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Cops torch cannabis plantation

2H MEDIA-UNSPLASH

BAGUIO CITY — Combined police operatives from Kalinga police office uprooted and torched P1.6 million worth of fully grown marijuana plants in Kalinga on Tuesday.

At least 8,000 fully grown marijuana plants on an 800-square-meter lot were discovered through the “Oplan Wasay” (Axe).

The operation was led by Tinglayan town police, in coordination with the Philippine Drug Enforcement Agency (PDEA) Cordillera. They were joined by the Kalinga Provincial Intelligence Unit/Provincial Drug Enforcement Unit, PDEA Kalinga, 2nd Kalinga Police Mobile Force Company and 1503rd MC Regional Mobile Force Battalion.

After documenting the haul, the illegal plants were destroyed, while no one was caught to have been behind the illicit plantation. — Artemio A. Dumlao

Peso surges vs dollar ahead of US inflation data

THE PESO returned to the P55-per-dollar mark anew on Wednesday on expectations of slower US consumer inflation in August, which would give the US Federal Reserve confidence to proceed with its planned rate cut this month.

The local unit closed at P55.975 per dollar on Wednesday, strengthening by 41 centavos from its P56.385 finish on Tuesday, Bankers Association of the Philippines data showed.

The peso last ended at the P55 level on Friday, finishing at a near six-month high of P55.905 against the greenback.

The local unit opened Wednesday’s session at P56.35 against the dollar, which was already its worst showing. Its intraday best was at P55.935 versus the greenback.

Dollars exchanged rose to $1.71 billion on Wednesday from $1.57 billion on Tuesday.

The peso was supported by a generally weaker dollar on Wednesday amid expectations of easing inflation in the United States, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The dollar-peso pair traded lower on expectations of a lower consumer price index (CPI), elevating bets that the Fed will cut by 50 basis points (bps) at their September policy meeting,” a trader said by phone.

For Thursday, the trader sees the peso moving between P55.80 and P56.30 per dollar, while Mr. Ricafort expects it to range from P55.90 to P56.10.

The dollar fell to its lowest against the yen this year on Wednesday after investors upped the chances of Democrat Kamala Harris beating Republican rival Donald Trump in November’s presidential election after a scheduled debate, Reuters reported.

Traders were also awaiting a key US inflation report that could provide clues on how aggressively the Federal Reserve cuts rates next week. Wednesday’s CPI report is expected to show headline inflation rose 2.6% year on year in August, according to a Reuters poll, slowing from 2.9% in July.

The dollar dropped as much as 1.24% to 140.71 yen, a level not seen since Dec. 28, before trading at 141.16 yen. The dollar index — which measures the currency against six others — slipped 0.22% to 101.43 after rising to a one-week top at 101.77 on Tuesday.

Fed funds futures indicate a 63% chance of a standard 25-bp reduction, and a 37% chance of a super-sized 50-bp cut, according to the CME’s FedWatch tool. — AMCS with Reuters

Shares snap four-day climb before US CPI data

BW FILE PHOTO

PHILIPPINE SHARES ended their four-day rally on Wednesday due to weak data and as investors turned cautious before the release of the August US consumer price index (CPI) report overnight.

The benchmark Philippine Stock Exchange index (PSEi) fell by 0.56% or 39.75 points to end at 6,944.88, while the broader all shares index dropped by 0.53% or 20.09 points to close at 3,766.21.

“The local market succumbed to selling pressure this Wednesday after four days of rallying. Investors digested the widening of the Philippines’ balance of trade in goods deficit last July amid a tepid export performance, and the drop in its June foreign direct investment (FDI) net inflows,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

The country’s trade-in-goods balance, or the difference between exports and imports, stood at a $4.87-billion deficit in July, wider by 18.05% from the $4.12-billion gap a year ago, according to preliminary data from the Philippine Statistics Authority. This was the widest monthly deficit since $5.02 billion in March 2023.

Meanwhile, FDI net inflows fell by 29% to $394 million in June from $555 million in the same period a year ago, preliminary data from the Bangko Sentral ng Pilipinas showed. This was the lowest monthly level seen in more than four years or since the $314 million recorded in April 2020.

“Philippine shares finally closed in the red after successive session of closing higher as investors collectively held their breath before the latest US CPI data,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“US stocks ended mixed as investors awaited August’s consumer price index report on Wednesday and the producer price index on Thursday, both key to the Federal Reserve’s September rate decision. A rate cut is expected to ease economic concerns,” he added.

On Tuesday, the Dow Jones Industrial Average fell 92.63 points or 0.23% to 40,736.96; the S&P 500 climbed by 24.47 points or 0.45% to 5,495.52; and the Nasdaq Composite went up by 141.28 points or 0.84% to 17,025.88.

Back home, almost all sectoral indices closed lower on Wednesday. Property dropped by 2.49% or 71.28 points to 2,790.71; mining and oil declined by 1.1% or 87.27 points to 7,804.62; industrials went down by 0.4% or 37.95 points to 9,242.72; financials retreated by 0.36% or 7.86 points to 2,145.06; and holding firms decreased by 0.17% or 10.18 points to 5,807.33.

Services was the lone gainer, inching up by 0.02 point to end at 2,220.21.

Value turnover rose to P8.02 billion on Wednesday with 926.84 million shares changing hands from the P7.26 billion with 776.85 million shares traded on Tuesday.

Decliners outnumbered advancers, 131 versus 66, while 47 names closed unchanged.

Net foreign buying went down to P340.59 million on Wednesday from P759.26 million on Tuesday. — Revin Mikhael D. Ochave

Filipinas gamble on fielding top 2 players on second, third boards

JANELLLE MAE FRAYNA — PHILSTAR FILE PHOTO

BUDAPEST, Hungary — Call it a Philippine gambit.

Deviating from their usual roster for a better chance at winning, the Filipinas have gambled on fielding in their top two players Janellle Mae Frayna and Jan Jodilyn Fronda on second and third boards instead in the 45th FIDE Chess Olympiad that unfurled last night at the BOK Sports Hall here.

Instead of Mses. Frayna and Fronda, Shania Mae Mendoza, who usually played in the lower board in the past, have been designated to suit up at top board while teenage wonder Ruelle Canino and Olympiad returnee Bernadette Galas in the lower boards.

The Filipinas, whose trip is being funded by the Philippine Sports Commission (PSC) through chair Richard Bachmann and commissioner Ed Hayco, and NCFP head Butch Pichay, were ranked 47th out of 181 participating teams nations in the women’s side and were playing 137th ranked Malawi, a small African nation who is bannered by its one and only titled player — Woman FIDE Master Linda Jambo.

“We need only 2.5 points to win the match and we feel this move will give us a stronger chance of winning,” said national women’s coach Grandmaster Jayson Gonzales.

Meanwhile, the men’s side, mentored by non-playing captain GM Eugene Torre with Atty. Roel Canobas as delegation head, will have its usual board formation consisting of GM Julio Catalino Sadorra at board one and IMs Daniel Quizon and Paulo Bersamina, GM John Paul Gomez and IM Jan Emmanuel Garcia on boards two to five, respectively.

But against Aruba, a small island from South America, the country will field in Messrs. Quizon, Bersamina, Gomez and Garcia as Sadorra will come in Friday in time for the third round.

Meanwhile, Wesley So, born and raised a Filipino, will play second board for top seed United States of American versus Panama.

The biennial 11-round tournament, which gives two points to a match win and a point for a match draw, was actually ushered in Tuesday night at the Dr. Jeno Koltai Sports Center also in the Hungarian capital in a memorable affair that was attended by FIDE President Arkady Dvorkovich as well as local officials and three of the host nation’s best chess products — the famous Polgar sisters Mmess. Judith, Susan and Sofia.

Olympiad notes: Apart from Mr. So, there are also other Filipinos playing for other countries, including Guam, which will comprise all but two of both its men’s and women’s squads. — Joey Villar

Indonesian XI frustrate Australia as Saudi Arabia, South Korea and Japan secure World Cup wins

AUSTRALIA’S Keanu Baccus (in yellow) in action with Indonesia’s Pratama Arhan. — REUTERS

HONG KONG — Australia endured a disappointing evening in Asia’s World Cup qualifying on Tuesday as Graham Arnold’s side were held to a 0-0 draw by Indonesia while Saudi Arabia defeated China, South Korea sealed a 3-1 win over Oman and Japan thrashed Bahrain.

There was frustration, too, for Asian champions Qatar, who drew 2-2 with North Korea in Group A as Iran downed the United Arab Emirates and Uzbekistan beat Kyrgyzstan to make it two wins from two.

The Australians faced Indonesia in Jakarta hoping to bounce back from their opening 1-0 loss against Bahrain in Group C but teenage forward Nestory Irankunda went closest for the Socceroos when he hit the post with a low drive in the 33rd minute.

The Saudis, also in Group C, fought back from going behind to an own goal from Ali Lajami in the 14th minute to pick up three points against China in Dalian.

Roberto Mancini’s side were reduced to 10 men when Mohammed Kanno was dismissed for kicking out at Jiang Shenglong but Hassan Kadish headed in Nasser Al-Dawsari’s corner to level shortly before halftime.

Kadish then decided the game with a powerful 90th minute header after Salem Al-Dawsari had earlier hit the crossbar.

Japan top Group C with maximum points as two goals each from Ayase Ueda and Hidemasa Morita saw Hajime Moriyasu’s side hand their hosts Bahrain a comprehensive 5-0 defeat, with Koki Ogawa completing the scoring in Riffa.

Uzbekistan moved to the summit in Group A when a 72nd minute goal from Oston Urunov sealed a 3-2 win over Kyrgyzstan in Bishkek as Srecko Katanec’s side picked up their second win in a row.

The Uzbeks are joined on six points by Iran, after Mehdi Ghayedi whipped in a clinical finish in first-half injury time to hand Paulo Bento’s UAE a 1-0 defeat in Al Ain.

North Korea frustrated the Qataris in the pouring rain in Vientiane when Kang Kuk Chol cracked in a 50th minute free kick to earn his side 2-2 draw despite playing much of the game with 10 men following Jang Kuk Chol’s red card.

In Group B, Son Heung-min scored South Korea’s crucial second in Muscat against Oman to seal his side’s first win of the third round after Hwang Hee-chan had his opener canceled out by Jung Seung-hyun’s own goal.

Son netted with eight minutes remaining and Joo Min-kyu put the result beyond doubt deep in injury time to lift the pressure on head coach Hong Myung-bo following an opening 0-0 draw with Palestine.

The Koreans are in a three-way tie at the top of the standings after Jordan followed up their opening draw with Kuwait to defeat Palestine 3-1 in Kuala Lumpur, with Yazan Al-Naimat scoring twice.

Iraq are also on four points having been held to a 0-0 draw by hosts Kuwait despite playing the majority of the game with 10 men following Rebin Sulaka’s seventh minute sending off. — Reuters

SSC-R Stags rally to stun LPU Pirates, share NCAA 100 top

SAN SEBASTIAN COLLEGE-RECOLETOS STAGS — FACEBOOK.COM/NCAA.ORG.PH

Games on Friday
(Filoil EcoOil Arena)
12 p.m.- JRU vs Letran
2:30 p.m. – UPHSD vs AU

THE San Sebastian College-Recoletos (SSC-R) Stags are the comeback kids of the NCAA block.

Pulling off another epic fight back, Arvin Bonlean and his giant-slaying Stags erased a 10-point deficit in the clutch in slaying the Lyceum of the Philippines University (LPU) Pirates, 95-93, to zoom to the top in NCAA Season 100 at the Filoil EcoOil Arena.

Down 83-93 with 1.23 minutes left, the Stags closed out with a 12-0 barrage to resurrect themselves back from the dead and snatch their second win in a row that catapulted them straight to the top besides the College of St. Benilde (CSB) Blazers, a pre-season title favorites.

It also showed that SSC-R’s shock, come-from-behind 91-84 win over San Juan de Letran University on Sunday wasn’t a fluke.

Coincidentally, SSC-R even has a better start than unquestioned title-favorite San Beda University, the reigning champion whose back-to-back title bid was dealt a massive blow after fall to CSB the day before and into a 1-1 slate.

All of a sudden, SSC-R has turned from a team that nobody talked about before the tournament to one of the league’s hottest, if not the hottest, teams to date.

And it was no coincidence that Rafael Are was at the center of it all after having dished out a near triple-double performance on this one with 25 points, a career-high 13 assists and eight rebounds and a 30-point, six-rebound and six-dime effort in another.

Credit the Stags’ emergence from their new coach Arvin Bonleon, who was so focused on the season that he sent only four of his players to attend the league opener at the MOA Arena Saturday.

The epic triumph also produced heroes in veterans Raymart Escobido and Tristan Felebrico, who scattered 23 and 14 points, respectively, and Gabat brothers Ralph and Reggz, who presided over that late rally combining for eight points of their team’s final 12 points that was highlighted by Mr. Ralph’s game-winning three-point play.

In contrast, it was another heartbreaker of a defeat for the LPU Pirates, who slipped to 0-2, despite coming into the event as one of the fancied teams expected to make a run at San Beda’s crown. — Joey Villar

The scores

First Game

San Sebastian 95 – Are 25, Escobido 23, Felebrico 14, Velasco 12, Re. Gabat 6, Ra. Gabat 6, Aguilar 3, Suico 2, Ricio 2, Lintol 2, Pascual 0, Barroga 0, Maliwat 0

LPU 93 – Barba 25, Bravo 13, Guadana 12, Moralejo 10, Cunanan 8, Montano 7, Daileg 6, Villegas 6, Panelo 5, Gordon 1, Penafiel 0, Aviles 0, Paulo 0

Quarter scores: 30-all; 50-all; 74-68; 95-93

Minnesota Lynx stay hot by knocking off Atlanta Dream

KAYLA MCBRIDE scored a team-high 15 points while Napheesa Collier and Bridget Carleton chipped in 14 apiece, leading the Minnesota Lynx to a 76-64 win over the Atlanta Dream on Tuesday in College Park, Ga.

Courtney Williams added 12 points, seven rebounds and seven assists for the Lynx (27-9), who won their fourth straight.

Atlanta (12-24) was led by Allisha Gray’s 17 points, followed by Rhyne Howard’s 14. Tina Charles tallied 13 points and a game-high 14 rebounds for the Dream, who lost their second in a row.

After trailing by three at halftime, Atlanta scored the first four points of the second half, and a pair of Gray free throws gave the Dream their first lead since the 4:39 mark of the first quarter.

After Howard tied the game at 50 with a triple, Minnesota responded with a 10-2 run, stamped by Myisha Hines-Allen’s layup with 1:13 left in the third quarter. Howard stopped the bleeding with a mid-range jumper, but McBride’s 3-pointer on the next possession put Minnesota up 63-54 — a lead it held entering the fourth quarter.

From there, the Lynx’s lead ballooned to 68-56 on Collier’s 8-footer with 8:26 left. A pair of free throws from Gray cut Minnesota’s lead to 68-60 with 7:01 remaining, but Alanna Smith’s triple on the ensuing possession pushed the Lynx’s lead back to double digits. Carleton’s 3-pointer then extended Minnesota’s advantage to 74-60 at the 3:49 mark, icing the game for the Lynx.

In the first quarter, Atlanta’s early 6-4 lead was answered with an 11-3 Minnesota run that was capped by Smith’s layup at the 1:59 mark of the frame.

After trailing 22-14 a minute into the second quarter, the Dream cut their deficit to one, 22-21, with 7:53 left in the first half thanks to Maya Caldwell’s trey and back-to-back 2-pointers from Howard and Charles.

Gra’s buzzer-beating layup pulled Atlanta within 41-38 at the break. Carleton led all scorers with 11 points in the first half. — Reuters

Las Vegas Aces and Indiana Fever both tout resilience ahead of positioning clash

THE Las Vegas Aces and the Indiana Fever have both secured playoff berths, but they still have positioning to work on as they meet Wednesday in Indianapolis.

Both teams showed resilience in fighting back from large deficits in their last games.

The fourth-place Aces (22-13) rallied from 20 points down to take a late one-point lead before falling to the host New York Liberty 75-71 on Sunday. Las Vegas battled in the absence of MVP candidate A’ja Wilson (lower leg), who’s listed as day-to-day.

“We’re a resilient group. We know how to take a hit,” Aces head coach Becky Hammon said. “I give my team a lot of credit for their fight, sticking together when it got hard, when it got ugly.”

Las Vegas used a 25-6 run to surge in front before seeing their four-game winning streak end.

“Our bench coming in, the ball moved and good things happened,” Hammon said. “They got stops, gave us a chance to crawl back in there and stick our nose in where probably people didn’t think it was going to be.”

Kelsey Plum led the Aces with 25 points and six assists, Jackie Young scored 12 points and Alysha Clark added 11 points and six rebounds. — Reuters

PhilHealth underspending seen enabling gov’t raids on its funds

A CHAPEL was converted into an intensive care unit for coronavirus disease 2019 (COVID-19) patients as hospitals struggled with a surge in infections in August 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

By Beatriz Marie D. Cruz, Reporter

THE Philippine Health Insurance Corp. (PhilHealth) would not have “excess” funds for the government to tap if it had been used the money to support healthcare reforms, GlobalSource Partners said.

“If the National Government opted to reform the PhilHealth yesterday and compelled its adherence with its mandate of providing universal healthcare, there would have been no ‘excess’ funds to begin with,” GlobalSource country analyst Diwa C. Guinigundo said in a brief.

Following a provision in the 2024 General Appropriations Act, the Department of Finance asked PhilHealth to remit P89.9 billion in “excess funds” to the Bureau of the Treasury (BTr).

The third tranche of fund transfers amounting to P30 billion is scheduled for October, while P29.9 billion is due in November. Earlier, PhilHealth remitted P20 billion and P10 billion on May 10 and Aug. 21, respectively.

Finance Secretary Ralph G. Recto has said the government needs to mobilize unused funds to finance key programs without incurring additional debt.

Mr. Recto also said that PhilHealth would still have P500 billion in reserves even after the scheduled fund transfers.

However, GlobalSource’s Mr. Guinigundo said that “public health is a matter of life and death, while infrastructure and other social services can wait another day.”

Citing Republic Act No. 11223 or the Universal Health Care Act, Mr. Guinigundo noted that PhilHealth’s reserves should be used solely to increase benefit packages or reduce member contributions. 

“When decent healthcare in the Philippines remains inaccessible for many Filipinos, even the P500 billion in PhilHealth’s reserve funds are short of its requirements to deliver on the law on universal healthcare.”

Healthcare industry representatives have asked the Finance department to stop the upcoming fund transfers, calling it “unjust to take these funds for other purposes, when the unmet need for healthcare is enormous.”

Around 44% of healthcare spending is out of pocket, the industry representatives said.

Meanwhile, PhilHealth’s decision to manage its funds via treasury operations despite its increasing payables is “bad fiscal management,” according to Mr. Guinigundo.

“It is crystal clear that the optimal use of public funds is not the issue here. It is PhilHealth’s failure to use its funds to provide health coverage to millions of Filipinos; it is PhilHealth’s incompetence in broadening public health benefits,” he said.

PhilHealth still owes government hospitals P14.8 billion, Health Secretary Teodoro J. Herbosa told a House of Representatives hearing last week.

“With many priority projects kicked out of the programmed appropriations and on to unprogrammed appropriations, but with higher allocations for the Office of the President, Senate, House of Representatives, and the Department of Public Works and Highways, the government is now scraping the bottom of the financing barrel,” Mr. Guinigundo said.

In January, the Supreme Court will hear oral arguments from petitioners challenging the constitutionality of the PhilHealth fund transfers. All four tranches will have been remitted to the Treasury by then.

P32B released for civil servant salary hikes 

PHILIPPINE STAR/KRIZ JOHN ROSALES

NEARLY P32 billion has been released to government agencies to fund the salary increase for their employees, the Budget department said on Wednesday.

As of Sept. 10, P31.93 billion has been released to 257 departments or agencies, while 58 more are being processed, the Department of Budget and Management (DBM) said in a statement. 

“We are doing everything we can so that we can release the budget to all agencies as soon as possible,” Budget Secretary Amenah F. Pangandaman was quoted as saying.

Governmentt agencies have been asked to fast-track the release of the approved salaries, Ms. Pangandaman said.

“Of course, we also urge the heads of the departments and agencies to distribute immediately the salary differential since the increase is retroactive starting January of this year,” she said. 

The DBM said agencies that have received the funds for the salary hike include the Congress of the Philippines, Office of the President, Office of the Vice President, and state universities and colleges.

Funds have also been released to the departments of Agriculture, Budget and Management, Education, Energy, Environment and Natural Resources, Foreign Affairs, Health, Information and Communications Technology, and Interior and Local Government.

Also receiving their allocations are the departments of Justice, Labor and Employment, Migrant Workers, National Defense, Public Works and Highways, Science and Technology, Social Welfare and Development, Trade and Industry, as well as the National Economic and Development Authority, and other executive offices. 

The Civil Service Commission, Commission on Audit, Commission on Human Rights, and Metropolitan Manila Development Authority have also received their salary adjustment funds.

Under Executive Order No. 64, government employees are receive a staggered increase in their salaries, beginning this year. — Beatriz Marie D. Cruz

ACEN solar project in Zambales granted green lane certificate

THE Board of Investments (BoI) said on Wednesday that it endorsed ACEN Corp.’s solar project in Zambales for green lane treatment, the eighth company project to be granted expedited permit processing.

In a statement, the investment promotion agency said it endorsed ACEN’s SanMar Solar project to the BoI One-Stop Action Center for Strategic Investments, citing the need to boost clean-energy capacity.

Expected to generate up to 587 megawatt peak of solar energy, SanMar will be developed by ACEN subsidiary Santa Cruz Solar Energy, Inc.

SanMar Solar will be developed in three phases, with the first two phases targeted for commercial operations within the third quarter and the third phase expected for completion by the last quarter next year.

The construction of the project is expected to employ 2,000 workers, while the project’s first and second phases will generate 3,600 jobs.

The BoI did not disclose the investment involved in the project. In a disclosure in July, ACEN announced a P1.92-billion loan to Santa Cruz Solar Energy to fund the third phase of the solar project.

“We are deeply grateful for the BoI’s green lane endorsement, which will significantly expedite the processes and requirements for SanMar Solar and enable us to meet our project timeline,” Anabele R. Natividad, senior vice-president for development at ACEN, said.

“This support reinforces our commitment to ongoing collaboration with the government to accelerate the nation’s transition to renewable energy,” she added.

The government, through Executive Order No. 18, established “green lanes” in all government agencies to speed up the approval and registration process for priority investments.

As of August, 115 projects have been endorsed for green lane treatment, representing P3.2 trillion in investment.

Investment in renewable energy projects surged after the government allowed full foreign ownership in the industry, which was previously limited to 40%.

Ayala-controlled ACEN currently manages 4.8 gigawatts (GW) of attributable renewable energy capacity, both operational and under construction.

With a presence in Australia, Vietnam, India, Indonesia, Laos, and the US, the company’s domestic assets include 1,850 megawatts of solar, wind, and geothermal capacity.

“ACEN is committed to delivering clean, reliable, and affordable energy across the Asia-Pacific region. The company has set an ambitious target to increase its renewable energy capacity to 20 GW by 2030,” the BoI said. — Justine Irish D. Tabile

Five generations in workforce pose challenges for Philippine chief executives

YIBEI GENG-UNSPLASH

CHIEF EXECUTIVE OFFICERS (CEOs) need to transform their business to cater to the five generations currently in the workforce, Management Association of the Philippines (MAP) President Rene D. Almendras said.

On the sidelines of the 22nd International CEO Conference, Mr. Almendras said improved healthcare has allowed older people to stay at work.

“What we have is a situation where we have five generations all at the same time in the workforce… These generations are now linked together by technology,” Mr. Almendras told reporters on Tuesday.

“Today, you have business leaders as young as 24 years old … and this complexity creates a challenge but also an opportunity for the business community,” he added.

A survey conducted by PwC Philippines in partnership with the MAP indicated that 76% of  business leaders see as their top challenge navigating the management and leadership issues that come with a multigenerational workforce.

The CEOs also cited the need to navigate differences in communication style and work-life balance expectations.

Donald L. Lim, chairman of the MAP CEO Conference Committee, said these challenges arise from the diverging motivations of each generation.

“The challenge for CEOs today, as leaders of organizations, is how (to manage) all of them,” he said.

He said that the multigenerational concerns are not just limited to internal organizational dynamics, but also how the company responds to the market and consumer.

“Understanding the unique characteristics and preferences is crucial for organizational survival and success,” he added.

Currently, the workforce is composed of individuals from the Silent Generation (born 1928-1945), Baby Boomers (1946-1964), Generation X (1965-1980), Generation Y or Millennials (1981-1996), and Generation Z (1997-2012).

Roderick M. Danao, chairman and senior partner of PwC, said business will need to lean heavily on technology, whose adoption will be driven by the younger generations.

“The young influence a lot of what we do. But again, the wisdom, the decision-making, the ethical aspects of doing business … need to be provided by the older generation,” Mr. Danao said.

“So it is not just about tech adoption; we as people also need to upskill ourselves … the Boomers and Gen X have to reinvent themselves because that is very critical to any transition,” he added.

However, Mr. Almendras said that most CEOs are now accepting the inevitability of a leadership transition.

“People need to move on and give way to the young people. And the question is, how smooth can those transitions be?”

In the survey, 52% of the CEOs said that their organization has communicated succession plans with the next generation of senior leaders. However, 23% of CEOs said that they do not have a succession plan in place. 

GEOPOLITICAL UNCERTAINTY
Aside from issues rooted in leadership change and having a multigenerational workforce, the survey also found that 62% of CEOs are wary of geopolitical developments.

“The geopolitical tensions are not necessarily about the West Philippine Sea; if you remember when Russia attacked Ukraine, fuel prices went up, there were supply chain disruptions, and wheat prices went through the roof because Ukraine is a major producer of wheat,” Mr. Almendras said.

“So geopolitical tensions may happen on the other side of the world but will still affect your business because of the supply chain,” he added.

He said that CEOs are also wary of the US  presidential elections, war in the Middle East, and attacks on Red Sea shipping.

“If the war in the Middle East escalates, we all know what’s going to happen. So it keeps us awake at night … Then there’s domestic politics and there’s international politics,” he added.

Frederick D. Go, the cabinet official who heads the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), said regardless of the geopolitical situation, the Philippines looks forward to doing business with the world.

“I think investors from all countries continue to come to the Philippines and signify interest to invest in the Philippines … We welcome investors from all over the world, and we’re not making any exceptions,” he said. — Justine Irish DP Tabile

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