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Haus Talk plans major regional projects

LISTED property developer Haus Talk, Inc. (HTI) targets to expand its market share in the economic housing segment by enhancing its presence in key regions like Rizal and Laguna with large-scale projects.

“The corporation’s strategic priorities for the upcoming year include enhancing its presence in key regions such as Rizal and Laguna, where the corporation is working on large-scale projects that cater to the economic and mid-cost segments,” HTI said in a statement to the stock exchange on Thursday.

The company said it also aims to speed up project timelines and improve construction efficiency using CIP (cast-in-place) technology for quicker home delivery.

In a Sept. 20 disclosure, HTI announced the acquisition of a 37-hectare property in Angono and Teresa, Rizal for P1 billion.

HTI signed a memorandum of agreement with Liberty Flour Mills, Inc. for the property acquisition in Rizal.

“The property is envisioned to be HTI’s first mixed-use development project in the Rizal area and is expected to bring in revenues of approximately P9 billion,” it said.

HTI added that land development for the area is expected to commence by the fourth quarter of 2025.

“This transaction expands HTI’s land portfolio and reinforces its vision of becoming the most valued and recognized property developer that provides value for money residential real estate projects by investing in prime land locations,” the company said.

The property covers eight contiguous parcels of land with a total area of 372,201 square meters.

On Thursday, HTI stocks were unchanged at P1.09 apiece. — Aubrey Rose A. Inosante

ICYMI: New HONOR AI Features are now available with HONOR 200

Leading global smart devices provider HONOR has officially started the rollout of its new OS update which includes the highly anticipated HONOR AI Eraser among its revolutionary AI Features.

“It was highly requested, and we are very proud that we took our time in developing and perfecting this technology for our HONOR fans to enjoy. To the HONOR 200 and HONOR 200 Pro users out there, check if you have the new OS update and be amazed with our HONOR AI,” said HONOR Philippines Vice-President Stephen Cheng.

HONOR’s exciting AI Features:

  1. AI Eraser Tool — Leverages generative AI to seamlessly remove unwanted objects from photos. Photobombers and obstructions can no longer ruin your money shots.
  2. AI Optimize Eyes Close — Another addition is the Group Photo Enhance Tool, capable of editing up to 50 people in a single frame, ensuring everyone looks their best by correcting facial distortions or mistimed blinks.
  3. Face to Face Translation — Believe it or not, HONOR AI can listen to and translate live audio to different languages.  
  4. AI Magic Capsule — An interactive place that bubbles up alerts, notifications, and activities of calls, music activity, recording, app activity and others.
  5. AI Shopping — On the next updates, you can now just drag text or image to Google search so you can shop on Lazada, Shopee, or TikTok Shop.
  6. AI Search — Drag text or image to Google, Facebook, Instagram, WhatsApp, YouTube, or any app you want to search.
  7. AI Locate — Drag text to Google maps so you can start locating places or navigate to your destination.
  8. AI Drag to Note — Drag text or image to Notes so you can save or edit files.
  9. AI Air Gesture — Navigate your phone without even touching it!
  10. HONOR Connect — Connect HONOR smartphone to a laptop or tablet. Then, drag the image or text to the other device so you can do AI shopping, AI searching, and AI travel or locate.

All these and more are up for grabs so check out your HONOR 200 now on Shopee, Lazada and Tiktok or run to your nearest HONOR Experience and Partner stores!

To know more about HONOR AI and its official launch, check out HONOR Philippines’ social media platforms: Facebook, Instagram and TikTok Shop. To check out HONOR’s complete list of retail stores, go to https://www.hihonor.com/ph/retailers/.

 

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What will US interest rate cuts mean for Asia and the Pacific?

FREEPIK

THE RECENT interest rate cuts by the United States Federal Reserve present opportunities and challenges for central banks in Asia and the Pacific. Policymakers must adopt a balanced, country-specific approach to navigate potential inflationary pressures, exchange rate volatility, and capital inflow dynamics.

The United States’ Federal Reserve kicked off a long-anticipated monetary policy loosening cycle at its September Federal Open Market Committee meeting, cutting interest rates by 50 basis points. Committee members project another 50 basis points of cuts this year, and that Fed loosening will continue in 2025. This could have significant consequences for the global economy, including for developing economies in Asia and the Pacific.

Inflationary pressures have continued declining in the region this year, as commodity prices stabilized and the lagged effects of last year’s monetary tightening took hold. As a result, most of its central banks have paused their hiking cycle, with some switching to policy rate cuts. Others may now follow suit.

In shaping their policy stance, central banks in emerging economies need to take account of interest rate differentials with the US, which impact capital flows and exchange rates. The Fed rate cut opens up the opportunity for more of the region’s central banks to loosen policy to stimulate domestic demand and growth, without triggering capital outflows and exchange rate depreciations.

Still, since the pace and length of the Fed loosening cycle remains uncertain, an appropriate policy response in Asia and the Pacific will require caution and a careful balancing act, for a number of reasons.

One option for central banks is to cut rates in the wake of the Fed. This would support growth, but it may also revive price pressures and encourage excessive borrowing in economies where household and corporate debt levels are already high.

Alternatively, central banks in the region could continue to maintain a relatively tight monetary stance — for example by cutting interest rates with a lag or less than proportionally with respect to the Fed.

In such a case, the lower interest rates in the US could increase capital flows to Asia and the Pacific, as investors adjust their portfolios toward assets with more attractive yields.

This could boost equity and bond markets across the region, providing some breathing space to more vulnerable economies.

However, capital inflows could also present some challenges, as significant swings in short-term portfolio investment could increase financial market volatility.

Additionally, higher capital inflows may result in exchange rate appreciations vis-à-vis the US dollar in the region. This would benefit economies heavily dependent on oil and other commodity imports, reducing price pressures and improving trade balances. For economies with high US dollar-denominated debt, the depreciation of the US dollar would make it easier to sustain the debt burden.

On the other hand, exchange rate appreciations would boost imports, with potentially negative effects on current accounts. In the medium term, stronger currencies could also hamper export growth, particularly for economies reliant on exports of traditional manufacturing goods, such as garments or textiles, which depend mainly on price competitiveness.

This variety of potential effects and channels suggests that policy responses to the Fed loosening cycle in Asia and the Pacific will need to be country-specific and nuanced, and include a combination of the following measures.

As well as adjusting interest rates, monetary authorities in the region could rely on targeted measures, such as on banks’ reserve requirements, to affect financial and liquidity conditions. Forward guidance can also be an effective tool to anchor inflation expectations and reduce uncertainty and financial volatility, by clearly laying out the future path of monetary policy for market participants and economic agents.

For economies receiving increasing capital inflows, well-developed financial markets are key to absorbing the inflows and turning them into productive investments in the domestic economy. Policy action should focus on increasing competition, efficiency, and transparency in the financial sector, with the central bank or another overseeing independent authority providing adequate supervision.

To deal with the risks associated with rising capital inflows, capital flow management measures and macroprudential policies can be used, including measures aimed at mitigating exposure to currency mismatches. Where capital inflows result in excessive currency appreciation, targeted intervention in foreign exchange markets could help reduce volatility, while also increasing foreign exchange reserves.

Fiscal policy could be used to cushion the impact of falling exports. Depending on fiscal space, stimulus could be directed at several objectives, including boosting consumer spending; incentivizing activity in particular sectors with stronger multiplier effects on the rest of the economy; and infrastructure, energy-saving, climate-adaptation, and other projects aimed at addressing structural gaps, which would also boost the economy’s productive potential.

Lower interest rates in the US and a weaker dollar could lower import costs, boost financial markets, and spur larger capital flows toward the region. But these positive developments would not be without risks, including possible exchange rate volatility and renewed inflationary pressures.

Policymakers will need to adopt a flexible approach, remaining vigilant and proactive in taking advantage of the opportunities and addressing the risks.

 

Matteo Lanzafame is principal economist of the Economic Research and Development Impact Department of the Asian Development Bank.

Lady Gaga’s Joker album made up of ‘interesting original productions’

MUSIC.AMAZON.COM

LONDON — Pop star and actress Lady Gaga says her surprise Joker sequel companion album will feature new songs she wrote for the movie and the record.

The Grammy and Oscar-winner announced the 13-track album Harlequin on Tuesday, just days ahead of its Friday release.

“It’s all these really interesting original productions,” Lady Gaga told Reuters on the red carpet at the Joker: Folie a Deux London premiere on Wednesday.

“It has so much of the music that’s in Joker as well as some original pieces that I wrote for the film and one that’s for the album only, which is called ‘Happy Mistake’,” she said.

The 38-year-old musician has simultaneously been working on her upcoming studio album, dubbed LG7.

“My studio album is coming out in February and my first single is coming out really soon, so I’m excited about that too,” she said.

In her latest screen role, the A Star Is Born and House of Gucci actress plays Joker’s love interest Harleen Quinzel, aka Harley Quinn.

Joker: Folie a Deux picks up where the original 2019 movie ended, with Arthur Fleck/Joker (Joaquin Phoenix) locked up in a high-security prison awaiting trial for multiple murder.

In jail he is captivated by Quinzel, an asylum patient, who reciprocates his passion. Their intense love story is played out in song-and-dance routines.

“The whole experience inspired me through and through,” said Lady Gaga.

“It was so amazing to get to know this character through music, through this script, through dance, through all this tremendous collaboration,” she said, adding it had been hard to let go of Harley Quinn at the end of filming.

“You know, I don’t really know if I did because I made a whole record about her.”

Joker: Folie a Deux begins its global cinematic rollout on Oct. 1. — Reuters

Sunlight Air to boost operations with Busuanga flights

SUNLIGHTAIR.PH

SUNLIGHT Air is increasing its flights from Manila by restarting flights to Busuanga next month, its chief executive officer said on Thursday,

“The Manila-Busuanga route has always been in demand among our passengers since it was Sunlight Air’s first route when it launched,” Sunlight Air Founder and Chief Executive Officer Ryna C. Brito-Garcia said in a statement.

Sunlight Air will start offering daily flights between Manila and Busuanga (Coron) on Oct. 27. This move is part of the airline’s expansion plans to serve more underserved areas, the company said.

Since April, Sunlight Air has flown over 26,000 passengers to Coron from Cebu and Clark.

Currently, Sunlight Air operates flights to Siargao; San Vicente, Coron, and Busuanga in Palawan; Caticlan, Aklan; Iloilo; Cagayan de Oro; and Cebu.

In April, the airline moved its hub from Ninoy Aquino International Airport to Clark but continued its Cebu flights from Manila.

Previously, Sunlight Air announced plans to introduce new routes and increase the frequency of existing routes starting in 2025.

The company is also considering international flights in the future and is currently in discussions about this plan. — Ashley Erika O. Jose

Philippine banks optimistic on growth prospects

THE PHILIPPINE banking industry is optimistic on its growth prospects over the next two years, a Bangko Sentral ng Pilipinas’ (BSP) survey showed.

Results of the central bank’s 2023 Banking Sector Outlook Survey (BSOS) showed that banks expect “double-digit growth in their assets, loans, deposits, and net income, as well as plan to maintain robust capital and liquidity positions to maintain institutional stability.”

“Overall, the industry outlook for the next two years remains upbeat amid macroeconomic challenges experienced in 2023,” it added.

The survey covers all BSP-supervised universal and commercial banks (U/KBs) and thrift banks, as well as 80 rural and cooperative banks (RCBs) and five digital banks (DGBs).

These respondent banks accounted for 97.7% of the total assets of the Philippine banking system as of December 2023, the BSP said.

The survey showed there was a “shift in sentiment towards a stronger banking system outlook.”

The majority of respondent lenders (64.6%) expect a “stable” banking system in the next two years, while 34.7% expect a “stronger” banking system.

The BSP said improved economic prospects contributed to banks’ expectations of sustained double-digit growth in their assets.

Latest central bank data showed that the total resources of the Philippine financial system rose by 10.5% to P32.1 trillion at end-July. Banking resources alone climbed by 12.3% to P26.779 trillion year on year.

The survey noted that a bigger percentage of banks (70.1% from 66.9% previously) forecast double-digit asset growth, largely driven by thrift banks and digital banks.

“In particular, 79.4% of thrift banks expect an asset expansion of above 10%, while all digital banks believe asset growth could go up to more than 20%.”

“As for other banking groups, U/KBs’ are divided, with 50% (from 42.1%) expecting asset growth of between 5% and 10%, and the remaining half (from 57.9%) projecting 10% to 15% growth. Most RCBs, and foreign banks expect their assets to grow at a rate between 10% and 15%, relatively unchanged from the 2022 BSOS.”

Banks also expect lending activity to be a key driver of their operations in the next two years, with 82.2% (from 78.7%) expecting double-digit loan growth, the BSP said.

“U/KBs, thrift banks, and RCBs mostly report a 10% to 15% loan growth, while most foreign banks and all DGBs remain optimistic with loan growth projection of over 20%,” it added.

BSP data showed that bank lending rose by 10.4% year on year to P12.14 trillion in July. This was its fastest growth in 19 months or since the 13.7% logged in December 2022.

Loan quality is also seen to further improve amid the country’s continued economic recovery, according to the survey, with a lower percentage of banks (48.7% from 52.4%) expecting their nonperforming loan (NPL) ratio to be above 5% in the next two years.

“The remaining 29.4% and 21.9% believe their NPL ratio [would] settle below 3%, and between 3% and 5%, respectively,” the central bank added.

Broken down, 84.6% of U/KBs see their NPL ratio settling between 1% and 5%, with significantly more U/KBs (38.5% from 5.6%) expecting their bad loan ratio to range from 1% to 2%.

“For thrift banks, RCBs, and digital banks, majority foresee their NPL ratio to be over 5%, almost similar to their 2022 BSOS projection. In contrast, foreign banks are more optimistic, as 50% (same at 50%) maintain an NPL ratio projection of less than 1%, while 20% (from nil) expect their NPL ratio to range from 2 to 3%.”

Meanwhile, 76.5% of respondent banks (down from 77.9%) expect double-digit growth in net income over the next two years.

“Profitability prospects remain encouraging on the back of a high interest rate environment and improving macroeconomic conditions,” the BSP added.

“Healthy liquidity metrics across all types of banks over the next two years, supportive of the banking system’s expanding lending and investment activities.”

Banks intend to focus their lending activities on micro, small and medium enterprises (MSMEs) and real estate activities, as well as sustainable and green financing, the central bank said.

“By banking group, U/KBs are focused on MSME lending, project financing, and sustainable or green financing, while foreign banks are keen on sustainable finance and project financing,” it said.

“Meanwhile, for retail banking operations, housing loans, motor vehicle loans, and salary loans are the top retail banking products and services of most respondent banks over the next two years.”

On the other hand, credit risk continues to be the “top risk” for banks, followed by operational and macroeconomic risks.

“In view of these risks, banks have taken specific steps to manage, mitigate, or control the top three risks. Banks highlighted several measures, such as tightening their credit underwriting procedures, improving their collection process, and using a credit scoring model to manage and mitigate credit risk,” the central bank said.

“They also underscore the importance of strengthening internal controls to manage operational risk and monitoring market and economic developments, identifying macroeconomic risks that can affect their lending and investment activities, as well as maintaining a team with expertise on both global and domestic markets.” — Luisa Maria Jacinta C. Jocson

Chinese woman exposes the ineptitude of government agencies and the shallowness of senators

DISMISSED Bamban, Tarlac mayor Alice Guo. — PHILIPPINE STAR/JESSE BUSTOS

The Senate Committees on Women, Children, Family Relations and Gender Equality, and on Public Order and Dangerous Drugs resumed on Sept. 9 their joint inquiry into the illegal Philippine offshore gaming operations (POGO) of dismissed Bamban, Tarlac mayor Alice Guo.

The hearing started with panel chairperson Sen. Risa Hontiveros moving to cite Ms. Guo in contempt for insisting that she and Guo Hua Ping are not the same person. “The National Bureau of Investigation has confirmed that she is Guo Hua Ping, a Chinese national who entered here in 2003. That means she blatantly lied before us in the Senate,” Ms. Hontiveros said.

Ms. Hontiveros said previous hearings have established that Ms. Guo filed a late registration of live birth and was issued a certificate, which she used to obtain a Philippine passport. “The Philippine Statistics Authority has declared the certificate as irregular,” the senator explained. “Guo Hua Ping, do not continue to insult us,” she warned her.

She ended her opening statement by reminding her colleagues that “the primary purpose of the hearings is to craft better laws and policies. We have identified gaps in birth registration, border control, cyber fraud, and others. We should make sure our hearings achieve this purpose.”

Next to deliver an opening statement was Senate President Pro Tempore Jinggoy Estrada, ex-oficio member of all committees. He asked, “Alice Guo, who are you really? We all know that you are not a Filipino, that you did not grow up in a farm, that you are not an ordinary citizen. Twenty-eight billion flowed through your account, in contrast to your story that you were engaged in poultry raising and to your company’s meagre earnings. When you appeared here you were under oath, but you fearlessly fabricated stories and fed Filipinos a pack of lies.”

The senator then castigated Ms. Guo for “mocking government processes, [having] disrespected the electoral system, insulted the Filipino people by believing that by running for mayor she would never be caught.” He should have castigated the government agencies which were remiss. They were represented in the hearings.

He closed by saying: “We wish to know who helped Alice and her companions leave the Philippines without going through the proper processes. Certainly, we also want to know how Chinese nationals pretending to be Filipinos were allowed to open businesses under their names and to use Filipinos as dummies and how they were able to circumvent Constitutional provisions limiting foreign equity to 40%. They violated many laws. It is but proper that they be made to answer. We will not let them get away with it.”

Next to give an opening statement was Sen. Joel Villanueva, who is neither a regular nor ex-officio member of any of the committees. He was, until recently, Majority Floor Leader. Looking at Ms. Guo, he said sternly, “Alice, you disrespected and degraded the Philippine government and the Filipino people. I do not understand why when you were caught you made it appear it was nothing to you. We got offended. I do not know why you seem to consider us your enemies.”

He then delivered a speech on the virtues and integrity of the Senate. He perorated: “The truth is Alice, if you tell the truth, we here in the Senate are your true allies. We will give you a chance again today to reveal the truth. For even if you do not reveal the truth, this is the Senate. This is not a fair. We are sure the truth will come out in the Senate.

“If you are a true Filipino, you should know that the Senate is the pillar of democracy. This is the one that brings out the truth. If you tell the truth, the Senate will surely protect you more than any other agency or institution in this country. This is your opportunity, Alice, if you tell the truth, it is not only you who will benefit but the whole country as well.

“We wish to tell our countrymen the importance of what we are doing, not just in aid of legislation but to ensure we put a period, an end to this horrible and terrible POGO.”

Joel Villanueva exalting the Senate was sheer gall. Eight years ago this month, on Sept. 19, 2016 to be exact, Sen. Leila de Lima was not only removed from the chairmanship of the Senate Committee on Justice, she was ousted from the committee itself for telling the truth. As chairperson of the Committee on Justice at the time, she was extensively and intensely investigating the bloody war on drugs that Davao City Mayor Rodrigo Duterte waged in that city.

Mr. Villanueva was one of the 16 senators who voted for Ms. De Lima’s ouster. The others were Senators Nancy Binay, Alan Peter Cayetano, JV Ejercito, Sherwin Gatchalian, Loren Legarda, Koko Pimentel, Grace Poe, Cynthia Villar, and Migz Zubiri, all re-elected in 2022. In effect, De Lima’s fellow senators, among them Liberal Party-mate Villanueva, gagged her from further telling the truth about extra-judicial killings in Davao City.

Senators Pimentel, Gatchalian, Ejercito were present when Mr. Villanueva said: “The Senate is the one that brings out the truth. If you tell the truth, the Senate will surely protect you.” I wonder what they thought of the pompous speech. Ms. Hontiveros must have twisted and twitched in her seat. She had valiantly opposed Ms. De Lima’s ouster.

Congressional hearings are opportunities for showing profundity, inquisitiveness, and eloquence. But oftentimes they turn into a display of inanity, inquiry into gossip, and babble. That is what the hearings of the Committee on Women, Children and Gender Equality often are.

In spite of avowals of fidelity to the real purpose of congressional hearings — to craft better laws and formulate good policies — some of the questions asked the resource persons in the on-going hearings were:

“Miss Alice, are you Guo Hua Ping?”

“When did you and Mayor Calugay got to know each other?”

“Why are you wearing each other’s campaign shirt?

“Do you and Alice have a romantic relationship?”

“What is the name of your live-in partner?”

“Does your live-in partner know Alice?”

“Why was your godfather with you when you and your boyfriend went on a trip?”

“Did you know what you were doing when you notarized an affidavit (of an affiant who was not present)?”

In the hearing on Sept. 17, Ms. Hontiveros said in her opening statement that they had managed to identify gaps in border control, the system of granting visas, law enforcement, and birth registration. These have led to the crafting of an amendment to the Anti-Financial Account Scamming Act and amendments to the Expanded Anti-Trafficking in Persons Act. They have also gathered information that has resulted in the filing of criminal charges against several individuals.

If so, the committee’s inquiry into Alice Guo’s alleged involvement in the POGO hub in Bamban should have been put to a close. However, in the same Sept. 17 hearing, Sen. Jinggoy Estrada said in his opening statement, “We are far from over. However, even if we get almost nothing from asking you (addressing Alice Guo), and even if you mislead this committee with your answers, we will not stop here in the Senate.”

The “Alice Guo TV dramedy series” starring Jinggoy and Joel must go on. Joel upstaged Jinggoy and Risa in the Sept. 17 episode. He stole the scenes and lines of his co-stars. He just butted in when the situation was nearing a dramatic point — to the visible annoyance of main character Risa. And Joel really stretched his verbose and repetitive lines, prompting Risa to cut him off many times.

It has been said so often that televised congressional investigations are really in aid of re-election instead of in aid of legislation. That may be true of the televised investigations being conducted jointly by the House of Representatives Committees on Dangerous Drugs, Public Order and Safety, Human Rights, and Public Accounts. Most of the members of the committees will be up for re-election in May of next year.

That may not be said of the inquiry being done by the Senate. The terms of senators Hontiveros, Estrada, and Villanueva will expire in 2028. They cannot be thinking of re-election at present. Neither can they be thinking of running for higher office as elections for president and vice-president are not scheduled until 2028.

But then there is the Senate presidency to aspire for. The Senate president is third in the line of succession. In our present volatile political situation, when there are threats of coups and talk of impeachment, the position of Senate president is crucial.

 

Oscar P. Lagman, Jr. has been a keen observer of Philippine politics since the late 1950s.

Filipinos okay with overstating income when applying for loans, survey shows

MORE FILIPINOS are fine with overstating their income for loan applications, a survey by analytics software provider FICO showed, highlighting the need for financial institutions to improve their risk assessment.

According to a FICO study conducted in November 2023, more than half (51%) of 1,001 Filipino respondents said it was okay for them to exaggerate their income levels for loan applications, higher than the 35% seen in the 2022 survey and the global average of 39% this year, it said in a statement on Thursday.

“With a noticeable percentage of Filipino consumers viewing income falsification as acceptable or justified, the problem of ‘liar loans’ calls for financial institutions to strengthen their risk assessment procedures,” FICO APAC Segment Leader for Risk Lifecycle and Decision Management Aashish Sharma said.

“Banks play an essential role in steering consumers away from inadvertently committing fraud through robust fraud detection strategies and consumer education,” he added.

According to the survey, more than half of Filipinos think it is normal or acceptable in some cases to misrepresent their income on their applications for a bank account (56%), automotive financing (55%), or mortgage (53%).

“Similarly, many Filipinos are fine with exaggerating income on personal loan applications, further complicating financial integrity,” FICO said.

Meanwhile, 46% of Filipino respondents said it is never acceptable to exaggerate their income for a personal loan application, while 36% said it is acceptable under select conditions.

“About one in seven views exaggerating income on personal loan, mortgage and auto loan applications as common and acceptable behavior,” FICO said.

In comparison, globally, majority of the respondents (56%) said exaggerating income on loan applications was never acceptable. One in four or 24% said it was permissible under certain circumstances, while 15% viewed it as normal practice.

Meanwhile, the survey also showed that 37% of Filipino respondents said it is acceptable to lie on mortgage applications, with 16% saying this is normal.

FICO said the results highlight the risk assessment and asset quality challenges that could be faced by Philippine financial institutions.

“Even when a mortgage application from an existing customer appears legitimate on paper, the established banking relationship can be exploited to commit fraud. By exaggerating income, such as inflating self-employment earnings or overstating bonuses, as well as omitting debts or misrepresenting personal circumstances applicants can manipulate the loan process, making it difficult for lenders to detect these discrepancies without thorough and proactive verification measures,” it said.

On the other hand, 62% of Filipino respondents said it is never acceptable to exaggerate the value of stolen property or add false items to an insurance claim, while 41% said it is unacceptable to exaggerate income on a mobile phone contract or when applying for automotive financing.

“Financial institutions must adopt a holistic approach to data to overcome the unique challenges posed by application fraud,” Mr. Sharma said. “This should include integrating comprehensive data analysis and continuously monitoring accounts for early detection of sleeper fraud.”

“The FICO survey reveals an alarming acceptance of application fraud among consumers, potentially driven by rising cost-of-living pressures. Financial institutions must evolve their fraud strategies to keep pace with such trends and prevent customers from unwittingly engaging into questionable or criminal behavior,” he added. — AMCS

Klook fuels Asia-Pacific’s tourism economy with $7-B contribution

HONG KONG-BASED tourism platform Klook said it contributed about $7.2 billion to the gross domestic product of the Asia-Pacific region in 2023.

At an event in Singapore marking the company’s 10th anniversary, Klook Chief Executive Officer and Co-Founder Ethan Lin said they had commissioned a study by Oxford Economics, showing that Klook’s services supported over 219,000 jobs across 16 markets in the region in 2023.

“[Klook is] not just about experiences, we have also created real economic opportunities together with all our partners here for many of the destinations in Asia and globally,” he said during the Kreatorverse event on Sept. 24 in Singapore.

“What’s especially notable is that 80% of our partners are small- and medium-sized businesses, which is really forming the backbone of tourism in many of the destinations and forming the local communities,” he added.

In explaining Klook’s edge over other competitors in the market, Senior Director of Product Management Sam Kwong told BusinessWorld in a one-on-one interview that they provide customers with a better selection of experiences.

The company recently launched its “Money Can’t Buy Experiences” campaign for its 10th anniversary, offering lucky winners the opportunity to sleep under the stars in Dubai Glass Dome Desert Dreamscape, snowboard down the top of Europe with a world champion, hunt for mushrooms in the Swiss Alps, and swim with whale sharks on a private Maldives island, among others.

Mr. Kwong pointed out that Klook accepts over 40 payment methods and currencies, and has 15 different languages which allow for automatic translation.

“One of the key reasons we find many customers returning to Klook after completing their research and making a booking is often due to the language or the payment methods available from the local provider,” he said.

In a separate interview with Filipino media, President and Co-Founder Eric Gnock Fah said the top three destinations for Filipinos are domestic spots, Hong Kong, and Japan, largely due to the latter two’s theme park offerings.

He added that South Korea did not have a strong rebound for Filipino tourists post-pandemic, partly due to visa processing difficulties.

SUSTAINABLE TRAVEL
As part of its 10th anniversary, Klook said it is adopting a new standard for eco-friendly travel by collaborating with firms that prioritize sustainable practices, improving animal welfare at elephant sanctuaries, and giving away complimentary local tours led by experts to spotlight cultural heritage and support small businesses in the tourism ecosystem.

“Looking ahead, our focus is on fostering deeper connections between travelers and local communities, preserving cultural heritage, and empowering the many people whose livelihoods depend on tourism,” Mr. Fah said in a separate statement.

Currently, Klook has over 200 certified sustainable activities. It added that these activities follow internationally recognized sustainability standards to help travelers make choices that align with their values.

Klook is enhancing its commitment to responsible tourism by introducing new guidelines for elephant-related experiences in collaboration with experts from the Asian Captive Elephant Standards, the criteria aimed to improve welfare standards for elephants in captivity.

At the launch, 12 elephant sanctuaries have already joined the “Klook Assessed” program, with more expected to participate in the coming months.

The platform was launched in 2014, with the aim of providing a one-stop shop for experiences and travel services, ranging from attractions and tours to local transport and experiential stays in over 2,700 destinations globally. — Chloe Marie A. Hufana

Metro Pacific Health now has six hospitals in Mindanao

SFDOCTORSHOSPITAL.COM

METRO PACIFIC Health Corp. (MPH) has completed the acquisition of a majority shareholding in San Francisco Doctors Hospital (SFDH) in Agusan del Sur, bringing its hospital portfolio to 25.

SFDH was acquired by MPH and its subsidiary Santos Clinic, Inc. (SCI), the private hospital group said in an e-mailed statement on Thursday.

The new acquisition also marks MPH’s sixth hospital in Mindanao.

“Expanding our network through strategic investments like the one in SFDH allows us to bring accessible and dependable healthcare to more communities. We remain committed to delivering top-quality healthcare services and improving the overall health infrastructure across our archipelago,” MPH President Augusto P. Palisoc, Jr. said.

SFDH is a 100-bed facility that started operations in 2013 and is located 80 kilometers (about 49.71 miles) from SCI-operated Manuel J. Santos Hospital in Butuan.

MPH plans to invest in the development and management of SFDH, aiming to improve the hospital’s capacity to address the healthcare needs of the province.

“Our focus has always been on creating a robust healthcare network that can deliver superior patient care across the country and in the localities that we serve. By integrating SFDH into our network, we are expanding our reach and ensuring that the people of Agusan del Sur and nearby areas have access to the best healthcare services,” SCI President Celso Bernard G. Lopez said.

MPH is the healthcare arm of Pangilinan-led conglomerate Metro Pacific Investments Corp. (MPIC). Some of its hospitals include Makati Medical Center, Asian Hospital and Medical Center, Cardinal Santos Medical Center, Davao Doctors Hospital, and Riverside Medical Center. It also has 33 outpatient care centers, two allied health colleges, and a centralized laboratory.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

SSS tallies record 2.4 million new members in H1

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THE SOCIAL SECURITY System (SSS) said it admitted a record 2.4 million new members in the first half (H1), up 165% from a year earlier.

SSS President and Chief Executive Officer Rolando S. Macasaet said in a statement Thursday: “In the first six months, we hit our year’s target of two million new members, a positive result of our massive membership and coverage drives throughout the country.”

He noted that the pension fund for private sector workers usually averages around one million new members annually.

“It means more Filipinos will have access to a comprehensive set of social security benefits from SSS. The social security protection offered by SSS can help safeguard the financial well-being of Filipino families, particularly during times of uncertainty,” Mr. Macasaet said.

Mr. Macasaet said the new target is now five million new members by the end of the year.

“SSS will sustain this growth trajectory in the coming months as we aim for a historic peak in new member registrations,” he said.

“SSS won’t stop there. We remain steadfast in our mission to further broaden our membership base and cover all Filipinos in the workforce,” he added.

SSS Executive Vice-President for Branch Operations Voltaire P. Agas said that the largest segment of new members consisted of prior registrants, totaling 1.2 million.

These are individuals who have SSS numbers but have not yet been reported as covered employees or self-employed members.

Luzon had the largest number of new members, with more than 882,000, followed by the National Capital Region at over 693,000.

Mindanao and the Visayas followed with 436,000 and 417,000, respectively. Meanwhile, over 10,000 new members came from overseas. — Aaron Michael C. Sy

#JournalismMatters: Journalism is society’s safety net

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A RECORD NUMBER of newsrooms have signed up for World News Day 2024, recognizing the positive influence of journalism the world over.

More than 600 newsrooms and media associations across all continents join to bring awareness to the purpose of journalism, a trade that is under constant attack.

It’s a day to pause, and reflect on the importance of independent and often brave journalists who make a difference in their communities and countries, by providing the proof that leads to the truth.

Too often, he or she who shouts loudest on social media seems to be the newsmaker of the day, overshadowing the professional reporters and editors trained and determined to stand behind everything they publish.

Responsible journalism is a tough business when done properly. It necessarily confronts the easy, repetitive, and instant swirl of polemicists and propagandists determined to derail life to fit agendas that are often based on uncertainty and exclusion.

Photographing events that happen, reporting out the facts; beginning with incomplete information and building a more complete file over time and ultimately ensuring, in the final edit, that the facts are pried out and placed squarely into the public discourse, is the business of mainstream media. It is inefficient yet is a timeless tradition without parallel.

Professionals fight back against the hackneyed idea that belonging to the mainstream is somehow inferior to being extreme.

World News Day is a day of awareness, to better explain journalism to the public at large.

It is also a moment to provide room for our audiences and highlight how their meeting a journalist improved their life. How, perhaps, finally, they were listened to.

Or to reflect on the contributions of a local newspaper to the body politic, or the cost of liberty for a reporter detained for no reason — other than that she could be — by those with armies at their disposal.

Amid the growing coarseness of public debate, the pride of independent journalism stands as a source of optimism and belief.

Often at significant personal cost, whistleblowers entrust journalists with secrets. Businesses, politicians, and others in power increasingly refuse to meet reporters or explain themselves — but that doesn’t mean they are unaccountable. The rot is still exposed by individuals.

This past year I met a source determined to get the truth out, but the conversations took place in a hot tub to prove I was not wearing a listening wire, and, on another occasion, in my underwear for the final interview. The story was worth it all, but I couldn’t have known it would be when I started out on the four-month odyssey.

That’s the romance of the business that recruits and repays the indefatigable.

Interest groups laden with bias threaten economic punishment: “I’ll cancel my subscription” or “we’ll pull our advertising.”  Perhaps next year we will list those people who act that way.

So far, news organizations take the hit, and don’t make it public. But it is all an attempt to interfere with editorial independence, and it is wrong.

Attacks on journalists — including murder — run at record highs. Journalism was not created for the messenger to be shot. But, while you can kill the journalist, you can’t kill the story. Others will take it on. Look at journalists in Mexico or Iran if you haven’t received your daily dose of inspiration. The rate of impunity, killing journalists and not being arrested, creeps toward 100% in some countries, but still the stories mount up.

A great miracle exists in the business of journalism: facts are not suppressible.

Those in need understand it. And it is those least in need who fight us most: the powerful, terrified their world can’t be entirely controlled.

That’s the magic of World News Day.

As you talk to friends, and consider your community, village, town, or the wider world, think about what you have learned today. There is a fair bet journalism was involved. The story tellers, who come from your community, tell the facts, no matter how uncomfortable that can be.

That is why, unarmed and living in your community, they are targeted, hassled, belittled, threatened. And it is why they respond with more facts, more answers, more independence of thought — and maintain the link between you and the wider world.

Journalists are a bridge as we build the future, supported by the capstone of our audience, who are as loyal and determined as the reporter and the editor.

Together, on World News Day, if it feels at times that the vestiges of hope are falling away, remember the safety net of journalism is there.

 

David Walmsley is the editor-in-chief of The Globe and Mail, Canada and is creator of  World News Day.

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