Home Blog Page 12640

Well worth its price

NIHON FALCOM is no stranger to Japanese role-playing games. Having been behind the successful Legend Of Heroes, Dragon Slayer, and Ys series, it was met with positive feedback when it debuted Tokyo Xanadu on the PlayStation Vita in 2015. The title, taking root from the popular Xanadu franchise, showcases many core elements present in the developer’s previous creations, among them an in-depth party system, dynamic combat, and on-the-fly character-switching. Given the welcoming response, a port to traditional platforms was inevitable, hence the release of an enhanced version on Steam and Playstation 4.

In Tokyo Xanadu eX+, players take control of Kou Tokisaki, a broody teenager with a heart of gold. When he’s pulled into an alternate dimension, Kou finds himself caught up in a plot involving otherworldly creatures called Greed, magical weapons, and the mysterious phenomenon “Eclipse.” Along the way, he must balance this out with the need for a normal routine in Morimiya City — going to classes, meeting new people, and generally just hanging out and helping others in need.

Fans of JRPGs such as Persona and Shin Megami Tensei will no doubt find a welcome and familiar premise here. With Tokyo Xanadu eX+ having two main phases, one involving the city and the other the mysterious otherworldly dungeons, it certainly doesn’t make any effort to hide where it got its inspiration from. The good news is that, for the most part, it does just fine. Kou is basically given the option to do whatever he wants, and there’s a certain charm in exploring the city and going on specific quests. The setting lends itself well to how the story and characters progress, and while Kou can come off a bit flat, the other characters are given a fair amount of depth and personality.

Needless to say, the latter adds meat to Tokyo Xanadu eX+, as friendly characters and would-be party members don’t just appear as cardboard cutouts but are given a fair amount of dialogue and personality. However, unlike in Nihon Falcom’s previous titles, Tokyo Xanadu eX+ features real-time combat. This represents a tonal shift that may prove jarring to Nihon Falcom regulars; while the story moves at a pace that is best described as reasonably slow, the combat sections are anything but.

Significantly, Tokyo Xanadu eX+’s Combat system moves away from the more traditional JRPG experience and opts for a more hack-and-slash approach to gameplay, with characters able to dodge and perform special attacks both on the ground and in the air. From combo attacks to flying attacks to special attacks to mid-battle character swapping, the game offers an interesting take on battles, treading a middle ground between slow and steady turn-based-with-active-time-battle-gauge gameplay (à la Final Fantasy) and fast full-on action (as in Witcher or Dragon Age).

Tokyo Xanadu eX+ 2

Combined with the challenge presented by bosses which are both terrifying to behold and entertaining to fight, Tokyo Xanadu eX+ proves to be reasonably heavy on both strategy and tactics. Fighting never devolves into button-mashing madness and requires displays of skill and sound decision-making, a welcome development for a genre whose best titles primarily rely on arbitrary stats and numbers.

As the tweaked version of its Vita ancestry, Tokyo Xanadu eX+ features additional scenarios, content, and rebalancing to make the game an overall better experience to play. And, thankfully, it runs at a smooth 60 frames per second, with few hiccups and bugs overall.

In the final analysis, Tokyo Xanadu eX+ is well worth its $60 price tag. Its story isn’t perfect, but its attention to characters and the painstaking care it put into the setting and the complex combat system makes it a great buy for JRPG fans, even for those who already played it on the Vita. With a first-run playtime of around 60 to 70 hours, it’s a bit short on the whole, but the amount of content available plus its fun factor give it outstanding replay value. Highly recommended.


Video Game Review

Tokyo Xanadu eX+
PlayStation 4

THE GOOD:

• Familiar setting with an interesting, if imperfect, story and a colorful cast

• Challenging yet fun combat system

• Superb music and voice acting

THE BAD:

• Shorter than other comparative JRPGs

• A bit too reminiscent of Persona and Legend of Heroes

• Can be dragging at times

RATING: 8.5/10

Tesco faces equal-pay case that seeks up to $5.6 billion in claims

AS THE UK FORCES companies to disclose the gap between men’s and women’s pay, the country’s biggest private employer is confronted with a massive demand from workers feeling short-changed.

Supermarket chain Tesco Plc has been presented with claims that law firm Leigh Day says could eventually total as much as £4 billion ($5.6 billion). The firm contends that female shop-floor workers are unfairly paid less than their male counterparts in warehouses and says more than 200,000 workers could be entitled to compensation.

“There really should be no argument that workers in stores, compared to those working in distribution centers, contribute at least equal value to the vast profits made by Tesco,” Leigh Day lawyer Paula Lee said. Tesco said it hadn’t received the claims.

The demands come as the UK implements new rules requiring any company employing more than 250 people to disclose the disparity in pay between men and women by April. Tesco is particularly exposed because of its size as well as a recent push to put thousands more staff on its shop floors in a bid to soften its hard-nosed image among UK consumers.

Staff in Tesco’s stores are paid around £8 an hour, while their counterparts in distribution centers may get in excess of £11.50, Leigh Day said. The firm said it has been approached by more than 1,000 people either currently or formerly employed by Tesco.

The grocer previously said that men on average were paid 14% more than women in the year through April 2016. Of Tesco’s lowest paid workers 62% are women, but only 41% of its highest earners are female. A Tesco spokesman said the company “works hard to make sure all our colleagues are paid fairly and equally for the jobs they do.”

Tesco’s shares were down 0.8% at 9:50 a.m. in London.

“If the Tesco employees are equally successful then all major retailers, and indeed businesses more generally, could be exposed to a tidal wave of equal pay litigation,” Crowley Woodford, an employment lawyer at Ashurst, said in an e-mail.

The publication of the British Broadcasting Corp.’s highest earners revealed substantial differences between men and women at the top of the organization, while EasyJet Plc’s new male chief executive officer took a pay cut to match the salary of his female predecessor.

Leigh Day specializes in human-rights cases that have turned it into a thorn in the side of large companies. Among other things, it represented Nigerian villagers against Royal Dutch Shell Plc over oil spills.

The Tesco case follows similar claims by Leigh Day against two other UK supermarket operators — Walmart, Inc.’s Asda and J Sainsbury Plc. In the Asda case, which more than 15,000 workers have joined, an employment tribunal found that the lower-paid store staff can compare themselves to the distribution-center workers.

“The difference in pay is probably due to the nature of the work rather than gender, but the Tesco claim could have big repercussions across other retail businesses,” according to Maureen Hinton, director at retail researcher Conlumino.

For all retail staff, work is already becoming less secure. Amid a shift to online shopping and warehouse automation there was a 3.9% drop in the number of hours worked in the UK retail industry in the fourth quarter, according to the British Retail Consortium.

For the retailers, the threat of a further bump in staffing costs is unwelcome. The likes of Tesco have borne the brunt of recent increases in the UK’s minimum wage, as well as cost increases stemming from the fall in the pound after the country’s vote to leave the European Union. — Bloomberg

What to see this week

3 films to see on the week of February 9-16, 2018

Along With the Gods: The Two Worlds


DUBBED as the film that usurped Train to Busan’s place as Korea’s top-grossing film, Along With the Gods: The Two Worlds tells a story of a firefighter who, after a heroic death, navigates through the afterlife with the aid of three guides. Directed by Kim Yong-hwa, it stars Ha Jung-woo, Cha Tae-hyun, Ju Ji-hun, Kim Hyang-gi, Lee Jung-jae, and Kim Dong-wook. The Hollywood Reporter’s Elizabeth Kerr writes, “In general, the film is strong technically, but appropriate though it may be, Bang Jun-suk’s syrupy, string-heavy score in the last act is likely to cause cavities.”

MTRCB Rating: PG

Meet Me in St. Gallen


JESSE and Celeste meet at a coffee shop and have one-night stand. They reunite every few years and eventually fall in love. Directed by Irene Emma Villamor, it stars Carlo Aquino and Bella Padilla.

MTRCB Rating: PG

Samson


A YOUNG Hebrew judge gifted with extraordinary strength defends the Israelites. He makes sacrifices to avenge his love, people, and God. Directed by Bruce McDonald, it stars Taylor James, Jason Rathbone, Billy Zane, Lindsay Wagner, Rutger Hauer, and Caitlin Leahy.

MTRCB Rating: PG

I, Tonya


THE Oscar nominated film is based on the life of American figure skater Tonya Harding and one of sports history’s most sensational scandals. After being the first American woman to complete a triple axel in competition, her association with a poorly executed attack on Nancy Kerrigan, an Olympic competitor, overshadowed her success. Directed by Craig Gillespie, it stars Margot Robbie, Sebastian Stan, Allison Janey, Paul Walter Hauser, Julianne Nicholson, and Bobby Cannavale. The New Yorker’s Richard Brody writes, “Gillespie stages his empathy for Tonya at arm’s length; he fails to respond to her experience in a direct, personal way. The result is a film that’s as derisive and dismissive toward Tonya Harding as it shows the world at large to have been.”

MTRCB Rating: R-13

On the Wings of Eagles


THE EPIC DRAMA tells the story of runner Eric Liddell from winning gold in the 1924 Paris Olympics to his experience as a POW during the Second World War. Directed by Stephen Shin, it stars Joseph Fiennes, Shawn Dou, Richard Sanderson, Jesse Kove, Elizabeth Arends, and Augusta Xu-Holland.

MTRCB Rating: PG

Severe blow

Nobody wants injures to happen, and from the Knicks’ vantage point, the anterior cruciate ligament tear on Kristaps Porzingis’ left knee the other day was just about the worst that could happen. Already in the midst of a swoon that had them winning just five of their last 18 games, the turn of events, which figures to sideline their top dog for the remainder of the season, all but scuttled their plans to make the playoffs.

On the other hand, the longer-term prognosis for the Knicks has them actually benefiting from Porzingis’ sidelining. Even as they were hitherto intent on battling for a postseason berth, their glaring inability to close out matches handicapped their cause. Heading into their match against the Bucks the other night (which, needless to say, led to yet another setback), they were five games off the eighth seed in the East and still dropping in the standings.

With Porzingis now out for the foreseeable future, the Knicks have no choice but to change their mind-set. Given their lack of competitiveness without their leading scorer and shot-blocker, they’ll be bent on tanking from here on. And if there’s any good news, it’s that the injury occurred before the trade deadline. Already, they’ve dealt seldom-used Willy Hernangomez, and are shopping starter Courtney Lee and reserve Kyle O’Quinn, in an effort to stack up on draft assets. As general manager Scott Perry noted, “our job is to get this team in better position for when he returns to the court so he returns to a group more cohesive, stronger and hopefully a little more talented.”

A tall order? Perhaps, and certainly made no easier by the albatross of a contract departed executive Phil Jackson gave to the banished Joakim Noah. All the same, the Knicks now have the opportunity to give the core of their future more on-court exposure and, as a result, experience, an option that was not on the table during their win-at-any-cost phase.

Make no mistake. The injury to Porzingis deals the Knicks a severe blow. He’ll be out for the better part of a year, which means his progress as their go-to guy will be stunted. That said, it’s not a death blow. If nothing else, it’s a chance for them to reboot their program, and, hopefully, they’ll be able to get things right this time around.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

ECB wakes up to risks of digital currencies

THE European Central Bank (ECB) has woken up to the risks digital currencies can pose to policy makers’ bread-and-butter business: the economy.

“If you increasingly have bridges between the virtual world and the real world and then there is a collapse in this virtual world, it could drain liquidity from the real world,” Executive Board member Yves Mersch said in an interview in Frankfurt. “This then becomes a concern for the central bank.”

Until recently, policy makers dismissed cryptocurrencies as a speculative experiment. That changed when investors piled into Bitcoin and its peers toward the end of last year, creating more than $684 billion in paper wealth in just three months, before prices tumbled in 2018. Officials are investigating whether and how they can control a new asset class that’s captured the imagination of retail investors and attracted interest from financial institutions.

“We need more information,” Mersch said. “For me, one obligation would already be to force the unregulated platforms to report transactions in a harmonized way to repositories so that we would have access to information — also in order to create a better response.”

Germany and France are leading a push among the world’s biggest economies to regulate cryptocurrencies, and Mersch’s ECB colleague Benoit Coeure said last month that he’d expect the topic to feature prominently during a Group of 20 meeting in Argentina in March.

Agustin Carstens used his first major speech as head of the Bank for International Settlements this week to argue that there is a “strong case” for authorities to rein in digital currencies to ensure the functioning of payment systems and safeguard the “real value” of money.

“You won’t be surprised to know that we at the ECB are fully in line with his views and we have similar worries, or similar endeavors we are working on,” Mersch said. “The question is not so much that these virtual currencies are already at a level that would cause huge disruption in the real economy, but we are currently more concerned about the social and psychological effect they seem to have.”

STUDYING BLOCKCHAIN
Banks and regulators are researching whether the blockchain technology that supports Bitcoin could make capital markets more efficient and streamline cross-border payments. Concerns are mounting that the spread of cryptocurrencies — there are more than 1,500 digital tokens on the market now — could help criminals and terrorists conceal their finances.

The European Union has agreed to bring virtual currencies under the jurisdiction of anti-money-laundering legislation, which will require marketplaces to verify the identity of their customers.

The ECB has its own ways to prevent digital currencies from piggybacking on its financial infrastructure. The collateral framework already bans those assets from being used in financial transactions, while central counterparty clearing can be adjusted, Mersch said.

Earlier this week, ECB President Mario Draghi told the European Parliament that the central bank’s supervision arm is studying the risks digital currencies may pose to banks’ balance sheets. While he noted that financial institutions have so far shown limited appetite for the assets, he singled out the introduction of Bitcoin futures contracts on US exchanges as a potential risk.

“If you see how fast something can develop, it can very quickly reach dimensions of past bubbles that also had negative effects on the economy,” Mersch said. “That we cannot ignore.” Bloomberg

Your Weekend Guide (February 9, 2018)

Christian Bautista joins the ballet

BALLET MANILA’S Ballet & Ballads returns to close the ballet company’s current season with a mix of dance and song. The star-studded affair features Ballet Manila CEO and Artistic Director Lisa Macuja-Elizalde, heartthrob crooner Christian Bautista, the Klassikal Musical Foundation, and the ABS-CBN Philharmonic Orchestra. There will be performances on Feb. 10, 6 p.m., Feb. 11, 3 p.m., Feb. 17, 6 p.m., and Feb. 18, 3 p.m., at the Aliw Theater, CCP Complex, Pasay City. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Himala returns onstage

AICELLE SANTOS stars as a young woman who is looked upon as a bucolic town’s savior in Himala: Isang Musikal. The show runs until March 4 at the PowerMac Center Spotlight, Circuit Lane, Circuit Makati, Makati City. The musical is based on the 1982 Ishmael Bernal film starring Nora Aunor. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Leigh Nash, Stephen Speaks live

CATCH Leigh Nash of Sixpence None the Richer and Stephen Speaks perform at Eastwood Mall Open Park on Feb. 9, 6 p.m. They are best known for songs such as “Kiss Me,” “There She Goes,” “Need to Be Next to You,” “Out of My League,” “Passenger Seat,” among others. For more information, contact the Megaworld Lifestyle Malls Concierge at (709-9888) or (709-0888), (0917-838-0111) or visit (www.megaworldlifestylemalls.com).

Erotic start for Fringe 2018

THE FIRST show for Fringe 2018, Deux Sex Machina: Hard Art for Art’s Sake, features Metro Manila’s first (and only) comedic erotica live-reading ensemble. Eight new original pieces will be performed at the Yuchengco Museum, RCBC Plaza, Makati City on Feb. 9, 9 p.m. Tickets are at P300 and are available at TicketWorld (www.ticketworld.com.ph, 891-9999). For information, e-mail info@yuchengcomuseum.org.

PETA’s season ender ’Night, Mother

PETA closes its 50th theater season with Marsha Norman’s Pulitzer-prize winning drama, ’Night, Mother, featuring Eugene Domingo and Sherry Lara. On an otherwise normal evening, Jessie announces to her mother that she plans to kill herself before the night ends. The show runs until March 18 at the PETA Theater Center, No. 5 Eymard Drive, New Manila, Quezon City. For tickets and schedules, visit TicketWorld (www.ticketworld.com.ph, 891-9999).

Borlongan gives Artist Talk

MEER EMONG: Artist Talk at the MET will be held on Feb. 10, 2 p.m. Artist Elmer Borlongan will talk about his ongoing exhibit, Elmer Borlongan: An Extraordinary Eye for the Ordinary, sharing insights on the artworks on view, the exhibition themes, and his 25-year artistic practice. Registration starts at 1:30 p.m. Lecture fee is P150 and P120 (students, senior citizens, PWDs). The exhibit runs until March 28. The Metropolitan Museum of Manila is at the Bangko Sentral ng Pilipinas Complex, Roxas Blvd., Malate, Manila.

The Greatest Showman sing-along

MALLGOERS and fans can join in the sing-along version of the musical film The Greatest Showman in select SM Cinema theaters. The tale of American showman and founder of Barnum & Bailey Circus, the film stars Hugh Jackman, Zendaya, and Zac Efron. There will be sing-along screenings of the film at SM Aura on Feb. 9 and SM Southmall on Feb. 10. A display of the film’s costumes is on view until Feb. 14 at SM Aura and SM North EDSA. Tickets can be booked through www.smcinema.com or get the SM Cinema app through the App Store and Google Play.

RHI narrows net loss in Q1

ROXAS HOLDINGS, Inc. (RHI) narrowed its net loss by 2% during the first quarter of crop year 2018, as revenues surged on higher volume of sugar sold.

In a statement, RHI said it posted a net loss of P110 million during the three-month period ending December, lower than the P112 million posted a year ago.

The integrated sugar and ethanol producer’s fiscal year begins on Oct. 1.

Consolidated revenues rose 39% to P2.07 billion during the first quarter, from P1.49 billion a year ago, boosted by higher sales of sugar.

For the quarter, RHI sold 786,173 kilogram bags (LKg) of raw sugar, 189% higher than the 272,374 LKg recorded a year ago. Volume of refined sugar went up 23% to 431,014 LKg. One LKg is equal to one 50-kilogram bag of sugar.

RHI Chairman Pedro E. Roxas in a statement said the first quarter is usually a slow period, but revenues from sugar operations doubled to P1.8 billion during the first quarter from P904 million a year ago due to sales of inventory from the previous crop year.

RHI President and CEO Hubert D. Tubio said the company’s gross profit increased 35% to P144 million due to higher revenues and improved efficiencies.

“We are seeing improvements in efficiencies, which resulted to higher production volumes at improved levels of production cost,” he was quoted as saying in a statement.

RHI Executive Vice-President and Chief Financial Officer Celso T. Dimarucut said the company’s earnings before interest, taxes, depreciation and amortization jumped 4% to P191 million in the first quarter versus 2017’s P183 million.

“While the Group’s interest expense for the period rose to P122 million in Q1 2018 from the P98 million in the previous year, carryover inventory sold during Q1 2018 reduced debt level by P527 million,” Mr. Dimarucut said.

Incorporated in 1927 as a sugar milling company, RHI became a holding and investment corporation in 2002, integrating its various sugar businesses, branching out to sugar, tolling and refining, energy and bioethanol.

RHI’s shares on Thursday were up 25 centavos or 6.85% to close at P3.90 each.

Most of RHI’s shares are owned by Hong Kong-based company First Pacific Co., Ltd., which also owns the PLDT, Inc. Hastings Holdings, Inc., a unit under PLDT’s beneficial trust fund subsidiary MediaQuest Holdings, Inc., has partial interest over BusinessWorld through its Philippine Star Group. — Anna Gabriela A. Mogato

Love and luck at Robinsons malls

NEXT WEEK sees two festival occasions: Valentine’s Day on Feb. 14 and the Lunar New Year on the 16th to mark the dual celebrations, Robinsons Malls offer shoppers a series of activities this month.

For those looking for the perfect present to show their affection, shop at Robinsons Galleria from Feb. 10 to 18 during the “Sweets for the Heart” Valentine promo. For a minimum single receipt purchase of ₱3,000, one gets a free Toblerone chocolate bar.

Over at Robinsons Place Santiago, Isabela’s best acoustic bands serenade shoppers with love songs as they perform live from Feb. 10 to 15, while at Robinsons Town Mall Malabon, acoustic singer Aiza Seguerra performs on Feb. 11.

On Feb. 14, the Pool of Music Ensemble visits Robinsons Metro East, while at Robinsons Place Malolos, Himig Handog P-pop Love Songs Finalist, Hazel Faith, launches her debut album, Keep The Faith, in time for the Valentine’s celebration.

Freebies abound at the malls in the Visayas region: present a single-receipt purchase of ₱1,000 to get heart-shaped pillow at Robinsons Place Jaro, Robinsons Place Antique, and Robinsons Place Roxas; flowers at Robinsons Place Tacloban and matching couple mugs at Robinsons North Tacloban. At Robinsons Place Iloilo, aside from getting special love gift tags with a single-receipt worth ₱1,000, Valentine’s Day will see the launch of Fave Radio Live featuring the mall’s Robinsons Singing Star alumni. This will be broadcasted live on Robinsons Place Iloilo’s official FB page, RobPlaceIloilo.

Meanwhile, Robinsons Malls will help visitors pick up good fortune for the Year of the Dog with numerous events celebrating the Lunar New Year.

On Feb. 17, Robinsons Place Antipolo will host Chinese Art Kiddie Workshops, while on Feb. 17 to 18, Robinsons Place Malolos will present a Chinese cultural show by the Confucius Institute of Bulacan State University.

For those who want to know their fortunes, two Feng Shui Masters will give consultations to mall visitors. Dr. John Tan — a professional Feng Shui Consultant in the Institute of Fengshui Bazi — will visit Robinsons Place Angeles on Feb. 7 to 9 and Robinsons Starmills Pampanga on Feb. 10 to 12; Hanz Cua — “the youngest Feng Shui Master in the Philippines and Asia” — will conduct his own Feng Shui consultation at Robinsons Galleria on Feb. 17. And finally, the celebration of Chinese New Year will not be complete without the traditional Dragon and Lion Dances. There will be performances on Feb. 16 at Robinsons Galleria, Robinsons Metro East, Forum Robinsons, Robinsons Novaliches, Robinsons Place Malolos, and Robinsons Place Santiago, and on Feb. 17 at Robinsons Place Antipolo, Robinsons Town Mall Malabon, Robinsons Starmills Pampanga, and Robinsons Place Angeles.

Multiple approvals in worker applications for leave

I’m an ordinary office worker in a small family enterprise with about 400 workers. Most of the time, we are fearful of the management process in approving our vacation leave. Even for a one-day leave, it takes time for our bosses to approve the workers’ application because it requires five signatures in hard-copy format, including that of the CEO who is the last signatory. Because of this corporate red tape, many workers spend so much time waiting and exasperated for a simple administrative matter like it. What’s the industry standard? What’s your take on this? — Never-Ending.

Alain Enthoven (born 1930) is an American economist. He was one of “Whiz Kids” of Robert McNamara, the American defense secretary who served in the 1960s. Strong in physique and intellect, Enthoven as an economist also specialized in strategy and strategic weapons. At one time, he visited the US Air Force in Germany.

He was met by an assortment of generals with decades of accumulated experience and yards of ribbons on their uniforms. Enthoven, who was youthful and fresh-faced, listened with growing impatience as the number one general outlined plans for briefing the visitor. Finally, Enthoven interrupted the presenter: “General,” he said. “I don’t think you understand the reason why I’m here. I didn’t come for a briefing. I came to tell you what we have decided at the White House.”

Many of the systems and procedures in our organizations are just like that. Top management creates certain policies that are detached from the context and reality in the battlefield. They practice a command-and-control style, such that even today, the modern workplace still uses military terms like “chain of command” and “unity of command” to manage workers.

Today, many companies find that command-and-control structures of the military in past years do not work with today’s workforce. You didn’t tell me your age, but I suspect (because of your challenging the status quo mind set) you’re part of the millennial generation, which is known to be demanding, sometimes for good reason, at least in the case you mentioned. Why not? Millennials are adept and skilful in using social media and the Internet which makes them think that the hard copy of the leave application form itself is not necessary.

And much more so if the form itself needs five signatures.

When I received your question, I hurriedly conducted an informal (although unscientific) survey on the Facebook page of the “Philippines HR Group” to check the current practices of organizations. Out of 30 respondents, 10 employees say their leave application is approved by one signatory, while 20 claim their application must be approved by “2-3 signatories.”

This is quite revealing for me. Still, there are companies out there that are practicing a command-and-control style rather than the modern style of one-to-one — one boss is responsible for his or her workers.

Even with today’s “bossless upside-down structure” and no hierarchical structures as found in many Internet and Web-related businesses, where customer satisfaction is top priority, employees, instead of being bogged down by waiting, can approve their own leave at any given time. This can be done via flexitime and telecommuting, among other non-traditional approaches.

Of course, such practices are not applicable in many businesses. Just the same, it doesn’t mean that management should always make it difficult for the workers to do their job and discourage them to enjoy their vacation leave.

Regardless of one’s business, we can make it easy and simple for workers to be responsible. As long as everyone is given reasonable standards and targets, management need not worry about burdening workers with an onerous approval process for leave.

Too many cooks spoil the broth. We have been hearing this time and again. And it means that the more people are involved in an activity or process, the greater chance that they will ruin the results, if not hurt the feelings of people who are adversely affected. Besides, if line supervisors and managers out there are doing their jobs, then it’s best for them to be empowered with the simple, administrative task of approving leave applications. After all, if the workers are on leave, who will perform their task, without the company overtaxing other workers with overtime assignments?

Your top management, with the help of the human resource department,  must decentralize simple tasks so that other managers are not burdened with so much paperwork. Some organizations take this approach to a higher level to create an innovative and independent structure.

If the boss and his workers can’t be trusted with the management of their work schedule, then what else can be done?

On the other hand, if your organization wants to explore a one-on-one approvals policy, then I must prescribe the following guidelines so that it can be more effective and efficient:

One, the workers’ assignment is standard, stable and routine. There should be no room for the workers to make an independent judgment if the rules are clear and succinct. In case of certain exceptions or abnormalities, then that’s the only time they should consult with their bosses.

Two, the workers in the same unit perform a similar task. This allows another worker to take over in case or a scheduled leave or an emergency, in case of illness or any eventuality. The only challenge here is to minimize overtime work as much as possible.

Three, the workers are highly trained and do not need close supervision. Training is very important. And therefore, management must be able to come out with the best training strategy for everyone that ensures continuity of work operations.

Of course, every line supervisor and manager faced with the dilemma of too much work and too little time makes the one-on-on policy tenable. After all, why spend so much time analyzing the reasonableness of the workers’ leave application?

elbonomics@gmail.com

Fintech hub in Asia’s Silicon Valley

The emergence of financial technology or “fintech” in modern business jargon dates back to 1993. That was during the time New York-headquartered Citicorp, the holding company of Citibank, established the Financial Services Technology Consortium as the banking industry’s original forum for collaboration on technical issues.

Even before the term was coined, a company called Intelligent Wave Philippines, Inc. (IWPI) was already into fintech. IWPI started operations in 1990 as the Manila representative office of JASDAQ-listed Intelligent Wave, Inc. based in Tokyo. Its corporate name was later changed to iWave, Inc. when Filipino investors joined the Japanese shareholders in a joint venture.

iWave is the country’s pioneer in electronic payment systems such as phone banking,  debit card payment system known as Paylink, and virtual banking or internet-based payment system. Recognized as a fintech provider by the Philippines’ banking sector and its biggest online stockbrokerage, the Filipino-Japanese firm specializes in high volume transactions and secure financial platforms.

Recently,  iWave signed a memorandum of understanding (MOU) with the Cagayan Economic Zone Authority (CEZA) and the Traders Group of Japan to develop the first special economic zone in Asia devoted to global fintech companies.

Just like iWave’s parent company, the holding firm of Traders is also listed in the JASDAQ Securities Exchange of Osaka. It pioneered Japan’s foreign exchange back office and stock market exchange systems, as well as being the first to provide online forex and derivatives trading systems to Japanese retail clients. Recently it expanded into exchange platforms for cryptocurrencies.

On the other hand, CEZA was established in 1995 by Republic Act 7922 to manage and supervise the development of the Cagayan Special Economic Zone and Freeport. It is a Philippine government-owned and -controlled corporation that operates as a separate customs territory similar to Hong Kong in China, Labuan in Malaysia, and Hamburg in Germany.

This tripartite partnership aims to transform Cagayan Valley into the Asian version of California’s Silicon Valley as the premier hub of fintech startups. They also envision the Cagayan Freeport Zone to become a major transshipment and logistics center for trade and commerce in the Asia-Pacific region.

Set against the backdrop of the Sierra Madre Mountains and some of the world’s best beaches, Cagayan Valley is a region of natural forests, rivers, and vast fishing grounds that make it a prime destination for environmentally conscious travellers.

With its new airport infrastructure, master-planned township development, sufficient energy resources, and wide-bandwidth data centers, the Cagayan Freeport Zone is a natural haven for fintech locators.

CEZA’s charter allows it to regulate offshore banking units and affiliates, foreign exchange and investment enterprises, and fintech companies while providing an evolving entrepreneurial and technological environment. It is headed by Administrator and CEO Raul Lambino, who holds a Cabinet rank in the Duterte administration.

According to Mr. Lambino, “this is a planned, calibrated development which would be in stark contrast to the largely unmitigated growth of Asian cities with their huge traffic and unproductive environments.” He said the MOU “will bridge the technology industries of Japan and the Philippines on a larger scale. This will we carried out by synergizing Japan’s advanced technologies and research and development capability with a greenfield technology hub in the Philippines.”

Regulations will be based on the forward-looking policies of Japan, the number one trading partner of the Philippines. To facilitate the special economic zone’s connectivity to the rest of the world, submarine cable landing points will soon be completed. The North Luzon East Expressway is under construction from Quezon City to Cabanatuan City and will significantly cut travel time to Cagayan Valley.

Under the MOU, iWave and Traders will provide CEZA with the technological expertise to properly regulate and monitor the latest fintech services as they become available to address the unbanked and future crowd-funding solutions. Among these are blockchain or distributed ledger technologies; bitcoin and other cryptocurrencies; payment solutions; and international coin offerings.

Long-term exposure to the capital markets would enable Traders and iWave to lend their best practices in anti-money laundering and “know your client” policies to CEZA. Moreover, their combined experience will ensure that CEZA is at par with Silicon Valley’s cybersecurity methodologies, eventually becoming a respected regulatory and licensing authority in the fintech universe.

J. Albert Gamboa is CFO of the Asian Center for Legal Excellence and Chairman of the FINEX Media Affairs Committee’s Golden Jubilee Book Project.

How PSEi member stocks performed — February 8, 2018

Here’s a quick glance at how PSEi stocks fared on Thursday, February 8, 2018.

Labor productivity: How efficient is the Philippines’ work force?