BIZ BUZZ: Remolona done with gold sale fuss

MANILA, Philippines – Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. has had enough of people trying to stir controversy about the central bank’s management of the country’s international reserves, particularly the sale of gold.

Speaking to members of the Tuesday Club, Remolona said proceeds from the sale of gold go back to the country’s gross international reserves (GIR), which soared to a three-month high of $106.7 billion in February.

His message was clear: No gold was stolen from the BSP and any sale of the precious metal is part of regular portfolio management.

READ: BSP defends sale of gold reserves

While he did not make any direct references, the remarks of the BSP chief sought to dispel allegations of mismanagement of the central bank’s gold holdings, with the most recent claim coming from former President Rodrigo Duterte. It may be recalled that Duterte had accused President Marcos of stealing and selling the country’s gold reserves.

The BSP chief explained that high global prices of the precious metal could push up the share of gold to total GIR beyond the ideal ratio of 8 to 10 percent. This, in turn, may prompt the BSP to sell some of its gold reserves to bring the ratio back to recommended levels.

Ultimately, Remolona said that while gold is a good hedge during global uncertainties, it is a “very poor investment” that carries costly custody fees.

“We don’t bet on the price. We’re not good at that because we don’t know when prices are going up or down,” he said.

“’Yong mga nagsasabi na dapat ’di kami nagbebenta, eh sila ang mag-invest,” he added. —Ian Nicolas P. Cigaral

Bringing Japan’s leisure culture to PH

Imagine unwinding in a steaming Japanese onsen after a long day of shopping or belting out your favorite tunes in a state-of-the-art karaoke lounge, all without stepping outside the mall.

This vision could soon become a reality as Japan’s Koshidaka Holdings Co., Ltd. sets its sights on the Philippines, bringing its signature blend of leisure and entertainment to local shores.

Trade Secretary Ma. Cristina Roque revealed that the company is exploring opportunities to develop hot spring facilities, karaoke hubs and women-focused gyms across the country.

Drawn by the Philippines’ booming population of 115 million and its well-known love for karaoke, Koshidaka sees a promising market for its offerings.

“They also want to open a gym that’s exclusively for women, nationwide. And they’re particularly interested in bringing Japanese onsen experiences to malls and other key locations,” Roque said.

“They’re actually coming in the first quarter this year to explore potential sites,” she added.

As part of its strategic expansion into Southeast Asia, Koshidaka’s board approved the establishment of a subsidiary in the Philippines during a meeting on Feb. 18.

The Department of Trade and Industry said that the firm has committed P2.5 billion in investments, with plans to expand to 30 locations initially and ultimately reach 100 nationwide.

If all goes as planned, Filipinos could soon enjoy the ultimate leisure trifecta—karaoke, rejuvenating onsens and women-focused fitness centers—all under one roof. — Alden M. Monzon