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Megaworld plans more museums for its townships

Megaworld Corp. plans to include museums in its integrated townships, in a bid to promote local culture and tourism which would, in turn, drive more foot traffic into its developments.

In a statement issued Friday, the Andrew L. Tan-led firm said it recently opened the P110-million Iloilo Museum of Contemporary Art (ILOMOCA) inside the 72-hectare Iloilo Business Park in Mandurriao, Iloilo City.

The 3,000-square meter museum has three main galleries that feature art by national artists and Ilonggo artists.

“ILOMOCA is a concrete manifestation of our goal to create urban townships that have their own charm and character. We want to curate our developments in such a way that they seamlessly blend with the local culture and promote tourism,” Megaworld Senior Vice-President Kevin Andrew L. Tan said in a statement.

Mr. Tan noted that incorporating such features beyond shopping and dining concepts drive more people into Megaworld’s developments.

“During the past years, we saw the influx of tourists in our townships, particularly in our lifestyle malls, because of what we offer beyond shopping and dining. At Venice Grand Canal in McKinley Hill, for example, visitors from various parts of the country and the world have come to see the beautiful architecture, and they end up dining and shopping in the mall,” he said.

Following ILOMOCA, the company will open museums in its 35.6-hectare township called Capital Town in San Fernando, Pampanga, and in the 30-hectare Mactan Newtown in Mactan, Cebu.

The mixed-use estate in San Fernando rises on what used to be the estate of the Pampanga Sugar Development Co., so its museum will focus on the sugar company and and will showcase artifacts of the old sugar central. The structure will be integrated with the proposed mall in Capital Town.

For the museum in Mactan Newtown, Megaworld will focus on the events surrounding the Battle of Mactan, given its proximity to the Lapu-Lapu and Mactan Shrines.

Aside from museums, Megaworld has also been putting up art installations across its integrated townships to promote art and design.

“In every township that we build, we want to see arts, culture, history and heritage to be part of the development’s overall character. This way, we don’t only build communities. We build destinations that promote tourism,” Mr. Tan said.

Megaworld is the real estate arm of Alliance Global Group, Inc. In the first nine months of 2017, the company booked an 11% increase in attributable profit to P9.98 billion, on the back of a 5.45% increase in revenues to P35.43 billion during the period.

Shares in Megaworld shed 10 centavos or 2.1% to close at P4.66 apiece at the stock exchange on Friday. — Arra B. Francia

Prime Orion to venture into industrial parks via share swap deal

Ayala Land, Inc. will swap P3 billion worth of shares in Laguna Technopark, Inc. (LTI) with Prime Orion Philippines, Inc. (POPI), allowing the latter to venture into the development of industrial parks.

In a disclosure to the stock exchange on Friday, March 23, ALI said its executive committee has approved the exchange of shares with POPI.

Under the deal, POPI will issue 1.225 billion common shares to ALI in exchange for 30,186 LTI common shares, resulting in POPI acquiring a 75% equity interest in LTI.

The transaction will bring down ALI’s direct ownership in POPI to 63.90% from 54.91%. — Arra B. Francia

Robinsons Land, Shang Properties to pour P10 billion into joint condo project in Taguig

Robinsons Land Corp. (RLC) and Shang Properties, Inc. (SPI) will be pouring in at least P10 billion for the development of a residential condominium project in Bonifacio Global City, Taguig.

In a disclosure to the stock exchange on Friday, March 23, RLC said it will be forming a 50-50 joint venture company with SPI for the project. The companies look to develop a 9,118-square meter property owned by RLC at McKinley Parkway corner 5th Avenue in BGC.

RLC said the development will feature a mix of residential condominium units, serviced apartments, and commercial retail outlets.

The Philippine Competition Commission, mandated to review merger and acquisition transactions valued at over P2 billion, cleared the deal earlier this week. — Arra B. Francia

Western Union Expands Digital Distribution: Money Transfers Now Paid into GCash Mobile Wallets in the Philippines

Western Union, a leader in cross-border and cross-currency money transfer, and G-Xchange, Inc. have enabled consumers to receive Western Union® international or domestic money transfers into their registered GCash wallets 24/7– providing consumers with convenient access at their finger-tips.

Following an agreement between the two companies, Western Union’s global cross-border platform was integrated with G-Xchange, Inc’s world class e-commerce platform to enable GCash users to direct money transfers into their GCash wallets from almost anywhere around the world and from within the Philippines.

“We want to offer the best services to Filipinos abroad and their families in the Philippines,” said Anthony Thomas, CEO of Mynt. “We are confident that collaborating with Western Union will provide a reliable and convenient mobile wallet-based money transfer platform for our customers. Two leading companies in their respective sectors having the same vision of helping people and businesses move money can definitely help grow economies and realize a better world”.

GCash is an internationally-acclaimed micro payment service that transforms a mobile phone into a virtual wallet for fast and convenient money transfers as well as to purchase goods, pay bills, buy airtime load, and donate. Usage of GCash mobile wallets is high with unbanked consumers in the Philippines, it lets them store, spend or cash-out as they wish.

“Western Union is delivering on our pledge to expand more digital and physical channels for money transfers to provide choice and more convenience for our customers,” said Bassem Awada, Western Union Regional Vice President for Malaysia, Indonesia, Singapore, Philippines and Brunei. “Our collaboration with G-Xchange is inspiring and together we are advancing financial inclusion, a key objective of the Government of the Philippines.”

In line with the regulations of the Bangko Sentral ng Pilipinas, prior to the first use of the Western Union service, consumers are required to register on the GCash app and provide a valid ID for verification. After registration, consumers can conveniently receive Western Union money transfers into their GCash wallets by simply inputting the unique tracking number (MTCN). Consumers within minutes can receive up to USD500 per transaction (approximately Php25,000) or USD1,500 per day (approximately Php75,000), up to a maximum GCash wallet capacity of Php100,000 (approximately US$2,000).

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About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of December 31, 2017, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 550,000 agent locations in 200 countries and territories and over 150,000 ATMs and kiosks, and included the capability to send money to billions of accounts. In 2017, The Western Union Company completed 276 million consumer-to consumer transactions worldwide, moving $82 billion of principal between consumers, and 547 million business payments. For more information, visit www.westernunion.com.

About GXI
G-Xchange Inc. is an operating company under Globe Fintech Innovations, Inc. (Mynt). It offers GCash, an internationally acclaimed micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient payments and money transfers. GCash can be used to buy prepaid load, pay bills, send money, shop online, and purchase goods via QR – all without the need to bring any cash. For more information, please visit https://www.gcash.com.

About Mynt
Mynt is a partnership between Globe Telecom, the Ayala Corporation, and Ant Financial, that provides innovative and first-in-world fintech solutions to consumers, merchants, and organizations. Its vision is to enable financial access for consumers and merchants by disrupting traditional channels through digital financial technology services. It operates two fintech companies: GCash, a micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfer, and Fuse, a tech-based lending company that enables Filipinos to get microloans to business loans without the traditional requirements set by banks and other lending institutions. For more information, visit mynt.xyz.

For more information, please contact:
FleishmanHillard
Raul Ramon Lopez-Vito Bucoy
ram.bucoy@fleishman.com

First solar, then steel: Is Trump’s next trade target nuclear?

On Thursday, as President Donald Trump ordered tariffs on Chinese goods, he warned, “This is the first of many.”

Well, if he’s serious, here’s another potential trade target: uranium. In January, the administration imposed tariffs on solar equipment being shipped into the U.S. A little over a month later, Trump announced taxes on steel and aluminum imports. U.S. uranium companies are fighting for similar relief as America’s nuclear power generators increasingly turn to supplies overseas to fuel their plants.

The uranium suppliers are invoking the same section of the Trade Expansion Act that the Trump administration used to slap tariffs on steel and aluminum imports. If they’re successful, America’s nuclear power generators could face higher costs for uranium imports that account for almost 90 percent of their total supplies.

“The uranium issue is certainly something that would appeal to the Trump administration,” said Bryan Riley, director of the National Taxpayers Union’s Free Trade Initiative in Washington. “Their willingness to impose restrictions on steel and aluminum based on national security allegations that were thin at best would lead me to think they are looking for other industries making similar claims.”

A trade group for the U.S. nuclear industry fired back on Thursday, warning that utilities are already struggling to deal with “depressed” power markets, competition from cheap natural gas and the onslaught of renewable energy. “The potential remedies of the petition may put even more units at risk for premature closure,” the Nuclear Energy Institute said by email.

Trade War?

Meanwhile, a trade war with China already poses a threat to uranium supplies, said Dan McGroarty, founder of rare-earth minerals consultancy Carmot Strategic Group. “I’m kind of worried about that if it would hit uranium.” China has already announced plans to hit back with reciprocal tariffs on $3 billion of imports from the U.S., including products from steel to pork.

To be sure, Trump may decide to steer clear of the uranium debate. The uranium sector doesn’t employ a ton of people, and Wyoming — where much of fuel is domestically produced — already supports Trump, said Kevin Book, managing director at the research and analysis firm Clearview Energy Partners LLC in Washington.

The Commerce Department said Thursday that its Bureau of Industry and Security is still reviewing the petition from uranium producers. The White House has meanwhile already proposed increasing the department’s budget, in part to support the enforcement of “fair and secure trade.” — Bloomberg

Google searches show passive investors are driving emerging-market returns

Passive investors are driving returns in emerging-market debt like never before.

Want proof? Check Google.

Bank of America Corp. says online searches are a leading indicator of performance in developing-market bonds, with the relationship particularly pronounced in dollar debt.

The logic behind these striking claims runs like this. As exchange-traded funds have doubled in size over the past two years, asset prices are moving to the ebbs and flows of passive allocations amid relentless uptake from retail and institutional investors. Trawls on Google, surprisingly, are a bellwether for both flows and returns, the bank argues.

“We find external debt to be most affected by ETF flows,” strategists led by David Hauner wrote in a report Tuesday. “Our statistical analysis suggests that ‘Google’ searches for ‘emerging markets’ are a leading indicator of returns of EM asset classes.”

The relationship between Google searches and performance is especially notable in dollar-denominated EM debt, which is dominated by offshore investors and can prove particularly illiquid. That explains why the asset class is likely to be more sensitive to internet inquiries and flows of the ETF variety, according to the bank.

Credits like Pakistan, Mexico, the Philippines and Ukraine stand out for their particularly high correlations as passive instruments hold a larger share of their outstanding debt, the strategists said.

Passive ETFs don’t have the same flexibility as active funds when it comes to positioning against rising bond yields, making them vulnerable to outflows, the bank warns. This could spell trouble should markets turn.

“As the credit cycle matures, outflows from debt ETFs are becoming an increasing risk for market liquidity,” Hauner and team wrote. “The bouts of outflows that interrupted the relentless inflow of the past couple of years highlighted that markets are not well positioned to absorb concerted ETF selling.” — Bloomberg

Asian markets tumble with Wall St as Trump sparks trade war fears

Hong Kong, China — Asian markets plunged Friday following a sell-off in New York as Donald Trump sparked fresh trade war fears by imposing huge tariffs on Chinese imports and Beijing unveiled its own measures against US goods.

The president announced levies on up to $60 billion of imports from China for what he describes as the “theft” of American intellectual property, fueling speculation that a strong recovery in the world economy could be thrown off course.

Thursday’s announcement comes just weeks after the White House imposed stinging taxes on steel and aluminum products entering the US — causing equities to plunge — as Trump drives through with his America First protectionist agenda.

China responded immediately by saying it was “not afraid of a trade war”, while it also released a list of potential tariffs on $3 billion worth of US goods, from pork to fruits and wine.

Wall Street was sent spiralling by the news Thursday with all three main indexes shedding between 2.4 percent and 2.9 percent.

And those losses filtered through to Asia. Tokyo was hammered 3.5 percent by the break, with exporters also hit by a surging yen, which is considered the go-to currency in times of turmoil and uncertainty.

The greenback fell below 105 yen for the first time since Trump was elected president in November 2016, while it was also down against the euro and pound.

Hong Kong collapsed 3.1 percent and Shanghai lost 3.2 percent, while Sydney sank more than two percent.

Hannah Anderson, global market strategist at JP Morgan Asset Management, warned: “The effects are likely to be felt more strongly in the US and increase both consumer and producer prices.

“Exports are extremely important to the Chinese economy, but have been trending less so in recent years and the US has been shrinking as a share of China’s export market.”

White House turmoil

She added: “The equity market will bear the brunt of the market reactions. Most impacted will be the US, Korea, and Taiwan as companies domiciled in these markets make up a significant portion of the global production chain of Chinese exports.

“Chinese listed firms, on the other hand, derive most of their sales — around 80 percent — from the domestic market.”

Seoul was 2.3 percent down and Taipei fell two percent. Singapore dived 1.9 percent, Wellington gave up 1.1 percent and Manila dropped 2.1 percent.

Analysts said the traders were spooked by the fact China is the biggest buyer of Treasuries, which the US needs to keep its economic wheels greased.

Adding to the uncertainty was news that Trump’s national security advisor HR McMaster — seen as a moderating hand in the administration — had stepped aside and been replaced by nationalist John Bolton.

The announcement reinforced a sense of turmoil in the White House following the recent departure of secretary of state Rex Tillerson and economics guru Gary Cohn, who were both replaced by hardliners.

Trump’s move to surround himself with hawks comes ahead of planned talks with North Korean leader Kim Jong Un and as he reassesses the Iran nuclear deal, which Bolton is firmly against.

The prospect of further upheaval in the tinderbox Middle East pushed oil prices up on concerns about supplies from the crude-rich region. Both main contracts rose more than one percent on Friday.

Washington-watchers pointed to other factors behind the market turmoil, including concern the Federal Reserve intends to lift interest rates at a faster pace than expected next year, and talk of tech sector regulation following the Facebook data breach.

And the departure of John Dowd, a top lawyer on Trump’s team in the Russia probe, has also been highlighted as another sign of uncertainty on Pennsylvania Avenue.

Key figures around 0300 GMT

Tokyo – Nikkei 225: DOWN 3.5 percent at 20,827.92 (break)

Hong Kong – Hang Seng: DOWN 3.1 percent at 30,104.01

Shanghai – Composite: DOWN 3.2 percent at 3,159.62

Dollar/yen: DOWN at 104.80 yen from 105.35 yen

Euro/dollar: UP at $1.2340 from $1.2308 at 2100 GMT

Pound/dollar: UP at $1.4121 from $1.4103

Oil – West Texas Intermediate: UP 78 cents at $65.08 per barrel

Oil – Brent North Sea: UP 75 cents at $69.66 per barrel

New York – Dow: DOWN 2.9 percent at 23,957.89 (close)

London – FTSE 100: DOWN 1.2 percent at 6,952.59 (close)

Budget surplus widens in January

The government posted a wider budget surplus in January, the Bureau of the Treasury reported Friday, March 23, as revenues surged to outpace public spending on the back of tax reform.

The country’s budget balance logged a P10.2-billion surplus as the year opened as revenue collections jumped by nearly a fifth from a year ago as the Tax Reform for Acceleration and Inclusion (TRAIN) law kicked in. — Melissa Luz T. Lopez

Her tales of obstacles and successes

By Romsanne R. Ortiguero

Gender diversity in the global workplace has been a long, continuous battle — where women have to fight for their voices to be heard, their skills to be recognized, and their earnings to be equal to that of their male counterparts. In the Philippines, it seems that some battles have been won, as the country consistently ranks among the top countries with the largest proportion of women in management positions.

In fact, according to a recent Women Business Survey by Grant Thornton International Ltd. — published just in time for the International Women’s Month celebration this March — Philippines ranked as the top country among 35 others with the most number of women executives.

The report, which surveyed 4,500 senior executives across 35 countries, revealed that 46.58% of women hold senior management positions in the country, which is above the global average of 24.14%.

Such is the case with McDonald’s Philippines. Margot Torres, the company’s executive vice-president and deputy managing director, told BusinessWorld in an e-mail that women dominate the highest positions in their company.

“At McDonald’s Philippines, for top management positions, two-thirds are occupied by women,” she said, adding that their company has always believed in gender equality, inclusiveness, and diversity.

“I personally believe that in today’s changing environment, successful companies place culture as their topmost priority. With a woman’s empathy and intuitiveness, coupled with their business savvy, these could spell the difference for a company to transform and succeed in the future,” she continued.

On the other hand, some companies remain to have a larger proportion of men than women in the management team. LafargeHolcim Philippines President and Chief Executive Officer (CEO) Sapna R. Sood told BusinessWorld in an interview that 32% of their senior management team are women. Although she thinks that their company is not as male-dominated as what others perceive it to be, she noted that there’s still a long way to go to change the perception that the construction industry is dominated mostly by men.

Meanwhile, before assuming a top management role, some women have experienced discrimination related to their gender at some point in their career. Hyundai Asia Resources, Inc. (HARI) President and CEO Ma. Fe Perez-Agudo said in an e-mail to BusinessWorld, “Being a woman seemed to be a disadvantage which I constantly had to disprove, and a stereotype that I had to break.”

According to Ms. Agudo, who was tasked to develop the Philippine market for Hyundai back in 2001, starting the company was a challenge because some questioned her capabilities as a woman.

“I was a woman and a newbie in a traditionally male-dominated industry. I can never forget my first meeting with the Hyundai Motoring Company officers. They asked, ‘You are a woman. What do you know about cars?’ I calmly replied, ‘Will you allow me a minute to address you as an equal?’ I got my minute. And I asked them in return, ‘You are Korean. What do you know about the Philippine market?,” she narrated.

Ms. Agudo shared that, at present, the automotive industry generally remains male-dominated with a gender ratio particularly in HARI as follows: 57.5% male: 42.5% female supervisors; 61% male: 39% female managers; and 65% male: 35% female executives.

To address these persistent challenges, genuine inclusion is crucial. Francesca Lagerberg, global leader for network capabilities and sponsor of women in leadership at Grant Thornton International Ltd., said in the report that the interviews they have conducted with business leaders around the world suggest that the businesses creating real change are those whose policies and practices are rooted in a genuine conviction of the benefit of diversity; that leaders of companies recognize the advantages of gender diversity and create inclusive cultures in which a wide range of voices are listened to.

The report further stated that inclusion incorporates all forms of diversity, recognizing that aside from aspects such as gender, age, or ethnicity, it’s important to have people with different backgrounds, experiences, behavioral styles, and skill sets to increase the effectiveness of a team.

Sharing the same perspective, Ms. Sood noted, “Diversity is just one part of it. It then has to be an inclusive organization, inclusive meaning that we are open to welcoming anyone — people who, of course, perform well, but anyone in terms of gender, ethnicity, etc. I think it also starts by having good policies, understanding that we need to be encouraging people whether it be flexible working hours, acknowledgment of different home situations, or different family situations.”

In the local setting, Ms. Torres also said that one thing that could be improved is the flexibility of working hours for employed mothers.

“With more women in the work force, this means that there will be more working mothers. I believe working mothers are the best multi-taskers. Allowing them to juggle their career with motherhood could mean allowing a flexible work schedule and options to work from home. Maternity leaves should also allow women to recover physically and emotionally from pregnancy and giving birth, and to spend time nursing their newborn child for a longer period. And with more working women, we should celebrate the role of househusbands, which traditionally is frowned upon,” she said.

Both Ms. Sood and Ms. Agudo also believe that education can empower more women.

“It’s really also about encouraging women into STEM (Science, Technology, Engineering, and Mathematics) because there are women who are studying those subjects in university and then, often, they don’t actually pursue a career along those lines. We are a business who needs people with those backgrounds so I would like us to be encouraging women particularly to join us from those areas,” Ms. Sood said.

For Ms. Agudo, policy makers in the private and public sectors should continue to explore ways to further empower the Filipina, especially in the areas of entrepreneurship and vocational or technical skills.

“This means offering women, especially the underprivileged and those in grassroots communities, equal access to opportunities to education and skills training, financing, and, because we are in the Digital Age, connectivity,” she said.

In market, optimism still prevails

The local stock market had a very bullish 2017, setting all-time highs not once but 14 times. That year, the 30-member Philippine Stock Exchange index (PSEi) closed at 8,558.42, its best-ever performance. “[In] 2017, people really made money,” Grace Cerdenia, president of 2TradeAsia, an online trading platform, told BusinessWorld in an interview.

The bellwether had surpassed that figure a handful of times this year, finishing at above 9,000 points near the end of January. Investors were clearly buoyed up by positive developments, including stronger government spending, particularly on its large-scale “Build, Build, Build” infrastructure program, the rollout of the tax reform program, and a generally robust economy.

But the bull run soon petered out. In the last few weeks, the PSEi was trading below its 2017 finish. And last Monday, it closed at 8,235.54. Apparently, market enthusiasm was giving way to fears of inflation resulting from higher excise taxes that the Tax Reform for Acceleration and Inclusion (TRAIN) law has imposed, and of interest rate hikes.

These fears, however, might not be as dire as they seem. Ms. Cerdenia pointed out that the “inflation kick” the country has been seeing since the start of the year is “transitory” (Inflation rate hit 4% in January, and 4.5% in February) and that interest rates are at “historically low” levels, so increasing them will just “level things.”

2TradeAsia expects inflation to remain manageable despite the cost-push factor from higher taxes on fuel and coal. Likewise, it sees prices of food items remaining stable as long as there is no major agricultural catastrophe.

Meanwhile, the company anticipates two interest rate increases, each at 25 basis points, which will serve to temper inflation and money supply flow from the Fed’s rate hike. Higher interest rates, Ms. Cerdenia noted, spell better earnings for banks but make it harder for other companies to borrow money.

Broad money growth, 2TradeAsia also believes, will remain in check as financial institutions place excess cash into additional investments in marketable debt papers and higher net foreign asset holdings.

The depreciating peso has also been raising concerns. But Ms. Cerdenia said it’s a double-edged sword. “A weaker peso is bad for companies with dollar-denominated debts, but it’s good for consumers benefitting from OFWs and companies that engage in exports,” she noted.

2TradeAsia sees the market reaching 10,100 points this year, though it also anticipates some “detours” to 7,900, 8,700 and 9,400 points. “We see these different detours… as opportunity to buy,” Ms. Cerdenia said.

Among the factors that the company think will drive the growth of the market is the big-ticket infrastructure project of the government.

“The government spending on the infra side will definitely experience a significant spike,” she said. 2TradeAsia noted in its 2018 Economic Outlook handbook that since most projects under the program are under the development stage, market movers still have time to participate in biddings.

Another is increased purchasing power, a result of the lower personal income tax provision of the TRAIN law. In 2TradeAsia’s computations, broad-based salary workers who are single and without dependents must be seeing a 22% increase in purchasing power if they are earning P20,000 a month, and 10.7% if their monthly salary is P100,000. “Because of that increased purchasing power,” Ms. Cerdenia said, consumer spending “will improve.”

Higher capital expenditures by listed companies are also expected to fuel the growth of the market.

According to 2TradeAsia, capex rollout was high in 2017 because companies were riding on the government’s aggressive move to accelerate economic growth. They raised their capital expenditures by as much as 18%, Ms. Cerdenia said. The property sector was the most “capex-aggressive,” followed by the power and telecommunication sectors.

“With the big names upgrading their capex initiatives even higher for 2018, we estimated at 21%, we can outperform 2017. We believe it’s warranted,” Ms. Cerdenia said.

Other factors that 2TradeAsia have identified are the possibility of lower corporate income tax, a component of the second tax reform package, and the feeling that another credit rating upgrade is in the cards. Ms. Cerdenia said the upcoming first-quarter earnings reports will give investors “a clearer direction.”

The robustly growing economy should also encourage them to build their hopes up, because, Ms. Cerdenia said, when the overall economy is healthy, the stock market “tends to follow.” “From an average of about 6.8%, 6.7% last year, we’re looking at 7.2% this year and roughly about 7% for 2019,” Ms. Cerdenia said, referring to the growth trajectory of the Philippine economy.

A double whammy for career women

What’s keeping a lot of women from having truly successful careers? To get a better grasp of this enduring issue, the Global Network for Advanced Management (GNAM), a group of 32 business schools located in different parts of the world, including the Philippines, surveyed the attitudes and beliefs of 3,370 students and 1,511 alumni who represented workplace experience in more than 100 countries.

It was a survey with a twist. The respondents were not only made to answer a battery of questions. They also had to pick one of two fictional candidates for promotion in their workplace. The candidates were given random attributes: age, assertive or reserved personality, prior experience, time availability and, of course, gender. This exercise was meant to reduce the social desirability bias of the respondents, “the impulse, perhaps, to sound more ‘gender-enlightened’ than they actually feel,” GNAM said.

GNAM found out that in promotion decisions, availability was more influential than gender. The respondents were 36% more likely to recommend someone able to work beyond office hours. “It is striking that survey respondents showed virtually no preference for a candidate for promotion based on gender,” the group said. This is a heartening finding, but when one comes to think of it, women, particularly mothers, don’t always have the luxury of time. “Given the disproportionate burden for family work that women bear in most societies, the requirement to be available around the clock can be as starkly negative for women as if employers were biased against women,” GNAM said.

Respondents’ preference for availability, as it turned out, wasn’t that strong. “When respondents were told about the productivity for both candidates (high, medium, low), the preference for around-the-clock availability virtually disappears,” GNAM noted. The group said time availability could become “a noisy signal of productivity rather than an input of productivity itself. “Cheap proxies for worker evaluation of this kind are costly not only to women, but also to men who may prefer a better career-family or work-life balance,” it added.

Men — and even women — displaying assertiveness were, in respondents’ eyes, had a better chance of getting promotion than those who were reserved. Assertiveness, however, is at variance with behaviors women are generally taught as desirable to possess, such as congeniality and docility. “If employers give higher marks to an assertive personality — according to our survey, substantially more than experience, although with some differences across countries — professional women face a trade-off: the very characteristic that helps them at work may harm them in their social relationships,” GNAM said.

And when it comes to looking after children, it shouldn’t come as a surprise that the survey respondents judged that women ought to “take on slightly more of the responsibility of childcare.” The respondents were also asked what they thought the views of the senior management in their workplace were with regard to the responsibility. They believed that the senior management expected women to shoulder much of the work, too.

“Whether or not their employers intend to send these signals, female employees are likely to be on the horns of a dilemma: spending hours at work might help them get promoted, but their boss (and everyone else) may at the same time dislike them for bucking societal expectations. Male employees who choose to invest time in their careers may face less disapproval for reducing time devoted to childcare,” GNAM said.

All these findings, which were released to the public in 2017, led GNAM to conclude: “Women are often caught in a double whammy: societies give them a disproportionately large family role and rewards for pleasing personalities, whereas workplaces reward long hours on the job and assertiveness.”

If this double whammy is what’s keeping women from thriving in their chosen careers, what can be done? GNAM has several recommendations. One is to reward productivity and not hours worked in the office. The group also suggests supporting personality differences, acknowledging the value of diversity and rewarding non-assertive but effective approaches. It added, “Encourage fathers who may want to be more involved in childcare than is assumed in order to counter the perception that childcare is primarily a woman’s responsibility.”

Sapna R. Sood: An empowering leadership

At a young age, Sapna R. Sood, president and chief executive officer of Holcim Philippines, a leading building solutions company, had her sights already set on studying history and working for the United Nations, when a trip to an oil refinery made her think twice.

“I thought that it was very interesting, very cool,” Ms. Sood, 44, said of the visit. “It was through that that I decided I would like to be an engineer,” she added, noting that her chemistry teacher also encouraged her. She enrolled in the University of Sydney and graduated with a degree in chemical engineering.

Afterward, she went places, literally. Her stint at chemical company Linde Group took her to countries such as Germany, USA, Singapore and China. In 2013, she became part of French cement maker Lafarge as a senior vice-president of Health and Safety. Two years later, Lafarge merged with another global cement giant, Holcim, forming LafargeHolcim. Shortly after, Ms. Sood was designated to lead the newly formed entity’s operations in the country.

“It’s a great job because there’s a lot of interaction with people,” she said. “We at Holcim are about helping the country build better, so I talk to customers, I talk to government officials… I of course talk to employees.” She likes to walk around the office, dropping by departments to understand how things are progressing.

“I very much believe in setting out and working on a clear direction
with the team,” she said. Moreover, she encourages people to focus
on their strengths and capabilities so that they can make great contributions
to the company and grow. Her management style is about empowering people.

The Philippines is currently in the midst of a great infrastructure overhaul program of the President Rodrigo Duterte-led administration. To better support this, Holcim Philippines initiated its own transformation in 2017 to contribute not just cement but building solutions that can help the country’s infrastructure push.

Ms. Sood said they’ve started focusing on creating new solutions, exploring digital platforms to better reach customers, increasing the efficiency of plant and logistics operations and further improving cost management. The company is also in the process of expanding its capacity, she added, from 10 million tons of cement to 12 million tons by the first half of 2019.

“This transformation is exciting and it’s challenging and we’ve just started. It’s a journey that will take a few years. And for me, it’s an ambition,” Ms. Sood said. “It’s a fantastic company, I want to see it grow. I want to see people being fulfilled.”

Even as she leads the company amidst a demanding transformation, family remains Ms. Sood’s foremost priority. Though she admits to working long hours, she makes an effort to be home for dinner with her family. “I work after that,” she said, chuckling. Ms. Sood also sees to it that she has time for herself. “Because I think that helps people rebalance. It brings perspective.”

These privileges aren’t exclusive to her. Ms. Sood wants her people to foster healthy personal lives. “They work very hard. They need time to reconnect, to have time for their families and themselves,” she said.

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