Digital economy as fuel for PHL’s development

May 31, 2024 | 12:03 am

SF_578A0512-OL — L-R: BusinessWorld Reporter Luisa Jocson (moderator); Carlos O. Barrera of Lazada Philippines; Mitch Padua of Maya; Jerry G. Ngo of East West Banking Corp.; and Grace Vera Cruz of Grab Philippines — Photo by Walter Bollozos | The Philippine Star

By Angela Kiara S. Brillantes, Special Features and Content Writer

Digitalization, at this point, is not just a fleeting trend. As the Philippines becomes more digitalized, the shift is propelling industries to adapt and evolve to progress in an ever-changing digital world.

In the panel discussion themed “Digital Economy: A Vital Engine for Future Growth” in this year’s BusinessWorld Economic Forum, experts and executives representing various aspects of the digital economy, such as e-commerce, digital banking, and even mobility, explored the vast potential of the Philippines’ digital economy and how it is expected to steer the overall economy in the years ahead.

The digital economy has emerged as a powerful force in bolstering economic development. For Mitch Padua, group chief product officer at Maya, this is evidenced by 77% of Filipinos found to be already connected online; coupled with P5 trillion worth of money transfers made through InstaPay transactions in 2023; and e-commerce sales projected to reach $24 billion by 2025.

Also witnessing this shift, Jerry G. Ngo, chief executive officer at East West Banking Corp. has noticed the rise towards digital transactions, which has been fueled by increased consumer spending over the years.

“The digital economy is a big enabler to the more robust real economy. For the first time, more than 50% of the transactions have shifted to digital. A lot of it has shifted beyond financial inclusion into financial deepening. If we strip our GDP (gross domestic product), a lot of it is around consumption,” Mr. Ngo said.

East West Banking Corp. CEO Jerry G. Ngo — Photo by JLCG Creative and Digital Solutions

“Consumption is not necessarily bad,” he continued. “Consumption is something that happens to you when you’re in a particular life stage; you will consume more because you are young, because you need to build wealth for the next level; and that’s what we need to do. We need to help consumption convert that into wealth and capital that we can then put back to the economy to grow.”

Speaking on the e-commerce side of the digital economy, Carlos Barrera, chief executive officer at Lazada Philippines, said the digital shift has changed the game for e-commerce. Businesses are adopting to digitalization, making more services and products available online.

“Filipinos have that talent to go online, and they are very proficient with using these devices. They are totally native and in many ways are better than people in western countries,” he said.

This demonstrates how people are enamored with the convenience and reliability of e-commerce, as it provides them with effortless means for their needs.

Lazada Philippines CEO Carlos O. Barrera — Photo by JLCG Creative and Digital Solutions

“It has already changed, and people are using online a lot more,” Mr. Barrera added. “People are also flocking towards a lot of the new mechanics online (free shipping, vouchers, etc.) They learned how to optimize all the discounts. The average users of half an hour a day using these apps, [but] they’re not shopping. They check on promotions, add to their cart, share with their friends, use reviews, and watch videos. People are spending more time, even though they are not buying.”

Grace Vera Cruz, country head of Grab Philippines, saw how they can utilize technology to create mobility services and solutions that are affordable and accessible to all, adapting to the ever-changing needs of consumers and the economy.

“For Grab, our solutions are very simple: make every Filipino embrace digital property and infrastructure for their personal growth and the collective progress of our [regime]. Our goal is to push affordability and ensure we reach more consumers on our platform,” she said.

“One of the biggest things we’ve done is make things more affordable, and that’s a key thing we’re trying to do across all of Grab,” the country head added. “We want to make sure that we develop the right sources and solutions that our drivers, merchants, consumers that they can use.”

LEVERAGING TECHNOLOGY

In recent years, a big push for digital innovation is seen in the Philippines, leading to significant progress. This has paved the way for more opportunities and efforts to boost digitalization in the country. One important step to further strengthen this digitalization is by leveraging and investing in technology.

Digital-enabled platforms like Grab and Lazada, for instance, are leveraging artificial intelligence (AI) technology, as their representatives in the panel shared.

Grab, for its part, is using AI in optimizing operations and making its services more efficient and affordable. By embracing emerging technologies like AI, for Ms. Vera Cruz, the Philippines can unlock greater opportunities and enhance economic value in the coming years.

Grab Philippines Country Head Grace Vera Cruz — Photo by Walter Bollozos | The Philippine Star

“We’re doing a lot in AI. In Grab, we’ve adopted AI. That’s something we lived by; it’s something required of us. We should be preparing for it and using it to our advantage. Given that a lot of us are digital natives, we all have inherently affinitive towards digital technology, and if we can use that opportunity to learn and win in a world where AI is prevalent, then, that is something we can use to needle in for our economy,” Ms. Vera Cruz said.

Similarly, Lazada has embraced AI and automation in streamlining operations. According to Mr. Barrera, AI will play a significant role in shaping the market and enhancing personalization in the platform. He also mentioned that Lazada is committed to investing in innovative applications like AI to further enhance automation and standardization in its platform.

EXPANDING INVESTMENTS

Meanwhile, in the banking sector, Mr. Ngo of EastWest Bank pointed out the need to ramp up investments to enhance digitalization in the country.

“A lot of innovation is around money and investments,” he explained. “The tech scene is undergoing funding winter. We always follow smart money, and it is out now. We need a fully functioning capital market in order for investors to come in. We need investors, because the amount of money that we need in order to catch up is a lot. We need to understand that we don’t have enough investors locally, we need to open up.”

Maya’s Mr. Padua agreed, noting the need to connect more people and get more industries to digitalize.

Maya Group Chief Product Officer Mitch Padua — Photo by JLCG Creative and Digital Solutions

“Everyone and everything must be connected,” Mr. Padua pointed out. “There’s still a lot of people and areas that do not have connections. In terms of sectors, there’s still many industries that are still not using digital payments, do not have digital process or websites. We need to invest in innovations. Startups should be thriving. Unfortunately, in the Philippines, access to capital is just not there yet.”

Closing the discussion, the panelists called for continued efforts to unleash the great potential of the digital economy in the Philippines as the country is found to be on the verge of breakthrough.

“There’s a bright future ahead. In the next few years, digital will accelerate and we will see a lot of opportunities coming. The Philippines is at a good position to grow and develop, and we need to continue supporting the growth of economy,” Lazada’s Mr. Barrera said.

Tech brain drain fuels Philippines’ cybersecurity skills gap

May 31, 2024 | 12:03 am

MANILA — Nurses, engineers, doctors — now cybersecurity experts. As the Philippines counts the cost of brain drain, a surge in malicious cyber activity has highlighted the country’s digital security skills gap.

U.S. cybersecurity firm Resecurity reported a 325% jump in hacking and other digital intrusions targeting the Philippines during the first quarter of 2024 amid rising tensions with China, largely over disputed territory in the South China Sea.

That prompted President Ferdinand Marcos, Jr. to launch a cybersecurity strategy to beef up the nation’s cyber defenses to combat attacks and digital crimes. Its military said last year it would create a cyber command.

But industry analysts say such plans could struggle due to big shortages of skilled “cyber warriors” in the Philippines, which is estimated to need tens of thousands of digital security professionals.

Whether targeting ordinary people, journalists or activists, online threats from doxxing to domain blocking and digital surveillance are rising in the Philippines and other Southeast Asian nations, highlighting a lack of resources and expertise to fight them, experts say.

“What the government doesn’t recognize is we’re having a brain drain not only in the healthcare sector but also in cybersecurity,” said JM Cipriano, a cybersecurity professional who has worked for a multinational company in the Philippines.

Despite a higher salary than other careers in IT, he said Filipino cybersecurity experts are being lured abroad by companies offering more money, better working conditions, and relocation packages.

Practitioners in the Philippines can expect a monthly salary of between 40,000 and 90,000 pesos ($690-$1,560) — up to six-times the minimum wage, Mr. Cipriano told the Thomson Reuters Foundation.

But he said the Philippines was still losing cybersecurity talent to US companies with offshore offices in Manila, or companies in Singapore, the United Kingdom, and the Middle East that offer more competitive salaries.

Globally, the shortage of cybersecurity professionals reached a record last year, with some four million vacancies around the world, according to cybersecurity nonprofit ISC2, with the gap growing fastest in developing countries.

‘ENORMOUSLY EXPENSIVE’
While part of the problem is migration from the Philippines, a major global exporter of labour, domestic shortages are also linked to inadequate training opportunities and policies to boost recruitment at a national level, experts say.

The need for cybersecurity professionals “is not well communicated to the different parts of the country,” said Angel Redoble, founder of the Philippine Institute of Cyber Security Professionals, a nonprofit pushing for a secure Philippine cyberspace.

Filipinos can study cybersecurity in only a handful of private universities with high tuition fees, and are often encouraged to pursue certifications for specific training and courses for 15,000 to 20,000 pesos.

Such barriers led 27-year-old former teacher Jaevik Madayag to abandon his plans of working in the field.

“Cybersecurity certifications are enormously expensive for Filipinos and having a certification doesn’t guarantee that you could enter that workforce,” he said.

With cybersecurity threats and data breaches on the rise, the government is taking steps to boost recruitment.

In January, it launched a new set of cybersecurity standards that schools and training centers can use for their program curriculum.

Under the new national cybersecurity strategy, there are plans for more specialist degrees and programs to upskill or retrain existing professionals.

Fostering accessible career progress will be vital, said Madayag, who now does IT support for a leading global tech company.

“Cybersecurity is a niche job in the IT industry,” he said. “You have to go through many paths and prerequisites and cannot jump ahead to practice.” — Thomson Reuters Foundation

Sands plots entertainment-focused expansion in Singapore

May 31, 2024 | 12:03 am

LAS VEGAS Sands Corp. plans another development in Singapore to complement its casino resort there, including more space for live entertainment.

The company will give more details later year, Chief Executive Officer Rob Goldstein said Wednesday at an investor conference. It will have fewer rooms than the existing Marina Bay Sands resort, but will have a casino, restaurants and an arena.

“Singapore is going through a growth spurt,” Mr. Goldstein said. “All of a sudden Singapore’s become a hugely important market.”

Sands, which shares the market with rival casino operator Genting Singapore, said first-quarter revenue in the country increased 37% to $1.16 billion.

Based on current trends, Singapore could see $7 billion in gambling revenue overall this year, on its way to $10 billion in the near future, Mr. Goldstein said.

Sands said last month that construction on the expansion could begin in July 2025. Drawings show a new hotel tower and a 15,000-seat performance venue. The project is separate from a $1.75 billion refurbishment of the existing property.

The company is interested in hosting concerts from the likes of Taylor Swift and Bruno Mars, as well as Asian acts, Mr. Goldstein said.

“Entertainment is a very important part of the mix,” he said. “We’re proposing to build a very big part of that into our new building in Singapore.” — Bloomberg

Leaving millions behind

May 31, 2024 | 12:03 am

Factory plant-air pollution — MAREK PIWNICKI-UNSPLASH

IT IS OFFICIAL: The United Nations announced that the Paris Agreement’s long-term goal of limiting global warming to 1.5°C has not been met. Worse, this failure has been exacerbated by a triple planetary crisis of climate change, nature and biodiversity loss, and pollution. The impacts are particularly severe in the Asia Pacific region. Our survival now hinges on two major imperatives from the Paris Agreement: to radically and swiftly transform how we operate our economy and to ensure that these transitions are fair, inclusive, and just for everyone¹.

In response to these challenges, the concept of a circular economy (CE), defined by the UN as “a sustainable system where resources are used efficiently and waste is reduced through a continuous cycle of reuse and regeneration”,² has gained prominence in development policy and investment arenas. However, to ensure this new approach to economic planning is equitable, CE must address the concerns of the workforce likely to be disrupted during the transition.

The Asian Development Bank (ADB) is a major convenor and financier of poverty reduction, climate action, and circularity with a commitment to making transitions just for vulnerable sectors³ as a pillar of its operational strategy “to leave no one behind.” To date, however, its 2009 Safeguards Policy, designed to avoid and mitigate the negative impacts of its development projects, has yet to encompass the rights of the informal workers, constituting 1.3 billion persons or 65% of the world’s informally employed workforce⁴.

Resource conservation, particularly in developing countries, heavily depends on informal waste workers with waste pickers occupying the lowest and most impoverished rung of the waste value chain. Waste pickers are characterized as individuals who collect items and materials from public spaces, open dumpsites or landfills, and/or waste bags and bins on streets and sell the recyclables they find to traders. Often unsung heroes, they play a pivotal role in climate action by reintroducing used resources back into the economy for human consumption, despite enduring harsh working conditions, health risks, social stigma, harassment, low income, and limited access to social services. Most waste pickers in the Asia Pacific region hail from traditionally marginalized communities or minority groups.

Just how many of them are in the region to warrant attention? In India, nearly 3 million informal waste workers are responsible for recycling almost 20% of the country’s waste⁵. In Vietnam, these workers purchase 30% of waste in cities and carry out more than 90% of recycling activities⁶. Indonesia has around 3.7 million organized waste pickers, who, in Jakarta alone, contribute to the reduction of the volume of waste by 30%⁷. Hordes of informal waste workers appear in various studies: In China (6 million)⁸, Thailand (1.5 million)⁹, and the Philippines (100,000)¹⁰ which are underestimated given the lack of government-led databases. A development bank without an agenda for this sector is massively failing millions of poor people in the transition.

Four types of ADB projects are harming informal waste workers. First, the unabated promotion and financing of fossil-based waste-burning technologies such as waste-to-energy (WtE) incinerators and Refuse-Derived Fuel (RDF). Financing these false solutions brazenly tagged as “zero emissions,” “clean energy,” or “recycling technologies,” not only steals the livelihoods of waste pickers but also stifles the potential for climate action. Instead of benefiting from high-value waste materials, waste pickers are sidelined, undermining the entire informal waste economy. ADB does not seem to learn from funding the Timarpur-Okhla Waste Management Plant which it eventually withdrew after communities protested the pollution coming from it in 2010. It continues to burn tons of Delhi’s recyclables, effectively wiping out emissions savings from approximately 962,133 tCO2e through the waste pickers’ recycling efforts.

ADB has not monitored the impacts of its support for WtE incinerators in Vietnam (Binh Duong¹¹ and Can Tho¹²), Indonesia (Solo and South Tangerang), Thailand (Songkhla¹³), Malaysia¹⁴, China, Marshall Islands¹⁵, and the Maldives¹⁶. The Bank was also instrumental in creating profitable and risk-free operations for industry polluters in emerging markets through technical assistance projects. The TAs in Cambodia¹⁷, Indonesia¹⁸, and Bangladesh¹⁹ are all designed to deliver reports that end up justifying the deployment of WtE and RDF or to facilitate partnerships²⁰ with WtE corporations, even in a country like the Philippines where legislated bans are in place. ADB supported one of the world’s leading plastic polluters, Procter & Gamble, in crafting feasibility studies for establishing WtE incinerators in Angeles²¹, Cabuyao²², and Dagupan²³. In a world where global leaders are already tackling a treaty to address plastic pollution, ADB’s support for false solutions is extending the lifelines of polluters.

Second, waste infrastructure projects often require the closure of landfills or construction of new ones such as those funded by ADB in Cambodia²⁴, Uzbekistan²⁵, Mongolia, Myanmar²⁶, and India²⁷ which also poses harm to this sector. Contrary to safeguards appraisals claiming these projects only have “limited” involuntary resettlement and “temporary” economic impacts, waste pickers face permanent losses in income and social services when displaced. Whether it is the state or a corporation, project proponents often flag occupational hazards for outlawing the access of waste pickers, thereby gaining monopoly ownership to the city’s waste. Waste pickers are then exposed to bribery, harassment, and violence just to regain access.

Compensation schemes for the displacement of waste pickers in landfill closures also exploit the systemic structures that cause their poverty. In the Bank’s project in Myanmar, child waste pickers were not paid for loss of income from forcible resettlement as a result of the landfill closure because they are children while the adults were given entitlements. Waste pickers were also not compensated for their loss of homes as they did not own official land titles.

Third, large-scale privatized recycling projects without integrating the participation of the sector are also pernicious. Recycling is often thought to yield only positive results but with new policies incentivizing initiatives for recycling, businesses saw a lucrative field in competition with the existing informal waste sector. The $300 million loan for Indorama Ventures²⁸ in Thailand aimed at directly recycling 50 billion plastic bottles until 2025 did not assess the potential economic displacement of waste pickers, on top of the environmental breaches of the two recycling plants which include the presence of around 120 hazardous chemicals, fires, spillage, impacts on workers’ health, and absence of community engagement. Privatized recycling projects only target high-value materials, like PET bottles or cardboard, reducing waste pickers’ incomes and leaving behind an unsustainable value chain of only low-value recyclables, which will eventually collapse as seen in developed economies.

Fourth, the introduction of waste collection models that are exclusionary of the existing systems that waste pickers have built. The ADB has been hailing the use of digital technologies in the collection and sorting of plastic waste as “modernizing,” “efficient,” and “innovative”²⁹ — without fully assessing how the new collection system can either assist or displace the vulnerable sections in the waste value chain.

From seeing the role of the informal workers in the waste sector and the harms they face to consulting them meaningfully in the development of policies, projects, and roadmaps — the sector has been missing and neglected in the Bank’s agenda.

The ADB has the opportunity to improve millions of lives through the ongoing revision of its safeguards policy³⁰ by finally recognizing the fundamental human dignity and protecting the rights of informal workers as leading agents in the circular economy. The ILO Recommendations 193, 204, and 20531 guide member-states on ensuring a just transition. Sustainable and inclusive waste management systems established by waste pickers in Vietnam, the Philippines, India, etc. can provide insight on operational mechanisms for ensuring such a just transition.

We highly recommend the proactive creation of consultation spaces for the informal waste sector in the formulation of the Bank’s policies, programs, projects, and investment roadmaps in pursuit of hearing the voices of those who are at great risk of being left behind.

Finally, the ADB should complement these efforts by committing to a phase-out from false solutions and directly investing in upgrading and protecting livelihoods within the informal waste economy. The ADB must shift its financing to transformative and equitable climate solutions, embracing zero waste alternatives.

(The authors are part of GAIA, a network of grassroots groups as well as national and regional alliances representing more than 1,000 organizations from 92 countries. GAIA envisions a just, zero waste world built on respect for ecological limits and community rights, where people are free from the burden of toxic pollution, and resources are sustainably conserved, not burned or dumped.)

Mayang Azurin is GAIA Asia Pacific’s Deputy Director for Campaigns. Harshad Barde is the Informal Recycling Sector & Plastic Waste Management Director of the SWaCH Pune Cooperative, India’s first autonomous cooperative of informal waste-pickers. Contact the authors through miriam@no-burn.org and harshadbarde@gmail.com

¹ https://climatepromise.undp.org/news-and-stories/what-just-transition-and-why-it-important

² https://www.undp.org/philippines/blog/ce-inclusivity-empowering-informal-waste-workers-sustainable-future-international-human-solidarity-day

³ https://www.adb.org/news/adb-joins-mdbs-support-just-transition-toward-net-zero-economies

⁴ https://www.ilo.org/asia/media-centre/news/WCMS_627585/lang–en/index.htm#:~:text=population%20in%20…-,More%20than%2068%20per%20cent%20of%20the%20employed%20population%20in,work%20and%20decent%20working%20conditions.

⁵ https://sprf.in/informal-waste-workers-the-issue-of-formalisation/

⁶ https://earthjournalism.net/stories/meet-vietnams-waste-warriors

⁷ https://journals.sagepub.com/doi/full/10.1177/0734242X231199938

⁸ https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10693742/

⁹ https://www.bangkokpost.com/opinion/opinion/1984063/plastic-waste-still-an-issue

¹⁰ https://www.no-burn.org/igniting-change-waste-workers-in-the-philippines-unite-for-rights-and-recognition/#:~:text=Various%20estimates%20place%20the%20number,this%20is%20a%20gross%20underestimation.

¹¹ https://www.no-burn.org/urging-the-adb-to-withdraw-proposed-financing-for-waste-to-energy-incineration-in-viet-nam/

¹² https://www.adb.org/sites/default/files/project-documents/50371/50371-001-esmr-en.pdf

¹³ https://www.adb.org/projects/49067-001/main

¹⁴ https://southasia.iclei.org/news/iclei-south-asia-iclei-southeast-asia-adb-and-imt-gt-joint-business-council-malaysia-join-hands-to-prepare-and-implement-green-city-action-plans-in-malaysia/

¹⁵ https://www.adb.org/projects/53082-001/main

¹⁶ https://www.adb.org/projects/51077-003/main

¹⁷ https://selfservice.adb.org/OA_HTML/OA.jsp?OAFunc=XXCRS_CSRN_PROFILE_PAGE&csrnKey=2D727751DACFCBAD97507A404C0192BE5B70B4D47C5170F0C0ADA71D046D6D6F&fromDER=Y&refresh_csrn=true

¹⁸ https://www.adb.org/projects/40009-013/main

¹⁹ https://www.adb.org/projects/49102-001/main

²⁰ https://ap3f.adb.org/our-activities/ap3f031-pp008-project-preparation-assistance-cebu-solid-waste-management-ppp-project

²¹ https://www.adb.org/projects/documents/phi-46927-012-dpta-1

²² https://www.adb.org/sites/default/files/project-documents/46927/46927-012-dpta-en_8.pdf

²³ https://www.sunstar.com.ph/more-articles/dagupan-city-to-open-asias-first-modern-solid-waste-facility#google_vignette

²⁴ https://www.adb.org/sites/default/files/project-documents/42285/42285-013-sddr-en.pdf

²⁵ https://www.adb.org/sites/default/files/project-documents/51034/51034-002-sddr-en.pdf

²⁶ https://www.adb.org/sites/default/files/linked-documents/48175-002-rpab-01.pdf

²⁷ https://www.adb.org/sites/default/files/project-documents/56286/56286-001-pam-en.pdf

²⁸ https://www.indoramaventures.com/en/updates/other-release/1737/indorama-ventures-wins-best-regional-loan-for-the-first-ever-us300-million-blue-loan

²⁹ https://development.asia/summary/opportunities-applying-digital-solutions-plastic-waste-management-viet-nam

³⁰ https://www.adb.org/documents/environmental-social-framework-draft

³¹https://www.wiego.org/sites/default/files/resources/file/A%20Just%20Transition%20for%20Workers%20in%20Informal%20Employment.pdf

GoTyme Bank launches multi-currency time deposit product

May 31, 2024 | 12:02 am

GOTYME BANK has launched a multi-currency time deposit product, with US dollar support now available as an initial offering, it said on Thursday.

The digital lender’s Multi-Currency Time Deposit product requires a minimum deposit of just $1 and guarantees returns of 3% for three months and 3.5% for six months credited daily, GoTyme Bank said in a statement.

The product is available on the GoTyme Bank app.

Clients may deposit in Philippine peso, which will be converted into dollar via the app.

“This enables Filipinos to earn in dollars while keeping their hard-earned cash safe and secure,” the lender said.

“And unlike with other banks, GoTyme does not implement penalties for early withdrawals, so you can take your money back whenever you need it. Accrued interest, however, will be forfeited,” it added.

More currency options for the product will be available soon, GoTyme Bank said.

GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke previously said the lender is looking to launch more investment products and rewards and benefits for its GoTyme Bank Visa debit card holders this year.

The online lender is a partnership between the Gokongwei group, which holds a 60% stake, and Singapore-based digital banking group Tyme, which has 40%.

It is one of the six digital banks licensed to operate in the country by the Bangko Sentral ng Pilipinas.

The online lender began commercial operations in October 2022 and is targeting to grow its customer base to five million by the end of this year. It also expects to turn a profit within the next three years. — AMCS

Philippines lags in Women’s Health Index

May 31, 2024 | 12:02 am

The Philippines maintained its rank of 93rd out of 143 countries and territories in the latest edition of the annual Global Women’s Health Index by global medical technology company Hologic, Inc. The country scored 47.52 out of possible 100, the second-lowest score in the region and below the global average of 53.70. The index measures women’s health through ﬁve dimensions: preventive care, emotional health, individual health, basic needs, and opinions of health and safety.

RFM Corporation to conduct 2024 Annual Meeting of the Stockholders virtually on June 26

May 31, 2024 | 12:02 am

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Ginebra San Miguel Q1 net income drops 25%

May 31, 2024 | 12:02 am

GINEBRA San Miguel, Inc.’s net income fell by a quarter to P1.9 billion in the first quarter (Q1) due to a one-time gain a year earlier, even as sales jumped.

Consolidated revenue rose by 17% to P15.1 billion as sales volume improved by 8%. Income from operations rose by 40% to P2.3 billion, it said in a stock exchange filing on Thursday.

Ginebra’s net income would have risen 38% excluding the one-time gain, it said. Earnings rose by 66% to a record P7 billion last year, while revenue climbed by 13% to P53.6 billion due to a bigger sales volume and higher prices.

“The one-time gain from the sale of Don Papa Rum rights further boosted the company’s performance,” the company said.

Ginebra is the hard liquor unit of San Miguel Corp. (SMC). The company is celebrating its 190^th year.

Ginebra produces brands such as Ginebra San Miguel, GSM Blue, Ginebra San Miguel Premium Gin, 1834 Premium Distilled Gin, Antonov Vodka, Añejo Gold Rum, G&T Ultralight Spirit Drink, Primera Light Brandy and Vino Kulafu.

Its shares fell by 2.15% or P4.60 to close at P209 each. — Revin Mikhael D. Ochave

Century Pacific Food, Inc. to conduct 2024 Annual Stockholders’ Meeting on July 1

May 31, 2024 | 12:02 am

Amended Notice of Annual Stockholders’ Meeting

Notice is hereby given that the Annual Stockholders’ Meeting will be held on Monday, July 1, 2024 at 8:30 in the morning.

The agenda for the said meeting shall be as follows:

Call to Order
Secretary’s Proof of Due Notice of the Meeting and Determination of Quorum
Approval of the Minutes of the Stockholders’ Meeting held on July 6, 2023
Management’s Report
Ratification of Acts of the Board of Directors and Management During the Previous
Year
Election of Directors (including Independent Directors)
Appointment of External Auditor
Approval of the Amendment of the Amended By-laws to (i) adjust the notice period
and (ii) formally authorize stockholders to vote through remote communication or in absentia in accordance with the Revised Corporate Code
Other Matters
Adjournment

A brief explanation of the agenda item which requires stockholders’ approval is provided in the Definitive Information Statement. The Definitive Information Statement, Management Report, and Annual Report for 2023 will be uploaded to the Company’s Website at https://www.centurypacific.com.ph/ and at PSE EDGE under Century Pacific Food, Inc. Company Disclosures.

The record date for the determination of the shareholders entitled to vote at said meeting is on May 10, 2024.

In light of current conditions and in support of the efforts to contain the spread of COVID-19 virus, stockholders may attend the meeting and vote via remote communication only.

Stockholders should pre-register at this link: https://centurypacific.com.ph/investor-relations/ASM2024, from May 30, 2024 to June 4, 2024.

Upon registration, Stockholders shall be asked to provide the information and upload the documents listed below (the file size should be no larger than 5MB):

A. For individual Stockholders:

1. 1. Email address
  2. First and Last Name
  3. Address
  4. Mobile Number
  5. Current photograph of the Stockholder, with the face fully visible
  6. Stock Certificate Number and number of stocks held
  7. Valid government-issued ID
  8. For Stockholders with joint accounts: A scanned copy of an authorization letter
    signed by all Stockholders, identifying who among them is authorized to cast the vote for the account, as well as valid government-issued ID of the authorizing stockholders

B. For corporate/organizational Stockholders:

1. 1. Emailaddress
  2. Name of stockholder
  3. Address
  4. Mobile Number
  5. Phone Number
  6. Stock Certificate Number and number of stocks held by the stockholder
  7. Current photograph of the individual authorized to cast the vote for the
    account (the “AuthorizedVoter”)
  8. Valid government-issued ID of the AuthorizedVoter
  9. A scanned copy of the Secretary’s Certificate or other valid authorization in
    favor of the Authorized Voter

Stockholders who will join by proxy shall download, fill out and sign the proxy form found in https://centurypacific.com.ph/investor-relations/ASM2024. Deadline to submit proxy forms is on June 11, 2024.

All registrations shall be validated by the Corporate Secretary in coordination with the Stock Agent. Successful registrants will receive an electronic invitation via email with a complete guide on how to join the meeting and how to cast votes.

Only stockholders of record as of the close of business on May 10, 2024 are entitled to notice and to vote at the meeting.

(SGD.)
MANUEL GONZALEZ
Corporate Secretary

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Generous perks equals happy workers? Not always. Here’s what employees really want

May 31, 2024 | 12:02 am

Commuters-pedestrian-face mask — Commuters pass through an overpass connecting the LRT Lines 1 and 2 in Manila. — PHILIPPINE STAR/MIGUEL DE GUZMAN

MANY Australian companies offer a range of benefits and perks to workers, hoping to attract top talent and strengthen employee loyalty.

These might include a work car, free lunches, generous overtime, gym memberships, flexible hours, extra holidays, subsidized childcare, professional development and health insurance.

Work perks are on top of pay and are often available irrespective of an employee’s performance.

Some employers even go as far as paying for fertility treatments such as IVF and egg freezing. This has been big for a decade in the United States, where such support is available at Facebook, LinkedIn, Google, and Amazon.

While Australian companies have been slower to adopt fertility-related perks, one local business, Virtus Health, a fertility treatment center, offers staff free access to its egg freezing program.

A job with assorted incentives sounds appealing. But what kinds of benefits actually support employees, and thereby employers? You might think the larger the package, the happier the worker — but this isn’t necessarily the case.

There is no clear evidence employees’ satisfaction is highly correlated with the size of the benefits package.

Rather, research suggests employee benefits are most effective when they generate “positive social exchange relationships” between employers and employees.

A positive social exchange relationship develops when employees believe the benefits are special gifts from their employer, and thereby reciprocate with extra effort and loyalty to the organization.

So what kinds of perks and benefits are likely to generate such relationships?

My research, in collaboration with Patrick Wright of the University of South Carolina, suggests that for a firm’s management to generate a positive employer-employee relationship, it should go beyond what’s required by regulations and cultural norms.

Employee packages generally consist of two major components: benefits mandated by laws and norms, and discretionary perks that organizations voluntarily provide.

The latter, voluntary category is what really counts in employees’ minds when considering how much goodwill their employer is expressing.

For instance, Australian workers are legally entitled to receive an 11% employer contribution to superannuation, the Australian version of retirement funds.

This means employees don’t have reason to feel grateful to their employer because the contribution is legislated. If a company wants to attract and engage talent, it should consider making a more generous contribution above the legislated rate.

Another condition for benefits to generate a positive employee–employer relationship is workers should consider them valuable.

For many workers in the US, where healthcare is highly privatized, joining a company with strong health benefits is their top priority. This is crucial for employees who may otherwise find health care unaffordable.

Employees’ preferences for benefits could be shaped by events in wider society.

Since the COVID pandemic, studies suggest employees give more weight to flexible work arrangements and mental health support.

Demographics also determines the type of benefit employees want.

Women have traditionally placed more value than men on flexible work arrangements, as it helps reduce tensions between work and family responsibilities.

Studies have also shown that employees of different generations may prefer different benefits.

For instance, younger workers give more value to professional development programs that could help their career advancement.

They also value help with their day-to-day expenses, and with paying off student loans. As might be expected, older workers value more health-related and retirement savings benefits.

Ideally, an effective benefit should be specific to the company, so employees can enjoy it only by joining and staying with that organization.

If an employee can easily receive the same or similar benefits by moving to another employer, it may not work as a retention strategy.

Firm-specific benefits are particularly effective when they are based on a company’s unique resources and capabilities.

For instance, an employee of an international airline might be eligible for substantially discounted flights. These benefits cost the company little, while giving employees an incentive to stay.

Employee benefits will work for employees and employers when they exceed expectations, meet workers’ needs, and reflect a company’s unique capabilities.

To have maximum impact, they need to be well communicated to all workers. But in many organizations, employees feel they do not have the same opportunities as their peers to receive employer-provided benefits.

For perks and benefits to attract top staff and engender workplace loyalty, employees need to feel they are being treated fairly by having equal access to information about what’s available and to the benefits themselves.

Employees will feel supported by well-managed schemes.

But if they think the system lacks organizational justice, the perceived or actual satisfaction with benefits is undermined. — The Conversation via Reuters Connect

Sunghoon Kim is an associate professor at the University of Sydney Business School, University of Sydney.

Beyond the comfort zone

May 31, 2024 | 12:02 am

Travelers have a penchant for exploring new places. With wings on their feet and great colorful imagination, they can be like Peter Pan discovering and wandering off on an adventure.

Being in a comfort zone, one can get frozen into a catatonic state by constant routine and repetition. One yearns for a distant world — a different dimension and time zone.

The traditional grand tour of the continent was once a luxury — a “coming of age” milestone for young gentlemen and ladies of breeding. That was during the elegant era of high style gracious living. Times have changed radically.

Those with adventurous spirits can seek new horizons in diverse ways. The TGV or AVE trains or the Orient Express. A rustic boat ride on a river, a cruise, a trek through the icy landscape to see the aurora borealis. To see ancient Inca ruins, or go on a safari, or laze on a beach. The trip can be deluxe or basic, no-frills.

The bucket list is long. There is not enough time to see and do everything.

Beyond the comfort zone, one is free. The pleasure of travel and its satisfaction level are relative. It is easy to adjust to traveling light and rugged — with the right attitude. One leaves the emotional burdens and extra baggage behind.

Frequent travelers often become nonchalant. The world jet setter says, “been there, done that.” In the frenzy to catch planes and cross time zones, they miss the chance to savor the essence of a place.

In contrast, the occasional traveler always feels the thrill of anticipation and novelty.

After a long stifling, sultry, sizzling summer, one yearns for escape. For a real or imaginary vacation.

A nostalgic sojourn to the old world is a refreshing release. It is like stepping back in time — to rekindle old friendships with long lost colleagues in places of our happy innocent youth. After life-altering experiences, the transformations are both internal and external. The warm bonding makes a reunion very special.

Retracing one’s steps to the past is like strolling along a trail of jigsaw puzzle pieces of memories.

The journey could focus on nature, culture and cuisine, healing and wellness, spiritual nourishment.

After a long winding drive, one can stroll through a medieval Alpine town by the lake. On a rainy day, it is almost wintry cold. The silver-gray sky has cumulus and nimbus clouds with scattered showers. The chateau on the hill is dramatic — stark charcoal etched with carbon lines. The French windows overlook the quaint town with a clear river that rushes to the lake. Small bridges cross the river and the cobbled stone streets. Spring flowers are blooming on window ledges, gardens, and the park. There are sculptures, a bronze astronomical-astrological clock, weeping willows, and diverse types of pine trees.

One can smell the mélange of fragrances of wood and flowers. The swans and ducks glide on the rippling water. Some sailboats float on the edge of the lake. Old bicycles are tied to the lamp posts.

On a sunny day, one enters a painting-perfect landscape of snow-capped mountains and a shimmering lake. The sky is powder blue with streaks of silver and white. The evergreens are clustered along fields of colorful blossoms and shrubs. Horses, sheep and cows graze on the rolling hills and aromatic pastures.

The pure air invigorates the body and clears the mind of toxins and clutter. Quiet tranquility for the soul.

Sunrise on the mountains is a soft subdued pastel painting of pale-yellow sun, lavender, pink, cornflower blue sky and dappled clouds.

The weather is fickle as the temperature drops suddenly to a wintry chill with drizzles and fog. The mountain mist slowly covers the landscape in a smoky veil.

One explores magnificent castles, Gothic and Baroque cathedrals. There are hidden treasures such as vast gardens hidden behind the high walls of private mansions. There are blooming cacti flowers, orchards of bursting ripe fruit trees, family-owned vineyards, sweet roses on vines, and lilac wisteria on trellises.

After a brief downpour, a magical rainbow appears.

Immersed in a time bubble with the iridescent colors and luminous light, the spirit finds nourishment and divine inspiration..

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

mavrufino@gmail.com

Daisy Ridley says Star Wars return feels ‘exciting and nerve-racking’

May 31, 2024 | 12:02 am

PeopleDaisy-Ridley---TitlesStar-Wars--Episode-IX---The-Rise-of-Skywalker — DAISY RIDLEY in a scene from the 2019 film Star Wars: Episode IX - The Rise of Skywalker. — IMDB

LONDON — Actress Daisy Ridley says reprising her role as Jedi hero Rey feels “exciting and nerve-racking” as she returns to the Star Wars franchise for a new film.

Walt Disney Co., which purchased Star Wars producer Lucasfilm in 2012 and released three movies starring Ms. Ridley from 2015 to 2019 as well as different TV series, announced new plans for the franchise last year. It said Ms. Ridley’s new film would focus on rebuilding the New Jedi Order.

“I’m very excited, it feels like a new adventure,” Ms. Ridley told Reuters at the London premiere of another Disney film, Young Woman and the Sea, on Wednesday.

“It’s a world that I’m familiar with, I’m coming back to, but also it feels like a new start. So it feels exciting and nerve-racking and I’m excited.”

In an interview with The Hollywood Reporter published on Tuesday, Ms. Ridley said she had yet to read a script for the Star Wars film. “I have not read actual words on actual paper, but (a script) is soon coming,” she told the publication.

CHANNEL SWIMMER
In Young Woman and the Sea Ms. Ridley plays American swimmer Gertrude “Trudy” Ederle, an Olympic gold medalist who became the first woman to swim the English Channel.

In 1926, Ms. Ederle set off from northern France for the southern English coast, making the crossing in 14 hours, 31 minutes and beating the men’s world record by one hour and 59 minutes.

Despite a huge celebratory parade in New York on her return, Ms. Ederle’s name and accomplishments are not as well known to the general public as those of other sports figures. Ms. Ederle died in 2003.

“Playing someone who is determined and resilient … who has a real joy for what they’re doing is wonderful,” Ms. Ridley said, adding she had undergone a “pretty grueling” swimming training schedule for the role.

FEAR OF OPEN WATER
She realized she had to conquer one of her fears to truly embrace her role. “I’m scared of open water,” she told Reuters.

The cast and crew she worked with thought she was kidding, but it was true trepidation for the actress. “If I go to the beach, I don’t go beyond my waist. I like to see the bottom, I have never swum far out,” she added.

Ms. Ridley overcame her fears and eventually did get in the water for the film, swimming in the Black Sea for nine days.

She said she found it overwhelming to keep pace with a camera and a camera boat, jumping in and out of the water, drying off and then hopping back in for more filming each day.

While she made it happen for the film, Ms. Ridley doesn’t foresee any more open sea swimming in her future. “I’m just not an open sea gal,” she said.

Young Woman and the Sea arrives in US theaters on Friday, timed for the lead up to the 2024 Paris Games to pay homage to Gertrude Ederle’s Olympics history. — Reuters

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