Home Blog Page 1532

Philippines’ quarterly GDP performance

THE PHILIPPINE economy expanded by a weaker-than-expected 5.2% in the third quarter, as bad weather hurt agricultural output and government spending, the statistics agency said on Thursday. Read the full story.

Philippines' quarterly GDP performance

Cebu Pacific’s direct Manila-Sapporo flights to start in Jan.

PHILSTAR FILE PHOTO

CEBU PACIFIC (CEB) is expanding its services to Japan by starting direct flights from Manila to Sapporo, Hokkaido, in January 2025, the budget airline said on Thursday.

Cebu Pacific, operated by Cebu Air, Inc., will launch flights between Manila and Sapporo on Jan. 16, 2025, thrice weekly — every Tuesday, Thursday, and Saturday — making it the only airline mounting direct flights between the two cities, the airline said in a statement.

The addition of Sapporo flights is part of the company’s overall ambition of expanding its international network, said Alexander G. Lao, Cebu Pacific president and chief commercial officer.

“We are thrilled to be the only carrier to offer nonstop flights between Manila and Sapporo. The launch of this route is a testament to Cebu Pacific’s mission of expanding its international network and making air travel accessible to a wider range of passengers,” he said.

The budget airline said its direct Manila-Sapporo flight will cut travel time to five hours versus the usual up to 10 hours on airlines with layovers.

Currently, Cebu Pacific operates flights to four cities in Japan: Osaka, Tokyo (Narita), Nagoya, and Fukuoka.

The budget carrier operates in 35 domestic and 27 international destinations across Asia, Australia, and the Middle East.

At the local bourse on Thursday, shares in Cebu Air fell by P1.25, or 3.9%, to end at P30.80 per share. — Ashley Erika O. Jose

France’s Believe denies copyright allegation in $500-M US claim by UMG

FRENCH digital music company Believe on Tuesday denied allegations of copyright infringement by Universal Music Group (UMG) which is seeking damages of at least $500 million through a complaint in the United States.

UMG, the world’s biggest music label, alleges in the complaint, a copy of which was seen by Reuters, that Paris-based Believe and its US business TuneCore have profited from the distribution of copies of copyrighted recordings.

“As companies that work with artists and labels around the world, we take the respect of copyright very seriously. We strongly refute these claims, and the statements made by Universal Music Group and will fight them,” said Believe.

UMG alleges that Believe has been distributing copyrighted material by changing the name of the artists or by publishing “sped-up” versions of original songs.

Tracks by Kendrick Lamar, Ariana Grande, Justin Bieber and Lady Gaga are distributed by Believe under names like “Kendrik Laamar,” “Arriana Gramde,” “Jutin Bieber,” and “Llady Gaga,” the plaintiffs said in their court filing.

The complaint by UMG, ABKCO Music & Records, and Concord Music Group has been filed in the United States District Court for the Southern District of New York.

Believe’s music catalogue features on social media platforms and streaming services including TikTok, YouTube, Spotify, and Apple Music.

Founded in 2005 by former Vivendi executive Denis Ladegaillerie and listed in Paris in 2021, Believe operates in 50 countries and has expanded its market share by acquiring other music labels in Europe and the Americas, with the former bringing in most of its revenue.

The company’s initial goal was to shake up the music distribution industry by promoting artists digitally, a strategy that has fueled competition with other mainstream labels. — Reuters

The evolutionary benefits of being forgetful

DARIUS BASHAR-UNSPLASH

Forgetting is part of our daily lives. You may walk into a room only to forget why you went in there – or perhaps someone says hi on the street and you can’t remember their name.

But why do we forget things? Is it simply a sign of memory impairment, or are there benefits?

One of the earliest findings in this area highlighted that forgetting can occur simply because the average person’s memories fade away. This comes from 19th century German psychologist Hermann Ebbinghaus, whose “forgetting curve” showed how most people forget the details of new information quite rapidly, but this tapers off over time. More recently, this has been replicated by neuroscientists.

Forgetting can also serve functional purposes, however. Our brains are bombarded with information constantly. If we were to remember every detail, it would become increasingly difficult to retain the important information.

One of the ways that we avoid this is by not paying sufficient attention in the first place. Nobel prize winner Eric Kandel, and a host of subsequent research, suggest that memories are formed when the connections (synapses) between the cells in the brain (the neurons) are strengthened.

Paying attention to something can strengthen those connections and sustain that memory. This same mechanism enables us to forget all the irrelevant details that we encounter each day. So although people show increased signs of being distracted as they age, and memory-related disorders such as Alzheimer’s disease are associated with attention impairments, we all need to be able to forget all the unimportant details in order to create memories.

HANDLING NEW INFORMATION
Recalling a memory can sometimes also lead to it changing for the purposes of coping with new information. Suppose your daily commute involves driving the same route every day. You probably have a strong memory for this route, with the underlying brain connections strengthened by each journey.

But suppose one Monday, one of your usual roads is closed, and there’s a new route for the next three weeks. Your memory for the journey needs to be flexible enough to incorporate this new information. One way in which the brain does this is by weakening some of the memory connections, while strengthening new additional connections to remember the new route.

Clearly, an inability to update our memories would have significant negative consequences. Consider PTSD (post-traumatic stress disorder), where an inability to update or forget a traumatic memory means an individual is perpetually triggered by reminders in their environment.

From an evolutionary standpoint, forgetting old memories in response to new information is undoubtedly beneficial. Our hunter-gatherer ancestors might have repeatedly visited a safe water hole, only to one day discover a rival settlement, or a bear with newborn cubs there. Their brains had to be able to update the memory to label this location as no longer safe. Failure to do so would have been a threat to their survival.

REACTIVATING MEMORIES
Sometimes, forgetting may not be due to memory loss, but to changes in our ability to access memories. Rodent research has demonstrated how forgotten memories can be remembered (or reactivated) by supporting the synaptic connections mentioned above.

Rodents were taught to associate something neutral (like a bell ringing) with something unpleasant (like a mild shock to the foot). After several repetitions, the rodents formed a “fear memory” where hearing the bell made them react as though they expected a shock. The researchers were able to isolate the neuronal connections which were activated by pairing the bell and the shock, in the part of the brain known as the amygdala.

They then wondered if artificially activating these neurons would make the rodents act as if they expected their foot to be shocked even if there was no bell and no shock. They did this using a technique called optogenetic stimulation, which involves using light and genetic engineering, and showed that it was indeed possible to activate (and subsequently inactivate) such memories.

One way that this might be relevant to humans is through a type of transient forgetting which might not be due to memory loss. Return to the earlier example where you see someone in the street and can’t remember their name. Perhaps you believe you know the first letter, and you’ll get the name in a moment. This is known as the tip-of-the-tongue phenomenon.

When this was originally studied by American psychologists Roger Brown and David McNeill in the 1960s. They reported that people’s ability to identify aspects of the missing word was better than chance. This suggested that the information was not fully forgotten.

One theory is that the phenomenon occurs as a result of weakened connections in memory between the words and their meanings, reflecting difficulty in remembering the desired information.

However, another possibility is that the phenomenon might serve as a signal to the individual that the information is not forgotten, only currently inaccessible.

This might explain why it occurs more frequently as people age and become more knowledgeable, meaning their brains have to sort through more information to remember something. The tip of the tongue phenomenon might be their brain’s means of letting them know that the desired information is not forgotten, and that perseverance may lead to successful remembering.

In sum, we may forget information for a host of reasons. Because we weren’t paying attention or because information decays over time. We may forget in order to update memories. And sometimes forgotten information is not permanently lost, but rather inaccessible. All these forms of forgetting help our brain to function efficiently, and have supported our survival over many generations.

This is certainly not to minimize the negative outcomes caused by people becoming very forgetful (for example, through Alzheimer’s disease). Nonetheless, forgetting has its evolutionary advantages. We only hope that you’ve found this article sufficiently interesting that you won’t forget its contents in a hurry.

 

Sven Vanneste is a professor of Clinical Neuroscience at Trinity College Dublin. Elva Arulchelvan is a lecturer in Psychology and PhD researcher in Psychology and Neuroscience at Trinity College Dublin.

Central bank to issue rules for EMI, OPS co-ops

THE BANGKO SENTRAL ng Pilipinas (BSP) is seeking to issue guidelines for cooperatives in the electronic money and payments systems businesses.

The central bank is looking to issue a joint memorandum circular with the Cooperative Development Authority (CDA) to establish guidelines and regulatory requirements for covered cooperatives to “harmonize existing laws on payments with applicable laws on cooperatives,” based on a draft circular posted on its website.

This comes after the BSP and CDA signed a memorandum of agreement in October to better supervise covered cooperatives. The agreement between the two agencies covered the adoption of a comprehensive regulatory framework on covered cooperatives.

The guidelines aim to “promote inclusive digital payments ecosystem, broader access to digital payments services, and contribute to the development of the Philippine economy.”

The draft rules define covered cooperatives as those that are licensed as electronic money issuer-nonbank financial institutions (EMI-NBFI) and licensed and/or registered as Operators of Payment Systems (OPS) by the central bank.

The circular also “delineates the respective authorities of BSP and CDA with respect to the activities that they respectively supervise and establishes formal lines of communication to facilitate cooperative oversight on covered cooperatives.”

The draft rules detail guidelines for the initial handling and resolution of issues to “prevent forum shopping and duplication of supervisory efforts in the handling of issues concerning cooperatives.” They identify the responsible authority depending on the cooperatives’ registration and kind of issue.

“For covered cooperatives, the primary authority responsible shall be BSP without prejudice to the filing of cases or imposition of administrative sanctions by CDA against Covered Cooperatives; Provided that prior to imposition of applicable administrative actions or initiation of judicial action, the CDA shall coordinate with the BSP.”

The rules also include guidelines on dispute settlements.

“Authorities shall exert their best efforts to amicably settle any dispute arising out of, or in connection with this circular. In case of failure to amicably settle such disputes, the Authorities shall observe the applicable dispute resolution provisions of the Administrative Code of 1987.”

Under the draft circular, covered cooperatives engaged or intending to engage in OPS activities must adhere to provisions such as the adoption by the OPS of a governance structure as well as other requirements for the Board of Directors, among others.

Meanwhile, those covered cooperatives engaged or intending to engage in EMI-NBFI activities must adopt the minimum systems and controls prescribed in the Manual of Regulations for Non-Bank Financial Institutions and ensure e-money is issued and redeemed at face value and strict adherence to BSP regulations, among others. — Luisa Maria Jacinta C. Jocson

Why hire manpower agency workers?

Our factory has more than 200 regular workers. Our chief executive officer (CEO) believes that regular employment is key to sustainable labor productivity. He’s not a believer in hiring contractual workers due to their lack of motivation. As a new human resource (HR) manager, I’m planning to convince the CEO to use contractual workers, at least for limited periods. Please help. — Burning Light.

Sherlock Holmes, the fictional detective created by Arthur Conan Doyle (1859-1930) said: “It is a capital mistake to theorize before one has data.” So, the first thing that you should do is to challenge using diplomatic language the CEO’s claim that regular workers the key to labor productivity. It’s easy to do.

The formula is total output divided by total workers’ input as measured by their salaries and benefits. Get as much data as can, covering at least five years. So, what did you learn? Does it support the CEO’s argument? If not, take a different approach.

Establish a process improvement team to analyze your current work systems and procedures. The goal is to determine and eliminate (or reduce) visible and invisible waste in your operations.

Before assembling the process improvement team, start with 5S implementation. And make everything the responsibility of every department, section, or unit with the help of a monthly audit team composed of members rotated from other departments. This must be done swiftly and systematically using an audit form approved by everyone.

The process improvement team and 5S implementation must be done with the help of training.

But here’s another approach that is arguably better at ensuring sustainable labor productivity. All line executives must be properly trained by the HR department on how to engage their direct reports.

ADVANTAGES OF AGENCY WORKERS
The preceding statements are my top-of-mind solutions for ensuring that your organization gets what it wants in terms of sustainable labor productivity. There are a lot more, except that I don’t want you to be confused with so many details at this point. Do them simultaneously and let me know your challenges via e-mail.

Now that you have other options, let me explore the following benefits of using agency workers, even those who belong to a cooperative.

One, availability. Agencies can immediately send you their workers for interviews at short notice. This happens all the time as many manpower agencies skip a professional process, and don’t have the capacity to vet job applicants. Some don’t have a full-blown HR department that includes a registered psychometrician. Therefore, before signing a contract with an agency, ensure that you understand their recruitment system.

Two, flexibility in disciplining workers. The moment an agency worker displays habitual absences and tardiness or commits a major offense like theft or insubordination, you can immediately secure a replacement worker without the hassle of personally carrying out disciplinary action. This is important. Before signing a deal with an agency, check its integrity and the values of its owners. You’ll be surprised to find that many of them have pending cases at the labor department or in the courts.

Three, short-term benefits. Agency workers are the right solution to temporarily perform the work of regular employees on maternity leave, those with contagious diseases, and even those on prolonged leave of absence due to a foreign scholarship or the need to review for a government licensure examination.

While the agency would be happy to lend you their workers for the long term, they are not appropriate for such employment or assignments that require at least five years of engagement, during which they get to know the pay and benefits given to the principal workers.

Four, four-way employment test. Are you aware of the legal parameters used to determine the existence of an employer-employee relationship? These are selection, payment of wages, power of dismissal, and the power to control. All these requirements are difficult for the principal representative to do because of the very thin line of interpretation that separates its interests and the interests of a manpower agency.  This has been the subject of many Supreme Court decisions in which management lost, including the case of Manggagawa sa Komunikasyon ng Pilipinas vs PLDT, G.R. Nos. 244695 and 244752 promulgated on Feb. 14, 2024.

The lesson from all these is that sooner or later, aggrieved employees will file a case against the principal client and its manpower agencies using labor jurisprudence. And so the big question: can you redefine the employer’s values and make them easy and practical for them?

 

Bring Rey Elbo’s program, Superior Subordinate Supervision, to your management team and reap the rewards of sustained labor productivity. Contact him on Facebook, LinkedIn, X, or e-mail elbonomics@gmail.com or via https://reyelbo.com

OceanaGold PHL records $3.6M in Q3 earnings

OCEANAGOLD.COM

OCEANAGOLD (Philippines), Inc.’s attributable net income rose to $3.6 million for the third quarter (Q3) amid a double-digit increase in revenues.

In a disclosure to the stock exchange, the gold and copper producer said that its net income grew by over seven times from $500,000 last year.

The increase may be attributed to a 27% surge in revenues to $102.1 million for the three months ended September from $80.4 million a year prior.

Its top line also dampened the impact of the 24% increase in the cost of sales to $62.1 million from $50.1 million last year.

The company’s third-quarter gold production was higher than the second quarter due to 25% higher mill feed volumes, the company said.

However, the company’s gold production was lower by 8% versus last year, which it said was due to 9% lower ore tons mined from underground.

“Gold production increased by 21% compared to the prior quarter, and optimization work to increase mining rates from the underground is on track to achieve two million tons per annum by the end of the year,” OceanaGold President Joan D. Adaci-Cattiling said.

For the first nine months, OceanaGold saw an 11% decline in its attributable net income to $29.2 million from $32.7 million last year.

The company saw a 1% increase in revenues to $263 million.

In a press release, the company announced its second dividend of $31.5 million, or $0.0138 per common share.

“I am very pleased to declare our second dividend since becoming a public company in May. The dividend declared this quarter equates to an annualized yield of over 20%,” said Ms. Adaci-Cattiling.

“We remain focused on safely and responsibly delivering our updated production guidance while generating returns for our shareholders,” she added.

On Thursday, shares in OceanaGold fell by 4.24%, or 66 centavos, to close at P14.90 each. — J.I.D. Tabile

Nintendo’s next console will play current Switch games

NINTENDO CO. said its next console will be compatible with current Switch games, allaying fears about the company’s ability to ride on the aging machine’s past success.

Backwards compatibility in the next-generation console is a key consideration for players trying to decide on further purchases of content in the waning months of the Switch. Nintendo’s next console will also support the company’s online gaming services, it said during a business strategy briefing.

Further information about the upcoming console will come at a later date, Nintendo said. Its stock rose 4.7% after the announcement Wednesday.

“Compatibility with the current Switch is good news for both investors and users,” Toyo Securities analyst Hideki Yasuda said. “Nintendo talking about its next console’s features and specifications suggests an announcement may be coming soon.”

Flagging momentum for the Switch, launched in 2017, forced the Kyoto-based company to cut its full-year profit and sales forecasts below estimates. The company logged its fifth straight quarter of profit declines earlier this week, hurt by weak sales of hardware and software.

Consumers have eagerly awaited an announcement on a successor to the Switch, which faces sleeker and more powerful updates from rivals Sony Group Corp. and Microsoft Corp.

On Tuesday, Nintendo slashed its operating profit outlook by 10% to ¥360 billion ($2.4 billion) and said it now expects to sell only 12.5 million units of the Switch this fiscal year, versus a previously forecast 13.5 million units. For the September quarter, Nintendo’s operating profit fell a bigger-than-expected 29% to ¥67 billion.

Nintendo’s been expanding into new areas to capitalize on its intellectual property and reduce the ups and downs of an industry hostage to gaming hits. That includes Alarmo, a $99 alarm clock featuring Nintendo’s game characters and music, as well as a Nintendo Music smartphone app for online service subscribers. Its affiliate Pokémon Co., meanwhile, released a smartphone app version of its highly popular trading card game.

The company’s also putting more resources behind a push into Hollywood. Encouraged by the blockbuster success of The Super Mario Bros. Movie last year, Nintendo’s working on another animated film based on the franchise, as well as a live-action film based on The Legend of Zelda. — Bloomberg

We need more married mothers

RAWPIXEL.COM

Amidst rising rates of unmarried childless women, someone needed to be blamed. And feminists, predictably, zeroed in on men as the dastardly culprits. Reviving an Independent article from 2019 (“Lack of ‘economically-attractive’ men to blame for decline in marriage rates, study suggests”), social media adjudged that “‘most women hope to marry but current shortages of marriageable men — men with a stable job and a good income — make this increasingly difficult, especially in the current gig economy of unstable low-paying service jobs,’ explains Dr Daniel Lichter, lead author of the study [‘Mismatches in the Marriage Market’; Lichter, et al., September 2019].”

Stunning and brave.

This, of course, goes against the Barbie-esque narrative of strong independent women that don’t need no man.

Furthermore, another study (“Why people face difficulties in attracting mates: An investigation of 17 probable predictors of involuntary singlehood”; Apostolou and Michaelidou, Science Direct, January 2024) points out that, “for women, we found that poor flirting capacity, poor sexual functioning, high choosiness, and low agreeableness were associated with higher probability to be involuntarily single than in a relationship or married. Moreover, shyness, agreeableness, sexual functioning, and choosiness had indirect effects. In addition, high choosiness was associated with more years being single.”

And indeed, emphasizing the “choosiness” angle, another study (“Do Men and Women Know What They Want? Sex Differences in Online Daters’ Educational Preferences”; Whyte, et al., Psychological Science, June 2018) confirmed that: “women were more likely than men to stipulate educational preferences at all ages. When members indifferent to educational level were excluded, however, the specificity of men’s and women’s preferences did differ for different age groups. That is, whereas women expressed more refined educational preferences during their years of maximum fertility, their demand specificity decreased with age. Men’s specificity, in contrast, remained stable until the 40s, when it was greater than that of postreproductive women, and then was higher during their peak years of career-earnings potential. Further, when individuals’ level of education was controlled for, women (compared with men) were more likely to state a higher minimum preference for educational level in a potential mate.”Unfortunately, the supposed hypergamous predisposition of women has been magnified by woke progressivism, such that their normal (even logical) choosiness has been exacerbated by the vastly increased options made available by social media, plus a culture promoting a “career first marry later” ethic and the media’s fascination with the ridiculously birdbrained DINK (Dual income, no kids) lifestyle.

This has led to unprecedentedly unfortunate consequences.

WHY IS THE OVERPOPULATION SCARE LIKE CLIMATE CHANGE?
As previously pointed out here (“Population collapse and the RH Law mistake,” March 2022; citing “Fertility, mortality, migration, and population scenarios for 195 countries and territories from 2017 to 2100,” The Lancet, July 2020), the world’s population is already shrinking to alarming levels.

Thus, “the global population was projected to peak in 2064 at 9.73 billion (8.84-10.9) people and decline to 8.79 billion (6.83-11.8) in 2100.” Total fertility rates (TFR) for several countries are expected to fall drastically: “By 2050, 151 countries were forecasted to have a TFR lower than the replacement level (TFR <2-1), and 183 were forecasted to have a TFR lower than replacement by 2100; 23 countries in the reference scenario, including Japan, Thailand, and Spain, were forecasted to have population declines greater than 50% from 2017 to 2100.” Even more disconcerting is the expected aging global population: “with 2.37 billion (1.91-2.87) individuals older than 65 years and 1.70 billion (1.11-2.81) individuals younger than 20 years, forecasted globally in 2100.”

The World Health Organization itself, not an organization known for enthusiasm in encouraging population growth, declared that: “By 2030, one in six people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.”

As for the Philippines, “the total fertility rate (TFR) of Filipino women aged 15 to 49 years dropped from 2.7 children per woman in 2017 to 1.9 children per woman in 2022, based on preliminary results of the National Demographic and Health Survey (NDHS) of the Philippine Statistics Authority (PSA). The PSA defines TFR as ‘the average number of children a woman would have by the end of her childbearing years if she bore children at the current age-specific fertility rates.’ With the lower TFR, the country is already below the replacement fertility rate of 2.1 children per woman.” (Philippine Congressional Policy and Budget Research Department)

Furthermore, “in the 2022 NDHS, women were asked whether they wanted more children and, if so, how long they would prefer to wait before the birth of the next child. About half (48.8%) of currently married women aged 15 to 49 years (including women who are sterilized or whose husbands are sterilized) want no more children. The percentage of women who want no more children increases with the number of living children, from 4.3% with no living children to 72% with six or more children. Around 13.9% of women want to have another child within the next two years and 17.4% want to wait at least two years before having another child. Moreover, less than one percent (0.2%) of women want another child but have not decided when, and 8.1% are undecided about having more children.” (Philippines Statistics Authority, Report November 2022) Bottomline? As The Lancet points out: “A sustained TFR lower than the replacement level in many countries, including China and India, would have economic, social, environmental, and geopolitical consequences.”

SUFFER THE CHILDREN
Disturbingly, a considerable number of women — to get around the self-accountability and responsibilities that marriage demands — are now resorting to getting pregnant but without the benefit of marriage. This leads to this present tragic statistic of 58.1% or 844,909 of new Filipino babies being born illegitimate.

Which points us to the reality that increased single-women households damage everyone, definitely society as a whole, but most unfortunately it damages the Filipino youth.

Consider that practically every school shooter in the US (for example) were bereft of fathers, “whether due to divorce, death, or imprisonment” (“When Will We Have the Guts to Link Fatherlessness to School Shootings,” Susan Goldberg, PJ Media, February 2018), as I pointed out in my column “The two parent advantage (or why a divorce law is a dumb idea)” in June this year.

As I wrote in my column, “Divorce is a deadly killer” in March 2018, “Then there’s this: ‘72% of adolescent murderers grew up without fathers; the same for 60% of all rapists, 70% of juveniles in state institutions grew up in single-or no-parent situations. The number of single-parent households is a good predictor of violent crime in a community, while poverty rate is not,’ (Terry Brennan, Co-Founder, Leading Women for Shared Parenting).”

As I wrote in “The two parent advantage (or why a divorce law is a dumb idea)”: “Gratifyingly, Melissa Kearney, the University of Maryland’s Neil Moskowitz Professor of Economics, recently came out with the highly relevant and quite commonsensical book The Two Parent Privilege. Here, she presents a data-driven defense of marriage and declares that to depreciate it leads to economic problems, fractures society, and badly hinders children’s development.

“Presenting no religious arguments and based on more than a decade of economic research, the Two Parent Privilege demonstrates that ‘marriage, for all its challenges and faults, may be our best path to a more equitable future’ and that when two adults marry, such immensely and comprehensively benefits not only the married couple but their children as well.“Indeed, ‘two parents combined have more resources than one. Two parents in a home bring in the earnings — or at least the earnings capacity — of two adults. And so, in a very straightforward way, we see that kids growing up in single-mother homes are five times more likely to live in poverty than kids growing up in married parent homes. (Kids in single-father homes are three times as likely to live in poverty).” See “Why Two Parents Are the Ultimate Privilege,” Bari Weiss interviewing Melissa Kearney, Free Press, December 2023.

BE FRUITFUL AND MULTIPLY
However, there are positive signs that the malignant influence of feminism is waning. CNN — of all media ironically — reported (March 2024) that “the number of marriages took a dive around the start of the pandemic, numbers show. For the past two decades, the number of marriages stayed around seven to eight per 1,000 people a year, according to new data released by the US Centers for Disease Control and Prevention’s National Center for Health Statistics.

But in 2020, the marriage rate was down to 5.1 per 1,000 people, the data showed. The rate started to climb the next year, and by 2022, the number of marriages had reached 6.2 per capita and over 2 million in a year, according to the report.”

And quite interestingly, “in 2022, the divorce rate was 2.4 per 1,000 people. Although that isn’t the lowest it has ever been — in 2021, it was 2.3 — it continues a downward trend, according to the data. By comparison, the rate of divorces in 2000 was four per 1,000, which means the current rate is a big decline from two decades earlier.

Indeed, the trope of the 50% divorce rate is influenced much by those in second, third, and subsequent marriages. Such marriages do have higher possibilities of ending in divorce. But recent first marriages are demonstrating much higher survival rates, with possible separations as low as 15-20%. For those couples considered part of the Traditional Catholic community, the rate can be as low as 5%.

Hopefully, this return of sanity and commonsense keeps on going. The last thing the world needs are more unhinged Kamala-clones shrilly trying to convince us on how happy they are.

 

Jemy Gatdula is the dean of UA&P Law, as well as a Philippine Judicial Academy law lecturer for constitutional philosophy and jurisprudence.

https://www.facebook.com/jigatdula/

Twitter  @jemygatdula

BPI launches virtual financial coach service

BW FILE PHOTO

BANK of the Philippine Islands (BPI) on Wednesday launched its virtual financial coach (VFC) service under NEXT by BPI Preferred.

“The main goal is really to prepare our next generation to manage their finances better, to empower them to do so… We believe that the next generation have the capability to be the emerging affluent and we have to prepare them to do that,” BPI Consumer Banking Head Maria Cristina L. Go told reporters at the launch event.

The VFC service aims to make financial consultations more convenient and is part of a series of virtual services the bank is rolling out.

“Convenience is one of the things that really drove us in thinking about the virtual financial coach. Fortunately, we have been piloting the theme of virtual stores, which we started late last 2022, and now we’re going full steam ahead. Virtual financial coaches is one of the units within the virtual stores. We have virtual loan advisors, virtual relationship managers, and virtual sales assistants,” she said.

Ms. Go said the bank currently has four VFCs.

The bank will also launch more offerings under NEXT by BPI Preferred in the coming months, including investment, loan, and deposit products, she added.

These will help BPI Wealth, the bank’s wealth management arm, grow its customer base, which is currently close to 15 million, Ms. Go said.

BPI’s net income grew by 29.4% year on year to a record P17.4 billion in the third quarter.

This brought its nine-month net earnings to P48 billion, 24.3% higher year on year, driven by robust revenue growth and sustained positive operating leverage.

BPI shares dropped by P3.80 or 2.64% to close at P140 each on Thursday. — A.M.C. Sy

How each segment contributed to Q3 2024 GDP

THE PHILIPPINE economy expanded by a weaker-than-expected 5.2% in the third quarter, as bad weather hurt agricultural output and government spending, the statistics agency said on Thursday. Read the full story.

How each segment contributed to Q3 2024 GDP

How PSEi member stocks performed — November 7, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, November 7, 2024.