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SM Prime boosting RE use with 7.5-MWp solar deployment

SM City in Santa Rosa, Laguna — SMSUPERMALLS.COM

SM PRIME Holdings, Inc. will install solar panels with a total capacity of 7.5 megawatts peak (MWp) on the rooftops of four SM malls, supporting the property developer’s sustainability initiatives. 

The malls involved in the solar panel initiative are SM City Lucena, SM City Sta. Mesa, SM City Tarlac, and SM City East Ortigas, SM Prime said in a regulatory filing on Wednesday.

SM Prime signed an agreement with solar panel provider TeaM (Philippines) Energy Corp. (TPEC) to install over 33,000 square meters of solar panels on the rooftops of the four malls. TPEC is the retail subsidiary of TeaM Energy Corp. 

Construction will begin in March, while operations are set to start by year-end.

The solar panels will generate about 11,000 megawatt-hours (MWh) of clean energy annually, supplying approximately 16% of each mall’s electricity needs. These will also reduce carbon dioxide emissions by 4,400 metric tons per year. 

“Integrating renewable energy (RE) sources into our operations is part of our long-term strategy to achieve our net-zero goals, enhance operational efficiency, and contribute to a more sustainable business,” SM Prime President Jeffrey C. Lim said.

TPEC will use bifacial solar panels that capture sunlight from both sides and have an annual degradation rate of 0.4%.

“We are committed to delivering high-performance solar solutions that meet international engineering standards. Through regular monitoring and preventive maintenance, we will ensure these systems operate at peak efficiency for the entire 20-year contract period,” TPEC President Tristan Taghoy said.

TeaM Energy is a joint venture between Japan’s Marubeni Corp. and Tokyo Electric Power Co.

SM Prime said 44 of its 87 malls in the Philippines are already equipped with solar photovoltaic systems, with a total capacity exceeding 50 MWp.

Meanwhile, in a separate disclosure, SM Prime said it had received the permit to sell from the Securities and Exchange Commission for its P25-billion bond offer.

The offer period began on Wednesday and will run until Tuesday, Feb. 18.

The issuance has a principal amount of P20 billion, with an oversubscription option of up to P5 billion. It consists of Series Y bonds priced at 6.0282% due in 2028, Series Z bonds priced at 6.2113% due in 2031, and Series AA bonds priced at 6.4784% due in 2035.

This marks the second tranche of SM Prime’s P100-billion shelf-registered fixed-rate bond program.

SM Prime shares rose by 0.43% or ten centavos to P23.40 apiece on Wednesday. — Revin Mikhael D. Ochave

DeepSeek may face further regulatory actions, EU privacy watchdog says

THE DeepSeek logo is seen in this illustration taken on Jan. 29, 2025. — REUTERS

BRUSSELS — DeepSeek may face more actions from national regulators in the future, Europe’s privacy watchdog said on Tuesday, underscoring the bloc’s concerns about the rising popularity of the cheap Chinese artificial intelligence (AI) startup.

National privacy regulators discussed DeepSeek at a monthly meeting on Tuesday, after Italy blocked the chatbot over lack of information on its use of personal data and as enforcers in France, the Netherlands, Belgium, Luxembourg and other countries questioned DeepSeek on its data collection practices.

“Several DPAs (data protection authorities) have already started actions vis-a-vis DeepSeek and there may be further actions in the future,” a spokesperson for the European Data Protection Board (EDPB) said in an e-mail after the meeting.

The concerns prompted the EDPB to broaden the scope of a task force created in April 2023 to foster cooperation and exchange information on enforcement related to AI.

The task force had originally focused only on Microsoft-backed OpenAI’s ChatGPT.

“In addition, the EDPB members underlined the need to coordinate DPAs’ actions regarding urgent sensitive matters and for that purpose will set up a quick response team,” the spokesperson said.

Europe has been in the forefront of protecting its citizens’ privacy rights while its General Data Protection Regulation, which came into effect in 2018, is the toughest privacy law in the world. Reuters

K+12 (-2) = ?

PHILIPPINE STAR/EDD GUMBAN

I went to a technical school and graduated high school in the 1980s with two diplomas: one academic and the other technical. The latter is the present-day equivalent of a TESDA* diploma for vocational education. My four years in high school were enough to qualify me for university or immediate employment as an electronics technician. In short, at 16, I was already employable.

I chose university, of course. Most high school graduates did, as long as their families could afford it. Fortunately, I was accepted into the State University. Back then, an 18-unit semester in Diliman cost just a little over P1,000. But while tuition was cheap, the education was not.

I can judge things only from experience, and in my case, education-wise, I would like to think things went well. I was never academically prolific, but I passed. I graduated, though not on time, and entered the workforce at 22. I did not need an extra two years in high school to “make it” successfully out of the school system.

My father finished high school in the 1950s, a proud graduate of the Victorino Mapa High School in Manila. His teachers were among the last of the so-called Thomasites. Practical arts were part of their regular high school curriculum. They were taught gardening, carpentry, electrical work, automotive mechanics, and retail merchandising, among other subjects.

In high school, he said, he and his classmates in electricity could build their own electrical transformers. After public high school, those who could not afford university were already employable as skilled workers — courtesy of their public high school education. Some opted to further hone their skills in trade schools or through apprenticeships.

For my peers and me, we were similarly employable as high school graduates, armed with technical diplomas. We could work as electronics or electrical technicians, automotive mechanics, machinists in machine shops, or draftsmen in architectural and engineering firms. We could all produce technical or mechanical drawings, thanks to two years of drafting studies. We had also undergone general shop work, including carpentry, metalwork, and basic electrical wiring.

Having grown up in such an environment, I was never supportive of several government initiatives in education in recent years: the transition to K-12 and the introduction of Senior High School (SHS), the removal of the General Education program in colleges, full free tuition in state universities, and the shift of the school opening to August from June, among others.

I never believed that adding two more years to high school, removing General Education subjects from colleges, or shifting the school calendar to August-May would improve basic education and help Filipinos perform better in school and life. Incidentally, school opening reverts to June this coming school year.

In this context, I support House Bill No. 7893, which proposes making SHS optional and allowing students to take a government-administered exam that could exempt them from SHS. The bill seeks to amend Republic Act No. 10533, or the Enhanced Basic Education Act of 2013, which legislated the K-to-12 program.

However, my support is partial since the proposed exemption would only allow students to skip SHS and move on to technical-vocational education. It does not exempt those intending to enter university. In other words, if one wishes to go to university, Grades 11 and 12 remain mandatory. This requirement stems from the removal of General Education subjects from higher education, which previously covered non-major subjects during the freshman and sophomore years.

SHS exemption cannot be absolute due to how the K-12 program has been designed and its impact on higher education. Without Grades 11 and 12, university entrants might struggle with major subjects. Thus, a full exemption from SHS would require an overhaul of both K-12 and higher education curricula.

Lawmakers have concluded that graduates of the current education system are not well-prepared for work or university. Consequently, adjustments like HB 7893 are being considered. However, I believe the bill is misplaced. Instead of offering SHS exemption only for those pursuing technical-vocational education, the government should instead focus on enhancing basic education to make high school graduates employable.

Should the government push high school students toward a technical-vocational track by incentivizing them with SHS exemption? Skills-based training should not just be an escape route for those who cannot afford SHS or university or need to earn a living early. Exceptional students who qualify to skip SHS should instead be given scholarships to pursue higher learning, not merely redirected to skills-based training.

The country certainly needs more skilled workers. To some extent, the curriculum should align with industry needs. However, filling quotas for skilled workers — whether for local or overseas employment — should not come at the expense of the best and brightest public high school students who cannot afford SHS or university. Instead of pushing them into skills training, they should be given opportunities to pursue higher education.

In my opinion, one approach is to integrate basic education with technical-vocational programs — essentially combining K-12 with TESDA. The government should aim to make every public high school graduate a “skilled” worker with a high degree of proficiency in a particular trade. The goal should be to ensure that every public high school graduate — whether in four or six years — is both academically and technically certified and employable.

To complement this, the government should expand on-the-job training and apprenticeship programs, enhance partnerships with industries and trade associations, and establish more cooperative education initiatives. There should be Continuing Education programs for skilled workers as well. And assessment and certification processes should be upgraded to create a reliable and credible grading and evaluation system for skilled workers.

Speaking from experience, this is not impossible. My peers and I, and many people before and after us, all underwent a combined education program, and many can attest that a “double curriculum” — academic and technical — can work. Post-war public-school programs were also designed this way, recognizing the growing economy’s need for skilled workers.

Artificial intelligence and automation can only replace skilled workers to a certain extent. The economy will always require people with technical skills, though the demand will depend on the type of skills available and their level of proficiency. Basic education and skills training remain the strongest foundation for sustaining and expanding these workforce needs.

* Technical Education and Skills Development Authority

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

Novelist Salman Rushdie faces his accused stabber in New York courtroom

SALMAN RUSHDIE — COMMONS.WIKIMEDIA.ORG

MAYVILLE, New York — Salman Rushdie spoke calmly and with occasional dry humor as he testified on Tuesday against the man accused of trying to murder him, the first time the two have been in the same place since the 2022 knife attack on the novelist onstage at a New York arts institute.

Hadi Matar, 26, has pleaded not guilty to charges of second-degree attempted murder and second-degree assault.

Mr. Rushdie, 77, walked into the courtroom dressed in a dark suit, white shirt, and gray tie. Two sheriff’s deputies stood at alert by Mr. Matar, seated at a table with his team of public defenders. The right lens of Mr. Rushdie’s spectacles was blacked out, masking the eye, which his attacker’s knife had pierced through to the optic nerve.

“I was aware of this person rushing at me from my right hand side,” Mr. Rushdie testified in a courtroom in Mayville, a few miles north of the Chautauqua Institution, the lakeside rural arts haven where he was attacked on Aug. 12, 2022.

The controversial writer, for decades the target of death threats, had been seated onstage at the institution’s outdoor amphitheater that morning, about to give a talk on keeping writers safe from harm.

“He hit me very hard,” Mr. Rushdie said. “Initially, I thought he had punched me. I thought he was hitting me with his fist. But very soon afterwards I saw really quite a very large quantity of blood pouring out onto my clothes, and by that time he was hitting me repeatedly. Stabbing, slashing.”

Mr. Rushdie’s wife, the poet Rachel Eliza Griffiths, sat in the public gallery, becoming tearful as Mr. Rushdie described falling bloodied to the floor. She was next to the writer Bill Buford, a friend of Mr. Rushdie’s, who took Ms. Griffiths’ hand to comfort her.

Mr. Matar, dressed in a baggy blue shirt, sometimes looked at Mr. Rushdie, and filled the page of a yellow legal pad with dark ink. In his memoir about the attack, Mr. Rushdie wrote that he was looking forward to facing him in a courtroom.

Soon after the attack, Mr. Matar, a US-Lebanese dual citizen from New Jersey, told the New York Post in a jailhouse interview that he disliked Mr. Rushdie because he believed the writer had insulted Islam, and said he was surprised that Mr. Rushdie survived.

His defense lawyers have not disputed that Matar was in the amphitheater that day but have told the jury that the prosecutor’s evidence will not prove beyond a reasonable doubt that Matar had the necessary criminal intent to be convicted of attempted murder.

Born in India into a Muslim Kashmiri family, Mr. Rushdie spent most of the 1990s in hiding in the UK after receiving death threats over his 1988 novel The Satanic Verses.

The novel prompted Ayatollah Ruhollah Khomeini, then Iran’s supreme leader, to issue a fatwa calling on Muslims to kill Mr. Rushdie for what he said was blasphemy against Islam.

The jury has not heard about the fatwa or the threats against Mr. Rushdie’s life, with the Chautauqua prosecutor’s office saying they are not relevant to proving the charges against Mr. Matar.

Mr. Rushdie abandoned his reclusive existence more than two decades ago, moving to New York City.

Onstage at the Institution, Mr. Rushdie was stabbed about 15 times: in the head, neck, torso and left hand, blinding his right eye and damaging his liver and intestines, nearly killing him, according to his surgeons.

Mr. Rushdie said the stabbing in his right eye, which almost penetrated his brain, was the most dangerous.

“You can see that’s what’s left of it,” Mr. Rushdie said, removing his spectacles and turning to the jury. “There’s no vision in the eye at all.” He also pointed out scars on his neck and left hand.

The assault charge is for the wounding of Henry Reese, the co-founder of Pittsburgh’s City of Asylum, a non-profit group that helps exiled writers, who was conducting the talk with Mr. Rushdie that morning.

Mr. Rushdie described his attacker as dressed in dark clothes with a dark face mask.

“I was very struck by his eyes which were dark and seemed very ferocious to me,” Mr. Rushdie testified.

A defense lawyer for Mr. Matar objected to the characterization, and Judge David Foley struck the answer from the record.

“Okay, not ferocious,” Mr. Rushdie said.

Chautauqua District Attorney Jason Schmidt rephrased his question, asking the writer how he came to make conclusions about his attacker’s ferocity.

“He struck me a number of times, another half a dozen times,” Mr. Rushdie replied. “At some point I thought I was dying. That was my immediate thought.”

If convicted of attempted murder, Mr. Matar faces a maximum sentence of 25 years in prison. He also faces separate federal terrorism charges at a trial in Buffalo.

Lynn Schaffer, one of Mr. Matar’s defense lawyers, asked Mr. Rushdie in her cross examination about how he was able to testify that he was stabbed 15 times.

“I wasn’t counting at the time,” Mr. Rushdie said. “As I said, I was otherwise occupied. But afterwards I could see them on my body. I didn’t need to be told by anybody.”

Ms. Schaffer asked him about his work as a writer and his occasional cameos in movies, noting that Bridget Jones’ Diary was one of her favorites.

“My most important work,” Mr.  Rushdie replied, a few minutes before he stepped down from the stand and walked near Mr. Matar’s table to leave the courtroom. — Reuters

Almost a third of central banks delaying digital currency plans, report shows

Representations of virtual currency Bitcoin are placed on US dollar banknotes in this illustration taken on May 26, 2020. — REUTERS/DADO RUVIC/ILLUSTRATION

LONDON — Nearly a third of central banks have pushed back launching digital versions of their currencies, a new survey shows, although a desire to protect their money-minting powers mean most still intend to go ahead.

Central Bank Digital Currencies (CBDCs) are back in the spotlight after US President Donald J. Trump banned work on a digital dollar in one of his first moves after regaining power last month.

The survey rounds published on Tuesday were completed before that announcement, but the central banks that took part had been asked whether they were now cooling on CBDCs, given the issues around such assets.

It found 67% had not changed their stance over the past year, with three-quarters planning to issue one and a steady 19% saying they did not intend to do so.

Other findings were more mixed, however. The share of central banks inclined to issue one dropped slightly, while the proportion now less inclined to issue one is 15%, compared to zero in 2022.

“There is a clear hesitancy around the subject,” the survey by the Official Monetary and Financial Institutions Forum (OMFIF) think tank and German-based banknote firm Giesecke+Devrient said.

“Very few (central banks) have so far taken the decision to issue, despite a great deal of exploratory work.”

The firm said 31% had delayed their CBDC timelines, including nearly half of those that hope to have one ready within three to five years.

Supporters of digital currencies say they could make 24/7, real-time, cross-currency payments a reality and are a natural alternative to physical cash, which seems in terminal decline.

Opponents, though, argue that advances can be achieved with existing systems. Public protests have focused on one of Mr. Trump’s main criticisms — denied by central bankers — that governments could use them for snooping.

The survey showed that “preserving central bank monetary sovereignty” remained a top motivation for introducing a CBDC, especially in major economies like the euro zone.

Giesecke+Devrient Currency Technology CEO Wolfram Seidemann noted that one of the European Central Bank’s (ECB) top policy makers recently said a digital euro would counterbalance Mr. Trump’s US drive for “stablecoins” — a type of cryptocurrency typically pegged to the dollar.

Stablecoins are run for profit by privately owned groups. If they become too dominant the worry is that they would take away the money, or “seigniorage,” countries earn from printing their own currencies and the power they wield through them.

“I’m sure others will have a similar view,” Mr. Seidemann said referring to the ECB’s stance.

The other “elephant in the room,” he said, was the ongoing concern around privacy and the intertwined risk that barely anyone ends up using a launched CBDC, given they also do not yet offer a significant advance in terms of what people can do with them.

Jamaica, the Bahamas, Nigeria and China have all had this issue and it was the biggest worry for around 55% of the emerging market central banks the survey asked. — Reuters

FMETF board OKs name change to ATR FAMI Philippine Equity ETF

THE FIRST Metro Philippine Equity Exchange-Traded Fund, Inc. (FMETF) will change its corporate name to ATR FAMI Philippine Equity Exchange-Traded Fund, Inc., reflecting its new ownership.

The board approved the name change on Feb. 11, FMETF said in a regulatory filing on Wednesday. The change remains subject to stockholders’ approval at the annual stockholders’ meeting. 

In December, First Metro Investment Corp. (FMIC) sold its controlling stake in First Metro Asset Management, Inc. (FAMI) to the ATR Asset Management Group (ATRAM Group) as part of its strategy to “focus on the investment banking business.” 

The transaction involved the sale of FMIC’s 1,050,000 common shares — representing 70% of FAMI’s issued and outstanding capital stock — to a consortium led by ATRAM Investment Management Partners Corp., ATRAM Group’s parent firm, and MET Holdings. 

FMIC is the investment banking arm of listed Metropolitan Bank & Trust Co.

Meanwhile, FMETF announced leadership changes following the ownership transition.

The company appointed Manuel N. Tordesillas as chairman, replacing Eduardo R. Carreon. Mr. Carreon was subsequently elected president and director, replacing Michael G. Say.

FMETF also said Karen Liza M. Roa and Winston Andrew L. Peckson stepped down as directors, while Jose C. Nograles, Rafael K. Eloriaga, and Rhodora Angela F. Ferrer resigned as independent directors.

The company named Regina Paz Goco-Morales and Manuel Herbosa as new directors, while Bernardo M. Villegas and Victor A. Abola were elected independent directors.

Aside from FMETF, FAMI serves as the principal distributor, administrator, and fund manager of FMIC’s mutual funds.

The ATRAM Group operates through ATRAM Trust and ATR Asset Management, Inc., managing portfolios consisting of mutual funds, trust assets, insurance portfolios, and real estate. 

On Wednesday, FMETF shares rose by 0.21% or 20 centavos to P97.20 apiece. — Revin Mikhael D. Ochave

RCBC Pay Portal expands supported payment options

PHILSTAR FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) has added new payment options to its business payment gateway platform RCBC Pay Portal to serve the needs of its corporate, micro, small and medium enterprise (MSME) and SME clients.

RCBC Pay Portal now supports more payment methods like credit cards, debit cards, online banking, e-wallets, as well as over-the-counter payment partners like 7-Eleven, Cebuana Lhuillier, MLhuillier and Palawan Pawnshop, the bank said in a statement on Wednesday.

“The RCBC Pay Portal is specifically designed to address the challenges merchants face when managing multiple payment methods. With Pay Portal, they no longer need to juggle different payment providers or handle separate legal documentation. Instead, all transactions are seamlessly managed under one gateway, making the entire process more efficient and straightforward,” RCBC Head of Transaction Banking Group Martin Roberto G. Tirol said.

“As we continue to enhance our digital solutions, RCBC remains committed to evolving the Pay Portal and developing more innovative features to meet the ever-changing needs of businesses. Our goal is to empower merchants with the most efficient and comprehensive payment tools available in the market,” Mr. Tirol added.

The service lets businesses accept online store payments via an application programming interface, software development kit for mobile apps, and plug-ins for e-commerce sites.

Merchants with no online stores can also use RCBC Pay Portal to transact through payment links.

RCBC Pay Portal allows businesses to track customer payments in real time and generate reports via a centralized dashboard.

The bank said merchants from various sectors such as schools, hospitals, clinics, hotels, and restaurants are enrolled in the RCBC Pay Portal.

RCBC’s net income decreased by 37.01% to P1.77 billion in the third quarter of 2024. This brought its net profit for the first nine months of 2024 to P6.22 billion, 31.12% lower year on year.

Its shares climbed by 10 centavos or 0.41% to close at P24.75 each on Wednesday. — A.M.C. Sy

Trump’s crypto company launches strategic ‘token reserve’

FREEPIK

NEW YORK — World Liberty Financial (WLF), the new crypto platform in which President Donald J. Trump holds a financial stake, announced that it was unveiling a strategic token reserve designed to bolster Bitcoin, Ethereum and other cryptocurrencies “that are at the forefront of reshaping global finance.”

WLF said in a statement posted on X on Tuesday that its new token reserve would enable it to mitigate market volatility, empower the company to invest in innovative projects in decentralized finance, and develop a well-capitalized reserve. It also said it would seek strategic partnerships with financial institutions to contribute tokenized assets to the WLF reserve.

WLF did not respond to a request for comment. The White House and the Trump Organization also did not respond to requests for comment.

The announcement comes at a time when Mr. Trump and his family businesses are increasingly turning to making money from the world of crypto.

In addition to WLF, the Mr. Trump family’s holdings include a majority stake in Trump Media & Technology Group, a social-media-and-streaming company that on Jan. 29 announced it was pivoting into financial services tied to crypto.

Three days before his inauguration, the president also launched his $Trump meme coin.

Millions of dollars, including $100 million in fees alone off of the meme coin, have poured into entities connected to the president’s new suite of crypto companies. WLF has already seen token sales of $500 million, by Reuters calculations.

In January, Mr. Trump said his assets, which are in a revokable trust, would be managed by his children while he is in office.

World Liberty Financial launched two months ahead of the US presidential election. Mr. Trump and his affiliates own a 60% stake in its holding company and are entitled to 75% of revenues and 22.5 billion tokens, according to the company’s website.

The news comes just three days after Donald Trump, Jr., the President’s eldest son, made a surprise appearance at the Ondo Summit in New York City, billed as Wall Street 2.0.

There, Mr. Trump and company founders told attendees, most of whom were from traditional finance, that WLF’s aim was to bridge the gap between the world of crypto and mainstream retail investors such as teachers, firemen and dentists.

Donald Trump,  Jr. emphasized the need for a regulatory framework that would allow “crypto to flourish.” Crypto, he said, is the “future of finance” and the “future of American hegemony.” Reuters

The Heart of Entrepreneurship: How puso is the undervalued key to business success

CHARISSE TINIO FACEBOOK ACCOUNT

In my conversations with entrepreneurs, CEOs and Filipino businesspeople over the years, we often talk about their “secret sauce.” What is that one ingredient or special mix of ingredients that made their enterprise succeed where many others failed? Or what makes a startup special? Oftentimes, interviewees will respond with their business strategy or their family values. Other times, they will talk about how their hard-nosed grit propelled them towards entrepreneurial success. But one answer that always comes up — and too often we don’t talk about it enough — is how passion drives entrepreneurship.

Yes, not capital, not a master’s degree, not being raised with entrepreneurial values. But passion. Heart. In Filipino, we call it puso. And somehow that word communicates so much more. It is the beating heart of business. With its heartbeat, it enables and informs everything we do as entrepreneurs. And at the same time, it puts the entire money-dominated narrative of business on its head by focusing instead on passion, service, relationship-building, and, yes, even love — all of which may serve entrepreneurs better than the relentless pursuit of profit.

Recently, I had the good fortune of interviewing Charisse Tinio, an extraordinary entrepreneur who has truly embraced puso as a way of doing business. In fact, she credits it as her competitive edge and her reason for doing what she does with excellence. And fittingly so. As the founder of Nice Print, a photography and videography services company that dominates the booming wedding services industry, she has built an empire within the industry, expanding to grow other businesses in related services. Most famously, Nice Print has become known as the wedding photographer of the stars, ever since the wedding of Ogie Alcasid and Regine Velasquez in 2010.

What can we learn from Charisse Tinio’s dedication to puso? I’ve listed three key points from our fascinating conversation.

1. Build Your Company on Relationships

The wedding services industry is an immense, rapidly growing, and competitive industry. I can attest to this as a wedding host myself. There are countless hosts, planners, photographers, and videographers in the biz. How does a business set itself apart in such an industry?

Charisse believes it’s about puso, saying, “What really sets you apart is the heart that you put into it, the passion that you put into it.”

It is this passion that has been at the very center of what Nice Print has been doing since 2006. “I’ve always built my company based on relationships,” Charisse continues. “I value that a lot. And people feel that if you’re very sincere, that you’re not just here for the money, you’re not just here for the day of the wedding. We go the extra mile all the time.”

For Charisse, going the extra mile isn’t just lip service, and neither is building relationships. She recounts how she maintains links with her clients, even sending gifts when they give birth or go through other life milestones.

After 19 years in the business, the relationships she has fostered in her business continue to bear fruit.

“We’ve come full circle with them,” Charisse says, “I’ve had debutantes who are now my brides. And then I have one-year-old celebrants who are now my debutantes.” These strong relationships extend even to her celebrity clients, with Nice Print now doing the wedding of Leila Alcacid, the daughter of Ogie and Regine.

2. Your Team Is Your Capital

Building relationships isn’t limited to just your clients or your customers. It also extends to your partners, the people who you work with, your team.

For Charisse, this bond with her team has led to something that is almost unheard of in today’s modern startups: loyalty. Charisse shares that after 19 years, hardly anyone has left her team.

She explains, “If you treat them well and if they see that you’re genuinely caring for them, they will stay… And we’ll take care of them till the end. So, it’s really building relationships not just with the clients, but more importantly with the team, with the talented individuals. Because they are your capital.”

Now managing not just Nice Print but a group of companies, Charisse has learned to trust her team, delegate responsibility to them, and, most importantly, give them avenues for growth, with some of her managers becoming part owners of their businesses.

“I’ve learned to delegate, and just really trust the process,” she says, “and para bang i-mentor sila, para gumaling din sila [and mentor them so they can become better], and they can think like me somehow, and work like me, and decide like me.”

3. Service at Its Heart

Another hallmark of Charisse Tinio’s management is service. Among Charisse’s early ventures before Nice Print was Konica Express, a film developing center in the retail space. But as digital photography began to take over, she had to pivot her business away from film. Her answer? Service.

Nung nagkakaroon na ng struggle, kasi nga mamamatay na ’yung film industry [When there was already a struggle because the film industry was dying], I told Jim [Charisse’s husband], I think the best thing to do is service. And Jim was challenging me and said, ‘Why?’ Sabi ko, ‘Eh kasi, no matter the technology [Because, I said, no matter the technology], people would still need people to shoot for them.”

From there, the service-oriented, relationship-centered Nice Print was born. Charisse admits that she has never been into the technical side of the business, such as the videography or the editing. For her it’s all about relationships.

Hindi pwede ’yung galing lang. [It’s not all about excellence.] You have to build relationships. Build relationships,” she emphasizes.

To entrepreneurs who want to emulate Charisse’s success by creating a business centered around puso, she advises just starting, no matter how small the venture, but always with passion.

“Everything starts from something so small,” she says. “And you’ll really never know unless you try. So you have to keep trying. If you don’t succeed at first, do it again, and do it again, until you hit it.”

 

RJ Ledesma (www.rjledesma.com) is a Hall of Fame Awardee for Best Male Host at the Aliw Awards, a multi-awarded serial entrepreneur, motivational speaker, and business mentor, podcaster, an Honorary Consul, and editor-in-chief of The Business Manual. Mr. Ledesma can be found on LinkedIn, Facebook and Instagram. The RJ Ledesma Podcast is available on Facebook, Spotify, Google and Apple Podcasts. Let Mr. Ledesma know if there are other entrepreneurs you’d want him to interview by sending an e-mail to ledesma.rj@gmail.com.

Mosul’s renowned minaret restored from ravages of Islamic State

UNESCO.ORG

MOSUL, Iraq — Mosul’s Grand al-Nuri Mosque, known for its eight-century-old leaning minaret, destroyed by Islamic State militants in 2017, has been renovated in a boost for Iraq’s second city as it rebuilds after long years of war.

From the pulpit of this medieval mosque on July 4, 2014, Islamic State leader Abu Bakr al-Baghdadi declared a self-styled “caliphate” spanning parts of Syria and Iraq.

Three years later, the ultra hardline group demolished the mosque in the final weeks of a US-backed Iraqi campaign that ousted the jihadists from Mosul, their de facto capital in Iraq.

Protracted and fierce urban warfare largely reduced the historic landmarks of Iraq’s second city to rubble.

Mahmoud Thannon, 70, a tailor who lives near the mosque and runs a tailor shop overlooking the mosque’s minaret, said his two sons were killed before the al-Hadba minaret was demolished.

“When I saw it collapse, I felt even sadder than when I lost my sons,” he said. “Watching the Hadba minaret rise again is a joyous day. I feel our pride soaring high as well.”

“My dear martyred sons would be proud to see the minaret rebuilt if they were alive,” said Mr. Thannon, speaking inside his shop with images of his two sons hanging behind him.

He broke into tears as he recalled their deaths by shelling in May and June 2017 in the war against Islamic State.

RESTORATION OF HISTORICAL LANDMARKS
UN cultural agency UNESCO led the reconstruction and renovation work of the mosque and minaret in partnership with the Iraqi State Board of Antiquities and Heritage, with funding from the United Arab Emirates, UNESCO said in a statement.

UNESCO’s project to revive Mosul’s historical landmarks included the restoration of the Syriac Catholic Al-Tahera and Al-Sa’aa churches, both situated in Mosul’s Old City.

“Hearing the bells of the churches ring again after eight years is the most wonderful feeling. I hope it will encourage Christians to return to Mosul,” said Aws Hasso, a Christian from Mosul.

UNESCO Director-General Audrey Azoulay said over $115 million were mobilized from no less than 15 partners, with the United Arab Emirates and the European Union the most prominent.

“The fact to have it (the minaret) here behind me is like history coming back; is like the identity of this city coming back,” said Ms. Azoulay in a speech delivered on Feb. 5 near the mosque to celebrate the completion of the rebuilding work.

The Iraqis called the 150-foot (45-meter) leaning minaret Al-Hadba, or “the hunchback.”

The mosque was named after Nuruddin al‑Zanki, a noble who fought the early crusaders from a fiefdom that covered territory in modern-day Turkey, Syria, and Iraq. It was built in 1172-73, shortly before his death, and housed an Islamic school.

The Old City’s stone buildings, where the mosque is located, date mostly from the medieval period. They include market stalls, a few mosques and churches, and small houses built and rebuilt on top of each other over the ages. — Reuters

PHL smartphone market growth may slow this year — IDC

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE PHILIPPINE smartphone market is projected to expand at a slower rate this year, according to the International Data Corp. (IDC).

“IDC anticipates annual growth in 2025, albeit at a slower pace due to increasing costs brought about by forex (foreign exchange) concerns, as Chinese vendors aim to retain their foothold in the Philippines’ smartphone market through an aggressive product push of entry-level smartphones priced below $100,” Angela Jenny V. Medez, senior market analyst for client devices at IDC Philippines, told BusinessWorld in an e-mail.

“We’ve already observed some price increases since last year from newer models compared to their predecessors. We could see further price hikes for some smartphones as vendors protect margins against rising costs due to forex concerns,” Ms. Medez said. 

In 2024, the Philippine smartphone market grew by 6.1% year on year to 18 million units, as vendors introduced affordable entry-level smartphones, offsetting the effects of the weak peso.

“Despite challenges such as the weakening peso and inclement weather events, the smartphone market’s acceleration was supported by overall steady economic growth in 2024 and vendors’ strategic approach of bringing in more entry-level models to keep smartphones affordable for Filipinos,” IDC said in its latest Quarterly Mobile Phone Tracker.

At the end of 2024, the peso closed at P57.845 per dollar, P2.475 weaker than its end-2023 level of P55.37 against the greenback. 

Last year, more than half of total smartphone shipments were priced below $100 (around P5,817). 

The fourth quarter saw the highest smartphone sales, with five million units shipped, driven by holiday-season demand, Ms. Medez said.

“While the last quarter slowed down with an annual decline of 11.8% due to early launches by vendors in the prior quarter, it remained the strongest quarter for smartphone sales,” she said.

Meanwhile, US President Donald J. Trump’s recently imposed 10% tariff on Chinese imports may cause uncertainty among smartphone market players, Ms. Medez said.

In 2024, Transsion recorded the highest market share at 37.3%, shipping around 4.8 million units, mainly driven by Infinix’s Smart series and Tecno’s Spark Go series. 

Other smartphone brands that dominated the Philippine market included realme (13.3%), vivo (11%), Xiaomi (11%), OPPO (10.1%), and others (17.4%).

According to Ms. Medez, smartphone sales this year will be driven by Filipinos’ growing adoption of online shopping, multiple financing options through lending apps and banks, and vendors’ attractive trade-in programs. 

When buying a smartphone, consumers prioritize larger storage and battery capacity, Ms. Medez said. 

IDC also noted a rising demand for smartphones with AI features such as voice assistance and photo and video editing, as well as a growing preference for foldable and flip phones. — Beatriz Marie D. Cruz

Heard instinct

FREEPIK

MUCH of what we know about events in life and business comes from hearing about them from friends and even people of authority. What is “small talk” after all except gossip from lunches and fake news picked up online? And such bits of information can shape what we think of people (he likes them chubby) and even drive how we invest our funds. (Is crypto a legitimate part of your portfolio?)

The “aural tradition” of keeping up to date feeds our fascination for conspiracy theories.

We need only follow the information pipeline of CEOs of big companies to see how hearsay can quickly substitute for research. The company itself may promote a certain narrative — maybe it is about growth premised on acquisitions, a diversification story to move away from a declining core business, a consolidation theme with headcount being reduced and divisions closed or sold.

Legitimate research organizations disclose the assumptions for their recommendations. They can even question official projections of next year’s revenues used as basis for the PE ratios justifying the IPO price. Even the company’s investor relations line is not automatically accepted if not backed up by data and strategic moves already taken.

Isn’t insider information used to buy or sell stocks based on hearsay and even small talk at a social gathering? (Don’t say it came from me?) Sometimes, this can result in an investigation afterwards — the company is not aware of the causes for the significant price movements and volumes in the stock.

The use of intermediaries in social interactions is accepted. Thus, an old-fashioned courtship can count on a cousin or best friend to gain entry into the circle of the intended object of affection. Can corporate practice be far behind, even in looking for a career change?

In her collection of essays, Practicing History, Barbara Tuchman writes that history must rely on facts. She emphasizes the importance of documentation rather than rumor (or even oral history) in establishing her rendering of historical events. Even the weather which provides the setting for a battle, or a diplomatic meeting is not casually established. More than one documented eyewitness account is used, and preferably, actual meteorological documents for that day.

The problem with relying on aural tradition lies in the reliability and objectivity of the source of an opinion and, more important, an appropriate context for his conclusions — is he an investor? Social media has even expanded the scale of the hearsay effect. Fake news has now been given even more leeway with the dropping of fact-checking as a condition for posting.

Business reporting can also suffer from a form of hearing impairment, that cannot separate facts from opinions. Because some media reporters (now including self-appointed “influencers”) can suffer from economic malnutrition, they can report on financial performance without understanding accounting principles. (Depreciation is not a cash expense.) Too often, the more accessible and easily understood (and overheard) parts of a business story tend to be highlighted. These are the human angles of rivalry, succession plans, and falls from power that may get more prominent play.

Sources of information for the “heard instinct” fall into the following categories: 1.) It was a subject in a breakfast meeting where somebody overheard something significant; 2.) It was spotted on YouTube with the commentator having strong feelings about it, pounding the table several times; or, 3.) It was Topic A at the gym from somebody’s personal trainer.

The authority for a story being cited is often unnamed, with a quote not made for attribution. (A person close to this official said it.) Viber groups now have internal debates on social issues. Even with the fiery exchanges and charges of fake news (that story was posted five years ago, you idiot) do not always weed out the hearsay effect.

In checking if a story is true, most are content with the ultimate test for accuracy — “That’s what I heard.” Some are willing to put money into an investment which they heard is going to double in two weeks.

In the social setting, gossip is queen. When the object of speculation and small talk happens to be about a CEO of a conglomerate, the grapevine just goes in all directions including the price of the listed company’s stock… and the fate of a romantic relationship.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com