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AC Health to import HIV medicines

PHILIPPINE STAR/ANDY ZAPATA

AYALA Healthcare Holdings, Inc. (AC Health) said it will import medicines and other lifesaving technologies through its subsidiaries IE Medica and MedEthix, to be sold at Generika Drugstore pharmacies, as part of a partnership with the United States Agency for International Development (USAID) to expand human immunodeficiency virus (HIV) care and prevention services in the Philippines.

Under the partnership, AC Health will onboard health service providers on the KonsultaMD telemedicine platform and expand HIV awareness and screening services beyond health facilities, the healthcare company said in an e-mailed statement on Wednesday.

For its part, USAID will support community engagement, provide technical assistance, and introduce private sector models for HIV service delivery. It will also train healthcare providers, share research, expand telehealth access through KonsultaMD, and coordinate with partners to provide free HIV self-testing kits.

“Our mission at AC Health is to make quality and affordable healthcare accessible to more Filipinos. Through our partnership with USAID, our dedicated teams at Healthway Medical Network, KonsultaMD, and Generika Drugstore have been equipped with specialized training to serve key populations affected by HIV,” AC Health Chairman Fernando Zobel de Ayala said.

“This collaboration brings us closer to bridging gaps in HIV prevention and testing, ensuring these critical services reach more communities nationwide,” he added.

The Department of Health (DoH) said the number of HIV cases is expected to hit 215,400 by the end of 2024. According to its recent report, males represent 94% of the 132,776 reported cases of people living with HIV (PLHIV), while females account for the remaining 6%, or 7,876 cases.

DoH Secretary Teodoro J. Herbosa called for collective action to combat the rising HIV cases during the official launch of the DoH’s “Undetectable = Untransmittable Campaign” on the 2024 Philippine World AIDS Day held on Dec. 1.

AC Health, the healthcare unit of Ayala Corp., has various interests in the healthcare sector. Its businesses include Generika Drugstore, St. Joseph Drug, pharmaceutical importer and distributor IE Medica and MedEthix, Healthway Medical Network, and KonsultaMD.

On Wednesday, Ayala Corp. shares fell by 0.15% or P1 to P649 per share. — Revin Mikhael D. Ochave

Japanese brewer hopes UNESCO listing makes sake as popular as sushi

FREEPIK

FUSSA, Japan — At a Tokyo brewery dating back to the days of the samurai, Koichi Maesako drops a three-meter-long wooden paddle into a giant, jade-colored tank and gently stirs the white mixture that will turn into sake in a week’s time.

The sweet-and-sour-smelling brew — of rice, yeast starter, the culinary mold known as koji, and water — has been fermenting for 20 days in what is part of an ancient technique that the United Nations Educational, Scientific, and Cultural Organization (UNESCO) is set to list as Intangible Cultural Heritage this week.

For Mr. Maesako, the 40-year-old chief brewer of Ishikawa Shuzou, or Ishikawa Brewery, the United Nations (UN) agency’s endorsement would be welcome news after a difficult couple of years.

Unseasonably warm weather has hit the rice harvest, not only affecting the quality of the grain but also raising procurement costs, he said.

Traditional sake brewers had already been contending with decades of falling sales at home as consumers acquired a taste for cocktails like highballs and other alcoholic drinks.

“The situation is much tougher compared to previous years,” Mr. Maesako told Reuters last week.

“It’s still quite warm, even though it’s almost December. The price of rice is high and the harvest is poor, which has made sake-brewing (this year) very challenging.”

Mr. Maesako hopes the UN body’s recognition of the traditional brewing technique will turn things around by igniting demand overseas, where sake has slowly gained popularity alongside Japanese cuisine, also in part thanks to UNESCO’s endorsement of washoku as living heritage in 2013.

“After being listed by UNESCO, Japanese traditional cuisine (washoku) has spread all over the world,” Mr. Maesako said.

“I hope that the same thing will happen with sake. Our brewery is seeing a rise in exports, and we hope the UNESCO listing will accelerate this trend.”

The centuries-old method of making sake is unique for its three-step preparation, or “San-Dan-Jikomi,” of allowing multiple fermentation processes to progress simultaneously in a single container.

“It’s really cool just seeing and understanding how it all comes together,” said Robert Brown, an American visitor at the brewery. “Taking a lot of Japan’s history and then turning it into a cultural heritage seems really cool to me.”

While sake has lost ground as a regular drink, Mr. Maesako said it remains impossible to separate from Japanese culture.

“We have sake at celebrations, at New Year’s, and also on sad occasions, like funerals,” he said. “The culture of Japanese sake is the culture of Japan itself.”

The brewing technique is expected to be formally endorsed at a UNESCO committee session in Paraguay this week. It will be Japan’s 23rd entry on the list of Intangible Cultural Heritage. — Reuters

Yields on term deposits drop on strong demand

TERM DEPOSIT YIELDS fell on Wednesday amid strong demand for the offering ahead of the release of Philippine November inflation data.

The Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) attracted total bids worth P342.937 billion on Wednesday, well above the P260 billion placed on the auction block and the P250.598 billion in bids fetched a week ago for a P280-billion offer.

Broken down, bids for the seven-day term deposits stood at P213.622 billion, above the P150-billion offer as well as the P154.953 billion in tenders for the P160 billion auctioned off a week ago.

Accepted rates were from 5.9755% to 6.06%, narrower than the 5.975% to 6.0815% range a week ago. As a result, the average rate for the one-week deposits fell by 1.59 basis points (bps) to 6.0425% from 6.0584% last week.

Meanwhile, tenders for the 14-day papers reached P129.315 billion, higher than the P110 billion auctioned off by the central bank. It was also above the P95.645 billion in bids for the P120-billion worth of deposits offered last week.

Banks asked for yields ranging from 6% to 6.11%, also narrower than the 6% to 6.125% margin a week earlier. This caused the average rate of the two-week deposits to slip by 0.86 bp to 6.0816% from the 6.0902% quoted the previous week.

The BSP has not auctioned off 28-day term deposits for more than four years to give way to its weekly offerings of securities with the same tenor.

The central bank uses the term deposits and BSP bills to help mop up excess liquidity in the financial system and to better guide market rates.

“The BSP TDF average auction yields mostly eased slightly for the 11th straight week ahead of the latest local inflation data that is expected to remain relatively benign at 2% levels,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

The Philippine Statistics Authority is scheduled to release November inflation data on Thursday (Dec. 5.)

Philippine headline inflation likely picked up to 2.5% in November, according to the median estimate in a BusinessWorld poll of 15 analysts conducted last week.

This is within the central bank’s 2.2% to 3% forecast for the month as well as its 2-4% annual target.

This would also be slightly faster than the 2.3% clip in October but slower than 4.1% in the same month a year ago.

The central bank expects headline inflation to average 3.1% this year. In the first 10 months, the consumer price index averaged 3.3%.

Easing inflation would also make room for further monetary easing by the BSP, Mr. Ricafort said.

BSP Governor Eli M. Remolona, Jr. has said that the Monetary Board could reduce or keep rates steady at its Dec. 19 meeting, its last policy review for the year.

Since August, the central bank has lowered benchmark borrowing costs by 50 bps, bringing the policy rate to 6%. — Luisa Maria Jacinta C. Jocson

A developer’s duty: leading the charge against mobile fraud in the Philippines

GILLES LAMBERT-UNSPLASH

By Jan Sysmans

FOR MANY PEOPLE today, their lives and their smartphones are inseparable. In the Philippines, 54.7% of consumers use mobile apps for purchasing goods and services, according to the 2024 Philippines Consumer Expectations of Mobile App Security survey by App-dome. This is about 13.2% higher than the global figure.

With how central mobile apps are to Filipinos, more than three quarters said they would ditch apps that don’t protect their data. However, the rising threat of mobile fraud backs users into a perilous position, which pushes developers to the frontline of mobile security.

THE MANY METHODS OF MOBILE FRAUD
With the help of emerging technologies like generative artificial intelligence (GenAI), cybercriminals are honing their attack strategies. GenAI enables cybercriminals to create highly personalized attacks and a sense of legitimacy in their fraud tactics, making it tougher for users to distinguish between what’s real and what’s not. Developers are hard-pressed to keep up with the evolving threat landscape, racing to ensure that applications are sufficiently secure to protect users against a variety of threats such as phishing, malware, spyware, and fraud.

Phishing, for example, has been a consistent tactic over the decade and has become more complex in recent years. According to a recent Appdome survey, 36.4% of Filipino consumers say they know someone who has been targeted by social engineering scams.

Variations of this attack — such as voice phishing (vishing) and SMS phishing — are also utilized by bad actors. In the Philippines, vishing scams of people posing as bank representatives was so common that it prompted a warning to be issued by the Philippine National Policy Anti-Cybercrime Group. Consumers were warned to stay vigilant against calls from individuals purporting to be representing a bank. These, along with advanced fraud tactics like overlay malware, work by mimicking legitimate apps, thereby tricking users into volunteering their private information. Sometimes, they may also allow access to their accounts.

Another type of attack is synthetic fraud. Malicious actors may use fake events and false identities to bypass the standard detection tools by sending signals from a seemingly legitimate endpoint. This is especially dangerous given how pervasive mobile use has become for day-to-day transactions, with over half of Filipinos telling Appdome they have a strong preference for mobile apps.

The heavy reliance on mobile apps creates the perfect environment for cybercriminals to commit fraud. Be it spyware, malware, account takeovers, or phishing, bad actors are exploiting the mobile landscape to fool consumers into compromising their device security, leading to data breaches.

CONSUMERS PREFER PREVENTIVE SECURITY
Given Filipinos’ preference for smartphones to perform daily transactions, it’s no surprise that 42.4% of consumers told App-dome they are wary of mobile fraud while 67.6% are concerns about hacking. This is reflected globally as well, with 58% of consumers citing mobile fraud as their number one concern.

This leads to the expectation for mobile fraud prevention to be built into mobile apps. The same survey found that an overwhelming 98.3% of mobile app users in the Philippines expect their mobile applications to have anti-fraud protection. This aligns with findings that 87.5% prefer preventive measures over going through the process of post-fraud reimbursements.

The challenge here is that measures in legacy applications are usually focused on base protections such as root detection/jailbreak and reverse engineering protection. Any anti-fraud measure they do have are lackluster against modern fraud tactics and tools.

Furthermore, legacy apps tend to favor the “crash to protect” method, which forces the app to crash when a security threat is detected. This is frustrating to both users and developers. The former are subjected to a challenging user experience while the latter are impacted by crash free rates.

DEVELOPERS ARE ON THE FRONTLINES
The reality of the rising threat of mobile fraud has spurred the Philippine government to act by enacting specific anti-fraud laws such as the Anti-Financial Account Scamming Act. The fact that such a law was even enacted reflects the escalating problem of mobile fraud in the Philippines. As they have their hands in the backend, developers are the ones who can build a holistic defense against modern fraud threats while also improving user experience.

The Appdome survey found that 47.3% of Filipinos hold app developers primarily responsible for mobile app security, with a whopping 77.5% ready to cancel their accounts and delete apps that fail to protect their data. This should motivate developers to keep pace with cybercriminals or, ideally, be several steps ahead.

The onus is on developers to enhance app security with responsive threat mitigation. As AI and other emerging technologies contribute to the evolution of the mobile fraud landscape, developers can also tap into advanced AI-based mobile app defense automation platforms to protect applications better. This, in turn, will ensure effective protection for mobile businesses and consumers against fraud and other cyber threats.

Developers can do so by offering responsive threat mitigation that is user-friendly. For example, this can be educating consumers about the threats that have been detected or reducing app functionality to mitigate the threat. A responsive threat response that prioritizes user experience will ensure both security and usability.

Ultimately, the approach to security needs to evolve at pace with the advancements of mobile technologies. While mobile users are not entirely defenseless, developers are responsible for fostering a safer environment for users.

 

Jan Sysmans is a mobile app security evangelist at Appdome.

National serving of rice

FREEPIK

The Philippine Rice Research Institute (PhilRice) is urging Malacañang to issue an executive order setting the standard size for half-cup rice portions in meals sold at government offices. This aims to minimize food waste. PhilRice proposes that government cafeterias serve as testing grounds to determine if private restaurants should also adopt this standard.

Last year, there was already a call for Congress to pass a national law mandating smaller meal sizes, particularly half-cup rice portions. The intent, much like PhilRice’s proposal, is to reduce food waste nationwide. I don’t believe the bill has been passed yet. While its intent is commendable, do we really need a law to regulate rice portion sizes?

In a previous column, I mentioned that in its Food Waste Index Report for 2021, the United Nations Environment Programme (UNEP) noted that the world generated “around 931 million tons of food waste” in 2019, of which 61% came from households, 26% from food service, and 13% from retail. “This suggests that 17% of total global food production may be wasted (11% in households, 5% in food service, and 2% in retail),” the report added.

More recent data indicates that by 2022, at the tail end of the COVID-19 pandemic, approximately 1.05 billion tons of food were wasted globally — about 19% of food available to consumers. Food waste, as a percentage of total food production, increased by two points in just three years. Households accounted for 60% of this waste, with the remainder coming from food services and retail.

In its 2021 report, UNEP stated that “previous estimates of consumer food waste significantly underestimated its scale” and that food waste at the consumer level (household and food service) is more than double earlier estimates. Moreover, “household per capita food waste generation is found to be broadly similar across income groups.”

In short, people in various countries waste nearly a fifth of their food, most of which is generated in households in lower-middle to high-income countries. This highlights a divide: households with surplus waste food, while those experiencing hunger do not. I reckon that in poorer households — which make up the majority of our population — food is not wasted as much.
I am unaware of any country with laws mandating exact portion sizes for restaurant offerings or meals served in government cafeterias or public schools. Some jurisdictions, however, have regulations promoting healthier eating habits. Years ago, New York City tried to ban sugary drinks larger than 16 ounces in restaurants, movie theaters, and mobile food carts. The courts struck down the plan.

There are other ways to make people more conscious of their eating and food waste habits. Governments and health organizations often issue guidelines and recommendations to influence portion control, addressing obesity, diabetes, and food waste. They encourage both consumers and the food industry to adopt practices that promote healthier eating.

Public health campaigns and industry guidelines also encourage healthier portion sizes. The restaurant industry has responded by offering different portion sizes to cater to varying consumer preferences. However, legislating portion control in food and beverage services might be unnecessary, especially if reducing food waste is the primary goal.

Smaller, standardized portions can indeed reduce uneaten food, directly decreasing waste. PhilRice claims to have data supporting this from households, though not from food service settings. Hence, the call for a pilot study involving government food service providers. If the study yields positive results in mitigating waste, a broader policy can be considered.

Controlling portion sizes can also help address overconsumption, promoting healthier eating habits. Less food waste means a smaller environmental footprint, as it reduces the resources used in food production, such as water and energy. Some argue that food waste contributes to greenhouse gas emissions from landfills, so minimizing waste aids climate change mitigation.

Still, do we need “Big Brother” dictating how much we should eat or how much food should be served outside our homes?

Current data shows that most food waste occurs in households rather than in food service and retail. Government mandates on portion control cannot extend to people’s homes.

I see two main issues with legislating portion control. First, the economic impact on food businesses. Implementing and monitoring portion control will result in additional costs, although it might also lead to higher margins. Customer satisfaction could be affected, as value-seekers might be deterred. Unlimited rice offers may have to end.

The second issue is enforcement. Regulating and monitoring compliance across diverse food establishments nationwide will be challenging and costly. Even if monitoring is devolved to local government units, food inspectors will need to be deployed in addition to health inspectors. Will they carry standard measuring cups to check meals coming out of kitchens?

To ensure compliance, penalties like monetary fines would need to be imposed. Standards must also be set for how much rice fits in a government-standard half-cup measure. Moisture content may need monitoring to prevent restaurants from serving overly wet or puffed rice. Cooking standards will have to be established and enforced.

While portion control can reduce food waste, its overall impact may be limited. Given that most food waste occurs in households, legislation targeting restaurants might not address the primary source of the problem. Cultural factors, such as preferences for generous servings, may also hinder the effectiveness of such measures.

Perhaps the government, PhilRice, and the Department of Health should focus on public awareness campaigns educating consumers about the consequences of food waste. Promoting mindful consumption can help reduce waste. Incentivizing food service establishments to donate surplus food is also worth exploring.

These campaigns could be paired with efforts to improve infrastructure, such as cold chains to preserve food quality. Similar facilities could be used for cooked but unsold food. Community refrigeration and vacuum-packing facilities in poorer areas, along with public education on food preservation, can extend food shelf life. The government might also offer benefits or subsidies to businesses and households that reduce food waste.

Food waste is deeply tied to cultural norms and economic conditions. In many societies, large portions symbolize hospitality and value, making portion control measures potentially unpopular. In higher-income countries, the relative affordability of food often leads to undervaluing conservation. There is likely a correlation between food cost, food waste, and obesity.

I doubt legislation or an executive order on portion control is the best way to reduce food waste. Cup size can be arbitrary. As I’ve argued previously, weight is a more accurate measure for good portions. Perhaps food service establishments should sell meals by weight — including rice — not by portion size.

Uncooked rice is sold by weight in markets. This way, consumers might be more particular about how much they order.

The reality is that due to inflation and rising food prices, meal sizes have already become smaller in many establishments. With food costs so high, I believe more people are already mindful of waste, even at home. To maintain profitability, food establishments are also likely minimizing waste.

The next step could be Congress considering penalties for people who don’t finish their food in restaurants and government cafeterias. If the government’s intent is to prevent food waste, shouldn’t it penalize those who waste food? Customers could even be fined for every gram of unfinished food. This may sound ridiculous, but can it be more ridiculous than mandating a national serving of rice?

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

Dining In/Out (12/05/24)

Richmonde Hotel Ortigas offers Filipino holiday favorites

RICHMONDE HOTEL Ortigas has unveiled its selection of holiday treats highlighting classic Filipino flavors. The centerpiece of this year’s menu is the Richmonde Signature Ensaymadas, available in classic plain (P215), ube (purple yam, P245), and the new mango cheese variant (P245), alongside mini versions in gift-ready boxes. Other offerings include its signature Chocolate Cake (4” for P265, 6” for P625, and 8” for P755), chewy Revel Bars (P420 for eight pieces), and Dark & White Chocolate Chip Cookies (P225 per pack). For traditionalists, there’s the Ube Macapuno Cheesecake (P215), savory Adobo Croissant (P225), Banana Walnut Bread (P395), and Cheese Pimiento Loaf (P295). Sweet additions include Silvanas in Classic Cashew and Chocnut flavors (P420 per pair), and the curated Holiday Hamper (P1,998) featuring assorted pastries and treats in a traditional buri box. For larger gatherings, Richmonde Café offers potluck platters like Beef Barbecue Spareribs (P2,650) and Salmon Wellington (P2,840), both serving six to eight people. For more information, message @Richmonde Hotel Ortigas on Facebook and Instagram.

Carmen’s Best offers special holiday ice cream bundles

CARMEN’S BEST, a local gourmet ice cream brand, has special holiday gift bundles. The Festive Classics bundle includes Dark Chocolate and Strawberry. Families can enjoy the Merry Medley, featuring three pints of ice cream: Salted Caramel, Malted Milk, and Brazilian Coffee. Holiday gatherings can be complemented by the Delightful Treats bundle, which combines Salted Caramel, Malted Milk, Strawberry, and Dark Chocolate. There is also the Keep Things Lite bundle with Strawberry, Mango, and Mixed Berries. The Cups of Christmas Flavors and Pints of Christmas Flavors options also feature holiday-inspired selections, including Jolly Ol’ Eggnog, Merry Mint Chocolate, and S’mores The Merrier, making them perfect for gifting or sharing with friends. All of these bundles feature Carmen’s Best gourmet ice cream which is made with 100% fresh milk from their farm in Laguna. These offers come in a limited-edition Christmas bag, all wrapped up to suit the festive season.

Chowking offers Buy 2, Get 1 promo

CHOWKING is offering a Buy 2, Get 1 promo on its popular dishes from Dec. 1 to 12. The promotion includes favorites like Chinese-style Fried Chicken Lauriat, Braised Beef, Imperial Chicken Chop, Wonton Mami and Siopao, and Halo-Halo Supreme, perfect for sharing this holiday season. Also, Chowking’s festive platters promo has been extended from Dec. 13 to 31. Customers can choose a freebie from favorites like Crispy Wonton, Lumpiang Shanghai, and Buchi, which are good for sharing with family and friends. All promos are available in all Chowking branches nationwide.

Jollibee’s Joyful Christmas Stores are back

JOLLIBEE is transforming over 240 of its branches nationwide into Joyful Christmas Stores for the second consecutive year. These stores will feature festive decorations inspired by local flavors and unique design elements from each province or location. The brand is also about to launch the Jolly Christmas Tours, a Google-powered digital map that will showcase all participating stores that have special Christmas displays. Select locations will also feature activations like the JoyZone, an interactive experience that turns smiles into rewards, and Coke Christmas Trucks, done in partnership with Coca-Cola Philippines.

PAL starts offering Clark-Siargao flights

PHILIPPINEAIRLINES.COM

PHILIPPINE AIRLINES (PAL) has relaunched flights between Clark and Siargao to strengthen its Clark hub, the airline announced on Wednesday.

In a media release, PAL said it started offering Clark-Siargao flights on Dec. 3 as part of its expansion strategy to boost the carrier’s domestic network.

The service is offered three times a week, PAL said, adding that this will further expand its Clark hub, where it currently operates flights to Cebu — four times a week — and to Boracay, thrice a week.

The service will also complement PAL’s existing daily flights to Siargao from Manila and Cebu, the company said.

The Clark-Siargao flights use the 86-seater De Havilland Dash 8-400 Next Generation aircraft, offering direct service for passengers from Central Luzon and Northern Luzon to Siargao.

Luzon International Premiere Airport Development (LIPAD) Corp., the company that manages and operates Clark International Airport, said the relaunch of the Clark-Siargao flight will enhance connectivity from Central Luzon and Northern Luzon to Siargao.

For the year, PAL said that it is targeting up to 20% growth in passenger volume.

For the third quarter, PAL Holdings, Inc., the operator of PAL, saw its net income drop to P789.79 million from P4.28 billion in the same period last year due to lower passenger revenue.

For the three months ended September, the company generated revenue of P41.53 billion, 11.9% lower than the P47.13 billion combined revenues in the same period last year. — Ashley Erika O. Jose

CIMB Bank PH open to offering Islamic products

CIMB BANK Philippines, Inc. (CIMB Bank PH) is in exploratory discussions with the Bangko Sentral ng Pilipinas (BSP) about potentially offering Islamic banking products, its top official said.

The digital-only commercial bank is studying if it would be feasible to offer Islamic products in the Philippine market, CIMB Bank PH Chief Executive Officer Vijay Manoharan told reporters on the sidelines of an event on Tuesday.

“We’re looking into it. Our Islamic banking team is engaging with the BSP in many conversations. They will do an initial review and an exploratory assessment, then we will make a decision. We’re open to it because it’s something we do quite well in Malaysia,” Mr. Manoharan said.

CIMB Bank offers a full suite of Islamic banking services in its home country of Malaysia, such as savings accounts, loans, bond offerings, he said.

“We’re still studying it and to be very honest, the expertise and the brains for Islamic banking is in the group. So, whenever the BSP wants to engage with CIMB on Islamic banking, we bring the group, and the assessment is done primarily by them. They do the market research, the whole opportunity sizing… Then if it’s something logical, then we’ll have a conversation,” Mr. Manoharan said.

“We haven’t done a full study. It’s not a priority for us. But we are open to exploring. We are still in the phase of understanding the opportunity. What can we contribute to Islamic banking?”

He added that the lender is prioritizing enhancing its digital offerings and services for consumers.

Mr. Manoharan said Islamic banking products have the appeal of only requiring the payment of a fee instead of interest, which changes depending on market conditions.

“Maybe some people like it better because you don’t get interest rate changes. Maybe I just like that I know that I’m paying one fee,” he said.

He added that the bank has customers from Mindanao, where most of the country’s Muslim community is located.

“Anyone who wants to access the bank in the Philippines can access [through their phone]. So, we have customers down south. That’s what is unique to us,” he said.

The three entities with Islamic banking operations in the country are state-owned Al Amanah Islamic Investment Bank, Maybank Philippines, which began operations in August, and CARD Bank, Inc., which opened an Islamic banking branch in Cotabato City this year. — A.M.C. Sy

Sprout launches automated time and billing solution for PHL firms

REUTERS/DADO RUVIC/ILLUSTRATION

BUSINESS SOLUTIONS provider Sprout Solutions recently launched an automated platform that streamlines key administrative processes for Philippine businesses.

Sprout Keeper is designed to consolidate time tracking, billing, client management, project management, and financial reporting into one system, Sprout Solutions said in a statement.

It automates administrative tasks to boost efficiency and productivity in businesses that are part of industries like accounting, consulting, law, and architecture.

“Sprout Keeper was created to resolve the daily pain points of tracking billable hours, managing project expenses, and ensuring timely client invoicing,” Sprout Solutions Chief Executive Officer Patrick Gentry said.

“By eliminating these administrative burdens, Sprout Keeper empowers businesses to focus on what truly matters: growth and customer service.”

The platform’s tracking feature allows employees to log their hours and connect them directly to projects.

It also provides customizable invoices, flexible billing models, and automated payment reminders, as well as has multi-entity and multi-currency management features meant for companies with multiple branches or international clients.

Sprout Keeper’s client and project management tools will help firms to maintain customer profiles, monitor project progress, track expenses, and manage resource allocation, Sprout Solutions said.

It also has real-time financial reporting and analytics functions meant to provide businesses with data to streamline their operations.

“Sprout Keeper delivers real-time insights into financial performance, enabling accounting firms, for instance, to make informed, data-driven decisions,” said Geoffrey Ogang, director of finance at Sprout Solutions. “By using advanced reporting, firms can uncover cost-saving opportunities, optimize billing practices, and enhance their overall financial health,” he said. 

Only 22% of Philippine organizations are ready to fully utilize AI, according to Cisco Philippines’ 2024 AI Readiness Index. However, nearly half (48%) of organizations plan to allocate more than 40% of their IT budgets to AI investments in the next four to five years. — B.M.D. Cruz

The power of networking and ‘Giver’s Gain’

VECTORJUICEFREEPIK

(In this week’s column RJ Ledesma dives deep into business networking with Dr. Ivan Misner, the founder of the largest networking organization in the world, BNI.)

Ask any entrepreneur and they will tell you that networking is essential to any business. Success or failure in business all too often depends on who you know. It can make the difference in finding the right supplier, partnering with the right investor, or getting positive referrals about your product. It is instrumental in spreading word about your brand and growing your revenues. Simply put, networking can make or break your business.

I’m a strong believer in the power of networking. That’s why I’m a part of BNI Elite, one of the local chapters based out of Taguig. It’s also one of the many reasons why I’m so active in entrepreneurial education with this column, my podcast, the business website I lead, and even my hosting. The connections I form with networking have, time and again, proven to be so valuable in so many ways.

And I’m also a part of BNI Meet. That’s why it gives me great pleasure to share a conversation I had recently with Dr. Ivan Misner, the founder and Chief Visionary Officer of the largest networking organization in the world, BNI.

BNI has over 11,000 chapters with 310,000 members in 75 countries. Together, these members generated $24.3 billion in referrals — known in BNI as “thank you for closed business” referrals. To give you some scale of how big that number is, it’s larger than the GDP of 100 countries in the world.

But what exactly does BNI do? In Ivan’s own words, “BNI is a platform to create referrals for life… And so whatever business you’re in, it’s a way to generate a referral-based business.”

Now “referrals for life” is a big, bold statement, and I’ll talk more about that later. But first let’s talk a little more about networking.

Business networking is often misunderstood. Done right, it isn’t about constantly being a salesperson to every person you meet. Ivan simplifies it with an elegant statement. He says, “In BNI, it’s all about getting to know, like, and trust people. When you do that, you’re going to refer people.”

NETWORKING AND FILIPINO ENTREPRENEURS
Ivan’s visit to the Philippines couldn’t have come at a better time. With our country being one of today’s bright spots of the global economy, there is so much opportunity for our entrepreneurs and businesspeople.

Ivan is full of optimism for the Philippines, and he has a lot of positive things to say about Filipinos. “They’re sponges for knowledge and information,” he says. “And that is really healthy. And there are countries that we do business in that I think are very complacent… [Filipinos] are fully engaged, really on fire, very excited. And that’s fun to see. It’s exciting to see the development of entrepreneurism in a developing nation.”

NETWORKING LESSONS
So how does networking — in particular, the kind of networking practiced by BNI — work? Let’s take a closer look at a few of the lessons Ivan shared:

1. Join different networking groups. Just like making investments, with networking you also need to diversify.

Ivan says, “Don’t join four chambers [of commerce] or two groups like BNI. Be in a chamber of commerce, be in a service club like Rotary, be in a strong contact network like BNI. Then you’ve diversified the kinds of connections and the purposes of those, because each one has a slightly different purpose.”

2. Stick to the program. “Don’t reinvent the wheel,” Ivan advises. “The BNI program is really effective. It works in 75 countries. I would say the Philippines gets it right now. But as it grows, it’s very easy for entrepreneurs to start chasing bright, shiny objects. And the big challenge will be to get people to say, you know, stay on the path. The path works.”

3. Find your keys to growth. This particular message resonated with me. As an entrepreneur, I am often guilty of getting distracted by shiny things — new innovations, trends, and technology. Ivan reminds us that we don’t need to overcomplicate things. Instead, we should focus on our keys to growth and repeat these behaviors.

Ivan says, “You want to be successful in business? Do six things 1,000 times. Not 1,000 things, six times. And most business people do 1,000 things six times, and they can’t figure out why they’re not scaling their business.”

GIVER’S GAIN
Perhaps the most important piece of business wisdom that Ivan shared with me is something that he started our conversation with: the idea of “referrals for life,” which is intertwined with his philosophy of giver’s gain.

To understand this, we need to go back to the very beginning of BNI, 40 years ago.

As a young 28-year-old management consultant, Ivan’s business relied on speaking engagements and referrals. And to increase his referrals he joined networking groups but was quickly frustrated by what was available. They were either too hard sell or they hardly did any business at all, focusing on socializing instead. He decided to put up his own networking group.

“What I wanted was a group that did business, but wasn’t mercenary,” Ivan said, a group that was relational but not totally social. “And the glue that would hold it together is our philosophy of giver’s gain. This idea that if I help you, if I give you business, we’ll build a relationship. You’ll give me business.”

This philosophy of giver’s gain is based on the law of reciprocity, which basically states that if you help someone, others are more likely to help you. It is a simple idea with deep implications for business and networking — and for life.

Ivan says, “If you want to get business, you have to be willing to give business. You have to help other people.

“And giver’s gain is more than a phrase to me. It’s a way of living one’s life. And if it’s applied properly, it’ll change your life.

“And if it changes enough lives, it’ll change the world. And that’s what we’re doing.”

(If you would like to learn more about BNI, let me know. Send me an e-mail at ledesma.rj@gmail.com.)

 

RJ Ledesma (www.rjledesma.com) is a Hall of Fame Awardee for Best Male Host at the Aliw Awards, a multi-awarded serial entrepreneur, motivational speaker and business mentor, podcaster, an Honorary Consul and editor-in-chief of The Business Manual. Connect with Mr. Ledesma on LinkedIn, Facebook and Instagram. The RJ Ledesma Podcast is available on Facebook, Spotify, Google and Apple Podcasts.

Ninja Van rolls out rebranded fleet to boost B2B logistics innovation

LOGISTICS company Ninja Van Philippines aims to scale and innovate its business-to-business (B2B) logistics operations with 200 newly rebranded trucks nationwide, its chief commercial officer said.

“The rebranding of our trucks is not just about a fresh look,” Sabina Lopez-Vergara, Ninja Van chief commercial officer in the Philippines and regional head of marketing, said in a statement on Wednesday.

“It represents the way we move forward with the businesses that we help grow through our B2B logistics solutions,” she added.

The company sees the revamp in bold red design as a way to highlight its services like Ninja Dash, Ninja Fulfillment, and Ninja Restock.

It added that this overhaul also plays a “crucial” part in Ninja Restock, its less-than-truckload freight, and inter-island delivery services.

Ninja Restock covers Metro Manila, the Greater Manila Area, Central, and North Luzon. It also delivers within the Visayas and Mindanao regions.

According to its website, some challenges in traditional trucking services include slow transportation, overstocking, and understocking supplies or goods.

Ninja Restock combats these struggles by offering a cost-effective solution for small-quantity shipments that can be shipped in a single truckload with multiple goods from different shippers, the company said.

It aims to mitigate stockouts and overstocking by offering a faster way to restock and move inventory.

The company projects to roll out more than a hundred rebranded trucks in the next few months to increase the brand’s visibility and spotlight its services.

“With more rebranded trucks in the coming months, we are reinforcing our role as a trusted logistics partner for businesses across the country,” Ms. Lopez-Vergara said. — Almira Louise S. Martinez

Artist Jasleen Kaur wins UK’s 2024 Turner Prize

LONDON — British artist Jasleen Kaur was awarded the 2024 Turner Prize for contemporary art on Tuesday, with an exhibition judges said reflected upon everyday objects and animated them through sound and music to “summon community and cultural inheritance.”

Established in 1984 and named after British painter J.M.W. Turner, the prestigious art prize is awarded to an artist born or based in the United Kingdom for an outstanding exhibition or presentation of their work in the past 12 months.

Glasgow-born Ms. Kaur receives a £25,000 ($31,657.50) prize.

Her exhibition Alter Altar “weaves together the personal, political and spiritual,” the jury said, adding she had managed to gather different voices through “unexpected and playful combinations of materials,” from family photos to a vintage car.

The 2024 prize was announced at a ceremony at Tate Britain art gallery in London, and was presented by actor James Norton. — Reuters

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