7 RETAIL NEWS CAPSULE
PHILIPPINE RETAILING
Wilcon gets into PSEi , replaces First Gen
Shares of home improvement retailer Wilcon Depot Inc . surged by 8.45 percent as its surprise inclusion in the main-share Philippine Stock Exchange index ( PSEi ) stirred the stock market .
Effective Oct . 11 , the Philippine Stock Exchange ( PSEi ) announced that Wilcon would replace Lopez-led First Gen Corp ., following a tender offer transaction that reduced the latter ’ s public float .
But it was a “ very big surprise ” that First Gen would be immediately taken out of the main stock barometer too soon after the last PSEi rebalancing , said veteran stock broker Joseph Roxas , president of stock brokerage Eagle Equities . Investors dumped shares of First Gen ahead of its removal from the PSEi . It lost P2.40 or 8 percent to close on Thursday at P27.60 per share .
Surprise move
On the other hand , Wilcon was the day ’ s most actively traded company , advancing by P2.65 to close at P34 per share , ending with a market capitalization of P128.53 billion .
Source : Inquirer
7
Digital transformation to create P5 trillion in annual economic value for PHL – Google report
Digital transformation is estimated to create up to P5 trillion in annual economic value for the Philippines , a report commissioned by Google Philippines showed .
Fraser Thompson , AlphaBeta founder and managing director , said at a virtual briefing that P3.5 trillion will be driven by technologies that would assist businesses in mitigating the economic impact of the coronavirus disease 2019 ( COVID-19 ) pandemic .
Economists at Singapore-based AlphaBeta prepared the report for Google Philippines .
Key technologies include artificial intelligence , Internet of Things ( IoT ), mobile internet ; cloud computing ; big data ; financial technology ; advanced robotics ; and additive manufacturing .
“ The sectors projected to be the largest beneficiaries are the consumer , retail and hospitality ; education and training ; and agriculture and food sectors . By allowing the creation of new business models and productivity savings , these technologies could create significant economic value for the Philippines ,” the AlphaBeta report said .
“ By generating productivity gains , revenue boosts , cost savings , and GDP increments , digital technologies can unlock up to P5 trillion worth of economic value annually in the Philippines by 2030 ,” it added .
Mr . Thompson said digital adoption is important for the Philippines to become more resilient , especially after the pandemic .
“ Beyond its immediate economic impacts , the COVID-19 pandemic is likely to have long-term implications in three aspects of the Philippine economy , namely : the emergence of a hybrid workplace that supports digital freelancing ; accelerating the shift towards digital payments , and severe disruptions to the business operations of small enterprises ,” Google Philippines Country Director Bernadette Nacario said .
However , Mr . Thompson said the Philippines is facing obstacles in achieving digital transformation such as low digital adoption , lack of awareness , gaps in access , digital skills gap , and complex regulations .
“ Only 26 % of micro , small , and medium enterprises ( MSMEs ) were aware of digitalization programs offered . Meanwhile , 32 % of households in the National Capital Region ( NCR ) had access to the internet , but only 5 % ( had access ) in rural regions such as the Bicol province ,” he said .
He said the Philippines should enhance digital skills training and education ; accelerate digital adoption and innovation ; and promote digital trade opportunities .
“ Across these three areas , Google is already making contributions through a range of programs such as reskilling and upskilling current workers digitally , providing capacity-building support for businesses , and developing digital platforms to promote domestic exports ,” Mr . Thompson said .
Source : Business World
Photo from : Pixabay