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7th ASEAN film festival offers a glimpse of Southeast Asian folklore

FOLLOWING its first on-site edition last year since the pandemic, the National Commission for Culture and the Arts’ (NCCA) Tingin Film Festival returns for a 7th year.

Presenting a selection of films from countries in the Association of Southeast Asian Nations (ASEAN), it takes place on Aug. 17 and 18 at the Red Carpet Cinema of Shangri-La Plaza Mall in Mandaluyong City. The theme is “Enchantments of a Fragile World,” on the topic of Southeast Asian folklore.

“It’s a theme that challenges us to ask what folklore means to us in and how it can help us understand the people of this region in this day and age, as separate peoples and as a people with historical links,” said Patrick Campos, festival programmer, at a press conference on Aug. 8.

The Tingin Film Festival will have “a mix of established and emergent filmmakers from centers as well as peripheries of our respective cultures,” he added.

It will open with The Long Walk, by Laos’ first female filmmaker Mattie Do. It follows an old hermit who discovers that the ghost of a road accident victim can transport him back in time to the moment of his mother’s painful death.

“Filmmakers have time and again drawn from the rich wellspring of folklore, to revisit old paradigms, to use it as a foil to new but harmful lifeways, or to serve as anchor for a society battered by scientism,” said Maya Quirino, festival director, on the relevance of folklore in films today.

In Dreaming and Dying by Singaporean director Nelson Yeo, three middle-aged friends reunite for the first time in years and find something emerging from their reunion. “Their vacation takes a surprising turn when the undercurrent of their past lives threatens to resurface,” the summary of the film reads. The movie won the Pardo d’oro for Best Feature Film (Cineasti del Presente Competition) at the Locarno Film Festival.

From Myanmar comes Once Upon a Time There Was a Mom by Lin Htet Aung. The film follows a man who transforms back into his teenage self, the same age as his son, after his wife dies. The film took the Best Screenplay award at the Singapore International Film Festival.

Memoryland by Vietnamese filmmaker Kim Quy Bui revolves around three people who grieve after losing loved ones and deal with it through the rituals that accompany the end of life.

Malaysian film Snow in Midsummer by Chong Keat Aun is about an opera troupe amid the country’s deadly racial riots in 1969, and the woman who confronts those events 50 years later.

Short films that round out the selections are Boren Chhith’s Golden Dragon from Cambodia, Uruphong Raksasad’s Worship from Thailand, Natasha Tontey’s Of Other Tomorrows Never Known from Indonesia, and Hazrul Aizan’s Part of Me from Brunei.

The festival will close with the Philippine theatrical premiere of In My Mother’s Skin, by director Kenneth Dagatan. Set in the Philippines during World War II, the movie follows a young girl who finds that her duty to protect her dying mother is complicated by her misplaced trust in a beguiling, flesh-eating fairy. There will be a discussion after the screening with the cast and crew of the film, which first premiered at the Sundance Film Festival in the USA.

“NCCA’s Culture and Diplomacy Program remains committed to familiarizing Filipino moviegoers with the multifaceted and rich cultures and cinemas of Southeast Asia. Tingin is part of our mission to develop the cultural palate of film students and young moviegoers by exposing them to excellent films from the region,” said Mariel Nini, head of the Sentro Rizal International Cultural Affairs Office of the NCCA.

Aside from the film screenings, the festival will also hold a contest for the Best Theme Attire — the theme being folklore — on opening night, where the winner will walk away with a cash prize. The contest mechanics are on Tingin’s social media pages.

The Tingin ASEAN Film Festival will run from Aug. 17 to 18 at the Shangri-La Plaza Mall Red Carpet Cinema. Admission is free. For the complete screening schedule follow Tingin ASEAN Film Festival on Facebook. — Brontë H. Lacsamana

SEC approves P5-B Vista Land preferred share offer

THE Securities and Exchange Commission (SEC) has approved the P5-billion preferred share offering of Villar-led property developer Vista Land & Lifescapes, Inc.

The offer, approved by the SEC on Aug. 8, consists of up to 30 million Series 2 preferred shares and an oversubscription option of up to 20 million, the SEC said in an e-mailed statement on Monday.

The preferred shares, which are perpetual, cumulative, nonparticipating, nonvoting, redeemable, and non-convertible, will be priced at P100 per share.

Vista Land is expecting to generate P4.94 billion worth of net proceeds from the issuance if the oversubscription option is fully exercised.

The company said it will use the proceeds to refinance existing debt and for general corporate purposes.

Based on the company’s latest timetable, the offer period for the preferred shares will be from Aug. 20 to Sept. 4, with listing at the main board of the Philippine Stock Exchange set on Sept. 13.

Vista Land hired BDO Capital & Investment Corp., Chinabank Capital Corp., and SB Capital Investment Corp. as joint issue managers, joint lead underwriters, and joint book runners for the offer.

On Monday, Vista Land shares dropped by 1.38% or two centavos to P1.43 apiece. — Revin Mikhael D. Ochave

Fast growth towards better credit ratings

If there is an “economic Olympics” among the world’s top 50 largest economies this month, the Philippines should get two medals — a gold medal for its unemployment rate in June 2024, and a silver medal in GDP growth in second quarter (Q2) 2024.

In my column last week (“All-time low unemployment, revenue enhancement against illicit trade,” Aug. 8), I noted that the Philippines not only had among the lowest unemployment rates around — 3.1% vs Spain’s 11.3%, Sweden’s 9.4%, India’s 9.2%, and Italy’s 7% — but it also had the biggest drop in unemployment, from 6% in June 2022 to only 3.1% in June 2024. That is equivalent to a gold medal achievement.

Last week the Philippine Statistics Authority (PSA) also released the Q2 2024 GDP performance. It was 6.3%, much higher than most projections by the multilaterals and private economic analysts. It was a silver medal achievement next to Vietnam, which grew 6.9%. In contrast, many European countries have had zero growth and some even contracted like Germany and Ireland (see Table 1).

Other big European and North American countries have not reported their Q2 2024 GDP results yet, but their recent growth numbers — Q2 2023 and Q1 2024 — were already mediocre: the UK 0.2% and 0.2%, Poland -0.6% and 2%, Netherlands -0.1% and -0.7%, Switzerland 0.4% and 0.6%,  the US 2.4% and 2.9%, Canada 1.3% and 0.5%, and Japan 2.3% and -0.2%.

The Philippines’ high growth in the last quarter was mainly due to base effect, with investments or capital formation growing by 11.5% (it had low growth last year), and government consumption growing at 10.7% (it contracted last year). Household consumption, which constitutes about 75% of GDP, has been stung by high inflation and grew only 4.6%.

By industrial origin, the main sources of growth were Industry, led by the Construction subsector, and Services led by the Finance and Insurance subsectors with 8.2% growth (see Table 2).

I must congratulate the economic team.

I quote three cabinet members here from a press release:

Finance Secretary Ralph G. Recto brightly noted that “We are happy with the back-to-back good news on employment and GDP growth. Our impressive growth performance clearly demonstrates that infrastructure is our way forward. We need to build more, build better, and build faster so that Filipinos can reap the benefits of these high-impact projects at the soonest possible time.”

The day before, he had announced a positive achievement: “the Marcos, Jr. administration’s ultimate goal of reducing the poverty rate to a single-digit or 9% by 2028, as the Philippines posted its highest-ever employment and historic low unemployment rates in June 2024.”

Economic Planning Secretary Arsenio M. Balisacan looked optimistic: “Amid evolving risks and challenges, the Philippines’ economic outlook remains promising in the near and medium term… we move closer to our vision of a strongly rooted, comfortable, and secure life for every Filipino.”

Budget Secretary Amenah F. Pangandaman was equally focused and optimistic: “It feels like we won another gold medal for the Philippines… we are focused on job-creating growth and poverty-reducing growth, and we are inspired to work even harder towards our inclusive economic transformation and sustainable growth.”

These twin outstanding economic performance results should help the Philippines earn higher credit ratings on the quest for an “A.” I checked the evolution of the country’s ratings from three big ratings agencies over the past decade, and ours is consistently moving up (see Table 3).

S&P’s “BBB” means the recipient is Investment Grade with adequate capacity to meet financial commitments, but more subject to adverse economic conditions. Next is “A,” Investment Grade with strong capacity to meet financial commitments, but somewhat susceptible to economic conditions and changes in circumstances.

Moody’s “Baa” is medium-grade and subject to moderate credit risks. Next comes “A” which is upper-medium-grade and subject to low credit risk.

Fitch’s “BBB” is good credit quality, default risk is low. The next step is “A” meaning high credit quality, default risk is low, strong capacity to pay financial commitments.

An Inquirer story last Thursday bannered the possibility of an “A” rating for the country as early as 2025, quoting Ms. Pangandaman.

Yes, I believe this is possible and the secretary is realistic in making this projection. The Philippines deserves higher credibility to meet its financial obligations and should get lower interest rates, and a lower interest payment burden so that more resources can be devoted to productivity enhancing infrastructure programs.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

vOffice PHL opens largest branch in Mandaluyong

VOFFICE.COM.PH

MALAYSIAN virtual office provider vOffice has opened its largest branch in the Philippines, located at Sun Plaza in Mandaluyong, while targeting to grow at least 200 new businesses every month.

“We provide them with entire supporting business services to help them grow their business not just in the Philippines… we are targeting to grow at least 200 new businesses every month right now,” Albert Goh, vOffice Chief Executive Officer and founder, told BusinessWorld on July 30.

vOffice offers virtual offices, serviced offices, and company incorporation services in the country for both locals and foreigners.

He said vOffice has serviced around 48,000 businesses in its 77 locations across Southeast Asia. It has eight branches in the Philippines, including some in Bonifacio Global City, Makati, Quezon City, Laguna, and Malate.

Its latest branch at Sun Plaza Building spans 800 square meters and provides 12 serviced offices, which range from 4.25 square meters to 21 square meters.

Meanwhile, the premium offices offer Wi-Fi, 24/7 access, a dedicated landline, 15 to 30 hours of meeting room use per month, free co-working, and are pet-friendly.

The 21-square-meter and 11-square-meter premium serviced offices cost P30,000 and P52,000, respectively.

Among the amenities are an entrance area, outdoor co-working area, podcast and production room, serviced office, conference room, and co-working space.

“This location, in particular, involves close collaboration with the local government unit and government offices through our partner from Sun Plaza,” Mr. Goh said. This includes assistance with inquiries such as taxes and setting up companies.

The company offers to streamline the process of setting up a company within three weeks, which he claimed is the “fastest” in the country.

“It’s really hard to register. A lot of the problems that we face as Filipino entrepreneurs are the lack of information found on the internet and the misinformation circulating,” vOffice Philippines, Inc. General Manager Aldrin Enrile told reporters.

Mr. Enrile also said the Securities and Exchange Commission allows entrepreneurs to use their house address, as it doesn’t check. Still, their application would be rejected when they proceed to the Bureau of Internal Revenue.

Regarding expansion efforts, vOffice has allocated $1 million to open five more locations in the next eight months.

“The first phase will be all in Luzon, and will still be within Metro Manila,” Mr. Goh said, without disclosing the specific locations.

He added that a branch will open in Business Bay, Dubai, in September.

“This is our first time partnering with a Malaysian company overseas. It looks like a very promising horizon for us in the near future,” said John Isaac V. Angping, son of the late Jerry C. Angping, owner of Sun Plaza Development Corp. — Aubrey Rose A. Inosante

Sun Life partners with Go Negosyo to boost MSMEs

SUN LIFE of Canada (Philippines), Inc. has partnered with Go Negosyo to create financial solutions for micro, small, and medium enterprises (MSMEs), it said on Monday.

“This collaboration focuses on guiding MSMEs towards a brighter future, creating an ecosystem that nurtures entrepreneurship, fosters financial inclusion, and builds a stronger Filipino business landscape. Sun Life and Go Negosyo will work together to develop financial solutions tailored to the unique needs of MSMEs and provide them with access to capital, insurance protection, and financial planning expertise,” Sun Life Philippines said in a statement.

The life insurer will also participate in Go Negosyo’s 3M or Mentorship, Money, and Markets on Wheels initiative, which is a mobile entrepreneurship caravan that brings business support services directly to MSMEs nationwide. Its financial advisors will be present at these events for consultations with entrepreneurs.

Sun Life Philippines and Go Negosyo recently signed a memorandum of agreement to formalize the tie-up.

“Securing the future of our negosyantes (entrepreneurs) is an important focus for us at Sun Life because we believe that they are the backbone of our economy,” Sun Life Philippines Chief Client Experience and Marketing Officer Carla Gonzalez-Chong said. “This is why our partnership with Go Negosyo is a natural fit. We share a common vision of a nation where entrepreneurship thrives, and where every Filipino is given the opportunity to reach their full potential.”

“Go Negosyo is grateful to Sun Life Philippines for doing its part in helping our MSMEs,” Go Negosyo Founder Joey A. Concepcion III said. “Access to capital, as well as financial literacy, is an important pillar of successful entrepreneurship, and with this collaboration, we will be able to better address a learning gap that is especially common among aspiring entrepreneurs.”

Sun Life Philippines’ premium income stood at P55.79 billion last year, while its net income was at P8.8 billion, data from the Insurance Commission showed. It was the top-performing life insurer in the country in terms of both premium income and net profit in 2023. — AMCS

Disney unveils Avatar, Indiana Jones, Encanto, and Monsters, Inc. theme park attractions

Also unveils its slate of upcoming films

ANAHEIM, California — Walt Disney Experiences Chairman Josh D’Amaro laid out an ambitious growth plan for the company’s theme parks on Saturday at the D23 fan convention, announcing plans for four new cruise ships and details about six new themed lands.

Disney, which reclaimed the top of the summer box office with Pixar animation’s Inside Out 2 and Marvel’s raunchy Deadpool & Wolverine, also showcased its coming slate of films.

Forthcoming plans include a new Disney villains land at Walt Disney World’s Magic Kingdom in Orlando, Florida, a doubling of the size of the Avengers Campus at the Disney California Adventure Park in Anaheim, California, and details about its partnership with Fortnite creator Epic Games.

“This, for us, is an unprecedented era of growth,” Mr. D’Amaro said.

The two new attractions at its Marvel-themed Avengers Campus at California Adventure will be Avengers: Infinity Defense and the Stark Flight Lab, the company said.

California Adventure will also add a new Avatar experience at the California Adventure, based on the second film in the science fiction franchise, Avatar: The Way of Water, it said.

To commemorate the 70th anniversary next year of the Disneyland park in Anaheim, a show based on the life of Walt Disney featuring an audio-animatronic figure of the company’s founder will be opened.

Disney also unveiled two attractions for the new Tropical Americas expansion coming to Disney’s Animal Kingdom park in Orlando, Florida. One follows Indiana Jones on an exploration of a Mayan temple. Another is inspired by the Disney animated film Encanto and follows the character Antonio on the day he received his magical gift. Tropical Americas is set to open in 2027.

Actor Billy Crystal took the stage to announce an area at Disney’s Hollywood Studios dedicated to the Pixar film, Monsters, Inc. The area, known as a land in Disney theme park parlance, will feature a suspended roller coaster designed to simulate zooming through the door vault at the Laugh Factory, just like characters Mike and Sulley in the film.

Pixar’s Cars film franchise also comes to the Magic Kingdom in Orlando, in a re-imagined area of Frontierland, with two new attractions planned. One will take guests on an off-road thrill ride into the wilderness beyond the film’s fictional Radiator Springs setting. Construction is scheduled to begin early next year.

The fan favorite announcement, based on the audience reaction, was Mr. D’Amaro’s statement Disney will create a new area devoted to Disney’s villains at the Magic Kingdom, with two attractions, dining, and shopping.

These announcements reveal how the company will begin $60 billion in capital investments, nearly doubling spending over the next decade to improve attractions at its 12 parks and increase cruise line capacity.

“Everything that we’re going to share with you tonight is in active development,” Mr. D’Amaro said. “This means that plans are drawn. This means that dirt is moving. I just want to be clear with all the fans out there. This isn’t blue sky.”

CRUISE FLEET EXPANDS
Disney also said it will add four cruise ships to its growing fleet, capitalizing on an industry that has been enjoying a rebound from the global shutdown during the COVID-19 pandemic.

The company currently has five cruise ships in operation, and previously announced four others, including one Tokyo-based vessel and another that will set sail from Singapore in 2025. These new vessels will start operating between 2027 and 2031.

Mr. D’Amaro was joined onstage by the company’s creative leads to discuss Disney’s collaboration with video-game maker Epic Games. The company invested $1.5 billion in Epic earlier this year, giving Disney an equity stake in the creator of Fortnite and Unreal Engine.

Disney announced new characters and stories are coming to the online game, including Disney villains as well as characters from the Pixar superhero film, The Incredibles, and the Disney+ series The Mandalorian about a lone bounty hunter from the Star Wars universe.

Disney’s parks have become a reliable profit engine, helping cushion the impact of declines in traditional television and losses in its video streaming business, which last quarter turned a profit.

The experiences unit, which includes parks, cruise ships and consumer products, contributed 60% of the company’s operating profit in the most recent quarter — up from 30% just a decade ago.

MOANA 2, INCREDIBLES 3, AND MUFASA: THE LION KING
Disney showcased its coming slate of films in a three-hour spectacle featuring musical performances and celebrity appearances.

The stars of the forthcoming animated film Moana 2 opened its D23 fan convention on Friday night. Stars Dwayne Johnson and Auli’i Cravahlo took the stage, along with Hawaiian dancers. He told the 12,000 attendees that in reprising his role as Maui, he would once again be singing, “in keys that don’t exist.”

The film reaches theaters on Nov. 27.

“Who else but Disney could pull off a weekend like D23?” said Disney Chief Executive Officer Bob Iger, kicking off the Disney Entertainment Showcase. “Our deep bond with fans, forged over a century of storytelling, is stronger today than ever before.”

Director James Cameron appeared along with Avatar stars Zoe Saldana, and Sam Worthington to show off art from the next sequel, and announce its title, Avatar: Fire and Ash.

Pixar’s chief creative officer, Pete Docter, announced a new Inside Out series based on main character Riley’s dreams, Dream Productions, that takes place between the first two movies and will premiere in 2025.

Docter also unveiled a new installment of one of Pixar’s biggest titles The Incredibles, which is centered on a quirky superhero family and is getting a third film that will be directed by Brad Bird.

A rendition of popular musical numbers from such Disney Broadway hits as Frozen and Aladdin accompanied the announcement that a slate of recorded live stage performances would be arriving on Disney+.

“We’re really happy to announce that the hit musical (Frozen), which was filmed on stage, will premiere on Disney+ in 2025,” said Jennifer Lee, Disney Animation’s chief creative officer.

Ms. Lee said the company is also developing a Broadway musical based on the film The Greatest Showman.

D23 shared an early look at the upcoming Disney+ series Skeleton Crew, which is a coming-of-age science fiction Star Wars series created by Jon Watts and Christopher Ford.

Director Jon Favreau offered a glimpse of The Mandalorian and Grogu, a big-screen adaptation of the Disney+ series due out in 2026.

Marvel reprised some of its greatest hits from last month’s San Diego Comic-Con convention. It showcased the Captain America Brave New World and Fantastic Four films, and the forthcoming Disney+ series, Daredevil Born Again and IronHeart.

It also dropped a trailer for its upcoming horror series Agatha All Along, based on the series WandaVision along with a haunting musical performance from the cast of witches in the series. The series includes original songs from the talent behind Frozen and Coco.

Percy Jackson, the series based on Greek mythology that follows its namesake protagonist demi-god, is returning for a second season called Percy Jackson: Sea of Monsters, adapted from author Rick Riordan’s book.

Walt Disney Studios showed off a teaser trailer for the live-action version of its animated classic, Snow White, accompanied by its stars Rachel Zeigler, who plays Disney’s original princess, and Gal Gadot as the Evil Queen.

Actor Jeff Bridges appeared at D23 with co-stars Jared Leto and Greta Lee to promote Tron: Ares, the third installment of the futuristic film.

Perhaps the most enthusiastic crowd response was reserved for Jamie Lee Curtis and Lindsey Lohan, who are reprising their mother-daughter roles in a sequel to the 2003 film Freaky Friday.

A chorus performed “The Circle of Life” from Lion King, to promote the next installment in the Pride Lands saga, Mufasa: The Lion King. The coming film tells the story of Mufasa’s early life, in a lifelike computer-generated movie directed by Oscar-winner Barry Jenkins and with music from Hamilton’s Lin-Manuel Miranda.

The company touted the strength of its movies during an investor call last week, marking a return to form after losing its place as the highest-grossing Hollywood studio in 2023.

“It’s never too late to have that big Hollywood comeback,” said Paul Dergarabedian, senior media analyst for Comscore. “And they’ve certainly had that.”

Inside Out 2 is the highest grossing animated film of all time, with a global box office tally of $1.6 billion, surpassing the record set by Disney’s Frozen II. A month later, Deadpool & Wolverine had the best domestic opening for an R-rated film and has brought in more than $850 million in global ticket sales.

“There is of course variability in the film business,” wrote Deutsche Bank analyst Bryan Kraft in a note to investors. “But if Disney has found its box office magic once again, additional growth may be ahead, as a strong theatrical slate continues.” — Reuters

Delaware Philippines inks partnership with LIPAD for system automation, upgrades

GLOBAL information and communication technologies (ICT) provider Delaware Philippines has partnered with Luzon International Premiere Airport Development (LIPAD) Corp. to automate and upgrade the business processes of Clark International Airport (CRK).

“Delaware Philippines has been a critical partner in our journey, helping us automate our processes and optimize our operations. This move is instrumental in our efforts to enhance the operational capabilities of CRK, cementing our goal of being the Philippines’ premier gateway,” Gina Umlas-Gopez, chief finance officer of LIPAD, said in a media release on Monday.

With this partnership, Delaware Philippines said it will enhance the operational efficiency of LIPAD, the company that manages and operates Clark International Airport.

“With this transformative solution in place, LIPAD Corporation is well-equipped to handle future growth and continue delivering high-quality services at CRK. This partnership exemplifies how innovative ICT solutions can transform and elevate industry standards, setting a benchmark for others to follow,” Delaware said.

The ICT company said it will provide LIPAD with its enterprise resource planning (ERP) system, which is software that processes and automates functions like finance, manufacturing, services, and procurement.

It said its partnership aims to shift LIPAD’s manual transaction recording to an automated system, positioning it for future advancements.

“The collaboration between LIPAD and Delaware Philippines is a testament to their commitment to excellence and innovation in airport operations. By transitioning to a digital platform, LIPAD is not only improving its current operations but also laying the groundwork for future advancements,” Delaware Philippines said. — Ashley Erika O. Jose

Building organizational capability into your sustainability metrics

CAMPAIGN CREATORS-UNSPLASH

In business, sustainability is more than just environmentalism or “being green.”

Harvard Business School lists two ways to measure sustainability: “the effect a business has on the environment, and the effect a business has on society, with the goal of sustainable practice being to have a positive impact on at least one of those areas.”

When the Kyoto Protocol (the international agreement that aimed to reduce carbon dioxide emissions and the presence of greenhouse gases in the atmosphere) was conceived in 1997, governments were held accountable for sustainability. In more recent years, the private sector — mainly big corporations — has also launched sustainability programs following global and national regulations on their own initiative. Beyond mere compliance, more and more business leaders now speak of sustainability as a competitive advantage. Corporate sustainability is thus related to business strategy and requires specific capabilities to execute it effectively.

ENABLING EMPLOYEES
Deloitte’s 2023 CXO Sustainability Report says 73% of chief experience officers (CXOs) from the consumer industry increased investments in sustainability over the past year. When it comes to the retail industry, CXOs find materials and technology pathways to sustainability easier to implement than training: 65% of retail companies are using more sustainable materials, and 53% are using climate-friendly technologies and equipment, but only 48% are training employees on climate-change mitigation. That’s less than half of retail CXOs saying that their employees get training on climate change and the specific actions they can take to minimize the company’s impact on the natural and social environment.

In the Philippines, many organizations have yet to fully enable their employees to meet sustainability goals together.

“I am of the firm conviction that organizational capabilities are a very critical component of sustainability,” says Pauline Fermin, President and CEO of Acumen Strategy Consultants. “Ultimately, people are the most critical, renewable resource, that can truly support real sustainability effort. Unfortunately, investments on organizational capabilities here in the Philippines is not consistent.”

To illustrate the challenge, we can look at the individual capabilities required for Sustainability Metrics and Reporting, as well as the organizational structure necessary for Climate Governance.

SUSTAINABILITY METRICS
Annual reports are typically prepared by the Communications department using data on sustainability metrics and indicators submitted by Sustainability teams. It’s people on the ground that provide this data: in a manufacturing company, for example, this includes plant managers and facility operational staff, as well as purchasing and supply chain personnel.

Training the key individuals in each department to understand the significance of the data they collect, its impact on overall sustainability goals, and its role in compliance and reporting, is essential. Not only are the resulting reports more accurate, but the people on the ground also develop an appreciation of and commitment to the company’s sustainability goals.

CLIMATE GOVERNANCE
Future-ready organizations have developed robust sustainability risk management frameworks that identify, assess, and mitigate sustainability and climate-related risks. Not that it’s easy: building this resilience involves preparing for disruptions, diversifying supply chains, and ensuring business continuity, thus embedding sustainability into day-to-day operations and decision-making processes.

A key aspect of this operational integration is the establishment of clear climate governance charts where roles, responsibilities, and reporting lines for sustainability and climate-related risk management across all levels of the organization are outlined.

Let’s take airlines as an example. Climate hazards are inherent: airlines must identify climate-related physical risks in each facility along with the operational and financial impact. Each team must then develop business continuity plans with detailed adaptive measures integrated into their business processes. Do they have clear emergency response measures? Are they able to build effective relationships with local governments and airport authorities for synergy on resilience plans? Are they able to provide accurate information – numbers, not just descriptions – for the assessment and prevention of flooding in each facility?

It takes time, but with the right organizational capabilities, companies of all sizes can effectively manage sustainability risks and continuously build resilience. Unless the company includes organizational capability building in its sustainability metrics, sustainability goals will not be achieved effectively and in a timely  manner.

UNDERSTANDING THE GAPS
Achieving corporate sustainability goals requires the right processes and, more importantly, the right people. It begins with a clear vision from the leadership team level, supported by understanding and long-term commitment from senior managers, and delivered through specific yet diverse skills in teams on the ground.

Often, the call is not to “do things better” but to “do things differently.”

What are the capabilities you have in place, and what are the gaps to be filled?

Understanding the strategic organizational capabilities particular to your company — and how they can be developed or improved — is fundamental to making sustainability not just a buzzword but a reality.

 

Vanessa Bicomong is a lecturer at Ateneo de Manila University’s John Gokongwei School of Management, and program director for Customer Centricity at Acumen Strategy Consultants.

www.acumen.com.ph

How PSEi member stocks performed — August 12, 2024

Here’s a quick glance at how PSEi stocks fared on Monday, August 12, 2024.

How minimum wages compared across regions in July

(After accounting for inflation)

In July, inflation-adjusted wages were 18% to 25.1% lower than the current daily minimum wages across the regions in the country. Meanwhile, in peso terms, real wages were lower by around P74.24 to P120.29 from the current daily minimum wages set by the Regional Tripartite Wages and Productivity Board.

How minimum wages compared across regions in July

Philippines urges China to heed calls to ease tensions, to protest air tussle

A LANDSAT 7 image of Scarborough Shoal in the West Philippine Sea. — WIKIPEDIA

By John Victor D. Ordoñez, Reporter

THE PHILIPPINES on Monday urged China to heed calls to de-escalate tensions in the South China Sea after what it described as “very dangerous” actions by two Chinese aircraft that dropped flares in the path of a Philippine Air Force plane conducting a routine patrol over the Scarborough Shoal on Aug. 8.

The actions by China’s air force were to be expected because they were part of a “continuous pattern” by Beijing to assert its claims and presence in the South China Sea, Philippine Defense Secretary Gilberto Eduardo C. Teodoro, Jr. told reporters on Monday.

“It is a response we should be acclimated to,” he said, as he called on China to abide by international law and heed appeals by the Philippines and other countries to “temper” its actions.

The Chinese Embassy in Manila did not immediately reply to a Viber message seeking comment.

The Philippines’ National Security Council also urged China to “cease all forms of provocative and hazardous acts.”

The Department of Foreign Affairs (DFA) separately said Manila would file a diplomatic protest with China over last week’s incident.

Foreign Affairs spokesperson Ma. Teresita C. Daza told reporters in a WhatsApp message the DFA was set to file the protest “within the day.”

She said the incident would not affect Manila’s arrangement with Beijing on resupply missions to Second Thomas Shoal, another contested feature in the South China Sea.

“The Philippines adopts a de-escalatory approach to tensions in the West Philippine Sea,” Ms. Daza said, referring to areas of the sea within the Philippines’ exclusive economic zone (EEZ). “It remains committed to diplomacy and peaceful means of resolving disputes.”

Meanwhile, a task force handling the sea dispute with China said the Philippines would intensify air patrols within its airspace.

“Air and maritime security patrol missions will continue within our sovereign territory, airspace and exclusive economic zone,” it said in a separate statement. “The monitoring of our country’s airspace will be intensified.”

The Southeast Asian nation would continue maritime patrols in the South China Sea despite the “dangerous and provocative” actions of China’s Air Force last week, Philippine military chief Romeo S. Brawner, Jr. told reporters.

“China’s maneuvers… were very dangerous but the armed forces would not be deterred and would continue patrolling waters within the country’s exclusive economic zone,” he said.  “That is our right.”

Philippine President Ferdinand R. Marcos, Jr. on Sunday condemned the Chinese Air Force’s “unjustified, illegal and reckless” actions.

The Philippine Air Force (PAF) aircraft was undertaking a routine maritime security operation in “Philippine sovereign airspace,” the Philippine presidential palace said in a statement.

“The actions of the People’s Liberation Army-Air Force aircraft were unjustified, illegal and reckless,” the palace said. Mr. Marcos “stands by our brave men and women of the Armed Forces of the Philippines, especially the PAF.”

“We have hardly started to calm the waters, and it is already worrying that there could be instability in our airspace,” it said. “The Philippines will always remain committed to proper diplomacy and peaceful means of resolving disputes.”

At Monday’s briefing, Mr. Teodoro said China should comply with international law and on an earlier agreement to de-escalate tensions.

The Chinese side on Saturday said it “organized naval and air forces to lawfully” drive away the Philippine plane after repeated warnings, describing its operations as “professional, standard, legitimate and legal.”

“We warn the Philippine side to immediately stop its infringement, provocation, distortion and hype,” the Chinese People’s Liberation Army’s Southern Theater Command said in a statement, accusing the Philippine military of “disturbing” its activities in the area.

Confrontations between the two nations in the South China Sea have mostly involved their navy and coast guard vessels.

China has controlled Scarborough, which falls within the Philippines’ exclusive economic zone but is also claimed by several other countries, since 2012 after maintaining constant coast guard presence there, according to the Asia Maritime Transparency Initiative.

The shoal is 240 kilometers west of the main Philippine island of Luzon and nearly 900 kilometers from Hainan, the nearest major Chinese landmass.

ANOTHER ROUND OF LAWSUITS
China claims almost the entire South China Sea, including parts claimed by the Philippines, Brunei, Malaysia, Taiwan and Vietnam.

“Not only is China keeping our waters hostage; she has also started to encroach on our skies,” Senator Ana Theresia N. Hontiveros-Baraquel said in a statement. “These are clear and unacceptable violations of international law.”

She said the government should start working on the filing of another round of lawsuits against China before an international court. “We should not wait for China to escalate her provocations further before we raise these grave concerns to an international body.”

The Chinese Air Force’s acts happened a day after Beijing conducted a combat patrol near the shoal to test its troops’ “strike capabilities.”

Mr. Marcos has pursued closer security ties with the United States and other Indo-Pacific powers amid China’s increasing expansionism. — with Reuters

Congress ratifies bill on local defense equipment production

FILIPINO and American soldiers participate in war games at a recent Balikatan (shoulder to shoulder) military exercise. — PHILIPPINE STAR/WALTER BOLLOZOS

CONGRESS has ratified a bicameral conference committee report of a bill that seeks to boost the country’s defense program through investments in local defense equipment manufacturing amid growing tensions with China.

At the Senate’s plenary session on Monday, Senate President Pro-Tempore Jose “Jinggoy” P. Estrada, Jr. said the consolidated bill includes a clause that would ensure preferential treatment for local defense industry players for the state’s military purchases.

The House of Representatives separately approved the bicameral report through a voice vote.

“Our proposal aims to ensure that our weapons, vehicles and other equipment for our soldiers, police officers and law enforcement personnel are made in the Philippines by Filipinos,” Mr. Estrada told the floor in Filipino.

“By strengthening the local defense industry to meet the needs of our armed forces and national defense, we expect this initiative to create job opportunities for our citizens, drive innovation and development and reduce foreign exchange outflow,” he added.

The senator said the bill offers incentives to attract foreign defense industry investors.

The Senate approved the bill in December, while the House approved its version in January.

The measure allows the Defense department to develop a self-reliant defense posture program that will encourage manufacturers to produce weapons and defense systems in the country for local use and exports. It will also give the agency P1 billion in funding.

Local defense enterprises will be exempted from value-added tax, Customs duties on capital equipment imports and raw materials.

“With the bill, we want to give the local defense industry a fighting chance at growing into a robust industry,” Senator Juan Miguel F. Zubiri, one of the authors of the bill, told the plenary.

“We want to help local producers accelerate their growth and their ability to come out with competitively priced quality material for our own use.”

China claims more than 80% of the South China Sea based on a 1940s map, which a United Nations-backed arbitration court voided in 2016.

The Philippines has been unable to enforce the ruling and has since filed hundreds of protests over what it calls encroachment and harassment by China’s coast guard and its vast fishing fleet. — John Victor D. Ordoñez and Kenneth Christiane L. Basilio

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