury and other governmental departments"
Support for "the creation of a Commission to be appointed by the President including one or more Indian citizens to investigate and report to Congress upon the existing system of the administration of Indian affairs and to report any inconsistencies that may be found to exist between that system and the rights of the Indian citizens of the United States"
Renewal of "our recommendation that the Congress enact at the earliest possible date a Federal Anti-Lynching Law so that the full influence of the Federal Government may be wielded to exterminate this hideous crime"
Statement "that government must function not to centralize our wealth but to preserve equal opportunity so that all may share in our priceless resources"
Reaffirmation of "our devotion to the principles of Democratic government formulated by Jefferson and enforced by a long and illustrious line of Democratic Presidents"
Demand that "the constitutional rights and powers of the states shall be preserved in their full vigor and virtue" and that these rights and powers "constitute a bulwark against centralization and the destructive tendencies of the Republican Party"
Demand for "a revival of the spirit of local self-government, without which free institutions cannot be preserved"
Economy, Trade, Immigration
Pledge for "business-like reorganization of all the departments of the government" and "substitution of modern business-like methods for existing obsolete and antiquated conditions"
Statement that the "Federal Reserve system, created and inaugurated under Democratic auspices, is the greatest legislative contribution to constructive business ever adopted"
Support for "a further reduction of the internal taxes of the people"
Support for tariffs "that will permit effective competition, insure against monopoly and at the same time produce a fair revenue for the support of government"
Statement that the "actual difference between the cost of production at home and abroad, with adequate safeguard for the wage of the American laborer must be the extreme measure of every tariff rate"
Support for "a Democratic tariff based on justice to all"
Support for "the principle of collective bargaining"
Support for "a scientific plan whereby during periods of unemployment appropriations shall be made available for the construction of necessary public works and the lessening, as far as consistent with public interests, of government construction work when labor is generally and satisfactorily employed in private enterprise"
Statement that "laws which limit immigration must be preserved in full force and effect, but the provisions contained in these laws that separate husbands from wives and parents from infant children are inhuman and not essential to the purpose or the efficacy of such laws"
Statement that the "Republican administration has no foreign policy; it has drifted without plan"
Statement that the United States "can not afford to play [only] a minor role in world politics"
Support for a foreign policy based on principles of "an abhorrence of militarism, conquest and imperialism" as well as "freedom from entangling political alliances" and "full, free and open cooperation with all other nations for the promotion of peace and justice throughout the world"
Support for immediate independence for the Philippines
Support "for equality of women with men in all political and governmental matters"
Support for "an equal wage for equal service; and likewise favor adequate appropriations for the women's and children's bureau"
Pledge of "the party and its nominees to an honest effort to enforce the eighteenth amendment and all other provisions of the federal Constitution and all laws enacted pursuant thereto"
Pledge "to enlarge the existing Bureau of Public Health and to do all things possible to stamp out communicable and contagious diseases, and to ascertain preventive means and remedies for these diseases, such as cancer, infantile paralysis and others which heretofore have largely defied the skill of physicians"
Following up with and grading every last pick in NBA history from 2019-1947.
I tried for a solid three and a half minutes to find a database of every last pick in every NBA draft since 1947, but my searches yielded mostly unhelpful results. So, instead of ranking a bunch of nobodies, I decided to grade them based upon very hasty research and what I know about them. Feel free to add on to these anecdotes. A “C” grade will be average in this case, an average last pick in an NBA draft usually doesn’t play so there will be other factors to consider, like how cool their name is or whether or not I’ve even heard of the country they’re from. Now, somewhat of an important disclaimer: I used data from NBA.com to find out the name of the last pick in every NBA Draft, but apparently NBA.com isn’t 100% accurate with this kind of stuff. Apparently, in some of the older drafts, some of the last picks shown weren’t actually the last pick in the draft due to weird extra rounds and other hijinks that I guess NBA.com doesn’t care about. That being said, I still think the list is mainly accurate and most of these guys seem to fit the bill anyway. 2019: Vanja Marinkovic, Sacramento Kings (KK Partizan Serbia) Yep, I’ve heard of that country before. Don’t know anything about Vanja but maybe he’s the next Nikola Jokic. Grade: C+ 2018: Kostas Antetokounmpo, Philadelphia 76ers (Dayton) The brother of an athletic freak who has a 1/500 chance of turning into him? And a 1/100 chance of influencing said athletic freak to come play for your team? What more could you want from a last pick? Grade: A 2017: Alpha Kaba, Atlanta Hawks (KK Mega Leks Serbia) Alpha has a cool ass name but is already playing overseas in France. Hawks took a very reasonable risk. Grade: C+ 2016: Tyrone Wallace, Utah Jazz (Cal) Somebody I’ve actually heard of! He’s in the G-League now for the Clippers, but to still be in the league after four years? That’s a win. Grade: B+ 2015: Luka Mitrovic, Philadelphia 76ers (Red Star Belgrade Serbia) We’ve only gone back five seasons and already we’re at our 3rd Serbian. Somebody in the front office scouting circles knows something that we all don’t about Serbia, clearly. I have to assume automatically that this is a good pick. Even if he didn’t pant out. And he didn’t. Grade: C+ 2014: Cory Jefferson, San Antonio Spurs (Baylor) Cory doesn’t play in the league anymore but he looks intimidating and I vaguely remember him in college. Grade: C 2013: Janis Timma, Memphis Grizzlies (BK Ventspils Latvia) I know nothing about this guy but there’s a ⅓ chance he’s better than Anthony Bennett. He looks more like a surfer than a basketball player. Grade: C- 2012: Robert Sacre, Los Angeles Lakers (Gonzaga) If you’re a Lakers fan or are familiar with the word “upside” then you probably remember bench god Robert Sacre, who survived on the Lakers’ roster until 2015. Grade: B+ 2011: Isaiah Thomas, Sacramento Kings (Washington) The best last pick of all time. Only the Kings could follow this massive success with a massive fuckup after they gave IT up for nothing, allowing him to get traded by the Suns and become an MVP candidate. I’m tempted to grade this an F because of the emotional trauma that Kings inflicted upon their fans by hyping them up only to crush their spirits. But I just can’t. It is very, very unlikely that a player of IT’s calibre ever falls to the last pick of the draft ever again. Grade: A+ Dwayne Collins, Phoenix Suns (Miami FL) Lol imagine not being Isaiah Thomas, what a loser. Grade: F 2009: Robert Dozier, Miami Heat, (Memphis) I don’t know if this guy even made it to the NBA but Wikipedia tells me that the last team he played for was called the “Phoenix Pulse Fuel Masters” of the Philippine Basketball Association. Is this a good thing or a bad thing? Grade: D- 2008: Semih Erden, Boston Celtics (Fenerbahce Turkey) Averaged 3.8 ppg in the NBA for multiple teams. Can’t really complain. Grade: C 2007: Milokan Rakovic, Dallas Mavericks (KK Mega Leks Serbia) Serbian count is up to 4. They are the Duke or Kentucky of the international NBA draft scene, this is ridiculous. Absolute powerhouse. Grade: C+ 2006: Will Blalock, Detroit Pistons (Iowa State) This guy last played for the Saint John Mill Rats of Canada. I think the Mill Rats could take the Fuel Masters in 7, so I like the pick here. Grade: C 2005: Alex Acker, Detroit Pistons (Pepperdine) They shot Zoey 101 on Pepperdine’s campus, which is amazingly beautiful. Don’t know anything about this guy, really. Played in Italy for a bit. Grade: C 2004: Rashad Wright, Indiana Pacers (Georgia) He never played a minute for the Pacers and played his entire career overseas. Not good, dude probably should have played football. Grade: D+ 2003: Andreas Glyniadakis, Detroit Pistons (Greece) There’s a 1/25 chance this guy met LeBron at some point but there’s also like a ½ chance this guy has talked to Darko a well so we can’t have that. Grade: D 2002: Corsley Edwards, Sacramento Kings (Cent. Connecticut State) This guy probably has the 2nd best teeth in the game. Grade: C 2001: Bryan Bracey, San Antonio Spurs (Oregon) Dude had some nice cornrows Grade: C+ 2000: Pete Mickeal, Dallas Mavericks (Cincinnati) This guy is actually a scout for the Timberwolves right now, so that’s pretty cool. Not sure if that’s a good thing, though, i’m not sure if the Twolves have had any good draft moves outside of Okogie. Grade: D+ 1999: Eddie Lucas, Utah Jazz (Virginia Tech) I googled this guy and he’s currently a construction worker. This is a massive advancement in the “MJ played against construction workers” campaign that many on twitter keep pushing. Grade: F+ 1998: Maceo Baston, Chicago Bulls (Michigan) Finally, a cool name, it’s been awhile. Too bad MJ probably robbed this guy’s signing bonus blind in a game of poker or something then bullied him into an early retirement. Even though he, himself, was already retired. That’s how good he was. Grade: C- 1997: Roberto Duenas, Chicago Bulls (Spain) Okay, maybe MJ didn’t get Maceo Baston but he definitely got this guy. Definitely. Grade: D 1996: Darnell Robinson, Dallas Mavericks (Arkansas) He won an NCAA title in ‘94 which is actually incredible because I had no idea Arkansas even had a basketball team let alone a winner. Good for them, even though the Razorback fans were probably too busy paying attention to football season already to care. Grade: B- 1995: Don Reid, Detroit Pistons (Georgetown) We’re getting to the point where google is becoming really unhelpful with the searches, the last two names i’ve googled have had their searches hijacked by singers. Not sure what to make of that. Grade: D 1994: Zeljko Rebraca, Seattle Supersonics (KK Partizan Serbia) Another draft, another Serbian picked last. I think it’s officially time we look into an anti-Serbian agenda the NBA has taken on. Grade: C+ 1993: Byron Wilson, Phoenix Suns (Utah) This guy had a super long career overseas, for what that’s worth. He hung em up in 2010. Good for him. Never played a minute in the association, though. Grade: C+ 1992: Brett Roberts, Sacramento Kings (Morehead State) Brett led the NCAA in scoring for a season. That’s about it. Grade: C+ 1991: Marcus Kennedy, Portland Trailblazers (Eastern Michigan) After flunking out of the NBA he won rookie of the year in the CBA, which is the Continental Basketball Association, obviously. Only idiots don’t know that. Grade: C- 1990: Sean Higgins, San Antonio Spurs (Michigan) Higgins stayed in the league until ‘98 and won a title in college. Probably pretty funny and cracked a few jokes in the locker room. Grade: B- 1989: Toney Mack, Philadelphia 76ers (Georgia) If you’re still reading this, I applaud your effort, because this player is neither interesting nor talented. Like most of these last picks. I’m sure Toney was really good at basketball up until a point where he wasn’t and it was really tragic for him. Perhaps it has haunted him ever since, the allure of what could have been, the mystery of lost talent. Grade: F 1988: Archie Marshall, San Antonio Spurs (Kansas) There’s a 1/10 chance this guy has met Pop. Grade: C 1987: Chris Dudley, Cleveland Cavaliers (Yale) Obviously the Cavs tried to go with the big brain guy here to back up Mark Price and Brad Daugherty. Did it work? Well, yeah, actually it did. Dudley stayed in the NBA all the way up until 2003, which is actually kind of remarkable. Not to mention he was the last pick in a draft that had 4 rounds. Grade: A 1986: Dan Bingenheimer, Golden State Warriors (Missouri) Cool name alert, finally. Who knows what kinds of nicknames this guy probably had. He probably allowed his teammates’ brains to get stimulated with nicknames and insults alike because Dan was a bum and never did anything in the NBA. Sorry, but it’s the truth. Grade: D+ 1985: Alex Stivrins, Seattle Supersonics (Colorado) We’re starting to reach automatic white guy territory, but before we do, let’s admire how Stivrins played 5 years in the french league after getting drafted before coming back to the league. I’m sure American fans were eager to receive his skills. Grade: C+ 1984: Marc Glass, Los Angeles Clippers (Montana) This one kind of creeped me out because there’s a point guard in one of my 2k leagues that's randomly generated and who has the same name that also plays for the Clippers. Besides that his name is so boring that google barely knows who he is, actually requiring me to scroll down to find him, which I definitely did not do. Grade: D1983: Ron Crevier, Chicago Bulls (Boston College) This guy sounds like a background character in Ratatouille. Grade: C- 1982: Norm Anchrum, New York Knicks (UAB) A decent name. He won the price is right once, scored a package worth $6400. So that proves that he was probably decently smart. Grade: C+ 1981: Kevin Figaro, Atlanta Hawks (UL-Lafayette) Figaro, Figaro. Grade: C 1980: Rory Sparrow, New Jersey Nets (Villanova) Rory actually had a decent career, putting up 12/5 in his best year with the Heat. Retired in ‘92, he’s done pretty well for a last pick. Grade: A 1979: Ron Ripley, Golden State Warriors (UWGB) Ron Ripley is a husband and father surviving in New England, a place which seems to be getting colder every day. He grew up across from a disturbingly large cemetery where he managed to scare himself every night before going to bed Grade: F 1978: Jeff Covington, New Orleans Jazz (Youngstown State) Jeff got to be apart of the Jazz before they moved to Utah and their team name ceased to make sense. That’s a plus. Grade: C+ 1977: Larry Williams, Kansas City Kings (Texas Southern) I wrote about Larry Williams in this post. Larry Williams deserves a grade so low that no letter or number could quantify it. Grade: Bad 1976: Tom Lockhart, Milwaukee Bucks (Manhatten) This guy waa from Manhatten so he was probably shell-shocked when he was traded to Milwaukee and the bodegas and hot dog carts turned into bars and brat shacks. It probably sent him into hysterics, if i had a guess. Not sure why the Bucks would do this. Grade: D- 1975: Wilbur Holland, Atlanta Hawks (New Orleans) This guy was only 6 foot flat. He probably got called Wilbur the pig at some point in his life, which means there’s an increased chance that he’s suffered a great amount of emotional trauma that has stuck with him throughout his basketball career. Grade: D- 1974: Gary Novak, Cleveland Cavaliers (Notre Dame) Gary never played in the NBA. He played four years at Notre Dame so he probably won’t shut up about that. Grade: D 1973: Gary Rhoades, Houston Rockets (Colorado State) So now i’d say we’re officially in the automatic white guy territory, ushered in by Gary here who never played in the league. His draft featured five rounds so it makes sense. The game was rigged from the start. Grade: D+ 1972: Rudy Benjamin, Houston Rockets (Michigan State) It’s starting to get grim. Rudy never played in the NBA either. This is a long streak at this point. How do we know the NBA isn’t just making these guys up? Perhaps the entire country of Serbia is made up, invented by the NBA to get more players into the NBA draft. I’m just asking questions. Grade: D 1970: Wayne Sokolowski, Cleveland Cavaliers (Ashland) Wayne Sokolwoski? More like Wayne sucks at basketballowski. Grade: D 1969: Larry Jeffries, Detroit Pistons (Trinity TX) Google tells me Larry is one of the best players in Southland conference history. Nice. Grade: C+ 1968: Phil Wagner, St. Louis Hawks (Georgia Tech) Phil probably existed. Grade: C+ 1967: Sonny Bustion, San Francisco Warriors (Colorado State) What do you really want me to tell you about Sonny Bustion? Grade: C 1966: John Wetzel, Los Angeles Lakers (Virginia Tech) This guy was taken in the 8th round. 8th. Not even the damn NFL draft has 8 rounds. This guy must be really, really bad. Grade: F+ 1965: Wayne Molis, New York Knicks (Lewis) He played two seasons and then a knee injury ended his career, drawing comparisons to Derrick Rose. Back in 1969 everyone was wondering what could have been with the Mole Man. Grade: B 1964: Camden Wail, San Francisco Warriors (Cal) Now we’re talkin’, a cool name to invigorate this list. Grade: C+ 1963: Carl Ritter, St. Louis Hawks (SEMS) Carl Ritter was a German geographer. Along with Alexander von Humboldt, he is considered one of the founders of modern geography. From 1825 until his death, he occupied the first chair in geography at the University of Berlin. Grade: F 1962: Chris Jones, Cincinnati Royals (Carson-Newman) If you’ve scrolled down this far, it’s honestly an amazing feat. I don’t know anything about Chris Jones at all and his name is so generic that I don’t even want to test Google. I’ve never even heard of Carson-Newman. Not once. Grade: C 1961: Gene Veloff, St. Louis Hawks (Doane) What the fuck is a Doane? Grade: F 1960: Dennis Moore, Cincinnati Royals (Regis CO) Dennis Moore Grade: F 1959: Jack Evans, Minneapolis Lakers (Lake Superior State) Jack was drafted in the 11th round, which is just utterly ridiculous. Grade: D- 1958: Frank Tartaton, Cincinnati Royals (Xavier) Now, this is not a mis-spelling of NFL legend Fran Tarkenton. This guy was probably way less talented. Grade: C- 1957: Jack Butcher, Boston Celtics (Memphis) What a fucking name.This guy is likely the unsung hero of the Celtics’ entire franchise, what fear he must have struck into the hearts of his opponents. Grade: B+ 1956: Robert Hodgson, Minneapolis Lakers (Wichita State) Nobody knows anything about this guy so let’s all pretend he would have been the GOAT if it wasn’t for some rare injury or something. Tragic. Grade: A+ 1955: Dick Welsh, St. Louis Hawks (USC) Dick. Welsh. Grade: C 1954: Vince Leta, Philadelphia Warriors (Lycoming) Apparently Lycoming is a liberal arts college in Pennsylvania, not a mis-spelling of Wyoming. Sort of a weird move to go to e liberal arts college and then go pro in the NBA but hey Vince good for you man. Grade: C 1953: Will Bales, Rochester Royals (Eastern Kentucky) I looked up this guy and both Will Barton and Will Bynum came up ahead of him, despite googling his exact game. Very tough scene for Bales and i’m not sure if he’s even alive to care. Probably not. Grade: C 1952: Burr Carlson, Philadelphia Warriors (Uconn) What a pompous ass name. Grade: F 1951: Hugo Kappler, Boston Celtics (NC State) At this point not even the first overall picks from these drafts are doing shit in the NBA. The guy who was taken first overall in this draft didn’t play a single minute in the NBA, and you expect this guy to do shit? We’re so far down the line at this point that I could just start making up names and 99.99% of the people reading wouldn’t know. Is Hugo Kappler real or just a figment of my imagination? You’ll have to put in the effort to find out, I guess. Grade: ? 1950: Earl Lloyd, Washington Capitols (West Virginia State) This guy got drafted by a hockey team in the NBA draft. We’ve gone so far back that we have transcended sports. Grade: G 1949: George Kaftan, Boston Celtics (Holy Cross) There is a 100% chance that this guy was involved in a point shaving scandal at Holy Cross. Grade: C 1948: Joe Holland, Baltimore Bullets (Kentucky) This guy played under Aldoph Rupp and Kentucky and won a title. That i do know. Grade: B+ 1947: Ed Koffenberger, Philadelphia Warriors (Duke) Here we are. The first last pick in NBA history, and it’s a Dukie. Disgusting. To boot, his name sounds more like a dentist’s name than a professional basketball player. Apparently he also played lacrosse at Duke. There’s a very good chance Coach K pai this guy under the table, despite being older than K by a very wide margin. You just can’t rule it out. Well, there you have it. Some very bad picks in this list, and one good one. Just goes to show you how improbable IT’s career has been after being picked out of that last spot.
The World This Week – 24th July 2020 to 31st July 2020
Indian Equity Summary- · SØ&P BSE Sensex and Nifty 50 fell by 1.4% and 1% respectively on a WoW basis, and the six-week positive trend in Indian equities came to a pause as negative feelings prevailed among market participants, on the back of rising Covid-19 cases as well as a decline in US GDP at an annualized rate of 32.9% in 2Q 2020. Healthcare and IT were the best-performing sectors, while oil & gas and banks were the worst-performing ones on a weekly basis. · Going forward, global factors like development on the US -China relationship front , and domestic factors like the outcome of the RBI MPCØ meeting ( we expect a pause in Repo rate cut in the August RBI MPC meeting) and the monsoon trajectory ; will continue to dictate the trend of the domestic equity market. We expect the trading range for Nifty between 10700-11,100 in the near term. Indian Debt Market- · Government bond prices fell marginally as the yield of the 10-year benchmark 5.79% 2030 paper settled at 5.84% on July 31 as against 5.82% onØ July 24 . · India’s fiscal deficit during the first quarter of this fiscal widened to Rs 6.62 lakh crore or 83.2% of the budget estimates, mainly on account of poorØ tax collections due to the lockdown; fiscal deficit during the corresponding period of last year was 61.4% of the budget estimates. · RBI introduced new 5.77% GS 2030 last week.Ø · We expect the 10 year benchmark yield to trade between 5.80-6.05% in near term.Ø Domestic News · Deposit growth in the banking system continued to grow at 10.1 percent on a year-on-year basis, even though banks have reduced their depositØ rates sharply in the absence of credit growth and liquidity induced by RBI due to Covid-19. · India’s factory slump deepened in July as renewed lockdown measures to contain surging coronavirus cases weighed on demand and output,Ø raising the chances of a sharper economic contraction, a private business survey showed on Monday. · Indian power plants used the most gas in at least 3-1/2 years in the June quarter, as operators along the west coast snapped up cheap liquefiedØ natural gas (LNG) imports that have become competitive against coal, government data showed. International News · US real gross domestic product plummeted at a record annual rate of 32.9% in the second quarter of 2020 following a 5% decline in the firstØ quarter · U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-Ø 19 infections · Tens of millions of people in and around the Philippine capital will go back to a strict lockdown from Tuesday, threatening incomes and hopesØ for reviving a once dynamic economy as authorities take drastic measures to halt surging virus cases. Link -http://www.karvywealth.com/data/sites/1/skins/karvywealth/Download_media_report.aspx?FileName=C008C18F-7DA4-4A92-A64F-50DE73ECD819|5248508 %֩���:
Bottom of Pyramid Microinsurance: Hungry for Innovation
Credit: www.theguardian.com A large majority of poor in developing nations work in informal sectors, with no access to insurance. They cannot afford to buy insurance nor can they access social protection (in health, disability or unemployment cover) provided by employers or co-financed by governments. Across socioeconomic clusters, this group is most vulnerable to financial shocks, and unsurprisingly least protected. Microinsurance offers solutions to fill these gaps and deliver insurance that is affordable to match the needs of the poor. It protects them against specific risks in exchange for regular premium payments as per insurance principles. The risks commonly encompass illness, accidental injury, death and property or crop loss. Started off as community based and mutual insurance schemes, these are now increasingly offered by traditional insurance. A number of players form part of the microinsurance supply chain. Ranging from insurance regulators to carriers, administrators, it comprises delivery channels, technology platform and service providers (such as health facilities or funeral organizations). https://preview.redd.it/aqnyq503c6h51.png?width=667&format=png&auto=webp&s=27cdbcc2f139ed1e575efdfe22348117a6a75cdc The opportunity for micro-insurance varies from region to region. The potential market has been estimated to be 3-4 billion policies generating $30 - $50 billion in annual revenue. The popularity of products is also region dependent, basis the risks which affect the region the most - such as earthquakes in Chile or drought in Kenya. Microinsurers have been most successful in APAC, where two-thirds of the poor are to be found. India and Bangladesh are fastest growing, followed by China and Philippines. The countries in the right side of the below chart have favorable regulatory and business environment, both being vital enabling factors. https://preview.redd.it/nbsdomamc6h51.png?width=804&format=png&auto=webp&s=3ae94962e03bb410c44ce6e298af414e73bda4c7 Microinsurance does not have any single definition as such. In South Africa, for instance, it is considered as a max benefit of R50k per insured life, while in Philippines, its the amount of premium that's less than10 percent of current daily minimum wage rate for non-agri workers. Differences from traditional insurance are:
Presumes low awareness of insurance as a concept.
Assumes poorly educated customers, so communication must be straightforward.
Executed as conveniently and simply as possible, including eligiblity requirements, exclusions, payments anc and claims.
Relies on group pricing, due to lack of personal data
Links premiums to other payments, such as loan repayments.
History of Microinsurance Microinsurance is likened to be an outgrowth of microfinancing projects developed by Bangladeshi Nobel Prize-winning economist Muhammad Yunus, that helped millions of low-income individuals set up businesses, buy houses. American International Group Inc. (AIG) was one of the first carriers to offer microinsurance and sell policies in Uganda in 1997. It was soon joined by other large insurers including Swiss Re, Munich Re, Allianz and Zurich Financial Services. Today many innovative microinsurance products have been developed to protect the working poor against the financial impact of losses. The growth of microinsurance Despite almost 2 decades of focus on the under and uninsured, microinsurance is estimated to reach just under 300 million people across the developing world, ~10% of the potential market. Partnership is one of the pillars of an effective microinsurance business model, but it is not an easy endeavour. Partners rarely have identical priorities and work with competing constraints which need to be overcome for a successul model. Four business models prevalent as distribution channels are a)partner agent model provider driven model c)charitable insurance model d)mutual/cooperative insurance model The partner-agent is the most common and includes MFIs, NGOs, cooperatives and retailers. It piggybacks on the partners infrastructure and trust, thus helping reduce costs and speeden time to market, facilitating scale. For this model to succeed, partner's staff need to be educated in insurance. Since the partner owns the client interface, the partnership requires intensive management. A good example is Hollard in South Africa that sells inexpensive funeral insurance through budget clothing retail chain Pep Stores. The below chart of distribution mix in four growing microinsurance markets shows finance institutions are among most favorable distribution partners, particularly for MFI partners in India, Indonesia and Philippines. Agents and brokers are also a popular distribution network for microinsurance, followed by retail and commercial networks. https://preview.redd.it/ac53kyd6f6h51.png?width=756&format=png&auto=webp&s=1d2ad3367805f7d38a07700be26982715a18bd7c A key challenge facing microinsurers are availability of products designed to meet customer needs while meeting the carrier's operational and cost requirements. While simpler products are easier to market and administer, they also provide limited benefits. Trade-offs are inevitable and innovation is invaluable. The below figure highlights the prevalence of credit life and life products, understandable as partnership with microfinance institutions is commonly a distribution medium. The high proportion of life insurance signifies the relative simplicity to develop this product. For the market to evolve, however, there is a need to move towards more complex products such as health and agricultural insurance. https://preview.redd.it/eg6m2sgne6h51.png?width=784&format=png&auto=webp&s=eb12edaac6a6282a0bb30c79b0ad24eff8d7f54a Challenges And Need For Innovation When it comes to microinsurance, innovation is more than a response to customer demand for more convenient service - it is usually an operational imperative. Insurers leverage technology with the aim of offering simple, affordable products to mostly illiterate customers in locations difficult to reach. We look below at few examples of carriers and their innovations that helped them overcome challenges. Easy availability of mobile technology has been a major enabling factor in most markets. UAP Insurance in Kenya enables farmers to buy crop insurance by using their mobile phone to send in a photograph of the barcode on a bag of fertilizer or seed, and to pay premiums using M-Pesa mobile banking system. Similarly, real-time connectivity with the carriers' system is an important factor to enable bulk processing and servicing of low-premium policies with minimal user invovlement and at lowest cost. An exmple is IFMR Trust Holdings that works with HDFC Ergo GIC in India to use radio-frequency identification tags on insured cattle to minimize claims fraud. Pay-as-you-go insurance platforms that use cloud technology are a necessary means to achieve an adaptable and extendable microinsurance operating model. Max New York Life in India has extended their virtual network by distributing scratch cards through small retailers. Customers pay premiums by buying a card and texting the concealed code to the insurer. Despite the strides being made by carriers, the operational challenges that continue to derail the best of efforts include:
Lack of information on consumers
Consumers beyond current reach
Different and new consumer needs
Consumers inexperienced with formal financial services
Constrained business models
Adoption of sophisticated technology can have a powerful impact, but managing the significant inhibitors effectively is undoubtedly imperative to succeed in this market. Among common innovative solutions driven by insurers are index-based insurance, grants from governments and/or donors to develop infrastructure, partnering with weather stations to collect meteorological data, risk-spreading to multinational insurers and reinsurers, and technology to manage fraud. Additionally, new technology enabled partnerships increase the distribution reach of insurance. Peer to peer insurance enables new operational models and product categories. Demand based insurance charges premium per use. Alternative and digital data allow for improved customer knowledge. For example, online consumer retail purchase history can better inform about a potential consumer's risk profile and premium pricing. Leveraging digital infrastructure reduces marginal cost of insurance delivery. e.g. Saldo in Mexico uses blockchain to verify transactions to reduce fraud. Afrisure in Zimbabwe uses satellite data to enable provision of agricultural insurance at scale. Sustainable Profitability Profitability has not been easy to achieve in microinsurance, being a sophisticated offering to most consumers, who mistrust it and cannot easily understand. It is also an emerging area for insurers, who have limited knowledge to underwrite accurately. Over time, these are expected to smoothen out, insurers will learn from early mistakes and build more efficient distribution channels. The key to profitability might just lie in the business model. In order to be profitable, a low margin/high volume philosophy will be the preferred path. Microinsurers will have a compelling need to price products accurately with low margins, and then sell large volumes. The challenges will manifest in that voluntary insurance products sold on an individual basis will be more expensive to distribute and service than mandatory group polices linked to loans. Nevertheless, as carriers manage to maintain growth in revenue greater than growth in incremental costs, they will derive profitability through scale.
Franchise Committee Resolution to DENY the ABS-CBN Franchise Renewal
YES (70) DENY RENEWAL
NCR (National Capital Region) 1. MALAPITAN, Dale "Along" R. (Caloocan City, 1st District)* 2. VILLAR, Camille A. (Las Piñas City, Lone District)^ 3. VALERIANO, Rolando M. (Manila, 2nd District)* 4. NIETO, John Marvin "Yul Servo" C. (Manila, 3rd District)* 5. BAGATSING, Cristal L. (Manila, 5th District)^ 6. FERNANDO, Bayani F. (Marikina City, 1st District)^ 7. CALIXTO, Antonino G. (Pasay City, Lone District) 8. CRISOLOGO, Anthony Peter "Onyx" D (Quezon City, 1st District)* 9. CASTELO, Precious Hipolito (Quezon City, 2nd District)* 10. GATCHALIAN, Weslie (Valenzuela City, 1st District)* 11. MARTINEZ, Eric M. (Valenzuela City, 2nd District)* I (Ilocos Region) 12. FARIÑAS, Ria Christina G. (Ilocos Norte, 1st District)^ 13. SAVELLANO, Deogracias Victor "DV" B. (Ilocos Sur, 1st District)^ II (Cagayan Valley) 14. ALFONSO, Samantha Louise Vargas (Cagayan, 2nd District)* 15. ALBANO, Antonio "Tonypet" T. (Isabela, 1st District)* 16. DY, Ian Paul L. (Isabela, 3rd District)* 17. TAN, Alyssa Sheena P. (Isabela, 4th District)* 18. DY, Faustino Michael Carlos III T. (Isabela, 5th District)* 19. DY, Faustino V (Isabela, 6th District)* III (Central Luzon) 20. SY-ALVARADO, "Kuya" Jose Antonio R. (Bulacan, 1st District)* 21. ARROYO, Juan Miguel Macapagal (Pampanga, 2nd District)^ 22. BONDOC, Juan Pablo "Rimpy" P. (Pampanga, 4th District)^ IV-A (CALABARZON) 23. ABU, Raneo "Ranie" E. (Batangas, 2nd District)^ 24. COLLANTES, Ma. Theresa V. (Batangas, 3rd District)^ 25. CHIPECO, Joaquin Jr. M. (Calamba City, Lone District)* 26. REVILLA, Strike B. (Cavite, 2nd District)* 27. BARZAGA, Elpidio Jr. F. (Cavite, 4th District) 28. FERRER, Luis IV "Jon-Jon" A. (Cavite, 6th District)* 29. REMULLA, Jesus Crispin C. (Cavite, 7th District)^ 30. TOLENTINO, Abraham "Bambol" N. (Cavite, 8th District)*^ 31. FERNANDEZ, Dan S. (Laguna, 1st District)^ 32. NOGRALES, Juan Fidel Felipe F. (Rizal, 2nd District) IV-B (MIMAROPA) 33. ABUEG-ZALDIVAR, Cyrille "Beng" F. (Palawan, 2nd District)* 34. ACOSTA, Gil "Kabarangay Jr." A. (Palawan, 3rd District)* 35. MADRONA, Eleandro Jesus F. (Romblon, Lone District)* V (Bicol Region) 36. VILLAFUERTE, Luis Raymund Jr. "LRay" F. (Camarines Sur, 2nd District)^ VI (Western Visayas) 37. GARIN, Janette L. (Iloilo, 1st District)* 38. BARONDA, Julienne "Jam" L. (Iloilo City, Lone District)*^ VII (Central Visayas) 39. GULLAS, Eduardo "Eddie" R. (Cebu, 1st District)* 40. GARCIA, Pablo John F. (Cebu, 3rd District)^ 41. TEVES, Arnolfo Jr. "Arnie" A. (Negros Oriental, 3rd District)* VIII (Eastern Visayas) 42. ROMUALDEZ, Ferdinand Martin G. (Leyte, 1st District)^ 43. TAN, Sharee Ann T. (Samar, 2nd District)^ 44. MERCADO, Roger G. (Southern Leyte, Lone District)^ IX (Zamboanga Peninsula) 45. YU, Divina Grace C. (Zamboanga del Sur, 1st District)* 46. PALMA, Wilter "Sharky" II Wee (Zamboanga Sibugay, 1st District)^ 47. HOFER, Ann K. (Zamboanga Sibugay, 2nd District)* X (Northern Mindanao) 48. ROMUALDO, Xavier Jesus D. (Camiguin, Lone District)^ 49. SIAO, Frederick W. (Iligan City, Lone District)* 50. OAMINAL, Henry S. (Misamis Occidental, 2nd District)^ 51. UNABIA, Christian S. (Misamis Oriental, 1st District)* XI (Davao Region) 52. DUTERTE, Paolo Z. (Davao City, 1st District)^ BARMM (Bangsamoro Autonomous Region in Muslim Mindanao) 53. MANGUDADATU, Esmael G. (Maguindanao, 2nd District)* CARAGA (Caraga Administrative Region) 54. MATUGAS, Francisco Jose II "Bingo" F. (Surigao del Norte, 1st District) Party-list representatives 55. YAP, Eric Go - Anti-Crime and Terrorism Community Involvement and Support (ACT-CIS)* 56. PINEDA, Enrico - One Patriotic Coalition of Marginalized Nationals (1PACMAN)* 57. GONZALEZ, Carlo Lisandro - Marino Samahan ng mga Seaman, Inc. (MARINO) 58. SINGSON, Jose Jr. - Probinsyano Ako^ 59. DATOL, Francisco Jr. - Coalition of Associations of Senior Citizens in the Philippines (SENIOR CITIZENS) 60. ROMUALDEZ, Yedda Marie - Tingog Sinirangan* 61. ESTRELLA, Conrado III – Abono^ 62. NOGRALES, Jericho Jonas - Puwersa ng Bayaning Atleta (PBA)* 63. HERRERA-DY, Bernadette - Bagong Henerasyon (BH)^ 64. PADUANO, Joseph Stephen - Abang Lingkod^ 65. MARCOLETA, Rodante - Social Amelioration and Genuine Intervention on Poverty (SAGIP)^ 66. MENDOZA, Raymond Democrito - Trade Union Congress Party (TUCP)* 67. DEFENSOR, Mike - Alagaan Natin Ating Kalusugan (ANAKALUSUGAN) 68. GARIN, Sharon - Ang Asosasyon Sang Mangunguma Nga Bisaya Owa Mangunguma (AAMBIS-OWA)* 69. BAUTISTA, Claudine Diana - Dumper Philippines Taxi Drivers Association, Inc (Dumper-PTDA)* 70. TY, Allan U. - LPG Marketers Association, Inc (LPGMA)
NCR (National Capital Region) 1. Maceda, Edward Vera Perez (Manila, 4th District)* 2. Abante, Bienvenido Jr. M. (Manila, 6th District)^ 3. QUIMBO, Stella Luz A. (Marikina City, 2nd District)* I (Ilocos Region) 4. DE VENECIA, Christopher V.P. (Pangasinan, 4th District)^ IV-A (CALABARZON) 5. BOLILIA, Lianda B. (Batangas, 4th District)^ 6. SANTOS-RECTO, Vilma (Batangas, 6th District)^ 7. ARAGONES, Sol (Laguna, 3rd District)* V (Bicol Region) 8. BORDADO, Gabriel Jr. H. (Camarines Sur, 3rd District)* XII (SOCCSKSARGEN) 9. TEJADA, Jose "Ping-Ping" I. (North Cotabato, 3rd District)* BARMM (Bangsamoro Autonomous Region in Muslim Mindanao) 10. HATAMAN, Mujiv S. (Basilan, Lone District)^ Party-list representatives 11. ZARATE, Carlos Isagani - Bayan Muna^
VARGAS, Alfred D. (Quezon City, 5th District)* VIOLAGO, Micaela S. (Nueva Ecija, 2nd District)*
GARBIN, Alfredo Jr. - Ako Bicol Political Party (AKO BICOL)* *Legislative Franchises ^House Leaders (ex-officio) Can someone explain why these ex-officio and legislative franchises members did not vote (also why 8 non ex-officio and members were allowed to vote): NCR (National Capital Region) LACSON-NOEL, Josephine Veronique R. (Malabon City, Lone District)^ GONZALES, Neptali II M. (Mandaluyong City, Lone District)^ BELMONTE, Jose Christopher Y. (Quezon City, 6th District)^ CAYETANO, Alan Peter "Compañero" S. (Taguig City-Pateros, 1st District)^ I (Ilocos Region) ARENAS, Rose Marie "Baby" J. (Pangasinan, 3rd District)^ III (Central Luzon) GONZALES, Aurelio Jr. "Dong" D. (Pampanga, 3rd District)^ IV-A (CALABARZON) PUNO, Roberto V. (Antipolo City, 1st District)^ ALONTE, Marlyn "Len" B. (Biñan City, Lone District)^ IV-B (MIMAROPA) Alvarez, Franz "Chicoy" E. (Palawan, 1st District)* V (Bicol Region) ESCUDERO, Evelina G. (Sorsogon, 1st District)^ VI (Western Visayas) LEGARDA, Loren (Antique, Lone District)^ XII (SOCCSKSARGEN) HERNANDEZ, Ferdinand L. (South Cotabato, 2nd District)^ CARAGA (Caraga Administrative Region) PICHAY, Prospero Jr. A. (Surigao del Sur, 1st District)^ PIMENTEL, Johnny Ty (Surigao del Sur, 2nd District)^ Party-list representatives VILLANUEVA, Eduardo - Citizens' Battle Against Corruption (CIBAC)^ ROMERO, Michael - One Patriotic Coalition of Marginalized Nationals (1PACMAN)^ Signatories to last ditch appeal in favor of ABS-CBN: (10 were not eligible to vote) TAMBUNTING, Joy Myra S. (Parañaque City, 2nd District) RAMIREZ-SATO, Josephine (Occidental Mindoro, Lone District) RODRIGUEZ, Rufus B. (Cagayan de Oro City, 2nd District) GO, Mark O. (Baguio City, Lone District) FORTUN, Lawrence "Law" H. (Agusan del Norte, 1st District) GAITE, Ferdinand - Bayan Muna CULLAMAT, Eufemia - Bayan Muna BROSAS, Arlene - Gabriela Women's Party (GABRIELA) CASTRO, Francisca - Alliance of Concerned Teachers (ACT TEACHERS) ELAGO, Sarah Jane - Kabataan ARENAS, Rose Marie "Baby" J. (Pangasinan, 3rd District)^ (did not vote) VIOLAGO, Micaela S. (Nueva Ecija, 2nd District)* (inhibited) SANTOS-RECTO, Vilma (Batangas, 6th District)^ (deny-NO) ARAGONES, Sol (Laguna, 3rd District)* (deny-NO) LEGARDA, Loren (Antique, Lone District)^ (did not vote) ZARATE, Carlos Isagani - Bayan Muna^ (deny-NO) Other reps who passed bills IN FAVOR of renewal: LAGMAN, Edcel C. (Albay,1st District) CABOCHAN, Manuel - Magdalo Para sa Pilipino (MAGDALO)
Hello Everyone, I'm currently taking Front end Fundamentals in Pirple, and i wanna share with you guys my last project . I really enjoy learning in this site, and if you wanna try this course, go and enroll now on Pirple.com.
HTML code Apple
Choose another country or region to see content specific to your location and shop online
Evaluate COVID-19 symptoms and understand next steps >
Shop online and get free, no contact delivery, Specialist help, and more.