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Fitch sees below-target growth for Philippines

Shoppers check various Halloween items in Divisoria. — PHILIPPINE STAR/RYAN BALDEMOR

By Luisa Maria Jacinta C. Jocson, Reporter

THE Philippines’ gross domestic product (GDP) growth this year may fall below the government’s target amid dampened household spending, Fitch Ratings said.

“We expect the Philippines’ economy to expand by 5.5% in 2024, after 5.5% in 2023 and 7.6% in 2022,” it said in its latest Asia-Pacific Sovereigns Peer Review.

Fitch Ratings’ growth forecast falls well below the government’s 6-7% target. In the first half of the year, GDP averaged 6%.

“The slower growth in 2023 and 2024 has been driven by weaker private consumption, with the post-pandemic boost fading and high (albeit moderating) inflation weighing on real incomes,” it added.

Household spending eased to 4.6% in the second quarter from 5.5% a year ago, the slowest since the coronavirus disease 2019 (COVID-19) pandemic, latest data from the local statistics authority showed.

“Nevertheless, we still forecast real GDP growth of above 6% over the medium term, supported by large investments in infrastructure and reforms to foster trade and investment, including public-private partnerships (PPPs),” Fitch Ratings said.

For 2025, it sees Philippine GDP growth averaging 6.1%, also still below the government’s 6.5-7.5% target range.

Meanwhile, the credit rater expects the National Government’s (NG) fiscal consolidation to continue at a gradual pace.

The government set its deficit ceiling at 5.6% of GDP this year. It is expected to ease further to 3.7% of GDP by 2028.

The Development Budget Coordination Committee (DBCC) kept its deficit ceilings for 2026 to 2028 but revised its revenue and expenditure programs to allow for a more “realistic and sustainable” consolidation path.

“Nevertheless, this is still consistent with a downward path for government (debt-to-GDP) over the medium term, given strong nominal GDP growth,” Fitch said.

“Asia-Pacific (APAC) sovereigns are a long way from undoing the fiscal damage left by the COVID-19 pandemic, as governments have generally prioritized growth and cushioning the public from the effects of the global inflation spike over reducing budget deficits,” it added.

CREDIT RATING
Meanwhile, Fitch Ratings said its latest rating action reflects the country’s “strong medium-term growth, which supports a gradual reduction in government (debt-to-GDP) over the medium term and the large size of the economy relative to ‘BBB’ peers.”

In June, the debt watcher kept the Philippines’ “BBB” investment grade rating with a “stable” outlook. A “BBB” rating indicates low default risk and reflects the economy’s adequate capacity to pay debt.

“The rating is constrained by low GDP per head, despite an upward trend. Governance standards are weaker than at ‘BBB’ peers, though Fitch believes World Bank Governance Indicator scores somewhat overstate this.”

The credit rater cited negative sensitivities to its outlook, such as “reduced confidence in strong, stable medium-term economic growth.”

It also noted the possibility of failing to maintain a stable debt-to-GDP ratio amid the NG’s strategy of scaling back consolidation efforts as well as risks of decreasing foreign-currency reserves due to the potential widening of the current account deficit.

Latest data from the Treasury showed the NG’s outstanding debt slipped by 0.9% to P15.55 trillion as of end-August from the record-high P15.69 trillion as of end-July.

The NG’s debt as a share of GDP stood at 60.9% in the second quarter, still a tad higher than the 60% threshold considered by multilateral lenders to be manageable for developing economies.

In the first half of the year, the country’s current account deficit stood at $7.1 billion, accounting for 3.2% of GDP. The central bank expects the current account deficit to reach $6.8 billion this year, equivalent to 1.5% of GDP.

On the other hand, Fitch Ratings noted positive sensitivities, such as stronger-than-expected economic growth, sustained reductions in debt, and strengthening of governance standards.

The government aims to achieve an “A” level rating before the end of the Marcos administration in 2028.

Electronics industry targets 5% increase in exports next year

Semiconductor chips are seen on a printed circuit board in this illustration picture taken Feb. 17, 2023. — REUTERS

By Justine Irish D. Tabile, Reporter

THE Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said that it is expecting a 5% growth in exports next year amid inventory correction and the expected entry of new investments.

“We maintained our outlook of 10% contraction this year, but we see 5% growth [in exports] next year,” SEIPI President Danilo C. Lachica told reporters on the sidelines of the 13th Arangkada Philippines Forum 2024 on Thursday.

He said next year’s growth will be driven by inventory correction and the launch of new products and expansion.

“Hopefully, with the initiatives of the government to promote investments, we are looking for new products and new expansions for the coming year,” he added.

SEIPI recently held its fourth-quarter meeting earlier this month and has scheduled another meeting for the first quarter of 2025.

“We’ll have another board meeting in the first quarter. And hopefully, we’ll affirm that 5% outlook,” he said.

Despite the optimistic outlook for next year, Mr. Lachica said the board still expects a 10% decline in exports this year despite the optimism in the electronic manufacturing services (EMS) sector.

“The EMS guys are optimistic, but the semiconductor guys are not. Unfortunately, they weigh more than the EMS, [around] 70% of the volume,” he said.

A report from the Philippine Statistics Authority showed that the country’s top exports are still electronic products, which accounted for 52.9%, or $3.57 billion, of the total exports in August.

However, the export value of the country’s electronic product exports in August showed an 8.2% decline from the $3.89-billion worth of electronic products exported in the same month last year.

From January to August, exports of electronic products reached $27.45 billion, representing a 1% increase from $27.19 billion in the same period last year.

Out of the total electronics exports, 76.6% comprised of semiconductors, which had a total value of $21.04 billion.

SEIPI had projected a 10% decline in exports due to inventory correction and a less competitive product mix of the exports from the Philippines.

In particular, Mr. Lachica said that the Philippines is a bit disadvantaged because there were several companies that were not as aggressive in putting in new products and technologies in the country due to the incentives rationalization implemented by the previous government.

Meanwhile, the Department of Trade and Industry projected Philippine exports to surpass the target set under the Philippine Development Plan (PDP) 2023-2028, but miss the targets set under the Philippine Export Development Plan (PEDP).

The PEDP estimates merchandise and services exports for 2024 to reach $143.4 billion, which is much higher than the $107-billion export target under the PDP.

In June, the Development Budget Coordination Committee upwardly adjusted its projection for the growth in merchandise exports this year to 5% from 3% previously, due to the “better-than-expected” performance in the first quarter and amid an improved outlook for the global semiconductor market.

Manila still 3rd cheapest for prime office rent in Asia-Pacific

The skyline of Metro Manila. — PHILIPPINE STAR/EDD GUMBAN

MANILA remained the third most affordable city for prime office rents in the Asia-Pacific region in the third quarter, according to real estate consultancy Knight Frank.

On an annual basis, Manila’s occupancy cost fell by 1.7%, slightly below the average 2.5% decline in the region, a Knight Frank Asia report released on Oct. 22 showed.

The average prime office cost in Manila was $29.64 per square foot (sq.ft.) in the July-to-September period.

Knight Frank: Manila remains 3<sup>rd</sup> cheapest for prime office rent in Q3

“Prime rents in the region fell just 0.1% on a quarter-on-quarter basis, signaling that rents could be bottoming out, supported by growth in Indian markets,” Knight Frank said.

Kuala Lumpur had the lowest average prime office rent in the region at $20.57 per sq.ft., followed by Jakarta with ($26.75), Phnom Penh ($34.13), Guangzhou ($35.60), and Bengaluru ($36.17).

The most expensive rent for prime office space was in Hong Kong SAR ($155.52), followed by Singapore ($125.66), and Sydney ($99.75).

Knight Frank expects Manila to see a decline in rents in the next 12 months, along with Bangkok, Beijing, Guangzhou, Hong Kong, Shenzhen, and Shanghai.

Cities that will see higher rents in the next 12 months include Brisbane, Perth, Ho Chi Minh City, Singapore, Taipei, Seoul and Sydney.

The average prime office vacancy rate in the Asia-Pacific region slipped by 0.2% quarter on quarter to 14.8% in the third quarter, ending consecutive quarterly increases since the second quarter of 2022.

Manila had the 11th highest prime office vacancy rate in the region at 14%. Kuala Lumpur had the highest at 27%, followed by Shenzhen (25.1%), Jakarta (24.9%), Bangkok (24%) and Shanghai (21.1%).

Knight Frank said companies across the region are keeping a close eye on costs amid slower economic growth and geopolitical risks. It noted that leasing sentiment will likely take a hit as firms curb spending.

“Global economic uncertainties have led to more cautious capital expenditure strategies among occupiers, favoring renewals and consolidating office footprints,” Tim Armstrong, Global Head of Occupier Strategy and Solutions said.

Companies that relocate their offices usually opt for smaller spaces, “aligning with cost mitigation needs and the growing acceptance of hybrid work models,” he added.

“While the business sentiment may improve as the Fed eases monetary policy, demand will continue to be tempered by prudent spending and workplace strategies focused on maximizing space utilization,” Mr. Armstrong said.

Knight Frank said the Asia-Pacific prime office sector will still be “tenant favorable” this year. With the delivery of around 12 million square meters (sq.m.) this year, the pipeline supply next year will likely drop by about one-fifth.

“However, as the development peak in the region subsides, any significant uptick in leasing activity could rapidly tighten the availability of prime spaces. This scenario may accelerate the flight-to-quality trend as tenants seek to upgrade their portfolios in a potentially more competitive market,” Mr. Armstrong said. — Aubrey Rose A. Inosante

QCinema expands its reach for 12th year

JAPAN’s Oscar entry, Cloud by Kiyoshi Kurosawa, is the closing film

THE QCINEMA International Film Festival will return to movie theaters for a 12th year, with new sections and programs expanding its reach.

With the theme “The Gaze,” the festival organizers invite audiences to explore diverse perspectives and new ways of seeing the world through film. The festival will run from Nov. 8 to 17 and will feature 77 films across 11 sections.

QCinema, founded in 2013, kicked off its first-ever Directors’ Factory Philippines this year, in collaboration with Cannes Directors’ Fortnight. The initiative allowed four filmmakers from the Philippines and four from other Asian nations to partner up and create films, which will be premiered at the festival.

These four films make up the opening night program on Nov. 8: Walay Balay by Eve Baswel (Philippines) and Gogularaajan Rajendran (Malaysia); Nightbirds by Maria Estela Paiso (Philippines) and Ashok Vish (India); Silig by Arvin Belarmino (Philippines) and Lomorpich Rithy (Cambodia); and Cold Cut by Don Eblahan (Philippines) and Tan Siyou (Singapore).

“QCinema can be the initial wedge to help us break the glass ceiling of world cinema and create the path to global recognition and respect,” Quezon City mayor Joy Belmonte said at a press conference on Oct. 22.

“This vision of QCinema is now a work in progress and is one major factor why Quezon City hopes to be designated as a UNESCO (United Nations Educational, Scientific and Cultural Organization) Creative City for Film. When that happens, our city will be the first in Asia to be given such a distinct honor,” Ms. Belmonte added.

The closing film on Nov. 17 is Japan’s entry to the 2024 Academy Awards, Cloud by Kiyoshi Kurosawa, which previously premiered at the Venice International Film Festival.

ASIAN NEXT WAVE
QCinema’s main competition section, Asian Next Wave, will be showcasing seven directorial debuts from Asian filmmakers.

Making the lineup this year are three female directors: Don’t Cry Butterfly by Vietnamese filmmaker Duong Dieu Linh, the Grand Prize winner at Venice Critics’ Week; Pierce by Singaporean filmmaker Nelicia Low, who was Best Director at the recent Karlovy Vary Crystal Globe Competition; and Mistress Dispeller, a documentary by Hong Kong filmmaker Elizabeth Lo, winner of the NETPAC award for Best Asian Film at Venice.

Other debuts in competition are Happyend by US-based Japanese director Neo Sora, which also recently premiered in Venice; Tale of the Land by Indonesian director Loeloe Hendra Komara, winner of the Fipresci prize in last month’s Busan; and Viet and Nam by Vietnamese director Truong Minh Quy, from Cannes’ Un Certain Regard.

The Filipino filmmaker competing in this section is Bor Ocampo, with Moneyslapper, which is making its world premiere at the festival.

SHORT FILMS
Another competition section is the shorts program. Last year, it was divided into QCShorts for local films given production grants, and QCSEA, for local and Southeast Asian films which had already premiered elsewhere.

This year, QCShorts International combines the two. It includes films from across Southeast Asia, with six Filipino short film grantees competing alongside the region’s best.

The local films are Alaga by Nicole Rosacay, Kinakausap ni Celso ang Diyos by Gilb Baldoza, Refrain by Joseph Dominic Cruz, RAMPAGE! (o ang parada) by Kukay Bautista Zinampan, Supermassive Heavenly Body by Sam Villa-Real, and Water Sports by Whammy Alcazaren.

From Southeast Asia are: Are We Still Friends? by Al Ridwan (Indonesia); Here We Are by Chanasorn Chaikitiporn (Thailand); In the Name of Love I Will Punish You by Exsell Rabbani (Indonesia); Peaceland by Ekin Kee Charles (Malaysia); Saigon Kiss by Hồng Anh Nguyễn (Vietnam); and WAShhh by Mickey Lai (Malaysia).

NEW COMPETITION SECTIONS
QCinema festival director Ed Lejano said that the two expanded competition sections will be joined by RainbowQC and New Horizons, which were previously just exhibition sections, to “flex in our region of Southeast Asia.”

“We have separate programmers for shorts now. We’re really fully loaded, doing what other big film festivals like Busan are doing, but in our own way, here in Quezon City,” Mr. Lejano told BusinessWorld.

RainbowQC celebrates LGBTQIA+ (lesbian, gay, bisexual, trans, queer, intersex, asexual, plus) films, showcasing diverse stories of identity, love, and community with bold and authentic voices from queer cinema worldwide.

Its films include three Cannes Queer Palm nominees: Baby by Marcelo Caetano, The Balconettes by Noémie Merlant, and My Sunshine, by Hiroshi Okuyama. Two other titles round up this competition: Pooja, Sir by Deepak Rauniyar, and Sebastian by Mikko Mäkelä.

New Horizons presents groundbreaking debut features from new directors: Blue Sun Palace by Constance Tsang, winner of the French Touch Prize at Cannes Critics’ Week; Cu Li Never Cries by Phạm Ngọc Lân, which won Best First Feature in Berlin; Santosh by Sandhya Suri from Cannes’ Un Certain Regard; The Major Tones by Ingrid Pokropek, selected at the Berlin Film Festival; and Toxic by Saulė Bliuvaitė, which won a Locarno Golden Leopard.

“We’re really spreading our wings to embrace all filmmakers, be it documentaries or shorts,” added Mr. Lejano.

EXHIBITION SECTIONS
Cinephiles also look forward to QCinema’s non-competition sections which give them a chance to catch titles that rarely see a theatrical release in the country.

One of these sections is Screen International, which will showcase the films of 10 world-renowned directors. Two of these are recent titles from the San Sebastian Film Festival: Spanish documentary Afternoons of Solitude by Albert Serra which won Best Film, and French film When Fall is Coming by François Ozon which won the Best Screenplay award.

The section will also have Cannes winners: India’s All We Imagine as Light by Payal Kapadia (Grand Prix); Portugal’s Grand Tour by Miguel Gomes (Best Director); Argentina’s Simon of the Mountain by Federico Luis (Critics Week Grand Prize); and the US’ Anora by Sean Baker (Palm d’Or).

Completing the lineup are Lav Diaz’ Phantosmia which premiered in Venice, The End by Joshua Oppenheimer, The Count of Monte Cristo by Alexandre de la Patellièr and Matthieu Delaporte, and Venice Golden Lion-winning The Room Next Door by Pedro Almodóvar.

The festival’s brand new QCLokal section will highlight Filipino talents.

To be shown in the section are Room in a Crowd by John Torres, featuring a special live sound performance and stitched-together footage from the lockdown; and Makamisa: Phantasm of Revenge by Khavn, which won Best Feature at Lausanne, and was inspired by José Rizal’s unfinished third novel.

The festival will also have the Shorts Expo, which presents five world premieres of remarkable short films such as Brownout Capital by Pabelle Manikan, Forgetting Clara by Nicole Matti, May Puso ba ang Manika? by Shiri de Leon, Objects Do Not Randomly Fall from the Sky by Maria Estela Paiso, Yung Huling Swimming Reunion Before Life Happens by Glenn Barit, and the Southeast Asian premiere of Invisible Labor by Joanne Cesario.

SPECIAL SCREENINGS AND MORE
Films to be shown in the Special Screenings section are Dominic Baekart’s An Errand, Kaung Zan’s If My Lover Were a Flower, Hanz Florentino’s A Thousand Forests, and Bryan Brazil’s controversial documentary Lost Sabungeros.

On the last film, Mr. Lejano told the press that “there is a context for everything that the festival espouses.”

“Whether it’s a provocative LGBTQIA+ film or an investigative journalism-type documentary, QCinema will always be a safe space for it,” he said. “We get to do what we want because we don’t have any censorship. We classify our own films. I think that’s the way it should be for all festivals in the Philippines.”

Another must-watch section that welcomes films with fantastical, action-packed, or erotic themes is Before Midnight. To be shown in the section are: Motel Destino by Karim Aïnouz, Gazer by Ryan J. Sloan, Infinite Summer by Miguel Llansó, A Samurai in Time by Junichi Yasuda, and The Wailing by Pedro Martin-Calero.

The Rediscovery section, previously named the Restored Classics section, is expected to draw crowds. To be screened this year are Delicatessen by Jean-Pierre Jeunet and Marc Caro; Cannes-winning and Oscar-nominated Dogtooth by Yorgos Lanthimos, and Akira Kurosawa’s final epic, Ran.

This year will also have a section dedicated to contemporary Italian cinema, showing Diabolik by Antonio and Marco Manetti, Io Capitano by Matteo Garrone, Kidnapped: The Abduction of Edgardo Mortara by Marco Bellocchio, My Summer with Irene by Carlo Sironi, La Chimera by Alice Rohrwacher, and Palazzina Laf by Michele Riondino.

Finally, QCinema Selects will present a special selection of standout films from around the world. Its lineup includes: Ghost Cat Anzu by Yoko Kuno and Nobuhiro Yamashita; No Other Land by Rachel Szor, Yuval Abraham, Hamdan Ballal, and Basel Adra; Shahid by Narges Kalhor; Sujo by Fernanda Valadez and Astrid Rondero; The Sparrow in the Chimney by Ramon Zürcher; and Twilight of the Warriors: Walled In by Soi Cheang.

Screenings will be held at the cinemas of the Gateway Mall, Trinoma, Shangri-la Plaza, and the Power Plant Mall. Regular tickets cost P300. For more information about QCinema, visit the website at qcinema.ph or follow its social media accounts — www.facebook.com/QCinemaPH, twitter.com/QCinemaPH, and www.instagram.com/qcinemaph. — Brontë H. Lacsamana

Metro Manila Film Festival announces the 10 films for its 50th anniversary lineup

THE TEN-FILM roster of the 50th Metro Manila Film Festival (MMFF) competition is now complete.

The first five films in the lineup were announced last July. The final five which complete 10 festival films are:

• Crisanto Aquino’s romance My Future You (Regal Entertainment), starring Francine Diaz and Seth Fedelin;

• Dan Villegas’ thriller Uninvited (Mentorque Productions), starring Vilma Santos, Nadine Lustre, and Aga Muhlach;

• Richard Somes’ thriller Topakk (Nathan Studios), starring Arjo Atayde and Julia Montes;

• Jason Paul Laxamana’s romance Hold Me Close (Viva Films), starring Carlo Aquino and Julia Barretto; and,

• Chito Roño’s horror movie Espantaho (Quantum Films), starring Judy Ann Santos and Lorna Tolentino.

They join the first five official entries:

• Zig Dulay’s drama Green Bones (GMA Pictures), starring Dennis Trillo, Ruru Madrid, and Sofia Pablo;

• Jun Robles Lana’s comedy-drama And the Breadwinner Is (Star Cinema and The IdeaFirst Company), starring Vice Ganda and Eugene Domingo;

• Kerwin Go’s Strange Frequencies: Haunted Hospital (Reality MM Studios), starring Jane de Leon and Enrique Gil;

• Pepe Diokno’s musical adaptation Himala: Isang Musikal (Kapitol Films and UxS), starring Aicelle Santos and Bituin Escalante; and,

• Mike Tuviera’s action drama The Kingdom (APT Entertainment, M-Zet TV Productions and MQuest Ventures), starring Vic Sotto and Piolo Pascual.

The films were chosen from a record number of 70 submissions.

The MMFF Selection Committee is headed by producer Jessie Ejercito.

The films were chosen based on the following criteria: artistic excellence (40%), commercial appeal (40%), Filipino cultural values (10%), and global appeal (10%).

The MMFF’s 50th year “signifies the unwavering passion of the film industry despite the many challenges it continues to face,” said Metropolitan Manila Development Authority (MMDA) chief and MMFF chairman Ronaldo “Don” Artes in a statement. The film festival is run by the MMDA.

The 50th edition of the MMFF will run from Dec. 25 to Jan. 7, 2025 in theaters nationwide.

For more information, visit www.facebook.com/mmffofficial. — Brontë H. Lacsamana

SPNEC to start initial operations of N. Ecija solar farm by Q4 2025

FREEPIK

SP NEW Energy Corp. (SPNEC) said it seeks to initially start commercial operations of its solar power project in Sta. Rosa, Nueva Ecija in northern Philippines by generating 50 megawatts (MW) of capacity by the fourth quarter (Q4) of 2025.

“Subject to the resolution on the right-of-way issues and completion of the line connecting the plant to the transmission grid, Phase 1A is expected to achieve commercial operations sometime Q4 of 2025,” the company told Philippine Stock Exchange (PSE) on Thursday.

SPNEC is developing a two-phase 500-MW Sta. Rosa Nueva Ecija 2 Solar Power project (NE 2), the first phase of which will have a capacity of 225 MW. It has sub-phases of Phase 1A at 50 MW and Phase 1B at 175 MW.

The second phase involves a 275-MW solar power plant.

The company said the solar power project’s 50-MW sub-phase had been installed but was not yet operational “due to delays in the construction of the connection asset due to right-of-way challenges.”

“Pre-construction or development work for the remainder of the NE 2 project has progressed significantly. However, construction works have not yet started on account of grid constraints,” SPNEC said.

Phase 1A started construction in December 2021, and the solar power plant is 89.89% complete as of end-December 2023.

SPNEC through unit Terra Solar Philippines, Inc., is also building a project consisting of a 3,500-MW solar farm and 4,500-megawatt-hour battery energy storage system.

The first phase of the project is scheduled to be finished by 2026, while the second phase is targeted for 2027.

SPNEC is now controlled by the Pangilinan group through MGen Renewable Energy, Inc., the renewable energy development arm of Meralco Power Gen Corp. The latter is a unit of Manila Electric Co. (Meralco).

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

If your child is watching TV and playing online games, you should do it with them — here’s why

FREEPIK

YOUNG CHILDREN spend a lot of time using screens: watching television, playing on touchscreen apps, or facetiming with grandparents. In fact, research on global screen time guidelines has found that around 75% of children aged up to two years use some form of digital media daily, and 64% of children aged two to five years use it for more than an hour a day.

Digital media is part of children’s lives and is set to stay that way. This means it is crucial to understand how to use this technology so children can benefit from it, and how to maximize its educational potential.

A key way to do this is for parents and other adults to use digital media together with children. This is known as co-use, and can range from parents actively discussing the media content with their children to simply watching a show together.

Our recent research with colleagues has investigated how adults using digital media with children aged up to six affects children’s ability to learn from digital media.

We carried out a meta-analysis: a wide-ranging examination of existing research studies to identify trends and themes.

We found that, overall, parent-child co-use is helpful for supporting young children’s learning from digital media. Adults using digital media together with children can help them understand and relate to the digital content better. Our research chimes with other studies which suggest that, for instance, parents using digital media with children can boost language skills.

Our findings suggest that by being actively engaged, adults can help their children make the most of the educational benefits of digital media. This could involve one-to-one interactions directing their child’s attention to the educational content and relating it to real-world situations.

Here are some practical tips for parents to maximize the benefits of co-using digital media with their children.

BE AN ACTIVE PARTICIPANT
Don’t just sit next to your child while they use digital media — engage with them. Ask questions about what they are watching or playing, and encourage them to think critically about the content. For example, if they are watching a video, you might ask “what do you think will happen next?” or “why do you think the character did that?”

‘SCAFFOLD’ LEARNING
Scaffolding is a teaching technique in which parents can provide support to help their child understand new concepts, then let them use that concept by themselves. During co-use, you can scaffold by explaining difficult words, relating on-screen content to real-life experiences, or helping your child apply what they’ve learned from the media to other day-to-day situations.

CHOOSE HIGH-QUALITY CONTENT
Not all digital media is created equal. Look for educational content designed to teach specific skills, whether it’s language, maths, or social-emotional learning.

An educational app should have a clear learning goal, include problems for children to solve, and offer clear and specific feedback to support children’s learning. It should be presented with an entertaining narrative.

Apps and shows that encourage interaction and problem-solving are particularly valuable. Other research suggests that the quality of the content plays a crucial role in how much children learn from it.

ENCOURAGE DISCUSSION AND REFLECTION
After engaging with digital media, encourage your child to talk about what they watched or played. This helps reinforce the material and allows you to address any misunderstandings. Reflection helps children make connections between what they’ve learned and their own lives, deepening their understanding. For instance, if a show teaches about penguins, you could follow up by discussing if you might see penguins at the zoo, or which books your child has read that they appear in.

ADAPT YOUR APPROACH AS YOUR CHILD GROWS
As children get older, they may need less direct support during media use — but co-use remains valuable. Older children might benefit from discussions that challenge them to think critically about the media they consume. It could help them explore related activities, such as researching a topic they saw in a documentary or creating something inspired by what they watched.

BALANCE SCREEN TIME WITH OTHER ACTIVITIES
Digital media can help children learn. But it’s important to balance screen time with other activities that support development, such as reading, playing outside, and interacting with others face-to-face. Our study emphasizes that for digital media to form part of a well-rounded day, families should try to co-use it with their children.

 

Jamie Lingwood is a senior lecturer in Psychology at the Liverpool Hope University while Gemma Taylor is a lecturer in Psychology at the University of Salford. Lingwood receives funding from Educational Endowment Foundation while Taylor has previously received funding from the ESRC.

SEC to develop web app to manage firms’ sustainability reports

BW FILE PHOTO

THE SECURITIES and Exchange Commission (SEC) will develop a web-based app to manage the sustainability reports submitted by publicly listed companies.

The corporate regulator will work with climate data and analytics software firm Komunidad Global Services & Operations Philippines, Inc. to create the SEC Sustainability Reporting (SuRe) Framework app, it said in an e-mailed statement on Thursday.

“The customized web application will streamline the data collection, verification, management, and analysis of sustainability data, improving the monitoring capabilities of the commission on sustainability reporting compliance of publicly listed companies,” it added.

Under the memorandum of agreement signed by the parties on Oct. 16, Komunidad will give the SEC the license to use the app. The SEC and Komunidad will also implement a data sharing deal to ensure security protocols, and to determine the scope and flow of data.

“Komunidad’s contribution in providing innovative solutions via online submission platform is in line with the SEC’s initiative to streamline the data capture and management of sustainability reports and simplify the process in the submission of the SuRe form,” SEC Commissioner Karlo S. Bello said.

“With Komunidad’s technical expertise, we are confident that we will achieve our common goal of embracing industrial developments while gearing towards a greener capital market and sustainable future,” he added.

Meanwhile, the SEC said it is working on revisions to the SuRe form to provide the general metrics for disclosure that are applicable to listed companies.

The SuRe form template has three sections consisting of sustainability and climate-related opportunities and risk exposures, cross-industry standard, and industry-specific metrics.

The SuRe form aims to improve the quality of sustainability reporting and ensure the consistency of nonfinancial information submitted by listed companies. — Revin Mikhael D. Ochave

Retirement planning is Filipinos’ top financial goal

FREEPIK

FILIPINOS consider saving for retirement as a top financial goal but do not see it as urgent until they are close to reaching old age, according to a study by Sun Life Asia, highlighting the need for improved planning and literacy.

Higher-than-expected living expenses due to elevated inflation are also becoming a bigger concern in retirement planning as retirees have found that their savings may not be enough to cover these costs, it added.

The study titled “Retirement Reimagined: facing the future with confidence” had over 3,500 respondents aged 30 and above in the Philippines, Mainland China, Hong Kong, Indonesia, Malaysia, Singapore, and Vietnam. It said 511 of the respondents were from the Philippines.

“The retirement landscape in Asia is undergoing a profound transformation, driven by increased longevity and shifting societal norms,” David Broom, chief client and distribution officer at Sun Life Asia, said in a statement.

“Our research shows that while independent financial security is seen as the foundation for a rewarding retirement, many people remain unprepared for the realities they face. Early planning and disciplined saving are key to facing your golden years with confidence.”

According to the study, Filipino workers ranked saving for retirement as their top financial goal over the next year, which shows awareness about the importance of being financially secure later in life.

“However, 66% will leave planning around retirement expenses until five years or less before retirement (compared with 59% Asia average), and 13% will not plan for retirement expenses at all. This short horizon will leave many unprepared for the financial realities, potentially delaying their ability to retire comfortably,” Sun Life Asia said.

Most Filipino respondents said they set aside at least 10% of their income for retirement, the insurer said, although 37% said they do not.

“When asked about planned sources of income in retirement, the average expectation was for 20% of income to be drawn from cash savings, representing a potential missed opportunity to maximize retirement income and ensure it keeps pace with inflation,” it said.

INFLATION BITES INTO SAVINGS
“In a warning sign to future generations, 21% of Filipino retirees admitted they had not planned their retirement expenses. This has led to 25% of Filipino retirees being caught off guard by higher-than-expected costs (versus the 20% Asia average), a number that looks only set to grow as inflation continues to bite,” Sun Life Asia added.

Higher-than-expected expenses cited by the respondents were those for general cost of living (77%) and healthcare costs (46%). These have caused 62% to cut spending and 48% to ask their families for more financial support.

Some 42% of Filipino retirees said they regret their past financial decisions, higher than the 23% average in Asia, Sun Life Asia said.

“The number one regret was not saving enough (73%), not investing wisely (47%), and retiring too early (38%),” it said.

“There is a growing awareness among Filipinos about the importance of financial management to achieve a prosperous and comfortable retirement. However, it can be overwhelming for them to begin planning for it,” Sun Life of Canada (Philippines), Inc. Chief Client Experience and Marketing Officer Carla Gonzalez-Chong said. “Financial literacy remains key, so and we are committed to this advocacy so we can help more Filipinos overcome the obstacles and enjoy quality lives in their golden years — just as they deserve.”

Still, the study showed that younger respondents are becoming increasingly aware about the challenges of retirement planning, with current Filipino workers saying they expect to retire at an average age of 65, seven years later than the average age that current retirees exited the workforce (58).

Some 14% of non-retiree respondents in the Philippines said they postponed their retirement plans, close to the 17% average in Asia.

This is above the 5% of retirees who did the same, “reflecting changing economic conditions and personal circumstances.”

“The primary reasons for delayed retirement include the need to save more for retirement (59%), the wish to stay physically and mentally active in old age (59%) and to cover increased living expenses (46%). Younger individuals are more worried by increased living expenses, with 50% of non-retirees citing it as a concern versus 25% of retirees who delayed retirement,” Sun Life Asia said.

“Across all groups in Philippines, the number one aspiration for retirement is spending quality time with family and friends (48%), followed by the prospect of escaping the daily grind of work and relaxing (16%), and global travel (14%). The greatest concerns associated with later years are health issues and physical decline (68%), factors that could put these dreams at risk,” it added.

The insurer said the study highlights that while people are actively saving for retirement, many are not prepared for the financial realities of old age and the impact of inflation on their future expenses.

“To achieve their goals, individuals should consider a comprehensive approach to retirement planning that will provide an income that keeps pace with the rising cost of living and healthcare. By doing so, retirees can better protect their wealth and enjoy a more secure and fulfilling retirement,” it said.

“As Asia stands at the crossroads of demographic change, the message is clear: proactive financial planning is needed to face the future with confidence and live every stage of life to its fullest.” — AMCS

Stuff to Do (10/25/24)

FDCP holds 8th Film Industry Conference

THE 8th Film Industry Conference of the Film Development Council of the Philippines (FDCP) is ongoing at Lanson Place Manila in Mall of Asia, Pasay City. The event brings together local filmmakers to discuss the latest trends, opportunities, and platforms in the industry. The last three sessions — on film archiving and restoration, government support of cinema, and the future of globalization and international filmmaking — are taking place on Oct. 25, 1 p.m. onwards. They will also be streamed live on the FDCP website. Online participants can register at fdcp.ph/FIC2024-02 while onsite attendees may sign up via fdcp.ph/FIC2024-01. For more information follow the Film Industry Conference pages on Facebook, Twitter, and Instagram.

Shangri-La Plaza brings kid’s bedtime tales to life

THE fantastical will take center stage at Shangri-La Plaza’s Starlight Tales: Halloween at the Shang. Taking place on Oct. 26 and 27, the weekend event includes colorful DIY projects courtesy of The Crafters Marketplace at the mall’s East Atrium. There will also be trick-or-treat stops and game booths around the mall. The main event will be the storytelling session with Make Believe Productions at the Grand Atrium, using shadow puppetry to capture children’s imaginations.

LEGO Certified Store offers passport program

THE brand-new LEGO Certified Store in Ayala Malls Manila Bay will be having its grand opening on Oct. 26. At the launch, all visitors will have a chance to claim a free LEGO Passport, a program for families and fans to document their LEGO adventures by collecting unique stamps from various LEGO stores. This limited-edition passport is only available at the store until Nov. 8. At the grand opening, shoppers can also enjoy exclusive bundle promos.

Zombie run, anime costume tilts at Araneta City

IT IS Halloween fun at Quezon City’s Araneta City this weekend. On Oct. 27, zombies will invade Araneta City’s aRUNeta Run Club, with participants challenged to outrun the athletic zombies in a special Halloween edition of the regular run. Those who “get out alive” will be able to win treats and prizes. It kicks off at 5 a.m. at the Green Gate, Smart Araneta Coliseum. On the same day, there will also be an anime-themed Halloween costume contest at the Quantum Skyview of Gateway Mall 2. Participants can join either the “Kiddie Cosplay Anime” Category or the “Group Cosplay Showcase” Category to win up to P10,000 worth of prizes. The event is set to start at 1 p.m. Meanwhile, pets can join in the fun at the Pet Costume Contest over at the Ali Mall Activity Area, at 2 p.m.

10th Shorts and Briefs Theater Fest delayed

DUE to Typhoon Kristine, the opening of the Shorts and Briefs Theater Festival has been canceled. All ticket holders will be accommodated for performances from Oct. 25 to 27 at the Tanghalang Ignacio Gimenez (Black Box Theater), CCP Complex, Pasay City. This year sees the festival celebrate its 10th anniversary, expanding to playwrights, directors, performers, and songwriters. Musicals include: Karlo Guevarra and Migui Moreno’s Sakto Lang; Aaron Alsol and Aaron Vincent Jimenez’s Ang Kwento ng Bubuyog at Paru-paro; Martin Sarmenta and Jiezl Virmy Chua’s Tala; Axl Diego and Ray Rana’s Disyembre; Gerard De Leon and Hazel Madronero’s Nakasilip na Bituin; and John Custer and Paulito Del Mundo’s Kasloy. A P600 ticket provides entry to all six musicals. Showtimes are at Oct. 25, 8 p.m., and Oct. 26 and 27, 2 and 7 p.m. For tickets, contact 0954-395-3902.

Robinsons Malls hosts Halloween celebrations

THIS October, Robinsons Malls’ “Halloween Chills & Thrills” will take place at several Robinsons Malls nationwide. The Children’s Costume Contest from Oct. 26 to 31 welcomes young barkadas (from three to eight kids each) in a “Squad Edition” theme. Horror movie fans can also catch spine-tingling films like Saw X and 13 Exorcisms at the HorrorKada Fest in participating Robinsons Movieworld cinemas from Oct. 30 to Nov. 5, with tickets priced at just P120. Pet owners can enter their fur babies in the “Horror Pets-tival,” featuring a pet costume contest and other activities.

Newport presents Halloween-themed offerings

AT Newport World Resorts, several establishments will be celebrating Halloween. At the Kusina Sea Kitchens of the Hilton Manila on Oct. 26 and 27, there will be spine-tingling dishes and kiddie activities including face painting, DIY Cupcake Decorating, and trick or treating. Marriott Cafe at Manila Marriott Hotel will have its own counterpart of this on Oct. 27, with the “Smorgasbord: The Big Sunday Halloween Buffet,” complete with trick or treat activities for kids. The Newport Mall itself will have the “Halloween Spectacle” on Oct. 27, with magic shows, trick or treat adventures, and more starting from 2 p.m. at the Newport Cinemas.

Ben&Ben releases arena rock anthem

FILIPINO band Ben&Ben is heralding the start of a new era with the release of “Triumph,” the first single off their upcoming third album, The Traveller Across Dimensions, due Nov. 29 via Sony Music Entertainment. A rock anthem that empowers listeners to work on quieting the voices inside their heads, “Triumph” is penned by the nine-piece act’s Paolo and Miguel Benjamin. It is inspired by the struggles that the band has experienced over the years, according to the singer-songwriters. It is also the first song that they’ve arranged and collaborated on with their producer and friend, Ziv. “Triumph” is out now on all digital music streaming platforms.

James Reid releases new pop single

THE latest single of Filipino celebrity James Reid, titled “Mirasol,” is out now via Sony Music Entertainment. The song is about falling in love with a sunflower and how romance is something that requires appreciation, protection, and understanding, according to Mr. Reid. “Love is an organic process and needs to grow naturally,” he said in a statement. The song is co-written by Alison Shore, an R&B artist, and produced by One Click Straight’s Tim Marquez, a frequent collaborator of Mr. Reid. “Mirasol” serves as the third single off his upcoming EP, jgh, which is slated to drop on Nov. 22. The track is out now on all digital music streaming platforms.

DigiPlus looking for talent as it expands R&D

LISTED DigiPlus Interactive Corp. on Thursday said it is expanding its research and development (R&D) team this year as it develops new products to boost its domestic presence.

In an e-mailed statement, the digital gambling company said its local development team tripled in the past year, and it plans to further double this by yearend. The company is looking for back-end, front-end, iOS, Android, and quality assurance roles.

DigiPlus has earmarked as much as P2 billion in capital spending this year, half of which will be for technology and game development.

“Innovation is part of our DNA at DigiPlus, and we are driven by a commitment to elevate the player experience with the right technology,” DigiPlus Chairman Eusebio H. Tanco said in the statement.

“Our research and development team is at the heart of this transformation, and we are on the lookout for the brightest Filipino tech talents to develop the next generation of products that will shape the future of DigiPlus,” he added.

DigiPlus recently launched its Pinoy Drop Ball game, which brings the Filipino carnival style of gaming to digital platforms.

It also introduced a five-month technology boot camp program to train aspiring tech professionals. The initiative covers core technical skills and advanced projects that use the latest tools, frameworks, and methodologies in digital entertainment.

“The boot camp is built on three core pillars — real-world experience through live projects, expert mentorship from industry leaders, and career development that includes both technical and soft skills training,” it said.

“DigiPlus leverages a tech-first approach to ensure participants emerge with expertise and the confidence to navigate the demands of today’s tech-driven economy,” it added.

Shares of DigiPlus, which operates digital platforms BingoPlus, ArenaPlus, PeryaGame, Tongits+, and Game Zone, shed 0.5% or 10 centavos to close at P19.90 each. — Revin Mikhael D. Ochave

Asian Hospital, Inc. to hold virtual Special Meeting of Stockholders on Nov. 12

 

 

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