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Name recall and art

THE BURNED Manila Central Post Office. — CRECENCIO I. CRUZ

The spirit of creative genius is in every work. An artwork is a child of the mind or the spirit. The artist is a mortal human being, but a good artwork is immortal.

Woody Allen, the witty comedic actor, film director and producer, commented dryly, “I don’t want to achieve immortality through my work… I want to achieve it by not dying.” Greek physician Hippocrates (c. 440 BC – 377 BC) once wrote, “Life is short, but art is long.”

Every successful individual – in politics, education, business, science, the arts — desires recognition. The scientist and inventor, for example, work persistently and intensely to discover the “eureka” formula and “aha” gadget that would make a lasting impact on the world.

Many politicians use public infrastructure — airports, bridges, monuments, highways, dams, town halls and cities — to achieve fame. Their faces and names are emblazoned on billboards at the construction site. Although public funds are used, they claim credit for the projects. It is a not-so-subtle hint to the potential new voters. For name and face recall.

Endowments from private or corporate foundations are given to universities and schools, which often name buildings after them as a way of honoring the illustrious alumni. In some cases, ego gratification is the motive of donors who are not alumni of that school.

Sponsors for specific disciplines and research donate professorial chairs, classrooms, auditoriums, libraries and chapels. This is the best way to help the institution and support dedicated professors who need adequate compensation and upgrade the education programs.

Skyscrapers, elite clubs, headquarters, and churches have plaques engraved with the names of the founders, directors, and charter members. Almost every street, road, highway, and lane is named after a hero, a famous individual, or a pseudo-celebrity. There are just too many new street names that change as a result of having more people to honor than streets. No wonder people get lost in our city. (The signage is not clear in some parts.)

There are special exceptions that truly deserve credit, such as those in old European capitals. For example, the Florentine families that dominated the Renaissance period in the 15th century, such as the Medici family — bankers, aristocrats — who were the most important art patrons and benefactors. Six centuries later, Florence is still a center of the arts, with every piazza, church, and open space filled with precious artworks, public monuments, private sculptures and paintings, thanks to patrons. The Uffizi Gallery holds a vast trove of paintings by the masters — Leonardo, Michelangelo, Raffaello — again thanks to patrons.

Venice and Milan and, of course, Rome are also filled with works so grand and impressive. The Vatican has the Sistine Chapel with Michelangelo’s breathtaking murals and frescoes — Genesis and The Last Judgment. Emperors, kings and the Church financed the magnificent monuments and sculptures, among them La Pieta and Moses. It was the patrons’ collective vision to preserve the artistic spirit of the era.

Behind the grand gesture was the egoistic desire to perpetuate themselves as great cultural and historical icons.

Through the centuries, the practice has continued in different countries and in diverse ways.

In the Philippines, we can be proud of our stunning structures — historic churches and cathedrals. There are marvelous pre-war buildings designed and built in Manila such as the Post Office (that was burned recently and is being rebuilt), the old Senate building that is now the National Museum of Fine Arts, and two other buildings in the complex, the National Museum of Natural History and National Museum of Anthropology.

But in recent years, the practice of naming buildings, airports, streets, and public spaces has been taken to the extreme. Some publicity-conscious personalities want their images or busts and plaques displayed.

The worst ego-boosting visual pollutants are the distracting, unsightly billboards that sprout along the highways.

Are these commercial monstrosities going to be our pathetic form of public art? Just asking…

On a lighter note, there was a recent exhibition of contemporary art and a live event which were a collaboration between French and Filipino artists KATRE, NEBAY, QUICCS, TRIP63. Called NOW SPRAYING, it was spearheaded by the Metropolitan Museum (a.k.a. The M) in BGC and the Embassy of France, and was a fun, creative form of expression to embellish the exterior of the museum building. That was a delightful afternoon event for the spectators and the public.

Bravo, Ambassador Marie Fontanel and Cultural Counsellor Marc Piton of the Embassy of France and The M president Tina Colayco!

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

Screening job candidates efficiently

We are hiring at least 300 workers for our projected expansion early next year. What would be the most efficient and effective approach to take in evaluating job candidates? — Long Shot.

Many of today’s recruiters don’t realize there are various approaches you can take in evaluating job applicants. Such lack of awareness can be problematic in the long term, to the point of adversely affecting the organization’s performance.

For one thing, there’s no one-size-fits-all solution to hiring candidates. Much depends on the nature of the job and sensitivity of the position. If you’re advertising for non-management jobs, the standard approach is to administer a standard intelligence quotient (IQ) test, which you can get for free from the internet, although the number of questions may be limited.

Sometimes, organizations rely on the recommendation of manpower agencies, which are not usually equipped with the right internal hiring talent and tools which must go through a certain special process. Many times, they bypass the process because they want their candidates to be accepted right away by their clients, who are in a rush to get people on board.

RIGHT APPROACH
So, what’s the right approach? As I said, non-management applicants must pass the IQ test as a first step. If they pass the test, they can proceed to a series of interviews by a hiring clerk in human resources (HR), a ranking member of HR, and an official representing the requesting department, in that order.

By using the following process, you should have a better understanding of how to identify potential employees who could help you in your expansion:

First step: Screening interview. Assign your hiring clerk to perform an online interview. Normally, this takes only 30 minutes. This short-duration interview must test the veracity of the applicant’s qualifications, including educational attainment, employment history, and other basic requirements as identified by the requisitioning department.

When an applicant gives at least three “wrong” answers, the HR clerk must disengage diplomatically. This is efficient as you can schedule at least 20 candidates in one day to determine which one among them has the basic qualifications to warrant an in-depth, face-to-face interview with a ranking HR official. This process should not be repeated by other interviewers.

Second step: Face-to-face interview. Those who pass the online screening process may proceed to be interviewed by an HR official. The questions asked are open-ended, situational, and pertinent to the job. If a job vacancy is for an accounting clerk, one question that may be asked is: What accounting standards and procedure that are difficult to perform? Why?

Further, when choosing the situational approach, HR must assess the candidates’ answers based on certain standards like resourcefulness, conceptual ability, logic, and communication skills, among others.

Third step: Targeted interview. This is to be done by an official of the requesting department. In this case, the interviewer must define the key qualifications which are imperative for an applicant to perform the job successfully. The interview questions are designed in advance and should be asked of all applicants.

To ensure the process is objective, whoever is tasked to conduct the interview must use a standard form that assigns weight or value to each question. The form must allow some flexibility to accommodate questions that will isolate the most interesting qualities of an applicant that cannot be found in his or her resume.

To do this, the following questions may be asked: If we talk to your former boss, what do you think the boss would say about you and your performance? What were your most significant accomplishments with the help of your boss? How would you describe your boss’s management style?

BIAS FOR THE FUTURE
At times, the interviewers may be tempted to hire an applicant without completing the three-stage interview process. That happens when the requesting department finds someone who appears to be unique from other applicants, when in fact, they are not.

This is the halo effect, a type of bias which colors our positive and overall impression of a candidate while rejecting that person’s major flaws. The challenge, therefore is how to manage a job vacancy that may become obsolete in the future due to various factors, like the advancement of technology.

The important consideration, therefore, is to screen candidates based on the future needs of the organization, including the possibility of performing certain jobs with fewer people on board.

 

Bring Rey Elbo’s leadership program called “Superior Subordinate Supervision” to your management team. Contact him on Facebook, LinkedIn, X or e-mail elbonomics@gmail.com or via https://reyelbo.com

Banks to publish exposure to crypto assets from 2026

MICHAEL FÖRTSCH-UNSPLASH

LONDON — Global banking regulators have approved templates for banks to disclose their exposure to crypto assets from January 2026, they said on Wednesday, a year later than originally indicated.

“These disclosures aim to enhance information availability and support market discipline,” the Basel Committee on Banking Supervision said in a statement.

The committee, made up of banking regulators from the world’s main economies who commit to applying agreed standards, discussed the prudential or impact on capital of tokenized deposits and stablecoins, a cryptocurrency backed by an asset such as the dollar.

Based on current market developments, risks from these are “broadly captured” by existing Basel standards, an indication that additional capital rules are not being planned for now.

“The Committee will continue to monitor this area and other developments in the crypto asset markets,” the statement added.

Basel members also agreed to take a more hands-on approach to dealing with risks for banks from their increasing use of third parties, such as for cloud computing to run key activities.

It also updated on a now closed public consultation into new rules for banks to disclose their climate-related financial risks under so-called “Pillar III” of their capital rules.

“It agreed to continue to work on finalizing such a framework as part of its holistic approach to addressing climate-related financial risks,” the statement said. — Reuters

The Marketplace opens at Opus Mall QC

PREMIUM supermarket The Marketplace has opened a branch at Opus Mall in Quezon City.

This expansion aims to capture upscale consumer segments with premium meats, exclusive brands, a diverse selection of cheeses, and top-tier wines from global vineyards, the company said on Thursday.

Customers can explore a brand shop featuring labels such as Casino, Waitrose, El Corte Inglés, No Brand, and Meadows, it said.

Specialty offerings include customized charcuterie with cheeses and deli selections from around the world.

The Marketplace Opus also features a bar in partnership with the Philippine Wine Merchants.

The company said it uses carbon dioxide refrigeration to reduce emissions and repurpose heat for building heating.

Located at Robinsons Land Corp.’s Bridgetowne Estate, Opus Mall spans 50,000 square meters, offering shopping, dining, and entertainment. — Revin Mikhael D. Ochave

Lourdes won’t remove mosaics by priest accused of abuse, for now

ONE of the mosaics created by Father Marko Ivan Rupnik in Lourdes. — GUIDE-TOULOUSE-PYRENEES.COM

VATICAN CITY — The sanctuary of Lourdes, one of the world’s most popular Catholic pilgrimage sites, will not for the moment remove mosaics made by a prominent Slovenian Jesuit priest accused of sexual abuse, the local bishop said in an interview.

Father Marko Ivan Rupnik, whose mosaics adorn about 200 churches and chapels around world as well as the Vatican, has been accused of sexual and psychological abuse by about 20 people, mostly former nuns.

Mr. Rupnik has not commented on the allegations. The Jesuits last year called them “very highly” credible and expelled him. Both the order, to which Pope Francis belongs, and the Vatican have launched internal investigations.

The Rupnik mosaics adorning the façade of Lourdes’ Rosary Basilica “will one day need to be removed,” Lourdes Bishop Jean-Marc Micas said in an interview with French Catholic newspaper La Croix published on Tuesday.

The mosaics “prevent Lourdes from reaching all the people for whom the sanctuary’s message is intended. But I have decided not to remove them immediately, given the passions and violence the subject incites,” he said.

Lourdes is in the south of France. Rupnik artworks were added to one of its three basilicas in 2007.

The bishop — who spoke to La Croix after a panel he had set up last year discussed what to do with the mosaics — said that as a first step, they would no longer be illuminated during night-time processions.

“This is a first step, which we welcome, but it is necessary for other steps to follow in a short time,” Laura Sgro, a lawyer representing the Jesuit priest’s alleged victims, said in a statement on Wednesday.

Last week, the head of the Vatican’s commission against child abuse, Cardinal Sean O’Malley, urged Vatican institutions to stop displaying Mr. Rupnik’s artworks to avoid a suggestion of indifference to the suffering of victims.

The cardinal’s appeal came after a senior Vatican communications official, Paolo Ruffini, spoke against the removal of Mr. Rupnik’s artworks, as well as calls by some of the priest’s alleged victims that they be taken down. — Reuters

Surfshark: Philippines 6th Most Breached Country in Q1 2024

The Philippines placed 6th out of 250 countries and territories with a total of 7.93 million breached accounts in the first three months of the year, latest data from Surfshark’s Data Breach Statistics  showed. This was higher by 5,421.7% from the fourth quarter of 2023. Among its peers in the East and Southeast Asian region, the Philippines was the second- most breached country/territory during the period.

Surfshark: Philippines 6<sup>th</sup> Most Breached Country in Q1 2024

National Government outstanding debt

THE NATIONAL Government’s (NG) outstanding debt rose to a fresh high of P15.35 trillion as of end-May, reflecting the impact of the peso weakness on foreign currency-denominated debt, the Bureau of the Treasury (BTr) said. Read the full story.

National Government outstanding debt

PSEi member stocks performed — July 4, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, July 4, 2024.


SC asked to issue TRO against rice tariff cuts

WIKIMEDIA/PATRICKROQUE01

FARMERS on Thursday asked the Supreme Court (SC) to issue a temporary restraining order (TRO) freezing an executive order (EO) issued by President Ferdinand R. Marcos, Jr. that had reduced the tariff on rice imports to 15% from 35%.

The signatories to the TRO petition, Samahang Industriya ng Agrikultura, Federation of Free Farmers (FFF), United Broiler Raisers Association, Sorosoro Ibaba Development Cooperative, and Magsasaka Party-list, argued that their right to be consulted was violated and that the lowering of tariffs would threaten their livelihoods.

They also asserted that the EO failed to comply with the customs modernization law’s specified procedure for lowering tariffs.

Executive Order No. 62 was issued on the recommendation of the National Economic and Development Authority (NEDA) and later effected by the Tariff Commission.

“This Executive Order was hastily issued sans the consultation, investigation, hearings, reports — which are required by… the Customs Modernization and Tariff Act (RA 10863), to be complied with before the President can validly (issue) an Executive Order involving tariff reduction,” according to the 27-page petition.

The petition also asserted that farmers have constitutional protections against unfair competition and trade practices.

President Marcos issued order to mitigate the impact of inflation and make the staple grain more affordable.

In a statement, NEDA Secretary Arsenio M. Balisacan said: “We are currently awaiting the receipt of the petition and wish to express our utmost respect for the legal process. Please be assured that NEDA, through the Office of the Solicitor General, will respond appropriately in due course.”

The Tariff Commission had not replied to an e-mail requesting comment at the deadline.

“Before the EO was issued, the projection was (that the Philippines) would be importing about 4.1 to 4.2 million metric tons (MMT) of rice. With this new EO, (we’re looking) at 4.6 MMT. Our imports of rice last year were 3.6 MMT, former Agriculture Secretary and FFF National President Leonardo Q. Montemayor told reporters during the filing.

The Department of Agriculture’s (DA) own projection is 3.9 MMT of imported rice this year. The high-end estimate of 4.6 MMT was issued by the US Department of Agriculture, which specifically cited the lower tariffs as well as increased consumption in upgrading its previous forecast.

The petition before the tribunal said lowering tariffs on staple foods like rice and corn undermines farmers, who will need to contend with imported competition, weakening their earnings.

“As a result, their livelihoods and the agricultural sector in general may suffer, which can exacerbate rural poverty and (widen) economic disparities,” the petitioners added.

Mr. Montemayor added that overreliance on imported rice threatens to deter farmers from pursuing their trade.

“We expect many farmers to no longer plant rice, especially this coming season. We estimate around 500,000 farmers… will no longer plant. Or, if they do plant, they will reduce their production significantly. So, food security will be very much at risk,” he said.

In a separate briefing on Thursday, DA Assistant Secretary Arnel V. de Mesa said that a successful TRO petition would negatively affect efforts to build up rice reserves.

“It will delay our private importers… (and) our national rice stock would be affected… There would also be a delay in lowering rice prices if the TRO was granted,” Mr. De Mesa said.

Well-milled rice sold in markets in the capital region for between P52 to P55 per kilo, while regular-milled rice fetched P47 to P51 per kilo, DA price monitors reported on July 3.

Rice imports in the first six months of 2024 totaled 2.28 MMT, the Bureau of Plant Industry reported last month.

Finance Secretary Ralph G. Recto last month said the government will forego up to P22 billion in revenue due to the tariff cut.

He described the move is “short-term,” citing the need not to be too reliant on imported rice.

Leonardo R. Abella, a 53-year-old farmer from Rosales, Pangasinan, joined during the filing of the petition.

“Nothing will be left for us. We’re already in debt, then the prices will drop again…. We’re becoming even poorer. Everything we buy for use in the fields is expensive. That’s why there’s nothing left for us,” he told BusinessWorld in Filipino.

He added that if policies unfriendly to farmers continue to pass, farmers might eventually disappear. — Chloe Mari A. Hufana

PHL rice imports seen at 3.8 MMT in 2025 — FAO

PHILSTAR FILE PHOTO

PHILIPPINE rice imports are expected to hit 3.8 million metric tons (MMT) amid increasing consumption, according to the Food and Agriculture Organization (FAO).

In a report, the FAO said that next year’s projection is 8.5% higher than the 3.5 MMT estimate for 2024.

The United Nations agency projects Philippine consumption at 17.5 MMT, up 1.4%.

The Department of Agriculture’s own projection is 3.9 MMT this year.

President Ferdinand R. Marcos, Jr. signed Executive Order No. 62, which reduced rice tariffs to 15% until 2028, in order to bring down prices. The new tariff regime is subject to review every four months.

As of June 20, the Philippines had imported 2.28 MMT, according to the Bureau of Plant Industry.

Domestic production next year was estimated at 13.7 MMT in milled rice equivalent, up from the FAO’s prior projection of 13.3 MMT.

The Philippines produced 20.06 MMT of unmilled rice last year, equivalent to about 13 MMT in milled rice.

The FAO is also projecting rice imports of 5.1 MMT by 2033, citing the steady increase in consumption.

It said that the Philippines is expected to account for 8% of global rice imports by 2033.

Philippine rice consumption in 2033 is projected at 19.9 million MT, according to the FAO, equivalent to about 3% of global consumption.

“Total world rice consumption is expected to increase 0.9% per annum, at a same pace as during the last decade, with Asian countries accounting for 66% of the projected increase, largely due to population rather than per capita consumption growth,” the FAO said.

The FAO estimated Philippine domestic production at 14.8 million MT in milled equivalent.

It added that the top five rice exporters — the European Union, Australia, Russia, Canada and Argentina — are projected to account for 80% of global trade by 2033. — Adrian H. Halili

PEZA board approves pharma ecozone for Tarlac; Palace proclamation pending 

THE Philippine Economic Zone Authority (PEZA) said that its board approved a pharmaceutical economic zone in Victoria, Tarlac, which is currently awaiting Presidential proclamation.

PEZA Director General Tereso O. Panga identified the project as the 29.57-hectare Victoria Industrial Park, Inc.

“It is worth mentioning that the Food and Drug Administration (FDA) also intends to put up a laboratory in Tarlac,” Mr. Panga said.

“As such, the establishment of a pharma zone in Victoria, Tarlac, would enable us to better synergize infrastructure and logistical requirements as well as the activities of the locator companies,” he added.

FDA Director-General Samuel A. Zacate said on Monday that the FDA had proposed that the laboratory be located in the economic zone.

“We suggested to PEZA that if we want an efficient pharma zone, we need to choose an area (that will rule out the need for the FDA) to build another laboratory,” Mr. Zacate told BusinessWorld.

“Of course, the mandate for deciding the location is still with PEZA. It is applying right now, and I think the papers are already in Malacañang; PEZA is just waiting for the Presidential proclamation declaring it an economic zone,” he added.

Mr. Panga said that the Tarlac site will pioneer the clustering of pharma-related industries like clinical trials, blood and plasma extraction, and pharmaceutical product and medical device manufacturing.

“But this does not preclude us from putting up or registering pharma zones elsewhere in the country as long as they comply with the minimum requirements. Likewise, PEZA’s existing ecozones are ready to host locator companies,” he said.

Mr. Panga has said that the investment promotion agency is also in talks with ecozone developers for pharma zones in Bulacan and Laguna.

“We hope to roll out this new type of ecozone within the year with the proclamation of First Bulacan Industrial Park, which is adjacent to the existing First Bulacan Industrial City,” he said.

PEZA has registered 26 pharma- or medical-related locator companies within PEZA zones, accounting for P25.49 billion in investments.

Among the top companies in PEZA engaged in pharma and medical devices are Terumo (Philippines) Corp., Arkray Industry, Inc., Royale Life Pharma, Inc., JMS Healthcare Phl, Inc., and Philipcare Medical Manufacturing, Inc. — Justine Irish D. Tabile

PHL takes top position in debt transparency ranking

THE PHILIPPINES took the top position alongside Indonesia in a ranking of debt transparency compiled by the Institute of International Finance (IIF).

In its 50-country Investor Relations and Debt Transparency Report, the IIF said the Philippines and Indonesia posted scores of 12.5 out of 13, topping the table and exceeding the average transparency score of 9.

The IIF evaluated countries’ adherence to the International Monetary Fund’s Special Data Dissemination Standards.

In terms of investor relations, the Philippines posted a score of 48.8 out of 50, beating its 2023 score of 47.8, when it placed third.

Other leading countries in this year’s ranking were Indonesia (48.7), Turkey (48.3), Brazil (47.5), and Hungary (47.2), the IIF said. The global average was 34.1.

The Philippines and Uruguay received a perfect score of 4 in the ESG (Environmental, Social and Governance) Data and Policy Dissemination Score, which assesses the availability of ESG data. The global average was 2.4.

“Transparency is most important, especially in debt. We release data quarterly among others. We have to show the public where the axes and borrowings go,” Finance Secretary Ralph G. Recto said in a text message.

“Our job in the DoF (Department of Finance) is to stretch every peso. More bang for the buck. Growth should be higher than borrowings, so we can pay for it,” he added.

“There is significant scope for a strong rebound in portfolio debt flows as the normalization of central bank policies in mature markets continues to advance,” the IIF said.

“However, the pace of recovery may be quite uneven; our research suggests that countries with robust investor relations and debt transparency practices are poised to benefit the most from the ongoing rebound in global liquidity conditions,” it added.

The report also highlighted that the Philippines “fully met” 83% of all IR assessment criteria and has remained among the top five countries.

Zy-za Nadine M. Suzara, budget analyst at the Institute for Leadership, Empowerment, and Democracy, said the government should provide real-time information about where the debt is being used, particularly its impact to taxpayers and whether it is funding corruption.

“On one hand, it is a challenge for the Philippine government to provide this level of transparency, but on the other hand, there are also a gap in terms of how civil society will make sense of the information,” she said via Viber message.

“High levels of debt transparency is good public relations but let’s also remember that it isn’t a goal in itself. If anything, it’s supposed to enable civil society to seek greater public accountability as to how the debt was really used.”

Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the government must ensure continued transparency in debt-related matters.

“Foreign investors knowing that they can get reliable information about the country’s real economic situation at any point in time is what makes them confident,” he said via Viber. — Beatriz Marie D. Cruz