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SLMC Bonifacio Global City MAB Corp. to hold Annual Stockholders’ Meeting on Nov. 8 through teleconference

 

 

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MPTC-SMC tollway merger seen to finalize this month

CAVITEX.PH

By Ashley Erika O. Jose, Reporter

THE MERGER between Metro Pacific Tollways Corp. (MPTC) and San Miguel Corp. (SMC) is expected to be finalized this month, according to MPTC President Rogelio L. Singson.

“The merger is actually going to happen sooner rather than later… Expect some announcement soon, within October,” Mr. Singson told reporters on the sidelines of the Management Association of the Philippines general membership meeting on Wednesday.

MPTC initially expected to finalize the planned merger by the first quarter of 2025. However, after the tollways arm of the Pangilinan group finalized its investment deal to acquire a 35% stake in the Trans-Java toll road network in Indonesia, the merger is now likely to happen sooner than expected, Mr. Singson noted.

Earlier this month, MPTC’s subsidiaries and Singapore’s GIC Pte. Ltd. finalized their investment cooperation to acquire a 35% stake in PT Jasamarga Transjawa Tol (JTT), a major toll road operator in Indonesia.

“Indonesia [assets] have to be part of it, and now that the transaction has been completed, the [size] of the merger would be 50:50,” Mr. Singson said.

MPTC has said that while SMC’s toll road assets are larger, MPTC’s Indonesian assets will balance the difference.

The merged company is still being planned to be listed on the Philippine Stock Exchange, Mr. Singson said, adding that MPTC’s initial public offering (IPO) plans would still have to wait.

Mr. Singson said that the merged entity will be listed on the Philippine Stock Exchange, and MPTC’s IPO plans will still have to wait.

“Well, that will have to wait whether we will list separately, or we will wait for a merger and be listed together,” he said.

For Chinabank Capital Corp. Managing Director Juan Paolo E. Colet, market participants are expected to “welcome” the merger as it could translate to significant operational efficiencies and improved financial performance for both entities.

“The scale and dominant position of the unified tollways company would make its IPO attractive to foreign and domestic investors,” Mr. Colet said in a Viber message.

Mr. Colet noted that despite the expected announcement this month, regulatory approvals may cause delays.

“There’s been some uncertainty as to the exact timing of the merger. Even if they announce a deal this year, it will have to go through regulatory approvals, so completing the transaction might take more time, perhaps until early next year,” he said.

Mr. Singson, who will be stepping down as president and CEO of MPTC this month, said the merger will need approval from the Philippine Competition Commission (PCC).

Mr. Singson will be succeeded by Arrey A. Perez, who recently resigned as president of Clark International Airport Corp.

MPTC is the tollway arm of Metro Pacific Investments Corp., which is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

DoubleDragon prepares P30-billion bond issuance

BW FILE PHOTO

LISTED property developer DoubleDragon Corp. (DD) will establish a P30-billion multi-year shelf registration retail bond issuance to boost its financial position.

DD’s board approved the offer on Oct. 8, intending to issue it in three or more tranches in 2024, 2025, and 2026 with a tenor of five to seven years, the company told the stock exchange on Wednesday.

“The pipeline capital-raising issuances at this stage of DD’s growth are intended to further boost its financial position by increasing its cash position,” the property developer said.

DD will offer an initial P5-billion retail bond issuance in the fourth quarter at a price of 8% per annum (p.a.).

The planned bond issuances for 2025 and 2026 will be priced at around 7% p.a. and 6% p.a., respectively.

DD said the initial P5-billion retail bond offering for the fourth quarter “could become one of the last, if not the last and only, long-term retail bond offerings available in the Philippines for this year at an expected attractive rate of 8% p.a.”

“For the past ten years since DD listed on the Philippine Stock Exchange in April 2014, the majority of the series of capital-raising issuances were deployed in building up its hard asset recurring revenue portfolio from zero to now 1.3 million square meters of completed gross floor area,” DD said.

“From 2025 onwards, these portfolios built in the past ten years will already be fully completed and built up and are expected to start generating optimal revenues year on year, while requirements for further substantial capital expenditure will no longer be needed in the near term – all in line with DD’s goal to become a Tier-1 mature company by next year,” it added.

In July, DD concluded a P10-billion retail bond offering that achieved full subscription five days ahead of schedule. It was the initial segment of DD’s shelf-registered debt securities program.

For the first half, DD grew its attributable net income by 24% to P1 billion from P805.52 million in 2023.

Revenues also rose by 11.7% to P4.4 billion as rental revenue increased by 1% to P1.97 billion due to a combination of rental escalation and new tenants.

On Wednesday, DD shares dropped 3.07% or 32 centavos to PHP 10.12 per share. — Revin Mikhael Ochave

SEC clears P2.87-B Topline IPO; Nov. 22 listing eyed

BW FILE PHOTO

THE SECURITIES and Exchange Commission (SEC) has approved the planned P2.87-billion initial public offering (IPO) of Cebu-based fuel retailer Top Line Business Development Corp. (Topline).

The IPO will consist of up to 3.68 billion primary common shares at a maximum price of 78 centavos per share, and an overallotment option of 368.31 million secondary common shares, the corporate regulator said in an e-mailed statement on Wednesday.

The offer period will be from Nov. 6 to 12, with listing on the main board of the Philippine Stock Exchange by Nov. 22, according to the company’s latest timeline sent to the SEC.

The commission en banc approved Topline’s registration statement during a meeting on Oct. 8.

Topline aims to generate up to P2.75 billion in net proceeds from the sale of primary offer shares, which will fund the construction of fuel depots and service stations, acquisition of fuel tankers and tank trucks, working capital, as well as for general corporate purposes.

The company will not receive proceeds from the exercise of the overallotment option.

Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. were appointed as the joint lead underwriters and joint bookrunners for the offer.

Topline started commercial fuel trading operations in 2017, mainly in Central Visayas. The company operates a retail distribution network via fuel station chain Light Fuels.

The company aims to have ten operating service stations this year. Its commercial fuel trading operations cater to customers with requirements of at least 4,000 liters per order in transportation, construction, shipping, and mining, among others.

For the first half, the fuel retailer’s net income jumped to P60.6 million from P20.8 million a year ago. Gross revenues increased 15% to P1.56 billion. — Revin Mikhael D. Ochave

PAL to recover P6.89M in excise taxes, CTA rules

PHILIPPINE STAR/EDD GUMBAN

THE COURT of Tax Appeals (CTA) has partially granted Philippine Airlines, Inc.’s (PAL) petition for a tax refund, ruling that the airline is entitled to recover P6.89 million in excise taxes erroneously paid on the importation of liquors and wines intended for international flight consumption.

The tax court’s second division affirmed the airline’s exemption for most of the imported liquors and wines. Still, the court noted that it failed to prove that certain cigarette imports and some alcoholic products were not locally available at a reasonable price.

As a result, over P859,000 in excise tax refunds were disallowed, leaving the airline entitled to a refund of P6.89 million, Associate Justice Maria Rowena Modesto-San Pedro wrote in a 15-page ruling promulgated last Oct. 3.

The flag-carrier airline initially sought a refund of P7.76 million in excise taxes it paid under protest in December 2008, asserting its exemption under Presidential Decree No. 1590.

The decree gives PAL tax exemptions on specific imports for its international flights.

“As to the imported liquors, the Court En Banc explicitly stated that the evidence presented by [the] petitioner is sufficient to evaluate that the costs of importing liquors are lower than purchasing them locally,” it said, ordering the Bureau of Internal Revenue (BIR) and Bureau of Customs (BoC) to refund the amount.

The tribunal also confirmed that, based on evidence presented by PAL, the importation costs of the liquor and wine products were lower than the prices for equivalent products available in the local market.

The recent ruling stemmed from a CTA division decision on June 2, 2015, which denied PAL’s petition.

PAL assailed the 2015 decision by filing a petition for review before the CTA En Banc but also lost on April 5, 2017.

The airline company appealed before the tax court En Banc again by filing a motion for reconsideration on May 11, 2017. Its petition was eventually partially granted, remanding the case to the tax court’s division.

The respondents, BIR and BoC, appealed the decision before the Supreme Court through a petition for review on certiorari.

On March 27, 2019, the top court rendered a resolution, junking the petition the respondents filed “for failure of the [BIR and BoC] to sufficiently show that the CTA En Banc committed any reversible error in the assailed decision and resolution as to warrant the exercise of this court’s discretionary appellate jurisdiction.”

The top court’s second division issued the entry of judgment certifying the case had become final and executory on June 3, 2019, and had been recorded in the Book of Entries of Judgment.

In response, PAL filed a motion for execution of judgment on June 6, 2023, praying for the CTA to implement and execute the CTA en banc decision and to provide computation for the partial granting of PAL’s claim for a refund. — Chloe Mari A. Hufana

K-Fever hits Conrad

GANJANG SAWOOJANG: soy sauce-marinated raw prawn

THE Korean Wave is reaching new heights, thanks to various K-pop acts and all other aspects of Korean culture arriving on our shores. Conrad Manila is jumping on to the wave with the final part of their Legendary Chefs Series promotion, this time a showcase of Korean cuisine.

A previous version of the series brought in a Thai chef from Conrad Manila’s sister property, the Waldorf Astoria in Bangkok. This quarter, they’re bringing in Younghun Hwang and Junmok Lee from Conrad Seoul.

The Korean guest chefs will present some of their must-try recipes such as yukhoe (Korean beef tartare), sundubujjigae (soft tofu in spicy stew), bibimbap (steamed rice bowl with vegetables), and dakbokkumtang (braised spicy chicken stew), among others. The promo includes a roster of Korean street food, including tteokbokki (rice cake, fish cake with red chili sauce), eomuk (fish cake with soup), dakgangjeong (fried chicken with sweet chili sauce), and gimbap (rice rolled with various vegetables). All of these will be shown off at Conrad Manila’s buffet at Brasserie on 3, from Oct. 5 to 13.

TRYING IT OUT
During a tasting on Oct. 4, BusinessWorld sat down to starters of Gujeolpan (“platter of nine delicacies” — a name more fanciful than it is, as it was a mixture of meats, vegetables, and mushrooms wrapped in a pancake) and Saengseonjjim (steamed fish with vegetables). The fish was very flavorful, contrasting with the mild soup, with just a hint of heat from chili.

We rose to the buffet, where the rest of the treats were: a beef stew and a chicken porridge were comparatively mild; while a Korean fried chicken dish was perfectly crispy. Of all these, however, the clear standout was the ganjang sawoojang (soy sauce-marinated raw prawn). We’d never had anything like this before, though seatmates at the table remarked that it was related to our nilasing na hipon (“drunken shrimps” or shrimp marinated in alcohol). It is not much to look at, all bluish-gray and looking like it came out from an alien movie. But it is surprisingly good despite its odd appearance — it’s slippery, sweet, and spicy, with a delectably firm flesh.

Fabio Berto, general manager of Conrad Manila, told BusinessWorld, “We’re actually quite blessed, being part of a global company. What we do is, as we provide experiences, we have the opportunity to bring people from our sister properties. In this case, it’s Seoul.

“We bring experiences to Conrad Manila, so that for people who might not be able to travel overseas, they will still be able to find great experiences locally,” he said.

It’s also a great opportunity for the local culinary team to expand their horizons: “When the chefs come over, our culinary team here is there to sort of foster their cooking skills, learning different types of food, so we can master those skills and bringing them into being innovative.”

CONRAD BAGS AWARD
In other news for the hotel, the Conrad Manila bagged the award for Best Business Hotel – Philippines at the 33rd Annual TTG Travel Awards 2024, held in Bangkok, Thailand. Mr. Berto accepted the award at the event on Sept. 26. He told us, “It’s a great recognition for the work that we do as a team here at Conrad Manila, in the sense of providing exceptional experiences to our guests. I think to be recognized for that is a great feeling for the entire team.

“We are very lucky to be operating in a very great environment,” he said.

In a statement, Conrad Manila lines up their advantages: “its array of modern meeting spaces, equipped with advanced audiovisual technology, high-speed internet, and flexible layouts, tailored for conferences, board meetings, and corporate events of all sizes. Complemented by personalized business concierge services, the hotel ensures seamless event execution, from strategic planning to customized catering and luxurious guest accommodations.”

“The service is really eventually what makes the impact (for) our guests and to the experiences. We’ve been really focusing on that,” said Mr. Berto.

The Korean-themed buffet spread at Brasserie on 3 is available for lunch (noon to 2:30 p.m.) and dinner (6 to 10 p.m.), available daily. The lunch buffet from Monday to Saturday is priced at P2,900 net per person and P3,400 net per person on Sunday. Meanwhile, dinner buffet rates are P3,200 net from Monday to Thursday and P3,600 net from Friday to Sunday.

For more information and table reservations, call 8833-9999, e-mail conradmanila@conradhotels.com or visit https://eatdrinkhilton.com/brasserie-on-3-conrad-manila/. — Joseph L. Garcia

Congressman seeks franchise for Elon Musk’s Starlink

PHILIPPINE STAR/WALTER BOLLOZOS

By Kenneth Christiane L. Basilio, Reporter

A BILL seeking to grant a franchise to Elon Musk’s Starlink Internet Services Philippines, Inc. has been filed at the House of Representatives, the first step towards allowing the satellite internet service provider to construct domestic ground stations to improve the country’s internet connectivity.

Providing the franchise to construct ground radio stations to Starlink would “improve its services to the public,” Party-list Rep. Ron P. Salo said in House Bill (HB) No. 10954, which he filed on Sept. 23.

Ground radio stations are large dish space stations used to send and receive TV and internet signals.

Senator Mary Grace Natividad S. Poe-Llamanzares filed a counterpart Senate bill on Oct. 1.

Similar to Senate Bill No. 2844, the House version aims to grant Starlink the authority to build and operate radio transmission and reception stations, which could provide Filipinos living in remote areas with stable internet access.

Both versions require Starlink to improve internet access to areas with scant connections, while also hiring residents near where a satellite station would be constructed.

Mr. Salo’s proposal, however, inserted the phrases “to the extent reasonable and feasible” and “exert best efforts,” underlining Starlink’s responsibility to provide employment opportunities and improve internet services in remote parts of the country.

Mr. Salo’s bill also allows Starlink to excavate in public places, such as highways, streets, bridges, among other thoroughfares, for the erection of poles and other wiring structures to and from its ground satellite stations, granted it informs the Public Works department before construction.

The caveat is Starlink must repair any damage made to public infrastructure within 10 days or risk being doubly charged for the restoration to be done by the Department of Public Works and Highways.

HB No. 10954 also mandates Starlink to consult with local communities and ensure environmental compliance before the construction of ground radio stations.

The government also has the power to revoke Starlink’s franchise if it fails to continuously operate for two years. It would also be subject to a fine of P1 million per day if it fails to submit an annual operations report to Congress.

Starlink’s domestic internet service operations started in Feb. 2023 and are currently operating under accreditations provided by the Department of Information and Communications Technology and the National Telecommunications Commission.

Last year, Data Lake, Inc., co-owned by tycoon Henry T. Sy, Jr., inked a deal with Starlink to distribute its satellite kits and to carry out data services and solutions nationwide.

Under the deal, Starlink satellite kits are priced at P29,000, inclusive of a dish, modem, power supply, and mounting tripod at SM Malls.

Starlink is a satellite internet service of Space Exploration Technologies Corp. (SpaceX). According to its website, SpaceX continues to launch satellites into orbit to bring high-speed broadband to rural and remote areas. Starlink deployed about 200 units across the country earlier this year.

Kiwami changes name, adds new member

TUNA EDAMAME wrap, with a crispy nori

KIWAMI in BGC is dropping its “food hall” branding and adopting the new name Kiwami: Japanese Master Kitchens. In addition to the rebrand and a renovation, they’re also adding in a new member to The Standard Hospitality Group (which brings in Japanese specialties to the Philippines), Koyo.

“We didn’t like calling ourselves a ‘food hall’ anymore, so we dropped that… nothing against the concept, it just didn’t properly explain what we do,” said Michael Concepcion, head of Business Development and Creative Director for the group.

Koyo, a sushi handroll concept, comes from New York-based chef Mark Manaloto. It’s rice and sushi in a handheld roll, with the nori seaweed wrap wrapped again in plastic to ensure crispness and firmness. During a tasting on Oct. 1, prior to the Oct. 7 media preview, we were shown how to eat it. One pulls a corner of the plastic wrapping to release it, slowly pulling the other corners apart afterwards. If one sees the filling slipping out, one pushes it back in while still pulling at the nori. While apologizing for the potential mess, we conclude that it’s part of the experience.

We can say that confidently with their Tuna Edamame wrap, with a crispy nori (that needs not be unwrapped), which tastes perfect eaten by the beach. A California Crunch with kani and mango, is refreshing and crisp, while a salmon aburi wrap has spinach and a mayonnaise sauce and was quite tasty.

Other guests took seconds of the Ebi Furai wrap, and for good reason: aside from the shrimp, it had creamy crab on top and a cured egg yolk. Another favorite was the Mackerel Binchotan, a tangy wrap topped with grilled mackerel.

The Oct. 7 preview also saw a launch of their Hibachi sharing plates, a partnership of Standard Group with Sydney-based chefs Max Smith and Douglas Barker. These included Kampachi (longfin yellowtail) collar, blue marlin, porkchop, and chicken, grilled to perfection with Japanese charcoal and drizzled with their homemade sauces.

The concept of Kiwami, then and now, is to bring Japanese restaurants, experts at a singular family of dishes, under a single roof. There’s The Standard Group’s initial offerings, Yabu: House of Katsu, and Ippudo, serving ramen. Other concepts that have since been included are Hachibei, grilling meats since 1983, and Hannosuke, which has been serving tempura since the 1950s.

Asked about the family’s attachment to Japanese brands, he said, “We happened to travel to Japan 10 years ago, and fell in love with the way of life. The discipline, the way we saw restaurants were operated — that was very new to us.

“We fell in love with how the Japanese do one thing, and they like to be the best at it. It’s a single-dish concept. It’s the idea of mastery, specialization; the idea that you spend your life doing that one thing, and you become the best at it,” said Mr. Concepcion.

Mr. Concepcion’s father, John, was the ice cream man for decades, as managing director and CEO of the Selecta ice cream brand (they’re also members of the Concepcion cooling family), and now CEO of the Standard Hospitality Group.

“My dad’s business philosophy, having built Selecta, was always that. His business mantra, he likes to just focus. Everything’s about focus,” said the younger Mr. Concepcion.

According to him, they have a few new concepts still under wraps, but we’ll hear about them surely in six to eight months.

The Alabang branch of Kiwami is also getting a touch-up and an expansion, having gained the space of the store next door, as well as a new brand specializing in rice bowls and baos (buns).

“We’re opening in Mall of Asia. Really beautiful space as well,” he added.

Kiwami is located in Bonifacio High Street Central in BGC, Taguig, and in the Alabang Town Center. — Joseph L. Garcia

Synology bets on PHL businesses’ shift to secure data management

By Aubrey Rose A. Inosante, Reporter

TAIWAN-BASED technology firm Synology, Inc. is optimistic about expanding its presence in the Philippines as more local businesses prioritize secure and efficient data management.

“When it comes to product adoption, data protection and file storage remain key drivers, as more businesses prioritize secure and efficient data management,” Joanne Weng, Director of International Business at Synology, said in e-mail interview with BusinessWorld on Oct. 3.

The Philippines has seen increased ransomware attacks and phishing campaigns that target businesses of all size, which is a growing concern as digital transformation continues to accelerate across industries, she said.

“Additionally, we see great potential in the surveillance sector, an emerging market for us. As more organizations discover the benefits of our integrated surveillance solutions, we anticipate significant growth in this area,” Ms. Weng said.

Synology has been in the Philippines for more than 15 years and works with industries such as manufacturing, public sectors, and consumer or retail.

The company offers data management and backup solutions and helps in facilitating digital transformation for businesses.

Ms. Weng said the company is optimistic about its continued growth and expansion in the country.

“Over the past five years, our revenue has more than doubled, making the Philippines one of our three fastest-growing regions, alongside the Asia-Pacific region where we’ve seen over 150% growth,” she said.

After the coronavirus pandemic, the company witnessed significant growth in the Philippines, particularly in terms of business expansion and increased data requirements, the official said.

Synology will soon launch its artificial intelligence (AI)-powered Admin Console, enabling centralized management of Synology AI features, along with other collaboration and team productivity tools.

It will facilitate AI access permissions management and address privacy concerns by implementing a de-identification feature within Synology network-attached storage appliances, ensuring compliance with data privacy regulations.

Synology also recently integrated AI into its entire after-sales support process, improving efficiency and quality, Ms. Weng said.

“Our AI utilizes a Retrieval-Augmented Generation architecture, drawing from anonymized technical materials and insights gained from serving millions of customers worldwide,” she said, adding this integration enhances support response times by up to 20 times.

Citicore taps P1.22B from IPO for solar projects

CREIT.COM.PH

CITICORE Renewable Energy Corp. (CREC) is advancing its five-gigawatt (GW) renewable energy portfolio with P1.22 billion from its initial public offering (IPO) proceeds, as approved by its board of directors, the company announced on Wednesday.

“The rationale for the early release of IPO proceeds is for CREC to ramp up its pipeline development for solar energy plants,” the company told the stock exchange.

The target release is subject to necessary approvals and documentation requirements, it said.

In June, CREC listed on the Philippine Stock Exchange, raising P5.3 billion, which included a $12.5-million investment from the UK government’s MOBILIST program.

“The full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energized by then. We will focus on adding solar capacity and looking at other opportunities that take us close to our five-GW-in-five-years goal,” CREC President and Chief Executive Officer Oliver Y. Tan previously said.

The company is constructing eight power projects worth approximately one GW, underway to achieve its goal of five gigawatts of capacity by 2028.

CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.

Currently, it has a combined gross installed capacity of 285 megawatts from its 10 solar power facilities in the Philippines. — Sheldeen Joy Talavera

The race is on… for talent

YANALYA-FREEPIK

(Part II)

Besides showing that the company cares for society/the environment (in concrete details, instead of paying lip service) and provides a competitive salary as the two key requirements for attracting the best among Gen Zs, there are a couple of other steps to sweeten the pot.

While a company may not be able to provide all of them, it should remember that it is competing to attract and retain the best — which in turn is half the battle won in churning out competitive products and services.

Since Gen Zs are digital natives, anyone who wants to hire and retain them should show how relevant technologies are mainstreamed into their operations. A 2018 Southeast Asia survey by Dell Technologies Philippines, Inc. showed that Filipino Gen Zs were most confident about their tech skills at 68%, that 90% of Filipinos surveyed said they were interested in working in firms with pioneering technology, and that almost all of them said they would choose employers based on technology which their businesses use. Addressing these findings, online employment marketplace SEEK recommended that potential employers highlight the technologies they use on their websites and job ads, present business profiles in digital formats, as well as employ visual platforms like YouTube and Instagram.1

Filipino Gen Zs are also keener than predecessors on career development and mentoring, hoping that they will upgrade skills and learn something new and useful during their stay with the company, according to a 2022 study on Gen Zs in the Philippines.2 An article on SEEK said that opportunities to “rise up the ranks, work and train overseas, and be skilled in tech could translate to career and financial advancement, and are regarded as the best options” by Gen Zs.3

This is a point that should be clear not only in job interviews, but also as a new hire is integrated deeper into the company. For example: a clear, structured training and continuing education program — punctuated by formal ceremonies with awards — will go a long way to fulfilling this need. Such training can start with work values which the company espouses in order to improve productivity (and, don’t forget, enhance individuals’ chances for promotion) before moving on to technical subjects.

“Build a culture of close mentoring. With your immediate feedback and frequent check-ins, employees feel valued,” read a statement of SEEK, which also noted a Dell survey that showed that 86% of Filipino Gen Zs “are willing to teach senior colleagues on tech matters.”

Much also depends on supervisors and managers themselves keeping up to speed with the changing nature of the work force in their companies, and adjusting their styles of handling people accordingly. They adjust with every major change in production input, and it should be no different when it comes to human resources. Companies could hold workshops on this matter, i.e. how to get the best out of new generations, given changing priorities and expectations within a more mobile labor market. The new generation/s of workers need coaching/mentoring, and it will not do managers/supervisors any good to insist on a sink-or-swim training method.

In fact, mentoring could be added to managers’ and supervisors’ core competencies to be tracked and assessed regularly. Majority or all of hires complaining about a particular manager or supervisor, or worse resigning (even for varied avowed personal reasons), should be a red flag if their boss is their common denominator. Simply put: a manager/supervisor whose subordinates fail to perform up to standards to the last man/woman is himself/herself likely not managing/supervising adequately. If it is too much to expect all managers and supervisors to immediately adopt new ways of drawing out the best from subordinates, an organization may designate one or a few people to take charge of dealing with them (something like sergeant majors in the army) in the interim.

Competitive workers would also appreciate, as part of the mentoring process, regular performance assessments that are more frequent than the usual annual appraisal. There are many ways to do this, including making other appraisals outside the annual one more informal. Note, however, that while studies show that Gen Zs appreciate real-time feedback, this could be counterproductive if spontaneous reactions are tainted by frustration or any other negative emotion amid the heat of deadlines. I know of a few managers and supervisors who put off regular informal work feedback to the last day of the work week, before heading off to drinks with subordinates.

Regular training, frequent mentoring and performance appraisals, as well as a clear system of advancement lend to an environment of career development in a company. “Gen Zs are inclined to prioritize opportunities for career development and growth, and are more likely to look for other opportunities if they feel that their current job is not helping them to learn new skills or advance their career,” said the 2022 Philippine Gen Z study.

What else?

Banish the thought of scrapping flexible/hybrid work arrangements that became mainstream during the pandemic, if one is still keen on hiring Gen Zs; let’s just get that point out of the way.

Comprehensive healthcare benefits — including mental health coverage — as well as anything that will help humanize and promote a culture of collaboration/team work in an otherwise high-stress environment will go a long way to keeping Gen Zs happy and productive. “Due to a high-pressure environment, Gen Zs have identified mental health as a key priority,” said the 2022 Philippine Gen Z study. “Generally young people experience higher rates of mental health concerns than the rest of the adult population.” On a wider scale, Deloitte’s Global 2024 Gen Z and Millennial Survey saw 80% of Gen Z respondents saying that mental health support and policies were important when considering an employer.4

It will also help for managers to remember that many Gen Zs want respect for their opinions and knowledge, look for good leadership (including transparency), as well as mutual trust regardless of their age or standing in an organization, the same study showed.

How long do these youngsters stay?

The 2022 Philippine Gen Z study bared a 1.7-year average when respondents were asked how long they had stayed in their last jobs, even as responses ranged from less than one month to nine years.

“… [T]he labor market in the Philippines is shifting. Voluntary turnover and attrition continue to increase and reached 15.9% in 2023 compared to 14.2% in 2022. The typical reasons cited for leaving were better pay and growth opportunity, relocation/family migration and flexible work arrangement or work-life balance,” a press release quoted Patrick Marquina, head of Work & Rewards at Willis Towers Watson Philippines, as saying.

“This trend looks set to continue in 2024 and employers in the Philippines will continue to face significant talent challenges including the attraction and retention of key talent. Winning the talent race will require employers to stay focused on balancing the entire package of rewards they offer, both monetary and non-monetary, in order to remain competitive and align with employees’ needs and wants.”

How does one plan, sustain, and grow a business with that kind of attrition rate?

If there is anything the economic crisis spawned by the pandemic taught all of us, it is that one needs to be nimble but still focused not only to survive but also in order to thrive in a fast-changing landscape. That could mean completely replacing people management styles as well as work procedures and systems that no longer work, especially if there is no alternative talent pool from which to draw new hires.

I guess this is just one of those challenges that calls for a great deal of agility and innovation.

Part 1 of this column can be found here: That is one target-rich environment! (https://tinyurl.com/ys7khgwt)

1https://ph.employer.seek.com/market-insights/article/characteristics-of-gen-z-a-guide-to-hiring-and-making-them-stay

2“Generation Z in the Philippine Labor Force: Profile, Perspectives and Prospects,” Athena Mari E. Son, ILS Working Papers 202

3https://ph.employer.seek.com/market-insights/article/here-comes-gen-z-but-are-you-ready

4https://www.axios.com/2023/11/05/gen-z-workplace-communication (copy of Deloitte study: https://www.deloitte.com/global/en/issues/work/content/genz-millennialsurvey.html)

 

Wilfredo G. Reyes was editor-in-chief of BusinessWorld from 2020 through 2023.

Dining In/Out (10/10/24)

NWR partners with German brewery

NEWPORT WORLD RESORT (NWR) has once again partnered with German brewery Weihenstephan Brewery, as its official beverage partner for the celebration of Oktoberfest 2024 at The Ballroom, Hilton Manila, from Oct. 24 to 26. NWR promises an authentic taste of Bavarian tradition, featuring three award-winning beers from Weihenstephan Brewery: the Weihenstephaner Original Helles, the Hefeweissbier, and the Hefeweissbier Dunkel. Apart from showcasing the brewery’s expertise, the event will also feature a Bavarian feast of freshly baked pretzels, platters of pork bratwurst and frankfurters, along with an array of desserts. The Anton Showband from Austria will keep guests dancing throughout the evening. Oktoberfest tickets are priced at P5,400 net per person, with a discounted rate of P4,900 net per person for groups of 10 or more. All ticket holders can avail of an exclusive offer of an overnight stay at the Hilton Manila, inclusive of breakfast for two, at a special rate of P7,500 net per room, valid during the festival. Visit www.newportworldresorts.com/oktoberfest-2024 for details.

Eat Pizza opens 1st branch at SM North EDSA

SOUTH KOREA’s original 10-inch pizza chain Eat Pizza, is now in the Philippines, with its first branch opening at the 2nd Floor of SM North Edsa’s main mall. Eat Pizza serves fresh pizza in traditional and inventive Korean flavors, offered in a unique serving size. The pizzas are made with high-protein dough which is infused with extra virgin olive oil then topped with 100% natural mozzarella cheese and the freshest ingredients. These are crafted into a 10-inch-long rectangular pizza so every person who orders gets to select their preferred flavors. Eat Pizza opened its first store in South Korea in 2021 and has experienced rapid growth in the country, expanding to 120 stores. It has since opened in various Southeast Asian countries including Thailand and Singapore. The Philippine branch offers 10 pizza flavors, from classics like Aloha, Pepperoni, and Real Cheese to Korean inspired flavors like Bulgogi, Hot & Spicy Bulgogi, Samgyeopsal, Sweet Milk, Sweet Corn, and Sweet Potato. These can be paired with a choice of five baked sides including Tteokbokki with Cheese, Sweet and Spicy Corn Cheese, and Sweet Potato Corn Cheese. Traditional favorites like Spaghetti and Carbonara are also on the menu. Scottland Food Group Corp. is the distributor of Eat Pizza. For more information on Eat Pizza, follow them on Facebook and Instagram.

Hong Kong Wine & Dine Festival is back

THE Hong Kong Wine & Dine Festival is set to make a return from Oct. 23 to 27. Filipino foodies are welcome to join the five-day celebration, which will feature over 300 booths, live entertainment, and a spooky Halloween vibe — all set against the backdrop of Hong Kong’s Victoria Harbor. For wine enthusiasts, the festival showcases selections from over 30 countries and regions, including new gins and whisky zones, Cantonese-inspired cocktails from Kinsman, tea-infused creations from Tell Camellia, and Hong Kong’s own N.I.P gin. Food enthusiasts can savor Michelin-starred dishes and Bib Gourmand-recommended eats in zones such as “Culinary Stars” and “Hotel Delicious,” as well as the three-Michelin-starred Forum Restaurant and award-winners like Hong Kong Cuisine 1983, Ăn Chơi, and Fisholic. On Oct. 26 and 27, visitors are invited to wear their best Halloween costumes to earn tokens, while enjoying Halloween-themed performances and live music. Even after the festival, visitors can still explore over 40 steakhouses and hotpot spots during “Beef Up November,” or enjoy discounts from more than 200 restaurants for “Chill EAT.” More than 70 bars will also participate in the “Hong Kong Bar Show,” that will offer free or discounted drinks. For more details, go to https://www.discoverhongkong.com/eng/what-s-new/events/wine-dine-festival.

Pancake House opens new branch

PANCAKE HOUSE has announced the opening of its newest branch at SM Southmall, Las Piñas City. It has been officially welcoming guests since Sept. 20. It is located on the mall’s Upper Ground Level and is open daily from 7 a.m. to 9 p.m. Pancake House offers a wide range of comfort food options, from pancakes and waffles to savory favorites like spaghetti and Pan Chicken. For orders and inquiries, contact Pancake House SM Southmall at 0998-584-7367.

Mang Inasal brings back Ihaw Fest in October

MANG INASAL has announced the return of the Ihaw Fest in October where customers can enjoy a variety of freebies. For a third year, from Oct. 1 to 15, customers will enjoy a complimentary small Halo-Halo (a choice between the Extra Creamy Halo-Halo or the Crema de Leche Halo-Halo) with every purchase of two Chicken Inasal Value Meals.  Then, from Oct. 16 to 31, Mang Inasal will offer its Fiesta Bundles, featuring a bilao of Chicken Inasal and/or Pork BBQ accompanied by Java Rice and drinks, serving up to six people, along with two complimentary Palabok solos. All offers are available for dine-in, takeout, and delivery. For more details, visit http://www.manginasal.ph/ and https://manginasaldelivery.com.ph/.

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