DAVAO CITY — Mindanao is now the top market and revenue earner of Camella Communities, one of the real property units of Vista Land and Lifescapes, Inc. (VLL), a top official of the brand said Wednesday.
Camella Communities President Teresa P. Tumbaga said while Luzon has matured as a market, they have been expanding in the southern mainland, particularly in key cities that are ripe for residential developments.
“Mindanao really is a huge market,” said Ms. Tumbaga at the launching of Camella Toril in Davao City.
She said the Mindanao projects accounted for about 50% of Camella revenues last year when it started to overtake Luzon as the main market. The company also has projects in the Visayas.
Based on VLL’s 2018 annual report, Camella’s revenue was at P9.8 billion. In the second quarter this year, the subsidiary’s revenue was P7.2 billion.
Ms. Tumbaga said government infrastructure projects around Mindanao has boosted the real estate market. “(These projects in Mindanao) can really attract a lot of investors.”
Overseas Filipino workers comprise the most number of buyers at 65-70%, she said.
Camella currently has 36 projects in six Mindanao areas, with the biggest in Cagayan de Oro City with 12 at the Grand Europa complex.
In Davao City, the brand currently has five projects and another one is planned for launching within the next three months.
To complement the housing projects, Ms. Tumbaga said they are also discussing with the city government the development of an intermodal transport hub in the southern part.
City Planning and Development Office coordinator Ivan C. Cortez, who was at the launching event, said they welcome the plan as it will accelerate development in the Toril district.
“(Toril) is a second economic growth area,” said Mr. Cortez.
Camella is under VLL’s Communities Philippines, set up in 1991 for “low-cost and affordable residential properties outside the Mega Manila area.” — Carmelito Q. Francisco
SYDNEY — Two of Australia’s top shareholder proxy advisers on Wednesday urged investors to vote out more directors of Westpac Banking Corp after a money-laundering scandal claimed the CEO and chairman of the country’s No.2 retail bank.
The campaign suggested efforts by Westpac to curtail outrage over a lawsuit accusing it of enabling 23 million payments in breach of money laundering laws, including between known child exploiters, have fallen short.
The country’s oldest bank holds its annual meeting on Dec. 12, and has already said the chairman of its risk and compliance committee, Ewen Crouch, will not seek re-election after the lawsuit from financial crime watchdog AUSTRAC last week.
Proxy adviser CGI Glass Lewis said it would also recommend shareholders vote against director Peter Marriott, a former chief financial officer of Australia and New Zealand Banking Group, as he had been on the board since 2013 when the payments at the centre of the scandal began.
“Due to the length of his tenure and his banking background … his accountability for these matters should be enforced (and) his re-election should not be supported,” CGI Glass Lewis said in a note reviewed by Reuters.
Another proxy adviser, Institutional Shareholder Services (ISS), said it recommended voting against Marriott and another Westpac director, Nerida Caesar, on the grounds that Caesar was also on the bank’s risk and compliance committee, according to the Australian Financial Review.
Marriott and Caesar were not immediately available to respond to Reuters requests for comment.
U.S.-born Chief Executive Brian Hartzer stepped down on Tuesday and Chairman Lindsay Maxsted said he would retire in early 2020, sooner than planned, only days after he had argued that change at the top would destabilise the bank.
Hartzer’s departure effective from Dec. 2 made Westpac the third of Australia’s four-biggest banks to lose its top executive in the past 18 months, following a series of scandals and a damaging public inquiry which found systemic industry misconduct.
If owners of more than a quarter of an Australian company’s shares vote against its executive pay plans at its AGM, as they did for Westpac in 2018, they can call for the entire board to be removed under Australia’s “two strike” law.
CGI Glass Lewis said it would not recommend voting against Westpac’s pay plans because the bank had already taken action over the latest allegations.
In the event of a second “strike”, CGI Glass Lewis said it would recommend voting against removing the board on the grounds that this was “an option of last resort”.
TROUBLE OVER THE TASMAN
Reserve Bank of New Zealand Governor Adrian Orr said he was “very concerned” about the AUSTRAC allegations against Westpac, which has a major presence in New Zealand, as he announced the central bank was ramping up its scrutiny of banks and insurers.
The RBNZ had contacted all banks to ask for assurance they were meeting regulatory requirements, and was working closely with Westpac’s New Zealand subsidiary on the issues that had arisen in Australia, Orr told a media conference.
“Our recent reviews of banks and life insurers, and the number of recent breaches in key regulatory requirements, reinforces the need for financial institutions to improve their behavior,” said RBNZ deputy governor Geoff Bascand in a statement accompanying the bank’s financial stability report.
Westpac shares closed down 0.2% on Wednesday, taking its total decline to 6.6% or A$6.2 billion ($4.2 billion) in market capitalization since the money-laundering lawsuit was announced.
The Australian newspaper reported Westpac had lost a bid to supply loans to a government home-deposit assistance scheme due to reputational risk.
Australia’s four biggest banks applied for two positions on a panel of lenders for the nationwide home-affordability scheme from Jan. 1, 2020, but Westpac now expected to be excluded, the newspaper reported citing unnamed Westpac sources.
Australia’s major retail banks make most of their profit from the home loans.
A Westpac spokesman declined to comment. — Reuters
BRITISH ACTOR John Boyega said on Wednesday that he left his copy of the closely-guarded script for the new Star Wars movie under his bed, and that it ended up for sale on eBay.
Boyega, who plays Stormtrooper turned resistance fighter Finn in Star Wars: The Rise of Skywalker, told US TV show Good Morning America that a cleaner had found the script and put it on the eBay auction site.
Director J.J. Abrams said earlier this week that the team behind the film spotted the eBay listing and was able to get it back before it was sold, meaning the secrets in the plot are still safe.
“I was moving apartments and I left the script under my bed. I was just like, you know what, I’ll leave it under my bed,” Boyega said on Wednesday. “When I wake up in the morning I’ll take it and move, but my boys came over and, you know, we started partying a little bit and then the script just, it just stayed there.
“Then a few weeks after a cleaner comes in, finds the script and then puts it on eBay for, like, 65 (British) pounds. So the person didn’t know the true value,” he added.
Scripts for Star Wars movies are among the most closely guarded in the film world. Many actors only get the parts of the script for their specific scenes and critics do not get to see the film in advance.
Boyega said that even he did not know the ending of the film, which concludes the Skywalker saga first brought to life in the 1977 original. — Reuters
GOLDEN ARCHES Development Corp. (McDonald’s Philippines) and the Pasay City government signed a Memorandum of Agreement (MoA) allowing senior citizens and persons with disabilities (PWDs) to work in the city’s branches of the fast-food chain.
McDonald’s Philippines President and CEO Kenneth Yang and Mayor Imelda Calixto-Rubiano signed the agreement.
Managing Director Margot B. Torres said that all 14 McDonald’s branches in Pasay City will now employ at least two senior citizens and one PWD in all stores.
“We are committed to be a partner of the communities championing fair and equal employment opportunities,” said in her speech at the signing of the MoA.
McDonald’s Philippines said in a statement that this would open employment to 50 more senior citizens and employees and they will receive “world class training as an order presenter, drink drawer, table manager or overall guest relations.”
Similar agreements have been signed with Pasig City and Manila, Adi Timbol-Hernandez, communications senior manager of McDonald’s Philippines said, adding that there will be more agreements with other cities.
“As we enter into these partnerships with these cities, other cities are also now taking interest and are approaching us also for the same partnership,” she told reporters on the sidelines of the MoA signing.
Ms. Timbol-Hernandez also said that the group is working together with the Public Employment Service Office in screening applicants.
Close to 100 senior citizens and PWDs have been hired since September when agreements were signed with Manila and Pasig City.
A job fair for 15,000 job openings was also held at the Cuneta Astrodome as part of Pasay City’s 156th Foundation Day celebration and the Department of Labor and Employment’s (DoLE) 86th anniversary.
DoLE said in a statement that a total of 100 establishments joined the job fair, from industries like wholesale, retail and trade, health, beauty and wellness, hotel and restaurant, among others. — Vann Marlo M. Villegas
LISTED company Vivant Corp. said on Thursday that its unit in the energy sector had signed a deal to buy out its partner in a joint venture company with projects in solar energy development.
In a disclosure to the stock exchange, Vivant said it was informed by Vivant Energy Corp. of the deed of sale with assignment of subscription rights with ET Energy Pilipinas Holdings Corp.
“We took full control of the solar business because we want to provide total energy solutions to businesses that face the everyday challenge of managing their power-related costs,” said Emil Andre M. Garcia, Vivant Energy chief operating officer, in a statement.
The deal involves the sale of ET Energy’s 8,858,485 paid-up preferred shares and the assignment of its rights over the 9,141,516 subscribed but unpaid preferred shares in the joint venture ET-Vivant Solar Corp.
“We are currently working on a new brand that consolidates all of our business to business customer-facing energy solutions, one of which will be rooftop solar,” Mr. Garcia said.
Vivant Energy said the move contributes to its expanding renewables portfolio, which includes the Sabang Renewable Energy Corp. (SREC) that operates a hybrid power plant that combines solar panels, battery and diesel engines, and electricity distribution system.
The company holds Vivant’s investments in the energy sector, including its shares in power generation and distribution, and the retail electricity business.
SREC recently began providing renewable power in Brgy. Cabayugan, Puerto Princesa City as a qualified third-party authorized by the Department of Energy and the Energy Regulatory Commission.
Mark Habana, Vivant Energy vice-president for commercial affairs, said the move to rebrand the group is aimed at providing one brand for all its related businesses, which includes retail electricity supply.
In its disclosure, Vivant also said that Vivant Renewables Energy Corp. (VREC) had executed a deed of sale with assignment of subscription rights with ET Energy for the latter to sell to VREC the 984,276 paid-up common shares and to assign its rights over the 1,015,724 subscribed but unpaid common shares in ET-Vivant Solar.
“As a result of the transaction, Vivant Energy and VREC will collectively own 99.99% of ET-Vivant Solar,” it said. “The remaining shares are shares held by members of the Board of Directors.” — Victor V. Saulon
DVD Review Jackie (2016) Directed by Pablo Larraín
NOT ALL superheroes wear capes. Some of them wear Chanel suits.
Jackie (2016), a biographical film about US First Lady Jacqueline Kennedy (played by Natalie Portman) focuses on the days immediately after the assassination of her husband, US President John F. Kennedy (played by Caspar Phillipson) on Nov. 22, 1963. One week after the assassination, Jacqueline Kennedy gave an interview to Theodore H. White for Life magazine. Credited in the film as The Journalist, he is played by Billy Crudup as a composite of the Pulitzer Prize-winning historian, along with historians Arthur Schlesinger and William Manchester, who themselves interviewed the former First Lady. This interview serves as a framing device for Chilean director Pablo Larrain’s first English-language film, working with a script by Noah Oppenheim, and a score by Mica Levi.
There have been many films, books, television series about the assassinated president and his family, but many view his wife, Jackie, as merely a supporting character, or even a highly attractive human prop. This film places an almost intrusive focus on the woman who was beside him as he climbed to the presidency, and beside him, quite literally, when he died in the backseat of an open-top limousine.
I had the experience of seeing the film in Dallas, and driving on the very street where the movie’s defining crime was committed. The building where JFK’s assassin, Lee Harvey Oswald sat and waited for his victim has since been converted into a museum, while two X’s mark the spots on the road where the president was shot twice.
I use the word “superhero” in the first line of this essay to describe the film’s subject since I noted that the glamorous figure of Jackie was stripped bare in this film and given the “gritty reboot” treatment, similar to that of many superhero movies of the past decade. In gritty reboots, the superhero well may be an extraordinary figure, but he’s covered up first in a shroud of angsty mundanity, to be shed off through blood, sweat, tears, and incisive introspection, before finally coming to deserve to wear their superhero suits. The real Mrs. Kennedy’s couture, of course, could hardly be described as mundane, but in this movie, her superhero suit would be the pink Chanel outfit splashed with her husband’s blood, which both the real and reel Mrs. Kennedy refused to take off, daring their enemies (she really said this) to “Let them see what they’ve done.”
The interview, as a framing device, makes it so that the events of the previous days are laid out in a nonlinear fashion as in the feverish conversation of a woman dazed, confused, and in shock. In the span of an hour and 40 minutes, we are taken through Mrs. Kennedy’s televised White House tour, concerts, and dinners at the White House, the actual moment of assassination, and the theatrical funeral organized by Mrs. Kennedy. The funeral and the interview are of equal importance in the movie: seen as a supporting character in history, it’s revealed in these sequences that Mrs. Kennedy was the one responsible for building her husband’s image as a great man worthy of emulation — who’s a supporting character now?
This same conversation depicted in the film would later be remembered for cementing her and her husband’s status as heads of an American, modern-age Camelot, modeled after the legendary glittering court of King Arthur. The Broadway musical from which Mrs. Kennedy pulls these lines: “Don’t let it be forgot, that once there was a spot, for one brief, shining moment that was known as Camelot,” of course, makes several appearances in the film. One of the most unforgettable uses of the musical in the film was when Mrs. Kennedy tried on several outfits while intoxicated and in tears, while the song played in the background — grasping to remember her own part in that court. The film then makes for great sensorial pleasure: Mrs. Kennedy, as a patron of the arts, lived a life as curated as the artistic works she promoted. This is seen in the set design, which takes its cues from Mrs. Kennedy’s extensive renovation of the White House (still seen today), and the film’s costuming. The film was nominated for Best Costume Design at the 2017 Oscars, and won that award at the BAFTA.
Speaking of awards, Ms. Portman was nominated for Best Actress for this role in the 89th Academy Awards, but lost to Emma Stone for her work in La La Land. Some would criticize Ms. Portman’s acting as stiffly theatrical, and that voice — that high, breathy, purring voice that she used in the film. But that’s the thing: that’s how people saw Jacqueline Kennedy. If anything, that accent just shows how much Ms. Portman was committed to her role, embodying the real Mrs. Kennedy’s speaking patterns that reflected her cosmopolitan upbringing in some of America’s best homes, her transatlantic travels, and her own theatricality. That part of Mrs. Kennedy didn’t always translate well, and left her open to misinterpretation: much like Ms. Portman’s acting in that film. In an acting masterwork, Ms. Portman, to this reporter’s interpretation, made someone too real, to her own detriment.
At a superficial glance, the movie is simply about a period in history as seen through the eyes of an oft-ignored player. However, Mr. Larrain’s vision and Mr. Oppenheim’s script provide many, many layers which might be intimated in one scene, but its imprimatur can last through the whole film. For example: it’s a movie about image-making, and the writing of history as it happens, but it’s also about private and public grief. It’s a feminist movie, showing Jackie using femininity as a weapon against the tough White House men, but then it’s also a movie about faith, fate, and destiny (seen in the conversations between Jackie and a Catholic priest, played by the late John Hurt in his last acting role). I can even squeeze in that it’s also an observation on journalism, and how much hold power has over truth: “I don’t smoke,” Mrs. Kennedy corrects the journalist’s proposed draft, while lighting a cigarette for herself.
If I’m comparing this biopic to a superhero movie, then I must justify why fashion icon Jacqueline Kennedy becomes a true superhero. She may not have shed blood, but she was splashed with it. Lady Jeanne Campbell, covering the funeral for The London Evening Standard said, “Jacqueline Kennedy has given the American people… one thing they have always lacked: Majesty.” Confronted by her own pain, she absorbed the shock and grief of a nation and reflected it back to them, showing an example of grace and stoicism in the face of uncertainty. That’s heroism.
THE BANKING INDUSTRY expects the economy to grow by 6-7% in the next two years, aligned with the government’s forecast, according to a survey by the Bangko Sentral ng Pilipinas (BSP).
A big chunk of the lenders that responded to the Banking Sector Outlook Survey (BSOS) for the first half are also positive that the industry will remain stable as most of them are optimistic of a double-digit growth in their assets, loans, deposits, as well as net income.
“Banks maintain their optimism on the country’s economic prospect amid global uncertainties and market volatilities during the first semester of 2019 as 83.5% of the BSOS respondents projected that the gross domestic product (GDP) shall grow between six to seven percent within the next two years,” according to the BSP report published on its website on Thursday.
Meanwhile, 73.5% of bank respondents expect double-digit growth in their assets. This is lower compared to the 80% of them that projected a double-digit growth in the first half of 2018.
Despite some banks becoming less positive in terms of a double-digit growth forecast, lenders are bullish on better return on equity (RoE). The survey found that only 13.8% expect an RoE of less than 5% compared to the 20.6% that expected the same in the same comparable period a year ago.
The survey results also showed that lenders are becoming more alarmed about their non-performing loan (NPL) ratios as 66.7% of respondents expect NPL to climb from only 54.4% in the first half of 2018.
“The sluggish global growth, coupled with trade tensions among the world’s biggest economies, may adversely impact the domestic manufacturing sector which exports a significant portion of its output. This, in turn, may have led to the banks’ forecast of an uptick in the NPL ratios,” the report said.
Aside from this, majority of banks also said corporate and retail banking continue to be their biggest priority. This is followed by payment services.
In terms of strategic priorities, lenders mentioned that their top two are to grow their bank and to optimize the available technology.
“In particular, most of the banks planning or already employing technology in their operations find its most important application in areas of data security and privacy, know your customer (KYC) procedures and loan scoring. Moreover, most of the respondent banks revealed preparedness in managing cybersecurity risks,” the report said.
The survey respondents include all universal banks and thrift banks, as well as the top 20 rural lenders in terms of total loan portfolio. — LWTN
HAMBURG — BMW management and labor have reached an agreement on measures to reduce costs that avoids “drastic measures,” the German carmaker said on Wednesday.
BMW had been in talks with labor representatives and its top suppliers as it seeks to achieve cost savings of more than 12 billion euros ($13.23 billion) by 2022.
The agreement involves reducing a payout scheme for workers based on company profits, as well changes to Christmas and other bonuses for some workers. The measures are effective from 2020.
The announcement comes a day after Volkswagen’s luxury car unit Audi said it would cut one in 10 jobs, freeing up billions of euros to fund its shift toward electric vehicle production.
“We have achieved a solution based on solidarity. This allows us to avoid drastic measures that others are currently taking to reduce their costs,” CEO Oliver Zipse said.
Carmakers have been struggling with an auto industry downturn, particularly in China, and the need to increase investment in electric vehicles as several countries move to eventually ban conventional combustion engines.
Rival Daimler as well as car suppliers Continental and Osram have also recently announced staff and cost cuts. — Reuters
CENTURY Pacific Food, Inc. (CNPF), maker of Century Tuna and Argentina corned beef, is expanding into coconut products with the introduction of its own brand Coco Mama Fresh Gata.
“Coco Mama Fresh Gata… is meant to provide home cooks with an easy and convenient way to use fresh coconut cream without having to buy the actual coconut, and then grating and pressing it themselves,” the listed company said in a statement Thursday.
CNPF is an integrated manufacturer of high-value coconut products such as organic virgin coconut oil, desiccated coconut and coco water, for OEM (original equipment manufacturer) exports. Its milk and coconut businesses account for nearly a third of the company’s revenues.
Coco Mama is CNPF’s first culinary coconut product under its own brand, as the company expands into new product categories.
“Geared towards the domestic market, (Coco Mama) leverages on CNPF’s existing coconut manufacturing facilities and extensive distribution network in the Philippines,” the company said.
CNPF has a coconut products manufacturing facility in General Santos City.
Aside from coconut products, CNPF is also involved in the manufacturing and distribution of processed marine and meat products for export and its own brands such as Century Tuna, Argentina, Swift, and 555. Its milk brands include Angel and Birch Tree.
This year, it also launched Birch Tree Fortified Choco, another variant of its powdered milk product, and Argentina Corned Chicken. It also has the Philippine license for pork and beans brands Hunt’s and the Kamayan trademark for North America. Kamayan is a top brand for shrimp paste or bagoong.
In the third quarter, CNPF reported a 7% increase in net income to P797.83 million, driven by double-digit growth in its tuna brands. Revenues jumped 10% to P10.10 billion during the said period.
For the first nine months, the company also booked a 7% rise in net income to P2.36 billion, while consolidated revenues increased 17% to P29.47 billion — 75% of which came from its branded segments. Its revenues from OEM business inched 3% higher to P7.5 billion.
Shares in Century Pacific went down 1.82% or 0.28 points to close at P15.10 each in the stock exchange on Thursday. — Vincent Mariel P. Galang
RUSTANS.COM has unveiled its online-only Black Friday Cyber Monday deals. On Black Friday on Nov. 29, it will begin its biggest four-day online event by capping off with Cyber Monday deals until midnight of Dec. 2. Across the four-day sale, customers can enjoy up to 80% Off on major brands. For information visit rustans.com.
Ogie and the Hurados 2
DUE to public demand Ogie Alcasid and the Hurados of Tawag ng Tanghalan reunite for a repeat show of Ogie and The Hurados 2 on Dec. 1, 8 p.m., at the Newport Performing Arts Theater, Resorts World Manila. With musical direction by Nikko Rivera and direction by Paolo Bustamante, guest performers include Erik Santos, Jaya, Mitoy Yonting, Jolina Magdangal, and Regine Velasquez-Alcasid. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).
Shangri-La tree lighting
JOSE MARI CHAN, the Philippine Madrigal Singers, and the Mini Madz will perform when Shangri-La Plaza lights up its Christmas Tree on Dec. 1, 6 p.m., at Level 2, Grand Atrium, Shangri-La Plaza.
Van Gogh Alive
THE multi-sensory exhibition about the life of Dutch painter Vincent Van Gogh, told through his works and letters, is ongoing at the 4F of One Bonifacio High Street in BGC, Taguig City, until Dec. 8. For details visit www.vangoghalive.ph.
The Quest for the Adarna
REPERTORY Philippines’s Theater for Young Audiences presents a musical retelling of the Philippine folk tale “Ibong Adarna.” The Quest for the Adarna has performances until Jan. 26, 2020 at Onstage Theater, Greenbelt 1, in Makati. In the kingdom of Berbania, the king falls mysteriously ill and can only be healed by the song of the mythical bird, Adarna, which can be found in its mountain home. His three sons take turns attempting the dangerous journey to help their father. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).
Cats the Musical
CATS The Musical will be on its final weekend of performances.
THE international tour of the Olivier and Tony award-winning musical by Andrew Lloyd Webber, based on T. S. Eliot’s poetry book, “Old Possum’s Book of Practical Cats” has performances at The Theater at Solaire until Dec. 1. The show stars Joanna Ampil as Grizabella. For more information, visit www.catsthemusical.com. Tickets are available at TicketWorld (891-9999, www.ticketworld.com.ph).
Metro’s Crazy Sale
METRO Retails is slashing its prices, with discounts of up to 70%, on Nov. 30, 7 a.m. to midnight. The Metro Crazy Sale will be held across all departments including home goods and the supermarket. Among the deals are a Buy 1 Take 1 promo for 32” LED TV for P9,999. Sheets, curtains, and apparel will go for up to 70% off while children’s clothes and toys will see discounts of up to 50% with Buy 1 Take 1 deals too. Metro Rewards Club cardholders will receive three times more points per purchase, while shoppers who use their cards at Metro Supermarkets will get freebies for minimum purchases of P1,500 or P2,500 for MRC cardholders and P5,000 for Metro Business Club cardholders. For details visit www.metroretail.com.ph.
Landers End of Year Sale
LANDERS SUPERSTORE is holding its Super Crazy End of Year Sale which offers all members discounts, exclusive deals, and other surprises. Ongoing until Dec. 1, the sale gives Landers members discounts of up to 50%, buy-one-get-one deals, and urPrices (Piso offers) on food items, clothes, toys, housewares, health and beauty products, and more. For more information about the sale, visit http://landers.ph/.
Coming Together: An Exhibit
HUB Make Lab and the Goethe Residency Presentation will showcase the coming together of Eliz Ting and Sophia Guggenberger in an exhibit as the culmination of their one-month HUB Residency. During the residency period, a space at the Hub Make Lab in Escolta was occupied and gradually filled with experiments and conversations on the topic of crafting with water hyacinth, a material that is prolific in Laguna de Bay. The exhibit will be held on Nov. 30, 1 p.m. at the Hub Make Lab, Ground Floor, First United Bldg., 413 Escolta St., Binondo, Manila.
PPO in Aklan
THE Philippine Philharmonic Orchestra (PPO) will be performing in the province of Aklan. A “Masters Mentoring Program” will be held at the Infant Jesus Academy classrooms in Kalibo, Aklan. The outreach program will culminate in a concert of the PPO entitled An Enchanting Evening in Balete on Dec. 1, 6 p.m. at the Teodoro F. Calizo Sr. Memorial Civic Center in the municipality of Balete, Aklan.
4th German Film Week
AFTER screenings in Manila, The Goethe-Institut’s 4th German Film Week hits the road and will visit the cities of Cagayan de Oro, Cebu, and Baguio from Nov. 27 to Dec. 15. Catch the screenings on Nov. 27-29 at the Liceo De Cagayan University, Cagayan de Oro; Nov. 27 and 29 at the University of San Carlos-Talamban Campus, Cebu, and Dec. 9-15 at the Ililikha Artist Village, Baguio.
Antique the focus in Central Square fair
THE Department of Tourism’s Philippine Harvest fair returns on Nov. 29 to Dec. 1, featuring the produce of the province of Antique over at Central Square, Bonifacio High Street Central in Bonifacio Global City. The three-day sustainable food and travel fair will feature more than 10 weaving associations who will present the patadyong or multi-functional wrap-around cloth made of cotton blends in plaid pattern, as well as handwoven scarves, shawls, bags, T-shirts, shoes, hand-painted pillows, bariw and banig bags, place mats, carpets, hot pods, table runners, embroidered products, and accessories. There will also be food products ranging from muscovado sugar, candies, virgin coconut oil products, roasted coffee, taro chips, and sweet potato chips, to fesh produce like peanuts, ginger, turmeric, squash, monggo, kadyos, batwan, corn, gabi, canton squash, and moringga powder. Visitors can enjoy a variety of kakanin, vegan food products, local coffee, organic fruits and vegetables, artisanal tuyo, and gourmet salted egg, among others.
BPI ASSET Management and Trust Corp. (BPI AMTC) has launched a unit investment trust fund (UITF) that will allow its clients to invest in US stocks without needing a dollar account or exchanging peso to dollars.
Called BPI Invest US Equity Index Feeder Fund Peso Call, the UITF will enable its clients to invest in the US market using their peso accounts. Bank clients may invest in the pool of stocks belonging to the S&P 500 Index which is a market-capitalization-weighted index where the largest 500 US publicly traded companies belong, including Apple, Inc., Microsoft Corp., Amazon, and Facebook, amongst others.
“The US economy is expected to grow 2.3% in 2019. Investing in both local and global markets allow investors to derive returns from other markets and experience less volatility in their overall portfolio,” BPI AMTC President Sheila Marie U. Tan said in a statement.
Bank clients can access the new UITF in both peso or US dollar classes through BPI branches or through BPI Online. Minimum investments for the fund start at P50,000 or $1,000, while top-ups can be done from P10,000 or $500.
“The fund is suitable for investors with an aggressive risk profile and awareness of the risks involved in investing in the US equities market,” BPI said.
The Ayala-led lender’s net income in the third quarter climbed 38.6% year on year from the same period in 2018, supported by growth traced from its core businesses, according to a regulatory filing in October.
BPI’s shares closed at P88 apiece on Thursday, down 0.96% from its previous finish. — LWTN
I am the production manager of a medium-sized factory in Laguna. When I assumed the job eight months ago, I was surprised at the high rate of product defects, sometimes as high as 30%. On the average, we settle for a defect rate of about 15%. That means a lot of money for the company in terms of repairing them, if at all possible. If not, they are simply thrown away. When I analyzed the situation, it appears that our workers (more than half are subcontractors) are partly responsible for the problem. I haven’t been able to sleep for weeks trying to think of a solution. I’m not sure if hiring only regular workers would solve the problem. Can I charge the cost of defects to the agency workers? What do you think? — Deep Blue Sea.
Andy Capp walks home from a pub, arm-in-arm with a male friend while singing “Dear Old Pals.” As he enters his house shortly before midnight, he calls out to his wife: “Yoohoo! It’s me,” and then passes out on the floor. His wife walks over and covers him with a blanket and placed a pillow on his head as he reeks of liquor.
Andy wakes up and says: “Thanks, Sweetheart!” His wife replies:
“Don’t mention it as long as you don’t take your problems to bed with you.”
It should be the first step in the process. Don’t bring your work problems home no matter how difficult they are.
Just do whatever you think is best under the circumstances. Whatever your options, don’t delay in studying and implementing them all with the help of your workers. After all, they are closer to the ground. Again, don’t delay. An imperfect action is better than perfect inaction. But to answer your two questions on hiring only regular workers and charging the cost of defects to the agency workers, you have to explore both the pros and cons of it.
That’s because you don’t want to complicate things which may include the increased cost of hiring a regular workforce compared to outsourcing, if not the possible refusal of agency workers to pay for the defects because of their lack of training. At times, it would be difficult to discover the real root cause or causes of product defects.
For these reasons, I suggest that you consider the following broad strategies to reduce, if not eliminate product defects in your factory.
One, create and maintain a Total Quality Management policy. Or you can review your corporate Vision, Mission, and Value statements. Somehow, you can find a sound basis for implementing something that already exists in the first place. It is better that way than have these corporate statements exist as mere wallpaper in the factory’s lobby and showroom.
If there is none, now is the time to create something which you can refer to as the factory’s quality and productivity constitution. It should be holistic so that you don’t have to focus on only defect prevention as part of the TQM equation. You must have a systematic approach.
Two, develop a good working relationship with everyone. That includes the minimum wage earners, regardless of their employment status (regular or contractual). If they are treated well enough, they are more than willing to help management. Therefore, it’s always a good idea to be pleasant with all employees. It is as simple as going to their work stations, smiling to everyone, and offering your help to make things better.
Sometimes, the enemy is within your management team, especially if there’s one who was bypassed for promotion. If that happens, a different tack is necessary with the active participation of your CEO.
Three, show respect and interest for the workers’ suggestions. In fact, you must create an environment where all workers, regardless of rank, must provide ideas on how to improve product quality and labor productivity. You can install a Quality Circle Program or the Employee Suggestion Scheme. Whatever you want to call it, ensure that they become part of everyone’s key performance requirements.
Of course, there are times that workers would simply go through the process of giving ideas, but not enough to create a dent in the workplace. It’s better than nothing. At least, they’re communicating with you. Over a certain period, as you adjust your policy and procedures, people would have to respond positively.
Four, understand and learn how to manage routine objections. It’s part of the ball game. Be ready to be challenged by people who are used to enjoy their respective comfort zones before. But that’s an imperative if only you would like to show your worth to the whole organization. In doing this, you can develop as many individual approaches that fit into the personality of people.
There are many approaches that you can take on how to manage difficult workers and managers. The specifics will vary according to the requirements of the situation. But the most important point is how to create proactive communication strategies to gain the cooperation of most people.
Last, give credit where credit is due. It’s one basic thing in management you can’t afford to ignore. And it doesn’t have to be limited to giving material things. In fact, you don’t even have to give cash. I could write a book on many zero-cash strategies that motivate people to do their best. One of these is a reward points system, similar to what’s being done by credit card companies to entice their cardholders to use their cards more often.
The advantage of this is you don’t have to pay tax compared to when you give out cash incentives. Whatever you do, don’t forget to shine the spotlight on deserving people during yearend celebrations and corporate anniversaries.
In conclusion, let me tell you that these rules are not exactly comprehensive but more than enough to remind you of the basic things in people management. In whatever you do, be watchful of bottlenecks, including difficult managers who are plain indecisive, as well as others who, in their attempt to justify their existence, would question everything.
Whatever the reason, don’t focus your attention on the product defects. The real answers could be more than you bargained for.
ELBONOMICS: An imperfect action is better than perfect inaction.
