When you have a well-esteemed former central bank governor as chair of a leading conglomerate, you can bet that he’d want all bases covered. That includes building an internal think tank to guide decision-making, especially when it comes to treasury operations. Hiring a full-time economist can help analyze the macroeconomic backdrop, spot emerging trends and better prepare for black swan events that may affect the business.
Thus must be why SM Investments Corp. has enlisted a new economist to add to its talent pool. We’re talking about Robert Dan Roces, formerly chief economist at Security Bank, who has now joined the Sy family-led conglomerate.
Biz Buzz sources said that Roces will also help craft and deliver key macro insights from the SM group, which owns the largest banking, property development and retailing businesses in this part of the world.
Roces is also a data scientist who knows how to code and use machine learning for applied analytics, econometrics as well as policy and market research.
Our sources said that hiring a full-time economist is the brainchild of SMIC chair Amando “Say” Tetangco Jr., himself an economist and two-term Bangko Sentral ng Pilipinas governor in his previous life. Roces directly reports to the chair.
It’s good to see more and more of corporate Philippines—not just the usual financial institutions like banks, investment houses, asset management, insurance and securities brokerage firms—putting a premium on economists.
Recall that Ayala Corp. has also hired Karl Kendrick Chua, ex-secretary of the National Economic and Development Authority and former senior country economist at World Bank Philippines. He’s now managing director for data science and artificial intelligence at the Zobel-led conglomerate.
Most of the global tech giants from Amazon to Google, Facebook and Microsoft have also been hiring more and more economists amid a world of VUCA (volatility, uncertainty, complexity and ambiguity).
Meanwhile, Angelo Taningco took over the responsibilities of Security Bank chief economist from Roces starting yesterday. He has more than 25 years of leadership and technical experience spanning not just banking but also academe (De La Salle University), consulting (Asian Development Bank) and government (formerly trade assistant secretary). —Doris Dumlao-Abadilla
Will new digital tax affect Pinoy gamers? Nintendo distributor says no
The local distributor of Nintendo video games believes that the Philippine government’s move to impose a 12 percent value-added tax (VAT) on digital services and products offered by foreign firms should not apply to games sold at their online electronic shop.
VST ECS Phils. Inc digital marketing executive Victoria Palomar told Biz Buzz in a recent interview that the current setup of the Nintendo eShop, where Nintendo Switch and the Android version of their games are sold, should exempt them from the new tax measure.
“Technically, there is no e-shop in the Philippines. Not unless you are logged in using a different country in Asia,” Palomar said.
Currently, there is no Philippine selection on the list of countries when creating a Nintendo account, which is needed to buy from its online store.
PlayStation Store, Sony’s counterpart online shop, also has the same setup, with local gamers only able to create accounts using other countries.
Still, only time will tell if the Philippine government will actually move to tax these video game companies, with the implementing rules and regulations of the new law hopefully clearing things up once the framework is out.
Unfortunately, a 12-percent VAT will likely cause a substantial price increase for the digital versions of Nintendo and Sony video games, which currently retail for around $60 for first party and triple A games.—Alden M. Monzon