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Beyond contrasting oceans

ANDREA FERRARIO-UNSPLASH

On a distant continent that spans the Pacific on the west and the Atlantic on the east, one can compare the constantly changing moods of the sea and sky.

Marvelous colors of the oceans inspire new visions and seascapes.

The autumn weather is capricious.

A late Indian summer’s day shows the northern Pacific as it shimmers silver-blue with white caps that race to the craggy cliffs of the coastline. The haze veils the distant island. Seagulls swoop and circle like flying acrobats. Sailboats and yachts skim as wave runners crisscross the wakes on the smooth surface of the water.

From the terrace of a cliff, one sees a splendid panorama of floating cumulus clouds on the cobalt sky.

One inhales the intoxicating sea air mingled with the fragrance of delicate roses and pine trees. The palm fronds sway and the chili bushes rustle in the breeze. On such a clear day, one can see beyond forever.

In the late afternoon, the hot yellow sun begins its descent against a canvas backdrop with splashes of orange, magenta, copper, and streaks of violet. A stunning river of gold ripples as the glowing orb dips into the sea. On some evenings, the stunning sun turns red as if a magic wand has transformed it into a ball of fire.

The luminous crescent moon rises gently to reign as queen of the velvet indigo sky.

Stars blink and twinkle into cosmic constellations.

The temperature drops 20 degrees, and the wind turns chilly.

The last vestige of summer is gone.

On the other coast, thousands of miles away, the southern Atlantic is a turbulent dark green and ultramarine with angry heaving waves.

The menacing mega storm bypassed the southern cities, but the fringe winds bring heavy rains with strong gusts.

The slate gray sky has charcoal clouds that unleash a torrential waterfall on the ocean. On the deserted beach, brave stragglers attempt to take photographs of the hurricane. Despite double red flag warnings, a few foolhardy surfers race precariously on surfboards atop 15-foot waves.

Trees tilt and are uprooted. Branches snap. Twigs and leaves fly haphazardly like lost arrows. The rain pours and collects in pools and puddles. It is wise to seek shelter and keep warm on such a wet and windy afternoon.

The next day, the sunshine brightens the beach. It acquires a different personality.

Seagulls and terns timidly emerge from their nests among the eaves, roof tops, and treetops. They circle tentatively low over the sea to catch their fish. Then they tiptoe on the sand, leaving prints and pointed patterns.

The once pewter sky is now a light cerulean blue with powder puff clouds floating above. The breeze smells like citrus eau de cologne.

A big wave suddenly rushes to shore. It topples and drenches a kneeling beachcomber. The dashing lifeguard rushes to rescue the damsel in distress. People stroll briskly along the shoreline. Gone are the debris and pools of yesterday’s storm. The beach has been swept clean by efficient service staff. The sand is almost spotless.

The gleaming Atlantic has translucent stripes of light emerald, jade, turquoise and sapphire. Jewel colors in the dazzling sunlight. Little kids build sandcastles, fly kites, as dogs chase rubber balls. The clear water is still so cold. Swimmers choose to stretch on colorful pareos to sunbathe.

On a lazy weekend, “Life is a beach” in this semi-tropical paradise. The only phenomenon missing is a rainbow after the storm.

The afternoon sky is turning dark blue with tinges of pale peach, brush strokes of copper, pink purple, and silver gray. The fading sun is veiled in the gauze of clouds as it sets gently on the horizon. This sunset is a muted wash of colors. It is a stark prelude to a magnificent moonrise.

At twilight, the full moon is a luminous white sphere that illuminates the sky. It has an eerie halo of light lavender clouds that radiate for miles around. A solitary star appears as a counterpoint — far from the circle. Close to midnight, one can discern the texture and terrain of the moon. Its craters and valleys resemble an abstract woven tapestry.

Moon bathing is energizing and nourishing for dreamers. It is like having a shower of stardust that makes one float to another dimension.

On another night, an orange harvest moon rises over the rooftops to claim the sky. Elongated shadows appear like phantoms in the dark corners of the park.

People gaze at the sky for celestial signs and falling stars.

The radiant, vibrant climate of the south has a positive effect on people. Where the sun shines, people are not prone to the Winter syndrome SAD (Seasonal Affective Disorder).

Nature displays her best colors and moods every season. And the symphony of the sea beckons.

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

Ayala Corp. says Larrazabal to step down as CFO, names Juan Syquia as successor

JUAN CARLOS “JOHN-C” L. SYQUIA

AYALA Corp. announced that Alberto M. de Larrazabal will step down as its chief financial officer (CFO) effective Jan. 1 next year.

Mr. Larrazabal, who is set to retire, will be replaced by seasoned banker Juan Carlos “John-C” L. Syquia, Ayala Corp. said in a regulatory filing on Thursday.

Ayala Corp. also appointed Mr. Syquia as deputy CFO effective May 1 this year. He will support Mr. Larrazabal before taking over the role next year.

“Mr. Syquia will be elected as deputy CFO of Ayala Corp. at the organizational board meeting following the annual stockholders meeting on April 25,” Ayala Corp. said.

Mr. Larrazabal became Ayala Corp.’s CFO in April 2021.

“We are pleased to have John-C join us at Ayala Corp. His extensive banking experience, strong financial acumen, and proven leadership give us great confidence that Ayala’s financial leadership will remain in very capable hands,” Ayala Corp. President and Chief Executive Officer Cezar P. Consing said.

Mr. Syquia is the current executive vice president and head of institutional banking at the Bank of the Philippine Islands (BPI). He has three decades of experience in corporate and investment banking.

Before joining BPI in 2016, Mr. Syquia held leadership roles at ING and Standard Chartered in strategy and business development, and running corporate finance and relationship management businesses.

Mr. Syquia has a Master of Business Administration in Finance and International Business from Fordham University and a Bachelor’s degree in Management Economics from the Ateneo de Manila University.

“I am very honored to join Ayala Corp. I look forward to working closely with Albert and the rest of the senior leadership team to drive Ayala’s pursuit of growth, innovation and nation-building,” Mr. Syquia said.

Ayala Corp. also confirmed the change in designation of Jose Rene Gregory D. Almendras to public affairs principal from senior managing director and public affairs group head, effective Jan. 1.

On Thursday, Ayala Corp. shares climbed by 0.35% or P2 to P572 per share. — Revin Mikhael D. Ochave

Stuff to Do (01/24/25)


Ayala Malls Cinemas screen Anora

THE acclaimed film Anora is now being screened at Ayala Malls Cinemas following a successful run as part of QCinema 2024. The movie follows a young American sex worker, Anora, who gets the chance of a lifetime when she meets and impulsively marries the son of a Russian oligarch. The fairy tale comes back to reality once his family finds out and forces them to get their marriage annulled. Anora is written and directed by Sean Baker, and stars Mikey Madison, Mark Eydelshteyn, Yura Borisov, Karren Karagulian, and Vache Tovmasyan. Its Philippine run is exclusively at Ayala Malls Cinemas.


Araneta City holds Chinese New Year events

ARANETA CITY in Cubao, Quezon City, will celebrate Chinese New Year with a variety of events. From Jan. 22 to 31, a prosperity bazaar will showcase charms and amulets at the activity area of Ali Mall. There will be a Chinese Horoscope Predictions Exhibit, running from Jan. 24 to 28 at the Quantum Skyview in Gateway Mall 2, the Gateway Mall 1 Activity Area, and the Farmers Plaza Activity Area. Those who want to see Chinese acrobats should come to Quantum Skyview on Jan. 29, 2 p.m., to see the Philippine Chung Hua School Child Performers and Chinese Acrobats. At the same time, the Flair Fashion Agency will be holding a Zodiac Runway at Farmers Plaza’s Activity Area.


Shangri-La Plaza holds Lunar New Year celebrations

CHINESE New Year festivities will be kicking off at Shangri-La Plaza in Mandaluyong City with a performance by the Filipino Chinese Dance Theater Company at the Grand Atrium on Jan. 24. Chinese metaphysics master Venus Wang will also grace the event to provide insights for the year. On Jan. 28, the mall restaurant Streetscape will have an Eye-Dotting Ceremony, a ritual that “breathes life” into a lion or dragon, giving it the power to bring protection and good fortune. A Dragon and Lion Dance will follow on Jan. 29, going around the different shops in the mall to bring luck and prosperity, also serving as the launch for the Spring Film Festival which will start that day.


Live music and short films at Quezon City

ON Jan. 28, 7 p.m., a pay-what-you-can event will be held at 88FRYER, on Panay Ave. cor. Timog Ave., Quezon City. It will feature live music and short films. Indie artists like the Cat Boy Jeepney Drivers, placi., 7 Days, Kaiser, Paro-paro at Bubuyog, Aaron Jimenez, and organizer wibomibo will perform onstage. There will also be screenings of short films by Ryan Capili, JT Trinidad, Glenn Barit, Sophia Isip, Jessa Sargento, and many more.


MCAD to screen period pieces for free

A COLLECTION of critically acclaimed motion pictures and TV series which transport viewers into the diverse timelines and landscapes around Asia will be screened for free at the Museum of Contemporary Art and Design (MCAD). Curated by TV and film production designer Sharon See, the selection highlights the significant role of scenography. Headlining the line-up is Shōgun (2024), a Japanese historical TV drama based on the 1975 novel by James Clavell, and directed by Rachel Kondo and Justin Marks, slated for Jan. 29. Next is Cigarette Girl (2023), an Indonesian historical epic romance series based on the 2012 novel of the same name by Ratih Kumala and helmed by filmmakers Kamila Andini and Ifa Isfansyah, set for Jan. 30. Finally, Gangubai Kathiawadi (2022) is an Hindi-language biographical crime drama film by Sanjay Leela Bhansali based on the 2011 book Mafia Queens of Mumbai by S. Hussain Zaidi, scheduled for Jan. 31. Free and open to the public, the screenings will be held at 12 p.m. on the scheduled dates at the MCAD Multimedia Room, De La Salle-College of Saint Benilde Design + Arts Campus, Dominga St., Malate, Manila. Interested attendees may register through tinyurl.com/MCADxMovingImage.


Calligraphy workshop at Yuchengco Museum

THE Yuchengco Museum is offering a calligraphy experience that aims to blend creativity with intention. In collaboration with Pen and Pause, they are inviting guests to explore the art of mindful writing, to “cultivate focus and clarity for the year ahead.” The workshop will take place on Jan. 30, from 6 to 8 p.m., at the Y Space at Yuchengco Museum, RCBC Plaza, Makati City. Tickets cost P2,200, while seniors, PWDs, and students get a discounted rate of P2,000.


Kenshi Yonezu debuts Gundam theme song

GLOBAL J-pop superstar Kenshi Yonezu has released “Plazma,” a new single and the official theme song to the latest installment in the iconic Gundam franchise, Mobile Suit Gundam GQuuuuuuX -Beginning-. The track features high-tempo synths and electronic rhythms to match the mecha universe and their epic space battles. It is the latest in a string of theme songs by Mr. Yonezu following his contributions to Hayao Miyazaki’s The Boy and the Heron, the Final Fantasy XVI video game, and his global hit theme for the Chainsaw Man series. “Plazma” is out now on all digital music streaming platforms.


US producer Knock2 releases debut LP

ELECTRONIC producer Knock2 has unveiled his long-anticipated debut album, nolimit. The 17-track release caps a breakout 2024 for the San Diego-native. It aims to reimagine dance music through a vintage lens, combining classic Y2K pop sounds with hip-hop inspired production. The LP includes the track “dance or dead,” Knock2’s collaboration with Thai pop singer MILLI. The record is out now on all digital music streaming platforms.

The dilemma of Philippine institutions

Healthy institutions are the cornerstone of any functioning democracy. They provide the framework for governance, ensure accountability, and uphold the rule of law. When these institutions operate independently, transparently, and effectively, they promote stability, contribute to development goals, and foster trust in governance. However, when subjected to political interference, particularly in the form of manipulation of funding and budgets, their integrity is compromised. Institutions contribute to stability especially in times of uncertainty.

As a former senior officer at the Development Bank of the Philippines (DBP), this writer was concerned about the effect of the P25 billion withdrawn from the bank in favor of the Maharlika Investment Fund. In the first place, the concept of a sovereign wealth fund works well when governments have budgetary surpluses or have little or no international debt. That not being our case, the Maharlika Fund had to be financed by drawing from existing institutions like the Bangko Sentral ng Pilipinas (BSP), Land Bank of the Philippines, and DBP.

The DBP is a key government financial institution tasked with supporting national development goals, particularly by financing infrastructure, small businesses, and rural development projects. The P25-billion withdrawal has far-reaching consequences. The DBP’s ability to provide affordable credit to priority sectors has been compromised. Sources for financing economic growth and development, particularly in underserved areas, have been further reduced. The smaller fund base could make it harder for the DBP to leverage additional funding from international or domestic sources, leading to higher borrowing costs.

The signs of DBP’s problems are starting to show. DBP is now seeking extension of regulatory relief from the BSP. With its strained liquidity position, adjustment to its capital adequacy ratio and common equity Tier 1 ratio are being sought. Although DBP executives clarified that the bank still maintains sound ratios, the call for comfort in regulatory relief shows that a safety cushion is necessary.

Banks are conscious of the need to keep their perception status in the community intact. Reputation risk is damage that can occur when it fails to meet the expectations of its stakeholders. Investors and borrowers might perceive DBP as financially unstable, leading to reduced participation in its programs and initiatives.

The Philippine Deposit Insurance Corp. (PDIC) was recently asked to remit P110 billion to bankroll programs and projects under unprogrammed appropriations in the 2024 General Appropriations Act. Although the PDIC president has asserted that its remaining reserve funds remain sufficient, the said withdrawal also poses several risks.

The PDIC plays a critical role in maintaining public confidence in the banking system by insuring deposits and ensuring the safety of the financial system. The reduction definitely affects its capability. What if a financial crisis of global proportions accompanied by a credit crunch gets into the picture? Nobody could have predicted the pandemic of 2020, and nobody can tell for sure if the remaining reserve funds will be sufficient. The PDIC needs to be strong to deliver in the face of shocks in this increasingly volatile world.

If depositors fear that the PDIC lacks sufficient funds, they may withdraw savings from banks, potentially triggering a contagion that results in a liquidity and banking crisis. The PDIC should be perceived as an anchor of stability, free and independent of political (government) interference.

If such withdrawals become regular practice, and even if only perceived as such, international observers and rating agencies may downgrade the stability of the Philippine banking system, making it more challenging to attract foreign investments. Hopefully, this doesn’t happen, but the withdrawal shows PDIC funds are not immune to government interception.

The zero-budget allocation to PhilHealth represents another case of institutional weakening. In the first place, the national subsidy to PhilHealth is mandated by the Universal Health Care Law. With the non-implementation of the law (a legal issue), funding will now only rely on direct contributions and its reserve fund. As an insurance agency, PhilHealth is required to have reserve funds. Is it sufficient, especially with reports that PhilHealth allegedly has billions of obligations from claimants?

Expectedly, PhilHealth management claims their funds are sufficient. However, the absence of subsidies will definitely affect its future needs. The actuarial sufficiency of present reserves needs to be studied. Health, after all, is a fundamental right. A perception that the government is neglecting healthcare can lead to widespread dissatisfaction and social instability.

The withdrawal of funds from these key institutions sends a dangerous signal to the public and other institutions. Financial instability in one institution creates a domino effect, eroding trust in others. Institutions like the DBP and PDIC play crucial roles in economic stability. The PhilHealth case affects everyone. Their financial weakening would deter investments, reduce job creation, slow economic growth, and erode public trust.

Safeguarding these institutions should be a concern for the informed public. Civil society organizations and media play an essential role in exposing attempts to undermine institutions. Budgets for critical institutions should be allocated through a transparent, non-partisan process. Institutions should be strong to deliver their mandates decisively and outside of the push and pull of politics.

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

 

Benel Dela Paz Lagua was previously EVP and chief development officer at the Development Bank of the Philippines.  He is an active FINEX member and an advocate of risk-based lending for SMEs. Today, he is independent director in progressive banks and in some NGOs.

Trump’s tariffs and their effect on the Philippines

FREEPIK

The worry, of course, is that Donald Trump — who took his oath as the US’ 47th president last Tuesday — would increase tariffs on various countries and that (ostensibly) includes the Philippines.

China, Canada, and Mexico are the clear targets of Trump’s tariff pronouncements and whether these are merely for negotiating leverage remains to be seen. There are indications that the increased tariffs on such countries would — at least in the short term — benefit Southeast Asian countries like Thailand, Vietnam, and the Philippines.

The logic of increasing tariffs seems counterintuitive, to say the least, particularly as far as classic economic theory is concerned. But the gamble is that by imposing tariffs instead of income taxes, the average US citizen will be forced to buy local, thus freeing up additional cash, while encouraging local production.

As for the Philippines, keep in mind that our simple average Most-Favored-Nation applied tariff rate (as of 2022) is around 9.8% for agricultural products and 5.5% for non-agricultural products, with 67.6% of its tariff lines bound as per World Trade Organization commitments, with a simple average final bound tariff rate of 24.9%. US tariff rates, at least as for 2021, hover around 1.47%.

In any event, the Philippines seem to be quite “insulated” as far as the afore-described tariff shocks are concerned. As reported by BusinessWorld (“PHL most insulated to Trump tariffs among ASEAN — HSBC,” Jan. 9): “The Philippines is the most insulated from US President-elect Donald J. Trump’s planned restrictive policies among Association of Southeast Asian Nations (ASEAN) economies, HSBC said. ‘Across ASEAN, the Philippines is the most resilient country amidst these tariff risks,’ HSBC economist for ASEAN Aris D. Dacanay said xxx and ‘Vietnam, Thailand, these are the countries exposed to the risk of US tariff rates. But for the Philippines, we are very insulated from that risk’.”

There is the 1989 Philippine-US Trade and Investment Framework Agreement (TIFA), which sought to implement Philippine minimum access commitments, as well as address issues relating to illegal transshipments of textiles, trade facilitation, and intellectual property rights.

It would definitely help if the Philippines achieved the renewal of its Generalized System of Preferences (GSP) benefits: “Under the US GSP, the Philippines enjoys duty-free treatment for products covered by 3,500 US tariff lines. Philippine utilization of US GSP is steady at an average rate of 74%, estimated at $1.3 billion on average from 2005 to 2020.” (“Philippine-United States Trade Relations: Looking Back and a Way Forward,” East-West Center, June 2022).

The GSP “is the oldest and largest US trade preference program, authorized in 1974 and subsequently renewed 14 times. Once an anchor of US international economic relations with developing countries, GSP promoted economic development through the duty-free entry to the United States of over 3,500 non-import sensitive products from 120 beneficiary developing countries around the world. However, the program lapsed in December 2020 and has yet to be renewed.”

The Philippines, specifically, was the “fifth-largest beneficiary of GSP in the world,” with “$1.6 billion worth of GSP exports to the United States in 2020, bolstering the US relationship with a geographically strategically invaluable partner in the South China Sea. During its tenure, GSP benefited micro-, small, and medium-sized businesses in the Philippines, driving job growth and making the Philippines a more advantageous sourcing location for US manufacturers and consumers who sought to diversify their supply chains from China. The country also saw the growth of important emerging sectors, including its travel goods manufacturing industry. Over the past four decades of GSP authorization, US-Philippine trade grew enormously, rising from $532 million in 1962 to $16.8 billion in 2020. When GSP lapsed in 2020, the United States was the second-largest market for Philippine exports and the third-largest for imports.”

And yet, the US’ renewal of GSP benefits the latter, inasmuch as it rebuilds “strong relations with emerging economies. While there is increasing momentum in Congress toward reinstating GSP, the process has been lumbered by debates over various amendments. Reauthorizing GSP by 2025 is a prerequisite for the United States to push back against China’s development offensive financed through its Belt and Road Initiative (BRI).” (“Retooling US Trade to Meet the China Challenge: GSP Matters,” CSIS, November 2024).

Ultimately, what is crucial is Philippine competitiveness and here the Philippines is on stable ground. The Switzerland-based Institute of Management Development (IMD) in 2024 retained the Philippines’ rank of 52 despite adding three countries from the previous year, with high marks in “employment,” “tax policy,” and “domestic economy.”

Obviously, improvements are necessary: the Philippines merely ranks 13th among 14 Asia-Pacific countries, and had dismal showings in “business legislation,” “basic infrastructure,” and “education.” Challenges are seen too in the capability for “job-generating investments,” “inflation,” and “infrastructure.”

There are also the uncertainties brought about by China’s continued blatant bullying in the West Philippine Sea, which speaks to the fact that while indeed “economic security is national security,” the reverse is also true.

The views expressed here are his own and not necessarily those of the institutions to which he belongs.

 

Jemy Gatdula is the dean of the Institute of Law of the University of Asia and the Pacific and is a Philippine Judicial Academy lecturer for constitutional philosophy and jurisprudence.

https://www.facebook.com/jigatdula/

Twitter  @jemygatdula

DigiPlus says registered user count doubled to over 40 million in 2024

DIGIPLUS.COM.PH

LISTED DIGIPLUS Interactive Corp. doubled its registered user count to more than 40 million in 2024 as the company eyes further growth this year, its chairman said.

DigiPlus Chairman Eusebio H. Tanco said during a media briefing in Quezon City on Thursday that the company’s 2024 registered user count surged from over 20 million in 2023.

“Since we launched more games like the Perya Game, Color Game, Pinoy Drop Ball, and our marketing and branding strategy is really to acquire more users. We’ve been moving around different parts of the country. What’s happening is our registered users are growing,” Mr. Tanco said.

Mr. Tanco said DigiPlus is optimistic that it will further grow its user count following the company’s entry into Brazil and the recent move by the Philippine Amusement and Gaming Corp. to reduce the fee paid by electronic games (e-games) operators to 30% of revenue.

“It will improve to a certain extent, but not maybe at the rate we have now,” he said.

“Our aim is really to do better than the year past. We also try to manage the expectations of investors. They don’t expect us to have those hyper growth every year,” he added.

Earlier this month, DigiPlus said its subsidiary DigiPlus Brazil Interactive Ltda. secured a gaming license in Brazil.

Meanwhile, DigiPlus and its social development arm BingoPlus Foundation launched the Pusta de Peligro Responsible Gaming campaign, with the premiere of three short films.

“We hope this campaign will spark a national conversation about responsible gaming. We want players to feel empowered to make wise choices, families to feel reassured, and communities to see gaming as a safe form of entertainment. The Pusta de Peligro campaign is a crucial step toward that vision,” he said.

The campaign pushes for responsible gaming and advocates for prevention, education, and intervention to ensure that gaming remains safe and enjoyable form of entertainment.

“Responsible gaming is the foundation of a sustainable gaming industry. With Pusta de Peligro, we’re proving that advocacy and innovation can go hand in hand to create a safer, more enjoyable gaming environment for all,” he said.

DigiPlus shares fell by 2% or 55 centavos to P26.95 apiece on Thursday. — Revin Mikhael D. Ochave

HR’s seat in the executive board room

I’m the newly-hired head of human resources (HR) at a medium-sized organization. In my previous job, I was given a permanent seat in monthly department meetings presided over by the chief executive officer (CEO). In my current job, I was surprised to learn that HR has no regular seat during department meetings and is invited only to shed some light on certain issues. I feel this system is unfair to HR. What do you think?  — Lunar Scope.

​Before directing your eyes to the executive table, consider many factors that may decide if you should have a regular seat or not. Primarily, it depends on the size of your organization and your reporting responsibility. Who is your direct boss? Do you report to the CEO or not? Are you being represented by someone higher in rank and function like the senior vice president for administration and finance?

​This should have been clarified with your prospective boss during the job interview process. The basic reference is the organizational chart. If you report directly to the CEO, you should have a permanent seat in the executive board room for the monthly and periodic meetings. 

Otherwise, you should be represented by your department boss, regardless of their rank.

​Since you’re new to the organization, it’s too early to tell if you’re qualified to have a boardroom seat. HR is a specialized job function that may not be fully performed by anyone in the organization, even if they’re in a higher position, even if their main experience is in administration.

​Just the same, you’ll know if you’re entitled to it if you can answer “yes” to the following questions: Do line supervisors and managers constantly seek your opinion? What’s your batting average in influencing the company’s direction? Even outside of HR topics, are you being consulted on matters involving customers, industry trends, product strategies, and many more?

​Does your boss (CEO or other high-ranking officials) regularly consult you on HR matters and how they would affect the organization? How are you showing your competence and potential as a strategic business partner who knows the ins and outs of the industry?

UNDERSTANDING THE BUSINESS
​The key is to understand the business. Be familiar with the language being used by your colleagues. Know the jargon. Learn the complexities of the business. Spend a considerable amount of time talking with people from operations, sales, production, accounting, and even the IT department.

​Get out of the HR suffocating box. There’s a bigger world out there. Don’t be like a goldfish in an aquarium who doesn’t know the beauty of the sea. You can do more if you know the company’s customers, the cost of your operations, quality issues, and even how the sales and marketing people are trying to meet their quotas. By helping people in other departments get what they need to run the business effectively and profitably, you’ll be doing more than what’s expected of you.

​One caveat. Don’t bypass the department heads. Seek their approval. Explain that you’re trying a holistic approach. For instance, how would you solve the problems of people having difficulty in meeting their sales or production quota? How about those producing defective products or demonstrating poor productivity?

Many times, the solution is not limited to classroom training. It could be cross-postings to other jobs for one to two years of temporary assignment. Whatever you do, be guided by the following:

One, align your plans and programs with overall business goals. Understand the letter and spirit of the company’s mission, vision, and value (MVV) statements. Review the records. Focus on past milestones. Learn from them.

For example, when you try to help the operations department reduce product defects, what kind of intervention would you propose to the concerned department head using the MVV framework?

Again, be careful on this. The production department head may feel slighted when you discover a tangible solution that may put them in an uncomfortable situation.

Two, know your department workers well. Understand their strengths and weaknesses. Help them achieve their career objectives. This is imperative. You can’t give what you don’t have. If you can’t manage the HR department well, then how could you help other departments?

Have a monthly meeting with your direct reports. Ensure that everyone is on the same page. Aside from the monthly meeting, be the first department head to institutionalize casual engagement dialogues. Before doing this, check their 201 files and look for their career interests as fodder for your meeting.

​In general, be strong on the consultative function of HR so you will be looked upon as the internal expert on workforce matters. Go beyond the oft-repeated mantra that “the workers are our greatest assets.” This worn-out expression is never translated into real action that produces the best results.

​If you can do that, you’ll guarantee yourself a seat in the board room, even if you don’t report to the CEO, as they will find you indispensable. But be ready to manage your detractors as well by applying rational thinking that they can’t refute.

 

Organize an exclusive program called Superior Subordinate Supervision for your organization. Packed with practical coaching strategies, this event ensures the delivery of results within hours of the workshop. For details, e-mail elbonomics@gmail.com or via https://reyelbo.com

Philippines ranks 43rd in World Future Skills Index

The Philippines placed 43rd out of 81 countries in the inaugural World Future Skills Index, by service and analytics provider Quacquarelli Symonds (QS). The country had a final score of 62.2 out of possible 100. The index evaluates how well countries are equipped to meet the changing demands of the international job market based on four equally weighted indicators: skills fit, academic readiness, future of work, and economic transformation.

Philippines ranks 43<sup>rd</sup> in World Future Skills Index

How PSEi member stocks performed — January 23, 2025

Here’s a quick glance at how PSEi stocks fared on Thursday, January 23, 2025.


Peso sinks to near two-week low on Trump worries

PHILSTAR FILE PHOTO

THE PESO declined to a near two-week low against the dollar on Thursday as the foreign exchange market awaited further guidance from US President Donald J. Trump regarding his planned tariff policies.

The local unit closed at P58.692 per dollar on Thursday, weakening by 18.2 centavos from its P58.51 finish on Wednesday, Bankers Association of the Philippines data showed.

This was the peso’s lowest close in nearly two weeks or since it finished at P58.70 on Jan. 13.

The peso opened Thursday’s session slightly weaker than Wednesday’s close at P58.54 against the dollar, which was already its intraday best. Its worst showing for the day was at P58.70 versus the greenback.

Dollars exchanged decreased to $1.27 billion on Thursday from $1.59 billion on Wednesday.

“The peso closed lower on strong dollar demand as traders await announcements of Trump’s policies,” a trader said in a phone interview.

The dollar was generally stronger on Thursday after Mr. Trump threatened to impose tariffs on Russia if it does not stop its invasion of Ukraine, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Friday, the trader said the peso could move between P58.50 and P58.80 a dollar, while Mr. Ricafort sees it ranging from P58.55 to P58.75.

The dollar traded in narrow ranges against major peers on Thursday, as the currency continued to struggle for direction in the absence of concrete announcements on tariffs from Mr. Trump, Reuters reported.

A spate of central bank policy decisions could move currencies over the next week, with the Bank of Japan widely expected to raise interest rates at the end of a two-day meeting on Friday.

Rate decisions from the US Federal Reserve and European Central Bank are scheduled for Wednesday and Thursday of next week, respectively.

The dollar index — which measures the currency versus six top rivals, including the euro and yen — was last up 0.09% at 108.37 in early European trading.

It tumbled 1.2% on Monday in its steepest one-day slide since November 2023, as Mr. Trump’s first day in office brought a barrage of executive orders but none on tariffs.

The dollar had climbed to a more than two-year high of 110.17 on Jan. 13 on the back of a strong US economy and expectations of widespread US tariffs, which could dent other countries’ currencies.

So far this week, Mr. Trump has mooted levies of around 25% on Canada and Mexico and 10% on China from Feb. 1. He also promised duties on European imports, without giving details.

Mr. Trump on Monday signed a trade memo ordering federal agencies to review a range of trade issues by April 1, which many market participants believe will be a key date in revealing tariff plans.

The dollar was up 0.15% against China’s yuan in offshore trading at 7.294 yuan. It has fallen around 0.5% against the yuan, also called the renminbi, since Mr. Trump’s inauguration.

Japan’s yen was flat at 156.49 per dollar with markets pricing 96% odds of a quarter-point hike on Friday. — A.M.C. Sy with Reuters

Bargain hunting, Wall Street rally lift PHL stocks

BW FILE PHOTO

PHILIPPINE SHARES climbed on Thursday as investors continued to pick up bargains, although the mood stayed cautious as global markets awaited clarity on US President Donald J. Trump’s tariff plans.

The benchmark Philippine Stock Exchange index rose by 0.48% or 30.52 points to close at 6,378.86, while the broader all shares index went up by 0.18% or 6.81 points to end at 3,705.34.

“Bargain hunting continued, which in turn extended the local market’s gains. The positive cues from Wall Street’s overnight performance also helped in Thursday’s performance,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“Trading was still anemic, however, with net value turnover at P3.96 billion as many investors stayed on the sidelines amid lingering uncertainties primarily on the US’ foreign trade policies,” Mr. Tantiangco said.

Value turnover went down to P4.09 billion on Thursday with 904.20 million shares changing hands from the P4.68 billion with 862.32 million issues traded on Wednesday.

“Philippine shares climbed following the sentiment of US stocks, which surged on Wednesday… Investors are also anticipating regulatory easing and corporate tax cuts under President Donald Trump’s new term, which could boost corporate profits,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Wall Street’s indexes rose on Wednesday, with the benchmark S&P 500 hitting an intraday record high as investors cheered streaming video provider Netflix’s quarterly report and Mr. Trump’s private-sector artificial intelligence infrastructure investment plan, Reuters reported.

The S&P 500 ended up 37.13 points or 0.61% to 6,086.37. The Nasdaq Composite gained 252.56 points or 1.28% to 20,009.34, while the Dow Jones Industrial Average rose 130.92 points or 0.30% to 44,156.73

Risk appetites have been boosted recently by strong economic data and cooling inflation along with Mr. Trump’s more moderate than feared approach to tariffs since his Monday inauguration.

However, investors are still cautiously watching for the president’s trade plans due to inflation concerns after he warned that tariffs on imports from China, Mexico, Canada and the European Union could be issued on Feb. 1.

At home, majority of sectoral indices closed higher on Thursday. Financials climbed by 1.13% or 24.78 points to 2,203.65; holding firms rose by 1% or 53.54 points to 5,389.99; mining and oil went up by 0.94% or 72.97 points to 7,793.40; and industrials increased by 0.17% or 15.46 points to 8,933.69.

Meanwhile, services fell by 0.8% or 16.85 points to 2,078.94 and property went down by 0.17% or 3.99 points to 2,332.04.

Decliners beat advancers, 107 versus 95, while 42 names were unchanged.

Net foreign selling declined to P163.58 million on Thursday from P404.25 million on Wednesday. — Revin Mikhael D. Ochave with Reuters

US moves Typhon missile launchers to new location in northern Philippines

US ARMY PACIFIC

THE US military has moved its Typhon launchers, which can fire multipurpose missiles up to thousands of kilometers, from Laoag airfield in the Philippines to another location on the island of Luzon, a senior Philippine government source said.

The Tomahawk cruise missiles in the launchers can hit targets in both China and Russia from the Philippines. The SM-6 missiles it also carries can strike air or sea targets more than 200 km (165 miles) away.

The senior Philippine government source said the redeployment would help determine where and how fast the missile battery could be moved to a new firing position. That mobility is seen as a way to make them more survivable during a conflict.

Satellite images showed the batteries and their associated gear being loaded onto C-17 transport aircraft at Laoag International Airport in recent weeks, said Jeffrey Lewis of the Middlebury Institute of International Studies. The white rain canopies that had covered the Typhon equipment were also removed, based on the images seen by Reuters.

The Typhon system is part of a US drive to amass a variety of anti-ship weapons in Asia.

Indo-Pacific Command (INDOPACOM), which oversees US forces in the region, told Reuters the Typhons have been “relocated within the Philippines.” Both INDOPACOM and the Philippine government declined to give the specific location to which the batteries were moved.

“The US government has coordinated closely with the Philippine government on every aspect of the MRC deployment, including the location,” said Commander Matthew Comer of INDOPACOM, referring to the Typhon by the initials of its formal name, mid-range capability.

He added that the relocation was not an indication that the batteries would remain permanently in the Philippines.

The weapon drew sharp criticism from China when it was first deployed in April 2024 during a training exercise. In September, when the US said it had no immediate plans to pull the Typhons out of the Philippines, China and Russia condemned the deployment as fueling an arms race.

China’s Foreign Ministry accused the Philippines on Thursday of creating tension and confrontation in the region, and urged it to “correct its wrong practices.”

“(The deployment) is also an extremely irresponsible choice for the people of the country and various Southeast Asian countries, and for regional security,” ministry spokesperson Mao Ning said at a news briefing.

Typhons are relatively easy to produce — drawing on large stockpiles and designs that have been around for a decade or more — and could help the US and its allies catch up quickly in an Indo-Pacific missile race in which China has a big lead.

Although the US military has declined to say how many will be deployed in the Indo-Pacific region, more than 800 SM-6 missiles are due to be bought in the next five years, according to government documents outlining military purchases. Several thousand Tomahawks are already in US inventories, the documents showed.

Both missiles are Raytheon products.

‘IRONCLAD COMMITMENTS’
Meanwhile, US Secretary of State Marco Rubio discussed China’s “dangerous and destabilizing actions in the South China Sea” with his Philippine counterpart on Wednesday and underscored the “ironclad” US defense commitment to Manila.

“Secretary Rubio conveyed that (China’s) behavior undermines regional peace and stability and is inconsistent with international law,” the US State Department said in a statement on the call with Foreign Affairs Secretary Enrique A. Manalo.

The two also discussed ways to boost security and economic ties between both countries for “further regional cooperation.”

The US is the Philippines’ major security partner, with a 1951 Mutual Defense Treaty compelling both nations to defend each other in case of an armed attack.

The Philippines has been embroiled in wrangles at sea with China in the past two years and the two countries have faced off regularly around disputed features in the South China Sea that fall within Manila’s exclusive economic zone.

Mr. Rubio’s call came after he hosted counterparts from Australia, India and Japan in the China-focused “Quad” forum on Tuesday, the day after President Donald J. Trump returned to the White House. The four recommitted to working together.

Quad members and the Philippines share concerns about China’s growing power and analysts said on Tuesday’s meeting was designed to signal continuity in the Indo-Pacific and that countering Beijing would be a top priority for Mr. Trump.

In the call with Mr. Manalo, Mr. Rubio “underscored the United States’ ironclad commitments to the Philippines” under their Mutual Defense Treaty and discussed ways to advance security cooperation, expand economic ties and deepen regional cooperation, according to the statement.

China’s Foreign Ministry said its activities in the waters were “reasonable, lawful and beyond reproach.”

Speaking at a regular press conference, Ms. Mao, the Chinese Foreign Ministry spokesperson, said the US was “not a party” to the South China Sea dispute, and had “no right to intervene” in maritime issues between China and the Philippines.

“Military cooperation between the US and the Philippines should not undermine China’s sovereignty and maritime rights and interests in the South China Sea, nor should it be used to endorse the illegal claims of the Philippines,” she said.

Just ahead of Mr. Trump’s inauguration, the Philippines and the US held their fifth set of joint maritime exercises in the South China Sea since launching the exercises in 2023.

Security engagements between the allies have soared under Philippine President Ferdinand R. Marcos, Jr., who has moved closer to Washington and allowed the expansion of military bases that American forces could access, including facilities facing the democratically governed island of Taiwan, which China claims as its own.

Visiting the Philippines last week, Japanese Foreign Minister Takeshi Iwaya said a trilateral initiative to boost cooperation launched by Japan, the US and the Philippines at a summit last year would be strengthened when the new US administration took over in Washington.

“This is music to Manila’s ears as Washington supports us and rebukes Beijing’s inconsistent appreciation of international law,” Chester B. Cabalza, founding president at Manila-based think tank International Development and Security Cooperation, said in a Facebook Messenger chat.

“But the US and Philippines must work harder to maintain peace and order in the West Philippine Sea and ensure that China will not abuse its show of force and noncompliance with the 2016 arbitral award,” he added.

Also on Thursday, Japanese Ambassador to the Philippines Endo Kazuya said Japan would continue working with members of the Association of Southeast Asian Nations (ASEAN) to keep the rule-based order.

“The world’s oceans are interconnected, and comprehensive international cooperation and partnership are necessary to address maritime security issues in each sea area,” he said in a speech at a security forum in Manila. “We are committed to working with ASEAN countries and other concerned countries to maintain and strengthen the maritime order based on the rule of law.” — John Victor D. Ordoñez with Reuters