THE PHILIPPINES’ foreign direct investment (FDI) net inflows jumped by 23% year on year to $686 million in March, bringing the first-quarter inflows to nearly $3 billion, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed. Read the full story.
STAKEHOLDERS in the bamboo industry are pushing for the mainstream integration of bamboo in construction, recognizing its potential to produce sustainable housing and public facilities.
To advance this agenda, Bukidnon Rep. Jose Manuel F. Alba filed House Bill 9144, or An Act Integrating Bamboo as a Sustainable Material for the Built Environment. The bill encompasses the development of the Bamboo Architectural Code and Bamboo Structural Code.
During the “Beyond Bamboo: Bridging Green Construction in Codes and Standards” forum on June 7, Mr. Alba emphasized the necessity of these codes, which will provide standards to ensure the architectural and structural integrity and safety of bamboo in construction.
The bill also mandates the inclusion of bamboo in government infrastructure projects, with the expectation that private developers will follow suit.
Mr. Alba highlighted the establishment of a certification process, aiming to guarantee the quality of materials and foster consumer confidence in bamboo as a reliable and sustainable building material.
These initiatives are envisioned to open up new export markets, attract foreign investments, and stimulate economic growth, all while promoting sustainable practices.
Mr. Alba noted that Bukidnon boasts approximately 18,000 hectares of planted bamboo, as reported by a study from Central Mindanao University.
He also mentioned initiatives in his district where local farmers harvest bamboo poles, process them into slats, and store them in water for later conversion into bamboo films.
Lessandro Estelito O. Garciano, a professor at De La Salle University, expressed hopes of publishing the National Structural Code of the Philippines, which will include a structural code for bamboo, within the year. This effort aims to position the Philippines among countries with established structural bamboo codes, he said.
Base Bahay’s Head of Technology Director Luis Felipe Lopez cited the UN-Habitat Philippines Country Report 2023, projecting a 22 million housing backlog by 2040. Base Bahay, a non-profit organization initiated by the Hilti Foundation, advocates for alternative building technologies to address this gap.
Base Bahay said it uses cement-bamboo frame technology, reducing carbon emissions by 60% to 80% compared to conventional construction methods. The organization added that it has built over 1,600 homes using this technology across various locations in the Philippines.
Base Bahay also undertakes non-residential projects such as community centers, school buildings, and offices.
Base Bahay’s Mr. Lopez also highlighted the resilience of bamboo-made houses, citing successful tests during severe weather conditions like Typhoon Glenda. — Aubrey Rose A. Inosante
SOCIAL Security System (SSS) has renamed its tax-free retirement savings program, with schemes offering a projected 7.2% annual return rate to members, it said on Monday.
The state-run pension fund has relaunched its previous Workers Investment and Savings Program (WISP) and WISP Plus as the MySSS Pension Booster program, SSS President and Chief Executive Officer Rolando L. Macasaet said on Monday.
The refreshed schemes are in line with the reforms introduced in Republic Act No. 11199 or the Social Security Act of 2018, he said.
“The MySSS Pension Booster is not just an ordinary retirement savings plan. It’s a safe, convenient, and tax-free investment opportunity that allows you to earn income from your contributions. By participating, you can attain your savings goal, ensuring a comfortable retirement,” Mr. Macasaet said in a statement.
Mr. Macasaet said the projected annual return rate for the MySSS Pension Booster program is subject to change every year, depending on market conditions.
He said they want the program to cater more to corporate managers and executives, doctors, lawyers, overseas Filipino workers, Filipino expats, seafarers, and young professionals, among others.
Mr. Macasaet added that SSS aims to add five million new members this year. SSS recorded one million new members in the first quarter, providing the pension fund with P500 million in additional revenues, he said.
MySSS Pension Booster consists of mandatory and voluntary schemes, SSS Vice-President for Benefits Administration Division Joy A. Villacorta said.
The mandatory scheme automatically enrolls SSS members with a salary range of P20,000 to P30,000 per month who are contributing to the Regular SSS Program. Contributions for the mandatory scheme are paid together with regular SSS contributions.
Meanwhile, the voluntary scheme requires interested SSS members to enroll in the savings plan through their My.SSS account. Voluntary applicants may avail of the scheme for as low as P500 per payment.
Mr. Macasaet said SSS wants voluntary MySSS Pension Booster contributions to reach P5 billion next year.
Pensioners who are part of the program can partially or fully withdraw their total contributions including investment earnings if they need cash urgently.
“However, we encourage you to stay in the program for at least five years to maximize the potential earnings on your savings,” Ms. Villacorta added. — AMCS
LGBTQI+ issues are seen as subservient to economic issues. This concern is problematic, but it has roots. After all, the Philippine economy is not exactly faring as hoped, with the GDP growth clocking in at 5.7% in January-March 2024, lower than 5.9% expected by economists and analysts.
With the country’s economic situation continuing to worry ordinary Filipinos, counting LGBTQI+ issues out would be a grave mistake. Gender issues are inextricably linked with the economy. Discrimination against LGBTQI+ individuals not only denies them equal opportunities but also hinders the country’s overall economic productivity and growth. Therefore, addressing LGBTQI+ issues in the workplace is not just a matter of social justice; it is also an economic necessity.
LGBTQI+ INCLUSION AND ECONOMIC IMPACTS
The economic impacts of LGBTQI+ discrimination is difficult to measure and quantify. But studies, though limited, show that these impacts are profound. Workplace discrimination serves as a double-edged sword for the Philippines. Firstly, it reflects a failure of the State to fulfill its international commitments to justice and equality. Secondly, it significantly curtails national economic productivity by failing to integrate a vital portion of the workforce.
Inclusive economies are more competitive, with diversity linked to more robust economic growth and increased job creation. The 2018 Open For Business report, for example, found a significant correlation between LGBTQI+ inclusivity and the economic competitiveness of cities worldwide, indicating that LGBTQI+ inclusion is frequently a key feature in leading cities that possess a robust global economic presence. The Organisation for Economic Co-operation and Development (OECD) also supports this view, emphasizing that inclusive growth — economic growth that is distributed fairly across society — creates opportunities for all and contributes to social cohesion.
Inclusive growth is essential for sustainable development and the well-being of all citizens, whether part of the LGBTQI+ community or otherwise. Acknowledging diversity allows agencies, public and private, governmental or not, to tap into a wider range of talents and perspectives.
WORKPLACE INCLUSION IN THE PHILIPPINES
The employment situation for LGBTQI+ individuals in the Philippines is marred by pervasive discrimination at all stages of employment. LGBTQI+ individuals are often hired to be exploited due to some unfreedoms attributed to them. One of this is the inability to legally marry, leading to less benefit costs for companies and forced graveyard shifts or overtime. A specific case is the fact that trans and gender-nonconforming individuals cannot legally change their names and gender identifiers. Such unfreedom prompts them to seek work that informally recognizes them, although these are precarious in nature.
LGBTQI+ individuals are also often relegated to stereotyped roles with lower pay, such as security guards for lesbians or beauticians for homosexual men. And while a few industries are perceived to be more inclusive than others, a level of gender bias can still be seen. For example, Emmanuel David introduced the concepts of “trans-segregation,” where companies implement certain activities to distinguish trans employees from the rest of the company, such as pageants and game shows. LGBTQI+ employees also often assume roles that entail managing microaggressions and fulfilling extractive expectations without adequate recognition or compensation, essentially acting as social lubricants to ease interpersonal interactions.
Some companies and industries in the Philippines do aim towards inclusivity. But such aim has to be carefully qualified to avoid tokenistic inclusivity, or superficial gestures that do not translate into substantive changes in workplace culture. This is crucial because while some companies are touted for their leniency in dress codes and gender expression, issues like inadequate promotion opportunities, policing of appearance, and mandatory participation among LGBTQI+ employees in PRIDE events for branding purposes abound.
GLIMMER OF HOPE
Recent trends, however, provide a glimmer of hope. For instance, the Philippine Financial & Inter-Industry Pride (PFIP) 2024 LGBTQ+ Workplace Inclusion Report highlights a shift toward greater diversity and inclusion within the corporate sector. This shift not only responds to a growing public support for LGBTQI+ rights but also aligns with global best practices that recognize the value of workplace diversity as a driver of innovation and productivity.
Yet, this progress is not universal. While some firms exemplify best practices in diversity and inclusion, many Philippine companies still lack explicit anti-discrimination policies and comprehensive diversity, equity, and inclusion (DE&I) training programs as illustrated in the 2018 Stonewall Global Workplace Briefings and the 2018 Philippine Corporate SOGIE Diversity & Inclusiveness Index.
TOWARDS AN INCLUSIVE ECONOMY
The Philippine Labor Code lacks explicit protections for LGBTQI+ workers, leaving them vulnerable to discrimination. This gap needs to be plugged.
Integrating LGBTQI+ rights within the Philippine labor market is imperative for the economic and social health of the country. The moral and economic imperatives for inclusion are intertwined, with clear evidence that embracing diversity, not only social justice obligations but, also catalyzes economic growth and innovation. The progress in some sectors shows potential; however, widespread change is necessary to ensure that the Philippines can fully leverage the talents and contributions of all its citizens, regardless of sexual orientation or gender identity.
Athena Charanne “Ash” R. Presto is a sociologist and policy consultant on gender and governance issues. She lectures at the Ateneo de Manila University Department of Political Science and the University of the Philippines Diliman Department of Sociology.
PTT Philippines Corp. has appointed Athiwat Rattanakorn as the oil company’s new president and chief executive officer (CEO) after the retirement of his predecessor.
The appointment took effect on June 1, following the retirement of Khun Sukanya Seriyothin in May, the company said in a media release on Monday.
According to PTT, Mr. Athiwat began his term in the Philippines in 2023 as the company’s marketing director.
This was after serving as the international and supply sales division manager at PTT Oil and Retail Business Public Co. Ltd. (PTTOR) in Thailand for four years.
“His expertise in trading petroleum products includes exporting from domestic refineries to markets in Southeast Asia, including CLMV (Cambodia, Laos, Myanmar, and Vietnam), Indonesia, Singapore, Bangladesh, China, and the Philippines,” the company said.
Mr. Athiwat also briefly managed the procurement of petroleum products and sourcing from the international market to meet national demand, the company added.
Before the establishment of PTTOR, he was a crude oil trader for PTT Public Company Ltd. in Singapore, responsible for sourcing crude oil and condensate from National Oil Companies in the Middle East, West Africa, and the Far East to supply PTT Group refineries.
He also traded crude oil for refineries in Asia, including those in Singapore, Malaysia, Indonesia, Japan, Korea, India, and China.
PTT Philippines is a subsidiary of PTTOR, the flagship company in the oil and retail business of PTT Group of Thailand. It is primarily engaged in the local trading of petroleum products particularly on three major segments — retail, wholesale, and commercial markets. — Sheldeen Joy Talavera
NETFLIX, INC. faces a defamation lawsuit seeking at least $170 million from a woman who claims to be the inspiration behind a central character in the hit series Baby Reindeer.
Fiona Harvey sued the streaming service in a California court alleging the creators of the show exposed her identity and ruined her life “out of greed and lust for fame.” The program is said to be based on the real life of stand-up comedian Richard Gadd and his experience being stalked by a woman.
Netflix failed to verify lies told about her in the series, the lawyers said. There are “very serious misrepresentation of the facts” and details exposed in the series led social media users to identify her as the stalker, lawyers for Ms. Harvey said in the claim.
The portrayal of the character, named Martha, as a convicted stalker who sexually assaulted Mr. Gadd’s character, “viciously” destroyed her life, according to the claim.
Netflix used her “identity and likeness” for profits and resulted in “severe and extreme emotional distress,” Ms. Harvey’s lawyers said in the claim. They called for a trial by jury to recover more than $50 million in profit the show made for Netflix and over $120 million in damages.
Baby Reindeer has become a worldwide hit for Netflix — amassing 22 million viewers in just its third week on the site. Mr. Gadd’s spokesperson and Ms. Harvey’s lawyers didn’t immediately respond to requests for comment.
“We intend to defend this matter vigorously and to stand by Richard Gadd’s right to tell his story,” Netflix said. — Bloomberg
Here’s a quick glance at how PSEi stocks fared on Monday, June 10, 2024.
NOTICE OF 2024 ANNUAL STOCKHOLDERS’ MEETING
July 09, 2024
The 2024 Annual Stockholders’ Meeting of TOP FRONTIER INVESTMENT HOLDINGS, INC. will be held on July 09, 2024 (Tuesday) at 2:00 p.m. The Company will conduct the Meeting through remote communication.
The proceedings will be livestreamed at the Company’s website www.topfrontier.com.ph. The Chairman will preside the Meeting at 40 San Miguel Avenue, Mandaluyong City, Metro Manila, Philippines.
The Agenda of the 2024 Annual Stockholders’ Meeting is as follows:
The electronic copies of the Minutes of the Annual Stockholders’ Meeting held on August 03, 2023, the Notice of the 2024 Annual Stockholders’ Meeting, the Definitive Information Statement (together with the Management Report), the sample ballot and proxy form, the 2023 Annual Report (SEC Form 17-A), the 1st Quarter 2024 Report (SEC Form 17-Q), the summary of the resolutions of the Board of Directors since August 03, 2023, and other pertinent documents for the 2024 Annual Stockholders’ Meeting, are available at the Company’s website and can be easily accessed through this link: www.topfrontier.com.ph/index.php/investor/TFASM2024. The aforementioned Company reports and other disclosures are likewise available in the Philippine Stock Exchange Electronic Disclosure Generation Technology (PSE Edge).
Stockholders can only attend the 2024 Annual Stockholders’ Meeting by remote communication by following the procedure summarized below.
a. Stockholders may view the livestream of the meeting by accessing the link provided in the Company website www.topfrontier.com.ph. There will be an audiovisual recording of the proceedings, for future reference.
b. Attendance of the stockholders of record as of May 28, 2024 shall be counted, and their votes will be cast, through ballots submitted by the stockholders or their proxies. The deadline for the submission of ballots and proxies is on June 25, 2024. Ballots and proxies may be sent through email at stockholders@topfrontier.com.ph or by mail to the SMC Stock Transfer Service Corporation office located at the 2nd Floor, SMC Head Office Complex, No. 40 San Miguel Avenue, Mandaluyong City 1550, Metro Manila, Philippines. Validation of ballots and proxies will be on July 02, 2024 at 2:00 p.m. at the SMC Stock Transfer Service Corporation office located at the above-mentioned address.
For an individual, his/her ballot or proxy must be accompanied by a scanned copy of his/her valid government-issued identification card with photo for verification of identity. For a corporation, its ballot or proxy must be accompanied by its Corporate Secretary’s certification setting the representative’s authority to vote and/or represent the corporation in the meeting, where applicable. Ballots and proxies need not be notarized. For your convenience, a sample ballot/proxy is attached to the Definitive Information Statement. Hard copies of the ballots and proxies and notarized Secretary’s Certificates are requested to be sent to the SMC Stock Transfer Service Corporation office located at the above-mentioned address within a reasonable time thereafter.
c. The Company shall entertain questions and comments after the Presentation of the Annual Report. Questions and comments to the Board of Directors and/or Management may be sent in advance (or may be written in the ballot/proxy) by email to stockholders@topfrontier.com.ph. Questions which were not answered during the meeting shall be forwarded to the Office of the Corporate Secretary for appropriate response.
d. The requirements and procedure for the nomination for election to the Board, the pre-screening and evaluation of the qualifications of the nominees, and the voting procedure for all items in the Agenda (including the election of the members of the Board), are set out in the Definitive Information Statement.
e. Stockholders whose shares are lodged with brokers are requested to directly contact their respective brokers for guidance on their participation in the 2024 Annual Stockholders’ Meeting.
Should you have questions or requests for clarification on the procedure for the 2024 Annual Stockholders’ Meeting, please email them to stockholders@topfrontier.com.ph.
(Original Signed)
Virgilio S. Jacinto
Corporate Secretary and
Compliance Officer
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.
THE Department of Trade and Industry (DTI) said the expansion of foreign direct investment (FDI) in the first quarter indicates growing global confidence in the Philippines.
“The 42.1% surge in first quarter FDI net inflows year-on-year highlights global confidence in the Philippines as a preferred investment destination,” Trade Secretary Alfredo E. Pascual said in a statement on Monday.
“The investment increase is across diverse sectors, underscoring our dynamic economic landscape and strategic potential,” he added.
The Bangko Sentral ng Pilipinas reported on Monday that FDI net inflows amounted to $3 billion in the first quarter.
In March, FDI net inflows grew 23.1% to $686 million, with Japanese investments accounting for 64% of the total.
The other top sources of FDI in March were Singapore (16%) and the US (10%).
For the quarter, the top FDI sources were the Netherlands (68%) and Japan (21%).
“The significant increase in equity capital from key partners like Japan, Singapore, and the US reflects strengthened bilateral relations and continued economic opportunities,” Mr. Pascual said.
“The positive trends follow our investment promotion efforts in these countries, among others. These engagements have been pivotal in bolstering investor confidence and forging stronger economic partnerships,” he added.
Investments in March were mostly in manufacturing, which accounted for 66% of the total. It was followed by financial and insurance (14%), real estate (11%), and others (9%).
In the three months to March, the top industry was financial services and insurance, which accounted for 71% of all net inflows. It was followed by manufacturing (16%), real estate (5%), and others (8%).
“As the country prioritizes infrastructure development, economic stability, and investor-friendly reforms, the DTI under the Marcos Jr. administration remains committed to fostering an environment conducive to long-term investments and sustainable growth,” Mr. Pascual said.
“Our goal is to ensure that investment inflows translate into meaningful economic opportunities and improved quality of life for all Filipinos,” he added. — Justine Irish D. Tabile
AGRICULTURAL damage due to El Niño was estimated at P9.89 billion as of June 6, according to the Department of Agriculture (DA).
In Bulletin No. 12, the DA said damage in volume terms amounted to 441,801 metric tons (MT), affecting 183,455 farmers and fisherfolk.
The total area affected was 170,469 hectares, with about 71.2% of farmland deemed to be capable of recovery.
Damage to the rice crop was P4.75 billion or 48% of the total. The volume of rice lost was 191,233 MT across 86,587 hectares, below the DA’s projection of 150,000 hectares.
The lost crop is equivalent to 2.07% of the 9.2 million MT production target for the dry cropping season. The DA is projecting palay (unmilled rice) production of 20.44 million MT this year.
The department said 70.8% of the affected farmland was classified as damaged, with the remainder completely written off.
Damage to the corn crop was 188,861 MT, valued initially at P3.37 billion. This accounted for 34.04% of the total damage inflicted by El Niño.
The DA added that high-value crop losses amounted to 50,227 MT across 13,046 hectares of farmland. The losses were valued at P1.7 billion, or 17.2% of the total.
Damage to fisheries was estimated at P57.7 million. This was followed by livestock and poultry with P10.5 million, and cassava with P3.42 million.
The department said that it had provided P9.91 billion worth of interventions to affected farmers and fisherfolks.
Last week, the government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), announced the end of El Niño, adding that conditions in the tropical Pacific have returned to El Niño Southern Oscillation (ENSO)-neutral levels.
Weather conditions that are classified as neither El Niño nor La Niña are considered to be ENSO-neutral.
In its final advisory, it said chances of La Niña setting in are 69% between July and September. — Adrian H. Halili
THE Anti-Red Tape Authority (ARTA) said that it has validated the full automation of the business permit processes at 36 local government units (LGUs), making them compliant with electronic business one-stop shop (eBOSS) scheme.
In a Viber message, ARTA said that the latest LGU to have been validated for compliance was Baguio City, which received its certificate of commendation on June 7.
“We are still verifying the total number of LGUs that have declared that they are eBOSS-compliant from the data of the Department of Information and Communications Technology (DICT) and the Department of the Interior and Local Government (DILG),” it said.
“It is possible that there may be LGUs that have implemented fully automated eBOSS besides the 36 LGUs that we just need to validate,” it added.
eBOSS is a single portal used for the renewal and application of business permits implemented by the DILG, DICT, the Department of Trade and Industry, and ARTA.
Between May 13 and 30, ARTA handed out certificates of commendation to Davao City, General Santos City, Malaybalay City in Bukidnon, Tagoloan and El Salvador City in Misamis Oriental, and Dapitan City in Zamboanga del Norte.
According to ARTA Secretary Ernesto V. Perez, the eBOSS commendations in Mindanao “were a response to President Ferdinand R. Marcos, Jr.’s call to improve bureaucratic efficiency.”
“By offering this incentive to compliant LGUs, ARTA is inspiring the rest to adopt eBOSS and to continue to push for a transition to digitalization, providing the Filipino people with expedited service delivery,” he added.
This year, ARTA is hoping to bring 200 LGUs into compliance with the eBOSS program.
Separately, Mr. Perez said that the implementing rules and regulations (IRR) of Executive Order (EO) 59, which simplifies the approval process for flagship programs, are being finalized.
“The target date for signing is June 18,” Mr. Perez told BusinessWorld.
Last month, ARTA said that it was hoping to finalize the rules by June 10, as it is still waiting on the approval of the heads of the other agencies and the submission of the IRR to Mr. Marcos.
The President ordered the National Economic and Development Authority’s (NEDA) Board Committee on Infrastructure, ARTA, and the DILG to oversee the implementation of EO 59.
EO 59 aims to fast-track the permitting process through streamlining and digitalization. It also aims to remove redundant procedures and requirements.
According to NEDA’s website, the Marcos administration has 185 flagship infrastructure projects with an estimated project cost of P9.535 trillion. — Justine Irish D. Tabile
THE Department of Agriculture (DA) said that it is looking at provinces capable of helping Metro Manila with its ginger shortage which has caused prices to surge.
In a statement, Agriculture Undersecretary for High Value Crops Cheryl Marie Natividad-Caballero said: “If the challenge is logistics, then how do we help (producers) bring the crop to Metro Manila systematically,” she added.
Ms. Natividad-Caballero said last week that demand for ginger from the processing sector was behind the tight supply.
The retail price of ginger in Metro Manila markets was between P220 and P280 per kilogram as of June 6, according to DA price monitors.
She added that the DA is looking closely at usage, consumption, and sourcing for shallots as well.
Additionally, Ms. Natividad-Caballero said that the agency is seeking to expand the production of garlic in the Ilocos Region.
“The DA is supporting efforts to preserve the garlic heritage through genomics. So, we are looking at a strategic investment in resilient agriculture…to again position our bawang as the white gold of Ilocos,” she added.
Garlic production accounted for only 2.6% of annual demand of 146,879 metric tons, according to the Philippine Statistics Authority. Ilocos Norte, Batanes and Nueva Ecija are the top three producers of garlic. — Adrian H. Halili
