MEDIUM RARE
If detectives and crime writers go by the cliché, “cherchez la femme” (look for the woman), when they’re trying to solve a crime, bankers and economists go by the rule to “follow the money.”
People with a nose for money understand that the trail begins with how money produces money. No money, no honey, as another saying goes, or, no work, no pay. Banks won’t lend you a centavo unless you have money in one form or another.
All of which is a long intro to the good news I keep reading in the business pages. (And here we are, watching how galunggong and sibuyas are faring in the palengke!) The big corporations are earning money in awesome amounts — no need to scrutinize their prosperity secrets as the experts speak a language all their own. While you and I bask in their good fortune, hoping for a spillover effect on us consumers, the results of their A-1 management styles are sure to positively impact our gross domestic product and/or gross national product, maybe even bring our economy closer to middle-income status in ASEAN.
To cut to the chase, profits earned in 2022 leaped spectacularly over their 2021 figures. The stars on the list I compiled – not complete, not updated by the hour – showed triple-digit profits of 146 percent for Semirara Mining and 130 percent for SM’s Belle Corp.; and double digits of 71 percent for RCBC; 69 percent DMCI; 58 per-cent Clark International Airport; 53 percent SM Investments; 50 percent DBP; 48 percent Metrobank; 44 percent ICTSI; 38 percent SM Prime; 32 percent Aboitiz Power; 21 percent Meralco; 21 percent Robinsons Land; 18 per-cent Ayala Corp.; 12 percent Universal Robina; 10 percent San Miguel Food and Beverage. The prosperous list goes on.
Single-digit profits were earned by Ginebra San Miguel 9 percent; Megaworld 7 percent; San Miguel Brewery 6 percent. In addition, Bloomberry recovered from a ₱4.2 billion loss to earn ₱5.1 billion, just as 2Go Group turned from a ₱1 billion loss to make ₱312 million.
As we speak, the money supply stands at ₱16 trillion (how many zeroes, commas?), bank lending expanded by 10.4 percent in January, more vehicles sold in February ’23 (29,499) than in February ’22 (24,304). Remittances grew 3.6 percent to $32.54 billion. All this following the money (in my imagination) is making me, no, not cry, but sweat.