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Wall Street faces further tumult should China be labeled a currency manipulator

WALL STREET is bracing for the prospect that the US uses this month’s semiannual foreign-exchange (FX) report to label China a currency manipulator, escalating the trade standoff between the two nations at a time when rising bond yields are already denting riskier assets.
The scenario is viewed as possible — though not probable — given the yuan has tumbled more than 9% against the dollar over the past six months, raising speculation that China has been deliberately weakening the currency. The US is concerned about the depreciation, and wants to make sure it’s not being used as a competitive devaluation, Treasury Secretary Steven Mnuchin said in an interview in Bali Thursday. If the White House formally imposes the designation on China, that would be the first time since 1994.
Such a decision would likely unleash fresh turmoil in global markets just as a surge in Treasury yields has helped spur the biggest selloff in US stocks since February. The strife is compounding weakness in the yuan, with bets mounting that 7 per dollar is around the corner, a level unseen since the financial crisis. With trade relations between Washington and Beijing souring, investors would be remiss to ignore the risks, according to Goldman Sachs Group Inc.
“There’s a higher risk that the Treasury uses the report to reflect its broader trade goals,” said Zach Pandl, co-head of global FX strategy at the New York-based bank. Such an outcome is not his base case, he said. “Markets would interpret it as a further escalation of the bilateral trade dispute, and for the FX market, that has so far been interpreted as a new source of downside risk to global growth.”
Such a move by the Treasury would hit Australia’s dollar particularly hard, given the nation’s close ties to the Chinese economy, according to Pandl. The Aussie has slid more than 9% against the greenback in 2018, and is currently trading near its weakest level since early 2016.
Goldman is far from alone sounding the alarm. Ahead of the Treasury’s decision, Citigroup Inc. recommends protecting against further Australian-dollar weakness against the yen, which often strengthens amid acute market stress.
While China doesn’t meet the three official criteria the US currently uses to judge whether a country is a currency manipulator, the Treasury could change the threshold, according to Todd Elmer, Citigroup’s head of Group-of-10 foreign-exchange strategy for Europe, the Middle East and Africa. In August, President Donald Trump said the US was studying its currency manipulation formula.
“There is probably a 50-50 chance that the US will go so far as to outright name China a ‘manipulator’,” Elmer wrote in a report Wednesday. “There is nothing to stop officials from either reverting to earlier criteria, which provide room for more discretion, or introducing new language entirely.”
A formal designation carries no immediate consequences, but the administration may use the label as justification for a fresh round of tariffs, Elmer wrote.
The onshore yuan fell 0.10% to 6.9310 per dollar as of 1:38 p.m. in Shanghai, close to its August low, which was the weakest level since January 2017. The offshore yuan was down 0.22% at 6.9394.
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A Treasury spokesperson didn’t immediately respond to requests for comment.
The impact of such a designation could reach beyond markets as well. Given China’s relatively modest current-account surplus and lack of intervention in FX markets, there is no basis to name the country a manipulator, according to former US Treasury official Mark Sobel. Doing so could further sour ongoing US-China negotiations, he cautioned.
“Lacking merit, it would undermine the longstanding integrity and rigor of the FX report,” said Sobel, US chairman of the Official Monetary and Financial Institutions Forum. “Furthermore, it could very well complicate Secretary Mnuchin’s welcome and laudable efforts to maintain a dialog with senior Chinese leadership.”
While the Treasury has refrained from labeling the Asian nation a manipulator three times under Trump, the US-China trade relationship has deteriorated since the report’s last release in April. The US imposed tariffs of 10% on $200 billion of Chinese goods last month, with a promise to increase the levy near year-end. Beijing retaliated, imposing duties on $60 billion of US imports.
“Tensions between the US and China have gone up and you’ve seen Trump utilize other avenues in this ongoing escalation, so I think the use of this as a tool seems obvious,” said Daniel Hui, an analyst at JPMorgan Chase & Co. “Given where we are now in this relationship, I don’t think it’s controversial to say there’s a higher probability that he’ll take this step, this time.” — Bloomberg

What to see this week

6 films to see on the week of October 12-October 19, 2018
Johnny English Strikes Again

Johnny English Strikes Again

SECRET agent Johnny English returns and is tasked to find the mastermind hacker responsible for leaking the identity of undercover agents. As a man with a few skills and knowledge, English is challenged to overcome modern technology techniques before this mission becomes his last. Directed by David Kerr, it stars Rowan Atkinson, Olga Kurylenko, Ben Miller, Jake Lacy, Emma Thompson, and Adam James. Independent’s Geoffrey Macnab writes, “William Davies’ screenplay may not be profound or even original but in its own comic way, it captures the despairing humor and mood of resignation in a post-Brexit-referendum Britain, in which everybody — politicians and MI7 agents alike — is making such a muck of things.” The film review aggregate site Rotten Tomatoes gives the film a measly score of 37%.
MTRCB Rating: PG
Hell Fest

Hell Fest

GROUPS of friends are terrorized in a horror-themed amusement park by a masked serial killer. Directed by Gregory Plotkin, the movie stars Amy Forsyth, Reign Edwards, Bex Taylor-Klaus, Christian James, Roby Attal, Matt Mercurio, Tony Todd, and Stephen Conroy. Variety’s Dennis Harvey writes: “Eye candy without much to offer the brain or emotions, Hell Fest is a competently crafted slasher film rendered instantly forgettable by its disinterest in character, plot, and motivation, let alone original ideas.” The film review aggregate site Rotten Tomatoes give it low 43% rating.
MTRCB Rating: R-16
Mile 22

Mile 22

CIA operative James Silva is tasked to retrieve and transport an asset bearing life-threatening information to Mile 22. Directed by Peter Berg, the film stars Mark Wahlberg, Lauren Cohan, and Iko Uwais. Associated Press’s Lindsay Bahr writes: “This is all too bad, because there are genuinely interesting elements about this film, like how at least 50% of the humans here, from intelligence officers, to code breakers, to ambassadors, are women. Not that should be notable, but it is. Also, Uwais has one truly stunning action sequence involving a gurney that is not to be missed. But the rest of the action is so obscured you’re not even sure who or what you’re watching most of the time.” The film review aggregate site Rotten Tomatoes a measly 24% rating.
MTRCB Rating: R-16
Liway

Liway

DAKIP lives with his parents, Day and Ric, in Camp Delgado, a makeshift prison inside a military camp for rebels and criminals. Day shelters her child from the harsh realities of the 1970s Martial Law world with songs and stories about an enchantress called Liway. But the camp is no place for a child and Day is confronted with the possibility of never seeing her child again. Directed by Kip Oebanda, this film, based on a true story, stars Glaiza de Castro, Dominic Rocco, and Kenken Nuyad.
MTRCB Rating: PG
Wild and Free

Wild and Free

ELLIE and Jake reunite one evening and then continue to see each other — until Jake discovers Ellie’s secret. Directed by Connie Macatuno S.A., it stars Sanya Lopez and Derick Monasterio.
MTRCB Rating: R-13
Brother of the Year

Brother of the Year

CHUT has to learn to be independent once his sister is married and moves out. Directed by Witthaya Thongyooyong, the Thai film stars Sunny Suwanmethanont, Urassaya Sperbund, and Nichkhun. “For all its silly gags and melodramatic plotting, Brother of the Year does surprise with a poignant second half that stretches the brother-sister bond to breaking point,” writes Edmund Lee of the South China Morning Post.
MTRCB Rating: PG

The finest by far

By Anthony L. Cuaycong
WHEN Microsoft sought to expand the reach of its acclaimed Forza series shortly after the turn of the decade, it chose to tap another developer for the purpose. Early in the millennium, it formed Turn 10 Studios precisely to build a franchise that would not just rival, but better, the competition on any gaming platform. And, having seen the immensely positive results, it didn’t want its creative arm to be distracted from continuing to improve Forza Motorsport; after all, it was one thing to get to the top, and quite another to stay there.
Fortunately, Playground Games was around to serve Microsoft’s needs. Having just been formed and populated by experienced minds behind companies known for racing simulations, it looked for an inaugural project that would serve to announce its arrival in the industry. And, as things turned out, it proved to be an ideal complement to Turn 10, building on the latter’s successes while treading new ground, and, at the same time, providing fresh ideas that would catapult Forza Motorsport to even greater heights.
Enter Forza Horizon, a spinoff series that used Forza Motorsport’s intrinsic pull of accurate renditions of popular beasts on wheels, but with the end-view of enhancing the driving experience. In this regard, landmarks and environments were as much stars as the vehicles players used to get there. As directed by Microsoft, Playground’s objective was clear: It wanted to reach out to a certain segment of the gaming populace that gave as much importance to the familiarity and accessibility of roads as to the ownership and customization of metal marvels.
Significantly, the progeny would become the more commercially successful series in due time. Forza Horizon 3, released in late 2016, managed to sell close to three million copies after half a year, indicating better reception for open-world racing vis-a-vis circuit-style skirmishes. That said, Playground fed off Turn 10’s progressions, and vice versa. Microsoft hit upon a perfect working arrangement that continually resulted in wins all around. Continuous improvement was spurred, leading to Forza Motorsport 7’s status as the best of the series to date.
Until, that is, the arrival of Forza Horizon 4 late last month. All that those new to the series have to understand is this: It’s the best in any platform.And all that those already familiar with the series need to know is this: It’s the finest by far. As with its predecessors, it has as its backdrop the Horizon Festival, a street-racing spectacle patterned after Coachella-like music celebrations, but in Great Britain. It offers a map of English and Scottish expanse that dwarfs those hitherto presented for Colorado, France, Italy, and reimagined Australia. And, off the bat, it showcases a whopping 450 royal roadsters, with all but a handful of the most acclaimed badges gloriously represented. Muscle marvels? Check. People movers? Check. Customized offroaders? Check. And so on and so forth. Name it, and it’s there.
In stark contrast to the immediate past release, Forza Horizon 4 has players start from the bottom, participating in any and all sorts of races through 25 distinct campaigns to gain popularity in a social-media-savvy populace. Influence is the currency of note, and the more the wins, the greater the opportunity to advance in the game — by tweaking rides, pimping them out for psychic income, appreciating the open world, and, ultimately, taming car, road, and opposition en route to success.
Needless to say, Forza Horizon 4’s level of polish is unparalleled, and Playground parades it with pride. It has Great Britain exposed to all four seasons to start, allowing for the appreciation of the effort that went into having weather conditions affect gameplay, not to mention the competitions on offer outside of the ubiquitous “Forzathon Live” events. As a corollary, the objective of injecting even more realism is met by the introduction of a shared interface that, after the initial foray, chucks the otherwise-competent “Drivatar” aIl in favor of 72 players online and in real time.
Certainly, Forza Horizon 4 is eye candy galore. Whether in 4K running at 30 frames per second (fps) or in 1080p at 60 fps on the Xbox One X, the visuals figure to wow even the most jaded of racing-game habitues. As an aside, the visceral experience is further jacked up on a dedicated Windows rig, available as a cross-play feature. On occasion, the heightened realism can prove too much of a good thing, as gamers wind up appreciating the lush surroundings at the expense of tasks at hand. The flipside, of course, is that they can while the time away just driving and marveling at the somehow fitting juxtaposition of the ultimate in natural and man-made designs.
In this regard, it helps that Forza Horizon 4 boasts of the pedigree that has placed the franchise on the cutting edge of simulators in the market. The physics are, simply put, excellent; interactions between vehicles and terrains are exactly as they should be, and the remarkable rendition of environs even at breakneck speed serves to add to the experience. And only in nitpicking can the seemingly frequent absence of pedestrians be deemed a negative.
Meanwhile, Forza Horizon 4’s soundtrack is exceedingly eclectic. It has everything for everybody. Out for a leisurely drive? Ready for a rip-roaring ride? No problem. Half a dozen radio stations are at players’ disposal, with all types of music available to match the mood at any given time — ideal complements to the aural energy emanating from the humming of horses underneath the hood.
In sum, Forza Horizon 4 represents a milestone for Microsoft, Playground, and, yes, even Turn 10. It’s precisely the kind of release that has users of the Xbox One platform feeling good about themselves, their not insignificant investment paying off in spades. It defines success as a journey and not a destination; it can be played in adrenaline-pumping haste or cool-hand casualness, with edge-of-seat immediacy or relaxing deliberation.
A hundred hours of immersive experience counts as an achievement for most titles. It’s merely the beginning for Forza Horizon 4.

Video Game Review

Forza Horizon 4
Xbox One/Xbox One X
THE GOOD

• A glorious feast for the senses

• Abundant realism

• Open-world racing composed of up to 72 players online

• The best of the acclaimed Forza series yet

THE BAD

• Engine sounds could be better

• May be too easy for simulation diehards

• No long races to reward precision driving

RATING: 9.5/10

Smart offers roaming products at this weekend’s Travel Sale Fair

IN A bid to change how Filipino travelers view roaming, Smart Communications has partnered with the Travel Sale Fair — which runs from Oct. 12 to 14 at the World Trade Center in Pasay City — to promote their new travel products and packages.
“We felt we wanted to take our travel products to the next level and improving our user experience,” Katrina Luna-Abelarde, FVP and group head of international roaming & carrier business for PLDT and Smart, told reporters shortly after a press conference on Oct. 8 at Sentro 1771 restaurant in Makati City.
“When you say ‘roaming’ it’s associated with so many negative things — it’s expensive, it’s not seamless — and we wanted to change that,” she explained.
During the three-day fair, Ms. Luna-Abelarde said they will be offering their data roaming products for half-off their original prices so travelers “can enjoy a more convenient and worry-free getaways in over 153 destinations,” she said in a release.
The offer includes half-off for its GigaRoam which offers 1GB data roaming valid for five days (regular price: P999) and the Roam Lite which offers web surfing and social media apps access valid for 24 hours (regular price: as low as P150).
Smart also offers data packs for select social media and messaging apps starting at P150, valid for 24 hours. These data packs, she said, are targeted more towards prepaid subscribers which she says is a growing market for the telecom’s roaming products.
Travelers who attend the fair can pre-book the packages for future trips and the service is available in 153 countries.
“Unlike postpaid subscribers who want to see the bill afterwards, prepaid subscribers like to plan ahead and only subscribe to what they need,” she said before noting that many prepaid subscribers are millennials who love travelling on a budget.
And in the spirit of transparency and “giving back the control” to subscribers, Smart launched the Smart Data Roaming Manager portal that features all available data roaming products as well as keeps track of data roaming usage while on the go.
“This way, they know, in real-time, how much data they’ve consumed,” she said.
The Smart Travel Sale Fair runs from Oct. 12 to 14 at the World Trade Center in Pasay City.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — ZBC

MRC Allied names Cosio as new president, CEO

MRC ALLIED, Inc. is consolidating all its assets and portfolio under the listed company, while its operating subsidiaries will be implementing the projects, the company said on Thursday.
As part of the reorganization, it announced the appointment of Augusto M. Cosio, Jr. as president and chief executive officer, replacing Gladys N. Nalda. The appointment was unanimously approved by the board on Thursday.
Ms. Nalda also resigned from MRC Allied’s board of directors, while Mr. Cosio was named as a new member. Both actions will take effect on Oct. 16, 2018.
“The Company will continue to pursue renewable energy projects thru Menlo Renewable Energy Corp. (MREN) and Ms. Nalda will be appointed as its new President & CEO,” MRC Allied said.
MRC Allied, which diversified into energy development early last year from property development, had announced plans to invest between P80 billion and P100 billion in the next 10 years to achieve its aspirational goal of putting up 10,000 megawatts (MW) of power capacity.
The company described its new chief as “a known advocate for investing and the development of the Philippine capital markets.”
“Having gained a wealth of experience in the global capital markets after working in Hong Kong and Singapore for global investment banks such as Deutsche Bank and BNP-Paribas, he is a passionate crusader for investment literacy among Filipinos,” the company said.
Mr. Cosio had spearheaded The Capital Market Seminar Series conducted regularly by First Metro Securities Brokers and First Metro Asset Management, Inc. (FAMI).
Mr. Cosio, who finished a course in Social Sciences from the University of the Philippines, had been FAMI president for nine years or until June 2018. FAMI is a fund management company with around P11 billion of assets under management, it added.
“In his stint with the First Metro Investment Corp., Gus (Mr. Cosio’s nickname) steered the creation and the listing of the first Exchange Traded Fund or ETF in the Philippine Stock exchange,” it said.
On Thursday, shares in MRC Allied closed unchanged at P0.59 each. — Victor V. Saulon

Kaizen proposal for a dictator-manager

My boss is a jerk who doesn’t listen to employee suggestions. He often jokes: “My way or the highway.” I know that this approach makes the employees become demotivated, if not make them act like robots. As one of his managerial deputies in the department, I’m planning to establish a Kaizen program to help people come out with a structured system to help streamline our business operations and cut costs at the same time. I’m worried that even my idea would be dumped. What’s the best approach to convince our boss? – Worried Much.
Your situation reminded me of Steve Jobs who was often described as a ruthless, dictator boss. He was known to have violated many basic rules of effective communication and leadership. “He was not a consensus-builder but a dictator who listened mainly to his own intuition. He was a maniacal micromanager,” according to Frederick Allen, author of “Steve Jobs Broke Every Leadership Rule. Don’t Try it yourself,” an article that was published by Forbes.
But Jobs was the same person who said: “It doesn’t make sense to hire smart people and then tell them what to do; we hire smart people so they can tell us what to do.” That’s why I believe that your boss has the same capacity and mentality to act like Jobs, but still would be open to many employee ideas, except that you may not have taken the right approach in convincing him, maybe due in part to his tough management style.
Let’s give your boss the benefit of the doubt. Don’t lose hope. I’m sure he has been misinterpreted due to some issues that may have emerged in past dealings with other people.
One of the basic tools for management success is the ability to listen. This is particularly true as employee engagement and empowerment replace the traditional top-to-bottom flow of communication. Indeed, solid two-way communication is impossible unless you and your boss master the art of being a good listener.
So, how would you convince your dictatorial boss to accept a Kaizen program? Take time to think through the following:
One, change the foreign Kaizen terms into something generic. Don’t give your boss the excuse that Kaizen is only for the Japanese and exclusively for the manufacturing sector. Remove that clear obstacle. Regardless of your industry focus, use a generic term like “employee suggestion program” or “employee participation scheme” or similar theme with the same force and effect.
If not, use the term “Lean Thinking” or “Lean Problem-Solving” as it is being used in the US. It started with similar programs like Lean Healthcare, when applied in medical clinics and hospitals, or Lean Banking, when applied in banks and financial institutions, among others. You only have to discover what would interest your boss and focus it to your sector.
Two, find a solution to something that turns off your boss. If he’s complaining about production delays, offer some ideas on how the workers are trying their best to eliminate the backlog. Justify the fact that management cannot handle it alone without the active support and participation of the workers.
Be practical. Focus on what irritates the boss and solve it with the active help of people. If you can get consistent small wins, it will be easy for your boss to accept your employee suggestion program. This can only happen if you continue to motivate the workers and train them with basic problem-solving tools to make it happen.
Three, ensure that your suggestion program is inexpensive. Management will always be thinking of budgets and financial controls. You can’t argue against that. Therefore, the best approach is to make the program easy to implement and without necessarily requiring a big budget. If ever, guaranteed RoI must be clear and easily achieved in a short period of time.
Instead of giving material rewards to people with excellent ideas, make it an integral part of their key performance indicators and the organization’s succession planning and career development track. Many times, people are motivated to contribute their ideas if the organization has a structure and framework to make it happen.
Four, calculate the actual cost of operational issues. “If you can’t measure it, you can’t manage it” is a popular cliché. You have to figure out the cost of waiting customers, inventory of raw materials, unused materials and machines, among other things. If you can accurately show the company’s recurring losses to your boss, he would not hesitate to agree on your program.
Review the company’s quality management policy, if there is one, and reconcile it with your proposal. If there is none, it’s an opportunity for you to create one. Under these circumstances, very few people, including your boss, are likely to reject your program if the advantages and benefits are clear for the organization.
Last, stand your ground if your boss rejects your proposal. Be ready for any possible questions he can raise. Defend your answers to prove your point. Go back to the actual cost and how it could end up depleting organizational resources. Who knows? Maybe your boss is trying to test your determination to proceed with your program.
Whatever happens, don’t give him an excuse to blame you later on. If he rejects your proposal, maintain a paper trail demonstrating how you did your best. Protect your flanks. Email exchanges or even marginal notes on your documents will prove that you did your best.
ELBONOMICS: Effective listening is understanding what’s not being said.
 
Send workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting
Anonymity is guaranteed for those who seek it.

BPI Securities sees PSEi at 8,900 by end-2019

By Arra B. Francia, Reporter
BPI Securities Corp. projects to see the local stock barometer at the 8,900 level by the end of 2019, factoring in concerns on inflation and rising interest rates.
“We think 8,900 is a good target for next year because that will already price in not only the inflation concerns but some of the adjustments we’ve seen in interest rates,” BPI Securities President and Chief Executive Officer Hermenegildo Z. Narvaez told BusinessWorld in a recent interview.
The 2019 projection is 8.54% higher than BPI Securities’ estimate that the Philippine Stock Exchange index (PSEi) will close at around the 8,200 level this year, as per an expected rally sometime in December.
The PSEi is currently at the 7,000 level, finishing Friday’s trading at 7,078.20. This marks a 21.87% drop, or nearly 2,000 points, from the market’s record close of 9,058.62 last Jan. 29.
Mr. Narvaez said the main concern for investors as of the moment is inflation, which could potentially hamper the earnings growth of some companies. The Philippine Statistics Authority last Friday reported that the consumer price index accelerated by 6.7% in September, bringing the nine-month average to 5%.
BPI Securities said it expects inflation to continue moving up until it peaks to around seven percent in December, bringing the full-year 2018 figure to about 5.5-5.6%.
“We think that inflation this year should be somewhere between 5.5-6% or somewhere closer, and next year somewhere closer to about 3.5%, as the growth in oil prices normalize… We have to see inflation start to normalize before 4% for the people to be a bit more comfortable,” Mr. Narvaez explained.
The continued outflow of foreign funds has also contributed to the lackluster performance of the PSEi.
As of Oct. 5, the local stock market has logged 27 straight days of net foreign selling, with a record figure of P1.42 billion in net sales for a single day. Foreign investors have recently shunned emerging markets in favor of more developed markets where they could have more stable returns.
Asked what would bring back foreign funds into the country, Mr. Narvaez said the Philippine economy would have to grow faster than 6.5% to attract more investors.
“We have to see an acceleration of growth. If we’re just going to continue to grow at maybe 6-6.5%, that may not compel investors to come back in a major way. We should see growth upwards of 6.5%,” he said.
The country’s gross domestic product (GDP) slowed to 6% in the second quarter of the year, compared to the 6.6% growth in the first quarter. A number of global institutions have already lowered their Philippine GDP forecasts for this year, including the International Monetary Fund which slashed its forecast to 6.5% from 6.7%, and the World Bank which cut its target to 6.5% from 6.7%.

Can entrepreneurship be taught and learned?

THE start-up scene all over the world is still flourishing. In the Philippines, there are currently more than 300 start-ups in the country and over 200 of them are actively operating, according to the first study profiling the Philippine start-up ecosystem by PwC Philippines and the Department of Trade and Industry (DTI).
While globally we are seeing the strongest resurgence of the start-up craze since the dot-com era, we will not see them all succeed commercially. A Fortune survey among founders of failed business ventures indicate the stark reality that 9 out of 10 start-ups fail. In the Philippines, probably it’s higher to the tune of 19 out of 20.
Why do they fail despite the plethora of business incubators, accelerators, venture capitalist funds, mentors, and courses on entrepreneurship? The answer is not straightforward, but a combination of three factors — the teacher, content, and the learner.
First is the teacher. Aristotle said, “Those that know, do. Those that understand, teach.” We often rely on successful entrepreneurs and start-up builders to teach entrepreneurship informally or formally in school, but they are usually not the best teachers. “As you get better and better at what you do, your ability to communicate your understanding or to help others learn that skill often gets worse and worse,” as cited by Adam Grant in a New York Times article. Social scientists call it the curse of knowledge.
Entrepreneurs are not necessarily good teachers. When they teach would-be entrepreneurs, they usually tell stories of how they started their venture, the challenges they faced and how they overcame them. While all of these are inspiring, it doesn’t give the learner the guideposts or what Peter Senge calls “mental models”, i.e. an explanation of how something works in the real world.
A great teacher of entrepreneurship is someone “who communicates the material as well as on how well the teacher knows the material”, as Grant avers. They are the teachers that study effective methods of teaching entrepreneurship, rather than experts only in running a business.
Content is the second component. I’ve seen the content of many entrepreneurship courses in the undergraduate and graduate level, as well as those offered by NGOs. They talk about having an entrepreneurial mind-set, building a business plan, and registering the company. Then the next topic suddenly jumps to operating the business, doing marketing, and so on, leaving the learners clueless on how to scale the business, or what Geoffrey Moore calls “crossing the chasm”.
The lack of a framework, preparation, and training for a newbie entrepreneur to scale the business to sustainable level, and this is the main reason why startups fail. Since the resources of a startup are limited, it needs to spend wisely on what matters most in acquiring customers. I’ve developed this framework, have written extensively about it, and currently teach start-ups and business managers.
Entrepreneurship is also best learned while applying the concepts. Sprints of short learning modules and then applying the learned principles will ensure effective learning in the field, instead of studying for months and even years.
The last component is the learner. Would-be entrepreneurs jump into setting up a business because of a great idea or a passion on doing things. This is all laudable along with other traits as determination, creativity, competitiveness, decisiveness, and so on. But the most important characteristic of successful entrepreneurs is resilience, i.e. the ability to move through hardship and become better.
Because entrepreneurs choose a life of hardship alongside achievement, joy, and satisfaction, they have to go through a life of chaos, confusion, change, fear, and disappointment. That’s why not all are cut out to become entrepreneurs.
So, can entrepreneurship be taught and learned? The answer is yes. But to enable aspiring entrepreneurs and startup founders, there has to be a program that takes into account these there components. The best the best is to teach them young…starting in grade school.
 
Reynaldo C. Lugtu, Jr. is President & CEO of Hungry Workhorse Consultancy Inc, a digital and culture transformation firm. He is the Chairman of the ICT Committee of the Financial Executives Institute of the Philippines (FINEX). He teaches strategic management in the MBA Program of De La Salle University.
reylugtu@gmail.com

Your Weekend Guide (October 12, 2018)

Giant mall sale


ROBINSONS Malls hosts free live shows to be held in time with its Robinsons Malls Giant Sale from Oct. 12 to 17, with a wide array of stores and outlets offering up to 50% off. On Oct. 12, stars from the Kapuso shows My Special Tatay and The Stepdaughters will visit Robinsons Place Pangasinan. At Robinsons Place Lipa, the cast of Halik top-billed by Gab Lagman, Yen Santos, Sam Milby, Yam Concepcion, Jane de Leon and JC Alcantara will be coming over on Oct. 13. At Robinsons Place Palawan, Ika-5 Utos stars Migo Adecer, Inah de Belen, Jake Vargas, Jeric Gonzales and Klea Pineda will be entertaining their fans on Oct. 13. They will also be visiting Robinsons Place Malolos together with actress Marika Sasaki on Oct. 14. At Robinsons Starmills Pampanga, a Kapuso Mall Show with the stars of My Special Tatay will be held on Oct. 14, with a special performance from JBK The Millenial Trio. There will also be the ABS-CBN Star Hunt: The Kapamilya Grand Auditions at Robinsons Place Ilocos from Oct. 13 to 14. On Oct. 13, December Avenue will be performing at Robinsons Place Antipolo while Silent Sanctuary will be at Robinsons Place Naga. The latter will again perform Robinsons Metro East on Oct. 14. For details on Robinsons Malls’ latest offerings and promos, visit www.robinsonsmalls.com.

Breast Cancer Awareness

ARANETA Center goes pink this month to raise awareness about breast cancer and show support to patients and survivors. Since October is Breast Cancer Awareness Month, Araneta Center has painted its pedestrian lanes pink. There will also be a breast cancer awareness event, Beauty and Bravery: Empowering Women Against Breast Cancer, on Oct. 14 at the Gateway Mall activity area featuring inspirational and self-care talks. Dr. Claire Soliman, president of Philippine Society of Medical Oncologist, will talk about breast cancer, its causes, prevention, and treatment, while breast cancer survivor Gertrudes Calderon will share her story. Meanwhile, Kundalani Yoga teacher Tet Bachmann will discuss techniques on managing daily stress and resisting illness. Aside from the talks, the Philippine Cancer Society will offer free breast exams. Attendees can have their hair colored with washable pink dye for free at the event. For more information and other Araneta Center updates, follow @TheAranetaCenter on Facebook.

Weekends at Shang

THE EDSA Shangri-La Manila will hold a Travel Voucher Sale at the Level 4 hallway fronting Muji on Oct. 12 to 14 and one can visit the Thai Airways Travel Fair at the Grand Atrium for special offers on trips to Thailand and other destinations. Rising local star and former IV of Spades member UNIQUE will also be performing on Oct. 13, 7 p.m., at the East Atrium.

Bridal fair

SHANGRI-LA at the Fort, Manila hosts the Bridal Lounge, a wedding pop-up display at the hotel lobby’s Level 2 which will be open from Oct. 13 to 26, 9 a.m. to 6 p.m. daily. Couples who confirm their wedding at the Bridal Lounge from Oct. 13 to Nov. 8 will receive exclusive privileges applicable to their event.

Pinoy Playlist

THE BGC Arts Center and Sun Life Foundation present Pinoy Playlist until Oct. 20 at the Maybank Performing Arts Theater in BGC, Taguig city. A six-day celebration of Filipino musical talent across all genres and decades, the show is co-curated by Ryan Cayabyab, Moy Ortiz and Noel Ferrer. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Guadalupe The Musical

JULIE Borromeo’s Performing Arts Foundations presents Guadalupe The Musical at the Meralco Theater until Oct. 14. With book and lyrics by Joel Trinidad and direction by Baby Barredo, the story is based on the apparition of the Virgin Mary to peasant Juan Diego in Mexico in 1531. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Mamma Mia! returns

MAMMA MIA!, the popular jukebox musical featuring songs by ABBA, returns to Manila at the Theater at Solaire until Oct. 20. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Rep’s Rapunzel

REPERTORY’s THEATER for Young Audiences and the City of Makati present Rapunzel: A Very Hairy Fairy Tale until Jan. 27 at Onstage Theater in Greenbelt 1, Makati. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Sembreak workshops

THE G-FORCE Project 2018 Sembreak Dance Workshop will be held at the G-Force Dance Center, Expansion Wing of Festival Mall on Oct. 13, 14, 20, and 21 for Batch 2. The workshops from all participating G-Force branches will culminate in a dance concert on Oct. 31 in The Theatre at Solaire.

Habi Trade Fair

SOME of the finest examples of Philippine-made textile products take center stage at this year’s HABI trade fair. The three-day trade Woven Voyages: 8th Likhang Habi Textile Fair 2018 will take place at the Activity Area of the Glorietta Mall in Ayala Center, Makati City on Oct. 12 to 14. It is open to the public. More than 80 exhibitors will take part this year, making it HABI’s biggest trade fair to date. And for the first time, the show will include textile exhibitors from the ASEAN region, namely, the weaving communities of Brunei, Indonesia, Myanmar, Malaysia, and Vietnam. The fair includes a fashion show highlighting the woven fabrics in designs by Patis Tesoro, Len Cabili of Filip+Inna, LARA Samar, Jor-el Espina, Boy Guino-o of Alfonso Davao, Twinkle Ferraren, Malaysian designer Edric Ong, and Laura Fontan of Vietnam fashion house Chula. There will also be an exhibit featuring the textile art of Filipina-French artist Olivia d’Aboville, and the works of the winners of the Lourdes Montinola Weaving Competition. There will also be workshops and lectures on sustainability, and a tribal food lounge. On Oct. 12, there will be a talk on Junknot Upcycling: Building a Sustainable Future at 2 p.m., followed at 3 p.m. by The Starving Artist: Building a Neighborhood through Public Art, Food and Culture, and a performance by KontraGapi at 5 p.m. On Oct 13, the events are Learn the Art of Lumban Piña Embroidery at 11 a.m.; a performance by the St. Scholastica School at noon; Learn the Art of T’boli Embroidery at 1 p.m.; Manila Seed Kit: How to Grow Philippine Cotton at 2 p.m.; Tarduguk Sama Cultural Troup performance at 3 p.m.; the Lourdes Montinola Piña Weaving Competition Award at 4:45 p.m. followed at 5 p.m. the the Woven Voyage fashion show. On Oct. 14, at 11 p.m., there will be two simultaneous events at two stages, the Learn the Art of T’boli Embroidery talk and Fashion Revolution. At 1 p.m. there will be a show, Dita Sandico: Journey Beyond Fashion, at 2 p.m.; Cold Dye Shibori, 3 p.m.; Learn the Art of Lumban Piña Embroidery; 4 p.m. Tarduguk Sama Cultural Troup performance followed at 5 p.m. with a workshop on Sama dance; and also at 5 p.m., Clothes Styling with Twinkle Ferraren.

Prudential Guarantee opens in Davao

Prudential Guarantee and Assurance, Inc. (PGA), the leading non-life insurance company in the Philippines, recently inaugurated its new branch office in Davao City, led by PGA Chairman Robert Coyiuto, Jr. (second from right) with brand ambassador Sebastian “Baste” Duterte (third from right). Also in photo are (from left to right): PGA President and CEO Atty. Celestino L. Ang, PGA Vice-President Prudencio T. Coyiuto, PGA Senior Vice-President Samuel G. Coyiuto, PGA AVP-Davao Branch Nellida K. Dalapo and PGA Vice-President Anthony G. Sy.

Food and sin products continue to weigh on inflation

Food and sin products continue to weigh on inflation

How PSEi member stocks performed — October 11, 2018

Here’s a quick glance at how PSEi stocks fared on Thursday, October 11, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — October 11, 2018

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