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Discovery World board approves private placement plan

DISCOVERYWORLD.COM

LISTED hotel and resort developer Discovery World Corp. (DWC) is planning to conduct a private placement to raise additional capital.

In a regulatory filing, DWC said its board approved the planned private placement on Thursday.

The final terms and conditions of the offer, including the number of shares to be issued, have yet to be determined.

As part of the planned capital-raising activity, the board also approved the conversion of up to 115 million unissued preferred shares into common shares.

DWC said the private placement will raise additional capital to support the company’s corporate and operational requirements.

Meanwhile, the board approved an amendment to the company’s articles of incorporation to authorize DWC to act as a surety, guarantor, third-party mortgagor, or in any similar capacity for its subsidiaries and affiliates.

“While the amendment has no immediate impact on the corporation’s regular operations, it provides greater flexibility in supporting financial and commercial arrangements involving subsidiaries and affiliated companies, especially in connection with intercompany transactions or credit accommodations,” it said.

DWC shares were last traded on June 17, closing unchanged at P1.08 apiece. — Revin Mikhael D. Ochave

Make the robot your colleague, not overlord

STOCK PHOTO | Image from Freepik

By Catherine Thorbecke

THERE’S the Terminator school of perceiving artificial intelligence (AI) risks, in which we’ll all be killed by our robot overlords. And then there’s one where, if not friends exactly, the machines serve as valued colleagues. A Japanese tech researcher is arguing that our global AI safety approach hinges on reframing efforts to achieve this benign partnership.

In 2023, as the world was shaken by the release of ChatGPT, a pair of successive warnings came from Silicon Valley of existential threats from powerful AI tools. Elon Musk led a group of experts and industry executives in calling for a six-month pause in developing advanced systems until we figured out how to manage risks. Then hundreds of AI leaders — including Sam Altman of OpenAI and Demis Hassabis of Alphabet, Inc.’s DeepMind — sent shockwaves with a statement that warned: “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks, such as pandemics and nuclear war.”

Despite all the attention paid to the potentially catastrophic dangers, the years since have been marked by “accelerationists” largely drowning out the doomers. Companies and countries have raced toward being the first to achieve superhuman AI, brushing off the early calls to prioritize safety. And it has all left the public very confused.

But maybe we’ve been viewing this all wrong. Hiroshi Yamakawa, a prominent AI scholar from the University of Tokyo who has spent the past three decades researching the technology, is now arguing that the most promising route to a sustainable future is to let humans and AIs “live in symbiosis and flourish together, protecting each other’s well-being and averting catastrophic risks.”

Well, kumbaya.

Yamakawa hit a nerve because while he recognizes the threats noted in 2023, he argues for a working path toward coexistence with super-intelligent machines — especially at a time when nobody is halting development over fears of falling behind. In other words, if we can’t beat AI from becoming smarter than us, we’re better off joining it as an equal partner. “Equality” is the sensitive part. Humans want to keep believing they are superior, not equal to the machines.

His statement has generated a lot of buzz in Japanese academic circles, receiving dozens of signatories so far, including from some influential AI safety researchers overseas. In an interview with Nikkei Asia, he argued that cultural differences in Asia are more likely to enable seeing machines as peers instead of as adversaries. While the US has produced AI-inspired characters like the Terminator, the Japanese have envisioned friendlier companions like Astro Boy or Doraemon, he told the news outlet.

Beyond pop culture, there’s some truth to this cultural embrace. At just 25%, Japanese people had the lowest share of respondents who say products using AI make them nervous, according to a global Ipsos survey last June, compared to 64% of Americans.

It’s likely his comments will fall on deaf ears, though, like so many of the other AI risk warnings. Development has its own momentum. And whether the machines will ever get to a point where they could spur “civilization extinction” remains an extremely heated debate. It’s fair to say that some of the industry’s focus on far-off, science-fiction scenarios is meant to distract from the more immediate harm that the technology could bring — whether that’s job displacement, allegations of copyright infringement, or reneging on climate change goals.

Still, Yamakawa’s proposal is a timely re-up on an AI safety debate that has languished in recent years. These discussions can’t just rely on eyebrow-raising warnings and the absence of governance. With the exception of Europe, most jurisdictions have focused on loosening regulations in the hope of not falling behind. Policymakers can’t afford to turn a blind eye until it’s too late.

It also shows the need for more safety research beyond just the companies trying to create and sell these products, like in the social media era. These platforms were obviously less incentivized to share their findings with the public. Governments and universities must prioritize independent analysis on large-scale AI risks. 

Meanwhile, as the global tech industry has been caught up in a race to create computer systems that are smarter than humans, it’s yet to be determined whether we’ll ever get there. But setting godlike AI as the goalpost has created a lot of counter-productive fearmongering.

There might be merit in viewing these machines as colleagues and not overlords.

BLOOMBERG OPINION

Jurassic World Rebirth brings fans back to dangerous dinosaur realm

Luna Blaise in Jurassic World: Rebirth (2025). — IMDB

LONDON — Scarlett Johansson’s role in Jurassic World Rebirth made her recall her earliest memories of the dinosaur film franchise.

The Black Widow actor recalled seeing the first Jurassic Park film at the movie theater when she was 10 years old.

“It imprinted on me very deeply,” she told Reuters at the London premiere at Odeon Luxe Leicester Square.

“For the next three decades, I was like, I would have done anything to be in a Jurassic movie in any capacity,” she added.

The franchise, created by author Michael Crichton, has spawned several films, merchandising deals, and video games.

Jurassic World Rebirth, directed by Gareth Edwards, follows a team of specialists that embarks on an expedition to a forbidden island, home to a research facility for the original Jurassic Park.

Some of the specialists include Ms. Johansson and Bridgerton actor Jonathan Bailey, who must obtain DNA samples from three dinosaurs to achieve a life-saving medical breakthrough.

The Universal Pictures film arrives in theaters (including the Philippines where the MTRCB gave it a rating of PG) on July 2.

For Rupert Friend, who also plays one of the specialists, this installment in the franchise is exhilarating. “I love adventure. I love being taken on a ride where you don’t know what’s going to happen. I love the unknown. I love risk,” he said.

For well-known science fiction director, Mr. Edwards, the pressure for the film to succeed did not hit until he arrived at the premiere. “It’s all front and center here. It feels a bit weird, to be honest. I can’t quite get my head around it,” the Rogue One: A Star Wars Story director added. — Reuters

‘Constant complainer’ contesting long-established policy

I have a direct report who is a constant complainer. Last week, he challenged an obsolete corporate-wide policy that many people believe should be changed or updated. I agree with them. How do I manage the situation without making it appear that management has failed in its job these past 15 years? — Mountain Joe.

No leader enjoys being challenged, particularly if it emerges years later that a long-standing company policy is wrong. Yet, pushback is inevitable, and how you respond can either erode trust or build a culture of innovation.

An employee complaining about a policy is not always an act of rebellion. It’s often a form of feedback. Great leaders know that handling these moments well tests maturity and emotional intelligence.

Even if it’s obvious that the policy is crazy, frame the situation as something that served a purpose in the past. Emphasize that such a policy was aligned with business needs and organizational priorities when it was introduced 15 years ago.

Be sure to explain that since that time, the landscape has significantly changed. This is a good argument for why every organization should establish and nurture a continuous improvement program (like kaizen and lean thinking) with the help of an army of employee problem-solvers.

If you can do that consistently, then management won’t have to be exposed as wrong or remiss in maintaining an obsolete policy.

SPECIFIC STEPS
With inclusion and transparency mattering more than ever, how you respond to internal critiques even from an employee viewed as a troublemaker says more about your leadership than any inspirational speech you can deliver.

The best leaders don’t shut down dissent. Instead, they refine their strategies by empowering people, not necessarily through a passive suggestion box, but through a dynamic system where all employees are evaluated by the quality of their proposals.

With that in mind, consider the following:

One, don’t take it personally. When an employee questions a policy, resist the urge to feel attacked. It’s not about you or your management style. Being defensive is the enemy of leadership. Take a deep breath, set aside your ego, and treat the situation as an opportunity to engage rather than enforce.

A calm response should be like: “Thanks for bringing that up. Let’s talk about it at length.” That statement can go a long way. It shows you’re confident enough to listen without the need to release toxicity in the air.

Two, be an active listener. Too many managers often skip this part. Real listening means setting aside assumptions and hearing the reasons behind the complaint. Ask probing questions without being emotional. Is the policy objective? Is the policy impractical? Is it being inconsistently applied? Or, is it costly? Is there a better solution?

Sometimes, a worker’s frustration reveals a gap between how a policy looks on paper and how it plays out on the ground.

Three, clarify the policy rationale. Every policy was created for a reason. If the rule in question is still valid, explain the logic behind it. Don’t assume employees understand it well. More often, they don’t. For example, a policy requiring them to arrive 15 minutes early before their shift may feel arbitrary until you explain that it ensures smoother customer service during peak hours.

People may not like that policy, but they’re far more likely to accept it when they understand the intent behind it. If not, they could even propose a better solution.

Four, know your blind spots. What if the employees have a point? Most likely they have a reason for it. Being on the frontlines, they know the ins and outs of your business process. Even “established” policies can become outdated or misaligned with your company’s evolving culture or values.

Ask yourself: Is this policy still serving its original purpose? Is it fair? Is it consistent with your goals? If the answer is no, consider tweaking or updating it.

Five, give credit where it’s due. Letting your team see that their voices can lead to meaningful change strengthens motivation and morale. If you do that, more ideas will come. That alone could galvanize their resolve to remain loyal to the organization.

Best to maintain a reward and recognition system for both individual and team accomplishments.

Six, reaffirm or establish the boundary. If top management doesn’t want to change a “crazy” policy, just the same, be clear, respectful, and firm. Say something like this: “We’ve taken a fresh look at this, and for now, we’ll continue with the current policy until a better solution is made.”

Still, emphasize that management values employee input and encourage them to keep raising concerns when they see something that needs attention. This approach honors the employee’s courage to speak up — without undermining the authority of leadership.

The goal isn’t to win an argument. It’s to lead a team that believes in the direction you’re going. Policy pushback isn’t always a crisis — it’s often a culture checkpoint. It can highlight discontent, confusion, or shifting values inside your team. Smart leaders see patterns before they become problems.

 

Solve your workplace problems with Rey Elbo’s help. E-mail your story to elbonomics@gmail.com or DM him on Facebook, LinkedIn, X, or via https://reyelbo.com

The ‘fractional executive’ and some HR developments

At the recent birthday bash of “super woman” Rosemarie “UT” Rafael, chair of Women’s Business Council, I asked Nora Terrado, founder and former chief country executive of Carelon Global Solutions Philippines, what’s keeping her busy nowadays. She said, “I now serve as a fractional executive for select for-profit and non-profit organizations aligned with my passion and strengths, ensuring no conflict with  my board and advisory roles. Being ‘in the trenches’ keeps me engaged with industry trends and emerging challenges while broadening my perspective across sectors, operational models, and problem-solving approaches. This model satisfies my thirst for learning while maintaining professional autonomy.”

What is a fractional executive? Nora explained that a fractional executive is an experienced professional who provides leadership and expertise to organizations on a part-time or project basis instead of full time. It is a model that works well for start-ups and growing businesses that need strategic leadership but can’t afford or don’t need full-time C-suite roles.

She explained that fractional executives offer targeted expertise in areas such as scaling operations, navigating financial complexities, and driving digital transformation or mission-critical change initiatives. Enabled by technology, platforms now connect businesses with fractional talent globally, facilitating seamless collaboration across geographic boundaries. Organizations leverage this model for agility, empowering them to adapt quickly, seize opportunities, and tackle challenges. Fractional executives also mentor teams, foster leadership development, and instill best practices, leaving organizations equipped for long-term success.

She cautioned that there are challenges both for the company and the executive. Businesses need to be clear about expectations, protect confidentiality and ensure the executive fits into company culture. Fractional leaders must manage workload well and avoid conflicts of interests among others.

So, what are other developments shaping the future of work? Philippine National Bank Human Resources Head Lotus Altavas provided the following insights:

• Managing a multi-generational workforce — Workforces are getting more diverse than ever, with baby boomers, Gen X, millennials, and Gen Zs now working together. This mix brings richness in experience and ideas but also challenges communication styles, expectations, and tech savviness. The challenge is to foster inclusive leadership, open dialogues, and customized approaches to engage different age groups to avoid misunderstandings. The younger generation has high interest in corporate social responsibility and sustainability, so it is also important to create a purpose-driven organization. There is also cross-generational mentorship or reverse mentoring, where both older and younger generations learn from each other. The Gen Zs, being digital natives, are seen guiding the older generations in use of technology.

• Upskilling and reskilling for the future of work — There should be a hyper customization or personalization of trainings for employees that take into consideration the various generations present. Organizations should also have a culture of continuous learning, skilling, reskilling and upskilling to ensure engagement and relevance in a fast-changing environment.

• Rise of remote, hybrid and flexible work models — The coronavirus pandemic accelerated working from home, which has given employees better work-life balance, allowed companies to get talent from anywhere, and lowered operational costs. However, remote work requires strong communication, trust, digital tools and regular check-ins to keep connected and aligned. There should also be a mix of digital and face-to-face interactions.

• Artificial intelligence (AI) and digital tools are changing the game — AI tools that support recruitment, performance management, learning, and development are transforming HR. These tools save time, reduce errors, and allow humans to focus more on strategic work. AI transforms HR functions by automating tasks, provide data analytics and insights, and improving overall employee experience. However, they also require new skills and commitment to ethical and responsible use of data and AI.

• Support for the “gig economy” — Younger generations desire more flexibility at work so they pursue other interests. This is a challenge in terms of hiring. Companies that are progressive have embraced this and created more flexibility in their work dynamics.

• Gamification in HR by integrating game mechanics to make work or engagement activities more fun, like introducing badges and point system leadership boards, among others.

• Concern for employees’ well-being and mental, spiritual social and financial health, not just physical health

Leaders like Nora Terrado represent a new era of flexible, purpose-driven leadership. Work is evolving, whether it’s through digital tools, remote work, or navigating a multi-generational team. Companies that stay open, agile, adaptable, and more importantly, people-focused will thrive. After all, it is talented, driven employees that bring the ideas, passion and expertise that drive business success. 

The views expressed herein are the author’s own and do not necessarily reflect the opinion of her office as well as FINEX.

 

Flor G. Tarriela is a banker by profession and an environmentalist/ gardener.

Tourism’s share to GDP inches up to 8.9% in 2024 — PSA

THE SHARE of the tourism industry in the Philippine economy rose to a five-year high of 8.9% in 2024, the Philippine Statistics Authority (PSA) said on Thursday. Read the full story.

Tourism's share to GDP inches up to 8.9% in 2024 — PSA

DigiPlus appoints Huawei alum Tommy Hu as CEO

DIGIPLUS.COM.PH

TANCO-LED digital entertainment provider DigiPlus Interactive Corp. said its board has elected seasoned software engineer and business leader Tommy Hu as its chief executive officer (CEO).

Mr. Hu, also known as Hu Jianguo, has over two decades of experience in platform innovation, gaming operations, and enterprise-scale technology leadership, DigiPlus said in a regulatory filing on Thursday.

Prior to his appointment as CEO, Mr. Hu helped transform DigiPlus from a land-based gaming operator into a technology-driven digital entertainment brand, the company said.

He began his career building scalable technology infrastructure in some of Asia’s most advanced digital environments, including holding a senior technical role at Huawei Technologies Co., Ltd., DigiPlus noted.

“As CEO, Mr. Hu leads DigiPlus into its next chapter: expanding into regulated international markets while continuing to set benchmarks in product innovation, player protection, and entertainment excellence,” DigiPlus said.

Mr. Hu holds a master’s degree in software engineering from Huazhong University of Science and Technology in China.

Meanwhile, DigiPlus said its board also elected Rick Li as chief digital officer to guide the company’s digital innovation strategy and success in the evolving digital financial ecosystem.

Mr. Li, also known as Li Jiaqi, has more than 15 years of experience in fintech, digital payments, and technical leadership. He previously served as Head of Solutions for South and Southeast Asia at Ant Group, where he led technical solutions across all product lines for Ant International.

Mr. Li earned a bachelor’s degree in computer science and a master’s degree in software engineering from the National University of Singapore.

DigiPlus shares dropped by 0.50% or 30 centavos to P60.30 apiece on Thursday. — Revin Mikhael D. Ochave

How PSEi member stocks performed — June 19, 2025

Here’s a quick glance at how PSEi stocks fared on Thursday, June 19, 2025.


PHL ‘unsafe’ tag based on questionable data — DoT

PHILSTAR FILE PHOTO

THE PHILIPPINES’ designation as the “least safe country on the planet” is a “false report” that is “disconnected from reality,” the Department of Tourism (DoT) said.

The safety ranking, issued by HelloSafe, is based on data compiled from travel insurers.

“What was presented as an objective safety index was, in fact, built on questionable data, lacking in transparency, and entirely disconnected from realities on the ground,” Tourism Secretary Ma. Esperanza Christina G. Frasco said in a statement on Thursday.

“A thorough examination of HelloSafe’s website reveals a focus on driving travel insurance sales rather than ensuring accurate safety assessments,” she added, noting the absence of disclosure on the index’s methodology and data sources.

She said that despite the subsequent removal of the Philippines from the list, “the damage to the country’s reputation and to the lives of our people has already been done.”

“The impact of this false narrative is not abstract. It disrupted bookings and businesses. It cast doubt on our destinations,” she said.

“Worse, it harmed the livelihoods of millions of Filipinos who depend on tourism and entire communities whose economies rise and fall with the confidence of travelers,” she added.

She said HelloSafe’s removal of the Philippines happened “without clarification or accountability.”

“We demand that HelloSafe correct all references to the erroneous data against the Philippines across its platforms and ensure the accuracy and consistency of its reporting tools, including interactive visual assets,” she added.

The Philippine Hotel Owners Association (PHOA), the Pacific Asia Travel Association (PATA), and the Philippine IATA Agents Travel Association (PIATA) have also criticized HelloSafe’s rankings.

“We find the article misleading, unfair, and detrimental to the efforts of the tourism and hospitality industry,” PHOA President Arthur M. Lopez.

“This unjust characterization not only misrepresents the realities of travel safety in the Philippines but also undermines the diligent efforts made by stakeholders to promote tourism in the region,” PATA Philippines Chapter Chair and PIATA President Maria Paz Alberto.

“Such misleading narratives can deter prospective visitors, leading to profound and lasting repercussions for businesses reliant on inbound tourism,” she added. — Justine Irish D. Tabile

ARTA focusing streamlining efforts on water supply, wastewater projects

THE Anti-Red Tape Authority (ARTA) said it is aiming to streamline the permit processes for water supply and wastewater projects.

“Our objective is to address issues on overlapping regulations, remove unnecessary requirements, and come up with standard processing times,” ARTA Secretary Ernesto V. Perez said at a signing ceremony on Thursday.

“We have to speed up the permit process so that emergency repairs can be done within 24 hours or a maximum of 48 hours,” he added.

On Thursday, ARTA signed a joint memorandum circular (JMC), which prescribes streamlined processes and requirements for permits to construct, install, restore, rehabilitate, repair, and maintain water supply and wastewater systems.

“This circular directly responds to the challenges we have all seen for years: the delays due to overlapping permits, lack of coordination among agencies, and the burdensome requirements that slow down the construction and restoration of critical water infrastructure,” he said.

“With the finalization of this JMC, we are putting into motion reforms that will standardize permit timelines, integrate barangay clearances, clarify technical requirements, and introduce accountability mechanisms to prevent unnecessary delays,” he added.

Key features of the JMC include the integration of barangay clearances into city/municipal-level processes, standardized processing timelines compliant with the Ease of Doing Business Act, clear delineation of permitting authority, and a unified excavation clearance system.

“Full implementation of the JMC will proceed following the formal signing by all concerned agencies,” ARTA said.

“The implementation will be chaired by the Department of Public Works and Highways and co-chaired by the Department of Environment and Natural Resources, which will oversee rollout efforts, compliance monitoring, and stakeholder coordination,” it added. — Justine Irish D. Tabile

World Bank urges PHL to build fiscal buffers against shocks

DOF.GOV.PH

THE PHILIPPINES needs to build fiscal buffers to remain resilient against economic shocks given the below-target growth projected over the medium term, the World Bank said.

“The Philippines will benefit from fiscal reforms. This will help the country rebuild fiscal space, and so give it room to act to support the economy, to support households in case of a growth downturn in the future,” World Bank Senior Economist Jaffar Al-Rikabi told reporters on Thursday.

These measures include tax reform, particularly closing compliance gaps, to increase the share of tax collection to gross domestic product (GDP).

The World Bank also proposed making expenditure more efficient through means such as improving public financial management, procurement and public investment.

Other structural reforms to safeguard and accelerate growth include investing in infrastructure, connectivity and addressing skills gaps.

In the first quarter, the fiscal deficit widened to 7.3%, driven by election-related spending.

“We expect there to be a deceleration in expenditure, which would bring the overall end-year fiscal deficit much closer to fiscal targets that the government has set,” Mr. Al Rikabi said.

“Risks to the macro-fiscal outlook (highlight) the need, therefore, to really double down on reforms so that the Philippines can safeguard and accelerate its growth journey,” he said.

Mr.  Al-Rikabi said the bank expects the government’s efforts to strengthen domestic revenue mobilization to continue supporting “robust tax collection.”

In its recent Philippine Economic Update, the World Bank retained its target forecasts for the Philippines this year until 2027, saying growth will be dampened by heightened global trade uncertainty.

The bank expects the economy to grow by 5.3% this year, 5.4% in 2026 and 5.5% in 2027.

The World Bank’s forecasts are all below the government’s 6-8% GDP target range for this year to 2028.

The bank said externally, the risks are tilted to the downside due to trade uncertainty and escalating regional conflicts, putting upward pressure on commodity prices and logistics costs.

At the same event, the World Bank noted the constraints on small and medium enterprise (SME) exports.

“Regional and global value chains are more than just sales outlets; they are platforms for creating quality jobs and more value-added through benefits from scale, increased competition, and learning,” Jaime Frias, Senior Economist for the World Bank’s Finance, Competitiveness, and Innovation Global Practice said.

Among the constrainsts are access to testing facilities and certification services, limited availability of financing for equipment and quality upgrades, and insufficient market information to effectively match buyers and sellers.

Improving access to testing facilities and certification services are crucial investments to make these services more affordable.

“Equally important is the simplification of regulations for laboratories and the import of testing equipment, coupled with securing international recognition and compatibility of Philippine certifications and standards,” it said.

In addition, the bank said investing in credit information and collateral registries can help financial institutions better understand the financial position of SMEs, thereby lower borrowing costs. — Aubrey Rose A. Inosante

Intra-regional trade expected to mitigate uncertainty caused by US tariffs — academic

IE UNIVERSITY Professor of Practice of Global Governance and Development Waya Quiviger — BEATRIZ MARIE D. CRUZ

By Beatriz Marie D. Cruz, Reporter

MADRID — Asian countries exporting to the US must bolster intra-regional trade to mitigate any disruptions caused by US tariffs, an academic said.

“Maybe for some very export-oriented Asian economies, this is a wake-up call. They need to say, ‘We need to find, diversify, and try to see if we can trade with each other,’” Waya Quiviger, Professor of Practice of Global Governance and Development at IE University in Madrid, told BusinessWorld.

“But if we’re selling the same things, we can’t trade with each other… So, diversify your economy… Maybe try to (develop) the domestic market, which is very hard to do,” Ms. Quiviger said.

US President Donald J. Trump in April imposed reciprocal tariffs on most of the world, but paused the scheme for 90 days pending negotiations. In the interim, he charged a 10% tariff on most trading partners.

The Philippines was assigned a 17% reciprocal tariff in April, one of the lowest in Southeast Asia.

The US remains the top destination for Philippine-made goods, with exports hitting $4.26 billion in the first four months of 2025. Its top export products to the US are semiconductors, electronic integrated circuits, insulated wire, and other insulated electric conductors.

“Trump is extremely unpredictable,” Ms. Quiviger said. “What he’s been saying since April has varied, and what we see is a lot of volatility in what he’s saying, and these threats of increasing tariffs.”

The 90-day pause is set to end on July 9, by which time new rates may have been negotiated with many trading partners.

Higher US tariffs on China, the Philippines’ largest trading partner, could further widen the latter’s trade deficit, Ms. Quiviger also said.

The US and China last week agreed on a 55% tariff rate on all Chinese goods.

“(China is) probably gonna price its exports even lower since they’re not selling to America,” Ms. Quiviger said. “It’s up to the Philippine economy to try to say, ‘We need to diversify,’ and it’s maybe hard to do, especially with such a giant next to you.”

The Philippines’ balance of trade in goods has been in a deficit since 2015, with a trade gap of $15.91 billion as of April, the Philippine Statistics Authority reported. China accounted 29.4% of all imports in April.

To stay resilient, Ms. Quiviger said Asian economies should leverage domestic production based on demand.

“You have to try to foment domestic consumption, domestic sectors… So, try to produce goods where there’s demand,” she noted.

“What is it that the local economy demands? Are you producing it already?” Ms. Quiviger asked. “If you’re not producing and there’s a big demand for it, then you have to find a way to produce it quickly, which is not easy to do.”