AMDG
As if to confirm my previous blog entry, news came out that OFW remittances rose 15% for the period of January to February of 2008 versus the same period last year to $2.5B. At the average current exchange rate, that’s more or less a whopping ONE HUNDRED BILLION PESOS. Imagine that, P100B feeding into the Filipino consumer machine.
Of course, last year $2.5B would have been around P125B – no small loss brought about by the depreciation of the dollar. Moreover, after knocking off inflation numbers from the rate of increase in the remittances, we could see that this 15% growth isn’t quite as impressive as it should be. But despite all odds and notwithstanding domestic inflation and unfavorable exchange rates, the Overseas Filipino Worker still managed to send home more money than he did last year – money that will fuel not just the country’s economy but the country itself past obstacles put in place by the very people mandated to do the exact opposite. Truly, the OFW is the modern Filipino hero.
In related news, I (I-remit) posted a net income of P113.29M for 2007, a 167% increase from P42.48M in 2006. This is very impressive, and is evidence of the strong growth potential that I believe I has. At current prices though, I still find I a bit too expensive. At P3.45 per share, I is trading beyond three times its book value and over seventeen times its earnings (as per 3q07 figures, at least). As impressive as I’s strong growth prospects are, I think this is more than a reasonable premium amount to pay for I.
Thursday, April 17, 2008
Tuesday, April 15, 2008
AGI and inflation
AMDG
Several blog entries ago, I wrote about the relative resilience of the Filipino consumer and about how, in my humble opinion, it won’t be affected so much by the economic downturn in the United States. I had several reasons for this, namely:
1. OFW’s – probably the most significant source of funding for Filipino consumer spending – are more geographically diversified now. Although the highest concentration of OFW’s is still in the United States (33%, or 2,728,209 of the estimated 8,233,172 individuals as per POEA’s 2006 data), they are now no longer the majority. Moreover, there has been a growing trend of OFW’s seeking greener pastures in countries aside from the U.S. Even though they tend to earn less and work manually in these countries, it still represents a diversification that would buffer us from the U.S. slowdown.
2. Even though the U.S. holds just 33% of total estimated OFW’s, they still account for more than half of total remittances ($6.5B of the total of $12.7B for 2006). At around $2,380 remitted per person (versus the overall average of around $1,540 per person), this indicates that the OFW’s in America are relatively higher paid and, unless most of them are Realtors or employees of Bear Stearns, less vulnerable from the adverse effects of an economic downturn. (Note, LESS vulnerable. Surely, there will be a fallout, but I’d bet the white collar workers would be better protected than the blue collar workers. And since blue collared Filipinos are more commonly found in places like Saudi, UAE, Hong Kong, Italy and Japan – places where the aftershocks of the credit crunch would be less than in the U.S. itself – we could more or less count on less adverse effects to their remittances from those countries.)
3. Aside from geographic diversification, OFW’s are now more diversified in terms of profession. Remember back in the 80’s when then-President Cory lost her temper over a dictionary’s definition of Filipina as “a domestic helper”? Well, today, while the majority of human resource exports by the Philippines is still blue-collar, we now have a higher percentage of white-collar professionals. Not only does this translate to higher incomes and consequently higher remittance volumes, but this diversification also provides a buffer against economic crises.
4. Even though the greenback has lost almost 25% to the peso in the past year or so, there is no denying that the former is around forty times stronger than the latter despite that. To illustrate this, consider the following: a high-end condo unit in Makati sells for an amortization of about twenty to thirty thousand pesos a month. That’s just five to seven hundred dollars in a MONTH! A nurse in the U.S., Middle East or in Europe (and there are plenty of Filipinos in this profession) earns that much money in a couple of DAYS. So does an engineer, chemist or a seaman. For most manual Filipino laborers abroad, it might take longer than just a couple of days to earn that kind of money, but we’re talking about prime Makati real estate here. If a manual laborer were to buy property in, say, Iloilo (where monthly amortizations can be as low as P6,000 for middle-income lots not mortgaged to the HDMF), he would still be very easily capable of doing so. Now, apply that purchasing power to everything else: flat-screen TV’s, cars, McDonald’s burgers. Granted, the dollar today won’t get one as far as it used to, but one with dollars here in the Philippines could still live like a king. What that translates into is a still-relatively strong incentive to send money home, thus giving power to the Filipino consumer.
5. Despite the global slowdown, we’re still sending out (as I’ve said in earlier blogs) more than a million warm bodies a year – more than half our population growth and probably enough to melt the polar ice caps if all OFW’s since the time of Ramos were sent to the North or South poles. (It’s cold, they’ll all have to pee, the warm urine raises water temperatures…CRACK!! Oops! Was that another ice shelf falling off? Imagine the headache that’s going to give Al Gore.) While there’s no denying a U.S. economic slowdown and weaker dollar will whittle down on the remittances sent per OFW, this shotgun approach of just sending out as many people as possible should provide a safeguard and maintain the volume and value of COLLECTIVE remittances by OFW’s. In simpler terms, more OFW’s = more remittances, even if each one sends less money (well, hopefully, at least).
Of course, I could be wrong. Even though I have a minor degree in Economics, my major was cutting class, so my qualifications are second-rate at best. Plus, the U.S. is the biggest economy in the world, so big that if you combine the economies of China and India and multiply that three times, you’d still fall short of Uncle Sam’s GDP. And with consumer spending (the sector most affected by economic downturns) making up for 67% of the U.S. economy, it’s easy to imagine how badly affected the countries that feed the American consumer will be, Philippines included. But it’s for the reasons above that I had believed we could ride out the U.S. subprime meltdown/recession without having a major meltdown of our own, at least as far as domestic consumption is concerned.
Well, that is, I BELIEVED (note: it’s in the past tense), until last week or so when food crises dotted the headlines, and inflation skyrocketed to 6.4% from a very cushy 2.2% last year. The present tense verb that I use more now to describe how I feel about the Philippine consumer market in the light of latest developments is “WORRY”.
For the past months now, I’ve watched how commodity prices in Bloomberg’s ticker tapes were always green, while equities were always red. There was a small voice in my head warning about the possible inflationary pressures (as well as the voices of true-blue economists on TV warning of stagflation) of fundies rushing from equities to commodities, but I was too busy watching the price of gold for my PX to pay heed to all those doomsday voices. And now we can’t have adequate rice supplies until 2011 (at least according to government sources), can no longer have cheap pan de sal because of atrocious wheat and flour prices, cannot eat meat, poultry and fish as easily because of their prices are rising as well. And all this while oil was breaching $112 per barrel. I feel much poorer already writing this without even having to look at the losses on my portfolio!
So what does this translate to, PSE-wise? Well, for one of my favorite stocks (which, ironically, is one of my biggest losers), the bloating inflation is probably among the worst news to come around. This company is Alliance Global Group, Inc. (AGI).
One of the things I liked most about AGI was its strong and direct links to the Philippine consumer market (yes, the same consumer market that I had once been so confident in but that is now threatened by inflation). It’s one of the first thing you notice just looking at its subsidiaries:
MEG - probably the fastest growing real estate company in the Philippines
EDI - claims to have the largest global share of the brandy market – still have to confirm this though
GADC - very profitable and with room for growth without having to gobble up other fast food chains, unlike JFC (no offense, chief!)
Its distribution arm which handles several brands of junk food (Pik-Nik I think is the most well-known brand they carry)
AGI has the Filipino consumer as its number one client; corporate or industrial sources of revenue are minimal. Add to this AGI’s cash hoard (P29B, or 33% of total assets), well-managed debt (half of equity attributable to shareholders), reputable management, a book value of P4.30 and interim (3q07) EPS of P0.34 per share, and you have a company that’s stable and whose stock price is pretty affordable (in my newbie opinion, at least).
I suppose it was a good call for AGI to invest in tourism as a form of diversification from the Philippine consumer market. With today’s inflation and food crises threatening to cut consumption down, I don’t think I’d rather have it any other way – well, except maybe if AGI had bought into PX ;-p
So, what do I see in my crystal ball for AGI? I’m hoping the Filipino consumer remains resilient, and that their tourism ventures do well (though I don’t think we’ll see the effects of that in another two years due to the time it will take to construct the hotels). Growth for 2008 probably won’t be as good as I thought it would be, but I’m still hoping it could at least get into double-digits.
There you have it, AGI and consumption. Next time, more on my thoughts about AGI’s venture into tourism.
In other news: congratulations to COAT and its P408.6M net income for 2007! This translates to a 12.9% return on equity, earnings per share of P0.34 and a P/E of 8.38 (at today’s price of P2.85 per share). Sure wish we could see more of its P500M buyback program kicking in though.
DGTL reported a net income of over P1B pesos from a net loss of over P900M last year. I don’t have this stock, but my good friend compounder888 has been telling me about this for a long time now. I haven’t studied this company yet nor gotten any info about it (I just read about their net income from the newspaper in an article about JGS), but I guess it won’t hurt to have a look. Not that I’ll be buying it, though: I don’t have any money left to invest in stocks, I just filed and paid for my Income Tax Return and my wife is giving birth next month. Even if DGTL does turn out to be a good company (which I doubt – no offense, chief!), it’ll have to wait.
Go, PX, go!! Bid for your shares at P7 and get your buyback program going!
Several blog entries ago, I wrote about the relative resilience of the Filipino consumer and about how, in my humble opinion, it won’t be affected so much by the economic downturn in the United States. I had several reasons for this, namely:
1. OFW’s – probably the most significant source of funding for Filipino consumer spending – are more geographically diversified now. Although the highest concentration of OFW’s is still in the United States (33%, or 2,728,209 of the estimated 8,233,172 individuals as per POEA’s 2006 data), they are now no longer the majority. Moreover, there has been a growing trend of OFW’s seeking greener pastures in countries aside from the U.S. Even though they tend to earn less and work manually in these countries, it still represents a diversification that would buffer us from the U.S. slowdown.
2. Even though the U.S. holds just 33% of total estimated OFW’s, they still account for more than half of total remittances ($6.5B of the total of $12.7B for 2006). At around $2,380 remitted per person (versus the overall average of around $1,540 per person), this indicates that the OFW’s in America are relatively higher paid and, unless most of them are Realtors or employees of Bear Stearns, less vulnerable from the adverse effects of an economic downturn. (Note, LESS vulnerable. Surely, there will be a fallout, but I’d bet the white collar workers would be better protected than the blue collar workers. And since blue collared Filipinos are more commonly found in places like Saudi, UAE, Hong Kong, Italy and Japan – places where the aftershocks of the credit crunch would be less than in the U.S. itself – we could more or less count on less adverse effects to their remittances from those countries.)
3. Aside from geographic diversification, OFW’s are now more diversified in terms of profession. Remember back in the 80’s when then-President Cory lost her temper over a dictionary’s definition of Filipina as “a domestic helper”? Well, today, while the majority of human resource exports by the Philippines is still blue-collar, we now have a higher percentage of white-collar professionals. Not only does this translate to higher incomes and consequently higher remittance volumes, but this diversification also provides a buffer against economic crises.
4. Even though the greenback has lost almost 25% to the peso in the past year or so, there is no denying that the former is around forty times stronger than the latter despite that. To illustrate this, consider the following: a high-end condo unit in Makati sells for an amortization of about twenty to thirty thousand pesos a month. That’s just five to seven hundred dollars in a MONTH! A nurse in the U.S., Middle East or in Europe (and there are plenty of Filipinos in this profession) earns that much money in a couple of DAYS. So does an engineer, chemist or a seaman. For most manual Filipino laborers abroad, it might take longer than just a couple of days to earn that kind of money, but we’re talking about prime Makati real estate here. If a manual laborer were to buy property in, say, Iloilo (where monthly amortizations can be as low as P6,000 for middle-income lots not mortgaged to the HDMF), he would still be very easily capable of doing so. Now, apply that purchasing power to everything else: flat-screen TV’s, cars, McDonald’s burgers. Granted, the dollar today won’t get one as far as it used to, but one with dollars here in the Philippines could still live like a king. What that translates into is a still-relatively strong incentive to send money home, thus giving power to the Filipino consumer.
5. Despite the global slowdown, we’re still sending out (as I’ve said in earlier blogs) more than a million warm bodies a year – more than half our population growth and probably enough to melt the polar ice caps if all OFW’s since the time of Ramos were sent to the North or South poles. (It’s cold, they’ll all have to pee, the warm urine raises water temperatures…CRACK!! Oops! Was that another ice shelf falling off? Imagine the headache that’s going to give Al Gore.) While there’s no denying a U.S. economic slowdown and weaker dollar will whittle down on the remittances sent per OFW, this shotgun approach of just sending out as many people as possible should provide a safeguard and maintain the volume and value of COLLECTIVE remittances by OFW’s. In simpler terms, more OFW’s = more remittances, even if each one sends less money (well, hopefully, at least).
Of course, I could be wrong. Even though I have a minor degree in Economics, my major was cutting class, so my qualifications are second-rate at best. Plus, the U.S. is the biggest economy in the world, so big that if you combine the economies of China and India and multiply that three times, you’d still fall short of Uncle Sam’s GDP. And with consumer spending (the sector most affected by economic downturns) making up for 67% of the U.S. economy, it’s easy to imagine how badly affected the countries that feed the American consumer will be, Philippines included. But it’s for the reasons above that I had believed we could ride out the U.S. subprime meltdown/recession without having a major meltdown of our own, at least as far as domestic consumption is concerned.
Well, that is, I BELIEVED (note: it’s in the past tense), until last week or so when food crises dotted the headlines, and inflation skyrocketed to 6.4% from a very cushy 2.2% last year. The present tense verb that I use more now to describe how I feel about the Philippine consumer market in the light of latest developments is “WORRY”.
For the past months now, I’ve watched how commodity prices in Bloomberg’s ticker tapes were always green, while equities were always red. There was a small voice in my head warning about the possible inflationary pressures (as well as the voices of true-blue economists on TV warning of stagflation) of fundies rushing from equities to commodities, but I was too busy watching the price of gold for my PX to pay heed to all those doomsday voices. And now we can’t have adequate rice supplies until 2011 (at least according to government sources), can no longer have cheap pan de sal because of atrocious wheat and flour prices, cannot eat meat, poultry and fish as easily because of their prices are rising as well. And all this while oil was breaching $112 per barrel. I feel much poorer already writing this without even having to look at the losses on my portfolio!
So what does this translate to, PSE-wise? Well, for one of my favorite stocks (which, ironically, is one of my biggest losers), the bloating inflation is probably among the worst news to come around. This company is Alliance Global Group, Inc. (AGI).
One of the things I liked most about AGI was its strong and direct links to the Philippine consumer market (yes, the same consumer market that I had once been so confident in but that is now threatened by inflation). It’s one of the first thing you notice just looking at its subsidiaries:
MEG - probably the fastest growing real estate company in the Philippines
EDI - claims to have the largest global share of the brandy market – still have to confirm this though
GADC - very profitable and with room for growth without having to gobble up other fast food chains, unlike JFC (no offense, chief!)
Its distribution arm which handles several brands of junk food (Pik-Nik I think is the most well-known brand they carry)
AGI has the Filipino consumer as its number one client; corporate or industrial sources of revenue are minimal. Add to this AGI’s cash hoard (P29B, or 33% of total assets), well-managed debt (half of equity attributable to shareholders), reputable management, a book value of P4.30 and interim (3q07) EPS of P0.34 per share, and you have a company that’s stable and whose stock price is pretty affordable (in my newbie opinion, at least).
I suppose it was a good call for AGI to invest in tourism as a form of diversification from the Philippine consumer market. With today’s inflation and food crises threatening to cut consumption down, I don’t think I’d rather have it any other way – well, except maybe if AGI had bought into PX ;-p
So, what do I see in my crystal ball for AGI? I’m hoping the Filipino consumer remains resilient, and that their tourism ventures do well (though I don’t think we’ll see the effects of that in another two years due to the time it will take to construct the hotels). Growth for 2008 probably won’t be as good as I thought it would be, but I’m still hoping it could at least get into double-digits.
There you have it, AGI and consumption. Next time, more on my thoughts about AGI’s venture into tourism.
In other news: congratulations to COAT and its P408.6M net income for 2007! This translates to a 12.9% return on equity, earnings per share of P0.34 and a P/E of 8.38 (at today’s price of P2.85 per share). Sure wish we could see more of its P500M buyback program kicking in though.
DGTL reported a net income of over P1B pesos from a net loss of over P900M last year. I don’t have this stock, but my good friend compounder888 has been telling me about this for a long time now. I haven’t studied this company yet nor gotten any info about it (I just read about their net income from the newspaper in an article about JGS), but I guess it won’t hurt to have a look. Not that I’ll be buying it, though: I don’t have any money left to invest in stocks, I just filed and paid for my Income Tax Return and my wife is giving birth next month. Even if DGTL does turn out to be a good company (which I doubt – no offense, chief!), it’ll have to wait.
Go, PX, go!! Bid for your shares at P7 and get your buyback program going!
Wednesday, April 9, 2008
Investing in Iloilo
AMDG
In www.finanemanila.net, there’s a forum about Cebu. I have yet to enter that forum, but I assume it’s about investment opportunities in Cebu, or Cebu-based companies listed in the PSE (such as CHI), or generally just about the glories of the new Queen City of the South (yep, new – originally, that title belonged to Iloilo, but that was decades ago).
Well, if you’re planning to invest in Cebu, go right on ahead. Its economy is so bullish right now that the economies of most other cities in the Philippines are like scattering rodeo clowns in comparison. Not to mention its young, highly trained population, its strong infrastructure, stable local government (albeit it’s still not exempt from corruption allegations), etc.
But this blog entry is not about Cebu. No. This blog entry is about the city who once held the title of Queen City of the South (and who lost it for good reason); the city that I grew up in, and the city that I love with a love that isn’t blind (I otherwise won’t be writing this if it were). This is about Iloilo City.
Iloilo is still an economic powerhouse to be reckoned with, don’t get me wrong. We have one of the highest concentrations of highly-skilled OFW’s (nurses, seamen, doctors, engineers, etc.), our real estate sector is booming, trade and commerce are on a high. But, in many ways, we now lag behind Cebu and Davao. We are dirtier and more congested than Bacolod (and Cebu and Davao), and are a whole lot of other negative things that would be too long to write about. While there is a lot of potential here in Iloilo, there is also an endemic problem here that I wish to relate to you by narrating a short story about my brother.
It all happened late one night. In a street made dark by streetlights that don’t work (as is often the case here), a jeep driver stopped right smack in the middle of the road to pick up passengers (as is often the case here) and was hit in the back by motorcycle that was going too fast (yes, still as is often the case here). My brother, who was driving our new 2007 Starex on the opposite lane, was surprised to see the motorcycle suddenly flying out of the other lane behind the jeep and careening towards him. He swerved to the right, almost running into an electrical post that was too near the road (haaayyyy…as is often the case here, still). Despite his efforts though, the motorcycle rammed into him, tearing off part of the fender and the mudguard and bending the car door in half.
The good news is the motorcycle driver survived. He now looks like Juan Manuel Marquez after fighting Manny Pacquiao with his hands tied behind his back, but he’s alive. Even better, my brother and his friends in the Starex were unharmed as well. As for the jeep driver, he fled the scene like it was the epicenter of a SARS outbreak.
But this accident would have been all but avoidable had it not for the most basic things that I and many other decent Ilonggos pay for in our taxes, such as the following:
1. Streetlights: the funny thing about Iloilo is we don’t seem to run out of streetlights that turn on DURING THE DAY. At night, half the city is like Dawn of the Dead: you half expect a zombie to suddenly just materialize out of the depths of the darkness that swathe the sides of our roads.
2. Driver discipline: as if jeeps aren’t an obsolete mode of public transportation enough (name a big, first-world city with jeeps?), jeep drivers stop in the middle of the road to pick up passengers, buy candy or smokes, break a big bill, or just chat with someone on the sidewalk. Well, that’s a common problem everywhere in the Philippines, you might say. But I’ve been to Davao, Cebu and Manila often enough say that, in my opinion, jeep drivers are much worse here in Iloilo. And why wouldn’t they be? Our traffic cops are almost never seen working! Yeah, you see them sitting in the shade, chatting, scratching their balls, sitting in the shade some more. But work? What that? How you spell that?
3. Motorcycles: yes, the two-stroke bane of all “highly urbanized areas” such as Iloilo. Regulation is the key here, but places like Iloilo, Roxas and Kalibo are being overrun by them, and not in the quaint, Mediterranean kind of way. Motorcycles and tricycles are like really noisy, smoky mosquitoes here, all of them driving as fast (or as slowly) as they want, cutting in and out of traffic and carrying whatever load they can (for the Davaoeño who might be reading, the term Skylab might be something he could relate to in this regard, although at the very least Mayor Duterte controls them).
So if you want to invest in Iloilo, by all means do so! Trust me, there’s money to be made here, and I’m not just saying that because I’m a true-blue Ilonggo who loves his city. But before you do, take a closer look because this place is really more of a baranggay that grew really big instead of a city. By that, I mean civic order and the concept of public domain are things that are not a priority here. So if you think the money to be made here is well worth the risk of having a heart attack because of your daily commute to work, then you are most welcome :-)
In www.finanemanila.net, there’s a forum about Cebu. I have yet to enter that forum, but I assume it’s about investment opportunities in Cebu, or Cebu-based companies listed in the PSE (such as CHI), or generally just about the glories of the new Queen City of the South (yep, new – originally, that title belonged to Iloilo, but that was decades ago).
Well, if you’re planning to invest in Cebu, go right on ahead. Its economy is so bullish right now that the economies of most other cities in the Philippines are like scattering rodeo clowns in comparison. Not to mention its young, highly trained population, its strong infrastructure, stable local government (albeit it’s still not exempt from corruption allegations), etc.
But this blog entry is not about Cebu. No. This blog entry is about the city who once held the title of Queen City of the South (and who lost it for good reason); the city that I grew up in, and the city that I love with a love that isn’t blind (I otherwise won’t be writing this if it were). This is about Iloilo City.
Iloilo is still an economic powerhouse to be reckoned with, don’t get me wrong. We have one of the highest concentrations of highly-skilled OFW’s (nurses, seamen, doctors, engineers, etc.), our real estate sector is booming, trade and commerce are on a high. But, in many ways, we now lag behind Cebu and Davao. We are dirtier and more congested than Bacolod (and Cebu and Davao), and are a whole lot of other negative things that would be too long to write about. While there is a lot of potential here in Iloilo, there is also an endemic problem here that I wish to relate to you by narrating a short story about my brother.
It all happened late one night. In a street made dark by streetlights that don’t work (as is often the case here), a jeep driver stopped right smack in the middle of the road to pick up passengers (as is often the case here) and was hit in the back by motorcycle that was going too fast (yes, still as is often the case here). My brother, who was driving our new 2007 Starex on the opposite lane, was surprised to see the motorcycle suddenly flying out of the other lane behind the jeep and careening towards him. He swerved to the right, almost running into an electrical post that was too near the road (haaayyyy…as is often the case here, still). Despite his efforts though, the motorcycle rammed into him, tearing off part of the fender and the mudguard and bending the car door in half.
The good news is the motorcycle driver survived. He now looks like Juan Manuel Marquez after fighting Manny Pacquiao with his hands tied behind his back, but he’s alive. Even better, my brother and his friends in the Starex were unharmed as well. As for the jeep driver, he fled the scene like it was the epicenter of a SARS outbreak.
But this accident would have been all but avoidable had it not for the most basic things that I and many other decent Ilonggos pay for in our taxes, such as the following:
1. Streetlights: the funny thing about Iloilo is we don’t seem to run out of streetlights that turn on DURING THE DAY. At night, half the city is like Dawn of the Dead: you half expect a zombie to suddenly just materialize out of the depths of the darkness that swathe the sides of our roads.
2. Driver discipline: as if jeeps aren’t an obsolete mode of public transportation enough (name a big, first-world city with jeeps?), jeep drivers stop in the middle of the road to pick up passengers, buy candy or smokes, break a big bill, or just chat with someone on the sidewalk. Well, that’s a common problem everywhere in the Philippines, you might say. But I’ve been to Davao, Cebu and Manila often enough say that, in my opinion, jeep drivers are much worse here in Iloilo. And why wouldn’t they be? Our traffic cops are almost never seen working! Yeah, you see them sitting in the shade, chatting, scratching their balls, sitting in the shade some more. But work? What that? How you spell that?
3. Motorcycles: yes, the two-stroke bane of all “highly urbanized areas” such as Iloilo. Regulation is the key here, but places like Iloilo, Roxas and Kalibo are being overrun by them, and not in the quaint, Mediterranean kind of way. Motorcycles and tricycles are like really noisy, smoky mosquitoes here, all of them driving as fast (or as slowly) as they want, cutting in and out of traffic and carrying whatever load they can (for the Davaoeño who might be reading, the term Skylab might be something he could relate to in this regard, although at the very least Mayor Duterte controls them).
So if you want to invest in Iloilo, by all means do so! Trust me, there’s money to be made here, and I’m not just saying that because I’m a true-blue Ilonggo who loves his city. But before you do, take a closer look because this place is really more of a baranggay that grew really big instead of a city. By that, I mean civic order and the concept of public domain are things that are not a priority here. So if you think the money to be made here is well worth the risk of having a heart attack because of your daily commute to work, then you are most welcome :-)
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