Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 1515

Ayala Land breaks ground on Park Villas project in Makati

AYALALAND.COM.PH

AYALA LAND, Inc. (ALI) said it has started development on its Park Villas exclusive residential property in Makati City, expanding its portfolio in the premium residential sector.

Located across Ayala Triangle Gardens, Park Villas will feature 45 villas, with each villa occupying an entire floor of the 51-storey building that offers “unrivaled privacy and space for its discerning owners,” the property developer said in an e-mailed statement on Monday.

The villas will span 610 square meters and will be fitted with floor-to-ceiling windows. The property will offer views of Ayala Triangle Gardens and the Makati City Skyline to the northwest, and Urdaneta Village, and the Bonifacio Global City Skyline to the southeast.

The project is being undertaken by ALI, though its Ayala Land Premier premium residential brand, along with the Tagle Group of Companies.

“Ayala Land Premier has been an integral part of Makati’s development as a vibrant and progressive city. Together with the new Mandarin Hotel, the Park Central Towers, and now, the iconic Park Villas, we are committed to setting a new benchmark in contemporary living and sustainability,” Ayala Land Premier Premier President Joseph Carmichael Z. Jugo said.

Park Villas will also dedicate approximately 2,400 square meters to wellness facilities, including a pool complex, an exclusive residents’ lounge, and open spaces for recreation.

The design of Park Villas will be led by Skidmore, Owings & Merrill for the architecture, and Yabu Pushelberg for the interiors. The property is Leadership in Energy and Environmental Design registered.

On Monday, ALI shares rose by 1.4% or 40 centavos to P28.90 apiece. — Revin Mikhael D. Ochave

The orchestra takes on K-Dramas

BRONTË H. LACSAMANA

By Brontë H. Lacsamana, Reporter

Concert Review
OST Symphony: K-Drama in Concert
June 29
Manila Metropolitan Theater

ANYBODY who is into Korean dramas, or K-Dramas, would have enjoyed OST Symphony: K-Drama in Concert, performed by the Philippine Philharmonic Orchestra (PPO) at the Metropolitan Theater in Manila.

The PPO was joined by several guest singers, one being South Korean pop singer-songwriter Gaho (real name: Kang Dae-ho) who rose to prominence in 2020 for singing the theme songs for various K-Dramas. The section of the show that featured the music of Filipino adaptations of K-dramas featured Julie Ann San Jose and Zephanie Dimaranan as guest vocalists.

For a distinct Korean collaboration within the orchestra itself, renowned concertmaster Kim Mi-jung lent her talents as principal violinist.

“There is a saying in Korea that means ‘red bean bun without red bean,’ which doesn’t sound right. It’s unimaginable to think of one without the other. Similar to how red bean matches the bun, K-dramas and their soundtracks are a match made in heaven,” said Lee Sang-hwa, ambassador of the Republic of Korea to the Philippines, in an opening speech.

“Korean dramas have deeply touched the hearts of the Filipino people. To commemorate the 75th anniversary of Korean-Philippine diplomatic relations, this concert is a token of our gratitude to Filipino lovers of Korean culture.”

True to the promise to make us relive the best, most heartwarming, and most touching moments of K-Dramas, the show opened with the orchestral versions of “My Destiny” from the My Love from the Star (2013) and “You Are My Everything” from Descendants of the Sun (2016).

While conductor Herminigildo Ranera led the PPO in recreating the melodies, a large LED screen onstage played iconic scenes from the shows, care of streaming partner Viu. The red carpet kiss of the leads in My Love from the Star and the dramatic reunion of Captain Yoo and Doctor Kang in Descendants of the Sun were compelling to watch when paired with live music, enchanting even those of us in the audience with only a casual knowledge of K-dramas.

The orchestra then launched into a medley that went by too quickly, featuring soundtracks from the tense Netflix series Squid Game, the endearing 2022 legal drama Extraordinary Attorney Woo, and early 2000s classics (for those who were into K-dramas way before Hallyu blew up!) Jewel in the Palace, Hwang Jini, and All In.

The PPO then played three tracks from the 2016 romance Love in the Moonlight, with Park Bo-Gum’s youthful, cutesy face lighting up the theater for all to admire (or be annoyed with). One K-drama this writer was hoping to revisit, also starring Mr. Park, was the coming-of-age family drama Reply 1988, which boasts poignant music of its own, but it unfortunately wasn’t in the set.

The show then shifted gears to highlight Filipino dramas, too. Zephanie Dimaranan went onstage to sing “Nagbago ang Daigdig,” the theme song of the GMA show My Guardian Alien starring Marian Rivera and Gabby Concepcion. After that, Julie Ann San Jose captivated the audience with her English version of “You Are My Everything” from the Filipino adaptation of Descendants of the Sun, which starred Dingdong Dantes and Jennylyn Mercado.

Both singers, dressed elegantly in Filipiniana gowns, were a perfect representation of the country’s vocal prowess.

At first a jarring switch from the sweet, heartwarming, symphonic melodies, South Korean singer Gaho’s lively pop set eased the hall into a fun mood. He opened with “Yellow Light” from the recent romance K-Drama King the Land and won the crowd with “Running” and “Start Over” from the hit 2020 K-dramas Start-Up and Itaewon Class.

The K-pop vibes of Gaho’s set satisfied many in the crowd who came for the Hallyu and not really for the orchestra. However, the third track saw him singing to “Start Over” with the PPO providing the riveting instrumentals, bridging the two genres in an interesting way.

Nearing the end, the orchestra played the soundtrack of the hit 2019 romance Crash Landing On You (so popular in the Philippines that it is known by its acronym CLOY). Non-fans would have found it amusing to hear the gasps from the crowd as beloved moments on screen accompanied the music.

A sleeper hit that drew awestruck reactions from the audience was the soundtrack of the 2007 medical drama Behind the White Tower, featuring intense call-and-answer moments in the string section. After the concert, people were researching the show out of curiosity and talking about trying it out based on the intriguing soundtrack alone.

The night ended with the complicated, beautiful melodies of the 2017 historical drama Mr. Sunshine, which starred Lee Byung-hun and the wonderful Kim Tae-ri. It would have been a powerful note to end on, but the PPO satisfied romance fans with a heart-stopping encore — a performance of “I Will Go to You Like the First Snow” from the hit 2016 drama Goblin, starring iconic Korean actor Gong Yoo.

It was a successful night of cultural exchange, put together by the Korean Cultural Center, the National Commission of Culture and the Arts, and the Cultural Center of the Philippines. The PPO’s impeccable playing, along with the guest vocalists’ passion and Viu’s projecting K-drama moments on to the screen, brought both Hallyu and orchestral music to Filipinos. It was a joyful experience that will hopefully be brought back in the future for more people to enjoy.

T-bill yields mostly steady amid strong demand

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it auctioned off on Monday as average rates remained below secondary market levels amid strong demand and before the release of June inflation data.

The Bureau of the Treasury (BTr) raised P20 billion as planned from the T-bills it offered on Monday as total bids reached P43.025 billion, or more than twice the amount placed on the auction block.

Broken down, the BTr borrowed P6.5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P19.06 billion. The three-month paper was quoted at an average rate of 5.686%, 2 basis points (bps) above the 5.666% seen last week. Accepted rates ranged from 5.668% to 5.698%.

The government likewise made a full P6.5-billion award of the 183-day securities, with bids reaching P11.81 billion. The average rate for the six-month T-bill stood at 5.959%, rising by 2.9 bps from the 5.93% fetched last week, with accepted rates at 5.918% to 5.999%.

The six-month tenor was adjusted from the usual 182-day maturity due to a holiday.

Lastly, the Treasury raised the planned P7 billion via the 364-day debt papers as demand for the tenor totaled P12.155 billion. The average rate of the one-year debt increased by 1.9 bps to 6.05% from the 6.031% quoted last week. Accepted yields were from 6.03% to 6.085%.

The BTr fully awarded its T-bill offer as the tenors fetched average yields below prevailing secondary market rates, it said in a statement.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.7433%, 6.0035%, and 6.0741%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

T-bill rates were lower than the levels seen at the secondary market as investors awaited the release of June inflation data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Headline inflation was likely steady in June and settled within the central bank’s 2-4% annual target for a seventh straight month, analysts said.

A BusinessWorld poll of 14 analysts conducted last week yielded a median estimate of 3.9% for the June consumer price index (CPI), within the Bangko Sentral ng Pilipinas’ (BSP) 3.4-4.2% forecast for the month.

If realized, June inflation would match the 3.9% recorded in May. It will also be slower than the 5.4% print in the same month a year ago.

The Philippine Statistics Authority is scheduled to release June inflation data on Friday (July 5).

For the first five months, the CPI averaged 3.5%, faster than the BSP’s 3.3% baseline and 3.1% risk-adjusted forecasts for the year but well within the 2-4% goal for the year.

“The awarded T-bill rates moved lower this week as market participants digested the latest softer reading of the US Federal Reserve’s preferred inflation rate, which bolstered expectations of a September policy rate cut,” a trader added in an e-mail.

US monthly inflation was unchanged in May as a modest increase in the cost of services was offset by the largest drop in goods prices in six months, drawing the Federal Reserve closer to start cutting interest rates later this year, Reuters reported.

The report from the Commerce department on Friday also showed consumer spending rose marginally last month. Underlying prices advanced at the slowest pace in six months, raising optimism that the US central bank could engineer a much-desired “soft landing” for the economy in which inflation cools without triggering a recession and a sharp rise in unemployment.

Traders raised their bets for a Fed rate cut in September.

The flat reading in the PCE price index last month followed an unrevised 0.3% gain in April, the Commerce department’s Bureau of Economic Analysis said. It was the first time in six months that PCE inflation was unchanged.

In the 12 months through May, the PCE price index increased 2.6% after advancing 2.7% in April. Last month’s inflation readings were in line with economists’ expectations.

Inflation is receding after spiking in the first quarter as 525 bps worth of rate hikes from the Fed since 2022 cool domestic demand. Inflation, however, continues to run above the central bank’s 2% target.

Financial markets saw a roughly 68% chance that the Fed’s policy easing would start in September compared with about 64% before the data, though policy makers recently adopted a more hawkish outlook. The US central bank has maintained its benchmark overnight interest rate in the current 5.25%-5.5% range since last July.

On Tuesday, the BTr will offer P30 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of four years and 10 months.

The Treasury wants to raise P215 billion from the domestic market this month, or P100 billion from T-bills and P115 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — AMCS with Reuters

Continuing policy reforms in tax and business

FREEPIK

Aside from the economic climate or the various fiscal and non-fiscal incentives that the country offers, another reason to invest in the Philippines is its ongoing policy reforms. These policy reforms signify the government’s willingness to work with investors and address their concerns. But it is important that these reforms be directed toward making business and tax compliance simpler and easier.

One of the more consistently identified factors in determining a country’s investment attractiveness is the ease of doing business in a country. It is not difficult to see why. An opaque and complicated system, especially in the fields of business and tax, are bound to result in some unnecessary costs which can be particularly hindering for businesses.

For instance, one of the major reforms that the Philippines needs to consider is the implementation of a risk-based audit.

In a recent investment mission in Germany, we joined the Philippine Economic Zone Authority (PEZA) and met not only with potential German investors but also existing locators in the Philippines. In these discussions, they identified some concerning issues, such as VAT refunds and the overly burdensome and costly nature of Bureau of Internal Revenue (BIR) audits. While they are given tax incentives, they are still subject to an annual audit that results in additional costs and taxes despite their tax incentive and full compliance.

The concept of a risk-based audit is in line with proposals by the World Bank, and what the idea entails is that higher-risk taxpayers are to be prioritized for audit. To understand what this entails, it is first important to understand how it presently works. Under the current system, the BIR audits businesses on a random basis, albeit with some priority cases. In this current system, the system is still predominantly random, with no particular direction on which taxpayers or what industries to focus on.

The adoption of a risk-based audit system is bound to improve efficiency as the BIR would have to direct its efforts to the taxpayers or the industries which have lower compliance rates and with a significant amount of tax exposure. With the developments in the field of digitalization, it is now easier to gather data on these industries and to be able to make informed and data-driven compliance thresholds.

Of course, the key will be digital transformation. Given the predominance of electronic transactions in recent years, all the relevant data are readily accessible. What is left is to consolidate the data and analyze them to identify taxpayer risks and compliance performance.

Another byproduct of a risk-based system is an increased trust in the government. The present random BIR audit is susceptible to abuse because unscrupulous officers can simply target certain taxpayers and hide behind the guise of “randomness.” However, this will not be the case in a risk-based system because tax collectors would have no discretion on who to audit, since the ones that are required to audit are only those that have poor tax compliance or are considered “high-risk.”

In line with a risk-based system is the need to improve the tax regime for micro-, small- and medium-sized enterprises (MSMEs) amending its classification under the Ease of Paying Taxes (EOPT) Act. These businesses are hardly the main source of the government’s funds, and yet they are subject to the same stringent compliance requirements that larger businesses are subjected to. The difference is that larger businesses can bear those compliance costs, whereas MSMEs may have difficulties in doing so.

It is important that the government’s approach to MSMEs is not to treat them as a source of funds. Rather, MSMEs should be viewed as investments that the government should help succeed. Once these businesses prosper, it is only then that the government should shift gears and focus on collecting taxes from them.

The simplified Tax Regime for Micro & Small Enterprises include the following:

1. Reclassification of taxpayers based on their income level and total assets — an amendment to the EOPT Act;

2. Reduction of the highest income tax rate from 35% to 25% for individuals both for employees and self-employed and professionals — an amendment to the TRAIN Act;

3. Increase the optional tax rate from 8% to 10% and its threshold from 3 million to 50 million-100 million (micro to small taxpayers) — an amendment to TRAIN and the CREATE Act;

4. Mandate use of e-invoicing for medium enterprises and taxpayers who will elect an Optional 10% flat rate — an amendment to the TRAIN and CREATE Act;

5. Removal of the manual Books of Accounts for Micro and Small Enterprises (or Taxpayers) and mandatory use of Computerized Accounting System and electronic invoicing for Medium and Large Taxpayers — amendment to the EOPT Act;

6. Exemption of Marginal and Micro Enterprises or Taxpayers from regular audit and instead subject them to Tax Verification without penalties as the need arises, specifically the newly registered enterprises while Small Enterprises, will be subject to risk-based audit, and Medium Enterprises, including those who avail of tax incentives, will be subject to risk-based audit and regular audit every three years. Large Enterprises will be subject to risk-based audit and regular audit every other year — the risk-based and regular audit will be both computerized and no longer adopt any manual investigation, except for a fraud audit which may require more evidence — amendment to the CREATE and EOPT Act;

7. Revocation of the Certified Public Accountant license for external auditor/s who audit and sign audited financial statements (AFS) that are materially misstated, i.e., have erroneous balance of total assets and/or annual sales, leading to a wrong classification of taxpayers to avoid paying taxes or being audited.

Toward this end, the adoption of a simplified tax regime for MSMEs is crucial to improving the business climate. As a broad overview, a simplified tax regime for MSMEs entails the removal of unnecessary tax compliance requirements for Micro and Small Enterprises and implementing risk-based computer-assisted audit against small, medium, and large taxpayers.

At the core of these proposals is the idea of creating an investment climate where businesses can thrive and business owners are not hassled by unnecessary and non-value adding compliance requirements.

When thinking of business and investment, it is easy to get lost in the big policy considerations, but it is just as important to address issues on the ground. The fact of the matter is that, despite improvements to its ease of doing business, the Philippine business and investment bureaucracy still has plenty of room for improvement. These two proposals are directed toward addressing some of those issues, particularly in the field of taxation.

In light of all this, it is important that we work together with government agencies in making paying taxes easier and doing business simpler. This is why the Asian Consulting Group remains steadfast in its cooperation with the BIR by facilitating dialogue and public discussion regarding new tax policies and helping taxpayers, especially foreign investors, understand and adapt to existing tax rules and new regulations.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.

 

Raymond “Mon” A. Abrea is an MPA/Mason fellow at Harvard Kennedy School. He is a member of MAP Tax Committee and MAP Ease of Doing Business Committee, the co-chair of Paying Taxes on the Ease of Doing Business Task Force, and chief tax advisor of ACG.

map@map.org.ph

mon@acg.ph

PSE approves Premium Leisure’s voluntary delisting

THE PHILIPPINE STOCK Exchange, Inc. (PSE) said it has approved the voluntary delisting of Premium Leisure Corp. (PLC) effective July 9.

The PSE said in a circular dated June 28 that it has ordered the delisting of PLC shares from the bourse operator’s official registry (electronic board and ticker).

The PSE suspended the trading of PLC shares on May 7 following a tender offer by its parent company Belle Corp., consisting of 6.17 million PLC shares priced at 85 centavos, with a total value of P5.25 billion. The move brought PLC’s public float below the minimum requirement of the local bourse operator.

Belle Corp. is engaged in the integrated resorts business. It is one of the portfolio investments of Sy-led conglomerate SM Investments Corp.

For its part, PLC has a stake in the City of Dreams Manila integrated entertainment and gaming complex in Parañaque City.

In a separate regulatory filing on Monday, the PSE said it secured the approval of the Securities and Exchange Commission on June 18 for the incorporation of PSE Realty, Inc. as part of diversifying its revenue stream.

A wholly owned company of the market operator, PSE Realty will have a capitalization of P1 billion and will have powers to own, hold for investment, develop, manage, and maintain “real property of all kinds.”

 The PSE board approved the incorporation of PSE Realty during a meeting in December 2018. — Revin Mikhael D. Ochave

Priming Philippine property hotspots

(First of two parts)

AS THE PHILIPPINE economy expands, the need for more economic growth corridors outside of Metro Manila emerges. As I highlighted previously, the National Government’s massive infrastructure implementation and decentralization thrust has been resulting in the creation of new economic centers in Luzon, Visayas, and Mindanao.

Outside of Metro Manila, Metro Cebu offers the largest office and residential stock. Some of the tallest and most expensive structures can also be found in these two metropolitan areas. This column looks at the thriving and most exciting property markets outside of Metro Manila and Metro Cebu. I will also discuss the economic growth potential of these localities and why property firms are aggressively pursuing development opportunities. From central to southern Luzon, Colliers is also seeing vast opportunities in major urban areas in Visayas and Mindanao.

DAVAO’S THRIVING PROPERTY LANDSCAPE
Colliers Philippines believes that the entry of national players in Davao has paved the way for substantial development of integrated communities. The National Government has lined up vital infrastructure projects in the city which, once completed, should further solidify the city’s attractiveness as a residential investment hub in Mindanao. These include the Davao Coastal Road, Davao City Bypass and the expansion and modernization of Davao Airport. Hence, developers should continue with their landbanking initiatives and capitalize on the city’s improving infrastructure backbone.

Residential developers should further test the market and even diversify and look at the viability of offering more report and/or leisure-themed projects. In our view, Davao’s competitiveness and stature as an outsourcing hub in Mindanao, backed by robust regional economic growth, should retain the city’s attractiveness for more residential projects.

What’s interesting is that Davao is also being positioned as one of the major meetings, incentives, conferences, and exhibitions (MICE) hubs in the country. This should enable the city to attract more local and foreign hotel operators beyond 2024.

ILOILO: A HUB FOR MASTERPLANNED DEVELOPMENTS IN WESTERN VISAYAS
Iloilo’s thriving business landscape is partly buoyed by a constantly expanding outsourcing sector which continues to attract national developers to launch more office and residential projects in the city. While residential condominium developments are concentrated in Mandurriao, Iloilo’s main business district, some developers are beginning to explore other districts in the city ripe for upscale and luxury residential developments. We encourage national players to take advantage of the city’s growing investor and end-user market that is also enjoying growing disposable incomes.

Developers should also maximize their projects’ proximity to infrastructure lined up for completion. Major public projects include the Ungka II Flyover which will traverse Pavia, Hibao-an and Buhang. The flyover is expected to reduce travel time from Iloilo City to Iloilo International Airport from 45 minutes to 20 minutes. The flyover is set to be completed in 2025.

Iloilo is one of the most competitive cities in the Philippines backed by skilled workforce and quality infrastructure backbone. I’ve also seen first-hand the city government’s proactive efforts in attracting much-needed foreign and local investments. These are among the factors why we continue to see major outsourcing firms locating and expanding in the city.

CAGAYAN DE ORO: CAPTURING OPPORTUNITIES NORTH OF MINDANAO
Colliers Philippines believes that Cagayan de Oro’s competitiveness as an investment hub makes the city one of the most ideal business locations in Mindanao. The city’s location makes it a key property investment destination in northern Mindanao. The city is also on the radar of outsourcing firms, making it an ideal location for residential end-use especially for outsourcing employees as well as overseas Filipino workers (OFWs).

The Laguindingan Airport will also be expanded and modernized as it is being positioned as another international gateway. Colliers believes that this should further entice national and homegrown property firms to launch more residential projects in the city. The expansion of Laguindingan Airport should also enable the city to attract more leisure investors. In terms of hotel investments, Cagayan de Oro is definitely a city to keep an eye on.

BULACAN’S PROPERTY MARKET TAKES OFF
Colliers believes that Bulacan will remain a viable residential investment option given its proximity to Metro Manila. In our view, the completion of the Metro Rail Transit-7 (MRT-7) and New Manila International Airport should strengthen Bulacan’s stature as a major residential hub outside the capital region and in Central Luzon. The MRT-7 is now nearly 70% complete and is expected to be operational by 2028. The railway project seeks to reduce travel time from San Jose del Monte, Bulacan to North Avenue, Quezon City from three hours to 35 minutes and can accommodate up to 800,000 commuters daily. Meanwhile, the New Manila International Airport, which is also due for completion in 2028, should help decongest the Ninoy Aquino International Airport (NAIA).

Moving forward, Colliers sees more aggressive landbanking initiatives in Bulacan as developers take advantage of the locale’s major public projects due to be completed over the next two to four years. This should set the stage for greater acquisition of parcels of developable land in the province and the eventual launch and development of more masterplanned communities.

More exciting property investment destinations next week.

 

Joey Roi Bondoc is the director and head of Research of Colliers Philippines.

joey.bondoc@colliers.com

Inside Out 2 hits $1 billion at global box office

PIXAR movie Inside Out 2 has crossed the $1-billion mark at the worldwide box office in less than three weeks of release, reaching that level in the fastest time of any animated film in history, Walt Disney Co. said on Sunday.

The film is the highest-grossing movie of the year and the only one to cross $1 billion, said Disney, which owns Pixar.

Inside Out 2 is a sequel to the 2015 hit about the inner workings of a young girl’s mind. In the second installment, lead character Riley has become a teenager and is grappling with new emotions including anxiety and envy.

The original Inside Out opened with about $90 million in its first weekend in the summer of 2015, and topped out at $858.8 million globally. — Reuters

Taxing exams and ensaymada: The lesson of a lifetime

KELLY SIKKEMA-UNSPLASH

The resignation last week of Vice-President Sara Duterte as Education Secretary, a critical Cabinet position, left a void that cannot remain vacant for long given the challenges facing the Philippine education system. In the wake of her departure, speculation swirled about potential successors, with Rep. Joey Salceda floating two notable names: Prospero “Popoy” De Vera and Milwida “Nene” Guevara.

The latter name brought a smile to my face and sent me on a journey of remembrance. You see, Professor Nene Guevara, or “Ma’am Nene” as her students fondly call her, was not just another academic to me; she was a mentor, an inspiration, and the reason I fell head over heels for the seemingly dull world of public finance and taxation.

Flashback to 2015 (or was it 2016?), when I was pursuing my master’s degree in public management at Ateneo. In one memorable quiz, Prof. Guevara posed a question about the tax implications for Manny Pacquiao and Pia Wurtzbach following their back-to-back victories in boxing and the Miss Universe pageant, respectively. My answer was apparently so memorable (or perhaps silly) to her that she later wrote about it in an online article, musing about me as a student. The details of my response escape me now, but her fondness for it remains etched in my memory.

Ma’am Nene had a knack for making the driest of subjects come alive. Through her engaging lectures and real-world examples, she ignited my passion for public finance, so much so that when I had the chance to dive more deeply into it again, I leapt at the opportunity with newfound zeal. And who could forget those boxes of Dexter’s ensaymada she’d bring to class during quizzes? A sweet gesture, perhaps, to make up for the agonizing exams she put us through. But that’s just the kind of professor she was — tough, but always looking out for her students.

But her impact on my life extended beyond the classroom. As my thesis adviser, she provided invaluable guidance and support. And when I was considering pursuing my DBA at De La Salle University, it was Prof. Guevara who gave me the final push I needed. I’ve never regretted that decision, and I have her to thank for it.

Ma’am Nene’s expertise is as impressive as her dedication to her students. An economist and fiscal expert, she has advised various international organizations, and served as finance undersecretary during the Ramos administration. As the founder, president, and CEO of Synergeia Foundation, she has worked tirelessly to promote good governance. And as a core faculty member at the Ateneo School of Government, she continues to shape young minds.

It’s this unique blend of technical prowess, leadership experience, and passion for education that makes Nene Guevara an exceptional candidate for DepEd Secretary. The education sector is at a crossroads, grappling with the lingering impacts of the pandemic, the need to adapt to a rapidly changing world, and the eternal challenge of equipping young Filipinos with the knowledge and skills they need to thrive.

Navigating these choppy waters will require a steady hand at the helm, someone with the vision to chart a course towards a brighter future and the expertise to make that vision a reality. It will require someone who understands the intricacies of governance and finance, and who can marshal resources and rally stakeholders behind a common cause.

Most importantly, it will require someone who cares deeply about education and the transformative power it holds. Someone who knows that behind every statistic is a child with dreams and potential waiting to be unlocked. Someone like Nene.

Of course, the decision ultimately rests with President Marcos Jr. But as he ponders this crucial appointment, I hope he considers not just the impressive credentials of potential candidates, but also the intangible qualities that set true leaders apart — the passion, the dedication, and the ability to inspire.

Because in the end, the lesson that Prof. Guevara taught me extends far beyond taxation and budgets. It’s a lesson about the power of education to change lives, shape destinies, and build a better future for all. And that’s a lesson we can’t afford to forget.

The views expressed above are the author’s and do not necessarily reflect the official position of De La Salle University, its faculty, and its administrators.

 

Adrian A. Mabalay is an assistant professor at De La Salle University and an occasional opinion writer for The Manila Times. When not pondering life’s great questions or attempting to make his students laugh, he can be found admiring a well-arranged bouquet of flowers, his other great passion.

adrian.mabalay@dlsu.edu.ph

BSP, other central banks move closer to rollout of project connecting their payment systems

Bangko Sentral ng Pilipinas main office in Manila — BW FILE PHOTO

THE BLUEPRINT for instant cross-border payments under Project Nexus has been completed, which would now pave the way for its live implementation, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

This would “allow ready participants to work towards the next stage of seamlessly connecting their instant payment systems,” it said in a statement.

In March 2023, the BSP and four other central banks in the region announced they will connect their domestic instant payment systems (IPS) through the Bank for International Settlements’ (BIS) Project Nexus.

“We look forward to Nexus providing overseas Filipinos with a cheaper and faster means to send money to family back home, and facilitating the globalization of Filipino small and medium scale enterprises,” BSP Governor Eli M. Remolona, Jr. said.

The completion of the blueprint is under the third phase of the project. The next will be focused on work towards its live implementation.

“Phase four will see the Central Bank of Malaysia, BSP, the Monetary Authority of Singapore, the Bank of Thailand and domestic IPS operators — who worked together in phase three — joined by the Reserve Bank of India, expanding the potential user base to India’s Unified Payments Interface, the world’s largest IPS,” it said.

“Bank Indonesia (BI) will continue its association with the project with special observer status. BI took part in phase three and will continue in this capacity to follow the project in the next stage of its development.” 

As part of the project’s live implementation, a Nexus Scheme Organization (NSO) will be established.

This entity will be responsible for “managing the Nexus scheme, and continuing the mission to achieve instant cross-border payments at scale.”

“The NSO will be wholly owned by the central banks and/or IPS in participating countries, depending on the specific domestic structures,” it added.

According to the BIS, the project has the capacity to connect 1.7 billion people globally. — Luisa Maria Jacinta C. Jocson

GT Capital names Uy-Tioco, Jr. as new CFO

GT CAPITAL Holdings, Inc. has named George S. Uy-Tioco, Jr. as its new chief financial officer (CFO), effective Monday (July 1).

Mr. Uy-Tioco, Jr. assumes the CFO position following the retirement of Franciso H. Suarez, Jr., GT Capital said in a filing to the stock exchange on Monday.

Before joining GT Capital, Mr. Uy-Tioco, Jr. served as the corporate finance head of ING Bank N.V. Manila Branch from June 2021 to March 2024.

Prior to that, he held the position of head of mergers and acquisitions at BPI Capital Corp. from 2013 to 2021.

“Mr. Uy-Tioco, Jr. has a proven, robust finance and investment background with over 25 years of experience in investment banking, asset management, business development, and general management,” GT Capital said.

“He has handled key transactions on mergers and acquisitions, and possesses invaluable financial advisory experience across various sectors, including banking, energy, and telecommunications, among others,” it added.

GT Capital has interests in banking, automotive assembly, importation, dealership, and financing, property development, life and general insurance, and infrastructure.

On Monday, GT Capital shares dropped by 6.77% or P42, closing at P578 apiece. — Revin Mikhael D. Ochave

Bohol resort sees stricter approvals after Chocolate Hills public outcry

THE CHOCOLATE Hills in Bohol. — BOHOL.GOV.PH

THE local government of Bohol is enforcing stricter approval processes for new developments following the Chocolate Hills resort controversy, a resort owner said.

“They have been very strict… The Protected Area Management Board is very cautious, and I don’t think they have approved anything in terms of development in those areas,” Amarela Resort Corp. President Lucas M. Nunag told BusinessWorld on the sidelines of a Philippine Hotel Owners Association event on June 21.

According to the latest Philippine Hotel Investment Outlook Survey by Leechiu Property Consultants and the Philippine Hotel Owners Association, Bohol led with 41% of respondents showing interest in exploring hotel development.

The report attributed this to the province’s popularity, bolstered by its UNESCO (United Nations Educational, Scientific and Cultural Organization) Global Geopark status, proximity to Panglao airport, beaches, and high tourist volumes.

Additionally, Panglao ranked third among domestic destinations with 1,798 keys in development. Other notable locations include Metro Manila (39%), Cebu City (36%), Siargao (36%), and El Nido (34%).

In contrast to the famed resort, Amarela Resorts said it has received the ASEAN Green Hotel Award three times and holds the highest certification level in the Anahau Greenleaf Certification System.

Among Amarela’s green practices is an installed waste management system, addressing a common issue in island destinations: pollution, it said.

“We installed a biological wastewater treatment facility using the roots of plants in weeds but then, later on, we found out that the Department of Environment and Natural Resources is requiring more stringent measures,” Mr. Nunag said.

The resort, he also said, employs rainwater collection for landscape irrigation and uses a solar system to heat bathrooms and kitchens.

“The cost of solar panels has decreased. When calculating the return on investment, it’s approximately 3.5 years,” said Mr. Nunag, adding that their solar panels help reduce electricity expenses. — Aubrey Rose A. Inosante

TikTok spotlights LGBTQIA+ content creators’ personal journeys

THROUGH the influential short-form video platform TikTok, perspectives of lesbian, gay, bisexual, trans, queer, intersex, asexual plus (LGBTQIA+) Filipinos are now more visible in public. As a fitting end to Pride Month, five TikTok content creators laid out their life stories for more members of the community to hear and learn from.

Chrishanna Austria, known for her viral phrase “Forda Ferson” (for the person), is one of these social media personalities. It is the judgment of others that keeps one from living their true self, she said at the TikTok Pride Monologues, held on June 27 at The Fort Strip in Bonifacio Global City, Taguig.

“Marihap kapag hindi tanggap ng magulang (It’s difficult when your parents can’t accept it),” she explained, which happened after they discovered her early trauma with men and her first same-sex relationship in high school.

With acceptance being a process, Ms. Austria pointed out the gradual approval of her family of the six-year relationship she has had with her current girlfriend. They have a large community supporting them.

For Dan Laudit, a gay content creator known as “Mentor” for his entertaining and satirical videos, it took a long time to shed the Filipino belief that gays were weak.

“Dati kapag sinasabihan ka ng bakla, mahina ka. Tumatak sa akin iyon kaya tinatanggi ko pa (Back then, if people called you gay, it meant you’re weak. It left an impact on me so I would deny it),” he said.

He added that sexual orientation and gender identity and expression (SOGIE) is something to discover and “not something that should burden you.” Mr. Laudit found that it takes self-confidence and a strong support system to work through it.

Licensed psychologist Riyan Portuguez, who champions mental health awareness on TikTok under the moniker “Your Millennial Psychologist,” is another pillar of the online lesbian community. She recently partnered with the government’s ongoing “Rise Up” mental health program.

Suppression and denial are common coping mechanisms for young LGBTQ+ people who feel they need to excel at school or their talents to compensate for “being different,” she said at the forum.

“There are ‘conditions of worth’ that we use to prove that we deserve respect despite being who we are,” said Ms. Portuguez. “It’s a type of internalized homophobia. But we should know that we are enough, without having to compensate or prove ourselves.”

Sharing a similar view was Tots Carlos, a lesbian volleyball player who suffered the judgment of her family back in high school. It was in college that she finally felt that her value was “not diminished because of sexuality.”

“A support system is a major part of it, so I always try to surround myself with the right people,” Ms. Carlos explained.

Meanwhile, for those who are LGBTQ+ but have a more straight-passing gender expression, being true to oneself is a continuous process, said TikTok content creator Warren Daniel Osinago, known online as “Poca.”

“You don’t have to find who you are right now. You can work at your own pace, even if you’re surrounded by friends who are out. Be comfortable and celebrate while in the closet, still discovering yourself,” he said.

In agreement with Ms. Portuguez’s insights on shedding “suppression and denial,” the panel ended with a message of solidarity. “We can embrace being LGBTQIA+ together,” said Mr. Osinaga.

The five TikTok Pride representatives can be found at these handles: @chrishannaustria, @danlaudit, @yourmillennialpsych, and @totscarlos_, @warrendanielosinaga. — Brontë H. Lacsamana

1...1,5141,5151,516...12,733Page 1,515 of 12,733
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube