00:44.2
Also in focus, shares of British chip designer Arm as lackluster revenue guidance
00:49.6
clouded its positive sales quarter report.
00:52.6
The stock plunged 8% in pre-market trading.
00:55.6
And we're also keeping a close look at the stock market.
00:57.2
A close watch on shares of Airbnb after the vacation rental company
01:01.0
announced a lower revenue forecast despite a doubling of its net income.
01:06.1
Airbnb shares tumbled 8% before the bell.
01:11.4
Meanwhile, Asian markets saw another day of mixed trading.
01:14.6
Chinese shares outperformed after trade data showed imports and exports
01:18.8
in the world's second biggest economy returned to growth,
01:21.8
signaling a recovery in demand.
01:23.7
Chinese property stocks also boosted the Hong Kong Hang Seng
01:27.0
index thanks to two Chinese megacities lifting restrictions.
01:32.7
Here at home, Philippine shares led declines after first quarter GDP missed market expectations.
01:40.8
The PSEI actually closed to a lower low today, which is sending us a message,
01:46.8
which is, again, consistent so far with our view that the rally that we saw from mid-April is done already.
01:53.6
And the market is on its way to retrace.
01:57.0
More of its rally from the October low last year.
02:00.2
Actually, from where we stand now, we anticipate a retest of the 6,400 low in April to around 6,350.
02:08.1
Then, if that area is broken, then we might see the market revisiting 6,100 to around 6,011.
02:18.7
More on the GDP report.
02:20.4
The Philippine economy grows less than expected in the first quarter as consumer spending takes a hit from inflationary pressures.
02:27.0
And the El Nino phenomenon.
02:29.4
Jackie Pascual with the full story.
02:33.2
The Philippine economy grew by 5.7% in the first quarter of the year.
02:38.6
While that's below some analysts' expectations, the growth remains among the fastest in the region.
02:44.9
Ang mga pangunahing sektor ng ekonomiya na agriculture, forestry and fishing, industry at services ay nagsipagtala ng mga pagtaas.
02:54.7
Surpassing other major economies.
02:57.0
China at 5.3%, Indonesia at 5.1%, and Malaysia at 3.9%.
03:04.9
Contributors to growth include financial and insurance activities, wholesale and retail trade, and manufacturing.
03:13.3
But inflation and even the hot temperature have affected the economy.
03:17.8
We've been experiencing several shocks.
03:21.9
The major ones being the long period of the heat wave.
03:25.6
And related to that, the El Nino.
03:27.0
And geopolitical tensions.
03:29.6
Construction slowed down.
03:31.4
No doubt affected by prolonged periods of extreme heat.
03:36.2
Household spending also slowed due to elevated prices of major food items and the heat wave.
03:42.5
Household final consumption expenditure slowed to its lowest level since 2010 minus the pandemic year.
03:50.7
Government final consumption expenditure also slowed down year on year.
03:55.1
House Ways and Means Committee Chair.
03:57.0
Mayor and Albay Representative Joey Salceda says the government must spend more wisely so the public will benefit from various programs.
04:06.2
An analyst also says reforms must be done for growth to trickle down to ordinary Filipinos.
04:12.9
Even if our GDP continues to grow, and I hope that it does continue to grow, the trickle down is hardly happening.
04:23.7
So, you know, there remains.
04:27.0
Only but a few who actually benefits from this growth, whatever this growth is about.
04:36.3
Hanggat hindi natin nababago yung sistema, the rules of the game, so to speak,
04:41.5
mahirap umasa na, alam mo, merong mas malalim at mas matagalang magbabago na mangyayari.
04:48.8
NEDA Secretary Arsenio Balisakan says the government continues to implement programs to help Filipinos in education, health,
04:57.0
labor and infrastructure.
04:58.8
He's also confident that the country's resilience will extend even in succeeding quarters
05:04.2
as government prepares for the effects of El Nino and the possible impact of La Nina.
05:10.5
Ensuring food security remains the top goal.
05:14.6
Given extreme weather conditions and climate change,
05:17.5
we'll invest more in research and innovation to enable our agriculture and food systems to cope with these challenges.
05:26.0
Balisakan is up to date.
05:27.0
We'll see you next week.
05:27.0
The Philippines' chief economist says the government is conducting a review of the country's tariff structure.
05:42.1
And Secretary Arsenio Balisacan says many sectors are affected by what he called a highly distorted tariff structure.
05:50.4
Balisacan is hopeful revisions to the system will drive employment and economic growth.
05:55.3
Net design to roll out the new structure by next year.
06:25.3
Some industries have low tariffs for their outputs, for the outputs that they produce, but they face high tariffs for the inputs that they use for their production, effectively making them losing competitiveness.
06:44.5
And we're taking a quick break. Up next, we talk about racing the real estate game with real estate brokerage, REMAX Philippines.
06:55.3
Up next, we talk about racing the real estate game with real estate brokerage, REMAX Philippines.
07:25.3
Welcome back. Last year, the Philippines' real estate market ended on a positive note as outsourcing and leasing activities continued to grow.
07:49.9
REMAX Philippines Country Manager Miguel Naval joins us tonight to discuss how the Philippines'
07:55.3
can continue to tap into the real estate market's potential.
07:59.0
Thank you so much, Miguel, for joining us in the studio tonight.
08:01.7
Hi, Miguel. Hi, thank you for having me. Salve, Ron.
08:03.8
And it looks like congratulations are in order. You brought the Philippine flag to this R4 convention.
08:10.4
Yes, yes. It was a great experience. So, representing the Philippines.
08:14.6
So, some of the top professionals, real estate professionals have represented us and, in fact, garnered quite a number of honors representing what we like to say is,
08:25.3
high service level of real estate here in the Philippines.
08:28.9
What's the convention like? Like, I didn't know that there's a real estate.
08:31.9
The convention is huge. Yeah, you'd think like, just like how other professionals, other professions would have huge conventions,
08:38.0
we would have a worldwide convention of about 5,000 plus real estate professionals all around the world.
08:44.5
But you're all pitching there and showing your pitching skills and your sales, yeah, and showing the properties.
08:50.9
We're really talking more about strategies.
08:52.0
What does it take to win?
08:53.6
Strategies. Well, honestly, it's...
08:55.3
It's really just the skill you put and, I guess, the service level that you try to implement in your businesses.
09:02.0
So, what you pick up in the convention really is how to implement your service at a high level so that you can, in fact, improve your skills and really, I suppose, grab more business, really help more people in the end.
09:17.8
We're talking about agents. What makes a real estate agent stand out from among the rest?
09:25.3
Now, just what's the proof and, you know, a figure for that person to garner an award like that when they got... that you got in that convention.
09:30.9
It's really the expertise and, I guess, the perspective that you can bring to the table in a real estate transaction.
09:38.1
So, in every transaction, we're expected to guide both buyers and sellers into it and really, it can be the biggest asset you'll buy in your life, right?
09:48.8
It could be, really, a make or break thing so our expertise in a real estate market, you know, there's no need to do the kind of small stuff as right off the bat.
09:52.6
I'm used to being a real estate investor but when you, you know, come into that kind of thing and if you're interested in that kind of and if you're a part of the real estate this is what you need to try to get into.
09:54.1
And it's a good your expertise.
09:55.1
knowing the market, learning about the market,
09:57.5
the best things to consider when
09:59.2
purchasing or even selling
10:02.6
change a deal and really
10:05.0
help a deal actually close and
10:08.9
their real estate goals
10:13.0
Ethics is a big part of it. Of course, yes.
10:17.4
Professionalism and credibility
10:19.2
and your integrity in fact
10:22.4
Real estate can be, especially here
10:26.0
in different countries, you'll see
10:29.2
that transparency
10:31.2
and the professionalism really
10:33.2
helps in the market
10:35.0
movement because the trust level
10:37.2
is there. And if you can
10:38.9
also implement that same
10:41.1
trust in transactions, people will be
10:43.2
more comfortable making decisions
10:44.5
which again are very important because
10:47.0
they can be some of the biggest investments
10:50.2
I always report on the
10:52.2
Philippines being at the bottom of the list.
10:54.1
This is such a nice piece of
10:56.2
news, right? That we're one of the
10:57.9
people who were awarded.
10:59.6
Yeah, and you know, I've seen the government
11:01.9
really also step up and other brokers
11:04.3
inside and outside of RE-MAX
11:05.9
trying to push the level of
11:07.9
professionalism, push the level of
11:10.1
service here to a higher level so that
11:12.1
both outside investors
11:13.9
or internal stakeholders are more
11:16.1
comfortable in doing business
11:17.9
really helping the economy
11:20.1
in that way as well. Because after
11:22.1
all, when you're ready
11:24.2
to buy a property, we are
11:25.8
right in the front of that
11:27.5
helping and trying to
11:29.9
get that happen for
11:32.1
whatever you might want to buy.
11:34.1
Whether it's a beach house, whether it's a
11:36.5
condominium, house and lot,
11:38.0
even commercial lots. I've heard
11:41.9
public utility vehicles, but there's such
11:44.0
a thing as well as Colorum real estate
11:48.2
big of a problem is it here in the Philippines
11:50.3
and what is being done about it?
11:52.1
It's quite big a problem.
11:54.1
So, I'd say overall
11:57.6
brokerage business or that service
12:00.1
is quite underserved, meaning
12:01.9
a lot of people due to
12:04.1
the lack of maybe education and
12:06.0
information tend to go to someone
12:10.0
available to them who might not be licensed.
12:12.1
Sometimes it's a relative. Sometimes
12:13.9
it's a relative. Sometimes it's my tita's
12:17.5
And sometimes that can
12:20.0
cause some problems and maybe
12:22.1
also the wrong impression
12:24.2
to people, especially
12:25.6
as we see externally
12:27.4
how it's done otherwise. It's a lot
12:30.2
more professional. Everyone is licensed.
12:36.0
especially with new laws such as
12:38.0
the RESA law is currently being implemented
12:40.3
where now to get the license
12:42.1
you now need to take
12:44.1
a course, a four-year course,
12:46.2
a REM course. A four-year course?
12:48.1
A four-year course in order
12:50.2
to take your licensure exam and
12:52.0
then really be prepared to
12:57.4
at the level we need to be for
12:59.7
the trust to be there in the
13:02.1
real estate sector.
13:03.5
What's a regulatory body that handles
13:06.2
brokerage firms and when
13:08.1
somebody, for example, is victimized
13:10.4
by some of these people,
13:11.9
where do they go? What's the process
13:14.0
like and can they get their money back?
13:16.4
So, it's controlled
13:17.5
primarily by the PRC.
13:22.0
the body that governs
13:24.3
all real estate brokers and their
13:26.1
sales agents. That's a regulatory commission.
13:28.2
Yeah. So, that regulatory
13:30.2
commission is the same one that
13:34.3
professions such as lawyers,
13:36.7
doctors. So, similar
13:38.3
in nature, similar in
13:40.2
the way they approach it. So,
13:42.5
there is a level of accountability
13:44.0
there. But really, I think what
13:46.2
we want to do in RE-MAX is not only
13:48.4
follow what the regulations
13:50.3
say, but really lead the way.
13:52.0
And I think that's really through education,
13:54.5
through learning how
13:56.3
to do things by seeing how
13:58.3
other things are done in different countries,
14:00.3
seeing if we can apply it here,
14:02.6
and really kind of bringing that here.
14:04.6
And that's really what we're,
14:08.6
here is. That everyone has a
14:10.4
nice real estate experience with a high
14:12.4
level of trust, a high level of
14:14.3
satisfaction. Sorry, one more
14:16.0
question. You see
14:18.5
my buttons are pushed because
14:20.4
there's a lot of anger. Okay.
14:22.0
In the Philippines, people are not used to
14:24.1
complaining. That's why they're not
14:26.3
getting what they deserve.
14:30.3
I'm victimized, for example,
14:32.4
I just shut up because the system
14:34.6
or the process is so
14:36.2
convoluted, I'd rather just
14:38.4
go on to the next property or get victimized
14:42.5
should people expect?
14:44.5
People should expect
14:45.7
people should expect a
14:48.4
real honest conversation where people are not
14:50.4
push-selling you. People are not
14:52.0
trying to manipulate you. Do you file a case against
14:53.9
this person? You go to the PRC?
14:55.9
Well, first and foremost, you should
14:57.6
check for licenses. That's one big thing.
15:00.5
Right? So, if you were to
15:02.1
do this, checking a license
15:06.1
with a reputable brand that has accountability
15:08.1
and systems in place
15:12.2
watch out for these things
15:14.0
that are educating people on the ground
15:16.0
who you interact with. Those are important
15:18.0
things to watch out for. Sorry, how do you check
15:22.0
is licensed and if that license is
15:24.0
valid? Where do you go? Chat, GPT.
15:26.4
Chat, GPT. I'm kidding.
15:28.2
Facebook na. I'm kidding.
15:29.9
But you will be able to ask
15:32.1
for their PRC license.
15:34.1
And then you check that against what database?
15:36.3
You will be able to check against the database
15:40.0
that will make it a lot easier.
15:42.5
Obviously, we've bought properties
15:44.2
and never checked the PRC license.
15:46.9
And you were lucky
15:48.2
that I suppose everything went
15:52.0
Well, this last one, knock on wood.
15:54.0
I'm getting anxious.
15:57.7
as we continue to grow,
16:00.1
and that's the outlook. Because the government is
16:02.0
fully supporting this. And of course,
16:04.3
there's perfect effort there also
16:05.9
on their side to kind of push
16:08.0
forward in this with other
16:10.0
professionals, real estate boards
16:12.0
also really cracking down on these things.
16:14.5
And I think it will really come
16:18.0
inside out. Like we, meaning
16:22.0
there are real passionate brokers within
16:24.1
RE-MAX who really want to change
16:26.0
that reputation, really increase
16:28.3
that service level and
16:29.8
deliver a good experience
16:32.6
to really all Filipinos.
16:34.5
So, we've been expanding
16:36.0
with 36 offices here.
16:38.1
About 300 agents. We're soon
16:40.3
going to open in Cebu, Davao.
16:42.7
And really creating that network
16:44.1
of professional brokers can
16:46.0
really perhaps change
16:50.1
make it really a bet.
16:52.0
So, we're going to have a better experience
16:52.9
for each and every Filipino.
16:54.7
You mentioned a while ago that you look at the best practices
16:57.6
from other countries as well
16:59.3
and bring it here to the Philippines
17:01.1
and apply it and teach it to your agents.
17:04.5
Can you give us an example
17:05.8
of what those best practices are
17:07.8
that you've brought from other countries
17:09.4
that are not really
17:11.3
taught by the other
17:14.0
companies to their agents?
17:18.1
really bring to the table are
17:19.9
the manner of which we
17:21.9
engage with our clients.
17:24.3
Really advising them based
17:26.0
on what realistically
17:29.8
Really being truthful and
17:32.8
practicing representation
17:35.5
and really focusing
17:38.1
on the best interests of the client
17:40.0
rather than just closing the sale.
17:41.7
Because the commissions can be a very
17:44.0
important process.
17:47.8
important part of the process for the agent.
17:50.1
But what about the client?
17:55.1
if the biggest motivator
17:57.5
for an agent is the commission,
17:59.4
really, that puts you in the wrong place.
18:02.0
Where you would say
18:03.6
and maybe even do anything
18:05.0
to perhaps get the commission.
18:08.0
And I'm not even sure about the transparency
18:09.8
of the fees and charges because
18:11.3
sometimes you see they're not uniform.
18:13.8
They're a lot, by the way.
18:15.9
When you're buying a property, there's so many
18:17.9
things that other fees on top of
18:19.8
the property price, right?
18:21.9
I hope there's more
18:23.5
disclosure on that so that people understand.
18:27.4
Something that we're really trying to introduce
18:29.5
is transparency through actual documentation.
18:33.4
Giving proper documentation where
18:35.6
each and everything
18:36.6
discussed is written down,
18:39.6
broken down, so that you have the
18:41.6
confidence to transact.
18:43.3
That you're not simply sending out
18:45.8
the text, professional communication.
18:48.4
These are practices that are already
18:51.9
ingrained in other countries
18:53.7
where us, it's a little informal.
18:55.9
Right? Communicating could be informal.
18:58.1
The way that you transact might be informal.
19:03.6
So, an ATS, for example,
19:06.0
an authority to sell is a very big
19:07.9
thing now where you are actually
19:09.8
authorized to sell a property where everything
19:12.0
is stated, the price, so that
19:15.6
transactions like that,
19:17.6
walang balikan, walang
19:19.9
there's nothing that can
19:21.8
change yung usapin
19:24.0
na ganun. Right? And that's the things
19:25.8
that we're introducing. Although,
19:27.7
I'll tell you now, not all sellers,
19:30.2
buyers might want
19:31.5
or aren't even used to it.
19:33.9
Right? That kind of service level
19:35.9
that everything's documented.
19:38.3
But I do really feel that
19:39.8
that's the way to protect every side
19:41.7
in every deal. That everything's written
19:43.8
down, everything's organized, and everything's
19:45.9
documented. Miguel, you said
19:48.1
you're opening a lot of offices,
19:51.8
300 agents. 300 agents and many
19:53.7
different offices across the Philippines.
19:55.9
But I've looked at the GDP numbers,
19:58.2
the recent ones, the one that
19:59.8
came out just today. And it looks
20:02.0
like, compared with
20:03.8
last year, there are a lot
20:09.3
it's struggling a little bit.
20:11.5
So, are you still
20:13.9
gung-ho on expanding
20:16.2
despite the situation in the
20:17.9
first quarter? Yeah, we are.
20:21.8
it seems like what's slowing down
20:23.4
or what has really got, really
20:25.6
changed is the office or the commercial
20:27.8
landscape. But REMAX actually does
20:29.7
90% of our business in
20:31.6
residential. And that's more crisis
20:33.6
proof, no? And that really is, yeah,
20:35.6
more crisis proof. It's really movement
20:37.5
and lifestyle. So, for example,
20:39.7
you'd say during the pandemic,
20:42.0
we did pretty well as well then,
20:43.8
meaning, what we captured
20:45.7
was the movement from maybe condominiums
20:47.7
to townhouses, to beach houses,
20:50.6
anything that a person
20:51.7
would want to transact with, buy,
20:53.6
sell, lease, will change all the time.
20:55.6
And I think that's more due to lifestyle.
20:58.1
Right? And I don't think the
20:59.4
lifestyle's changed so much, so
21:01.3
drastically today.
21:03.9
Right? Versus the pandemic
21:05.7
it did, but then we saw the movement.
21:07.5
But now it's back to maybe perhaps 2019.
21:10.1
And that's what we see.
21:11.3
We feel that. So, in fact,
21:17.0
in terms of the number of transactions
21:19.2
we've been doing. Primarily
21:21.4
driven by condominiums,
21:25.0
anything under the sun. We do also
21:27.1
agriculture. So, not necessarily
21:29.4
just offices. Although, we do
21:31.4
understand what you're saying about offices.
21:33.4
And that there is quite
21:35.4
a slowdown there. But,
21:37.2
in terms of people
21:39.2
needing to upgrade their houses,
21:41.3
having kids and now need a bigger space,
21:43.6
getting married and now
21:45.3
finding a condominium to start their family.
21:48.0
That will always be there
21:49.4
and we're ready to service any
21:51.4
kind of need for real estate
21:53.6
there. Whether in Cebu, Davao,
21:57.0
This is an example of what happened in Nevada.
22:01.0
Thank you so much, Miguel.
22:02.1
What a fun conversation.
22:03.7
Very positive amid
22:05.6
all of the difficulties.
22:07.1
Of course. Thank you so much.
22:09.7
That's your Business Outlook. I'm Ron Cruz.
22:11.7
And I'm Salve Duplito. The world
22:13.5
tonight comes your way at the top of the next
22:15.6
hour. Keep it here on ANC.
22:21.4
Thanks for watching!
