US food safety regulators expand bird flu testing in milk products

July 1, 2024 | 12:02 am

THE US Food and Drug Administration (FDA) has begun testing more dairy products for evidence of the bird flu virus as outbreaks spread among dairy herds.

More than 120 dairy herds in 12 states have tested positive for bird flu since March, according to the US Department of Agriculture (USDA). Federal officials have warned that further spread among dairy cows could heighten the risk of human infections.

The risk to the general public from bird flu remains low, federal officials have said, though it is higher for workers on dairy farms, who should wear personal protective equipment to reduce the risk of infection.

The focus of additional testing, which will sample 155 products, is to ensure that pasteurization inactivates the virus, said Don Prater, acting director of the FDA’s Center for Food Safety and Applied Nutrition, on a call with reporters.

Prior FDA testing of 297 retail dairy samples came back negative for evidence of the virus. The agency continues to strongly advise against consumption of raw milk products, Mr. Prater said.

No infected dairy cow herds are known to be contributing to the raw milk supply, said Eric Deeble, USDA’s acting senior adviser for its bird flu response.

More than 690 people who were exposed to infected or suspected infected animals have been monitored for flu symptoms, and 51 people who developed flu-like symptoms have been tested, Demetre Daskalakis, director of the US Centers for Disease Control and Prevention’s (CDC) National Center for Immunization and Respiratory Diseases, said on the press call.

Three dairy farm workers have tested positive for the virus with mild respiratory or conjunctivitis symptoms, and all have recovered.

The CDC is providing technical support to the state of Michigan as it begins serological testing of farm workers for signs of prior infection by the virus and will ensure the testing can be completed in other states, Mr. Daskalakis said.

The USDA is conducting research on how dairy cattle contract the virus through contact with infected milk or respiratory droplets, Mr. Deeble said.

The development of a bird flu vaccine for dairy cows “is going to take some time,” and the agency hopes to eradicate the virus in dairy cattle without the use of a vaccine, Mr. Deeble said.

Agriculture Secretary Tom Vilsack told Reuters on June 12 that the agency is in talks with two dozen companies on the development of a bird flu vaccine for cattle. — Reuters

A step back to move the business forward

July 1, 2024 | 12:02 am

business-person-futuristic-business-environment — FREEPIK

“Slow down to speed up,” my physical therapist admonished me once, as I injured myself by walking fast and not listening to my body.

This principle of halting the rush also rings very true in the world of business. Leaders are often caught up in chasing after sales targets and implementing initiatives. Amid fierce competition, cost pressures, and rapidly shifting customer preferences, much of an organization’s energy must be put into delivering commitments, and rightly so.

But then, we all hit a wall. My foot gave in after I pushed myself too hard in exercising. For companies, the manifestations are team burn-out, budgets that are maxed out yet the top line and bottom line results are not coming in. All too often, the default response is to work harder or cut budgets, which often leads to counterproductive results. Then board members or shareholders demand clearer explanation and results turnaround ASAP.

“Slow down to speed up” for businesses means that the leadership team must take time off — yes, precious time — to step back and analyze the business.

This is a period to objectively look at what’s working and what’s not. What drives success and the reasons for failure. To get objective data on whether customers still find their product or service relevant, or different enough versus the many other alternatives. To assess competitive position. To forecast what’s up ahead.

These business reviews are standard fare among multinationals and some of the large local companies. From these business reviews, debates on what the better strategy is ensue, and what plans will bring these to life. Budgets are then based on the prioritized plans.

The majority of companies, however, do not invest the time and effort on this “slowing down.” One culprit, as we learned from several home-grown companies, is that the entrepreneurial approach of the founder/s takes precedence over any structured planning process. Most decisions on strategy and plans emanate from a top-down direction — and why not? After all, this is fast, efficient, and the bosses know what’s best anyway, right?

What get compromised in this top-down approach are aplenty. The leaders and managers who get to experience the nuances of the day-to-day business — on what works, what doesn’t, the challenges, the strengths versus the competition — do not get to participate in the thinking process and are not able to bring up all their inputs. And because they were not part of the process, there is hardly any buy-in nor accountability to the resulting plans.

Culturally, we defer to authority, and thus Filipino managers would often say, “sige boss, kaya ’yan.” But then, when the going gets tough and the plans don’t work, they will just rant on the side and drag their feet in execution. And the cycle of non-performance begins.

What’s an alternative? An iterative top-down and bottoms-up approach.

Founders, shareholders, and boards definitely must express their expectations of the business, and the financial results that the leadership team must deliver. Then the rest of the leadership team, and their key managers, must be involved in both the business reviews and in strategy development. This process must be data-driven and rigorous, and thus cannot be just a one-off, ill-prepared, planning-cum-team building session. There must be respectful debates once a data-based business review is underway. In these debates, everyone should wear a company hat versus a siloed mindset.

Strategies must be chosen based on a thorough identification of what truly drives the business, asking themselves, “What really, really moves the needle?”

Often, “presentations” are confused with strategy discussions. The danger with presentations is that the leader would default to justifying their plans or initiatives, without the proper and objective evaluation on whether it worked or not. They hardly review results versus commitments.

This is why in strategic planning, it is worthwhile to tap external facilitators, those with expertise on structuring the overall process, the business reviews, and the strategy discussions — to come up with a rigorous analysis, to facilitate debates, and to sharpen the thinking. Importantly, objectivity is then infused into all the discussions. The leaders are then guided to make choices based on objective data, broad-based leadership input, and robust basis for investment decisions.

“Slow down to speed up” is a must for all businesses wanting to have a healthy, sustainable future.

Pauline Fermin is the president and CEO of Acumen Strategy Consultants, which provides advisory services to Top 100 corporations in the Philippines in the areas of corporate strategy, marketing, and brand strategy, organization transformation, and capability building.

www.acumen.com.ph

BSP survey: Consumer spending less upbeat in Q3

July 1, 2024 | 12:02 am

In the third quarter, Filipino consumers are expected to reduce their spending based on the results of the central bank’s second-quarter Consumer Expectations Survey (CES). The conﬁdence index (CI) on consumer spending for the next quarter fell to 39.6% from 41.3% previously. Consumers will spend less on food, nonalcoholic and alcoholic beverages, and tobacco (60.6% from 63.7%), fuel (47.8% from 50.8%) and transportation (41.3% from 42.9%), among others. Meanwhile, consumer spending will increase in electricity (61.6% from 61.4%), water (44.9% from 44.3%), and personal care and effects (39.6% from 36%), among others.

Comfort zone

July 1, 2024 | 12:02 am

VELO_PAGE1_image1 — PHOTO BY KAP MACEDA AGUILA

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The well-specced GAC M6 Pro presents a serious challenge for the usual suspects

By Kap Maceda Aguila

A DRIFT TRACK is quite an exciting place to be, if you’re looking forward to gawking at — if not experiencing for yourself — dynamic driving. Everyday driving on usual routes should be a cinch for all vehicles worth their salt; but it is through pushing beyond the average that one gets a better idea of how well an automobile is put together.

That’s exactly the idea behind GAC Motor Philippines’ recent drive to highlight its M6 Pro multi-purpose vehicle (MPV).

Of course, dynamic driving — let alone a drift track — are not the usual concepts associated with MPVs, which are more known as point-A-to-B conveyors while offering comfort and varying levels of convenience (and luxury). So there was some incredulity with the decision of GAC Motor Philippines in choosing the R33 Drift Track in San Simon, Pampanga to showcase its M6 Pro seven-seater van to three batches of the press and content creators.

Ahead of the drive, GAC Motor Philippines Brand Head Franz Decloedt, in an exclusive interview with “Velocity,” reported on Astara Philippines’ growing business with the Chinese brand. “There’s great momentum that we’ve been experiencing since our first year with GAC. We ended 2023 with sales of almost 2,000 units; that’s almost 350% growth. This year, we’re continuing that momentum. By the end of May, we had already sold 1,351 units for the year. That means we’re almost at our 2023 levels. Growth is at 204%. GAC here is now the fastest-growing brand in the industry among all brands.”

When Astara Philippines took over the GAC distributorship at the end of 2022, the brand had six dealerships in its network. At the close of 2023, that number grew to 20. Today? “We’re currently at 26 operating dealers,” reported Mr. Decloedt, and he expects to get that total up to as many as 38-strong before the year is done and dusted. “We are blessed that a lot of new partners are wanting to carry the brand,” he insisted.

Right at the core of GAC’s success heretofore in the Philippines is, of course, its product mix — led in sales by the GS3 Emzoom subcompact crossover. Astara Philippines recently reported that the model breached 1,500 units in sales since its launch in June of last year. A source revealed that it accounts for up to 40% of local sales for the brand.

“There is so much more to offer in the MPV segment,” said Astara Philippines Training Head Dong Magsajo at R33. “This set of training exercises which consists of hard braking and maneuverability exercises in a proper track are enough to show that we have some advanced safety features that might not be standard, or not what people might expect in an MPV. Primary in anyone who buys a vehicle for the family is safety, so we chose to highlight that — on top of the comfort and tech features and the styling of the M6 Pro.”

The GAC M6 Pro is priced at P1.23 million for the GS variant, and P1.598 million for the GL. The latter is fitted with — among other niceties — a slew of advanced driver assistance system (ADAS) features. Both trims are powered by a turbocharged 1.5-liter mill delivering 174hp and 270Nm.

“We have one of the biggest entry access points,” stressed Mr. Magsajo, referring to the large rear doors which allow ingress for the second-row captain’s chairs, along with the third-row bench seats. GAC also has an elegant way of accessing the last row. “You can actually go through the middle of the two captain’s chairs,” he said, which means there’s no need to move the second-row chairs — though the armrests need to be lifted up for greater convenience.

There’s another interesting feature in the GAC M6 Pro that yields benefits for its users. The spare tire lies under the floor just behind the first row. “That means you don’t have to go underneath the car to access it,” said Mr. Magsajo. Another advantage with this move of the spare is that it frees up the rear compartment for more cargo space.

The seven (in 2+2+3 configuration) seater competes with several more established brands in the segment, and GAC Motor Philippines hopes that highlighting its set of features, as well as flexing its abilities through activities like our own drift track experience, will make car browsers take a closer look.

Speaking of, lead instructor Georges Ramirez and his family of motoring experts guided our group of media practitioners and content creators through an interesting course at the R33. Several exercises were designed to push the M6 Pro and see how it behaved in emergency situations.

In one exercise, we brought the MPV to a speed of about 60kph, made a turn, and then stepped hard on the brakes to see how the vehicle would behave. It stayed firm and unperturbed through the maneuver.

Another exercise was the so-called moose test, named thus because it warrants a sudden lane change, without time for braking, when an obstacle — such as, yes, a moose (in certain territories, of course) — suddenly appears on the road. You can feel intervening features (notably the electronic stability program) in the vehicle that enable the driver to focus solely on avoiding the obstacle.

Meanwhile, a soapy strip of linoleum was used to demonstrate the traction control on the M6 Pro. Even when the left tires went through the slippery surface (while the right tires were planted on the cement), the vehicle didn’t panic, and regulated the delivery of power and traction in an orchestrated fashion to keep the M6 Pro unbothered.

A test of the Surround View Camera System (available on the higher GL variant) revealed how much easier it is to maneuver and park the vehicle through aids like alerts and moving guidelines on the 10.25-inch infotainment touchscreen.

For GAC, it’s about ticking the boxes not normally ticked — and at lower price points. But the brand is, at the same time, keen on conveying a more upmarket quality to its offerings.

Stressed Mr. Magsajo. “We have, for example, the GS8 and the M8. These are vehicles that, once you actually go to the showroom, see them and test-drive them, will completely blow you away. You will understand, the moment you sit on those seats, how different the entire experience is. They’re huge, but they’re also packed with technology and features that you would expect from established brands.”

He concluded, “We’re not here to be mediocre. We’ll give you the best value for your money, regardless of your budget. That’s how we look at our role in this entire thing.”

NexGen Energy obtains SEC permit to sell for IPO, starts offer period

July 1, 2024 | 12:02 am

NEXGEN Energy Corp. has obtained approval from the Securities and Exchange Commission (SEC) to sell its initial public offering (IPO) shares, with the offer period set to begin on Monday, July 1.

The SEC permit to sell is one of the regulatory approvals needed to list the company’s shares on the Philippine Stock Exchange (PSE), NexGen Energy said in an e-mailed statement over the weekend.

The company obtained regulatory approval from the PSE on June 24 to list its shares.

The IPO comprises 300 million primary common shares and an overallotment option of up to 45 million secondary common shares at P1.68 per share.

The offer period will run from July 1 to July 8, with the listing date set for July 16, as detailed in the company’s final prospectus dated June 27.

NexGen Energy’s shares will be traded on the PSE’s small, medium, and emerging board.

NexGen Energy will become the third company to go public in 2024, following OceanaGold (Philippines), Inc. and Citicore Renewable Energy Corp.

Chinabank Capital Corp. acts as the sole issue manager, joint lead underwriter, and sole bookrunner, with Investment & Capital Corp. of the Philippines serving as joint lead underwriter.

Specializing in wind and solar energy, NexGen Energy currently operates three solar farms and has a pipeline of over 1.5 gigawatts in wind and solar projects.

It is a wholly owned subsidiary of Pure Energy Holdings Corp., an investment holding company engaged in renewable energy, bulk water, distribution, and septage facility.

Among its sister companies are Repower Energy Development Corp. and Tubig Pilipinas Group, Inc., which develops, owns and operates eight run-of-the-river hydropower plants and 13 bulk water, distribution and septage facilities, respectively.

NexGen Energy will also develop power facilities for Pure Energy in relation to this venture into agricultural technology, specifically climate-controlled indoor farming. — Revin Mikhael D. Ochave

Yields on government debt mostly drop on dovish BSP, Q3 borrowing program

July 1, 2024 | 12:01 am

YIELDS on government securities (GS) moved mostly lower last week amid dovish signals from the Bangko Sentral ng Pilipinas (BSP) and following the release of the Treasury bureau’s borrowing plan for this quarter.

GS yields, which move opposite to prices, went down by an average of 0.71 basis point (bp) week on week, based on PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website as of June 28.

At the short end, the rates of the 91- and 182-day Treasury bills (T-bill) rose by 4.35 bps and 5.72 bps week on week to 5.7433% and 6.0035%, respectively. Meanwhile, the 364-day paper fell by 1.55 bps to yield 6.0741%.

Meanwhile, at the belly of the curve, yields declined across the board. The two-, three-, four-, five- and seven-year Treasury bonds (T-bonds) fell by 1.32 bps (to 6.2577%), 1.61 bps (6.3153%), 2.15 bps (6.371%), 2.46 bps (6.4298%) and 3.31 bps (6.5392%), respectively.

Yields on tenors at the long end mostly fell, as the 10- and 20-year debt papers saw their rates drop by 4.52 bps (to 6.6535%) and 1.21 bps (to 6.8195%), respectively. Meanwhile, the 25-year T-bond went up by 0.24 bp to yield 6.8118%.

Total GS volume traded climbed to P25.17 billion on Friday from the P8.24 billion recorded on June 21.

“The primary driver of yield movements [last] week was the dovish shift in the Bangko Sentral ng Pilipinas’ stance, which significantly lowered its inflation forecasts for 2024 and 2025,” ATRAM Trust Corp. Vice-President and Head of Fixed Income Strategies Lodevico M. Ulpo, Jr. said in an e-mail. “The market’s reaction to a more stable inflation outlook has further lowered yield expectations [as] investors are now anticipating lower interest rates with a predictable inflation trajectory.”

“This dovish outlook, coupled with anticipated rate cuts totaling 50 bps by yearend, exerted downward pressure on yields,” Mr. Ulpo added.

The BSP last week kept benchmark interest rates steady for a sixth straight meeting but signaled that a rate cut at its next meeting in August is “somewhat more likely than before,” with up to 50 bps in easing likely this year.

The Monetary Board on Thursday left its target reverse repurchase rate unchanged at a 17-year high of 6.5%, in line with the expectations of all 15 analysts in a BusinessWorld poll. Interest rates on the overnight deposit and lending facilities were also maintained at 6% and 7%, respectively.

BSP Governor Eli M. Remolona, Jr. said he expects inflation to further ease in the second semester with the implementation of lower tariffs on rice.

“If sustained, an improvement in the inflation outlook would allow more scope to consider a less restrictive monetary policy stance,” he said.

The BSP lowered its average baseline inflation forecasts for 2024 and 2025 to 3.3% and 3.1%, respectively, from 3.5% and 3.3% previously.

It also slashed its risk-adjusted inflation forecasts for this year and next to 3.1% from 3.8% and 3.7%, respectively.

Mr. Remolona said the Monetary Board is “on track” to cut rates when it next meets on Aug. 15, or ahead of the US Federal Reserve, which earlier signaled it may start easing in December.

The BSP could cut rates by 25 bps in the third quarter and by another 25 bps in the fourth quarter, he added.

The Monetary Board’s Aug. 15 review is its only meeting in the third quarter. Meanwhile, its last two reviews for the year will be held in the fourth quarter and are scheduled on Oct. 17 and Dec. 19.

The Philippine central bank hiked rates by a cumulative 450 bps from May 2022 to October 2023 to help bring down elevated inflation.

The BSP’s last cut was implemented in November 2020, when it slashed its key rate by 25 bps to a record low of 2% to help boost economic activity at the height of the coronavirus pandemic.

“Additionally, the Bureau of the Treasury’s (BTr) reduction in long-end bond supply contributed to the flattening of the yield curve. The market is adjusting to the expected lower supply of long-duration securities,” Mr. Ulpo noted.

“This scarcity makes government securities with tenors above 10 years more attractive, especially for investors seeking to lock in long-term rates at current levels. The shift in BTr’s borrowing strategy aligns with the anticipated accommodative monetary policy in the medium term. As a result, the market has seen an increased trading volume and improved market sentiment in GS, particularly for long-duration securities,” he added.

The Treasury bureau is looking to borrow P630 billion from the domestic market this quarter, or P260 billion from T-bills and P370 billion via T-bonds, a notice released on Thursday showed.

The Treasury will auction off more T-bonds with shorter tenors versus those seen in the April-to-June period, based on the notice, with the offer volumes for bonds with tenors above 10 years being smaller than those with shorter maturities. It will also offer bigger volumes of T-bills in its weekly auctions versus the previous quarter.

GS yields may continue to go down in the coming weeks as the market waits for the BSP’s first rate cut and amid the reduced supply of long-term debt, Mr. Ulpo said.

“Investor demand for government securities, especially long-term bonds, will likely remain strong. Positive market sentiment, driven by lower inflation expectations and accommodative monetary policy, will enhance the attractiveness of these investments,” he said.

“The yield curve may experience further flattening, influenced by the faster decline in long-term rates outpacing the decline in short-term rates as investors rush in to lock in interest rates longer ahead of the guided August cut by the BSP,” Mr. Ulpo added. — A.C. Abestano

Style (07/01/24)

July 1, 2024 | 12:01 am

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Montblanc presents summer novelties

MONTBLANC continues expanding its wearable technology line with the introduction of new, elegant colorways and a partnership with Mimi Hearing Technologies that brings personalized audio to the MTB 03 In-ear Headphones via the Montblanc Sound App. The latest edition of the Montblanc MTB 03 In-Ear Headphones delves into the Montblanc archives to introduce a deep British green reminiscent of an early Meisterstück writing instrument. With design details directly inspired by the Meisterstück itself, the in-ear headphones boast of a lightweight resin construction and are crowned with the Montblanc emblem. Features like Active Noise Cancellation with live mode, water resistance, and intuitive touch controls ensure a seamless, immersive audio experience. To craft the sound of the MTB 03, Montblanc worked with sound engineer Axel Grell who fine-tuned the hardware components to craft a Montblanc Sound Signature. Montblanc partnered with Mimi Hearing Technologies to offer a personalized sound experience. Using Mimi’s hearing test technology, a personalized auditory profile is created based on the individual’s hearing capability in the Montblanc Sound App, the companion to the MTB 03 In-ear Headphones. The sound is then automatically adjusted to the user’s distinct hearing needs, restoring missing details, and enriching the overall sound. As for timepieces, the Montblanc Summit 3 Smart watch is inspired by the purity of glaciers, the latest blue colorway features a lightweight titanium watch case and configurable watch faces following in the glacial theme. It comes with interchangeable calf leather and nylon-rubber straps in petrol blue. For active movers, Summit 3 incorporates a personal health suite via the Summit App that tracks health and wellness goals, and offers features like step tracking, sleep monitoring, and blood oxygen measurement. The MTB 03 In-Ear Headphones and Montblanc Summit 3 Smartwatch are now available at Montblanc boutiques worldwide and online. Montblanc is available at Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Cebu, Greenbelt 5, and Solaire Resort Entertainment City.

Marks & Spencer & Sienna Miller

MARKS & SPENCER (M&S) has announced a design collaboration with British actress and style icon Sienna Miller, which was launched at the Marks & Spencer Rockwell and Shangri-La Plaza stores on June 26. Ms. Miller said, “I have always had a genuine love for M&S — it’s a brand that is part of the fabric of British life and holds special associations for so many people… To collaborate on a womenswear design project made total sense. I can’t wait to see what customers think of the collection.” Maddy Evans, M&S Womenswear Director, adds: “We are absolutely delighted to build upon our relationship with Sienna Miller and introduce a design collaboration that is inspired by her own personal wardrobe. Sienna is the epitome of the modern woman — confident, empowered, and effortlessly chic and her unique style and personality perfectly complements our brand values.” The collaboration has resulted in a 33-piece collection. With a nod to summer festivals, 1970s prints, exotic adventures, and some of Ms. Miller’s favorite vintage finds, the collection embraces her high/low dressing. Her “dress of the season” is a chic, ultra feminine, ruffle maxi dress available in ivory and pale blue, and a beaded tank dress that suggests her iconic Glastonbury style. There’s also a multipurpose sarong in reference to a scarf gifted to her by her father. Marks & Spencer has 20 stores in the Philippines.

Puma introduces Speedcat OG ahead of F1 Season

GLOBAL sports brand Puma has relaunched a sneaker, the Speedcat OG on June 29 to signal the beginning of a new Speedcat campaign for the forthcoming months. The sneaker, originally conceived as fireproof footwear for Formula One (F1) racers in 1998, has secured its status since the 2000s, thanks to its innovative silhouette, low-profile heel, and signature Puma cat embroidery. In line with the recent low-profile look trend, Speedcat has re-emerged as one of the most popular sneakers. Speedcat OG adopts Ultra Suede, an enhanced material surpassing the original suede. This model is distinguished by a gold foil logo on the tongue and heel tab, along with a cat embroidery signature on the toe. Additionally, the updated midsole and Softform+ footbed ensure a lighter, more comfortable fit, increasing the overall wearability compared to previous models. The Speedcat OG will be available exclusively at Atmos, Bonifacio Global City.

Denmark will be first to impose CO₂ tax on farms

July 1, 2024 | 12:01 am

COPENHAGEN — Denmark, a major pork and dairy exporter, will introduce a tax on livestock carbon dioxide (CO₂) emissions from 2030, making it the first country to do so and hoping to inspire others to follow, the government said.

A tax was first proposed in February by government-commissioned experts to help Denmark reach a legally binding 2030 target of cutting greenhouse gas emissions by 70% from 1990 levels.

The centrist government reached a wide-ranging compromise with farmers, industry, labor unions and environmental groups on policy linked to farming, the country’s largest source of CO₂ emissions.

“We will be the first country in the world to introduce a real CO₂ tax on agriculture. Other countries will be inspired by this,” Taxation Minister Jeppe Bruus of the center-left Social Democrats said in a statement on Tuesday.

While subject to approval by parliament, political experts expect a bill to pass following the broad-based consensus. The deal proposed taxing farmers 300 Danish crowns ($43.16) per ton of CO₂ in 2030, increasing to 750 crowns by 2035.

Farmers will be entitled to an income tax deduction of 60%, meaning that the actual cost per ton will start at 120 crowns and increase to 300 crowns by 2035, while subsidies will be made available to support adjustments in farm operations.

The tax could add an extra cost of 2 crowns per kilo (2.2 pounds) of minced beef in 2030, Minister for Economic Affairs Stephanie Lose told public broadcaster DR.

Minced beef retails from around 70 crowns per kilo at Danish discount stores.

New Zealand this month scrapped plans to introduce a similar tax after facing criticism from farmers. But while Danish farmers had expressed concerns that the country’s climate goals could force them to lower production and cut jobs, they said the compromise makes it possible to maintain their business.

“The agreement brings clarity when it comes to significant parts of the farmers’ conditions,” the L&F agriculture industry group said. — Reuters

BagoSphere secures investment to expand upskilling initiative for frontline workers

July 1, 2024 | 12:01 am

BagoSphere, a Philippine startup specializing in human capability training and upskilling solutions, secures equity investment from Negros Women for Tomorrow Foundation (NWTF), a nongovernment organization dedicated to providing microfinancing and developmental services for marginalized communities. This strategic investment marks a pivotal moment for both organizations as they join forces to create impactful training programs to foster sustainable communities and advance nation-building efforts.

The new funding will drive BagoSphere’s latest innovative programs, focusing on leadership development and expansion in the Philippines and exploring strategic growth in Southeast Asia over the next two years, targeting frontliners in fast-growing industries. Furthermore, the new funding will enhance the learner community experience, aiming to reach 100,000 members.

“This is a testament to the trust we’ve built with NWTF over the years. We see immense opportunities to support frontline workers in various sectors. Despite technological advancements, these roles remain deeply human-centered,” Zhihan Lee, chief executive officer and co-founder of BagoSphere, stated. “Many of these workers lack formal education, and our goal is to empower workers from low-income backgrounds in forging a path to the middle class through the help of our programs.”

BagoSphere has trained over 10,000 jobseekers, frontliners, and professionals. This track record underscores BagoSphere’s commitment to empowering individuals and fostering continuous learning and development.

Adrian Ackeret, partner & chief investment officer at elea Foundation for Ethics in Globalization, a long-standing partner of BagoSphere, welcomes NWTF’s investment to validate BagoSphere’s impactful work. He praises BagoSphere’s approach to empowering entry-level workers to become resilient professionals, and underscores its strong business model for future growth.

For over a decade, BagoSphere has served as NWTF’s strategic talent partner, notably through their Loan Officers Foundation Training program, enhancing communication skills and the job of NWTF’s loan officer trainees. This program helped expand NWTF’s workforce from 2,000 to over 5,000 employees across Luzon and the Visayas.

“We recognize that people are the heart of every business. Progress and development are achieved when individuals have the right mindsets, skills, and capabilities. Our investment with BagoSphere is a testament to our belief in their role in fostering sustainable communities across the country and beyond,” said Suzzette D. Gaston, executive director and co-founder of NWTF.

NWTF’s investment adds to the robust support BagoSphere has received from various investors, partners and clients, such as Ateneo Center for Educational Development, Grab Philippines, and elea Foundation, among many others. This collective backing underscores confidence in BagoSphere’s mission and its transformative impact on communities.

Globe shares rise after partnership announcement, asset disposition

July 1, 2024 | 12:01 am

GLOBE TELECOM, Inc.’s shares rose last week after it sold assets to Phil-Tower Consortium, Inc. (PhilTower) and announced its partnership with Lynk Global, Inc.

Data from the Philippine Stock Exchange (PSE) showed a total of 535,785 Globe shares worth P1.1 billion exchanged hands from June 24 to 28, making the telecommunications company the seventh most actively traded stock last week.

Shares closed at P2,100 apiece last Friday, up 8.9% from P1,928 a week ago.

Year to date, the stock jumped 22.1% from the P1,720 finish on the last trading day of 2023.

Analysts attribute the week-on-week growth to positive developments surrounding the telecommunications company.

On Tuesday, Globe announced its partnership with Lynk, a global satellite company, to assess satellite-direct-to-phone communications in underserved areas in the Philippines.

Pilot areas for the program are Zambales, Pangasinan, Siargao, and Leyte. The program will make use of Lynk’s low-Earth-orbit (LEO) satellite constellation to deliver short messages and emergency alerts in areas without traditional network coverage.

The collaboration will last one year or until June 2025 with the goal to enhance connectivity in the country.

The partnership pushed Globe stocks up, reflecting investor optimism about the satellite-direct-to-phone services, Jervin De Celis, equity trader at Timson Securities, Inc., said in an e-mail interview.

“The market perceived this initiative as a strategic move to enhance connectivity in remote areas, which could drive future revenue growth,” he added.

“The potential for improved connectivity in underserved areas represents a growth opportunity for [Globe], potentially increasing its subscriber base and revenue,” Arielle Anne D. Santos, equity analyst at Regina Capital Development Corp., likewise said in a separate e-mail.

Meanwhile, Globe sold 48 towers worth P710 million to PhilTower, bringing the total disposition of assets to 1,148 out of 1,350 towers, Globe said in a statement on Monday.

Globe said that the transaction will yield funds for raising capital and improving balance sheet health.

“This transaction enhanced [Globe’s] liquidity and financial health, boosting investor confidence and contributing to stock price appreciation. The move aligns with the telecom industry trend of divesting infrastructure to focus on core operations and partnerships,” Ms. Santos said.

Ms. Santos added that foreign investors and a reassessment of Globe’s valuation further pushed shares upward.

“Foreign investors were net buyers of at least 190 million pesos worth of Globe’s shares, indicating strong confidence in the company’s strategic direction,” Mr. De Celis likewise said.

Globe’s first-quarter revenue reached P45.31 billion, inching up 0.6% from P45.03 billion in the first quarter of 2023.

On the other hand, the company’s attributable net income went down 6.1% to P6.81 billion from P7.25 billion in the same period last year.

“Following [Globe’s first quarter 2024] results, market sentiment has further improved, supported by significant upward revisions in target prices by brokerage firms. This reassessment underscores growing confidence in [Globe’s] strategic initiatives and growth prospects, fueling heightened investor interest and driving its stock price higher,” Ms. Santos said.

Mr. De Celis sees Globe’s second quarter revenue to reach P46.99 billion, while full-year revenue may reach P172.4 billion.

Ms. Santos expects the stock to continue moving upward this week.

“It will likely remain range-bound with some pullbacks from time to time, as the [relative strength index] is already in the overbought region. This suggests that while investor sentiment is currently strong, some profit-taking and short-term corrections are expected as the stock consolidates its recent gains,” she added.

“Since the stock has just broken out of its five-week consolidation period, the stock may experience a pullback early [this] week for a potential profit taking move from market players,” Mr. De Celis likewise said.

He placed Globe’s short-term support at P2,020 and resistance at around P2,230 should it continue its uptrend movement.

Ms. Santos placed her support at P2,014 and resistance at P2,160. — Karis Kasarinlan Paolo D. Mendoza

Advocating for safe motherhood

July 1, 2024 | 12:01 am

In 2021, 2,478 Filipino women died due to complications from pregnancy or childbirth, according to the United Nations Population Fund. Moreover, 14% of pregnant women in the country do not get regular check-ups and the other necessary medical care that they need during their pregnancy. One in 10 Filipino women do not give birth in health facilities or receive assistance from skilled healthcare personnel during childbirth.

During the recent Health Connect media forum with the theme “Healthy Mom, Happy Baby: Advocating for Safe Motherhood,” maternal health experts delved into the challenges Filipino women face, from preconception to postpartum. The forum also highlighted the need for comprehensive policies and multi-stakeholder collaboration to improve maternal and child care.

Health Connect is led by the Philippine Medical Association, the Philippine Foundation for Vaccination (PFV), the Pharmaceutical and Healthcare Association of the Philippines (PHAP), and its member Sanofi.

Dr. Maria Lorena Santos, president of the Philippine Infectious Diseases Society for Obstetrics and Gynecology, revealed that their organization has been working with Representative Ciriaco Gato, Jr. (Batanes, Lone District) on the enactment into law of House Bill 9354 which provides for comprehensive maternal healthcare, including immunization for pregnant women.

There are other maternal health-related bills currently pending in Congress. Senate Bill No. 1416 or “An Act Safeguarding the Health of Filipino Mothers at the Time of Their Childbirth” authored by Senator Mark Villar aims to ensure the health and welfare of women throughout their pregnancy and during delivery of a child.

Meanwhile, House Bill 5684 or “An Act Safeguarding the Health of Filipino Mothers at the Time of Their Childbirth” authored by Representative Camille Villar (Las Piñas City, Lone District) aims to reduce maternal deaths by providing birthing facilities for every barangay in the country.

Representatives Luis Raymund Villafuerte, Jr. (Camarines Sur, 2^nd District), Miguel Luis Villafuerte (Camarines Sur, 5^th District), and Tsuyoshi Horibata (Camarines Sur, 1^st District) filed House Bill 2888 or “An Act to Ensure Every Pregnant Woman’s Access to A Skilled Birth Attendant at the Time of Childbirth and Immediately Thereafter” otherwise known as the Bantay Buntis Act.

In his video message shown during the media forum, Senator Villar affirmed his strong support for enhancing maternal and child care in the country. “I am your ally in pushing for legislation advocating our cause.”

Dr. Tania Verora, maternal and child health coordinator of the Pasig City Government, presented their National Safe Motherhood Program (NSMP) activities. These include capacity building on maternal care for health staff; advocacy and social mobilization to raise awareness on maternal and child care such as Usapang Buntis lay forums, Pocket Buntis, Buntis Caravan, and community focus group discussions, among others. In terms of logistics, the Pasig City Health Office procures mother and baby kits, micronutrient supplements, maternal vaccines, and laboratory tests to screen for gestational diabetes.

Ruby Lucasan, midwife supervisor of the Quezon City Health Department, discussed their Maternal Health Care Program which provides a comprehensive core package of services for pre-pregnancy, pregnancy, delivery, postpartum and newborn care. Their advocacy activities include a mobile laboratory for pregnant women, Usapang Buntis lay forums, Buntis Assembly, Buntis Tour, adolescent health lectures, coordination meetings with barangays particularly for enforcement of local ordinances prohibiting home births, and inspection of private lying-in clinics among others.

In line with the Universal Health Care Act, the Quezon City Health department performs paperless e-referrals through their primary care provider network and healthcare provider network to local government unit hospitals (the Rosario Maclang Bautista General Hospital and the Quezon City General Hospital) and an apex hospital (East Avenue Medical Center).

PFV executive director Dr. Lulu Bravo lauded the maternal and child health initiatives of the Pasig City and Quezon City, and encouraged other LGUs to emulate these initiatives. She also paid tribute to midwives and their vital role in maternal and child care. “Midwives are our heroes,” she said.

Dr. Bravo underscored the importance of maternal immunization in preventing vaccine-preventable diseases like influenza that can cause severe complications in pregnant women such as pneumonia. The Philippine Obstetrical and Gynecological Society recommends pregnant women receive the influenza vaccine; Tdap (Tetanus, Diphtheria, and Pertussis) vaccine or Td (Tetanus and Diphtheria) vaccine, Hepatitis A vaccine, Hepatitis B vaccine, and other inactivated vaccines.

PMA president Dr. Minerva Calimag highlighted the need to empower mothers with the right health information and the vital role of media in promoting health literacy. She encouraged journalists to disseminate the information discussed during the Health Connect media forum.

No woman should die while giving life. A whole-of-government and whole-of-society approach are important in addressing maternal health issues and improving maternal health outcomes. Motherhood should be a cause for celebration, and this can only happen if we provide the right environment for the mother and her child to thrive and be free from preventable health concerns.

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

BSP survey: Business sentiment less optimistic in Q2

July 1, 2024 | 12:01 am

The Bangko Sentral ng Pilipinas (BSP) said that firms were less bullish in the second quarter. The confidence index for businesses decreased slightly to 32.1% in the second quarter from 33.1% previously.