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Top Philippine fund manager says stock market rout not over

PSE BGC board
THE Philippine Stock Exchange has slumped since its January peak. — AFP

THE Philippine central bank needs to do more to help stocks recover from a slump that has pushed them into bear market territory and made them Asia’s worst performers this year, according to investors.
The Philippine Stock Exchange Index sank 2.3% on Thursday, leaving it down more than 20% from its January peak.
Fritz Ocampo, who manages about $19 billion as chief investment officer at BDO Unibank, Inc. in Makati, said the central bank’s second interest rate hike this year on Wednesday will fail to fuel a sustainable rebound in stocks because it’s not enough to fully arrest the peso’s slide, as inflation has yet to peak.
The Philippine peso has lost 6.7% this year, the biggest drop among Asian currencies.
“The market needs a clear announcement to calm nerves,” Mr. Ocampo said. “We may have not seen the bottom yet. Any rally could be short-lived because international investors are unwinding out of emerging markets.”
Over $43 billion in market value has vanished this year as the benchmark slid more than 16%, the world’s worst performer after Turkey. From its record close on Jan. 29, the Philippine Stock Exchange Index has slumped more than 21%, breaching the 7,246.90 level that marks a bear market. The gauge was 7, 134.41 at the noon break in Manila.
“Investors are still jittery,” said Manny Cruz, analyst at Asiasec Equities, Inc. in Manila. “The foreign sell-off remains relentless as the rate increase hasn’t provided a catalyst while prospects escalated that a trade war will erupt between the US and China.”
Today’s sell-off drove Philippine stock index valuations to 15.3 times projected 12-month earnings, its cheapest level since Jan. 26, 2016, and down from 19.9 on Jan. 23. The multiple is more than two standard deviations below its five-year average, a level that preceded rallies in 2013 and 2016.
If the index eventually rallies, its climb may be limited to about 7,600 as it mimics last month’s pattern, Mr. Ocampo said. The index rose over 300 points in two sessions after the May 10 hike and then dropped toward a 14-month low as inflation accelerated and the peso slumped to a 12-year low against the dollar.
Investors think another 25-basis point hike may be needed this year to keep inflation in check and stem the peso’s depreciation, Mr. Ocampo said. Wednesday’s rate increase may not be enough to keep up with the Federal Reserve, which has indicated that it may lift as many as four times this year, he added.
The latest central bank hike didn’t prevent the iShares MSCI Philippines ETF from falling 1.5% overnight in the US, its 10th straight day of declines and longest losing streak since June 2013.
Foreign fund withdrawals, which reached $1.14 billion so far this year, could climb to $2 billion by December unless the exodus slows, Mr. Ocampo said. He is overweight property companies because of strong residential sales and project launches. Retailers are also attractive as they can pass on the higher cost of goods.
All 30 components of the benchmark Philippine stock index fell in Manila today led by port operator International Container Terminal Services, Inc., which slumped as much as 5%, and builder Ayala Land, Inc., which declined more than 2%.
“Foreign funds outflow isn’t showing signs of letting up,” Mr. Ocampo said, adding that the index could test 7,000 in the near term as the sell-off may escalate before the benchmark recovers to 8,500 by yearend. “Cash is king for now.” — Bloomberg

DoLE to offer no objections to telecommuting bill

THE Department of Labor and Employment (DoLE) said it has no objections to the work-from-home bill that recently made it past second reading in Congress.
“Basically we have no objections. It’s going to be helpful for workers,” said Labor Secretary Silvestre H. Bello III.
House Bill 7402, or the Telecommuting Act, passed on second reading at last month. Its counterpart measure, Senate Bill 1636 or the Telecommuting Act of 2017 made it through that chamber and will be reconciled by both houses once the 17th Congress resumes on July 23.
He added that this type of work arrangement should be studied further. “We still need to study if it has a good effects on efficiency and productivity,” Mr. Bello said, noting that one possible conern is workers who are away from their supervisors.”
Bureau of Local Employment (BLE) Director Dominique R. Tutay said that the BLE “Welcomes and recognizes flexible work arrangements,” which he said, are being practiced globally.
She said there is a need for concrete rules and policies which also need further study. “We need to have a baseline. If we don’t have a baseline, we don’t have any basis for our actions when we establish policies for the workers and the employers,” she said.
Associated Labor Unions (ALU) said the law may be used to limit the right of workers to organize.
“While the flexible work scheme may save urban workers from an average two to four hours daily agony and disease-causing stress caused by commuting through traffic jams and poor mass transport system, cut fuel, transport and parking expenses and improve work-life balance, the arrangement may also deprive workers of their right to organize themselves as a union and to collective bargain for better wages and benefits,” said Mr. Gerard R. Seno, executive vice-president of ALU.
ALU spokesperson Alan A. Tanjusay said that the setup is not applicable to all industries, saying “Workers in IT, business process management, business process outsourcing, animation, journalists, writers, transcribers, social media management, data entry, customer service, project managers, and web designers and developers” can benefit from the work-from-home scheme. — Gillian M. Cortez

Singapore pledges to cut cash, go digital

SINGAPORE is accelerating the shift toward digital payments by pledging to eliminate check usage by 2025 and slash cash withdrawals from automated telling machines.
Both payment methods are declining in popularity, Education Minister Ong Ye Kung, who sits on the Monetary Authority of Singapore board, said in a speech on Wednesday night. To promote electronic fund transfers, the government-endorsed payments platform, called PayNow, will be extended to companies starting Aug. 13.
Singapore is embracing technology to enhance its status as a regional financial hub and compete with other major cities including Hong Kong and London. Competition at home is heating up as its largest bank DBS Group Holdings Ltd. vies with ride-hailing firm Grab Inc. for digital payments, while Chinese giants such as Ant Financial are looking to expand in Southeast Asia.
“Our aim is not to be a cashless society, but to use less cash and more e-payments,” Ong said. “When the level of convenience and confidence crosses a critical tipping point, adoption will rise across our population within a short time and become pervasive.”
Today, there are more than 1.4 million PayNow registrations, and almost S$900 million ($662 million) has been transferred through the service since its launch last year, Ong said.
The expansion of the service will allow corporate clients of seven banks to transfer funds via PayNow in Singapore. They are DBS, Oversea-Chinese Banking Corp., United Overseas Bank Ltd., Standard Chartered Plc, HSBC Holdings Plc, Malayan Banking Bhd. and Citigroup Inc., according to the bank association.
Cash withdrawals at ATMs have been falling by more than S$300 million a year, Ong said. Checks have also been declining in popularity as people gravitate to electronic systems. The proportion of check transactions to electronic payments known as FAST and GIRO was about 28% in 2017, down from 37% in 2015, and may come down to 15% in 2020, Ong said.
“Sweden has done it. We can too,” Ong said, referring to becoming a check-free society.
Ong also said that while Singapore is encouraging competition among digital payment service providers to give consumers choices, it will also ensure the various platforms can operate using a standardized quick-read code system. The code, known as SG QR, is being implemented later this year.
“Our goal is to allow for a variety of payment solutions that are competing yet inter-operable and convenient, providing choice to consumers and encouraging innovation,” Ong said. “That is the key principle in our approach to e-payment.” — Bloomberg

At the bloody Hotel Artemis, amazing actors do the obvious

By Richard Roeper
Movie Review
Hotel Artemis
Written and Directed by Drew Pearce
“And she said, ‘We are all just prisoners here, of our own device.”

— The Eagles, “Hotel California”

WELCOME to the Hotel Artemis.
Such a grubby place, such a bloody place.
The “hotel” in this near-future sci-fi thriller is actually a secret hospital/haven/hideout for criminals who must abide by a strict set of rules lest they be forever banned from this neutral-ground sanctuary — and if that sounds like a familiar setting, you must have seen the original John Wick (2014).
Not that first-time director and veteran screenwriter Drew Pearce (Iron Man 3, Mission: Impossible — Rogue Nation) doesn’t come up with some bold and visually arresting and dark and wickedly funny touches of his own.
Pearce also goes deep and disturbing with the pop culture references. I mean, this is a movie that showcases the haunting 1960s hit “California Dreamin’” by the Mamas & the Papas, and also crowns its villain “The Wolf King,” which was the title of the first solo album by Mamas & the Papas frontman John Phillips, one of the most despicable monsters imaginable if the allegations by his daughter Mackenzie are true.
Hotel Artemis is set in 2028 Los Angeles, on a day when riots are breaking out all over the city over access to clean drinking water.
The madness explodes just as career criminal Waikiki (Sterling K. Brown) and his crew are robbing an LA bank. (Apparently, these guys weren’t keeping up with the mood in the city via social media. They seem shocked when their ill-conceived bank robbery becomes ever more complicated due to power outages and, you know, cops in tanks already on the streets right outside the bank.)
After Waikiki’s reckless younger brother, Honolulu (Brian Tyree Henry), is seriously wounded in a shoot-out with the police, Waikiki takes Honolulu to the only place in the city where the proprietor will harbor fugitives, never give up clients to the cops AND perform rough but potentially life-saving surgery if necessary.
Jodie Foster (in her first major role in a motion picture in some five years) is Jean Thomas, aka The Nurse, who has been running the hotel for some 22 years and has not stepped outside even once during that time. (Suffice to say The Nurse is haunted by the past.) Dave Bautista (in a strong performance) is the hulking bodyguard/enforcer/orderly known as Everest, who will do anything to protect the sanctity of the Hotel Artemis.
“Guests” at the Hotel Artemis are assigned names based on room themes. This is why Waikiki is known as Waikiki, and Sofia Boutella’s international assassin is called “Nice,” and Charlie Day’s loudmouthed millionaire is “Acapulco.” (The subplot involving Day’s character is annoying and irrelevant and adds nothing to the mix.)
With the help of 3-D printers and laser surgical innovations (and copious amounts of painkillers), the Nurse performs surgery on the wounded guests, patching them up so they can get back out there and do their criminal thing.
Meanwhile, Waikiki and Nice flirt with their past history, while Zachary Quinto’s vile and spineless Crosby Franklin races to the Hotel Artemis with his wounded father, the crime boss known as The Wolf King (Jeff Goldblum), who runs the city.
Oh, and by then we’ve already met Jenny Slate’s Morgan, a wounded cop with a connection to The Nurse’s tragic past.
Foster and Goldblum are magnificent in their all-too-brief scenes together. (Although Goldblum has become such a cult favorite personality recently, he’s in danger of his persona overcoming his acting.) Boutella brings smoldering energy to her role as a nearly unstoppable assassin. Sterling K. Brown delivers strong work, even though he’s not playing the most well-defined of characters.
Positive points to the Hotel Artemis for trying to achieve something original, and for the quality of the cast.
But after that bloody boldness, the analogies and the life lessons and the moments of closure are all too predictable and familiar. — Chicago Sun-Times/Andrews McMeel Syndication
Rating: ★★
MTRCB Rating: R-16

Coalition to produce manuals for managing sexual harassment

SEVEN companies committed to promoting gender equality have tied up with a womens’ organization to put together manuals and tool kits that will help prevent sexual harassment in the workplace.
The Philippine Business Coalition for Women Empowerment (PBCWE) has joined forces with Samahan ng mga Pilipina para sa Reporma at Kaunlaran (SPARK!)in producing toolkits to help private sector companies prevent and manage cases of sexual harassment.
PBCWE is a coalition Accenture, Ayala group, Convergys, Magsaysay Group of Companies, Natasha, SGV and Co., and SSI Group. The initiative is organized in cooperation with the Philippine Women’s Economic Network (PhilWEN) and the Australian Department of Foreign Affairs and Trade Investing in Women Initiative.
“Sexual harassment in the workplace creates a negative impact on efforts to increase the number of women in the work force and women leaders in business,” PBCWE Co-Chair Ma. Aurora D. Geotina-Garcia said.
SPARK! President Imelda M. Nicolas said if women feel safer in their work environment, they could learn to maximize their abilities.
“When we create a safer workplace for women, one free of possible sexual harassment, we hope to witness the release of the full potential of women in their careers and at work,” she said.
The toolkits will be produced as guides for companies and workers on appropriate measures for handling sexual harassment issues in their work place. Modules of this project will be distributed among companies partnered with PBCWE. Other companies interested in the advocacy may also tap the project’s resources.
Ms. Geotina-Garcia, who also chairs PhilWEN, said, “We talk a lot about empowering women, but we should also take the practical steps to protect them in their place of work.” — Gillian M. Cortez

Xiaomi lowers target as it kicks off Hong Kong IPO

HONG KONG — Chinese smartphone maker Xiaomi kicked off its initial public offering Thursday but the firm is likely to pull in about $6.1 billion, far less than originally expected, with investors having mixed views about its main business.
Xiaomi had hoped to raise $10 billion with the Hong Kong IPO, making it the biggest since Alibaba’s $25-billion New York debut in 2014 and valuing the company at about $100 billion.
However, the firm is offering 2.18 billion shares at HK$17-HK$22 apiece, according to Bloomberg News, which values it at about $53.9-$69.8 billion.
Xiaomi had hoped to be the first company to list shares in Hong Kong at the same time as launching new Chinese Depository Receipts (CDRs) in Shanghai under new rules announced in April by mainland authorities to open up markets in the world’s number two economy.
But on Tuesday it put off its decision on listing the CDRs until it completes its IPO in Hong Kong. The China Securities Regulatory Commission said it has canceled a listing review originally scheduled for June 19.
This delay, as well as differing market views about Xiaomi’s business model, were also among reasons for the lower valuation.
CEO Lei Jun claimed it was an Internet services company making money via online games and advertisements despite 70% of its revenues coming from selling hardware, particularly smartphones.
The firm, which mainly sells cheap but high-quality smartphones in China, is looking to push into Europe — recently opening its first flagship store in Paris — as the home market reaches saturation point.
China Mobile Ltd. and US wireless-chip giant Qualcomm are among the cornerstone investors and it is expected to list on July 9.
Chinese authorities devised the CDR program, under which homegrown companies listed abroad can simultaneously list at home, after watching technology heavyweights Alibaba and Baidu list on Wall Street.
The objectives of the plan include helping to develop China’s still relatively immature and volatile share markets while allowing domestic investors to invest in the country’s big tech champions.
Alibaba and Hong Kong-listed Tencent have expressed an interest in the plan.
Xiaomi shipped 28 million smartphones worldwide from January to March, an 88% surge year on year.
That was fourth in the world after Samsung, Apple and China’s Huawei, according to figures from the International Data Corporation. — AFP

Janet Jackson says battles with depression

NEW YORK — Janet Jackson has revealed that she suffered an “intense” battle with depression, which she linked to a childhood inferiority complex and societal racism and sexism. In an essay in the latest issue of Essence, a magazine geared toward African American women, the 52-year-old pop superstar said that she has found joy after giving birth to her first child last year. But the singer — who became a superstar in her 20s with her blending of hip-hop into pop music and her elaborately choreographed live shows — said that her 30s were “difficult years.” “The struggle was intense. I could analyze the source of my depression forever,” she said, according to excerpts released Wednesday.“Low self-esteem might be rooted in childhood feelings of inferiority. It could relate to failing to meet impossibly high standards. And of course there are always the societal issues of racism and sexism,” she said.“Put it all together and depression is a tenacious and scary condition. Thankfully, I found my way through it.” Essence announced that Jackson would headline a festival affiliated with the magazine next month in New Orleans. She is also set to play later in July at Panorama, which is staged in New York by the promoters of Coachella, the major festival in California. — AFP

What to see this week

3 films to see on the week of June 22-29, 2018

Escobar: Loving PabloEscobar: Loving Pablo

THE FILM chronicles the life of drug lord Pablo Escobar through the eyes of Virginia Vallejo, Columbia’s most famous journalist and Escobar’s one-time lover. Directed by Fernando Leon de Aranoa, it stars Penelope Cruz, Javier Bardem, Peter Sarsgaard, Giselle Da Silva, David Valencia, and Lillian Blankenship. Hollywood Reporter’s Deborah Young writes, “The clever pairing of Javier Bardem and Penelope Cruz as the vividly larger-than-life couple should give this lavish-looking English-language co-production a shot at the international box office before shifting to smaller screens.”
MTRCB Rating: R-16

GottiGotti

IT SAYS A LOT when film review aggregate site gives a movie a 0% rating — about Gotti, the critics consensus says “Fuhgeddaboudit.” The film follows the rise of John Gotti (played by John Travolta) of the Gambino Crime Family in New York City. Told by his son John Jr. (Spencer Rocco Lofranco), the film spans 30 years of Gotti’s tumultuous family life which included tragedy and multiple prison sentences. Directed by Kevin Connolly, it also stars Kelly Preston and Stacy Keach. Peter Travers of the Rolling Stone writes: “Starring in this mobster biopic that deserves to get whacked is an offer Travolta should have refused. Insane testimonials from Gotti supporters at the end are as close as this shitshow will ever get to good reviews.”
MTRCB Rating: R-16

Cry No FearCry No Fear

THE SUSPENSE-THRILLER centers on Kaycee and Wendy, half-sisters who hate each other, who are trapped inside a house with intruders intending to kill them. Directed by Richard Somes, it stars Ella Cruz and Donnalyne Bartolome.
MTRCB Rating: R-16

Let the magic begin

They are some of the biggest success stories today: Tony Tan Caktiong, the poor boy from China whose small ice cream franchise turned into Jollibee, the world’s fast-rising fastfood superstar; Injap Sia II, self-made billionaire before he turned 40, courtesy of a fastfood chicken barbecue chain called Mang Inasal; and Dennis Uy, another young tycoon from Davao City who is building a vast empire out of Phoenix Petroleum and a diverse range of shipping, logistics, and real estate ventures.
They are not just your typical Cinderella stories — they are successful entrepreneurs who are hailed as agents of change, drivers of innovation, and nation builders. And for a good reason. Here are some of the reasons entrepreneurs are important in transforming developing economies:
1. They spawn a winning cycle of job and income creation. An entrepreneur is one less job seeker in an economy, and he provides employment for multiple other job seekers. When led by the right kind of people, these businesses grow and create more jobs, more products and services, and more income. The pooled capital and resources mobilize wealth creation, which is among the basic imperatives of economic development.
2. They uplift standards of living by delivering innovation — from providing customers the same goods at lower prices to adopting digital automation to reduce operational cost and rev up productivity.
3. They set off a tidal wave of social change. Businesses ease poverty and struggle at the grassroots level, not just by extending access to products and services to them, but by getting the poor and marginalized involved. Reese Fernandez-Ruiz is a perfect example. In 2007, she co-founded Rags2Riches to offer opportunities for women living in the Payatas dump site in Quezon City to craft scrap fabric into marketable fashion items such as handbags, wine bottles, and eyeglass cases. Rags2Riches has managed a 100% annual growth rate in its first five years while training and empowering more than 900 community artisans.
4. Entrepreneurs advance the fight against climate change through providing clean water, harnessing affordable off-grid power, and adopting smart, energy-efficient agricultural and manufacturing methods. For the Philippines, which ranks high among countries most vulnerable to extreme weather conditions, entrepreneurship has massive impact. Take the case of 44-year-old Illac Diaz. From the Philippines to Peru, his Liter of Light has already lit up more than a million homes in impoverished areas all over the world just by converting recycled plastic bottles into a clever lighting concept.
5. Entrepreneurs transform communities. Businesses become true game changers by helping members of the communities acquire skills and education via academic institutions, technical training, and internship opportunities.
Entrepreneurship is driven by passion. To nurture this passion, the government has a crucial role to play — from giving micro, small and medium enterprises access to credit, supporting startups and early-stage business development, to ensuring an enabling environment, and prohibiting unfair market practices, corruption, and even criminal activity, among others.
There are many examples around the world where government has played a catalytic role in creating a spark for entrepreneurs to thrive, such as Tel Aviv and Singapore. Such stories often get lost in the common perception that government just bungles things when it interferes with the private sector. More importantly, the government must have a good understanding of what entrepreneurial ecosystems are, how they are formed, and when the right comes for it to step back and just let entrepreneurs do their magic.
The opinions expressed herein are the views of the writer and do not necessarily reflect the views and opinions of FINEX. The author may be emailed at marivic.espano@ph.gt.com.
Marivic Españo is the President of the Financial Executives’ Institute of the Philippines (FINEX) and the Chairperson and CEO of Punongbayan & Araullo Grant Thornton, one of the leading Audit, Tax Advisory and Outsourcing firms in the Philippines.

Riding the rails

By Alexander O. Cuaycong and Anthony L. Cuaycong
TYCOON GAMES aren’t for everyone, but it isn’t hard to understand why they have a loyal following. They’re flashy, and they’re capable of producing a surprising amount of fun and complexity. From Sim City to Zoo Tycoon to Roller Coaster Tycoon, the process of building something from scratch and seeing it thrive and prosper brings about catharsis. And, by the same token, Kalypso Media delivers.
In Railway Empire, players are thrust into the 1830s and tasked with managing and running a budding corporation. You aim to build networks of train tracks that span the length of the countryside, working your way from mission to mission, researching new technologies, purchasing and creating new trains, and beating other corporations who’ll try to hustle in on your profits.
In terms of looks, Railway Empire appears lacking when compared to more recent games. What its graphics lack in flair, however, it more than makes up for with its polish and unique art style. The simple presentation of the countrysides and towns mix well with the music, and the game is able to build its atmosphere from the ground up, offering vibrancy if not detail.
That said, Railway Empire’s main selling point is its gameplay, and it thankfully gives great bang for the buck in this regard. It proves extremely engrossing once you get into it and dig deep past the opening tutorials. The story mode tasks you with linking towns and cities to each other to make money. And you are given the freedom to operate your growing system as you see fit, placing foundations of train tracks where you please and working deals with local merchants to find profitable routes between cities.
Railway Empire gives you a large degree of autonomy on how you can approach your goals. Tracks can go through mountains and rivers to reach towns at your discretion. At the same time, cargo is automatically optimized depending on what provides the biggest revenues, cutting down on the tediousness. In consonance, the game is streamlined for maximum ease; such otherwise-repetitive activities as managing personnel, fixing logistics, laying down tracks, and researching and upgrading equipment are all done at the touch of a button. Nothing is presented as overly complicated and intimidating.
Parenthetically, Railway Empire might present little challenge. On purpose, it is structured to allow even newcomers to the series to enjoy it from the outset. The tutorials are straightforward, the instructions easy to follow, and the controls not overly complicated. Still, the overall campaign serves as a fitting test to your skills, slowly ramping up the difficulty between missions while still faithful to the tone of the time period.
And when you really get down to it, certain aspects of Railway Empire just stand out. Little touches, like being able to see the towns slowly grow over time, and even being able to ride the trains themselves, add to the immersive experience. Granted, it has its limitations; if you’re looking for something more in-depth in terms of management, you’ll be disappointed with the streamlined presentation. And if you’re new to the genre, the slow and steady development might not keep you interested long enough to appreciate the fruit of your effort.
Nonetheless, Railway Empire does a lot of things right. It’s a polished entry to a niche genre and worth a try, especially if you have a soft spot for tycoon games. And who knows? You might just find out you really like trains.

Video Game Review

Railway Empire
PlayStation 4
THE GOOD

• A streamlined but still competent tycoon game

• Immersive atmosphere that strongly adheres to the tone of the time period

• Extremely engaging

THE BAD

• Graphics lack flair

• The nature of tycoon games naturally lends itself to the tedious

• AI/Rival corporations ignore most of the game mechanics and just do as they please (which can be immersion-breaking)

RATING: 8/10

The greatest show and (tell) on earth

By Michelle Anne P. Soliman
Reporter

Event
Manila Mini Maker Faire
June 23 to 24
The Mind Museum,
J.Y. Campos Park, 3rd Ave., BGC, Taguig City
A SYNTHESIZER made from assorted metal objects, comic character figurines made with a 3-D printer, and children’s toys made from recycled materials — these are just some of the creations that will come alive at The Mind Museum this weekend in an effort to promote science and innovation.
The 2017 3M State of Science Index, a survey conducted to explore peoples’ attitudes and perceptions about science, reported that 87% of people in 14 countries found science fascinating; and 63% said that science is important to society in general. However, 42% believe that their country is falling behind in scientific advancements.
To strengthen appreciation and support for innovation, The Mind Museum, Make Magazine, and co-presenter 3M Philippines, will hold the second Manila Mini Maker Faire (MMMF), dubbed as “the greatest show and (tell) on earth,” on June 23 to 24. It will feature over 70 makers from around the country and showcase various innovative creations.
The Maker Faire was founded in San Mateo, California in 2006 and has since branched out to various cities globally. Twenty-three large scale and over 120 community-driven Maker Faires are currently produced around the world.
“The Mind Museum continues to push for the Filipino public to be part not just of the conversations in science and engineering around the world but also in making and doing,” said Maria Isabel Garcia, curator of The Mind Museum, in a press release. “This second MMMF in a row that The Mind Museum is hosting is a salute to the makers in our local community who not only affirm but persist, despite the odds, to breed and raise the bar of creativity in the way technology can be at the service of human lives.”
Ms. Garcia also said that in the Maker Faire, “actual things are being done” and just mounting exhibits and holding lectures.
THE MAKERS
Fun and sustainability come together in this year’s exhibits. The participating maker groups include RepRap PH, Musika Imbento, and The UP Space.
RepRap PH is based on the international organization of the same name in England which promotes the use of 3-D printers for creating objects that may be used for normal use. The process of 3-D printing begins with the creation of a three dimensional image of the object on a computer. Then the object is printed, layer by layer, using raw materials which can range from plastic to metal.
Meanwhile, the sound artists of Musica Imbento assemble metal and steel objects ranging from kitchen utensils to guitar strings to design synthesizers. The members said that performing music with the synthesizers creates avenue for more improvisation compared to traditional instruments. The artists aim to pave the way for creating a new genre of music.
UP Space, a university-wide organization of makers in UP, Diliman, also joins this year’s fair. Their exhibit features 3D-printed objects and characters, as well as mock weapons and toys made from recycled materials. The members aim to promote the value of innovation among students at the university.
Aside from the maker exhibits, there will be workshops on paper engineering, clay and pottery-making, and 3-D design at the event.
Admission to the fair at The Mind Museum is free. For details visit http://manila.makerfaire.com/.

The untold story behind ‘endo’ hiring

We’d like to hire more contractual workers to help us in our business operations. But we’re still weighing some things given the government’s crackdown against “endo” employment. Please help us make an intelligent decision. — Doubting Thomas.
A 26-year-old alumnus met his old economics professor when he was visiting the university. They talked about the good old times, including the professor’s written examinations. When shown some test papers, the alumnus exclaimed: “Professor, I remember those are the same questions you asked when I was in your class, six years ago!”
“Yes, I’m happy that you can still remember them,” replied the professor, “I ask the same questions every year.” The alumnus said: “But surely, you know that your students would normally pass those questions from one year to the next.”
The grinning professor said: “Of course! But in economics, we always change the answers. And that’s where the ultimate challenge lies for them.”
It’s the same thing happening for managers looking at “endo” workers as the ultimate strategy. They don’t bother to “change the answers.” Why not? Because it boils down to economics. It’s easier, cheaper, and faster to hire contractual workers.
It’s easier because manpower service providers will always be racing to provide you with their “best” (or recycled) job candidates plucked from somewhere. You don’t have to undergo the administrative nightmare of advertising a vacancy, sourcing candidates, processing applicants, and onboarding them.
It’s cheaper, because you don’t have to pay contractual workers above-average pay and perks available to the regular work force. Also, “endo” workers are not eligible to join trade unions, which can make things difficult for management.
It’s faster, because if something goes wrong – either due to poor performance or discipline issues, you can readily ask the manpower agency to replace them almost instantly. Whatever labor issues crop up, the principal employer is “normally” shielded by the agency, except that they may face indictment as part of the legal process.
When choosing between hiring a contractual and a regular worker, management almost without thinking may end up choosing the former. But now that the government is serious in cracking down against the hiring of contractual workers, management should think of “new answers.”
Suppose you’re planning to buy a new car. You need a minivan to support your lifestyle as a family man. You read many things about Toyota Innova and know all about its advantages for a three-child household. Then you see an ad for a high-end Korean luxury car on social media, and it comes with an offer of free oil changes, including free maintenance checks, and a lot more for five years.
How could you refuse such an offer? In this case, the “free maintenance” sweetener may sway your decision to buy that Korean car.
So, you buy the Korean car — and the “free maintenance offer.” In its third year, it breaks down for no apparent reason and a critical component worth at least P100,000 must be replaced. Even if you agree to pay for it, you need to wait for two months for the part to arrive.
If you’re driving an average of 10,000 kilometers a year and the oil needs to be changed every 10,000 kilometers, the oil change and other maintenance costs are only be P7,000 per change, or P21,000 over three years. How much is that amount compared to the price tag of the Korean car?
You’ll find out it’s almost nothing, and yet that was the main reason why you bought the car in the first place. By all accounts, it’s not a good reason for you to buy that car.
What I’m saying is this — would it be economical in the long-term to hire and maintain contractual workers? The answer depends on many factors. Let’s explore them one by one:
One, the average size the work force. This is best answered by calculating the percentage of “endo” workers compared to the regulars. If your temps are scandalously bigger in numbers than regulars, then wait until you hear from labor inspectors, if not the trade unions, given the current direction of the government. Is it worth it?
Two, the quality of the work force. How many are college graduates compared to those with high school education? If your business is labor-intensive, this question may be irrelevant, but not necessarily when we talk about employee empowerment and engagement, which is best suited to graduates who are serious about industrial democracy.
Three, the nature of the company’s business. The key phrase is “necessary and desirable” in the conduct of one’s business. This means that a brick-and mortar grocery store cannot outsource the task of a cashier because such job is “necessary and desirable.” Unless one is operating an online store, then you can’t simply hire contractual cashiers.
Last, the sophistication of human resources strategy. You’ll be surprised to hear that some organizations have no manpower planning, performance appraisal systems, employee career development, succession planning, among others. And their HR managers don’t have the experience to do such important job, but to coordinate only with manpower service providers.
This list is not complete. But what I’m telling you is that our previous model of hiring “endo” workers must be carefully examined. Looking at the matter objectively, I can understand the problems of management, but not when they deliberately violate the law, as I experienced firsthand during the 1970s, when I was one of the first “endo” hires as a working student.
ELBONOMICS: A corporate vision manned by contractual workers is immaterial.
 
Connect with Rey Elbo at reyelbo.consulting

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