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In search of the ‘Best Places to Work’ in the Philippines

BusinessWorld partners with WorkL for list of happiest workplaces across the country

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor

What is the perfect workplace?

Any number of people will likely come up with any number of possible scenarios. Someone who enjoys collaborating with others and hearing new perspectives might want a sort of a global office, working seamlessly with international teams. Meanwhile, someone who prefers to work at their own pace might want a remote or hybrid work model. Others have grown used to traditional corporate settings and find comfort in structured, well-defined work days.

Different as the ideals may be for each person, there is still a baseline by which the happiness of a worker is measured. A workplace where employees are not just content, but genuinely happy — a place where people show up not just because they have to, but because they want to.

That’s the vision behind the Best Places to Work 2025 awards, the latest partnership between BusinessWorld and WorkL — a collaboration that promises to set a new standard for workplace happiness in the country.

“BusinessWorld, Best Places to Work 2025 awards are open for organizations across the Philippines to enter with the chance of being included within the prestigious list which will help businesses attract and retain talent,” Suzanna Duke, Partnerships director of WorkL, said.

WorkL, an international organization with a mission to elevate workplace happiness globally, has teamed up with BusinessWorld to launch the Best Places to Work 2025 awards with the aim of creating a more engaged, fulfilled, and vibrant workforce in the Philippines.

WorkL already holds data on the state of work-life in the Philippines, which shows that the current employee engagement score, as of July 2024 was 80%, well above the global average of 70%. Flight Risk for employees (or how likely an employee is to leave the organization within the next nine months) in the country is also extremely low, at just 10% compared to a global average of 25%.

Companies participating in the awards will receive deep insights into their workplace dynamics, from engagement scores to diversity indicators. It’s a holistic approach to workplace happiness that goes beyond surface-level perks.

“The Best Places to Work awards will highlight the growing importance of employee happiness and illustrate how a happy workforce makes a business commercially more successful,” she added.

“Improving workplace standards in the Philippines should be a focus for all businesses, therefore with such a prominent business title putting employee happiness in focus, there will be a shift in expectations and ultimately standards, for businesses to adhere to.”

The Best Places to Work 2025 list will be based on results from a survey to entrant organizations, which features 31 questions centered around WorkL’s widely approved employee engagement theory, the Six Steps to Workplace Happiness. Developed by behavioral scientists, data analysts, psychologists, business leaders, academics and other independent parties, the survey monitors employee engagement and well-being in the workplace.

Partnering for better workplaces

WorkL’s journey began in 2017 when Lord Price, a former Minister of State for Trade and Investment in the United Kingdom (UK), launched the platform alongside WorkL for Business. His mission was simple yet profound: to make the world of work a better place.

Over the years, WorkL has powered the highly regarded Sunday Times Best Places to Work Awards in the UK and has established partnerships with major media outlets worldwide. When Lord Price visited the Philippines, he was struck by the country’s untapped potential and a growing appetite for better employee engagement. Then, finding a natural synergy with the company, he reached out to BusinessWorld, recognizing it as the perfect partner to champion this cause in the Philippines.

Jay R. Sarmiento, vice-president for Sales & Marketing of PhilSTAR Media Group, of which BusinessWorld is a part of, said that WorkL reached out to the company due to the paper’s credibility as a business news platform and paper.

As a leading voice in business journalism, the publication is uniquely positioned to amplify the importance of workplace happiness, pushing it to the forefront of corporate agendas across the country. This is more than just a partnership; it is a call to action for businesses to rethink their priorities and put their people first.

“[The Best Places to Work awards] will provide them with data and insights on how they can retain their talent and even give them leverage in terms of attracting talent to their company,” she added.

The awards will help businesses measure their current standing and identify areas for improvement, using WorkL’s data-driven approach that covers everything from flight risk to confidence in management. For those opting for the enhanced package, the insights run even deeper, offering tailored action plans and demographic analyses to fine-tune their strategies.

BusinessWorld is also offering a free digital subscription to its publication via its e-commerce site BWorldX for all organizations who enter this initiative.

“The primary goal for the partnership is to ultimately make organizations and their employees in the Philippines happier and the businesses, commercially successful. The happiness of employees is important for both organizations and economies because there is an undeniable link between workplace happiness and financial success,” Ms. Duke said.

“Management often focuses on productivity metrics and performance outcomes, but both of these depend on the extra discretionary effort you can get from your employees and how this compares to your competitors. A happy employee gives more by going the extra mile.”

Why happiness matters

But what does happiness at work really mean? According to WorkL, true workplace happiness is rooted in a deeper sense of fulfillment, where employees feel valued, supported, and connected to their work and their colleagues. It is about creating spaces where people can grow, learn, and find purpose.

“Happiness at work extends beyond mere job satisfaction. It encompasses a sense of fulfilment, purpose, and positive engagement with tasks and colleagues. Factors contributing to workplace happiness include meaningful work, supportive management, a good working relationship with your manager, opportunities for growth and development, and a positive work culture,” Ms. Duke said.

“When employees find joy and purpose in their work, they are more likely to be engaged and motivated, as well as to take fewer sick days, all leading to enhanced performance.”

The hope is that as more companies strive to make it onto the Best Places to Work list, there will be a ripple effect that extends far beyond individual businesses. The awards have the potential to reshape the broader landscape of work in the Philippines, setting new benchmarks for what it means to be a great place to work.

Companies that prioritize employee happiness will not only attract top talent but also inspire loyalty and long-term commitment from their workforce.

“Having an organization such as BusinessWorld promote happiness at work, as well as support businesses in their endeavors to become happier places to work, will significantly impact the Philippine job market positively,” Ms. Duke added.

“As a leader within business, BusinessWorld is tackling a very real problem whereby organizations are failing because of an unhappy workforce. Prioritizing employee happiness will ultimately benefit businesses and the wider economy in the Philippines.”

The deadline for entry in BusinessWorld’s Best Places to Work is on April 25, 2025, and results will be announced the following June.

Maximizing potential of a resurging Philippine real estate

Alveo Financial Tower

The Philippine economy, recognized as one of the fastest-growing economies in Southeast Asia, has been marked by resilience and recovery in the first half of the present year, which gives a significant boost to the country’s vibrant real estate industry.

Joey Roi Bondoc, research head of Colliers Philippines and known as a global leader in real estate services and investment management, highlighted that the Philippine economy is making good progress. It is already beating expectations with a 6.3% growth in the second quarter and is even higher than the 6.1% gross domestic product growth for the first half of the year.

Much of this impressive growth comes, for one, from the steady increase of overseas Filipino workers (OFWs), which are currently sitting at 11 million, who bring $3 billion every year. They have been a key player in driving economic expansion — from domestic spending, personal consumption, food and beverage, and retail spending, among others. These remittances were instrumental in fueling residential purchases in the country, across segments in the sector.

Sustaining momentum in office demand

This year, the office sector is on a rollout, especially with a noticeable increase in office space demand. A lot of businesses are still occupying office spaces, whether traditional companies, big corporations, or government agencies across Metro Manila. Overall, demand in business districts is stable and bringing positive developments, Mr. Bondoc explained.

“Bound for rebound — this should be the mindset of Philippine property stakeholders despite headwinds in the market. What observers and stakeholders need to realize is that the Philippine property market continues to expand and is standing on solid and sustainable growth pillars,” he said.

Expanding outside the metro

Hillside Ridge at Southmont

In the residential sector, rents and prices in the Metro Manila condominium market jumped by 19%. Positive changes are seen in these rents and prices as they start to improve, especially driven by a strong and consistent appetite for horizontal living.

Horizontal demand is growing especially in Southern and Central Luzon, although far from the peak demand figures that were seen in 2018 and 2019. This shift is benefiting cities outside the metro, driving developments of master-planned communities, integrated townships, and infrastructure projects.

“The good news is that the demand for horizontal remains unequivocal, and definitely the take-up appetite for horizontal is stable and outside of Metro Manila, Central Luzon and CALABARZON,” Mr. Bondoc said. The shift to suburban living is likely to stay as property developers are encouraged to keep grabbing those growth opportunities in and outside the metro.

Valuing upscale demand

The Veranda at Arca South

Also seeing a significant boost is the upscale and luxury condominium market. High-end condominiums are dominating the market as it sees consistent demand, making them more attractive for investors by marking good prospects against inflation. “If you look at trends that developers are implementing across Metro Manila, we’re seeing greater take-up, greater launches of upscale and luxury condominiums, and the horizontal demand for take-up remains aggressive. In fact, it is growing,” Mr. Bondoc said.

The residential market is on the lookout for becoming an attractive investment market. Forecasts for this market suggest steady growth, fostering a positive sentiment in terms of residential demand. As Mr. Bondoc noted, it brings less volatility, rental growth, and better capital appreciation.

Colliers’ report also notes the cuts in interest rates will significantly impact key segments, including office, residential, retail, industrial, and hotel. This shows that the Philippine economy is on track for a strong rebound.

Maximizing quality investment choices

The Philippines’ thriving economy is keeping the momentum of optimism for real estate and property development. Looking ahead, exciting prospects are seen in the sector, including developments in business districts for office spaces, growth opportunities for residential players outside the metro, and the interest rate cut benefiting various segments.

Evo City South District

With this current economic upswing and industry growth, leading upscale property developer Alveo Land is at the forefront with a strong portfolio of master-planned developments optimizing a changing real estate landscape. To date, Alveo is serving as a key player of quality real estate investments across the country.

With positive office demand, Alveo Land has prime developments located in key cities within the metro. Among these available office-for-sale developments are Stiles Enterprise Plaza, a two-tower office condominium in Circuit Makati that connects businesses to a variety of entertainment and cultural spaces; as well as The Gentry Corporate Plaza, located at the heart of the Makati Central Business District. Meanwhile, Tryne Enterprise Plaza in Arca South, Taguig offers a vibrant working environment for enhanced work efficiency.

Alveo Land also introduced more prime horizontal developments outside the metro. In Laguna, Alveo Land continues its strong foothold in Nuvali with its latest residential offering, Sereneo. In nearby Cavite, the developer recently launched Caleia in Vermosa, a lively suburban community seamlessly surrounded by greenery. There is also its latest residential village in 800-hectare Southmont, Verdea, which focuses on modern living and natural tranquility. Alveo’s play in the Evo City estate, on the other hand, has both residential and commercial lot offerings available.

The Lattice at Parklinks

Alveo also continues to redefine city living experiences through its premium condo developments. Its latest portfolio includes Park East Place, a residential tower in Bonifacio Global City (BGC); Orean Residences, a two-tower premium condominium in Vertis North Quezon City; The Lattice at Parklinks with a superior parkside location in C5-Pasig; and Nuevo at Cerca, a refreshing mid-rise address along the Alabang corridor.

Vertis North

Ranging from office to residential, Alveo’s various developments offer solid investment opportunities in the real estate sector that foster vitality and resiliency in the overall economy. Complementing the country’s strong economic growth, Alveo’s scale continues to flourish, making it a worthy choice within the country’s real estate resurgence.

 


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Mondelēz International asks you to ‘Trash Right’

As part of its ongoing commitment to sustainability, Mondelēz International recently held a two-day workshop on marine litter with advocacy group Save Philippine Seas for the 27 public elementary schools in its home City of Parañaque. This initiative is central to the company’s Southeast Asia-wide flagship sustainability program “Trash Right,” aimed at fostering a circular economy for plastic and empowering communities, especially the youth, to adopt responsible waste management practices.

More than an environmental campaign, “Trash Right” demonstrates the organization’s mission to lead the future of snacking by providing the right snack, at the right moment, and made in the right way. The program collaborates with local waste management experts like Save Philippine Seas to address pressing waste issues, educate the public on proper waste segregation, and facilitate sustainable waste solutions through recycling and upcycling.

“As the global leader in snacking, we recognize our responsibility in driving meaningful change in our communities. Through our ‘Trash Right initiative’ we are empowering individuals, especially the youth, to adopt responsible waste management practices,” said Caitlin Punzalan, the Corporate and Government Affairs Lead of Mondelēz International in the Philippines.

Central to the initiative is its focus on education. By engaging students, families, teachers, and surrounding communities, Mondelēz International seeks to instill a culture of waste-sorting that begins at the grassroots level. The initiative also emphasizes the importance of facilitating waste collection and segregation, with a particular focus on schools. Through these efforts, the Company hopes to encourage communities to adopt sustainable practices, contributing to a circular economy for plastic waste.

Anna Oposa, Executive Director of Save Philippine Seas, highlighted the importance of this initiative, stating, “The Marine Litter Learning Kit workshop is a significant step towards empowering our communities to adopt sustainable waste management practices. We’re happy to be part of Mondelēz International’s Trash Right program by providing information to teachers, who help guide our youth. By engaging the younger generation, we are not only addressing immediate waste issues but also fostering a culture of environmental stewardship that will benefit future generations.”

Save Philippine Seas, a nonprofit organization dedicated to conserving coastal and marine resources, plays a crucial role in this initiative. Through their advocacy, they engage and inspire individuals to take collective action in preserving the environment, aligning closely with the program’s goals.

Running from August to September 2024, the “Trash Right” program reflects Mondelēz International’s broader goal of enhancing sustainability within the snacking industry and creating a more sustainable and environmentally conscious society. The program will culminate in a one-month plastic collection drive in the aforementioned 27 schools, engaging thousands of children to learn the habit of proper waste management.

By helping reduce plastic waste and empowering communities to make lasting changes, the company is paving the way for a more sustainable future that will continue to inspire positive change.

 


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BPI wins big at the Asian Banking & Finance Awards 2024

Receiving the awards from BPI are (L-R) Bong Lualhati, Agency Banking Product Management Head; Rally Jereza, Agency Banking Head; Eric Faustino, Digital Partnerships and Ecosystems Head; and Donna Baroga, Agency Banking Marketing Head. With them is Tim Charlton, Asian Banking & Finance Editor-in-Chief (center).

The Bank of the Philippine Islands (BPI) and its subsidiaries won seven awards at the Asian Banking & Finance (ABF) Awards 2024.

Organized by the Asian Banking & Finance magazine, the ABF Awards honor outstanding banks in Asia that have introduced groundbreaking retail banking products and services, and are proven to be industry game-changers.

“We are honored to receive these awards from the Asian Banking and Finance, which reflect our strong commitment to providing excellent customer experiences across all touchpoints. With the hard work and dedication of our teams, we will continue to develop digital and sustainable solutions that bring value to our stakeholders, and help build a better Philippines — one family, one community at a time,” said TG Limcaoco, BPI President and CEO.

Championing financial inclusion

Under the ABF Retail Banking Awards 2024, BPI Direct BanKo, Inc., A Savings Bank (BanKo), BPI’s microfinance arm, won the “New SME Lending Product of the Year — Philippines” Award for NegosyoKo Loan.

The NegosyoKo Loan is offered to self-employed micro-entrepreneurs (SEMEs) to help them grow their businesses. Clients can choose between NegosyoKo Lite for loans ranging from Php 5,000 to less than Php 15,000, or NegosyoKo Loan for larger amounts up to Php 500,000, with terms ranging from 6 to 36 months.

BanKo and BPI’s Institutional Banking segment also partnered with Jollibee Foods Corp. (JFC) and Jollibee Group Foundation to offer the JFC Agri Loan Financing. This program provides small farmers who formally acts as suppliers to JFC with affordable financing and rewards one-time repayment with lower rates.

Recently, the bank partnered with agri-tech company Agrilever to launch the Agri NegosyoKo Loan Program, offering customized loans along with financial education, protection and security, personal and community engagement, a streamlined application process, and incentives for responsible behavior to Agrilever’s partner farmers.

As a result of these collaborative efforts, BPI won the “Corporate Client Initiative of the Year — Philippines” Award by the ABF Corporate and Investment Banking Awards 2024.

Embracing innovation in modern banking

Through the years, BPI’s Digital Channels has introduced innovative ways that transformed consumer experiences with its Open Banking ecosystem. As a result, BPI’s Digital Channels team was honored with the “Open Banking Initiative of the Year” Award. The bank’s open banking capabilities demonstrate agility in adapting to market changes and technological advancements, offering convenient, safe, and secure online banking.

With this recent recognition, Digital Channels illustrates its commitment to innovation, customer-centricity, and embracing new technologies while upholding the core principles of its goals and objectives, ensuring that BPI’s expanded ecosystem of relevant partners remains reliable and intuitive for the use of its valued clients.

Making it simple with Loans Marketplace

In the Retail Loans segment, BPI’s Loans Marketplace won the “Digital Consumer Banking Initiative — Philippines” Award. This pioneering digital platform simplifies the loan acquisition process, leading to increased customer engagement and surpassing initial targets, significantly boosting BPI’s digital loan application.

As the first one-stop shop in the Philippines, Loans Marketplace offers a seamless, end-to-end experience for customers seeking financing for their dream home or car. Loans Marketplace can be accessed via https://loansmarketplace.bpi.com.ph.

Achieving sustainability goals

Bringing home the Silver award in the “Environment, Social, and Governance (ESG) Program of the Year,” BPI’s Sustainability Office was recognized for managing the overall implementation, coordination, and monitoring of the Board-approved BPI Sustainability Agenda across all segments and groups of the bank.

BPI integrates ESG principles into its strategy and operations, offering products and services that benefit clients and other stakeholders and make a positive impact to the society and the planet.

One such product is the Green Saver Time Deposit, a five-year deposit with higher interest rates, flexible withdrawals, and a low initial deposit of Php 5,000, promoting social inclusivity. Proceeds support projects with clear environmental benefits.

Redefining convenience and financial accessibility

Meanwhile, BPI’s Agency Banking received the “Customer Experience Initiative of the Year — Philippines” Award. The bank launched Agency Banking in 2022 to expand its capability to reach, acquire, and serve more Filipinos by forging strategic partnerships with highly regarded players in the retail sector.

Agency Banking is an innovative initiative addressing customer pain points like accessibility, proximity, and customer experience. Through the “May BPI Dito” program, BPI products are available in partner stores, barangays, and on mobile phones.

Providing the best financing solution

Under the ABF Wholesale Banking Awards 2024, BPI Capital Corp., BPI’s investment banking arm, won the “Best Domestic Project Finance Bank of the Year” Award for its role as lead arranger in a major transaction. The firm structured a sale and leaseback deal for the acquisition of hundreds of telecommunication towers from a large telco. Executed in two months, the deal highlights BPI Capital’s ability to provide quick, customized solutions.

 


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SM Prime: Engineering a sustainable future

SM Prime leads the way in sustainable development, integrating sustainability into its core business strategy.

Sustainability has become a driving force across every industry. For SM Prime Holdings, Inc. (SM Prime), one of Asia’s leading integrated property developers, sustainability is elevated through a strategic framework that leverages the company’s extensive operations, significant economic impact, and cultural influence.

SM Prime’s sustainability journey began in the 1990s, guided by a focus on resilience and practicality. The company has always valued substance over style, favoring strategies grounded on real-world application rather than flashy, short-term fixes.  Its strategy is built on what truly matters to the business and the community it serves, ensuring that its sustainability efforts are both effective and enduring.

In its 2023 Annual Integrated Report, SM Prime introduced its Sustainability Ambition Roadmap with a clear and powerful message: Together for a sustainable future — aligned with its vision of creating and managing innovative, sustainable, and integrated property developments that enhance the quality of life for all.

SM Prime’s sustainability strategy is built on three main goals: (1) Environmental sustainability, (2) Prosperity for all, and (3) Climate resilience.

Building on its sustainability framework of Economy, People, Planet, and Community, SM Prime identified three major goals to pursue: Environmental sustainability, Prosperity for all, and Climate resilience – all aimed to create a future marked by sustainability, resilience, and widespread prosperity by 2030, 2040, and beyond.

Under its environmental sustainability strategy are two significant programs released by the company: Net Zero by 2040 and #SMWasteFreeFuture.

Net Zero by 2040

SM Prime is committed to enhancing people’s quality of life by intensifying climate action, reducing disaster risks, investing in resilient design, protecting biodiversity, and implementing strategic corporate social responsibility programs, with its main focus on climate action toward a net-zero business. The company has been collaborating with the World-Wide Fund (WWF) for Nature-Philippines to establish science-based targets in alignment with the global commitment of a net-zero ambition by 2050.

“We understand the magnitude of the challenges we face to achieve our net-zero commitment. SM Prime is determined to take action and meet its climate commitments. This is one of our top agendas in sustainability,” said Jeffrey C. Lim, SM Prime President and CEO.

SM City Santa Rosa’s solar photovoltaic (PV) system has 5,772 panels at 3.088 MWp capacity and has an annual solar energy production of up to 4.292 GWh.

#SMWasteFreeFuture

SM Prime launched its vision for an #SMWasteFreeFuture, in support of the United Nations Environment Programme’s (UNEP) International Day of Zero Waste. The program introduces a simple segregation scheme: Recyclable, Disposable, and Compostable (RDC), all aimed at reducing overall waste generation and increasing the waste diversion rate from landfills through sustainable disposal methods. The initiative was launched nationwide for SM employees and across all SM property groups and stakeholders.

SM Prime continues to support existing programs and partnerships that promote better waste management solutions. Initiatives such as SM Supermalls’ Trash-to-Cash recycling market, Plastic Waste Collection and E-Waste Collection programs, and regular coastal and estero clean-up activities effectively engage the community in rethinking their relationship with waste.

To address food waste, SM Hotels and Convention Corp. (SMHCC) has pioneered projects such as The Sustainable Diner with WWF-PH, diverting 198,640 kg of food waste through bokashi composting and 40,013 kg through biodigesters. SMHCC also launched Tela Tales, a program that recycles condemned linens.

SM Prime gathers the community for a #SMWasteFreeFuture.

SM Development Corp. (SMDC) recently partnered with Globe and Scholars of Sustenance Philippines for the Hapag Movement, aimed at targeting food waste and involuntary hunger affecting millions of Filipinos.

“As a community, we strongly believe in our ability to contribute to solving today’s waste issues. We understand that this may seem like a daunting challenge to overcome. However, by joining forces, we can create a world that our future generations truly deserve — if we have the courage to take on this journey together,” said Hans “Chico” Sy, Jr., President of SM Engineering Design and Development Corp. (SMEDD) and SM sustainability champion.

Water stewardship

SM Prime is committed to water stewardship by implementing innovative water conservation and management practices, ensuring that properties developed are more responsive and adaptable to the changing needs of communities.

SM City Baguio’s Rainwater Filtration Facility addresses water security and ensures a safe and sufficient water supply for the operations of the mall and its tenants.

Through its sewage water treatment plants, wastewater is processed, preventing contaminated water from polluting local waterways and for reuse. The recycled water is utilized in malls for water closet flushing, air conditioning operations and landscape greening.

Prosperity for all

SM Prime’s developments serve as catalysts for socio-economic progress, delivering tangible benefits to all stakeholders. Founded by Henry Sy, the company remains committed to his vision of bringing world-class developments to the Philippines. A vision perfectly exemplified through the Mall of Asia Complex which offers a blueprint for future cities that go beyond commercial success to embrace a holistic approach to urban development.

SM Prime Holdings, Inc.’s Chairman Henry T. Sy, Jr. receives SM Prime’s 30th Listing Anniversary Plaque from the Philippine Stock Exchange’s President and CEO Ramon S. Monzon.

SM Prime celebrated its 30th year as a publicly listed company last July 23, signifying three decades of service and transformative growth in the Philippine real estate industry.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Advancements make RE reliable for Philippines’ power needs — CREC CEO

OLIVER TAN

By Sheldeen Joy Talavera, Reporter

ADVANCEMENTS have now made renewable energy (RE) a viable option for providing reliable power, capable of meeting the Philippines’ growing energy demands, according to Citicore Renewable Energy Corp. (CREC) President and Chief Executive Officer (CEO) Oliver Y. Tan.

“Others do not believe that renewable energy can be a baseload; our vision is that it is [feasible],” Mr. Tan said in an interview with BusinessWorld. “Through technology, we can actually achieve almost 100% pure renewable.”

Despite concerns about renewable energy’s intermittency, he said that it is possible to achieve pure renewable energy through technology. However, he also said that there is still a need for conventional energy sources to bridge the transition.

“We still need them. But eventually, they can be the backup ancillary, and renewable energy would be the primary source of power,” he said.

Mr. Tan said that the government is “doing the right policy” which is to transition from traditional fossil fuels, with the Philippines being a net importer of coal and oil.

The Department of Energy has set a target of increasing the share of renewable energy in the Philippines’ energy mix to 35% by 2030 and 50% by 2040.

“That (target) alone is a huge requirement. There is enough market or enough time for everyone,” Mr. Tan said.

CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.

It is the parent company of Citicore Energy REIT Corp. (CREIT), the country’s first real estate investment trust (REIT) listing focused on renewable energy.

Before starting his stint as president of CREC, Mr. Tan joined Edgar Saavedra-led infrastructure conglomerate Megawide Construction Corp. as its chief finance officer (CFO) in 2011.

With the group’s expertise in transportation and infrastructure, the company also entered new business directions.

“We think that power as an industry is one sector that we can improve the efficiency in terms of building the power plant because we are an engineering company,” Mr. Tan said.

He stepped down as CFO in 2016 and focused on his role as CREC’s CEO.

“We’re able to grow the company (CREC) to where it is today, second largest in terms of installed capacity, and CREIT (as the) largest renewable energy landlord,” Mr. Tan said.

CREIT came to life as an “innovative structure” and a “trailblazer” amid the fad in REITs conducting initial public offering (IPO), he said.

“Instead of doing a straight IPO, let us do a REIT, but this time it is a renewable energy REIT, not your traditional mall or office. So, it’s a bit innovative,” Mr. Tan said.

CREIT is engaged in renewable energy generation and property leasing, both from leasehold and freehold land assets.

Meanwhile, CREC currently has a combined gross installed capacity of 285 megawatts (MW) from its 10 solar power facilities in the Philippines.

The company is constructing eight projects worth approximately one gigawatt (GW), underway to achieve its goal of five GW of capacity by 2028.

“The immediate plan is to energize the 1,000 MW under construction… once these plants are energized, we will be feeding this asset to CREIT in order to grow its asset portfolio, that would happen next year,” Mr. Tan said.

The company is expecting its gross installed capacity to grow to six times next year, equivalent to about 1,300 MW, which could boost its revenues and earnings.

In June, CREC listed its P5.3-billion IPO on the Philippine Stock Exchange, which included a $12.5-million investment from the United Kingdom’s MOBILIST program.

“The full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energized by then,” Mr. Tan said.

“We will focus on adding solar capacity and looking at other opportunities that take us close to our five-GW-in-five-years goal,” he added.

Ralph Lauren takes fashionistas to the Hamptons for spring show

BRIDGEHAMPTON — Veteran designer Ralph Lauren chose the upscale Hamptons seaside resort for his Spring 2025 fashion show on Thursday, inviting fashionistas, celebrities and US First Lady Jill Biden to his “home away from home.”

The designer, 84, presented his Ralph Lauren Collection, Purple Label, and Polo Ralph Lauren lines for men, women, and children at the show held in Bridgehampton on the eve of New York Fashion Week. (Watch the show here: https://www.ralphlauren.com/ )

Actors Naomi Watts, Justin Theroux, Colman Domingo, Tom Hiddleston and Jude Law as well as singer Usher were among the famous faces seated in the front row and models Naomi Campbell and Christy Turlington took to the runway.

“The Hamptons is more than a place. It’s a natural world of endless blue skies, the ocean, green fields and white fences, rusticity and elegance… It has been home, my refuge and always an inspiration,” Mr. Lauren said in a statement.

Models wore blazers paired with loose trousers, tailored suits as well as floaty white and pale blue dresses. There were plenty of stripes and fringes on designs, some crochet outfits, and shimmering sparkles for eveningwear in a color palette of mainly white, blue and khaki.

Bright colors — green, red, yellow and orange — featured in the Polo Ralph Lauren collection with outfits nodding to the Hamptons’ equestrian history.

New York Fashion Week kicked off on Sept. 6 and runs until Sept. 11. — Reuters

JAC unboxed

The JAC JS8 Pro seven-seater is priced at P1.35 million. — PHOTO BY DYLAN AFUANG

Brand reignites local presence with ‘value’ products, expanding dealer network

By Dylan Afuang

JAC IS AMONG the flurry of China-headquartered brands that are establishing a foothold in our market, and its reentry is backed by global mobility group Astara Philippines. Following JAC’s local relaunch last April, the brand recently fielded its entry to the heated market of models made by our northern neighbor — the JS6 compact crossover and JS8 Pro midsize SUV.

“JAC is proud to celebrate its 60th anniversary, marking six decades of providing dependable vehicles to customers around the world,” JAC International Regional Director for Asia Pacific, Left-Hand-Drive Markets Jessica Ji expressed to kick off a quick road trip that enabled the media to experience the latest, and commendable, offerings from JAC Philippines.

Formally known as the Anhui Jianghuai Automobile Group, JAC was founded in Hefei, China, in 1964, and manufactures commercial vehicles and passenger cars under various sub-brands. Leading the local distribution of the JAC-branded passenger cars is Astara Philippines, which also handles the distribution of China-headquartered GAC, JMC, and French auto marque Peugeot.

The JS8 Pro seven-seat SUV and JS6 five-seat crossover signal the brand’s local reignition — and they retail for introductory prices of P1.35 million and P1.38 million, respectively. The two models are now available at the JAC Manila Bay outlet — and soon, at the brand’s dealerships in Alabang, Calamba, Iloilo, Pasig, and Quezon Avenue, the company said in a release.

The JS8 Pro and JS6 also boast what a company executive described as value for money, given how the cars offer a wealth of convenience and safety tech for the money.

“Value is when you get more than what you pay for,” JAC Philippines Brand Head Tonette Lee explained, adding that this quality is “the strength of the positioning of JAC in the Philippines.” (Ms. Lee and company executives pronounced the brand’s name as “jack.”)

“JAC vehicles will suit every Filipino in every stage of their lives,” Ms. Lee added, “from beginning to drive, to becoming a responsible driver, and to managing a business.” Other JAC vehicles available here are the JS2 Pro and JS4 subcompact crossovers, and the T8 Pro pickup truck.

The JS8 Pro and JS6 are equipped with two 12.3-inch screens that display the instrument cluster, and the touchscreen infotainment system complemented by Apple CarPlay and Android Auto connectivity, and an eight-speaker sound system. More creature comforts include front wireless charging pads, rear USB ports, climate controls front and rear, and expansive sunroofs.

Safety equipment shared by the JS8 Pro and JS6 are a 360-degree camera, electronic stability program, hill-start assist, and blind-spot detection. Exclusive to the JS6 are lane departure warning, frontal collision warning, remote light switch, and automatic emergency braking.

Motivating the new entrants smoothly and efficiently is the same turbocharged 1.5-liter, four-cylinder gasoline unit producing 182hp and 300Nm of torque, both coursed to the front wheels through a six- (for the JS6) and seven-speed (for the JS8) dual-clutch transmissions.

Assuring owners of the reliability of the JS8 Pro and JS6 are a five-year, 150,000-km warranty and 24/7 roadside assistance. To learn more about JAC Philippines lineup, customers can visit jacmotors.com.ph and follow
@jaccarsph on Facebook and Instagram.

The rise of open banking across Southeast Asia

FREEPIK

By Baasandorj Davaasuren

OPEN BANKING, in the simplest terms, is about giving you more control over your money. Instead of being tied solely to your traditional bank, it lets you share your financial information with other trusted companies. This opens a world of possibilities, from budgeting apps to loan comparison websites.

Some of the key benefits of open banking include easier transactions and greater control. Complex transactions become a breeze with open banking. You can seamlessly switch between different financial services or providers, making online shopping and payments more efficient and secure. Imagine managing all your finances from one place. Open banking empowers you to do just that — you’ll have better control over your budget, reduce unnecessary costs, and enjoy greater transparency in your financial transactions.

While open banking has the potential to greatly enhance financial inclusion in Southeast Asia, especially with the region’s rapid digital adoption, it faces unique challenges shaped by regional and cultural differences. For example, many people in Southeast Asia are still underbanked or unbanked, lacking access to traditional banking services or digital tools needed for open banking. Bridging this gap requires a concerted effort to improve financial literacy, develop the necessary infrastructure, and implement accessible digital solutions.

Additionally, many traditional banks in the region still operate on outdated systems that aren’t compatible with modern open application programming interfaces (APIs), making it harder to integrate third-party services. Each country has its own regulatory framework, which affects compliance and creates a complex web of local laws that firms must navigate. There are also significant concerns among consumers and regulators about the security of sharing sensitive financial data through open APIs. Overcoming these challenges will require a mix of innovative strategies, including developing localized regulatory frameworks, fostering strategic partnerships, and investing in education campaigns to build consumer trust and awareness.

Changing consumer demands have been a major catalyst for the development of safer and faster financial technology (fintech) solutions. With more people becoming digitally savvy and smartphone use soaring, there has been a sharp rise in demand for digital financial services. Consumers now expect these services to be quick, secure, and tailored to their individual needs. This has pushed fintech companies to continuously innovate and enhance their offerings.

The COVID-19 pandemic also played a crucial role by accelerating the shift towards contactless payments and remote banking services. As a result, banks and fintech firms have had to prioritize safer, faster solutions like instant payments, biometric authentication, and digital wallets. Additionally, as more people seek financial inclusion, especially in underserved regions, fintech companies are focusing on creating simpler, more accessible products to bring unbanked and underbanked populations into the financial ecosystem.

Looking ahead, several exciting trends are shaping the future of finance and fintech. Embedded finance is set to grow, where businesses outside of traditional banking offer financial services directly within their platforms, providing more seamless and integrated experiences for consumers.

Decentralized finance or DeFi is also expanding, using blockchain technology to offer more transparent financial services without intermediaries, reducing costs and increasing accessibility. Advances in artificial intelligence and machine learning are improving customer service through smart chatbots, enhancing fraud detection, and delivering more personalized financial advice.

Security is another key focus area, with biometric authentication becoming more common to provide a safer and smoother experience. Meanwhile, there is a growing shift towards sustainable finance, with more emphasis on green and socially responsible products. Lastly, as cyber threats evolve, fintech companies are investing heavily in digital identity verification to protect both consumers and businesses from fraud.

Open banking empowers people with better financial management tools, personalized services, and a more seamless banking experience, resulting in increased trust and reduced friction that benefits both banks and customers.

Baasandorj Davaasuren is the chief business development officer at AND Global.

DITO CME’s ‘Secure Horizons 2024’ tackles cybersecurity challenges in the Philippines

Cybersecurity is one of the many areas where the Philippines needs to enhance its capabilities in order to protect its digital users. The country ranks second in the cybersecurity company Kaspersky’s global cyber-attack of 2023 list while only placing 45th out of 164 countries in the National Cyber Security Index (NCSI) by the e-Governance Academy Foundation.

In response to this growing threat, DITO CME Ventures, Inc., a wholly-owned subsidiary of publicly-listed DITO CME Holdings Corp., recently brought together top experts from both the public and private sectors for its first-ever one-day live event focused on cybersecurity with the theme “Secure Horizons 2024: Navigating Tomorrow’s Cyber Threats with Today’s Innovative Solutions.”

DITO’s Secure Horizons event began with a speech from the company’s President and COO Donald Patrick Lim, where he mentioned that the event almost did not push through due to the inclement weather brought on by Typhoon Enteng and the southwest monsoon.

“Cyberthreats wait for no man and no perfect weather; it could just come at any time. Thus, we made a conscious decision to push through because as they say, the show must go on,” he said.

The DITO CME COO also noted that the Philippines has been a target of numerous cyberattacks over the past months and shared that other companies have been asking him about what’s been recently happening on the cybersecurity front.

“These attacks have not been limited to any one single institution, they span government agencies, private enterprises, and even critical national infrastructure. This growing threat landscape underscores a pressing reality: our vulnerability as a nation,” he said.

Mr. Lim mentioned that rapid digital transformation, lack of focus on cybersecurity, limited investments in cybersecurity infrastructure, and its geopolitical position in Southeast Asia make the Philippines an attractive target for cyberattacks either state-sponsored or launched by transnational criminal groups.

To make the country more cyber-secure, he recommends that private and public institutions work together and invest in robust cybersecurity measures, including adopting the latest technologies, conducting regular audits, as well as training their workforce to identify, anticipate and respond to both present and future cyberthreats.

He added that there is a need for a comprehensive cybersecurity policy and legislation that provides a clear framework for protecting critical infrastructure, responding to incidents, and prosecuting cybercriminals. In addition, he recommends the integration of cybersecurity into the education curricula and running awareness campaigns to ensure that every citizen knows their role in safeguarding the digital future.

“Cybersecurity is not just a technical issue, it is a strategic imperative. The frequency and impact of cyberattacks in our country highlight the need for action. We must act collectively and decisively… Together we can build a safer digital future for our nation,” Mr. Lim said.

The event also featured a keynote speech from Department of Information and Communications Technology Director of the Cybersecurity Bureau Jose Carlos “Caloy” P. Reyes, where he spoke about the critical importance of national cybersecurity strategies and ongoing initiatives to bolster the country’s resilience against cyber threats.

Other experts from the public sector who spoke during the event include PCol. Jay Guillermo, division chief of the Cybercrime Unit of the Philippine National Police; Col. Francel Margareth Taborlupa, chief of the Information Systems Management Division of the Armed Forces of the Philippines; and Monchito B. Ibrahim, executive member at National Innovation Council.

Meanwhile, several prominent private sector experts also shared their valuable insights and expertise during the event: Red Rock IT Security, Inc. Chief Technology Officer Raymond Nunez; Impact Solutions Research Institute Founder and Senior Consultant Jan Chavez-Arceo; Blackpanda Group CEO Gene Yu; Hacktiv Colab, Inc. CEO Paul Soliman; Hacktiv Colab, Inc. Chief AI and Data Strategist Ziggy Zulueta; Asian Institute of Management Adjunct Professor Edwin Concepcion; and, ATTN Live Chief Innovation Officer and University of Michigan Professor Tim Bates.

Topics such as data privacy, artificial intelligence, blockchain, deep fakes, and even the West Philippine Sea were all covered by these experts to highlight the challenges and emerging risks in the digital landscape of the Philippines.

In closing the event, Mr. Lim expressed his appreciation towards the attendees, sponsors, experts, and stakeholders who made the event possible and highly successful notwithstanding the poor weather. He summarized the key take-aways presented by each speaker.

“Cybersecurity is not the responsibility of one single entity, it is a collective mission. Therefore, one of the recurring themes of this conference is the interconnected nature of our challenges in this rapidly growing digital space. Our security is only as good as our weakest link,” he said.

Taking off from the success of this initial event, Secure Horizons plans to do a roadshow across different key cities in the Philippines with Visayas and Mindanao legs. These will culminate in the Secure Horizons Roadshow in Manila, before the end of 2025. More details to come.

 


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Taste the Bold Flavors of the North at Hann Resorts

Pampanga, often celebrated as the culinary heartland of the Philippines, has long attracted food enthusiasts from near and far. Known for its rich heritage and vibrant flavors, the province offers a gastronomic experience that is both traditional and innovative. From the savory goodness of sisig to the sweet delight of tibok-tibok, Kapampangan cuisine showcases a profound love for food that has been passed down through generations. Yet, as the world evolves and tastes change, Pampanga continues to adapt, adding new dimensions to its culinary landscape.

Hann Resorts, an iconic landmark in Clark, Pampanga, introduces a whole new dining experience, offering a compelling reason to travel just an hour and a half from Manila by land or conveniently accessed by air via Clark International Airport. This integrated resort is home to a world-class gaming facility, and internationally renowned hotels like the Clark Marriott and Swissotel Clark, together operating a total of 15 restaurants, cafes, and bars — a diverse culinary option awaiting to be explored.

A culinary world tour under one roof

Robert Czeschka, Executive Chef of Clark Marriott

Hann Resorts presents a global culinary journey, a vibrant tapestry of local and international flavors all under one roof. Guests can travel from European classics to Asian delicacies, to innovative fusions of international culinary traditions.

Tomahawk Steak at Smoki Moto

Specialty dining destinations at Clark Marriott are directed by Executive Chef Robert Czeschka. One of the best restaurants in Central Luzon is Smoki Moto, specializing in Korean, Japanese, and American cuisines. This well-loved restaurant features premium Black Angus Beef, including a 1.6-kg Tomahawk Steak infused with roasted garlic olive oil and served with baguette, parmesan whipped potatoes, grilled asparagus, and port wine jus.

Interior of Smoki Moto, Clark Marriott

Located on the 17th floor, Smoki Moto offers breathtaking views of the Zambales mountain ranges, making it an ideal spot for a romantic dinner or a nightout with friends. The restaurant features modern interiors, including a dramatic “hanging” nook that adds a unique touch to the dining experience. It also boasts a teppanyaki-style private dining area for a more intimate meal.

Goji Kitchen+Bar is the leading buffet restaurant in Clark known for its wide array of international dishes for breakfast, lunch, and dinner. It highlights a Kapampangan station showcasing the province’s signature dishes such as sisig and buro.

Lucas Zhou, Executive Chinese Chef of Clark Marriott

Wu Xing, led by Executive Chinese Chef Lucas Zhou, offers an extensive selection of signature Cantonese dishes in an elegant setting. Renowned by locals and tourists alike, Wu Xing’s authentic Peking duck is a standout, marinated and roasted with locally sourced star-apple firewood, resulting in tender, flavorful meat and crispy skin.

Peking Duck and signature dishes of Wu Xing

Smoki Moto, Goji Kitchen+Bar and Wu Xing are listed as TripAdvisor’s best restaurants in Clark.

Roald Schuur, Area Culinary Director of Swissôtel Clark

Two-year-old Swissotel Clark elevates the dining experience with specialty restaurants led by Area Culinary Director, Chef Roald Schuur. Guests indulge in a wine-filled adventure at Ristorante di Verona, where Italian fun dining awaits. Don’t miss their authentic lasagna, baked until golden and crisp on top, offering a comforting and well-balanced blend of flavors. Savor a homemade pizza quattro formaggi, perfectly prepared in a wood-fired brick oven. For the main event, the mouthwatering tomahawk steak, is perfect for sharing and pairs wonderfully with fine wine.

Authentic lasagna at Ristorante di Verona

Inspired by the young romantic setting of Shakespeare’s Romeo and Juliet, the restaurant’s posh interiors set the stage for an equally delightful culinary offers. The unique decor, featuring industrial ceilings and mirrored walls, reflects its playful dining concept, creating an inviting and sophisticated atmosphere.

Interior of Ristorante di Verona, Swissotel Clark

Markt, the all-day dining restaurant, pays tribute to its Swiss heritage by drawing inspiration from Europe’s bustling marketplaces. Guests can enjoy ordering from dynamic food stations, including salads, appetizers, stews, pasta, fried dishes, grilled meat and fish, and desserts.

Spice, conveniently located near the gaming floor, offers quick and flavorful meals featuring local and Asian favorites. This Asian restaurant serves a mix of Chinese, Thai, Vietnamese, Japanese, and Indonesian street food, bursting with flavor and spices. Menu highlights include Pad Thai, Laksa, Beef Salpicao, homemade steamed buns, and dimsum. Don’t forget to try their unique and refreshing drinks, artisanal craft beers, and iced teas named after local cities in Pampanga: Angeles C-tea, Mabalacat C-tea, and San Fernando C-tea.

A culinary destination in Pampanga, Hann Resorts is where travelers can explore dining at new heights. With the expertise of the executive chefs, who use the freshest ingredients and incorporate impressive cooking techniques, bold flavors abound in every dish. With its unique ambiance, refreshing views of nature, and exceptional 5-star service, dining is a feast for both the palate and the senses. Whether you’re savoring a gourmet meal or enjoying a casual bite, each experience is crafted to delight. Traveling all the way to Clark becomes a journey worth making, promising a culinary adventure you won’t forget. #BoldFlavors

Learn more about Hann Resorts at www.hannresorts.com or on Facebook and Instagram at @hannresorts.

 


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Geopolitics and economic opportunities

FREEPIK

The Philippines has repeatedly failed to take economic advantage of geopolitical events.

It was Thailand, for example, that benefited from the 1985 Plaza Accord agreement which forced the Japanese to revalue the yen. Faced with a stronger yen, Japanese manufacturers relocated to Thailand. Thailand became the “Detroit of Asia” as Toyota, Honda, Isuzu and other Japanese car makers made it a base for manufacturing and exporting to other countries in Asia and beyond.

In contrast, despite its large English-speaking, relatively educated workforce, the Philippines lost investors due to its unstable political environment, lack of infrastructure, unstable power supply, and investment-unfriendly and anti-foreign laws, starting with the 1987 Constitution. As a result, the country chose to export its people instead.

For these same reasons, the Philippines continues to lose out in the geopolitical conflict between China and the West. Investors have been skipping the Philippines and heading to Vietnam and India as their insurance against further escalation of the US-China rivalry. Meanwhile, Chinese investors, faced with more expensive labor and a shrinking demographic labor pool, are also going to Vietnam, despite the history of tense Vietnam-Chinese relations.

The Philippines continues to lose manufacturing investors. Intel left the country for Vietnam, and even Korean investors, led by Samsung, have spurned the country for Vietnam. Given the close relations between South Korea and the Philippines, forged during the Korean War, one would have thought the Philippines would be a preferred investment and tourism destination for Koreans. Alas, the Philippines continues to be the bride left at the altar.

Scanning the newspaper pages, I still see many economic opportunities the Philippines can exploit, but will we?

For example, Canada and Australia are beginning to limit the number of foreign students in their universities. An expanding foreign student population is being blamed for high housing rental prices, competition for scarce jobs, and overall decline in quality of living both in Australia and Canada even if education exports contribute to a significant share of their respective GDPs. In Australia, educational exports contribute $20 billion to the economy and are the fourth biggest export after iron ore, gas, and coal. However, for political reasons, Australia and Canada are taking away the welcome mat for foreign students and hurting their economies instead.

Why don’t we take advantage of this geopolitical development and present ourselves as an alternative to English-based tertiary education? After all, we cater to foreign students from India, Nepal, and Africa for health sciences education, and various nationalities for English language education. We certainly cannot offer ourselves as an alternative to those seeking top-tier university and post-graduate education or those seeking education as a path to permanent migration in Australia or Canada. However, we can still catch some spillovers from those who have been turned away from Australia and Canada and are looking for English-based tertiary education. We can build on our education exports as another growth driver if we are intelligent and decisive enough. However, to reach that goal, we must do several things.

First, we must remove the Constitutional restriction on foreign investment in education. Removing the restriction is already part of Resolution of Both Houses (RBH) No. 7*, which amends the Constitution on foreign ownership in education, advertising, and public utilities. It is too bad these Constitutional amendments have been stalled in the Senate, but we are missing a gigantic opportunity by not doing so.

If we allow foreign investment in education, we may be able to get prestigious foreign universities to establish campuses here, especially since their home countries have started to limit international student enrollment. Having these foreign universities here will not only raise the level of tertiary education in the Philippines but also attract foreign students to come and study in the Philippines and graduate with a degree from a prestigious foreign university, say the University of Sydney or Duke University. Imagine the spillover effects on the economy in terms of housing, food, and tourism.

Second, we must also remove the constitutional restriction on the practice of professions without the need for an enabling law. This will not only make it easier for foreign professors to teach in the Philippines (the Philippine Regulation Commission considers teaching a practice of a profession) but also expand the number of foreign student graduates who have studied here, especially much-needed doctors and nurses, to practice in the Philippines.

At the very least, Congress should amend the Foreign Medical Practices Act, to enable foreign medical students who have studied in the Philippines to get a license to practice here if they pass the Physician Licensure Examination (PLE). About 10,000 Indian medical students in the Philippines face a problem since India recently mandated a reciprocity arrangement for citizens who have studied abroad to get a license to practice in India aside from an alignment of medical curriculums. If we don’t reciprocate, the number of Indian medical students in the Philippines may dry up and present huge opportunity losses to our private colleges and universities.

Third, the Free Tertiary Education Act, which provides free tuition at state universities and colleges for P40 billion annually, should be converted into a scholarship fund for poor students instead. 

The College Tuition Law is wrong for many reasons. It subsidizes state schools, whether performing or not, so rich and middle-class students in those schools get free tuition. The more affluent students, especially those from private schools, are more likely to be admitted to those state schools, thereby creating a bias against poor students. This exacerbates income inequality. It is also inefficient since the cost of graduating a student in state schools is higher than in private colleges and universities.

Most importantly, it provides unfair competition to more efficient and better-managed private colleges and universities. As a result of this law, several private educational institutions have gone out of business and weakened the nation’s capacity to provide tertiary education.

Last, the growth of the education export sector should be part of the country’s development plan and should be an area to shower with government incentives and support.

Other geopolitical developments, from the demographic collapse in Japan, South Korea, and even Thailand, to political instability in Bangladesh and Thailand, can be exploited by the Philippines with the right policies. However, I will discuss these in another column.

Given our labor rigidities and the poor state of our infrastructure, we may be unable to attract many manufacturing investors despite Western governments’ push for “friend-shoring.” We may have no choice but to seek growth in services. Geopolitics presents us with an opportunity to grow our education export services sector. Let’s seize the day. n

*“A Resolution of Both Houses of Congress Proposing Amendments to Certain Economic Provisions of the 1987 Constitution of the Republic of the Philippines, Particularly on Articles Xll, XlV, and XVl.”

 

Calixto V. Chikiamco is a member of the board of IDEA (Institute for Development and Econometric Analysis).

totivchiki@yahoo.com