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Towards a resource efficient and pollution free Asia Pacific

By Shamshad Akhtar and Erik Solheim

SENIOR government officials from across Asia and the Pacific recently met in Bangkok for the first-ever Asia-Pacific Ministerial Summit on the Environment. The high-level meeting was co-convened by the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) and UN Environment and was a unique opportunity for the region’s environment leaders to discuss how they can work together towards a resource efficient and pollution-free Asia Pacific.

At the core of the meeting is the question: how can we use our resources more efficiently to continue to grow our economies in a manner that does not tax our natural environment or generate pollution affecting public health and ecosystem health?

Resources such as fossil fuels, biomass, metals and minerals are essential to build economies. However, the region’s resource efficiency has regressed in recent years. Asia is unfortunately the least resource efficient region in the world. In 2015, we used one third more materials to produce each unit of GDP than in 1990. Developing countries use five times as many resources per dollar of GDP in comparison to rest of the world and 10 times more than industrialized countries in the region. This inefficiency of resource use results into wastage and pollution further affecting the natural resources and public health which are the basic elements for ensuring sustainable economic growth.

As the speed and scale of economic growth continues to accelerate across the region, pollution has become a critical area for action. While the challenge of pollution is a global one, the impacts are overwhelmingly felt in developing countries.

About 95% of adults and children who are affected by pollution-related illnesses live in low and middle-income countries. Asia and the Pacific produces more chemicals and waste than any other region in the world and accounts for the bulk — 25 out of 30 — of cities with highest levels of PM 2.5, the tiny atmospheric particulate matter that can cause respiratory and cardiovascular diseases and cancer. More than 80% of our rivers are heavily polluted while five of the top land-based ocean plastic sources are from countries in our region. Estimates put the cost of marine pollution to regional economies at a staggering $1.3 billion.

If left unattended, these trends threaten to up end hard-won economic gains and hamper human development. But while these challenges appear intractable, the region has tremendous strengths and opportunities to draw from. Many countries hold solid track records of successful economic transformation. The capacity for promoting environmental sustainability as an integral pillar of sustainable development must now be developed across all countries in the region.

There are some profound changes underway in Asia and the Pacific. The region is experiencing the largest rural to urban migration in history. Developing these new urban areas with resource-efficient buildings, waste water and solid waste management systems can do much to advance this agenda.

Advancing the “sharing economy” might mean we have better utilization of assets such as vehicles, houses, or other assets, greatly reducing material inputs and pollution. The widespread move to renewable energy should rein in fossil fuel use. And advances in recycling, materials technology, 3-D printing, and manufacturing could also support greater resource circularity.

Moving to green technologies and eco innovation offer economic and employment opportunities. Renewable energy provided jobs for 9.8 million people worldwide in 2016. Waste can be converted into economic opportunities, including jobs.

In Cebu City — the second-largest city in the Philippines, concerted Solid Waste Management has borne fruit: waste has been reduced by 30% in 2012; treatment of organic waste in neigborhoods has led to lower transportation costs and longer use period in landfills. The poor have largely benefited from hundreds of jobs that have been created.

At the policy level, it is vital that resource efficiency and pollution prevention targets are integrated into national development agendas, and targeted legal and regulatory measures to enforce resource efficiency standards should be established.

For example, the Government of China has instituted a national system of legislation, rules and regulations that led to the adoption of a compulsory national cleaner production audit system that has been in place for more than 10 years. The direct economic benefits from this system is estimated to be more than $3 billion annually.

Further, we need an urgent reform of financial instruments. Too little capital is supporting the transition to green and resource efficient economy — a major portion of current investments is still in high-carbon and resource-intensive, polluting economies. Polluter pay principle and environmental externalities are not yet fully integrated into pricing mechanisms and investment models. The availability of innovative financing mechanisms and integrated evaluation methods are important for upscaling and replicating resource-efficient practices.

For example, the large-scale promotion of biogas plants in Vietnam was made possible by harnessing global climate finance funds. Several countries in the region area are already emerging as leaders in the development of comprehensive, systemic approaches that embed sustainable finance at the heart of financial market development, such as Indonesia and Sri Lanka, and we should draw from the positive lessons learned from these experiences.

Resource efficiency and pollution prevention must be recognized as an important target for action by science, technological, and innovation systems. This is important for the ongoing development of technology, and for scaling up technologies. Research shows that developing countries could cut their annual energy demand by more than half, from 3.4% to 1.4%, over the next 12 years. This would leave energy consumption some 22% lower than it would otherwise have been — an abatement equivalent to the entire energy consumption in China today.

We need to move to a more resource efficient and pollution free growth path that supports and promotes healthy environments. The cost of inaction for managing resources efficiently and preventing pollution is too high and a threat to economies, livelihoods and health across the region.

Shamshad Akhtar is the Executive Secretary of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). Erik Solheim is the Executive Director of the United Nations Environment Program.

Diversity sounds great until companies are asked to show it

A MAJORITY of big companies say gender and racial diversity are key factors in picking a new director. Fewer than half are willing to show whether they are succeeding.

About 45% of companies disclose the gender of directors and about 40% reveal the race or ethnicity, according to a detailed analysis of the regulatory filings of 500 of the largest US-listed public companies by Equilar. That’s less than the 60-plus% that say each of those factors is important in picking board members, according to the study being released Wednesday.

“There is no standard” for how companies disclose such information, said Matthew Goforth, Equilar senior governance adviser and one of the study’s authors. “But if that were to happen, that would put more pressure on boards to diversify if they were perceived as being less diverse.”

Institutional investors such as State Street Global Advisors and BlackRock, Inc. are pressuring boards to add women as directors and are more likely than in the past to support shareholder proposals that call for better disclosure of diversity. Lacking federal requirements, such as those for disclosing director pay, the way companies are presenting the information varies widely.

Women lost ground on new board seats for the first time in eight years last year, taking just under 28% of the 421 open board seats in Fortune 500 companies, according to executive recruiter Heidrick & Struggles. The number of people of color appointed as directors fell in 2016 and the rate of minorities serving on boards has been mostly unchanged over the last decade, according to executive recruiter Spencer Stuart. 

The desire for more information exposes some of the difficulty in presenting it, Goforth said. Gender is more readily apparent than race, which more often than not requires the director to self-identify, he said. Where even a picture might let an investor determine gender, it can be less reliable for race or ethnicity, Goforth said. Also, in different countries, racial and ethnic diversity have different meanings where gender doesn’t, he said.

Some companies disclose the overall diversity of their board while others give the information for each director individually, Equilar found. The information is often in a chart or graphic, making it more difficult to find with keyword searches. Using one such search last year, an Equilar study found that only 13% of companies in the S&P 500 disclosed diversity in ways that were evident in the text.

Companies most likely to disclose the gender or racial diversity of their directors were in the health care and industrial goods sectors and the least likely were in basic materials, which includes energy and oil and gas companies, Equilar found.

Increasingly, the evidence is that diversity leads to better financial return and investors are pushing the business case, Goforth said. In a 2015 study, McKinsey found that companies with above-average gender equity are 15% more likely to outperform markets than those who lag the average. Last year, a Credit Suisse report determined that companies with a more diverse work force return more money to investors.

Different boards see diversity in different ways — for example, some may consider geographic diversity, age, experience and skills in finance or cybersecurity — adding to the complexity of reflecting the board makeup, Goforth said. If a standard is developed, it would likely have to let directors to describe their own race and gender, because there would be too much resistance to any sort of external designation.

“Ultimately, investors want to avoid the board becoming an echo chamber of 8-12 people sitting in a room,” Goforth said. — Bloomberg

Sopranos’ Frank Vincent, 78

LOS ANGELES – American actor Frank Vincent, who was known for his memorable gangster roles in Goodfellas and The Sopranos, died on Wednesday.

Television network HBO saluted Vincent on its Twitter account, saying, “Our family will never forget the Leotardo Legacy. RIP to an HBO legend.”

The reference was to Phil Leotardo, Tony Soprano’s ruthless antagonist at the end of the wildly popular series starring James Gandolfini, who died in 2013.

Celebrity news site TMZ said Vincent died of complications following open heart surgery in New Jersey. He had suffered a heart attack a week earlier.

According to his biography on the Internet Movie Database (IMDb) he was 78 years old.

The actor had standout gangster roles in Martin Scorsese’s 1980 film Raging Bull, Casino (1995) as well as Goodfellas (1990).

He also voiced the character of a Mafia boss in several Grand Theft Auto computer and video games.

His film credits also include The Pope of Greenwich Village (1984) and Spike Lee’s Do the Right Thing (1989). – AFP

Wasting time

TIME is a commodity we can’t afford to waste. It seems we’re all busy trying to get more out of the available hours in a day. Pressure by management to freeze hiring or even reduce staffing levels means that we must maximize our efforts. Perhaps this is one of the reasons why it is so galling when others waste our time and we lose the ability to do anything to rectify the situation. Perhaps corollary to this is the practice of failing to extend the courtesies due to someone who has patiently waited.

I recall my daughter pushed her way in front of other parents and children in order to climb aboard a children’s ride in a local shopping mall. I took the time to take her to one side and explain that other people were there first and she would have to wait. We then stood patiently while the other children rode. However, just before it was her turn, another child ran up and boarded the ride. Had I not passed a comment to the parents, they would have been happy to let the child ride ahead of mine (and other waiting children)! I am not defending my daughter, but at least her “queue-jumping” was born out of natural enthusiasm and an unformed concept of waiting her turn! I can’t say the same for the other child and parents. Clearly, had I not said anything, the child’s impolite manner would have been reinforced by being allowed to ride ahead of other children.

Companies are increasingly resorting to number systems. It seems to work well enough in banks and service offices, although it often doubles as a way of minimizing the deleterious effects of understaffing of inefficient customer service. The latest trend seems to be “open-plan” service departments. I really don’t mind waiting for five or 10 minutes; when the wait spins out to 30-40 minutes, I start to get irritated. And all the more so when the open-plan work environment allows me to see employees sitting around laughing and joking with colleagues or supposedly working on large piles of documents and ignoring real-live customers in their premises!

We have a system in our company of pre-screening applicants for jobs. Before I get to interview them, HR ask them to fill up a detailed two-page form of personal data. Then they have a pre-interview and finally get to see me! Last week, I noticed an applicant sitting alone in our interview room. HR were aware he was in our office but claimed to be finishing their merienda break. I interviewed the individual immediately and established he had been waiting in the room for over an hour. Really! This is completely unacceptable. He might be applying for a job with us but this doesn’t give us the right to waste his time! And consider this for a moment. Suppose he had been the perfect candidate for the position and we had wanted to offer him a job? Given the shortage of qualified and suitable applicants, there is every chance that another company would want to hire him too. Disrespecting him by wasting his time would hardly give him a good impression of our company and there is every chance this would influence his decision to take a job offer with us!

What worries me about the above situations (and numerous examples like it) is that it shows a basic disregard for the value of peoples’ time. The average Filipino is becoming less tolerant of others wasting his time. When a service center is woefully understaffed, the company is either badly run or is putting profitability ahead of customer satisfaction. Vendors who appreciate the value of others’ time and seek to render quick and efficient service will begin to lure customers away from those who stick to established business practices.

I have little sympathy for corporations who lose contracts because of late delivery. This all falls into the same bag. The customer has a right to expect that deliverables will be met. The company who is able to meet customer demands will always do better than that which fails to perform. When you have a monopoly on the items you sell, or your prices are so low you are assured of customers, perhaps you can afford to disregard customer service and, more specifically, the value of your customers’ time. When the customer has a choice, or recognizes the value of his time, he will certainly look around for vendors who can serve his needs more quickly.

Terence A. Hockenhull is a long term resident of the Philippines. He is an accomplished sales consultant and currently holds an executive sales position with an Italian geotechnical company.

hockenhull@gmail.com

How PSEi member stocks performed — September 14, 2017

Here’s a quick glance at how PSEi stocks fared on Thursday, September 14, 2017.

On the shelf

COMIC BOOK COMPILATION
Apple Premium Reseller Beyond the Box is collaborating with three diverse and talented female artists — Julienne Dadivas (also known as Hulyen), Mika Bacani, and Rian Gonzales — for the second issue of Beyond, a comic book compilation drawn entirely on the iPad Pro. To learn more about the project visit facebook.com/beyondthebox.ph.

The compilation hits the shelves in October.

Gonzales landed in the international scene after doing covers for Archie Comics (Betty and Veronica, Josie and the Pussycats), IDW Publishing (Jem and the Holograms), and Valiant Comics (Faith). Recently, she held her first solo exhibit, Rainbow Candy Girl, in Singapore, showcasing her pieces that feature anime-like portraits of women in vibrant avant-garde fashion. Today, she is a contributing writer and artist for the Philippine Daily Inquirer.

Known by her comic book moniker Hulyen, Julienne Dadivas is popular for her homespun visual trademarks and non-conforming humor. Her first ’zine was UGH #1 which depicted a character’s wry reactions to daily encounters. This was followed by two more issues that equally received good reviews.

Today she has thousands of social media followers who follow her funny comic strips on her Facebook page. Some of her works have also been published in Komikon’s Sulyap comics anthology, Scout magazine, and Young Star.

A graphic artist for restaurants by trade and a children’s book illustrator by passion, Mika Bacani’s dream came true when she worked with Adarna House for the children’s book What Kids Should Know About Filipino Food. She is also known for her Instagram project “100 Days of Summer Strangers” in which she collated her illustrations of strangers she met on her daily grind. Her other work has been published by such publications such as Candy, The Philippine Star, and L’Officiel Manila.

For more information, visit beyondthebox.ph.

BOOK ON HAPPINESS
The book Happiness 365 and ¼ Days, written by Canada-based Filipino writer Lucy Lombos, features motivational stories about Jimmy Belleza, a man who rose from dire poverty to become an entrepreneur, a business consultant and trainer, a radio anchor, a public speaker, and the Philippines’ “Happiness Guru.” According to the book, happiness lies within each person; the source is not from the outside. However, it is also innate not to be separated from others who can help enrich us. It is crucial to capture as much optimism and blessings that we can from the sea of life. Once one has harnessed and controlled one’s inner feelings, then they will be able to share that overflowing joy externally. The book will be released very soon. Proceeds from sales will go to Childhaus Manila.

Nation at a glance — (09/15/17)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Philippines: 4th in time spent watching online videos — study

FILIPINOS spend an average of six hours a week viewing videos online, the fourth-longest of countries surveyed, according to a report.

The “State of Online Video 2017” report by Limelight Networks, a provider of global Content Delivery Network services, said the Philippines posted the fourth-highest average online viewing time per week at 6.35 hours, behind India (7.12 hours), Singapore (6.62 hours) and the US (6.58 hours).

The report is based on a survey of 4,000 consumers in France, Germany, India, the Philippines, Singapore, South Korea, the United Kingdom, and the United States.

online videoGermany came in last of the countries surveyed at four hours and 23 minutes, with nearly half of respondents watching only one to two hours per week.

The report said that the average number of hours watching online video in a week was 5.75 hours.

A computer or laptop was the primary device used to watch online video, but smartphones have become the leading device in some countries, and with younger viewers. In the Philippines, most of online video consumption happens via computers or laptops and smartphones. However, streaming devices are increasingly gaining popularity with users streaming online videos via Smart TVs with online video apps (32.6%) and Google Chromecast (30.4%).

Viewers spend more time online watching movies than any other type of content. In the Philippines, TV shows and news come in second and third, respectively after movies.

A growing trend is subscription to streaming services, with 30% of viewers noting they subscribe to two or more services. Subscription rates are highest in the US and India, where 50.8% and 46.8% respectively, subscribe to two or more streaming services.

Some 42% of Filipinos do not subscribe to any service. On the other hand, 21.9%  subscribe to more than one streaming service.

In terms of the duration of online content, viewers in the Philippines, along with those in South Korea, most often watch videos with 31-60 minutes of content.

“With the proliferation of online video content, viewers are moving away from traditional broadcast television viewing and are demanding broadcast-quality online experiences,” said Michael Milligan, Senior Director at Limelight Networks. “Our research over time has shown a clear increase in expectations and decreasing patience with poor quality experiences.” — Patrizia Paola C. Marcelo

Philippine economic growth rate (H1 1980-2017)

Hot This Weekend (09/15/17)

Artists talk

SILVERLENS presents Vocalizing the Visual, an artists’ conversation moderated by Gary-Ross Pastrana with Frank Callaghan, Eric Zamuco, Issay Rodriguez, Lou Lim, and Jan Balquin. It will be held on Sept. 16, 3 p.m., at Silverlens Manila. The conversation will initially revolve around the difficulties of speaking, and to a certain extent, verbalizing, putting into words or just clearly defining one’s practice even to one’s self. It will also lightly touch on questions such as “Do artists need to write?” to more debatable ideas like “Will speaking about the work diminish its meaning?” to really practical thing such as “Is it okay to speak in Filipino?” Limited slots available! To RSVP, e-mail info@silverlensgalleries.com or message +63-917-587-4011.

Auction

Casa De Memoria will be holding its Interiors Auction on Sept. 16, 2 p.m., featuring 17th century furniture, vintage home accessories, and fine art. The auction house is located at 156 Jupiter cor. Comet St., Brgy. Bel-Air, Makati City.

Choral contest

FESTIVAL MALL’s amateur choral contest, Awiting Kay GLEEing, will be held on Sept. 16 and 17 at the mall’s 2nd level Carousel Court. Judging the contest, which is open to non-professional vocal groups, are Pilita Corrales and Boboy Garovillo. The contest pieces are all OPM songs composed from 1970 to 1979 including “Anak” and “Awitin Mo Isasayaw Ko.”

Valera on view

Over 30 Philippine ternos and evening gowns take center stage in Valera and the Modern: An Exhibit on the Life and Work of National Artist for Fashion Design Ramon Valera, at the SDA Gallery of the De La Salle-College of Saint Benilde (DLS-CSB). Ramon Valera, the country’s very first National Artist for Fashion Design, rose to prominence for his ingenuity and craftsmanship, which revolutionized formal Filipiniana designs — primarily due to his masterful beadwork and embroidery. The exposition is on view until Oct. 14. The De La Salle-College of Saint Benilde School of Design and Arts (SDA) Campus is located at 950 Pablo Ocampo St., Malate, Manila.

Public lecture

THE first public event of the exhibition Games and Politics, “Game World Views: The Potentials and Problems of Politics in Games,” to be given by Christian Huberts, will be held on Sept. 14, 2 p.m., at Areté, Agteneo de Manila University, Katipunan Ave., Quezon City.

Lopez Museum lecture

THE second lecture of the Lopez Museum and Library’s “Off the Pages” lecture series, done in partnership with the Ateneo de Manila Department of History, will be held on Sept. 16, 2 p.m.-4 p.m. at the museum. The lecture, “Inhabit,” discusses the impact of infectious diseases in military operations during the Philippine American War (1899-1902). The registration fee is P115 for students, teachers, senior citizens, and LML members, and P135 for adults. To register, e-mail programs@lopezlibrary.org.ph, or call 631-2417.

How to stand up for the workers in critical situations

There are instances that a manager must stand up for his people, if they’re being criticized by another manager or even by the customer. So, how does a boss protect his workers from unfair criticisms that may include the use of abusive and strong words? — Feeling Sympathetic.

A certain old-fashioned Christian congregation held a Sunday service as usual. As expected, its ceremonies were patterned after the traditional practices in the early days of the Unites States. The pastor dressed up in long coat and knee-length pants, and the congregation divided by gender:

Men on the left side of the aisle, and women on the right.

For that particular Sunday, the pastor announced the introduction of a new collection system. He asked the “head of the family” to come forward and place the money on the altar. The men instantly rose. And to the amusement of the entire churchgoers, many of them crossed the aisle to get money from their wives.

This story tells us how managers should cross the aisle, if only to protect the integrity of their respective families and settle their obligations, not only to the Almighty but to other people as well. And the workplace is not an exception, except for one thing. If the workers are criticized by another manager or customer, the situation is telling you one thing — it could be a clear proxy for criticism of you directly.

It is a proxy war and an indirect challenge against you or your management style. This alone is enough reason for you to defend your workers against the attacks, including your own boss, who may not have the courage to tell it directly to your face. They may accuse your workers of many things to get back at you.

Of course, there are many exceptions to this. That’s why you have to study each and every situation very carefully. Now, here are some generic and helpful ways on how to protect the workers from unfair criticisms and critical situations:

One, insist that the complainer tone down his voice. First things first. Convince the aggressor not to be emotional and tackle the issue with rationality. This is easier said than done, but if you attempt to do it that way, there’s a big chance that both parties, including the boss, may see the light.

Two, bring the discussion to a private, neutral place. The ideal location is a conference room or board room, which can give everyone the right space to explain both sides of the coin, even if they shout at each other. The setting can also allow the parties to turn their undivided attention to the issue at hand, free from interruption.

Three, seek the support of other concerned parties, if necessary. An unreasonable aggressor may not like it as usually, he may have problems with a big group that may choose to gang up on him. If this happens, stand your ground as long as you firmly believe that those persons would be helpful in resolving the issue.

Four, clarify the issue or issues with the aggressor or complainer. Paraphrase them to ensure that you’ve understood everything. Dismiss all unrelated circumstances to simplify the resolution process. Then agree with the aggressor on the real issue, while eliminating opinion from the facts of the case.

Five, hear the side of the concerned employee without interruption. Summarize his position in clear terms. After all, the concerned worker is always the weakest party in this case. Do the same thing as in number four above to manifest your fairness in handling the situation. Separate facts from opinion, unless warranted.

Six, review the standard written operating procedures. Compare them with the issue or issues being raised. It doesn’t mean however that you leave the room to get a copy of the policy and procedures. It is enough that you understood them well based on your stock knowledge.

Seven, propose a win-win solution. Depending on the gravity of the situation, this may include keeping the concerned worker from continuing to work with the complainer. While it may go against the career development of the worker, at times, you need to act decisively if only to avoid a repeat problem.

Last, ask the aggressor to deal with you directly. Insist that anyone who has a complaint against any of your workers or your department, in general, must first deal with you. That way, you’ll be able to defuse the situation right away and offer a non-confrontational way of resolving the issue.

If the situation continues, be prepared to counter the assertions with facts. Dig deeper. It could be that another department is slowly using your group as a scapegoat. Sit down privately with the concerned department manager and try to discover the root cause of the problem.

If the issue can’t be resolved, inform your boss and seek his advice. If your boss is part of the problem, then you may have a much more difficult situation to resolve. We can handle that in our future articles.

elbonomics@gmail.com

Breaking barriers to competitiveness

The Financial Executives Institute of the Philippines (FINEX) will hold its 49th Annual Conference at the Fairmont Hotel in Makati City on Oct. 13. Organized by the FINEX Week Committee, its theme is “Breaking Barriers to Competitiveness in the ASEAN Financial Sector” with the following rationale:

In between the establishment of the ASEAN Economic Community at the end of 2015 as well as the Philippines’ Chairmanship of the ASEAN this year, the ASEAN has consistently been at the forefront of the Filipino business community’s concerns in the past years. Much has already been discussed about the entailed risks and opportunities — discussions that have prompted companies to work toward future-proofing their own organizations.

However, the approach to the deadline of the ASEAN Financial Integration in 2020 brings to light the fact that there is still much more to be said and done, especially within the financial sector: from raising our securities regulation to match global standards, to the necessary preparations for taking part in an ASEAN Capital Market, to even understanding the behavior and preferences of the ASEAN consumer of today.

It is this conversation that the 2017 FINEX Annual Conference aims to spark with the wider goal of spurring action to improve the Philippine financial sector’s position in the regional and global stage. This year’s conference will tackle the hard-hitting questions on the Philippine public and private sectors’ readiness for the financial integration, all in the context of a world that continues to blindside us with one critical juncture after another.

MAHATHIR IN MANILA
Keynoting the FINEX conference is Tun Dato’ Dr. Mahathir bin Mohamad, the Prime Minister of Malaysia from 1981 to 2003, and currently the President Emeritus of Perdana Leadership Foundation.

At the age of 92, Mr. Mahathir has made a stunning comeback in Malaysian politics by forming a new party called Bersatu, meaning “unite” in Bahasa. This development opens up the possibility of his becoming Prime Minister again should the opposition win the parliamentary election due by mid-2018.

Incumbent Prime Minister Najib Razak of the ruling United Malay National Organization (UMNO) won the last general elections in 2013 despite losing the popular vote. Since then, he has been embroiled in a corruption scandal involving the 1Malaysia Development Berhad (1MDB) strategic fund that he founded upon gaining power in 2009. Subsequently, he had a falling out with his political mentor, Mr. Mahathir.

After breaking away from the UMNO coalition, which has a 60-year record of unbroken rule since Malaysia’s independence from Britain in 1957, Mr. Mahathir formed the Bersatu party together with Mr. Najib’s former deputy, Muhyiddin Yassin, who was fired in 2016 for questioning his boss about the 1MDB scandal.

Bersatu, also known as the Malaysian United Indigenous Party, now has branches in 165 out of the 222 parliamentary constituencies in the federal country. According to Mr. Muhyiddin, this is a feat few opposition parties have managed, having achieved it in less than a year from Bersatu’s founding in late 2016.

Last March, Malaysia’s opposition alliance Pakatan Harapan accepted Bersatu as its fourth member to strengthen the opposition’s chances of winning more seats in the 2018 elections. Anwar Ibrahim, Mr. Mahathir’s erstwhile Deputy Prime Minister, heads the opposition coalition, and their new alliance represents a real threat to UMNO.

TOP AGENDA
FINEX has teamed up with BDB Law to co-present a series of breakfast forums dubbed as “Top Agenda.” These informal sessions provide opportunities for FINEX members to get together with distinguished government officials in a closed-door setting to discuss relevant business and regulatory matters as well as to identify areas where FINEX can collaborate with and assist the government.

This month’s resource persons are Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier about the BSP’s financial inclusion advocacy on Sept. 18, and Supreme Court Senior Associate Justice Antonio T. Carpio about the West Philippine Sea dispute on Sept. 21. Both forums will be staged at the Tower Club, Philam Tower, Paseo de Roxas, Makati City.

J. Albert Gamboa is Chief Financial Officer of the Asian Center for Legal Excellence and serves as Co-Chairman of the FINEX Media Affairs Committee.

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