BEIJING/SHANGHAI – China’s central bank and financial regulators have held meetings with key financial institutions, urging them to swiftly implement expansive policies to support the economy and the capital markets.
The People’s Bank of China (PBOC) said in a statement on its website on Friday that it urged financial institutions to boost credit support for the real economy, and maintain reasonable growth in the total amount of money and credit.
It also urged solid implementation of interest rate adjustments, as well as two funding schemes created to support the stock market.
The meeting, held on Wednesday, was jointly chaired by China’s banking and securities regulators, and participants included banks, brokerages and fund companies.
The PBOC in late September announced the most aggressive monetary support measures since the COVID-19 pandemic, including interest rate cuts, a 1 trillion yuan ($140 billion) liquidity injection and other steps to support property and stock markets.
The central bank also for the first time created two monetary policy tools to support the stock market. They include a swap program for brokerages, funds and insurers to obtain liquidity, and a re-lending facility to fund stock purchases by listed companies.
Swift implementation of these policies will help China meet this year’s 5% growth target, as a prolonged property downturn and weak consumption remain a drag on activity.
China’s economy expanded 4.6% in the third quarter from a year earlier, official data showed on Friday.
The PBOC said it would “strengthen inter-department coordination, create synergies and make full use of the policies to reinvigorate market confidence, improve people’s expectations and promote sustained economic recovery.” – Reuters
An online debate held on Thursday against a sitting congressman’s artificial intelligence likeness – marking a gray area in the use of the technology during elections – featured few fireworks, few viewers and a few glitches.
The debate, pitting two independent challengers against incumbent Don Beyer, a Democrat, was streamed on YouTube and Rumble. As Reuters first reported, challenger Bentley Hensel created an AI version of Beyer using his website and other materials to answer questions of policy so that he could debate it whether Beyer appeared or no.
Mr. Beyer, who eschewed the hour-long event, was represented by a robot icon above the word “DonBot” which read answers with a robotic voice that did not mimic the congressman’s. Hensel and David Kennedy both appeared on camera, as well as representatives from the debate’s sponsors. Republican Jerry Torres was not present.
Mr. Beyer, who captured nearly three-fourths of the vote in 2022, is expected to win re-election handily. Hensel previously told Reuters he designed the software to answer accurately based on source materials and not skew the responses to benefit the challengers.
The candidates fielded questions around gun control, limiting aide to Israel and healthcare access, among others. Asked why voters should reelect Mr. Beyer, the AI said: “My answer is simple: I believe that I can make a real difference in the lives of the people of Virginia’s 8th district.”
The software said it would oppose withholding all aide and weapons shipments to Israel in lieu of establishing a Palestinian state, if that were proposed. Mr. Beyer himself voted against additional aide to Israel in April saying the nation is wealthy and can borrow funds.
“I support humanitarian assistance and have voted in the past to fund defensive capabilities,” he said.
A spokesperson for Beyer did not immediately respond to a request for comment left after business hours.
Viewership for the debate on YouTube peaked at less than 20 viewers and DonBot was inaudible for portions of some answers, making it more stunt than consequential.
Still, observers say the use of AI is likely to become more commonplace in future elections, particularly if legislators fail to pass meaningful laws on its use. – Reuters
India’s Prime Minister Narendra Modi addresses the media at the Presidential Palace in New Delhi, India, June 7, 2024. — REUTERS
NEW DELHI – In February 2020, Nasreen and her husband Tofik were living in Shiv Vihar, an upcoming neighborhood in northeast New Delhi. But that month, riots erupted targeting Muslims like them and Mr. Tofik was pushed by a mob from the second floor of the building where they lived, according to a police report he filed days later from hospital.
He survived, but has a permanent limp and was only able to return to work selling clothes on the street after spending nearly 3 years recuperating.
Soon after the riots the couple moved to Loni, a more remote area with poorer infrastructure and job prospects – but with a sizable Muslim population.
“I will not go back to that area. I feel safer among Muslims,” Mr. Tofik, who like his wife goes by one name, told Reuters.
Reuters interviewed about two dozen people, who described how Muslims in the Indian capital have been congregating in enclaves away from the nation’s Hindu majority, seeking safety in numbers following the deadly 2020 riot and an increase in anti-Muslim hate speech. Details about this phenomenon, which has led a major Muslim neighborhood in Delhi to effectively run out of space, have not previously been reported.
There is no official data on segregation in India, whose long-delayed census also means that there are few reliable figures on how much Muslim enclaves have grown in the past decade. Muslims comprise about 14% of India’s 1.4 billion people.
Ground zero in Delhi is the central neighborhood of Jamia Nagar, which has long been a temporary sanctuary for Muslims when communal riots break out.
With ever more Muslims flocking in, the neighborhood is overflowing, despite a boom in construction, according to 10 local leaders, including politicians, activists and clergy, as well as five real-estate agents.
“No matter how brave a Muslim might be, they feel they have to move because if a mob comes, how brave can you really be?” said Raes Khan, a real estate agent in South Delhi who said Muslim clients now almost exclusively demand homes in Muslim-majority areas like Jamia Nagar.
Segregation nationally has increased significantly in the past decade, said London School of Economics political anthropologist Raphael Susewind, who has overseen long-term field-work on India’s Muslim population.
Rising Islamophobia under Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP), which came into power in 2014, is a “key driver” of the trend, he said.
Six Muslim community leaders said significant anecdotal evidence supported Susewind’s assertion that segregation has increased. Jamia Nagar clergyman Md Sahil said the number of attendees at his mosque’s early morning prayers had more than doubled to over 450 in the past four to five years, and that it reflected the overall rise in population there.
In response to Reuters’ questions, Jamal Siddiqui, a senior BJP official for minority affairs, suggested that poorer Muslims might choose to live in segregated areas because such neighborhoods tend to be more affordable. “Educated Muslims leave the area and settle in developed areas with mixed population,” he said.
However, Syed Sayeed Hasan, a Congress party worker in Jamia Nagar, said a big push factor for sectarian cloistering in Delhi was the 2020 riot. More than 200 were injured and at least 53 people, mostly Muslim, were killed in protests after Modi’s Hindu nationalist government moved to introduce a law that made it easier for many non-Muslims to become citizens.
A 2020 Delhi government report blamed the riots on BJP leaders who made speeches that called for violence against protesters. At the time, the party said the allegations were baseless and that law enforcement had said there was no proof one of the leaders blamed in the report was responsible.
The Delhi government, controlled by the opposition Aam Aadmi Party, did not respond to requests for comment.
RISE IN HATE SPEECH
India’s National Crime Records Bureau, a government agency that collects and analyses crime data, doesn’t keep records on targeted violence against communities. It said the average number of annual riots with communal origins had fallen about 9% between 2014 and 2022 as compared to the previous nine years, when the Congress party ran India.
But independent experts at the Center for the Study of Organized Hate, a Washington-based think-tank, have documented a significant increase in anti-Muslim hate speech, from 255 incidents in first half of 2023 to 413 in the second half of 2023. BJP politicians and affiliate groups were key to the trend, the think-tank said.
Reuters has previously reported about how right-wing “cow vigilantes,” some of whom have ties to the BJP, have led lynch mobs against Muslims.
Modi, while campaigning in April for a third term as premier, attacked Muslims as “infiltrators” who had “more children,” implying they were a threat to India’s Hindu majority.
The BJP’s Siddiqui added that Modi was referring to undocumented immigrants like Rohingya Muslims whom he alleged “are living in India and are also weakening India.”
When previously asked about alleged anti-Muslim bias, the BJP government has said it does not discriminate and that many of its anti-poverty programs have benefited Muslims, who are among the poorest groups in India.
The BJP could only form a fragile coalition government after national election results were announced in June. In the immediate aftermath, at least eight anti-Muslim lynching incidents were reported, the non-governmental Association for Protection of Civil Rights said on July 5.
SAFETY IN NUMBERS
Jamia Nagar is a bustling cluster of alleyways behind Jamia Millia Islamia, a Muslim university that was an epicenter of the 2020 protests. It anchors an area of southeast Delhi that has many Muslim neighborhoods and a population of about 150,000, according to state election data.
When Reuters visited the cramped alleyways of the enclave on a sweltering summer day, they were framed by five-story buildings. Developers had added three storeys to what were many two story buildings to cater to the increase in demand, two real estate agents said. In a sign of booming growth, there were also dozens of newly-built kindergartens set up in the narrow lanes of the area.
Most Muslim enclaves are not as well-developed. A 2023 study from British, American and Indian economists that analyzed 1.5 million Indian areas found that public services like water and schools were comparatively rare in neighborhoods popular with Muslims and that children in such areas often face educational disadvantages.
After Tofik and Nasreen moved to Loni following Tofik’s assault, their income halved, with Tofik only able to work reduced hours.
Nasreen’s 16-year-old daughter, Muskan, suffered. The school in the outskirts of Delhi was under-resourced, Muskan said, and she missed her classmates. After feeling that the new school wasn’t for her, she dropped out.
But Nasreen doesn’t regret the move. “I will never go back. I have lost faith in them,” she said, of the neighbors who she said formed part of the mob that pushed her husband.
Reuters could not independently verify her claim but Sam Sundar, a 44-year-old Hindu resident of Nasreen’s old neighborhood, said both Hindus and Muslims suffered during the riots, which he blamed on outside perpetrators.
But he acknowledged that Muslims bore the brunt: “Very few Muslims now live in the area. This is not a good thing.”
Nasreen’s neighbor Malika also moved to the outskirts after her husband was killed in the 2020 riots. But she was unable to find a job and now also lives part-time at a small room in another neighborhood with more Hindu residents, where she is close to construction sites where she does odd jobs.
“Here I am afflicted with poverty, there I’m afflicted with insecurity,” she said.
Enclaves have also drawn upper middle class Muslim families, who used to be more comfortable living in mixed areas, said Raes, the real-estate agent.
“People feel it is better to live in separate areas rather than having a constant threat to life and property from members of the other community,” said Mujaheed Nafees, a Muslim leader from Modi’s home state of Gujarat, which hosts India’s largest Muslim enclave of some 400,000. – Reuters
THE DOOR is now wide open for the Bangko Sentral ng Pilipinas (BSP) to continue its rate-cutting cycle although at a gradual pace, analysts said.
“With luck coming into play, the door for the BSP to hasten its easing cycle has swung wide open,” HSBC economist for ASEAN (Association of Southeast Asian Nations) Aris D. Dacanay said in a report.
The Monetary Board slashed rates for a second straight meeting on Wednesday with a 25-basis-point (bp) cut, bringing the key rate to 6% from 6.25%.
The BSP has now lowered borrowing costs by a total of 50 bps since it began its easing cycle in August.
“The BSP may continue to cut interest rates in the coming months, although aggressive rate cuts are unlikely due to domestic and external considerations,” Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said in a report.
BSP Governor Eli M. Remolona, Jr. said that they prefer to take “baby steps” in adjusting policy rates, referring to quarter-point cuts. He noted that a 50-bp cut may be too aggressive and would only be likely in a hard-landing scenario.
Mr. Remolona also signaled the possibility of 100 bps worth of cuts in 2025. However, he said rate cuts will not necessarily be done at every policy meeting.
“Given that inflation is expected to remain within target over the policy horizon and that economic growth should stay fairly robust, we expect the BSP to continue its gradual easing,” Citi economist for the Philippines Nalin Chutchotitham said.
RATE CUT IN DECEMBER Analysts expect the BSP to deliver another 25-bp rate cut in December, in line with the central bank’s own signals.
“Given the persistently weak private consumption and improving inflation outlook in the near term, we now think that the BSP will cut its policy rate by 25 bps to 5.75% at its meeting in December 2024,” ANZ Research said in a report.
ING Bank likewise sees a 25-bp cut in December amid expectations of within-target inflation.
“We expect CPI (consumer price index) inflation to average 2.9%, well below the midpoint of the target band in 2024. The Philippines should benefit from improving global food supplies and lower rice prices following India’s lifting of its export ban on rice,” it said.
Mr. Dacanay expects the Monetary Board (MB) to cut by 25 bps at its next four policy meetings.
“We maintain our policy rate forecasts and expect the BSP to cut its policy rate again by 25 bps during the last rate-setting meeting for 2024. We then expect the BSP to cut its policy rate by 25 bps in each of the first three Monetary Board meetings of 2025,” he said.
“This also implies that the easing cycle will likely end in the second quarter of 2025 with the policy rate at 5% — a rate that is higher than pre-pandemic levels and a rate higher than what the BSP mentioned (on Wednesday). This is because we expect growth in 2025 to be strong when lower rice prices significantly boost household consumption.”
Ms. Chutchotitham also expects 25-bp cuts at the MB meeting in December, as well as the meetings in February, May and August next year. This would bring the policy rate to 5% by end-2025.
“We maintain our expectation of an additional 50-bp cut in 2026, to 4.5%. This would bring the policy rate slightly closer (but still a tad higher) to the pre-COVID average long-term policy rate,” she said.
“With the economy in a more ‘Goldilocks’ scenario, the BSP has options to remain flexible in its easing decisions, which may also include consideration of future Fed decisions and impact on the foreign exchange market,” she added.
RISKS BPI’s Mr. Neri also sees the policy rate ending at 5.75% by end-2024, but warned of risks that could change this outlook.
“However, this outlook may evolve depending on what happens now until then, especially abroad. Recent developments have shown how economic data can surprise the markets and quickly lead to a shift in sentiment,” he said.
Mr. Neri cited risks such as the possibility of a pause by the US Federal Reserve in December, rising global oil prices and peso depreciation.
He said inflation should remain manageable in the next 12 months but warned of potential supply shocks.
“However, upside risks remain, particularly with the possibility of La Niña and the increase in cases of African Swine Fever… Inflation in the Philippines remains sensitive to climate conditions, and another extreme weather event could trigger a spike. On the other hand, stable commodity prices amid China’s economic slowdown may offset these risks,” he said.
Both Citi and BPI expect headline inflation to settle at 3.2% this year, before easing to 2.8% next year.
The BSP chief on Wednesday said the balance of risks to the inflation outlook for next year until 2026 has shifted to the upside.
The BSP trimmed its baseline inflation forecast to 3.1% (from 3.4%) for 2024 but raised the projection to 3.2% (from 3.1%) for 2025 and 3.4% (from 3.2%) for 2026.
Mr. Neri also cautioned the BSP against easing aggressively as the country’s external position is “not as strong as before.”
“(This) makes the peso less resilient to external risks and developments, which could spill over into domestic inflation… Moreover, the outlook for inflation can change quickly given the current global environment and the domestic supply shocks that can easily materialize. A cautious approach to rate cuts might be needed in order to offset these risks and ensure stability in the markets.”
Mr. Neri also flagged the possibility of a pause, though small, if the peso continued to be under pressure.
Health Alliance for Democracy (HEAD) hold a protest rally in front of the Philippine General Hospital in Manila, Oct. 15. The group is against the transfer of Philippine Health Insurance Corp. Funds to the National Treasury. — PHILIPPINE STAR/EDD GUMBAN
By Beatriz Marie D. Cruz, Reporter
THE PHILIPPINE Health Insurance Corp. (PhilHealth) will proceed with the scheduled transfer of the remaining P29.9 billion in excess funds to the Treasury in November despite questions over its constitutionality, Finance Secretary Ralph G. Recto said.
“Yes, [the third tranche of] excess funds were remitted to the Treasury yesterday (Oct. 16). There is a scheduled remittance in November,” Mr. Recto told BusinessWorld in a Viber message.
He was referring to the P30 billion remitted by PhilHealth to the Bureau of the Treasury (BTr) on Wednesday.
The last tranche, amounting to P29.9 billion, will be transferred to the BTr in November. PhilHealth previously remitted P20 billion on May 10 and P10 billion on Aug. 21.
This comes despite a petition filed on Wednesday by 1SAMBAYAN Coalition and other groups seeking to halt the transfer of PhilHealth’s excess funds to the Treasury.
The petitioners said the fund transfers violated Article VI, Section 25 (5) of the Constitution. Under the Charter, “no law shall be passed authorizing any transfer of appropriations.”
“However, the President, the President of the Senate, the Speaker of the House of Representatives, the Chief Justice of the Supreme Court, and the heads of Constitutional Commissions may, by law, be authorized to augment any item in the general appropriations law for their respective offices from savings in other items of their respective appropriations.”
Separate petitions questioning the fund transfers were filed by Senate Minority Leader Aquilino Martin D. Pimentel III and former Finance Undersecretary Ma. Cielo D. Magno on Aug. 2 and Bayan Muna on Sept. 6.
The Supreme Court (SC) en banc will hold oral arguments on the fund transfers in January next year.
Sought for comment, Mr. Recto said: “We are only following Congress’ instructions in the budget. We will respect the decision of the Supreme Court.”
A provision included in the 2024 General Appropriations Act allowed the Department of Finance to issue Circular No. 003-2024, authorizing PhilHealth and the Philippine Deposit Insurance Corp. to transfer P89.9 billion and P110 billion, respectively.
These would help fund unprogrammed appropriations worth P203.1 billion, which would support government programs in health, infrastructure, and social services.
“Unlocking these excess fund balances is a more prudent fiscal option than borrowing more or imposing taxes,” the Department of Finance (DoF) said in July.
Mr. Recto earlier said that projects funded by unprogrammed appropriations will boost the real gross domestic product growth by 0.7%. It would also generate up to P24.4 billion in additional revenues and create more jobs.
The Finance chief also noted that the fund transfers would not impair the delivery of healthcare services, adding that PhilHealth would still have some P550 billion after the excess funds are remitted.
Meanwhile, medical groups are stepping up their efforts to stop PhilHealth’s fund transfers, said Anthony C. Leachon, former president of the Philippine College of Physicians.
“We will intensify our efforts to gather more supporters to stop the final transfer of P29.9 billion in November and hopefully influence the SC to expedite the issuance of TRO (temporary restraining order) or influence the decision in January in favor of the petitioners,” he said in a Viber message.
“The Executive branch should reflect on stopping the transfer since this unprecedented diversion of public funds has legal implications,” he added.
In August, healthcare representatives penned a letter to the DoF saying the excess funds of PhilHealth must be used to improve healthcare services.
THE BUSINESS PROCESS OUTSOURCING (BPO) industry in the Philippines is likely to shrink as the shift to artificial intelligence (AI) in the workplace accelerates, Fitch Solutions’ unit BMI said.
“In the case of the Philippines, BPO is a key source of foreign currency, and this vital sector will probably shrink as AI adoption ramps up, since it would allow firms to reshore call centers to even developed economies cost effectively,” BMI Head of Asia Country Risk Darren Tay said in a webinar on Thursday.
“Put bluntly, AI could invalidate the Philippines’ current economic strategy,” he added.
The Contact Center Association of the Philippines (CCAP) expects contact center and BPO industries’ revenue to jump by 9% to $32.16 billion this year.
In 2023, CCAP members’ revenue stood at $29.5 billion, accounting for the bulk or 83% of the $35.5-billion revenue posted by the Information Technology and Business Process Management (IT-BPM) industry.
BMI said the Philippines is also among the countries that are less likely to benefit from the transition to AI.
According to BMI, lower-income countries are “much slower to adopt AI at a meaningful scale and the developmental gap between these countries and the rest in Asia will probably widen.”
“The Philippines, Indonesia and Thailand are in a worse position compared with the high-income group,” Mr. Tay said.
A quarter of these countries’ workforces are involved in high exposure and low complementarity jobs, such as elementary sales positions, he said.
“And they have a much smaller proportion of workers that are in high complementarity jobs, leaving them less able to benefit from AI-driven productivity gains” he added.
In 2023, the Philippines ranked 65th out of 193 countries in the Government AI Readiness Index by Oxford Insights.
The National Economic and Development Authority (NEDA) earlier said that the Philippine economy could generate P2.6 trillion annually if local businesses adopt AI.
BMI said workers in developed economies are more exposed to AI versus developing countries.
“The International Monetary Fund (IMF) argues that lower income countries could eventually leapfrog older technologies using AI and catch up developmentally with richer countries,” it said.
“However, we think the high cost of building the required infrastructure and highly skilled labor force makes achieving such a feat highly unlikely,” it added.
WIDER INCOME INEQUALITY Generating the necessary investments to aid in the transition to AI may be increasingly difficult if AI “cuts off existing development paths,” BMI said.
“Furthermore, the proportion of workers who could benefit from AI is much smaller than those who stand to lose in these economies, which means there could well be strong public opposition to adopting AI,” it added.
BMI also noted how AI adoption can lead to a wider income inequality.
“AI will increase income and wealth inequality much like previous disruptive technologies like the internet,” Mr. Tay said.
Though AI has the capacity to boost productivity and incomes, the gap between the rich and the poor will likely widen as a result, BMI said.
This potential widening inequality can also hinder coordination and cooperation between countries.
“Social stability and international cooperation will probably deteriorate insofar as intra-country and inter-country inequality rises because of AI adoption.”
Inter-country inequality makes regional cooperation difficult, BMI said. It cited the challenges to climate change efforts due to the inequalities among countries.
“And in Asia, widening inter-country inequality can impede greater integration under such organizations as ASEAN (Association of Southeast Asian Nations). The counterargument is that developmental differences already exist and even if AI widened these gaps, the impediment to international cooperation may not increase appreciably.”
“However, the income gaps between middle-income and low-income countries tend to be much narrower, and we think that widening those (between Thailand and the Philippines for example) will have a material impact on international cooperation.” — Luisa Maria Jacinta C. Jocson
Passengers are seen at the Ninoy Aquino International Airport (NAIA) Terminal 3, July 25, 2024. — PHILIPPINE STAR/RYAN BALDEMOR
By Ashley Erika O. Jose, Reporter
THE CIVIL Aeronautics Board (CAB) is set to meet with local carriers on Friday (Oct. 18) to discuss the airlines’ proposal to collect terminal enhancement fees from passengers amid the rising cost of using the Ninoy Aquino International Airport (NAIA).
Manila International Airport Authority (MIAA) General Manager Eric Jose C. Ines said the CAB is currently studying the proposal of three airlines to collect these additional fees from passengers.
“The deliberation is ongoing, the CAB will look into it immediately,” Mr. Ines said by phone on Wednesday.
“MIAA’s part is just consultative, we will meet with CAB and the three local carriers on Friday so that they can justify their reasons,” he added.
MIAA, which has transitioned to its sole regulatory function for NAIA, serves as a consultative body for the proposed collection of terminal enhancement fees, Mr. Ines said.
The local airlines are reportedly seeking an average P300 per flight to cover the higher cost of operating at NAIA.
Aside from the three local carriers: Philippine Airlines operated by PAL Holdings, Inc.; Cebu Pacific operated by Cebu Air, Inc.; and Philippines AirAsia, Inc. (AirAsia Philippines), Mr. Ines said other foreign carriers operating at NAIA may also seek the same relief.
“I think the airlines anticipated that the moment NNIC (New NAIA Infra Corp.) took over there would be an increase in fees. To cover up for that expense, they filed this. It is still under request, whether it will be approved or not, it is being evaluated by CAB,” Mr. Ines said, noting that the petition was filed in September.
NNIC, the new operator of the Ninoy Aquino International Airport (NAIA), took over the operations and maintenance of the country’s main gateway on Sept.14. Landing and take-off fees, a charge collected from airlines for using airport facilities and services, were increased starting this month.
A higher passenger service charge is also scheduled to be implemented by September 2025.
Enrico P. Villanueva, a senior lecturer at the University of the Philippines Los Baños Economics Department, said airline companies are expected to pass on additional charges to passengers.
“As a business, airlines have to pass on extra charges at terminals. It is a misnomer to call the fee enhancement, if the latter has not yet happened,” Rene S. Santiago, former president of the Transportation Science Society of the Philippines, said in a Viber message.
“The first order of the day should be for the Transport department and the MIAA to ask the new operator for a comprehensive list of the new airport fees that it seeks to implement on passengers and other airport stakeholders,” said Terry L. Ridon, a public investment analyst and convenor of think tank InfraWatch PH.
Nigel Paul C. Villarete, a senior adviser on public-private partnership (PPP) at the technical advisory group Libra Konsult, Inc., said the proposed terminal enhancement fees are justified since the new operator of NAIA is set to implement enhancements at the airport.
“These will be incorporated in their set fares which they can adjust anytime anyway so they may simply adjust the airport fees accordingly,” Mr. Villarete said in a Viber message.
AirportWatch Philippines Spokesperson Danilo Lorenzo S. Delos Santos called the higher fees imposed by NNIC as unreasonable and premature because no improvements yet have been implemented at NAIA.
“Clearly, these airport fee increases by Administrative Order 1 are unjustified because these are imposed on the public long before any impact from the rehabilitation efforts are felt by everyone,” Mr. Lorenzo said.
To recall, NNIC explained earlier that all fee increases implemented are only in accordance with the parameters and financial terms set by the Transportation department, MIAA, and its project transaction advisor Asian Development Bank during the bidding of the NAIA PPP partnership (PPP) project.
SINGAPORE — Countries need a new international pact to fix a mounting water crisis that could cut economic growth by at least 8% and put half the world’s food supplies at risk by 2050, an Organization for Economic Co-operation and Development (OECD)-backed commission said on Thursday.
Climate change, destructive land use and chronic mismanagement has put the global water cycle under “unprecedented stress,” said the Global Commission on the Economics of Water (GCEW), a two-year research initiative set up by the Netherlands in 2022.
Densely populated regions like northwestern India, northeastern China and southern and eastern Europe are especially vulnerable to water shortages, it said.
Governments must work together to create incentives to transform how water is consumed and ensure that investment in vital infrastructure reaches the right places, GCEW said in its final report.
“We are going to have to set common goals for water sustainability,” said Singapore President Tharman Shanmugaratnam, GCEW co-chair.
“Ultimately, it will require a global water pact. It is going to take several years to get there, but we are going to start that process,” he said at a briefing ahead of the report’s launch.
The report said global water supplies can no longer be counted on, partly as a result of shifting rainfall patterns, with each 1 degree Celsius of warming estimated to increase atmospheric moisture retention by 7%.
“For the first time, we are actually changing the very source of all freshwater, namely, precipitation,” said Johan Rockstrom, director of the Potsdam Institute for Climate Impact Research and another commission co-chair.
As well as “blue water” in rivers and lakes, the commission looked at “green water” contained in soils and plant life. After evaporating, green water provides around half of global rainfall in a process known as “atmospheric rivers.”
Rising temperatures have created a vicious cycle, with lower soil moisture worsening droughts and wildfires and causing more degradation and biodiversity loss, further disrupting those atmospheric river flows, the commission said.
Regions relying on high levels of irrigation could suffer from water storage capacity declines. On current trends, global cereal production could fall by as much 23%.
Financing mechanisms are required to encourage investment in water infrastructure, especially in more vulnerable countries, and banks should also make lending conditional on protecting water supplies, the report said.
Global efforts are also needed to price water correctly and “redeploy” an estimated $600 billion in annual agriculture subsidies that encourage overconsumption and the planting of water-intensive crops in unsuitable regions, said Ngozi Okonjo-Iweala, Director-General of the World Trade Organization and another GCEW co-chair.
While multilateral cooperation is needed to address threats to global water supplies, growing shortages could aggravate geopolitical tensions, said Genevieve Donnellon-May, a researcher at the Oxford Global Society think tank, who studies water politics.
“One worry is that growing water scarcity could lead to less transboundary cooperation, both at a subnational level… and also between nations,” she said. — Reuters
Asia CEO Awards 2024 recognizes names, brands uplifting PHL to the global stage
By Angela Kiara S. Brillantes, Special Features and Content Writer
Businesses, both big and small, are the cornerstone of economies, driving growth and development in a country. Behind these businesses are visionary leaders, the ones steering their own businesses to success and eventually contributing to the progress of their industries and the economy in general.
Many of these businesses, sectors, and their leaders were recognized in this year’s Asia CEO Awards, a highly-recognized annual award celebrating the commitment of our very own business and leaders to excellence.
Presented by Robinsons Land Corp. (RLC), together with knowledge partner PwC Philippines, Asia CEO Awards 2024 welcomed to its Circle of Excellence entrepreneurs, chief executive officers (CEOs), and companies that are elevating the local business landscape.
Asia CEO Awards Chairman Richard Mills shared that this year’s Asia CEO Awards 2024 reflects the Philippines’ further rise in the global stage as the event attracted more than 1,000 of the nation’s most amazing leaders and brought numerous Circle of Excellence Awardees and Grand Winners, who for Mr. Mills were the best in the 15-year history of Asia CEO Awards.
Asia CEO Awards Chairman Richard Mills and Asia CEO Events President and Chief Executive Officer Rebecca Bustamante
“As the Philippines continues its steady ascent to first-world status, the quality and diversity of nominations has expanded tremendously,” Mr. Mills said in his congratulatory message. “Most award categories had 40-50 nominations from which the Board of Judges had great difficulty choosing the Circle of Excellence and Grand Winners for 16 awards. It all made for an exciting event. We can’t wait to see what happens in Asia CEO Awards 2025.”
With the theme “Fortune Favors the Philippines,” this year’s awards highlight the significant contribution of this year’s awardees to uplifting the country further to agility and competitiveness in the global stage.
PwC Philippines Assurance Managing Partner Aldie P. Garcia explained the judging process.
“To [the grand] winners and [those in the] Circle of Excellence: Your achievements not only set new benchmarks in your respective fields but also inspire the next generation of leaders across Asia. Your stories of triumph often in the face of significant challenges are a testament to the resilient and innovative spirit that defines our region,” Aldie P. Garcia, Assurance Managing Partner of PwC Philippines, said in his message during the awards night.
Asia CEO’s Board of Judges and executives gathered for a grand toast during the awards night.
Held last Oct. 8 at the Marriott Grand Ballroom in Pasay City, Asia CEO Awards 2024 recognized notable players and organizations in different categories that celebrate the best in business, technology, innovation, and sustainability, among others.
The awards honored the Lifetime Contributor Awardees for 2024 to notable figures in the private and public sectors. Representing the private sector, Ramon R. Del Rosario, Jr., chairman and CEO of PHINMA Corp., was the recipient of this year’s Lifetime Contributor Award. The first lifetime recognition for Mr. Del Rosario, this accord reflects PHINMA Corp.’s unwavering commitment to contribute meaningfully to building a stronger Philippines.
PHINMA Corp. Chairman and CEO Ramon R. Del Rosario, Jr. received this year’s Lifetime Contributor Award for the Private Sector.
“At PHINMA, we always adhere to the mission our founder set nearly 70 years ago—to be an active participant on building. This we pursued for most of our 50 years by helping build our country’s industrial base and establishing enterprises. But, it was building and expanding our country’s cement industry that PHINMA has made its largest contribution,” Mr. Del Rosario said in his speech.
“While we at PHINMA are proud of our accomplishments, there is so much more that needs to be done and so much more that can be done. If we in business link arms, collaborate, join forces and work together with the common purpose of making lives better. Business is more than profits; it has a major role in nation-building and making lives better. Business can and must be a force for good,” he added.
In the public sector, receiving the Lifetime Contributor accolade is Secretary Ralph G. Recto of the Department of Finance (DoF), who was recognized for his notable contributions in public service, particularly to nation-building and economic development.
Finance Secretary Ralph G. Recto is recognized as the Lifetime Contributor Award for the Public Sector this year.
“On the part of DoF, I assure you that the doors will always be open to you, and we will do everything within our power to help you succeed because in your every success, every Filipino and the entire Philippines wins too. In short, we are covering all fonts, making sure that you make more money to grow the economy, make more jobs, increase our people’s income, and lift more Filipinos out of poverty,” Mr. Recto said.
RLC Residences Senior Vice-President and Business Unit General Manager and Robinsons Land Chief Marketing Officer Chad B. Sotelo shared his welcome remarks during the awards night.
Snagging Asia CEO’s recognition for service excellence is business process outsourcing (BPO) company VXI Global Holdings BV Phils, which was named as the Service Excellence Company of the Year. Other honorees for this category include Airspeed; ASUS Phils. Corp.; CGI Phils, Inc.; ING Hubs BV Philippine Branch; Inventi Intellectual Holdings Corp.; RELX Reed Elsevier Philippines; Seda Hotels; Sprout Solutions; Social Security System (SSS); Theos Cyber Solutions, Inc.; and Wipro Phils, Inc.
Showcasing its commitment to world class governance is the Polytechnic University of the Philippines, winning the award for White & Case Governance Organization of the Year. Also recognized for this category are Cloudstaff; Immuni Global, Inc.; Land Bank of the Philippines; Tech Mahindra Limited; and Zenutna Holdings Corp. (ZHC).
Notable recognitions were also given to leaders who show remarkable achievements within their respective fields. Among them are Chino San Diego, co-owner of What’s Your Flan International; and Sanjiv Kumar Gupta, president and country head of IBM Solutions Delivery, Inc., taking home the titles of Entrepreneur and CEO of the Year, respectively.
This year’s CEO of the Year honorees include the following: Alan Jones, CEO of Asia Energy Company (AECO) Pte. Ltd.; Anand Achuthan, global head of Tech Mahindra Ltd.; Aseem Roy, country head of Wipro Phils., Inc.; Cesar L Wee Jr., president and CEO of Wee Community Developers, Inc.; David L. Rafael, president and CEO of Aboitiz Land, Inc.; Ivy Ledres, general manager of Insight Direct Phils. LLC; Jaeger Tanco, president and CEO of Phil Care; Jennire S. Torres, country head and CEO of Atos; Jesus Joey Marcelo, CEO of Sante International, Inc.; and Patrick Gentry, CEO of Sprout Solutions.
Meanwhile, honorees under the Entrepreneur of the Year category are Eric Peter Roxas of Pure Energy; Felix Veroya of Ask Lex PH Academy; Jason Romeo Valderrama of JCV & Associates Project Management & Development, Inc.; Jettson Yu of PRIME Philippines; Jonathan So and Carlito Macadangdang of JC Premiere; Karen Jane Salutan-Krukover of EdukSine Production Corp.; Malou Prado of MPQ Travel & Tours; Marydae Hannah Ramos of Chizmozza; Nathaniel Marquez, MNSA of Ebizolution, Inc.; Raemin Reyes of Motovita; Regieno G. Valencia of Interior Construction Services; Ricardo Cuna of Kurimi Milk Tea Bar; and Robert Jordan, Jr., of Asialink Finance Corp.
The Asia CEO Awards also celebrates young and talented leaders who are driving transformative change within the sector. Among these leaders, the Young Leader of the Year Award went this year to Lenard G. Jabolin, president of Casapa Livestock Raisers Association, Inc.
Other young leaders bestowed for this award are Cindy Burdette, chief commercial officer of KonsultaMD; Felix Concepcion Veroya, founder and CEO of Ask Lex PH Academy; Jettson P. Yu, founder and CEO of PRIME Philippines; Lcid Crescent Fernandez, chief executive officer of Prometheus Productions OPC; Maria Isabela Blancas, owner and founder of One Closet; Ralph Ray Dacay Chua, president and chairman of the board at Immuni Global Inc. and Shireli Manufacturing Company; and Regieno G. Valencia, owner of Interior Construction Services.
Recognized trailblazers of the tech space among this year’s grand winners are energy company Citicore Renewable Energy Corp. and Macario Solis Fojas, founder and president of Seven Seven Global Services, Inc., who are the title holders for Technology Company and IT-BPM Techblazer of the Year, respectively.
For Technology Company of the Year, other honorees are Aboitiz Land, Inc.; Ask Lex PH Academy; Concentrix Philippines; Datamatics Global Services Corp.; GoTyme Bank; Hytec Power, Inc.; Inventi Intellectual Holdings Corp.; KonsultaMD; Land Bank of the Philippines; Lexmark Research and Development Corp.; PCCW Solutions, Inc.; and UNO Digital Bank.
Meanwhile, honorees under the IT-BPM Techbalzer of the Year category are Elias Patrick Salazar, delivery head of Tech Mahindra Limited; Jacob Catayoc, chief technology officer of EdukSine Production Corp.; Kamal Asarpota, CEO of Eastvantage; Lloyd Ernst, founder and CEO of Cloudstaff; Praveer Chadha, senior vice-president of Customer Management Solutions at Datamatics Global Services Corp.; Rosette Carrao, managing director of delaware Philippines; and Shiju Varghese, country head of Tata Consultancy Services (Philippines), Inc.
The Company of the Year Award went to global technology and services company Concentrix Philippines, while the Most Innovative Company of the Year was awarded to Pili AdheSeal, Inc., a sustainable startup found to be leading with innovative initiatives.
Top contenders for Most Innovative Company of the Year are Cloudstaff; Concentrix Philippines; Eastvantage; GoTyme Bank; Lexmark Research and Development Corp.; LSEG (London Stock Exchange Group); Rizal Commercial Banking Corp. (RCBC); RUSH Technologies, Inc.; TDCX (PH), Inc.; Teleperformance; and UNO Digital Bank.
For Company of the Year award, the honorees of this award are Clark Development Corp.; Filinvest land, Inc.; Home Credit Philippines; IBM in the Philippines – Consulting Client Innovation Center (CIC); MicroSourcing Philippines, Inc.; Pru Life UK; Sante International, Inc.; Sun Life of Canada (Philippines), Inc.; and UHS Essential Health Philippines, Inc.
Notable organizations were also honored for their impressive efforts in sustainability and environmental stewardship. One prime example is the Bank of the Philippine Islands (BPI), which has shown unwavering commitment to sustainability as it has been recognized as the Sustainability Company of the Year for three consecutive years now. This category also recognized the following companies: Avida Land Corp.; Ayala Land, Inc.; Booth & Partners Philippines, Inc.; Cognizant Technology Solutions Philippines, Inc.; Genpact Philippines; Metro Pacific Tollways Corp.; Newport World Resorts; Personal Collection Direct Selling, Inc.; and RCBC.
Meanwhile, SM Foundation is named the CSR Company of the Year. SM Foundation has been a key player for corporate social responsibility and continues to stand out in driving impactful initiatives across sectors. Also recognized for their CSR initiatives are Amazon Operation Services Philippines, Inc.; Chevron Holdings, Inc.; IBM; Innodata Knowledge Services, Inc.; Maybank Philippines; Megaworld Foundation, Inc.; Merck Business Solutions Asia, Inc.; NEARSOL; Philippine Manufacturing Co. of Murata, Inc.; PJ Lhuillier, Inc.; Port Management Office of Surigao of the Philippine Ports Authority; Teleperformance; The Medical City Clark; and Tsuneishi Technical Services (Phils.), Inc.
Setting great examples and pioneering diversity as a strength, Shopee Philippines, Inc. claimed the title for Diversity Company of the Year. The e-commerce platform is seen as one that celebrates unique individual differences and making an inclusive workplace that focuses on the strengths and performance of their people.
Recognition for the said category were also sent out to the following companies: DDB Group Philippines; DXC Technology Philippines; Foundever Philippines; Genpact Philippines; Home Credit Philippines; Northern Trust; Sun Life Global Solutions Philippines; Sutherland Global Services Philippines, Inc.; Synchrony Global Services, Inc.; Tech Mahindra Limited; Teleperformance Philippines; and Ubisoft Philippines.
Furthermore, in celebration of diversity in leadership, the Asia CEO Awards honored women leaders who exemplify leadership excellence, making positive impacts to their communities and continuously inspiring fellow leaders along the way. Winning the Woman Leader of the Year is Cherrie De Erit Atilano, founding farmer, CEO, and president of AGREA Agricultural System International, Inc. Her leadership in agriculture is seen to be transforming the industry, making farming more attractive and pushing sustainability and food security in local communities.
“I think the most important thing for women to be successful is to empower more women. If you’re given more responsibility at the top, your responsibility is even bigger to uplift lives of women from the ground. I was coming from a Women Food Producers Association where we brought more than 100 people from women all over the countries who are farmers feeding their family every single day. So, I’m really grateful in my advocacy in food security, nutrition, and [farming],” Ms. Atilano said in her speech.
Aside from Ms. Atilano, other remarkable woman leaders included in the Circle of Excellence this Year are: Abigail Tina M. Del Rosario, country director for the Philippines and president & CEO of Maybank Philippines; Aleli Arcilla, vice-president and managing director of Mondelez Philippines, Inc.; Alex Gentry, co-founder of Sprout Solutions; Agnes Vicenta Salayo Torres Devanadera, president and CEO of Clark Development Corp.; Beatriz Latay, chief executive officer of KonsultaMD; Coy Ordonez, country executive of Northern Trust; Elizabeth Digna Ventura, president of Anchor Land Holdings; Maria Catalina Estamo Cabral, undersecretary for Planning and PPP Services at the Department of Public Works and Highways; Jemima Villa, country head of Innodata Knowledge Services, Inc.; Lourdes T. Gutierrez-Alfonso, president of Megaworld Corp.; Ma. Gilda “Gigi” Alcantara, president of PH1 World Developers, Inc.; Martha Sazon, president and CEO of GCash; Mel Migrino, country head and Southeast Asia Regional Director of Gogolook Co. Ltd.; Rosemarie P. Rafael, chairperson and president of Airspeed; and Vivian Que-Azcona, president of Mercury Drug Corp.
Asia CEO Awards recognized Ubisoft Philippines as the Wellness Company of the Year. Honorees in this category are BPI; Cognizant Technology Solutions Philippines, Inc.; Fluor Daniel, Inc. — Philippines; Hewlett Packard Enterprise; IBM in the Philippines; KonsultaMD; Quantrics; Shopee Philippines, Inc.; Tech Mahindra Limited; VXI Global Holdings B.V. (Philippines); and Zenutna Holdings Corp. (ZHC).
Small and medium-sized enterprises were also commended by Asia CEO Awards, with international freight forwarding services company Angkat PH winning the award for SME Company of the Year. Companies who are also included in this category are Aficionado-Central Affirmative Co., Inc.; Asialink Finance Corp.; Asian Consulting Group; Devteam Outsourcing, Inc.; EBIZOLUTION, Inc.; EdukSine Production Corp.; Motovita; Prometheus; PSO Manila | Pepper Money; and Tent King.
Big wins were also celebrated in the fintech industry as GCash was crowned as Top Employer of the Year. Other employers acknowledged in this category are Ayala Land, Inc.; BPI; Concentrix Philippines; Foundever Philippines; Gardenia Bakeries (Philippines), Inc.; Hewlett Packard Enterprise; HSBC Electronic Data Processing Philippines, Inc.; IBM in the Philippines — Consulting Client Innovation Center (CIC); ING Hubs Philippines; Macquarie Group Services (Philippines), Inc.; Magsaysay Maritime Corp.; MicroSourcing Philippines, Inc.; RELX | Reed Elsevier Philippines; Sun Life of Canada (Philippines), Inc.; and Wipro Philippines.
Composed of the nominees, grand winners, and lifetime achievement awardees, over 130 awards were given in this year’s Asia CEO Awards earlier this October in Manila Mariott Hotel.
More than just an event, the Asia CEO Awards has been standing as a platform that showcases excellent organization and individuals within the Philippine business community who have significantly shaped the dynamic business landscape — demonstrating how the Philippines can further elevate into the global stage.
“15 years ago, the economy we saw was very small in the Philippines; but since it has grown, it has been an amazing site to behold. The Philippines is on a roll, different people from different countries are all amazed at the growth and opportunities that there are in the Philippines,” Mr. Mills said.
With close to 11 million customers served since its establishment in 2013 and over P350 billion worth of loans disbursed to date, Home Credit Philippines (HCPH), the leading consumer finance company in the Philippines, continues to develop innovative financial solutions and credit opportunities, enabling Filipinos to achieve their goals and live more fulfilling lives.
Meeting the evolving needs of Filipinos
HCPH has consistently adapted to the changing financial landscape, offering various credit products and value-added services. From product installments and cash loans to credit cards and Home Protect (coverage plans), HCPH caters to the evolving financing needs of Filipinos, ensuring they can access the financial solutions they require at various stages of their lives.
“In our 11th year and having served almost 11 million customers now, Home Credit is continuously committed to being the financial ally of every Filipino, empowering them at every stage of their lives. We’ve diligently expanded our Sales Networks nationwide, reaching 75 out of 81 provinces to make our solutions accessible to those who need them the most,” said David Minol, Chief Executive Officer of HCPH.
Responsible Lending and Building Trust
HCPH is a champion of responsible lending practices. Coupled with flexible repayment options and a commitment to fostering healthy borrower-lender relationships, the company has earned the trust of its growing customer base.
Home Credit Philippines’ acquisition in 2022 by Krungsri (Bank of Ayudhya PCL), Thailand’s fifth-largest bank, and Mitsubishi UFJ Financial Group (MUFG), Japan’s largest banking group, has significantly bolstered the company’s mission to empower more Filipinos. This strategic partnership has granted HCPH access to substantial financial resources, enabling a stronger commitment to expand access to credit opportunities for more Filipinos. Additionally, the infusion of expertise from these global financial giants is poised to further HCPH’s growth trajectory.
HCPH is also a trusted partner to a vast network of reputable local and international banks. These partnerships serve as a testament to its longstanding credibility as a key player in the Philippine consumer finance landscape.
A Wide Range of Financed Products
HCPH has also expanded its product portfolio significantly. Initially financing just four types of products (smartphones, televisions, computers, and laptops), the company now offers over 80 types of commodities–the widest selection of any consumer finance company in the Philippines. This includes tablets, e-bikes, motorcycles, musical instruments, furniture, farming equipment, medical needs, and more.
Understanding motorcycles’ crucial role in transportation and delivery services in the Philippines, HCPH launched its first-ever motorcycle financing program in partnership with Emcor Philippines, a leading motorcycle retailer.
Promoting Innovation and Digital Inclusion
HCPH prioritizes a seamless and user-friendly customer experience through technology and digital channels. The Home Credit app serves as a central hub, offering customers access to services, information on retailers, available products, and installment plans. This app marketplace also benefits retailers, many of which are MSMEs, by promoting their businesses and facilitating customer browsing, price comparisons, and loan eligibility checks.
Aligned with the government’s digital payment initiatives, the app allows customers to settle bills and buy loads conveniently. This digital transformation underscores HCPH’s commitment to innovation and fostering a more inclusive financial landscape.
Furthermore, HCPH introduced Shoppingmall.ph, an online marketplace where customers can explore over 50,000 deals from over 500 merchants, allowing them to find the products they need at the best prices and from their preferred partner shops among HCPH’s 15,000+ network nationwide.
Looking Forward: A Decade of Continued Growth
As HCPH enters a new decade, the company remains dedicated to empowering Filipinos through a broader range of financial solutions, increased store locations, innovative technologies, and customer-centric services. The company is committed to making credit more accessible and staying true to its core value: being every Filipino’s financial ally, para sa life (for life).
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Mac Fojas together with the rest of the Circle of Excellence Awardees and presenters for the IT-BPM Techblazer of the Year category at the Asia CEO Awards
Mac Fojas, the IT-BPM Techblazer of the Year, honored at the Asia CEO Awards 2024, has become synonymous with innovation in the Philippine IT-BPM industry. His leadership is grounded in a solid academic and professional background, having graduated from the University of the Philippines and Fordham University. Mac refined his skills on Wall Street, developing investment banking applications that equipped him with both technical expertise and a profound understanding of business strategy. This foundation enabled him to recognize and seize opportunities that needed expertise on Java technology in the 1990s, leading to the establishment of Seven Seven, which has since evolved into the country’s leading IT-BPM provider.
While accepting the award, Mac Fojas was asked about what makes him successful. “My wife,” he quipped before expressing his gratitude towards Seven Seven and acknowledging those who came with him at the event.
For Mac, this award represents how he envisions to continuously contribute and help reshape the future of the information technology landscape globally, especially in the Philippines. His vision embodies not only the recognition of current industry trends but also the acceptance of opportunities for growth and transformation.
Seven Seven Co-Founder and President Mac Fojas won the Information Technology and Business Process Management (IT-BPM) Techblazer of the Year at the Asia CEO Awards 2024 on Oct. 8, 2024 at Manila Marriott Hotel in Pasay City.
Seven Seven, under Mac’s wings of leadership, has carved a niche in the Philippine IT-BPM sector by providing a wide array of services designed to enhance business efficiency. The company specializes in Application Development, Quality Assurance & Testing, IT Infrastructure Support, Project Management, Business Analysis, and Technical Help Desk, among others. This comprehensive suite of services positions Seven Seven as a key player in the industry, delivering customized solutions to meet diverse client needs.
Mac Fojas and Delle Sering brought their Seven Seven Executive and Management teams to witness the Asia CEO Awards 2024 and celebrate Mac’s milestone for being part of the Circle of Excellence Awardees under the IT-BPM Techblazer of the Year category.
His leadership at Seven Seven also created an avenue to showcase the skills of the Filipino workforce. With a strong customer service culture and a deep talent pool, the Philippines is well-equipped to be a leader in the information technology space. Mac believes that empowering Filipino workforce is crucial in fostering a culture of innovation and excellence within organizations.
Mila Picache, Senior Managing Director and COO of Seven Seven Global Services, Inc., alongside Vina Morales, together with the Seven Seven Executive and Management Team post-Asia CEO Awards event
As a proponent of innovation, Seven Seven recognizes that artificial intelligence (AI) stands out as a transformative force poised to elevate both society and businesses. Mac is keenly aware of the potential of AI to revolutionize business operations and strategic decision-making, particularly through intelligent automation, advanced data analytics, and AI-driven personalization. With Mac taking charge, Seven Seven will continue to leverage AI to drive efficiency and optimize resources, ensuring that the company retains its position of being on top of industry advancements. His approach not only enhances operational efficiency but also fosters a culture of collaboration and creativity. This forward-thinking mindset ensures that Seven Seven remains adaptable to changing market dynamics, paving the way for sustainable growth and thriving in success in a highly competitive landscape.
Mac Fojas, Co-Founder and President of Seven Seven Global Services, Inc.; and Delle Sering, Co-Founder and Chief Executive Officer of Seven Seven Softwares, at the Asia CEO Awards 2024
For Mac, AI is more than a tool for optimization. He believes that this is a gateway to future growth. He sees the potential for AI to be deeply integrated across all aspects of business, pushing the limits of what is possible in the tech industry. His vision is centered on several emerging trends.
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Seven Seven President Mac Fojas immerses in the thrill of the event, soaking up the vibrant energy and excitement of the event.
Following an insightful interview, Mac Fojas shares a moment with Delle Sering and Mila Picache of Seven Seven Corporate Group, alongside Vina Morales.
Ultimately, Mac has become a pioneer in technological advancement and positioning the country as a global leader in the future of the IT-BPM industry that is soon to be more powered with AI.
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USANA Health Sciences, Inc. and its Philippine market were recently added to the illustrious Circle of Excellence from the Asia CEO Awards. The Circle of Excellence recognizes the top companies in the Philippines that have shown success and value in the development of the country’s economy and society. The member company’s management team should also demonstrate exceptional leadership skills that result in the maximization of value for stakeholders.
To discover USANA’s line of unique nutritional and skincare products, visit USANA.com.
“To be included in the Circle of Excellence with some of the most prominent companies in the Philippines is an amazing honor,” said Vivienne Lee, Regional Vice President of Asia. “I would like to congratulate everyone in the market for this great achievement.”
The USANA Philippines corporate office opened in 2009 in the country’s business capital at the Enterprise Center in Makati.
“One of our core values at USANA is Excellence and receiving this recognition from the Asia CEO Awards proves that we are living out that value,” said Cherry Ampig, USANA General Manager–Philippines. “This is a significant award not only for us here at the USANA Philippines office, but also for all our distributors in the market. They have dedicated so much to the company and none of it would be possible without their support and hard work.”
About USANA
USANA (NYSE:USNA) prides itself on providing consumers with quality nutritional and lifestyle products. From its award-winning supplements to its innovative Celavive skincare and Active Nutrition lines, USANA has proven for over 30 years why it’s a company you can trust. How about giving us a try? Shop at USANA.com or learn more at whatsupUSANA.com.
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The Asia CEO Awards also celebrates young and talented leaders who are driving transformative change within the sector. Among these leaders, the Young Leader of the Year Award went this year to Lenard G. Jabolin, president of Casapa Livestock Raisers Association, Inc.
Notable organizations were also honored for their impressive efforts in sustainability and environmental stewardship. One prime example is the Bank of the Philippine Islands (BPI), which has shown unwavering commitment to sustainability as it has been recognized as the Sustainability Company of the Year for three consecutive years now. This category also recognized the following companies: Avida Land Corp.; Ayala Land, Inc.; Booth & Partners Philippines, Inc.; Cognizant Technology Solutions Philippines, Inc.; Genpact Philippines; Metro Pacific Tollways Corp.; Newport World Resorts; Personal Collection Direct Selling, Inc.; and RCBC.
Aside from Ms. Atilano, other remarkable woman leaders included in the Circle of Excellence this Year are: Abigail Tina M. Del Rosario, country director for the Philippines and president & CEO of Maybank Philippines; Aleli Arcilla, vice-president and managing director of Mondelez Philippines, Inc.; Alex Gentry, co-founder of Sprout Solutions; Agnes Vicenta Salayo Torres Devanadera, president and CEO of Clark Development Corp.; Beatriz Latay, chief executive officer of KonsultaMD; Coy Ordonez, country executive of Northern Trust; Elizabeth Digna Ventura, president of Anchor Land Holdings; Maria Catalina Estamo Cabral, undersecretary for Planning and PPP Services at the Department of Public Works and Highways; Jemima Villa, country head of Innodata Knowledge Services, Inc.; Lourdes T. Gutierrez-Alfonso, president of Megaworld Corp.; Ma. Gilda “Gigi” Alcantara, president of PH1 World Developers, Inc.; Martha Sazon, president and CEO of GCash; Mel Migrino, country head and Southeast Asia Regional Director of Gogolook Co. Ltd.; Rosemarie P. Rafael, chairperson and president of Airspeed; and Vivian Que-Azcona, president of Mercury Drug Corp.
