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3% of cyber threats in region target PHL firms — study

PHILSTAR FILE PHOTO

THREATS targeting local companies continued to increase in the first half of the year, according to global cybersecurity company Kaspersky, with the Philippines accounting for about 3% of the online attacks recorded in Southeast Asia.

“As businesses and governments in the region continue to embrace digitalization to drive economic growth, their increased reliance on digital platforms broadens their attack surface,” Kaspersky General Manager for Southeast Asia Yeo Siang Tiong said in a media release on Tuesday.

In the six months to June, Kaspersky said it had logged and blocked more than 26 million web threats in the Southeast Asian region, or an average of 146,944 web attacks daily.

Kaspersky said businesses in Southeast Asia face challenges as they navigate the booming digital economy, which can be exploited by cybercriminals.

The majority of the web-based or online threats in the region were recorded in Malaysia, which faced 19.62 million threats in the January-to-June period; Indonesia recorded a total of 3.2 million; while Vietnam and Thailand recorded 1.45 million and 1.06 million web attacks, respectively.

The Philippines ranked second to last in the region with 846,837 recorded threats, accounting for 3.25% of the over 26 million web attacks recorded in the first semester. Singapore, on the other hand, logged 574,292 attacks.

In a previous report, Kaspersky said web threats targeting Philippine companies reached a total of 1.69 million in the full year 2023, up from nearly 500,000 in 2022.

“This leads to more opportunities for cybercriminals to exploit vulnerabilities in unprotected systems, which can cause disruptions to supply chains, financial institutions, and critical infrastructure such as healthcare and energy,” Mr. Yeo said.

Ronald B. Gustilo, national campaigner for Digital Pinoys, said cybercriminals will always take advantage of any country’s digital activity regardless of the strength of its digital infrastructure.

“The Philippines remains a good target for them because we are among the countries that are still catching up with the fast-paced development of digital technology,” he said.

Kaspersky said increasing cyber threats damage productivity and make the public suspicious or mistrustful of digital technology, which in turn could lead to financial losses.

“While there has been a significant improvement compared to previous years, many Filipinos are still challenged with digital literacy, hence the high number of cybercrime victims,” Mr. Gustilo said.

The Philippine digital economy is expected to maintain its growth trajectory, driven by e-commerce and the continued development of digital infrastructure, according to the e-Conomy SEA report by Google, Temasek Holdings, and Bain & Co.

It also said that the country’s digital economy is projected to grow by 20% to $31 billion in terms of gross merchandise value this year, making it the fastest-growing digital economy in Southeast Asia.

Mr. Yeo said that cybercriminals in the region are getting more sophisticated by leveraging tools like artificial intelligence and other technologies.

Kaspersky said that local companies must ensure continued vigilance and investments in strengthening their cybersecurity posture and must leverage technologies to help combat threats. — Ashley Erika O. Jose

Of artistic development and critical voices

PAINTINGS and resin sculptures from Ronson Culibrina's collection titled Batangan — BRONTË H. LACSAMANA

Ateneo Art Awards looks back at winning artists, recognizes art critics

INTERACTIVE art, works depicting climate change, and various multimedia pieces made with artificial intelligence (AI) tools are on display at the exhibition of past winners of the Ateneo Art Awards for its 21st year. Slated to run until March 8, 2025, it is now on view at the Ateneo Art Gallery of the Ateneo De Manila University in Quezon City.

This year, the featured artists are Keb Cerda (2019 winner), Ronson Culibrina (2018 winner), KoloWn (2018 winner), and Christina Lopez (2021 winner). They each completed artist residencies following their wins.

“In alternate years, the return exhibition of past winners takes place; 2024 is the second time we’ve adopted this schedule,” Ateneo Art Gallery director and chief curator Boots Herrera said at the exhibit opening on Nov. 24.

She added that all four artists chosen for the show have pushed the envelope with their works, even after winning the award. “Media-based practice has offered visual artists wider options in artistic production,” she said.

Keb Cerda’s portion of the exhibit is a mini retrospective of recent games that he developed, starting with Super Nardo, the augmented reality (AR) game which earned him the Fernando Zobel Prize for Visual Arts. Following his residency at Liverpool Hope University in UK which was his Ateneo Art Award prize, he went on to make three more games: another AR game called Dahlia, the arcade machine Atomic Blob Machine, and the kinect device game Dopamine Dash: Viral Mechanica 1.0. All are playable at the exhibition.

Ronson Culibrina’s show Batangan, which refers to the slabs of wood or bamboo attached to a bangka (outrigger boat) to keep it balanced, is “a tribute to Talim Island in Laguna de Bay.” Being the artist’s hometown, it inspired the paintings and sculptures he made over the past few years. “All these works are grounded in my roots,” Mr. Culibrina told BusinessWorld at the opening.

KoloWn’s contribution to the exhibition is a work titled GhostWriter. It is a web application that creates fake stories based on current headlines from Philippine news websites and audience-submitted words via QR (Quick Response) code. Using the language model GPT-4, a sci-fi story is created from this data, which is projected on a large screen for gallery visitors to read.

“The work is a response to the proliferation of fake news and the possible impact of AI in our lives. The sources came from real time news headlines, and it is a critique on how fake narratives are created in the times of social media,” KoloWn said in a video played at the opening. The artist has not revealed their real name or face in public.

Meanwhile, Christina Lopez’s selection of works comes from some of her solo exhibitions. The most exciting one, reworked into a new form, is Sirens, a series of portraits displayed inside a cylindrical structure that one must step into, to be enveloped in total darkness save for a spotlight moving around to reveal the portraits one by one.

“Corresponding to those faces is audio that reacts to that, with the images as the trigger point,” Ms. Lopez explained. “My practice is about images, so I like to highlight that in my work.”

ART CRITICS AWARDED
This year, the Ateneo Art Awards’ Purita Kalaw-Ledesma Prizes in Art Criticism went to three writers: Levi Masuli, Chesca Santiago, and Ryan Cezar O. Alcarde. All three will be part of Orange Project’s month-long writer’s residency in Bacolod City, Negros Occidental.

Mr. Masuli’s essay, “All That Is Useful Lends Itself to Waste: Inside Jon Olarte’s Gyre Dominion,” tackled the said exhibition at MONO8 Gallery. Ms. Santiago, on the other hand, wrote “Against Community as Moral Currency,” which centered on Vien Valencia’s BAD LAND exhibit, mounted at Underground Gallery.  Mr. Alcarde’s winning essay in Filipino was “Line of sight: Ilang tanaw sa paggawa ng sining sa mga laylayan ng lunsod,” about Dennis Bato’s installation of the same name at the Baraks art space.

The winners will contribute to various publications for a year beginning in January: Mr. Masuli will write for The Philippine Star, Ms. Santiago will write for the ArtAsiaPacific magazine, and Mr. Alcarde for the Katipunan Journal.

“We perceive the world in fluctuation, where we try to find meaning and gain understanding as the ground seems to constantly shift beneath our feet. That’s how our founder, Purita Kalaw-Ledesma, saw the Philippine art scene, which she describes as a fluctuating, flexible, and wide-open field,” said Kalaw-Ledesma Foundation President Anne Marie Ozaeta at the awards.

“This year really reflects this, with the entries offering very different yet compelling approaches to this notion of fluctuation.”

The Ateneo Art Awards 2024 exhibition is on view at the third floor of the Ateneo Art Gallery in Arete, Ateneo de Manila University, Katipunan Ave., Quezon City, until March 8, 2025; the art criticism pieces may be read at https://pkl.ateneoartgallery.com. — Brontë H. Lacsamana

The demographic dividend of the Philippines: Avoiding growing old before becoming rich

STOCK PHOTO | Image by jcomp from Freepik

(Part 3)

Will the Philippines grow old before becoming rich? That is the sad fate that has befallen Thailand because of a very aggressive birth control program in the last century (quite similar to what is happening now to China and what happened to Singapore in the 1980s, with the difference being that Singapore was able to become rich before growing old). The answer to that question will be found in what our leaders — both in the public and private sectors — will do in the next 20 years to take full advantage of the new type of demographic dividend resulting from a drop of the fertility rate to below-replacement of 1.9 babies per fertile woman.

As Deputy Executive Director Lolito Tacardon of the Commission on Population and Development pointed out in a recent briefing, such a decrease in fertility rate has a bearing on the age structure so that the dominant sector of the population now belong to the working age group aged 15 to 64, while the dependents, those aged zero to 14 are getting fewer in number.  If the country is successful in harnessing the working-age population, there is a great possibility that economic development can be accelerated. In concrete terms, while the Philippines has managed to grow its GDP at 6% to 7% over the last 15 years, with the exception of the abnormal decline during the height of the COVID-19 pandemic, this demographic transition may make it possible for our GDP to grow at 8% or more if we are able to harness the young population productively.

Whereas the emphasis of what was then known as the Commission on Population (Popcom) was to control population growth, the better named Commission on Population and Development should concentrate on the means to accelerate development and allow market forces and the individual decisions of married couples to decide on the number of children they want. The State should stay out of the bedroom.

Although the pill-pushers are unhappy, it is a good trend to see the budget for family planning remaining stagnant and scheduled to be reduced by 2024. As the former Executive Director of the Commission on Population and Development, Juan A. Perez III, complained in an article in this paper (June 5, 2023), the family planning budget has remained stagnant and started to be reduced this year. Unprepared LGUs are now obliged to buy birth control pills and condoms, instead of receiving them for free. The Medicines, Technologies, and Pharmaceutical Services (MTaPS) Program reported that from a high of 50% free contraceptives from government in 2018, the share of free contraceptives went down to 17%. Women are now getting their pills from the local drug stores or boticas as health centers run out of pills. To me, it is a good sign that Popcom has closed its family planning clinic and converted it into an employees’ clinic.

Although responsible parenthood continues to be a valid concept, it is time to adjust to the new reality that the real population bomb is the rapid ageing of the population and that is desirable for Philippine society never to lose its pro-life and pro-children culture. Many parts of the developed and even developing world are regretting having instilled in the minds of especially their women a “contraceptive mentality” which has been proven to be irreversible.  For example, for more than 20 years now (even when the founder of modern Singapore Lee Kuan Yew was still alive), Singapore has been implementing all types of pro-children programs which have all failed. Once an anti-birth mentality has been nurtured in a society, it is almost impossible to remove it because a consumerist and materialistic approach to life considers children as an obstacle to the individual fulfilment of the parents, especially among the women. To consumerist couples, it is often a decision to have a child or to buy a Lexus car.

It is thought-provoking to read what a fellow columnist in this paper wrote about population policies over the years. Diwa Guinigundo was one of the technocrats responsible for building the Bangko Sentral ng Pilipinas (BSP) into one of the best central banking institutions, not only in Southeast Asia, but in the world. In his column entitled “Signs and Wonders,” way back on Nov. 19, 2022, he commented on the warning issued by the International Monetary Fund (IMF) in its publication Ageing is the Real Population Bomb by David Bloom and Leo Zucker of Harvard (which we had already referred to in Part 2 of this series). Because of the continuing decline in fertility in many countries all over the world (including the Philippines), policy makers must prepare for the harsh reality of a “dwindling workforce straining to support burgeoning numbers of retirees, a concomitant explosion of age-related morbidity and associated healthcare costs, and a declining quality of life among older people for lack of human, financial and institutional resources.” The Philippines must do everything possible to avoid growing old before becoming rich. Otherwise, using Guinigundo’s own words, we could be “wired to premature destruction.”

In his column, Guinigundo — who was Deputy Governor of the BSP which he served for 41 years — expressed his disappointment that it took very long for the fertility rate of the Philippines to reach the below-replacement level of 1.9 babies per fertile woman. He attributed this phenomenon to “some institutional objections to artificial methods of contraception, other than the natural method for spacing children. Health and economics yielded to faith-based arguments.” He pointed out, however, that the continuing high birth rates did not prevent the Philippines from achieving 21 years of uninterrupted positive growth, from 1999 all the way to 2019, just before the pandemic erupted in 2020. He attributed this to a long string of policy and structural reforms that liberalized the economy (especially during the presidency of Fidel V. Ramos). New industries and business process outsourcing added more push. In fact, I have always maintained that despite a good number of very undesirable political leaders, from top to bottom, we were fortunate that the best and the brightest economic managers (like Diwa himself) were present in every Administration over the last 30 to 40 years. That is why, by 2011 the Philippines was able to discard its notorious reputation as “the sick man of Asia” by consistently growing at a high of 6% to 7%, except for the huge decline in our GDP during the pandemic (from which we quickly recovered).

Where Diwa and I disagree has to do with his view that if we had been more aggressive in bringing down the fertility rate sooner, the economy could have expanded all the more, more job opportunities could have been made available to the labor force, and poverty could have been more decisively reduced — provided appropriate public policy had been put in place. It is this last proviso (provided…) that is the source of my doubt that all the good things mentioned by Diwa would have happened had we reduced the fertility rate sooner. Having been deeply involved in trying to influence public policy over the last 40 years, I can attest to the fact that it was a very slow and painful process to arrive at the critical mass of enlightened economic policies that we now have. Reducing the fertility rate too soon, with still very imperfect policies, would have deprived us, for example, of the “emergency solution” of sending OFWs abroad to earn some 10% of our GDP. It might also have decreased the number of those young people who are among the 1.7 million workers in the IT-BPM sector whose earnings account for another 10% of GDP.

But more importantly, by failing to spread the contraceptive mentality among our population — like Thailand did — we have done a big favor to future generations who, with the fertility rate now already below replacement, will benefit from the fact that we have preserved the pro-birth and pro-family mindset that both the Catholic faith and the Malay culture have instilled in our culture. Because it took us very long to reduce our fertility rate, we have made it easier for Generation Z and their children to avoid growing old before becoming rich.

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Manila Water eyes higher discounts for low-income customers next year

PHILIPPINE STAR/MICHAEL VARCAS

MANILA WATER Co., Inc., the east zone concessionaire for Metro Manila, has announced plans to provide additional support for low-income customers next year.

“Manila Water… is gearing up to implement an enhanced lifeline program following consultations with the MWSS (Metropolitan Waterworks and Sewerage System),” Patrick Lester N. Ty, chief regulator at MWSS Regulatory Office, said during a virtual public consultation on Tuesday.

The application-based discount program aims to extend further support to low-income Manila Water customers, particularly to members of the Pantawid Pamilyang Pilipino Program (4Ps) whose monthly water consumption does not exceed 20 cubic meters.

“Once this enhanced lifeline program is approved, the concessionaire will start accepting and processing applications for the program this January 2025,” Mr. Ty said.

He said that the proposed program is subject to finalization and submission to the MWSS Board of Trustees for review and approval.

Shoebe Hazel B. Caong, group director of Manila Water’s East Zone Business Operations, said that customers under the program will enjoy a discount of 60% on the first 10 cubic meters of consumption.

Those who consume between 11 to 20 cubic meters will pay 40% less than the regular rate.

To qualify for the program, applicants must submit a valid identification card (ID) and certification of status as a 4Ps beneficiary, government ID, fully accomplished application form, NBI clearance, and proof of billing without overdue payments for more than 60 days.

“Together, we will ensure that this program is geared towards further safeguarding the rights of the consuming public to a continuous, sustainable, and accessible supply of safe and affordable potable water and an environmentally safe sewerage system,” Mr. Ty said.

Prior to the Enhanced Lifeline Program, Manila Water had been offering a “lifeline” rate for low-income residential households consuming 10 cubic meters or less per month, with a minimum charge of P83.14.

Manila Water serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province. — Sheldeen Joy Talavera

Pre-need industry posts lower premium income at end-Sept.

BW FILE PHOTO

THE PRE-NEED INDUSTRY saw its premium income decline by 2.5% year on year as of the third quarter as players sold fewer plans, data from the Insurance Commission (IC) showed.

The sector’s premium income stood at P16.287 billion at end-September, down from P16.704 billion in the same period last year, IC data based on the submission of 16 licensed pre-need companies showed.

Still, the industry’s net income jumped by 347.52% to P8.05 billion from P1.799 billion, with four out of the 16 companies posting a net loss in the period and two having no total income data provided.

Plans sold by pre-need firms declined by 14.97% to 509,323 at end-September from 599,025 plans a year prior.

The drop was mainly due to the 15.02% decrease in life plans sold to 508,787.

On the other hand, sales of pension plans jumped by 80.74% year on year to 488, while education plans sold rose by 50% to 48.

Meanwhile, the industry’s investment in trust funds increased by 13.13% year on year to P140.54 billion, IC data showed.

Pre-need reserves, which include benefit obligations or payables as mandated by the Pre-Need Code, went up by 6.3% year on year to P126.64 billion in the period.

As a result, the difference between the combined trust funds and pre-need reserves of companies stood at a P13.9-billion surplus at end-September, 172.83% wider than the P5.095-billion surfeit a year prior, the IC’s report showed.

The pre-need industry’s combined total net worth rose by 43.33% to P31.03 billion from P21.65 billion, driven by the 67.02% increase in retained earnings to P20.61 billion.

Firms’ combined capital stock also inched up to P4 billion from P3.994 billion, while other net worth accounts went down to P5.26 billion from P5.47 billion.

On the other hand, the sector’s total assets increased by 11.35% to P164.64 billion in the first nine months from P147.86 billion in the same period last year.

Total liabilities likewise rose by 5.86% to P133.6 billion.

According to IC data, St. Peter Life Plan, Inc. recorded the highest premium income in the period at P16.05 billion, followed by Eternal Plans, Inc. with P97.69 million, and Cosmopolitan Climbs Life Plan, Inc. with P44.98 million.

In terms of sales, St. Peter Life Plan was also the top performer with 501,341 plans sold for a total contract price of P29.08 billion.

Cosmopolitan Climbs Life Plan placed second with 3,182 plans sold for a contract price of P167.85 million.

Rounding out the top three was Philplans First, Inc., which sold 1,893 plans with a total contract price of P300.92 million.

HMO
Meanwhile, separate IC data released recently showed the health maintenance organization (HMO) industry posted a net income of P800.86 million at end-September, rebounding from the P2.15-billion net loss a year ago.

This was driven by a 22.5% increase in revenues to P59.65 billion, data based on the unaudited financial statements from 27 HMOs showed.

“This was mainly due to the 20.65% increase in membership fees collected by the industry in Q3 2024, which comprises 95.06% of the industry’s revenues,” the IC said.

Meanwhile, total expenses increased by 15.75% year on year, driven by a 14.05% increase in healthcare benefit and claims paid to P46.67 billion.

The sector’s combined assets also expanded by 18.42% to P75.87 billion as of September.

Total invested assets, which accounted for 27.16% of the industry’s total assets, increased by 11.57% year on year to P20.61 billion in the first nine months.

This came amid a 51.81% rise in cash equivalents and a 87.47% growth in investments in property and equipment.

Total liabilities climbed by 19.64% to P64.2 billion following a 33.98% increase in membership fee reserves.

Meanwhile, other reserves dropped to P1.68 billion from P8.52 billion, the IC said.

Total equity increased by 12.11% to P11.67 billion.

The sector’s combined capital stock, which includes share capital and subscribed share capital, rose by 30.46% to P2.09 billion.

However, it saw a 55.19% reduction in retained earnings to P1.98 billion. — A.M.C. Sy

Arts & Culture (12/04/24)

Montecillo launches horror fiction collection

WRITER Joseph Anthony Montecillo has released his debut collection of short fiction, In the Blood and Other Stories. Published by the University of the Philippines (UP) Press, the book contains 14 of Mr. Montecillo’s short stories written in the past decade. All were previously published in anthologies such as the Philippine Speculative Fiction series or magazines like Philippines Graphic and The Sunday Times Magazine. Included is the titular “In the Blood,” about a mother trying to keep her sons from following in the steps of their serial killer father. In “Pressure and Release,” the stress of an EDSA (Epifanio de los Santos Avenue) traffic jam finally overwhelms an everyday bus driver. In “The Forgotten Bones,” a man who lives in a cemetery has an unexpected experience between rows of tombs. In the Blood and Other Stories is now available at UP Press’ on-campus and online stores, as well as on Shopee and Lazada.

Mac Valdezco, group exhibit at Avellana Art Gallery

TO CLOSE 2024, the Avellana Art Gallery is presenting two shows. One is Mac Valdezco’s solo exhibit Dark Mass, and the other is the group show titled LIGHT. These shows invite visitors to confront the duality of human nature — light and dark, known and unknown. Ms. Valdezco’s works aim to urge the viewer to accept the full spectrum of our existence, including the unseen and the unknown. Meanwhile, the group exhibit displays a collection of works that explore light, in its many forms, as a powerful metaphor for concepts such as enlightenment, hope, transformation, and even illusion. Dark Mass and LIGHT run until the end of the year at the Avellana Art Gallery, 2680 F.B. Harrison St., Pasay City.

Asian violinist, pianist perform with the Manila Symphony Orchestra

ASIA’S rising stars, pianist Muyu Liu and violinist Taihi Chin, will perform with the Manila Symphony Junior Orchestra and the Manila Symphony Orchestra on Dec. 7, 7:30 p.m., at the GSIS Theater, CCP Complex, Pasay City. Under the baton of conductor Darrell Ang, the concert will feature Beethoven’s Piano Concerto No. 2 and Wieniawski’s Violin Concerto No. 2. Tickets are available at Ticket2Me.

Lopez Museum Collection exhibit opens in Iloilo

THE EXHIBIT The Patrimony of All – Ang Panublion sang Tanan, featuring paintings from the Lopez Museum and Library (LML) Collection, is now open for public viewing at the University of the Philippines Visayas Museum of Art and Cultural Heritage in Iloilo City. The exhibit will run until April 2025. Curated by Dr. Patrick Flores, the exhibit showcases works of Filipino artists Juan Luna, Felix Resurreccion Hidalgo, Juan Arellano, and Fernando Amorsolo. It features 16 paintings: four each from Luna and Hidalgo, five from Amorsolo, and three from Arellano. Notable pieces on view include La Moza y El Lego, El Asesinato de Gobernador Bustamante y su Hijo, Native Fruits, and Philippine Scenes I and II. The exhibit is open to the public, providing an opportunity to engage with the works of these influential Filipino artists.

CCP launches animated Lola Basyang short film

THE Cultural Center of the Philippines (CCP) has launched Mga Kuwento ni Lola Basyang: Ang Mahiwagang Bantay ng Bundok Arayat, a 15-minute animated short film that highlights Filipino folktales while promoting the protection of the country’s natural heritage. The film features the iconic Filipino character Lola Basyang, who guides viewers through the adventure of a boy who discovers a magical world within the slopes of Mount Arayat. Along the way, he encounters mythical creatures and learns lessons on courage, friendship, and the importance of preserving nature.

Applications sought for choral festival

THE Andrea O. Veneracion International Choral Festival (AOVICF) is accepting applications for its 2025 edition, scheduled from Aug. 20 to 24, 2025. The festival will feature six categories: Children’s Choir, Equal Voices, Folk Song and Indigenous Music, Mixed Choir, Musica Sacra, and Popular Music. Prizes include P200,000 for the Mixed Choir grand winner and P150,000 for other categories, with additional awards for Best Conductor and Best Performance of the Contest Piece. Amateur choirs with at least two years of existence can apply by submitting a completed application form, an audio or video recording of two to three songs from different genres recorded within the last six months, and a recent curriculum vitae (CV) along with a photo of the choir and conductor. Applications should be e-mailed to secretariat@aovchoralfestph.com with the subject “AOVICF 2025: (Name of Choir)” by April 30, 2025, 11:59 PM (PST). Registration fees are $400 for non-Filipino choirs and P15,000 for Filipino choirs, with proof of payment due by May 30, 2025. Early applicants who submit their applications by Dec. 31, 11:59 p.m., can avail of a 50% discount on the registration fee.

Making it happen: Harmonizing efforts to promote investments

FREEPIK

It is comforting to know that amid the political theatrics currently taking place, the Marcos Jr. administration is able to tone down the noise and keep its focus on what it deems more consequential in terms of materially improving the lives of the people.

Specifically, the pursuit of making the Philippines a sound investment destination, which has always been a daunting task.

It remains the goal, nonetheless. The benefits of investments, both foreign and domestic, are universally accepted. Investments provide a multiplier effect of economic possibilities. They bring jobs and income, increase people’s consumption power, give rise to economic activity, stimulate infrastructure development, and reinforce technological advancement.

The government has also recognized the Philippines’ key advantages: a powerful workforce of young, dynamic, and resilient Filipinos, abundant natural resources, and a strategic position at the center of the Indo-Pacific region.

More importantly, there is a recognition that simply having these strengths will not bring the investments we need for sustainable development and prosperity. There is a need to do more.

Just last month, President Ferdinand R. Marcos, Jr. signed the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises-Maximize Opportunities for Reinvigorating the Economy) Act, a move that aims to simplify the tax system and strengthen the country’s investment appeal in various priority sectors. There are also moves to institute greater transparency and accountability in the government, ensuring a stable and predictable regulatory environment, so that businesses can come, plan their operations, set up shop — and be assured that the same rules will apply, and that their venture will be shielded from any adverse, irrational, or whimsical policy swings.

Of course, while the pursuit of investments is a collaborative effort on the part of the government, the private sector, and civil society, there are key agencies at the helm of this endeavor.

These Investment Promotion Agencies (IPAs) act in concert while performing their nuanced functions in the greater effort toward presenting the Philippines as a premier investment destination and facilitating investments’ smooth entry to the Philippines.

The Department of Trade and Industry – Board of Investments (DTI-BoI) promotes the Philippines through its “Make it Happen in the Philippines” campaign, which aims to generate Foreign Direct Investments (FDIs) specifically focused on key industries that have the most potential for foreign investments.

The DTI-led Inter-Agency Investment Promotion Coordination Committee (IIPCC) is currently formulating the Foreign Investment Promotion and Marketing Plan (FIPMP) to ensure that there is a single investment promotion framework and strategy throughout the country.

The establishment of ecozones is also an important strategic policy to boost export promotion, attract FDI, and create employment opportunities for the local labor force. In this respect, the Philippine Economic Zone Authority (PEZA) plays a central role.

As of last October, PEZA had approved a total of P123.76 billion worth of projects since January. In October alone, the PEZA Board approved 19 projects with aggregate investments amounting to P7.87 billion, consisting of eight projects in manufacturing, eight in information technology, two in ecozone development, and one in ecozone logistics.

These projects are expected to boost Philippine exports by $3.08 billion annually and generate about 40,733 jobs. This year, job creation in PEZA ecozones have increased by 43% from 28,521 jobs generated in the same period last year.

On Nov. 26, the Stratbase Institute, in collaboration with the DTI-BoI held a roundtable discussion with representatives of IPAs to gain insights and recommendations which the Philippines can implement to draw in more investments to the country.

Empowering IPAs is crucial because they play a key role in facilitating the seamless entry of foreign investments into the country. Collaborating with these agencies and aligning them with the “Make it Happen in the Philippines” campaign could significantly improve the delivery of the unified investment message we are putting out to the rest of the world. We also want this message to be consistent across all regions in the archipelago.

During the roundtable event, discussions revolved around initiatives to attract investments that will revitalize the manufacturing sector, produce goods not just for export but also for the domestic market, leveraging the country’s young workforce to foster innovation, enhance productivity, and generate quality jobs.

The streamlining of administrative processes, prioritization of strategic infrastructure development, use of emerging technologies, and adherence to environmental responsibility were touched upon as well.

The conversations also brought out the need to have a stronger strategic head or government body, which will focus on and consistently lead a unified effort with all IPAs in creating an inventory of investment data sources, harmonizing marketing and promotions programs, and implementing activities involving all interested agencies.

Competition for FDI is fierce around the world, with countries vying to attract potential foreign investors to spur economic growth. For a developing country like the Philippines, FDI is not only desirable but necessary in order to achieve sustainable development, job creation, and technological advancement.

Thus, the manner in which we promote our investments is important. A coordinated approach among IPAs will get the message across effectively and show that the Philippines is serious and resolute in attracting investments — and keeping them.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Ayala Land targets to finish Vermosa estate church by 2026

LISTED property developer Ayala Land, Inc. (ALI) expects to finish the construction of San Sebastian Church at its Vermosa estate in Cavite by 2026.

ALI recently held the groundbreaking ceremony for the church, which has a 500-person seating capacity, the real estate company said in an e-mailed statement on Monday.

Architectural firm Casas + Architects, Inc. will be the lead designer for San Sebastian Church, while the builder has yet to be announced.

“This partnership reflects our shared commitment to make a difference in the lives of our fellow Filipinos and provide a space for their spiritual well-being in the Cavite community,” ALI Vice-President and Senior Project Development Head of Estates Group May P. Rodriguez said.

“As we break ground today, let this moment remind us of our shared mission: to foster communities where everyone can thrive,” she added.

San Sebastian Church is poised to be a central gathering place for worship, reflection, and community events. It will feature various amenities such as facilities for weddings, seminaries, and parking spaces.

“Rooted in the principles of aggiornamento, the design of the San Sebastian Church in Vermosa aspires to transcend trends, offering a sacred space that reflects God’s eternal presence. Casas’ process focuses on creating an atmosphere that invites worship and evokes an experience of heaven on earth,” Casas Architects Principal Architect Carmelo T. Casas said.

Vermosa is a 752-hectare estate that features facilities such as the Ayala Vermosa Sports Hub, AyalaMalls Vermosa, and the De La Salle Santiago Zobel Vermosa Campus.

The property spans the cities of Imus and Dasmariñas in Cavite.

On Tuesday, ALI shares rose by 0.52% or 15 centavos to P29.15 per share. — Revin Mikhael D. Ochave

CIMB Bank PH eyeing mass affluent market to boost its customer base

CIMBBANK.COM.PH

CIMB BANK Philippines, Inc. (CIMB Bank PH) will tap the mass affluent segment next year to boost its customer base, its top official said.

CIMB Bank PH Chief Executive Officer Vijay Manoharan on Tuesday also announced the products and services that the digital-only commercial bank plans to launch in 2025.

“We are now close to nine million customers, but now we’re trying to segmentize some of them. Those of them who are a bit more affluent, we are analyzing how we should talk to you differently. What kind of offerings can we give you which are more bespoke to an affluent segment?” he said.

CIMB Bank PH earlier this year launched exclusive offerings for OFWs and is looking to roll out credit and insurance products for the sector in 2025.

It previously said products targeted for SMEs will also be introduced in the first quarter of 2025.

Mr. Manoharan said the bank will partner with companies for share trading and remittances, as well as merchants for exclusive rewards.

“Today, we are largely an unsecured lending bank. We want to start to dabble and venture into secure financing, to other means of products and services as well,” he said.

“We think it’s a huge opportunity to go cashless. The country is still heavy in cash, and there are one or two operators doing non-cash payments. We want to disrupt that space through our own cashless QR (quick response) machine,” Mr. Manoharan added.

CIMB Bank PH loans are expected to grow by 30% year on year by end-2024, he said. The bank also sees a 35-40% growth in loans next year.

The bank aims to disburse P75 billion in loans this year and to reach a total deposit cash-in level of P500 billion.

CIMB Bank PH expects to post “higher than single-digit” net income growth this year, Mr. Manoharan earlier said.

The lender forecasts faster net income growth next year as it plans to expand its offerings for underserved sectors. — Aaron Michael C. Sy

Elton John says he has lost his eyesight

A scene from the 2024 documentary Elton John: Never Too Late.

LONDON — Music legend Elton John told a theater audience in London on Sunday he had lost his sight after struggling to recover from an eye infection earlier in the year.

The 77-year-old star — famous for “Tiny Dancer,” “Your Song” and a string of other hits — was in London’s West End for the opening of The Devil Wears Prada musical, for which he wrote the score.

In an emotional speech from the stage of the Dominion Theater at the end of the show, he said the performance had sounded good, but he had not been able to watch it.

“As some of you may know I have had issues and now I have lost my sight. I haven’t been able to see the performance but I have enjoyed it,” Mr. John said. “I love to hear it,” he added, to rapturous applause.

He thanked his husband David Furnish for being his “rock.”

Mr. John, who has sold more than 300 million records over a six-decade career, said in a documentary that premiered in September that his health made him worry about the future.

“This is the latter time of my life. I don’t know how much time I have left,” he said in the documentary Elton John: Never Too Late.

He said that month in an Instagram post that he was feeling positive about how his eye was healing after an infection in July.

Two months later, he told ABC News he could not see out of his right eye and his left was “not the greatest,” meaning he could no longer read or watch anything.

He said his condition was keeping him out of the studio where he had been working on a new album.

“It’s been a while since I’ve done anything,” he said. “There’s hope and encouragement that it will be okay, but it’s, I’m kind of stuck at the moment.”

Mr. John, who shot to fame in the early 1970s, went on a farewell tour from 2018 to 2023.

He and Mr. Furnish have two sons, Zachary, 13, and Elijah, 11.

“I’m so lucky. I’m the luckiest man in the world,” Mr. John told ABC News last month. — Reuters

How Endeavor PHL supports high-impact entrepreneurs

FACEBOOK.COM/ENDEAVORPHILIPPINES

ENDEAVOR PHILIPPINES, a global community that supports high-impact entrepreneurs across various industries, aims to expand its network by promoting a culture of mentorship among businesses.

“We aim to foster a deeply rooted pay-it-forward culture within our entrepreneurial community,” Endeavor Philippines Managing Director Manny Ayala said in an interview with BusinessWorld.

The organization is working to broaden its network of business founders from 46 to 100 by 2035, he said.

In its ten-year plan, Endeavor Philippines hopes to transform the country into a global source of high-impact entrepreneurs, with founders dedicated not only to building world-class companies but also to paying it forward. High-impact entrepreneurs are those who launch and grow ventures capable of making substantial economic, social, or environmental contributions.

“Each success story sparks another, creating a lasting cycle of growth and positive impact for generations to come,” Mr. Ayala said.

According to the global community, the multiplier effect highlights how one founder’s journey and mentorship help other entrepreneurs navigate and excel in the industry.

“Our core focus is searching for, selecting, and supporting entrepreneurs,” Mr. Ayala said.

“Each founder we back is a catalyst for innovation and opportunity, multiplying their success by mentoring, investing, and paving the way for others,” he added.

Since its launch in 2015, Endeavor has supported 33 companies across various industries, such as fintech, e-commerce, and logistics. The company also noted that it collectively generated over $900 million (P53.1 billion) in revenue, created 66,000 jobs, and raised $1 billion (P58.98 billion) in capital in 2023.

“We’re not just supporting individual entrepreneurs; we’re building a chain reaction that reshapes industries and empowers entire communities,” Mr. Ayala said.

Moving forward to 2025, the company plans to continue its usual events, such as MatchCap, a networking event held in Singapore that aims to connect investors and entrepreneurs.

Mr. Ayala added that he intends to improve the group’s Scale Up program, a global set of programs designed to help early-stage and high-potential entrepreneurs through curated mentorship.

“This year we had a cohort of eight; hopefully, we can double that number of people in the cohort.”

Another MatchBiz event, where startups can meet large conglomerates, will also commence next year. “In this country, it’s super important to work with conglomerates,” he said. — Almira Louise S. Martinez

Philippines picks up in 2024 Bribery Risk Rankings

THE PHILIPPINES improved its ranking in a global index assessing business bribery in over 190 economies. Read the full story.

Philippines picks up in 2024 Bribery Risk Rankings

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