Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 1648

‘Wealth tax’ can fund efforts to combat poverty, climate change — US economist Sachs

A man pushes a cart with his son amid floods in Baseco in Tondo, Manila, Sept. 19, 2024. — PHILIPPINE STAR/EDD GUMBAN

By Beatriz Marie D. Cruz, Reporter

COUNTRIES must consider imposing a wealth tax on the “super-rich” to generate much-needed funds to address issues like poverty and climate change, according to American economist Jeffrey D. Sachs.

“We need a wealth tax. It should be a global tax that is paid directly to global public goods so that we can fund the fight against climate change, extreme poverty and so forth,” Mr. Sachs, president and co-founder of the United Nations Sustainable Development Solutions Network, told a forum at the Ateneo de Manila University on Oct. 17.

According to the Forbes World’s Billionaires list released last April, there are 2,781 billionaires around the globe in 2024. Forbes said the world’s billionaires are collectively worth a record $14.2 trillion, $2 trillion more than last year.

The Forbes World’s Billionaires list included 16 from the Philippines, led by real estate tycoon Manuel B. Villar, Jr. ($11 billion) and ports mogul Enrique K. Razon, Jr. ($7.3 billion).

“Taxing the wealthy is not only part of justice, it’s very practical,” added Mr. Sachs, who is also a professor and director of the Center for Sustainable Development at Columbia University.

“And these ultra-wealthy would never even notice, frankly. They have more money than they could spend in many lifetimes… So, we’re making a mistake of not directing our public resources in the right way.”

However, taxing the super-rich will be challenging, Mr. Sachs said, noting that many political systems globally are dominated by billionaires.

In the Philippines, calls for the imposition of a wealth tax have been rejected by the government, despite rising debt and a ballooning budget deficit.

Finance Secretary Ralph G. Recto earlier brushed off proposals for a wealth tax, saying the government already implements enough revenue-generating measures.

Countries that already impose a wealth tax include Norway, Spain, Argentina, Colombia, Uruguay, France, Italy, the Netherlands, Belgium, Portugal, and Bangladesh.

Consumer group Samahan at Ugnayan ng mga Konsyumer para sa Ikauunlad ng Bayan (SUKI) Network previously noted that countries like Norway have raised revenues from wealth taxes to boost infrastructure and public services.

“A wealth tax should not have to accelerate price increases… unless the super-rich recommend hikes in the prices of services and products under their purview to recover diminished individual wealth,” a representative from SUKI Network said in a Facebook Messenger chat.

In 2022, lawmakers from the Makabayan bloc filed House Bill (HB) No. 258, proposing to slap a 1-3% tax on the “super-rich” or individuals with a net value of taxable assets exceeding P1 billion. The measure expects to generate around P236.7 billion yearly from the top 50 richest Filipinos alone.

LUXURY TAXES
Meanwhile, House Ways and Means Committee Chairman and Albay Rep. Jose Ma. Clemente S. Salceda said he is still studying a separate proposal to increase the current rate of “luxury” taxes.

Under Section 150 of the National Internal Revenue Code, a 20% luxury tax is imposed on goods and services deemed “nonessential,” such as jewelry, perfume, precious metals, and yachts and other vessels intended for pleasure and sports, among others. 

HB 6993, filed last year, seeks to hike the tax on nonessentials to 25%. It expects to raise around P15.5 billion every year.

The bill also proposes expand the list of excisable articles to include wristwatches, bags, wallets and belts valued at more than P50,000; the sale of residential properties higher than P100,000 per square meter; beverages that cost above P20,000 per liter; and paintings with an estimated value of over P1 million sold by individuals other than the artist.

It also seeks to impose the luxury tax on include antiques valued at P100,000; automobiles, whether brand new or second-hand, with a value of P10 million; and private aircraft and parts except those used by the Philippine government or by airlines and logistics companies.

“My proposal taxes nonessential, even conspicuous, consumption. Obviously, it would also reduce our deficit by as much as 0.2% of GDP (gross domestic product),” Mr. Salceda said in a Viber message.

Mr. Salceda also said he is looking for the best way to implement the measure, citing its effects on consumer behavior.

“What we don’t want is people purchasing those items abroad instead to avoid our taxes,” he said.

“Also, we don’t want to discourage foreign tourists from coming to the country, but we are still working out a system with the BIR (Bureau of Internal Revenue) to see if the excise tax component can also be refunded to foreign tourists.”

Holidays, elections may boost jobs, but only temporarily, economists say

Workers create bamboo Christmas lanterns at a shop along Fugoso St., Sta. Cruz, Manila. — PHILIPPINE STAR/RYAN BALDEMOR

By Kyle Aristophere T. Atienza, Reporter

THE Christmas holidays and elections next year would most likely create temporary jobs for many Filipinos, while a more dynamic business environment due to easing inflation and lower interest rates will create more quality jobs toward the second half of 2025.

But the government must raise the employability of new and existing workers through upskilling and reskilling, and foster changes in the job market that are aligned with emerging domestic and global manufacturing and service sector trends to fully harness its demographic dividend, economists said.

The Southeast Asian nation should also create job opportunities by boosting public-private partnerships, expanding exports, developing the tourism sector and boosting farm output, Cid L. Terosa, former dean of the University of Asia and the Pacific School of Economics, told BusinessWorld.

Likewise, the state should promote both traditional and nontraditional entrepreneurship such as digital and gig economy-related entrepreneurship, he added.

Mr. Terosa said recent Philippine job data were seasonal since about half-a-million new graduates started looking for work in June.

The Philippine jobless rate fell to 4% in August from the one-year high in 4.7% in July and 4.4% a year earlier, due partly to women’s increased participation in the labor force. This translated 2.07 million unemployed Filipinos, down by 149,000 from a year earlier.

“The prospects appear to be good both for the near and medium terms because of lower inflation and interest rates,” Mr. Terosa said in an e-mailed reply to questions.

The Philippines has failed to harness its demographic dividend unlike most of its Southeast Asian neighbors, with population programs having suffered budgetary declines in recent years, Juan “Jeepy” A. Perez III, former executive director of the Commission on Population and Development, said in an e-mail.

“It’s the eighth country in Southeast Asia to achieve its demographic dividend, but has lagged behind countries like Thailand and Indonesia, which are actively pursuing policies for the dividend,” he said.

“Beyond acknowledging that the country has entered the window of opportunity, it has not developed or enacted new policies in health, education and employment to take advantage of this opportunity,” he added.

Mr. Perez said the budget for programs of the Department of Health and Population Commission for family health fell significantly to P8.3 billion this year from P18.88 billion in 2020.

Family planning budget declined to P750 billion this year from P873 billion in 2023 despite more Filipinos becoming more interested in modern family planning methods, he added.

Another state program that could have helped Manila fully reap the benefits of its demographic dividend is the Philippine Health Insurance Corp.’s (PhilHealth) subsidy for premiums paid by the poor, seniors and people with disability, which was cut by 50% for the first time since 2011. It fell to P40 billion this year from P80 billion in 2023.

“(The House of Representatives) approved its 2025 version of the budget that retained the cut in premium subsidy and a loss of 11 million members who are poor, elderly and disabled,” Mr. Perez added.

Mr. Perez said the Philippines should learn from Thailand, which has extended its benefits for its population in the next two decades after entering into a demographic transition, a phase in which a nation experiences sizable changes in the age distribution of its population, in the 1990s.

“It’s a leading example in our region in terms of exploiting the demographic dividend,” he said.

Thailand provided a child support grant to the bottom 60% of the population with children aged up to 14 years. Its demographic dividend was projected to end in 2011, but it has launched efforts to extend it up to 2040 after simulating the effects of its National Transfer Accounts, such as raising the retirement age and increasing public support for newborns and senior citizens.

The accounts are a tool for projecting the long-term economic impacts of the decrease in working-age people and the proportional increase in older people, with an eye on the expected decrease in the number of taxpayers who are contributing to funding for social services.

‘FAILED POLICY’
To reap the benefit from its demographic dividend, the Philippines should avoid backsliding on efforts to maintain its level of fertility by keeping pace with the demand for family planning services — now 8.8 million and increasing by a few hundred thousand annually — and addressing the demand for postponing fertility among the 25-29 age group.

“Thus, family planning must be focused on women below 25 years who want to use family planning methods to avoid fertility.”

The country should also shift to a living national wage policy from a regional wage setting, Mr. Perez said, noting that attracting foreign direct investments by promoting cheap labor has been a “failed policy since the 1970s.”

“The country should move to a national policy on a living wage, as promised in the National Economic and Development Authority’s Ambisyon 2040,” he added.

It should also increase female employment to at least 60% by removing structural barriers and rolling out incentives, significantly address youth unemployment and boost financial literacy for workers.

But Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said the one-year high jobless rate in July was concerning and could mean that growth was not inclusive enough to absorb more people reaching their working ages.

In 2023, he said, the youth unemployment rate covering ages 15 to 24 stood at 13-14%, significantly higher than the national unemployment rate at 4-5%.

“As the country is completing its demographic transition, it is expected that more new entrants are joining the labor market,” he said. “The observed weakness then is likely to be worse in the coming years.”

He said realizing the full benefits of the country’s demographic shift depends on how well the labor force is integrated into productive employment.

“If a large segment of the working-age population remains unemployed or underemployed during this period, the country risks squandering its chance to enjoy a sustained period of economic growth and improved living standards,” Mr. Lanzona said.

Mr. Lanzona urged the government to pursue economic policies that promote growth in sectors that can absorb young workers such as manufacturing, entrepreneurship and the digital sector.

“But this can happen only if the Department of Education and Technical Education and Skills Development Authority align basic education and vocational training, respectively, with the needs of the labor market to reduce the skill mismatch,” he added.

External debt service burden down at end-July

US dollar banknotes are seen in this illustration taken July 17, 2022. — REUTERS

THE PHILIPPINES’ external debt payments declined as of end-July amid a slump in principal payments, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Debt servicing on external borrowings dropped by 7.6% to $7.693 billion in the first seven months from $8.329 billion a year ago.

BSP data showed principal payments fell by 28.1% to $3.112 billion as of end-July from $4.331 billion in the previous year.

On the other hand, interest payments rose by 14.6% to $4.581 billion in the January-July period from $3.998 billion a year earlier.

As of the second quarter, the debt service burden as a share of gross domestic product (GDP) stood at 3.1%, slightly lower than 3.6% in 2023.

Earlier data from the central bank showed outstanding external debt hit a record $130.182 billion at the end of June.

This brought the external debt-to-GDP ratio to 28.9% at end-June, slightly better than the 29% at end-March.

The BSP’s external debt data cover borrowings of Philippine residents from nonresident creditors, regardless of sector, maturity, creditor type, debt instruments or currency denomination.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the drop in external debt service burden was largely due to the lower amount of maturing foreign debt from a year ago.

“However, higher interest payments on foreign debts due to still relatively higher interest rates and weaker peso exchange rate versus the US dollar increased foreign debt servicing, particularly on interest payments,” he said.

The local unit closed at P58.365 against the greenback at end-July. For the entire month of July, the peso traded at the P58-per-dollar level before returning to the P57 range by August.

“The National Government (NG) also became more prudent in foreign borrowings in recent years, by reducing the share of foreign borrowings in its overall borrowing mix and a bigger share for local borrowings to reduce forex (foreign exchange) risks entailed in foreign debt,” Mr. Ricafort said.

This year, the NG plans to borrow P2.57 trillion, of which 75% will com  e from local sources and 25% from external sources.

For the coming months, Mr. Ricafort said that easing inflation and expectations of further rate cuts could “reduce interest payments on foreign debts and also reduce overall debt servicing costs, going forward.”

The central bank expects inflation to average 3.1% this year, well within its 2-4% target. Headline inflation eased to 1.9% in September, its slowest in over four years.

BSP Governor Eli M. Remolona, Jr. has also signaled further monetary easing, citing the possibility of another 25-basis-point (bp) rate cut at the Monetary Board’s December meeting.

This after the central bank cut rates for a second straight meeting last week, delivering a 25-bp cut and bringing the key rate to 6% from 6.25%.

The BSP gathers data on external debt through the reports submitted by borrowers and banks, as well as reports from major foreign creditors. — Luisa Maria Jacinta C. Jocson

NexHire holds inaugural Tech Career Fest

In an initiative to introduce Filipinos to opportunities in the tech industry, NexHire proudly organized its inaugural career event for the tech industry. Held last Oct. 10 at KMC Solutions’ Podium West Tower in Mandaluyong, “Future Forward: Tech Career Fest” brought together more than 100 job opportunities and showcased a diverse array of tech companies, upskilling programs, launchpads, and accelerators.

Future Forward was made possible through collaborations with Web3PH and key participating companies, including BayaniChain, Blockfy, White Cloak Technologies, PDAX, Fillr, Museigen and The Resistance Traders. The event also had the participation of key ecosystem partners such as QBO Innovation, La French Tech Manila and AHG Labs, and education providers such as iACADEMY, Uplift Code Camp and Eskwelabs.

Themed “Roots to Global,” the career fest celebrated the Filipino value of kapwa, emphasizing shared identity within the community. The fest brought together individuals from different backgrounds — freelancers, career shifters, students and young professionals — who are eager to explore tech opportunities.

The event comprised of talks, workshops, and panels by NexHire’s partners and experts in the field. A Gen AI workshop by Eskwelabs gave a deep dive into artificial intelligence applications for professionals, while a Business Economics workshop by Museigen and The Resistance Traders showcased insightful strategies for integrating business and technology. The fest also included a UX Design Talk by Richard Parayno of UXPH, who discussed how user experience design is adapting in today’s digital landscape. There were also panel discussions on transitioning into tech careers and on kick-starting a freelance career.

NexHire is excited to build on the success of Future Forward. The team plans to host quarterly career fests to provide more opportunities for tech professionals and companies to connect. Their goal in the next few years is to collaborate with a broader range of companies, both locally and regionally.

Clout Kitchen raises $4.45M to build ‘AI twins’ of top creators

Team behind consumer AI startup Clout Kitchen

Clout Kitchen, a consumer AI startup with operations in Los Angeles and Manila, announced its $4.45-million seed funding round.

The round was co-led by a16z SPEEDRUN, an accelerator for startups at the intersection of tech and games, and venture capital firm Peak XV’s Surge — with participation from Taiwan’s AppWorks, Antler, Hustle Fund, Founders Launchpad, Orvel Ventures, and founders & creators like Gabby Dizon of YGG, Kun Gao of Crunchyroll, Voyboy, Jankos and Perkz.

Established in 2024, Clout Kitchen builds creator-powered interactive experiences in gaming and pop culture that unlock new ways for top creators to engage and expand their fan base.

Clout Kitchen is led by serial gaming and creator economy builders. CEO Justin Gorriceta-Banusing founded and scaled AcadArena, Southeast Asia and Latin America’s leading campus gaming platform, to series A and an exit while in college. In high school, they built CONQuest Festival — the largest creator event in SEA with 80K+ attendees. CBO Marcel Feldkamp was a pioneering League of Legends pro/creator, playing in the 2013 World Championship. After retiring, he founded the gaming talent agency Prime, which later joined United Talent Agency via Press X.

Clout Kitchen’s first product is Backseat AI, an in-game “buddy” for League of Legends co-built with Tyler “Tyler1” Steinkamp — one of the world’s biggest gaming content creators with over 20 million followers. Backseat AI is Riot-compliant and guides players on how to best play the game in real-time — from what characters to pick to which items to buy, all by an AI voice twin of their favorite creator. Since launching early access testing in June, the product has hit over 45,000 waitlist signups.

“Our thesis at Clout Kitchen is to build things that grow the pie and add value for fans, creators, and game developers alike,” said Mr. Banusing. “We grew up in this space, so it’s our way of giving back.”

Pricing starts at US$4.99 monthly for each creator “buddy,” who earns from every subscription. Backseat AI’s buddies roster continues to expand with streamer & cosplayer Emiru and pro player Jankos — with more top creators lined up in the coming months.

“As a creator myself, I know how difficult it is to keep your community and business growing,” said Mr. Feldkamp. “It’s easy when you’re starting and have all the time in the world — but it gets harder to keep giving the same love to everyone as you scale. We want to solve that problem.”

With this financing round, Clout Kitchen looks to expand Backseat by scaling its team, establishing its US office, and building out its shared internal tech stack for future creator-powered game companion apps and experiences.

Green Solution.PH wins P1-million funding at this year’s Shell LiveWIRE competition

Engr. Ian Fred Solas of Green Solution.PH receives P1-million grant as winner of Shell LiveWIRE 2024.

By Mhicole A. Moral, Special Features and Content Writer

Bacolod-based startup Green Solution.PH wins big at the Shell LiveWIRE 2024 Final Pitch Day held on Oct. 10 at Dusit Thani Manila, bagging P1 million in equity-free funding from Shell Pilipinas Corp. (SPC) for its groundbreaking waste-to-energy innovation.

The company, led by Engr. Ian Fred Solas, is spearheading the country’s green energy revolution with plans to establish a groundbreaking biofuel production facility. This innovation marks a significant milestone in addressing two of the nation’s most pressing challenges: waste management and clean energy generation.

Green Solution.PH presented its pyrolysis system, which converts landfill waste, such as biowaste, medical waste, and plastics, into biodiesel, bunker fuel, and electricity. A key component of this approach is utilizing a Materials Recovery Facility (MRF) to identify recyclable materials and process the remaining waste in a chamber to convert it into biodiesel.

The fuel produced through the system serves as a sustainable alternative source for fueling generators for electricity production, thereby contributing to the local energy supply. It can also be sold to consumers such as farmers, fishers, public utility vehicles (PUJ), industries, and even aviation, promoting eco-friendly fuel and reducing the carbon footprint.

In addition, Green Solution.PH boasts an efficient system for waste collection, segregation, and processing in their area through its partnership with the local government unit (LGU).

“Our vision is sustainable fuel production from landfill waste to generate power with a zero-carbon emission process,” Engr. Solas said. “The country relies heavily on imported fossil fuels, making it ripe for renewable energy initiatives. With growing government incentives and public awareness of sustainability, Green Solution.PH aims to tap into the large market of industries and communities looking for alternative energy sources.”

Shell LiveWIRE, launched in the Philippines in 2020, is part of Shell’s global initiative to support entrepreneurial ventures that align with the company’s goal of providing cleaner, more sustainable energy solutions.

The program offers mentorship, funding, and access to Shell’s extensive network, helping startups scale their innovations and integrate into the energy giant’s supply chain.

Since its inception, Shell LiveWIRE Philippines has supported 75 tech startups and community enterprises with mentorship and over P15 million in capital funding. Fourteen of these businesses have successfully integrated into Shell’s supply chain.

Lorelie Quiambao-Osial, president and chief executive officer of SPC, emphasized the company’s commitment to fostering Filipino entrepreneurship and advancing the country’s energy transition.

“Our theme this year is ‘Kasabay sa Pag-unlad,’ and we focused on energy transition because it is crucial to our mission of powering progress in partnership with Filipinos,” she added.

In this context, the focus of Green Solutions.PH on using locally sourced waste to produce biofuels directly supports Shell’s mission to advance clean energy solutions and reduce the reliance on fossil fuels. The potential to scale this innovation can greatly impact the energy market, as the biodiesel produced can be utilized by various sectors, including agriculture and transportation, while also supporting off-grid communities.

Alongside Green Solution.PH, two other startup finalists, GAIA Builders and Trading Corp., and SALTRIC, were recognized for their innovative contributions to sustainability and clean energy.

GAIA Builders presented passive cooling technologies that reduce building energy consumption, while SALTRIC introduced hydroelectric turbines designed to harness energy from ocean tides and river streams. Both startups received P500,000 in funding from Shell LiveWIRE.

Career Program by SM Offices and National University bridges academia and industry

SM Offices and National University celebrate the inaugural Bridges to Success Career Fair. In photo (foreground, from left): NU Vice-President for Corporate and International Relations Rolando Averilla; NU Fairview Executive Director Dr. Christina Corpuz; SM Prime Holdings Vice-President and SM Offices Head Alexis Ortiga; SM Offices Technical Services Head Joseph Luke Varona; and IBPAP Academe Linkages & Talent Attraction Lead Zoe Diaz De Rivera.

As a key initiative for SM Offices to not only drive professional growth but also support tenant partners, SM Prime’s SM Offices Business Unit recently held a career fair in partnership with the National University (NU) on Oct. 16 and 18 at the NU Fairview and NU Baliwag campuses, respectively.

SM Offices and NU have ventured in a pilot collaboration called the “Bridges to Success” program to connect hundreds of NU alumni and students with top-tier employers from various industries, including healthcare, IT and business process management (IT/BPM), logistics, and even SM Prime and affiliate companies.

“Distinct from a typical career fair, the Bridges to Success Career Program is designed to be a dedicated platform that allows NU students to seamlessly transition from academic life to their first job,” shared SM Prime Holdings Vice-President and SM Offices Head Alexis Ortiga.

Inspired by how US-based universities arrange their career programs, the fair allowed students to gain insights from industry leaders through panel discussions and engage in real-world career experiences, while providing employers with the opportunity to network, interview, and even hire students on the spot.

IBPAP Academe Linkages & Talent Attraction Lead Zoe Diaz de Rivera discusses the evolving IT/BPM sector and the crucial skillsets needed.

The event featured a range of thought-provoking discussions and presentations as well as avenues for students to engage with professionals from some of the largest companies in the country. The keynote address was delivered by IT & Business Process Association of the Philippines Academe Linkages & Talent Attraction Lead Zoe Diaz de Rivera. Her talk, titled “Insights on the IT/BPM Industry,” provided a comprehensive overview of the growing IT/BPM landscape, emphasizing the critical skills and competencies students need to thrive in this competitive sector.

Afni, Concentrix, Emerson, iQor, Teleperformance, and other SM Offices’ tenant-partners were present at the fair to meet potential recruits and offer internships and full-time career opportunities. Also in the event were SM Supermalls, SMDC, SM Hotels and Conventions, Tagaytay Highlands, Hamilo Coast, and Park Inn by Radisson.

For SM Offices’ tenant partners, the Bridges to Success program is a direct line to ensure a robust talent pipeline to support their growing businesses.

“This collaboration with SM Offices truly bridged the gap between academia and industry. The interaction between our students and leading companies in the IT/BPM space and other key industries was incredibly beneficial, and we are confident that this program will continue to open doors for our students,” NU President Dr. Renato Carlos H. Ermita, Jr. said.

NU Alumni and Students connect with SM Offices tenant-partners.

Through Bridges to Success, NU can proudly offer a program designed to secure internships and jobs for students even before they set foot on an NU campus; while SM Offices keeps its promise of delivering a comprehensive office ecosystem that goes beyond the four walls of the office — one that helps businesses thrive and prosper.

“This Program is a win-win for everyone involved,” Mr. Ortiga said. “SM Offices tenant-partners now have a steady annual pool of highly capable graduates equipped to contribute immediately to their organizations.”

Future plans for the Program include closer collaboration between NU and employers to establish formal internship training programs and to build a database that will keep track of key metrics for NU students’ performance coming directly out of university.

“We are excited at the resulting clamor for the program, so we’re now looking to expand this initiative to be held multiple times a year at various NU campuses nationwide. SM Offices, our tenant-partners, and NU are in a distinct advantage to create positive change and we intend to capitalize on this synergy to empower the next generation of professionals,” Mr. Ortiga concluded.

 

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.

YGG Pilipinas’ own Metaversity secures grant to further Web3, AI education in PHL

Metaversity, a Web3 education platform established by YGG Pilipinas, has officially launched after being named one of 100 EdTech startups to successfully secure an $80,000 grant deployed by Open Campus Accelerator (OC-X).

Metaversity will use the grant to build a free library of short courses, covering essential knowledge about Web3 and AI, and expanding its services to equip a new generation of tech-savvy global workers.

By 2025, it is expected that 97 million new roles will be created by shifts in labor between humans, machines and algorithms. According to PwC’s 2024 AI Jobs Barometer, jobs related to emerging technologies such as Web3 and AI that require specialist skills can carry up to a 25% wage premium. The goal of YGG Pilipinas’ Metaversity programs is to equip participants with the skills and knowledge needed to be able to take advantage of these opportunities and prepare them for the future workforce.

To secure the grant, YGG Pilipinas completed a six-week program leading to a competitive pitch process judged by OC-X. The Metaversity team secured the grant after demonstrating its unique approach to skills development, combining personalized assessment with a gamified learning process. With the funding, YGG Pilipinas will onboard more than 5,000 new students to its Metaversity programs over the next 12 months.

Additionally, Metaversity’s educational offerings will be accessible for anyone and serve as a prerequisite for those who want to be part of Metaversity’s Marshal program. Courses will be categorized into marketing and productivity, as well as leadership and management paths, each opening the door to learning different in-demand skills that can be used for future work opportunities.

“Thanks to the huge popularity of Web3 games in the Philippines, we have a large community of young workers that have already gained hands-on experience because they interact with these sophisticated technologies on a daily basis,” said Mench Dizon, country head of YGG Pilipinas. “Metaversity is furthering this phenomenon by providing the educational foundation needed to be able to explore career pathways in these exciting new fields, while positioning the Philippines as a global leader for Web3 and AI talent.”

To date, Metaversity has collaborated with schools and universities in the Philippines, and worked closely with local government units to implement their programs. Students of The Sisters of Mary School graduated from a Metaversity pilot program this Oct. 12. During the program, students learned how to navigate Web3 and use digital tools as part of their MetaverCity cornerstone project where they produced a digital version of Metro Manila’s Bonifacio Global City.

Metaversity is spearheaded by technology entrepreneur Bianca Cruz, who previously co-founded the AI education platform 10xMe, which was acquired by YGG Pilipinas in 2024. She has a strong professional background in leadership development, coaching, and personal growth, with years of experience working in both corporate and entrepreneurial environments.

Ideathon tackles solving real-world problems through AI

The Future Frontiers AI Ideathon, held last Oct. 12 at KMC, The Podium West Tower, ignited innovation as six teams presented groundbreaking AI-powered solutions to real-world challenges.

Co-presented by DashoContent and Web3PH (Openverse) and co-organized by Young Founders Summit (YFS), GEN AI Philippines, Third Team Media, and DashoWork, the event brought together over 18 students, developers, and professionals. Selected from a pool of 40 applications across 15 schools in the Philippines, the participants showcased the nation’s increasing interest in AI innovation.

During mentoring sessions and flash talks, event chairman and host David Alfonso Castro demonstrated how AI can accelerate idea development, while Fleire Castro of DashoContent emphasized understanding tech users beyond the technology itself. Armielyn Obinguar of GEN AI Philippines discussed AI safety in demystifying large language models.

The judging panel — comprising Dominic Ligot of Cirrolytix, Shad de la Cruz of Symph, and Fleire Castro of DashoContent — evaluated the projects based on innovation, feasibility, and impact. Teams pitched their AI solutions in a dynamic and competitive environment.

Team Hacktivators — composed of Andrea Faith Alimorong, Rhenz Nathaniel Fernandez, and Joshua Jarabejo — won first place with AlgoQuest, an augmented reality game designed to teach AI concepts through interactive learning.

The second place went to Team Alagad ni Arjohn with Elara, an AI mental health companion providing accessible support. The team is comprised of Adrian Azures, Adrian Paul Sande, and Vinceric Baron Ocasiones.

Team AI Caramba won third place. The team, which includes Jand Patrick Antonio, Kevin Zander Lim, and Ashley Mikaela Melendres, built an AI-powered agricultural drone solution improving farming efficiency.

With six teams showcasing innovative projects, the AI Ideathon achieved its goal of advancing AI literacy and encouraging creative solutions. The organizers received over 40 applications from students across 15 schools.

Building on this success, DashoContent and its co-organizers plan to host future community events to empower young Filipinos with essential AI knowledge and skills.

“We’ve always supported career-shifters and young Gen Z innovators,” said Fleire Castro, founder and CEO of DashoContent. “We’re looking to organize more community events like these and promote AI literacy. The enthusiasm we’ve seen at the Ideathon demonstrates the bright future of AI in the Philippines.”

Ayala-Mitsubishi deal seen to boost GCash IPO

PHILSTAR FILE PHOTO

By Revin Mikhael D. Ochave, Reporter

THE RECENT deal between Ayala Corp. and Japan’s Mitsubishi Corp. is likely to increase the valuation of the anticipated initial public offering (IPO) of the electronic wallet GCash, according to analysts.

On Friday last week, Ayala Corp. announced that it was selling its 50% stake in AC Ventures Holding Corp. (ACV) to Mitsubishi for a minimum of P18.4 billion.

ACV owns 13% of Globe Fintech Innovations, Inc. (Mynt), which has two fintech companies, G-Xchange Inc., the operator of GCash, and Fuse Lending, a tech-based microlender.

“The deal reinforces the value of Mynt for its future IPO. With key investors coming in at a valuation of around $5 billion, Mynt is poised for an IPO at a much higher valuation,” Chinabank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

GCash previously said it was planning an IPO but would wait for a more favorable market.

According to Mr. Colet, the IPO could happen as early as next year depending on market conditions.

“I can see the IPO within the next two to three years. Perhaps as soon as next year if market conditions are very good,” he said.

“So far, it seems Globe wants a local IPO for Mynt. But it would be better if they do a dual listing in the Philippines and a larger stock market to get the best of both worlds,” he added.

Globalinks Securities and Stocks, Inc. Trader Mark V. Santarina said in a Viber message that the deal helps GCash’s international expansion plans.

GCash services are available in 16 countries, including the United States, United Kingdom, United Arab Emirates, Italy, Australia, Canada, Germany, and other Asian countries.

“For GCash, Mitsubishi’s entry paves the way for potential international expansion, particularly into Japan, and may boost its service offerings in microlending and financial technology,” he said.

“While GCash is considering overseas listings for its IPO, there is still hope it may choose to list on the Philippine Stock Exchange (PSE) instead, which would be a significant win for the local market,” he added.

AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message that the deal could help improve other Ayala ventures.

“With its entry into ACV, Mitsubishi is not only buying into GCash but also into other ventures under ACV like Gogoro and Zalora. We believe Mitsubishi’s expertise can help improve these businesses and maybe even accelerate the expansion of GCash into Japan,” he said.

Mr. Garcia added that the deal allows Ayala Corp. to trim its debt.

“As we understand, Ayala Corp., through ACV, took on some debt when it purchased an additional 8% stake in Mynt at the same time as the deal with Mitsubishi UFJ Financial Group (MUFG) in August. Mitsubishi’s purchase of a 50% stake in AC Ventures will allow ACV to pay down this debt,” he said.

In August, Ayala Corp., through ACV, announced it is increasing its ownership in Mynt by acquiring an additional 8%, raising its overall share to 13%, for PHP 286.4 billion.

MUFG, through unit MUFG Bank, Ltd., has also entered into a binding agreement to invest in Mynt, acquiring an 8% stake in the company.

“It appears Ayala wanted a partner not just for Mynt but also for its other businesses under ACV. The biggest potential of this partnership is the expansion of AC Ventures’ investment universe in that Mitsubishi can open doors and introduce opportunities for growth outside the Philippines,” Mr. Colet said.

“Mitsubishi can also contribute expertise and resources to enhancing the value of those businesses that are already part of the ACV platform,” he added.

Meanwhile, Mr. Santarina said the deal will provide a “strong financial boost” to the conglomerate.

“This capital will enhance Ayala’s liquidity, allowing it to reduce debt or pursue new investments. Mitsubishi’s involvement may also increase the value of Ayala’s remaining stake in Mynt,” he said.

Ayala Corp. was last traded on Oct. 18 at P719 apiece.

The great terno experiment

A NATIONAL terno-making convention, organized by clothing conglomerate Bench and the Cultural Center of the Philippines (CCP), will once again culminate in a celebration of the Philippine dress, the terno, in a gala on Jan. 26, 2025, called Ternocon.

This year’s edition is the fourth, and its ongoing workshops are guided by designers Ezra Santos, Lulu Tan-Gan, and Rhett Eala. Like last year, designer Inno Sotto will serve as chief mentor.

The second mentoring workshop was launched via a press conference and fashion show in the Bench Tower in BGC on Oct. 16. It included a short preview of terno designs by the mentors, along with last year’s gold medalist, Yssa Inumerable. This year’s contestants — Windell Madis, Geomarie Hernandez, Johnoel Marin, Patrick Lazol, Jericho Gonzales, Irene Subang, Bryan Peralta, Peach Garde, Ram Silva, Lexter Badana, Jared Palmejar, Monina Gatan, Xioti Chiu, and Jema Gamer — were also introduced.

Ms. Inumerable showed off striking modern interpretations of the terno’s less formal sister, the balintawak, one in a pink hue and the other in blue, while Mr. Eala showed the distinct aesthetic elements of the terno in bold golden yellow and hot pink. Ms. Tan-Gan showed contemporary frills and used sheer fabric for a babydoll twist on the classic terno, and then Mr. Santos showed stylized patterned white gowns putting a medieval-like spin on Philippine dress.

INSPIRED BY ART
The terno is a dress that must be preserved and promoted, according to Ternocon’s artistic director Ricardo Eric Cruz. At the first mentoring workshop held in June in Baguio City, the finalists brushed up on the history and parameters of terno, balintawak, and kimona designs, including knitting and fabric manipulation and technology.

“Ternocon was conceived primarily out of a need to further promote the importance and relevance of the Filipino dress — the terno — with its very distinct stiffened butterfly sleeves, through a convention and competition,” Mr. Cruz said in an opening speech.

He later told BusinessWorld that the event is “an avenue to connect the skills learned through the workshops, so that participating designers can inspire and motivate others to create ternos at par with today’s techniques.”

This year’s edition requires the finalists to create a capsule three-piece collection consisting of a formal terno with a pañuelo (a light shawl), a formal balintawak with an alampay (over the shoulder kerchief) and tapis (a small overskirt), and a formal kimona (a pull-over blouse) with an alampay and a patadyong (a tube-like wraparound skirt).

Their creations must draw inspiration from 20th century Philippine contemporary art. This is why prints of works by Ang Kiukok, Abdulmari Imao, Lao Lianben, and Anita Magsaysay-Ho were on display at the press launch.

Kaye C. Tinga, current CCP president, praised the innovations made by Ternocon participants over the years. “The creativity of our young designers, all while remaining deeply rooted in Filipino design and craftsmanship, has been nothing short of inspiring,” she said in a speech.

“It’s this blend of innovation and tradition that makes Ternocon truly special,” she added. — Brontë H. Lacsamana

Optum on empowering nurses, the key players for advancing PHL healthcare

From left: Darwin Mariano, Vice-President, External Affairs for UnitedHealth Group; Jack Madrid, IBPAP President and CEO; Dr. Gloria Yang, Governor, National Capital Region, Philippine Nurses Association; Ivic Mueco, Optum Philippines Managing Director; Christine Dugay, Principal, IPSOS Strategy3; and Dr. Kenneth Hartigan-Go, Senior Research Fellow, Ateneo School of Government

In the Philippines, the healthcare sector has accelerated their commitments to promoting wellness and delivering innovative healthcare solutions. Among the companies in the industry, global in-house capability center Optum Philippines, has combined clinical expertise, technology, and data to make steps toward improving the health and quality of life of their clients around the world. Its parent company, the UnitedHealth Group, is currently placed in fourth place on the Fortune 500 list, highlighting their strong commitment to healthcare and serving communities worldwide.

Alongside delivering the best care for patients, Optum also seeks to find ways to address the complex challenges the healthcare industry faces. In recent years, they have held the International Nurse Leaders Forum and the Nursing Crunch C-Suite Forum, bringing together stakeholders from the public and private sectors, to learn more about the plight of the nursing workforce. Research presented at the events identified two factors that drive nurses’ decision to either go abroad or leave the profession: pay and benefits, and career progression, an underappreciated driver.

“Upskilling is key to career progression for nurses,” according to Darwin Mariano, Vice President for External Affairs at UnitedHealth Group. “It keeps them updated with technological advancements, enhances patient care and health outcomes, while improving job satisfaction and retention.”

“One of the reasons that drive nurses to look for careers elsewhere is they feel like there isn’t a clear career progression path in their current roles. We hope to see more efforts to clarify what career growth will look like for successful and talented nurses in this country. That’s why at Optum, we cultivate a culture of lifelong learning and do what we can to provide continuing education resources to our own pool of nurses,” he said.

Optum, in partnership with IBPAP, gathered healthcare industry leaders and stakeholders for a C-suite Forum entitled “Solving the Nursing Crunch: Innovative Collaborations in Research and Education.”

Optum has been providing its clinical talent with free learning resources and free continuing education credits through Optum Health Education, a global online platform with an over 30-year history as an internationally accredited provider of IPCE or inter-professional continuing education.

Last June 2024, Optum Health Education was expanded further to make these resources available to a bigger population outside of the organization, as a way of giving back to the country and Filipino nurses, through Optum Health Education Global.

From left: Sarah Chart, Vice-President, Optum Health Education, with Rhea Adante, RN, Director for Clinical Learning Solutions, Optum PH

Optum Health Education Global ultimately hopes to improve patient outcomes by providing the support healthcare workers need to enhance their skills, strategies, and performance in clinical practice.

“Optum Health Education Global offers self-paced courses that are free, flexible, and aligned with the global healthcare standards and practices. The content is developed with the Filipino learner in mind so nurses can choose a course that interests them and will also support professional growth,” Mariano said.

Currently, the platform has 37 courses available, vetted by both the local and global learning teams. Once courses are completed, nurses can earn double credits from the American Nurses Credentialing Center ANCC and the Professional Regulation Commission (PRC). Courses eligible for PRC credits will help qualified frontline nurses, by making it easier and more affordable to meet their interprofessional continuing education (IPCE) requirements. Since their launch, the PRC-accredited programs have already garnered nearly 7,000 learners on the platform and over 1,500 CPD/CE credits have been claimed.

“We are committed to being part of the solution by investing in developing and supporting the Filipino nursing workforce. Through comprehensive training programs made available to all and for our employees, competitive benefits, and a culture of growth and excellence, we aim to empower nurses to thrive in their careers and deliver the highest quality of care to our communities,” Optum Philippines Managing Director Ivic Mueco said in a previous statement.

Rhea Adante, RN, Director for Clinical Learning Solutions, Optum PH (standing)

With a focus on quality care and creating healthier lives for Filipinos, Optum Philippines reiterates its commitment to empowering Filipino nurses, utilizing the platform for the development of the local healthcare industry.

 

Sources: (for quotes)

https://www.optumhealtheducation.com/content/ohe-2023-executive-summary

https://www.rmanews.net/2024/08/07/optum-philippines-reinforces-continuing-education-programs-as-country-faces-nursing-crunch/

BrandRap Talk: Optum Philippines on advancing healthcare workers in the country – YouTube

 

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.

1...1,6471,6481,649...13,373Page 1,648 of 13,373
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube