BIZ BUZZ: What trillions?
“Trillion” has been quite the buzzword lately, especially with budget deliberations and economic data coming up.
But if you’re a close follower of capital market updates, or if you just happened to stumble upon social media posts lately, you’d know that there’s yet another hot topic.
READ: BIZ BUZZ: Panglao Hole symposium?
Over the last week, a post has been circulating on Facebook about the Philippine Stock Exchange (PSE) supposedly losing up to P5 trillion in market capitalization since December 2024.
The operator of the local bourse was quick to dispel this post and the mammoth, destructive number.
In a strongly worded statement on Monday, PSE clarified that the domestic market capitalization was actually down by just P273.26 billion year-to-date, or 1.88 percent, to P14.3 trillion.
Meanwhile, total market capitalization, which includes shares of dually listed firms Sun Life Financial Inc., Del Monte Pacific Ltd. and Manulife Financial Corp., was down 4.43 percent, or P886.84 billion, to P19.12 trillion.
Given this data, PSE infers that the Facebook poster may have actually compared domestic market capitalization to total market capitalization, which, as it vehemently highlights, is a big no-no.
“Deliberately comparing apples to oranges by comparing domestic market capitalization to total market capitalization is dishonest, if not malicious, and is clearly meant to provoke investors to lose confidence in the Philippine capital market and destabilize the economy,” PSE said in its statement.
Let’s hope this finally clears things up and doesn’t cause any further harm. —Meg J. Adonis
Ikea expands to the north
Sweden-based home furnishing brand Ikea will open on Oct 23 its first Plan and Order Shop in the Philippines at the Ayala Group’s TriNoma Mall in Quezon City, in a bid to bring its products closer to target customers in the north.
But if Paul Birkett, chief operating officer of Ayala Malls, will have his way, he would love to have a full-size Ikea branch at TriNoma and in other malls under the Ayala Group. That dream, however, will have to remain just that for the meantime.
According to Ikea Philippines country retail manager Ricardo Pinheiro, the possibility of having a new branch is always there, but for now, the priority is to make a success out of the P35-million, 500-square-meter Plan and Order Shop, where customers can pick up their online orders or shop for bestselling Ikea items, particularly from the kitchen, dining and home organizing segments.
The small-scale store also provides customers with space to plan their dream kitchens, wardrobes and living areas with the help of in-house experts who can provide free advice, as offered from Ikea’s flagshop store in Pasay City, which remains the world’s largest standalone Ikea branch.
“The new Plan and Order Shop at TriNoma reflects our Democratic Design philosophy and offers a convenient alternative for those who live in the north of Metro Manila,” Pinheiro said.”
Pinheiro shared that while the possibility of setting up a new branch continues to be discussed, Ikea will pursue more immediate plans, which include possibly doubling the sales of its fresh plants, which it secures locally, and bringing local textiles to the Philippine market. —Tina Arceo-Dumlao INQ
