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UnionBank leads the charge in AI-driven customer experience at DigiCon 2024

Ana Delgado, UnionBank’s Senior Executive Vice President and Head of Institutional Banking

UnionBank, a leader and pioneer in digital banking, shared its expertise on transforming customer experience with AI and innovation at the 9th annual Digital Congress (DigiCon) held last October 2024 at the Newport Performing Arts Theatre in Metro Manila.

Organized by the Digital Marketing Association of the Philippines (DMAP), this year’s DigiCon, with the theme “REVOLUTION”, brought together industry leaders, digital innovators, and enthusiasts to explore the power of technology in reshaping marketing and customer experience. Ana Delgado, UnionBank’s Senior Executive Vice President and Head of Institutional Banking, took to the stage as a keynote speaker, delivering valuable insights in her talk “AI to Fly: Changing the Way We Bank in an AI-Driven World”.

Delgado emphasized UnionBank’s commitment to providing hyper-personalized banking, focused on creating experiences that align with the unique needs of its expanding customer base of over 15 million. “Our goal is to leverage technology to offer our customers meaningful interactions that enhance their experiences alongside our exceptional team,” she added.

She urged people to view AI using a different lens—not as an automated intelligence that does not require any human intervention, but instead as an assistive intelligence that can be used by people to support decision-making.  “The true value of AI doesn’t lie in what it can do, but rather in how we’re going to leverage it to deliver meaningful customer experiences, whatever industry you work in.”

The congress provided a platform for thought leaders and innovators to discuss emerging trends, share insights, and foster collaboration. Topics ranged from digital transformation strategies to the impact of AI on customer engagement, reinforcing the need for businesses to adapt to the ever-evolving digital landscape.

Union Bank of the Philippines is regulated by the Bangko Sentral ng Pilipinas https://www.bsp.gov.ph.  For more information on UnionBank, you can contact us through our Customer Service Hotline at (+632) 8841-8600 or visit the website at www.unionbankph.com, and follow for updates on Facebook, X (formerly Twitter), Instagram, or YouTube.

 

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Beep payments for BGC buses launched by Mastercard, AFPI

File photo
BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

MASTERCARD Philippines and AF Payments, Inc. (AFPI), the company that created Beep cards, have launched their tap-and-go payment option for commuters in Bonifacio Global City (BGC), Taguig City.

“We can now use Mastercard credit, debit and prepaid cards at BGC buses,” Mastercard Philippines Country Manager Simon Javier A. Calasanz told a news briefing on Thursday.

“It is the first international payment network to enable tap-and-go payment options in public transport in Metro Manila,” he added.

Mastercard cardholders can now pay for their bus fares on Bonifacio Transport Corp. buses by tapping their cards on validator machines.

This is the first phase of Mastercard and AFPI’s partnership to provide contactless payments across other transport systems, such as EDSA buses and MRT-3.

“That’s just the start,” AFPI President and Chief Executive Officer Jonathan Juan D. Moreno said. “We need to show (it’s manageable) because BGC is a self-contained entity. Then we go for a bus system as extensive as EDSA and then we’ll try rail.”

The partnership seeks to boost digital payments and promote cashless transactions in the country. “It’s really the cash that we’re trying to eliminate,” he said.

About 11 million Beep cards have been issued in the Philippines, half of which remain active.

“We feel that it still is going to be dominated by the stored value card. But we want to give the market a choice,” Mr. Moreno said.

He said there might need to be an adjustment in Beep card transaction fees as the agreement with the government to provide free services comes to a close next year.

“We, in fact, pay the government to provide the service for free,” he said. “And that ends next year. This has been a public service of the Ayala and MVP group that they’ve been providing for free.”

He said they are studying how to fairly price the services. “It has to be viable. As I said, even if this is a public good, it’s undertaken by a private entity like ourselves. We have to have a sustainable economic model to make this go on.”

Mr. Moreno said they are also looking into upgrading the chips used in Beep cards. “We’re now getting regulatory approval already.”

The new chips will be more secure and use more advanced technology but will not cost more, he added.

Ridley Scott’s Gladiator II is bigger and messier than the first

PAUL MESCAL in Gladiator II.

By Esther Zuckerman

Movie Review
Gladiator II
Directed by Ridley Scott

IN 2000, Ridley Scott’s Gladiator made perhaps the ultimate dad movie. The story of the Roman general-turned-slave Maximus Decimus Meridus, played by Russell Crowe, reduced grown men to tears with its portrayal of honor in the face of cowardice, and went on to win best picture at the Oscars the next year. Crowe also got a best actor trophy for his stoic take on a wronged man who stands up for himself.

Now, 24 years later, Scott returns with Gladiator II, the latest legacy sequel to come out of Hollywood and one that’s guaranteed to be a crowd-pleaser. These days everyone is feeling very argumentative, but the Roman Empire as imagined by Scott offers ridiculous fun for the whole extended clan (depending on your ability to stomach lots of bloodshed). Sure, the message of the movie will play differently depending on who’s watching. Is it a tale of a lone man overthrowing tyrannical madness? Or a plea for a return to old values? Or does any of that matter when you’re just there to have a good time? Are you not, as Maximus famously said, entertained?

Gladiator II is ultimately a bigger, more bombastic, and thematically messier movie than Gladiator, but it thrives on excellent performances and Scott’s knack for capturing ferocious fight sequences.

The film takes place 16 years after the events of Gladiator. Rome is ruled by brothers Geta and Caracalla (Joseph Quinn and Fred Hechinger, both terrifying and hilarious), a pair of authoritarian emperors with painted faces, who want to extend their reach as far as possible and bide their time by attending lavish parties. (Caracalla literally walks around with a monkey on his back.) The plot gets underway when these power-hungry dimwits send general Marcus Acacius (Pedro Pascal) to conquer Numidia in Northern Africa.

In what will ultimately be bad news for Rome’s ruling class, it turns out that Numidia is where Lucius lives. The first film introduces Lucius as the bright-eyed son of blond beauty Lucilla (Connie Nielsen), who moviegoers of a certain age will remember as the lover of Crowe’s Maximus and sister of Joaquin Phoenix’s Commodus, the weaselly, incest-inclined emperor who ascends to the throne after killing his father.

Now played by internet idol Paul Mescal, Commodus’ nephew is all grown up with thighs for days. Lucius’ wife is killed during the sack of Numidia, while Lucius is captured and eventually sold to Denzel Washington’s Macrinus, a charming arms dealer with a double ear piercing and, just as formidable, a stable of gladiators for hire.

Macrinus decides to use Lucius’ untamable fury at the Roman establishment to his advantage. If Lucius wins in the Colosseum, Macrinus, a former slave himself, can increase his own status — which seems even more likely as he notices the interest Lucilla takes in his champion. Complicating things further, she is now married to Acacius (the general), who’s not as bad a guy as one might expect; he’s frustrated with the current state of Rome and plotting to unseat the chaotic emperors who act purely on impulse and bloodlust. Whew! Can you see where this is going?

This twisty, busy narrative narrows into one overall question: whether Lucius, the grandson of emperor Marcus Aurelius, will accept his birthright and step up to lead Rome down a righteous path, or whether he will be too consumed by his anger to save the place from tyranny. Unsurprisingly, he makes the obvious choice. This ultimate simplicity saps the poignancy of its predecessor, but it makes it easy to graft whatever ideology you want onto it.

Mescal, known for sensitive turns in indie films such as Aftersun and All of Us Strangers, plays Lucius with wild eyes and a sturdy physicality that makes him feel impenetrable in the ring but unpredictable outside it. Lucius is less inherently noble than his predecessor Maximus — his own desire for revenge threatens to overtake his heroism, making him more compelling as eye candy, I mean as a protagonist. For most of the film, he’s acting only in his own self-interest, his mind singularly focused on destruction.

If there’s any one reason to see Gladiator II, it’s to watch what Washington does as Macrinus. Clad in gilded robes, rings adorning most of his fingers, the lauded actor tears into his dialogue like he’s biting a piece of perfectly cooked steak. He evolves into the main villain of the piece — outranking the frivolous Geta and Caracalla in evil machinations — and whenever he flashes that trademark smile or prances about, he’s even more captivating than the brutal battles that Scott stages (which are, to be clear, extremely fun).

Sure, some of the CGI animals that enter the arena don’t exactly look like they’re from nature, especially the sharks that circle underneath the ships during a sequence in which the Colosseum is filled with water for a very confined naval battle. Still, if you’re looking for ruthless and surprising hand-to-hand combat with muscles rippling and ripping, Scott has that for you in spades.

There was a recent meme about men constantly thinking about the Roman Empire, a generalization implying that dudes can’t get enough power plays in togas. In some ways, Gladiator II will prove that meme right. Though it’s all wildly inaccurate historically — Scott clearly doesn’t care — getting sucked into the melee is easy. For a moment this fall, everyone will be thinking about Rome.

The movie is opening in the Philippines on Dec. 4 with an R-16 MTRCB rating. — Bloomberg

Maynilad says P1.6-B Muntinlupa facility nears completion

NAMED the Cupang Water Reclamation Facility, this treatment plant has a design capacity to treat up to 46 million liters of wastewater per day — MAYNILAD WATER SERVICES, INC./BW FILE PHOTO

MAYNILAD Water Services, Inc. is preparing to test and commission its P1.6-billion water reclamation facility (WRF) and sewer system in Muntinlupa City, aiming for full operation by yearend, the company said on Thursday.

Once fully operational, the Cupang Water Reclamation Facility will treat up to 46 million liters of wastewater per day, the company said in a statement.

It is expected to serve 33,000 customers across Barangays Sucat, Buli, Cupang, and Bayanan in Muntinlupa.

“Wastewater management is essential to safeguarding both public health and the environment, which is why we continue to invest in projects that ensure the proper treatment and disposal of wastewater,” Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said.

“The construction of this new WRF in Cupang, Muntinlupa, is part of our long-term strategy to expand sewerage services across the entire West Zone,” he added.

Maynilad also sees the near completion of the Tunasan Water Reclamation Facility, another major project in Muntinlupa.

Together, the two facilities will substantially increase the company’s sewerage coverage in the city, it said.

The company serves Manila, except portions of San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon.

It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Euro zone bond yields climb before PMI figures; geopolitics in focus

UNSPLASH

EURO ZONE government bond yields edged up as market participants assessed heightened tensions between Russia and the West while waiting for purchasing manager surveys (PMI), which could affect expectations for the European Central Bank’s (ECB) policy easing path.

Russia had described a strike by US missiles, which Ukraine used to hit a target inside the country, as an escalation in the 1,000-day-old war.

Germany’s two-year yield, which is more sensitive to ECB policy rate expectations, rose one basis point (bp) to 2.13%. It hit 2.091% on Tuesday, its lowest since Oct. 24.

Markets priced in an ECB depo rate at 1.95% in July while fully discounting a 25 bps cut in December and a 20% chance of a 50 bps move.

Germany’s 10-year yield, the benchmark for the euro area, was up one bp at 2.35%.

Italy’s 10-year government bond yields, the benchmark for the euro area periphery, rose 2 bps to 3.59%.

The yield spread between Italian and German yields — a gauge of the premium investors demand to hold Italy’s debt — was at 123 bps after reaching 115.90 on Tuesday, its tightest level since mid-March 2024. Analysts expect a possible upgrade by Moody’s on Friday.

The gap between French and German yields was at 75 bps after hitting 70.9, its tightest since Oct. 31. — Reuters

Stuff to Do (11/22/24)

Lauchengco marks 40 years

SINGER Raymond Lauchengco will be holding a major concert celebrating his 40 years in showbiz titled Just Got Lucky on Nov. 23, 8 p.m., at The Theater at Solaire. Joining him onstage will be his guest star Bituin Escalante. The show will be directed by Waya Gallardo, with musical direction by Marvin Querido. Tickets are available at TicketWorld.

Women’s films in focus

FOR the first time in its history, the French Film Festival will feature Feminist cinema in a cross-cultural perspective between France and the Philippines, with a selection of films by the new generation of both French and Filipina women directors. The Embassy of France, in partnership with SM Supermalls and SM Cinema, is staging the 27th edition of the French Film Festival from Nov. 22 to 29, with a selection of 14 French feature films showing at the SM Aura Premier in Taguig City and SM City North EDSA in Quezon City. Special screenings will also be held at the Alliance Française de Manille, University of the Philippines Film Institute, and De La Salle College of Saint Benilde. This year, the festival’s “godmother” will be Filipina director Sigrid Bernardo, who will open the event with a roundtable discussion on the status of women through cinema at SM Aura on Nov. 22. A special screening of her short film, May at Nila, a love story between two Filipino women during the Japanese Occupation, will be held prior to the roundtable discussion. A special guest – French director Noémie Lefort – will also present her movie, My Heroin, about a young girl who dreams of directing a film in Hollywood. She will take part in a roundtable discussion on the place of women in cinema at SM North on Nov. 26. She will also give a masterclass on film directing to film students. For the full schedule of screenings, visit French Film Festival’s social media pages.

Dokyumentado film fest screens student works

STUDENT filmmakers focus on childhood experiences, both good and bad, in the documentaries lined up for Dokyumentado, the inaugural documentary film festival of the Film Development Council of the Philippines (FDCP), which runs from Nov. 23 to Dec. 7 in FDCP cinematheques nationwide. In a statement, FDCP Chair and Chief Executive Officer Jose Javier Reyes stressed the importance of documentary filmmaking, “most especially at a time of information overload and alternative truths.” The significance of this genre especially among the young is “to bring about a generation rich with thought, courage and dedication to the value of truth,” he said. The festival includes acclaimed student documentaries: Nanay Tatay was awarded Special Jury Mention while Remnants of the Lost Childhood bagged the Special Jury Prize and Best Cinematography award in two different editions of the TAM DokyuFest, the student documentary festival of the Far Eastern University (FEU) Department of Communication. Meanwhile, Mariposa, directed by Melanie Faye of De La Salle-College of Saint Benilde, won Best Screenplay at the Las Vegas Filipino Short Film Festival and was a short film finalist of the recent Cinemalaya Philippine Independent Film Festival. These student shorts, among other full-length documentaries, will be shown in FDCP Cinematheque Centers in Manila, Negros, Nabunturan, and Davao from Nov. 23 to Dec. 7. Documentaries will also stream at JuanFlix: The FDCP Channel.

National Sardines Month celebrated

MEGA SARDINES will hold an event marking National Sardines Month on Nov. 24, 2 p.m., at the Market! Market!, Activity Center in BGC, Taguig City. There will be carnival booths, with celebrities and food influencers in attendance. These include Judy Ann Santos Agoncillo, Ninong Ry, and Cong TV, whom the public can interact with as they try food at the various booths.

Guitar concert canceled

THE Instituto Cervantes has announced that due to unforeseen circumstances, the two concerts featuring acclaimed Spanish guitarist Miguel Trápaga this November have been canceled. The concerts, The guitar in the time of Manuel de Falla, were originally meant to take place on Nov. 25 at the University of the Philippines Diliman and Nov. 28 at the Intramuros branch of Instituto Cervantes. The performances will instead be rescheduled for February 2025.

ShippingCart helps with Black Friday deals

NO NEED to hop on a plane to shop international deals this Black Friday as ShippingCart, a secure, fast-growing cross-border delivery service in the Philippines, is helping unlock the best international Black Friday deals and delivering them straight to your doorstep. First one must create an account on the ShippingCart app or website (for free) and instantly receive a US shipping address. Browse the best Black Friday deals from international stores and hundreds of other retailers, and ship them to your ShippingCart address. Once the items reach the ShippingCart warehouse, the user can simply check out and pay for ShippingCart to forward them straight to the Philippines. Shipping fees are all-inclusive, so there is no need to worry about any additional custom fees including shipping, duties, and taxes that are already covered. The customer can choose their preferred shipping method, whether by air or sea cargo. They can stay updated every step of the way with real-time tracking via ShippingCart App.  ShippingCart can be downloaded from the App Store, Google Play, and the ShippingCart website: www.shippingcart.com. With additional warehouses in the US, UK, Australia, Japan, and Korea, customers can access an even wider selection of international stores.

Productive knowledge workers are fueled by curiosity

RAWPIXEL.COM

THE GREAT MANAGEMENT guru Peter Drucker believed that the biggest management challenge of the 21st century is improving the productivity of knowledge workers. “Workers by brain” are relentlessly replacing “workers by hand” as the dynamos of the modern economy, he argued. Thus, the most valuable companies (Google, Microsoft, and the rest) are almost all knowledge- rather than resource-intensive. Yet we have little idea about how to make them happy and productive.

The average rate of productivity growth is significantly lower in post-industrial societies than it was in industrial societies. The bloated public sector employs ever more paper-shufflers. And productivity seems to be falling in the most important parts of the knowledge economy. Research productivity has declined sharply in software, agriculture, and medicine, the average age of Nobel Prize-winners has risen steadily, and the size of the teams involved in science has increased.

How can we improve this dismal record? This question was at the heart of the 16th annual Peter Drucker conference which took place in Vienna (Drucker’s hometown) Nov. 14-15. The Drucker conference is now a fixture of the management-business calendar, and this one dealt with a particularly timely subject. The audience was surprisingly pessimistic about the status quo given that so many of them were middle-managers or above — and surprisingly enthusiastic about embracing radical solutions to our current malaise. Here are my (inevitably biased) conclusions from two days of discussion.

We need to start by slaying zombie ideas: the intellectual ghouls that stalk the halls of private and public sector organizations. The most dangerous zombie idea is F. W. Taylor’s theory of scientific management: namely, that managers should replace rule-of-thumb work methods with rules based on the objective study of work; divide work into discrete tasks; provide “detailed instruction and supervision of each worker in the performance of that worker’s discrete task”; measure the worker according to his ability to comply with this ideal; make liberal use of punishments and rewards. This theory is a child of the machine age when managers were the only educated people around, but it survives in a post-industrial age when motivation is a much more important tool than measurement — and may well be revitalized by the AI revolution.

Michele Zanini, the co-founder of the Management Lab, pointed out that this approach suffers from three mortal problems: It rests on the false assumption that managers know more about the job in hand than workers; it demotivates people who are used to managing themselves; and it creates lots of unnecessary levels of management.

Amy Edmondson, of Harvard Business School, argued that scientific management aims to squeeze errors out of the system whereas errors are a necessary part of creative work. Knowledge workers should focus on “failing well” (learning from their mistakes) rather than avoiding all failure. Gianpiero Petriglieri, of INSEAD business school, argued that the most successful knowledge organizations are “homes” rather than industrial machines. They treat their workers as volunteers motivated by the love of what they are doing rather than conscripts who need to be monitored and measured. Everybody in the room seemed to agree that managers are too wont to trespass on knowledge workers’ most important resources — time and attention — with endless meetings and box-ticking exercises.

This sometimes sounded too good to be true. What’s not to like about being “empowered” to do your own thing or skiving off meetings or being “liberated” from intrusive measurements? But what happens if “doing your own thing” means twiddling your thumbs? Or if removing “intrusive measurements” means that organizations slide into bankruptcy? I read Modern History at Oxford University in the late 1970s, before its current regime of micro-management was in place and, though my best tutors were wonderful, the worst were scandalously bad, and could have done, at the very least, with a good kick up the backside.

So “soft” management of knowledge workers can only work if it is coupled with a bit of “hard” management.

Organizations need to devote more energy to hiring the right people, particularly those with the raw ability to thrive in a variety of circumstances. Jeff Bezos liked to ascribe Amazon’s success to its high “hiring bar,” including having one person in the room whose job was to give reasons for not hiring the candidate. They need to create a rigorously meritocratic internal system — promoting high potentials while easing out also-rans. The critics of scientific management are right that nothing is more futile than measuring the wrong things such as the number of e-mails you send or the number of meetings you attend — “mere busyness,” as it were — but there is still a case for measuring the right things such as breakthrough articles or ideas.

The performance of knowledge workers is at its most worrying in the public sector. I hosted a lunch of senior public sector managers from Mitteleuropa and asked them, casually, what proportion of their workforces was surplus to requirements, expecting to hear only complacent answers. The only disagreement in the group was whether the number was one-third or two-thirds.

The public sector has grown remorselessly over recent decades regardless of performance. The British Ministry of Defense now employs more officials than there are service personnel in the Royal Navy and RAF combined. The public sector has also spawned a class of people who do mysterious jobs that didn’t exist a few years ago. High-flying civil servants would undoubtedly profit from more freedom to innovate, as we struggle to adjust the state to new demands and technologies, but reformers also need to wield a more old-fashioned management tool — obliteration.

“Obliteration” is a depressing place to end given the state of the world. So here are two more optimistic ideas that echoed through the conference.

First: Managers should learn how to speak to knowledge workers in their own language rather than in the desiccated language of management-speak. Recognize that knowledge workers are more motivated by the esteem of their peers than by “management goals.” Stroking people’s egos is much more cost-effective than monitoring their every move. And understand that nothing is so precious to a good knowledge worker than being given the time and resources to satisfy their curiosity.

Second: Learn how to harness enthusiasm on a big scale. John Kennedy galvanized the American space program (and with it a cascade of high-tech industries) with his speech at Rice University in September 1962, by setting a specific goal (putting a man on the moon before the decade was out). Too many government missions these days are too vague or open-ended to galvanize activity (improving European competitiveness before the end of days, for example). Governments need to set themselves targets that are both ambitious and concrete. And private corporations need to recognize that their knowledge workers are just that: workers who value knowledge and want to multiply it.

BLOOMBERG OPINION

Restoring nobility in banking

Iñigo L. Regalado III

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor 

Growing up, Iñigo L. Regalado III—the newly-inducted president of the Bankers Institute of the Philippines (BAIPHIL) and director of the Capacity Development Department at Bangko Sentral ng Pilipinas (BSP)—witnessed firsthand what it really means to be a banker.

His father, who worked at the central bank before him, never openly shared the problems he faced at work; but his commitment to his role was always evident in his body language, and how the problems of the banking industry at large seemed to weigh on his shoulders.

Banking, as Mr. Regalado understood it, was a public trust. “It’s not your money you’re handling, but the public’s,” he said in an interview.

This was essentially the core of BAIPHIL’s theme for this year: “Responsible Banking in the Digital Age.” In an era of ever-increasing digitalization, Mr. Regalado sees an opportunity to remind the banking community of its deeper purpose.

“I don’t want a fancy theme,” he said. “I want something that everyone can relate to and can associate with, and that’s responsible banking.”

The prevalence of digital wallets, online commerce, and cashless transactions today have created an unprecedented environment for banks to push for financial inclusion initiatives, giving unbanked and underbanked communities access to financial services and opportunities.

In fact, as of 2023, digital payments have become the preferred method of Filipinos when making monthly retail payments according to the 2023 BSP Report on E-Payments Measurement. Digital payment transactions accounted for 52.8% of all total monthly retail payments in the Philippines during the year, up from 2022’s recorded 42.1%.

However, this digital environment has also become fertile ground for malicious and fraudulent activity putting Filipino consumers at risk. According to a study by TransUnion, 8.3% of all digital transactions by Filipino consumers last year were suspected to be fraudulent, 66% higher than the global digital fraud rate of 5%.

For transactions where the consumer or fraudster was located in the Philippines, TransUnion found that financial services were a close second behind retail as the industry with the highest suspected digital fraud rate.

Hence, for Mr. Regalado, responsible banking today is an imperative framework for how the industry should operate. He identifies three pillars that underpin this concept. The first pillar focuses on regulators, such as the BSP, which plays a critical role in crafting policies that safeguard consumers and ensure accountability.

“With technology and digital banking, what are the rules that should go with digital banking?” Mr. Regalado said. “That’s the regulator’s side—policing banks to make sure that everything is above board.”

The second pillar involves the banking industry itself. As digital tools become essential to modern banking, institutions must ensure that their employees have the skills to implement these tools responsibly. “The challenge is you’re not just training them for regular banking, but digital banking as well,” he pointed out.

The final pillar is the public, who must learn to navigate the digital banking environment responsibly. “You also have to be responsible as an end user of the system of banks,” Mr. Regalado said. “As an end user, you should know the challenges or the common traps in a digital environment.”

Unlike regulators, BAIPHIL cannot impose policies or enforce rules. As a non-stock, non-profit corporation promoting the mantra of banking excellence, the organization is what Mr. Regalado refers to as “a small fish in a very big pond,” and tackling an issue as vast as responsible banking is too much of a challenge to attempt alone.

So, instead, BAIPHIL seeks to act as the bridge between various stakeholders in the banking industry—the regulators, the banks themselves, and the public.

“We try as much as possible to be an avenue for talks, for dialogue,” Mr. Regalado said, “so that we can help each other, talk to each other, collaborate with each other, and make sure that our message gets across.”

Through collaborations with institutions like the BSP, BAIPHIL facilitates discussions and initiatives that promote ethical banking practices, such as the upcoming Banker’s Professional Program, which emphasizes the moral responsibility of banking professionals. “We want to communicate that banking work is noble as well,” he said.

Mr. Regalado recalled the commitment his father had for his work, a quiet resolve that left a lasting impression on him and his siblings, shaping their belief that banking is not just a career—it’s a noble calling rooted in trust, integrity, and public service.

“That’s where I learned that your values should be resolute,” Mr. Regalado said. “The moment your values are challenged, and you don’t pass the litmus test, that’s when the problems will start to become systemic.”

However, he admitted that success is not easy to measure when you use metrics like commitment to values. Metrics like event attendance, the number of partnerships formed, or the total investments committed are useful, but they don’t fully capture the impact of initiatives that aim to instill values and ethics into the banking industry.

“All I know is it cannot end with my term. It has to have a life of its own,” Mr. Regalado said.

A Greek proverb states that a society grows great when old men plant trees whose shade they know they shall never sit in. Mr. Regalado sees BAIPHIL as that planter of seeds, nurturing initiatives that will grow into lasting contributions to the banking industry.

“Planting seeds, nurturing them to become good trees, so that people can benefit. At the end of the day, that’s when I can say that BAIPHIL fought a good fight. We finished the race, and we kept the faith to our mantra of banking excellence.”

This article is in the special edition of BusinessWorld In-Depth digital magazine on BAIPHIL Induction of Officers. Get the full issue for FREE via BWorldX. Visit www.bworld-x.com.

First utility-scale solar plant in Bohol activated

PETROENERGY.COM.PH

DAGOHOY Green Energy Corp. (DGEC), a special purpose vehicle of PetroEnergy Resources Corp. (PERC), has energized its 27-megawatt-peak Dagohoy Solar Power Project (DSPP).

DSPP, considered the first utility-scale solar power plant in Bohol, consists of more than 40,000 solar panels installed on a 22-hectare site, the company said in a statement on Thursday.

“In 2022, when we ceremonially broke ground for DSPP, we made a commitment to Boholanos that we will provide the province access to clean and reliable energy. Today is the realization of that promise,” said DGEC President Francisco G. Delfin, Jr.

The P1.17-billion solar power project is expected to produce 41,000 megawatt-hours of power per year, enough to power more than 18,000 homes and contribute to the grid stability of the region.

“The province’s rising power consumption, driven by tourism-related infrastructures and businesses, has long been met by imported power from neighboring islands and aging diesel plants,” DGEC said.

Bohol Governor Erico C. Aumentado said that the Dagohoy solar farm is “a significant leap towards energy independence” for the province and aligns with its vision of “inclusive growth and development.”

DGEC is one of four renewable energy special purpose vehicles under Rizal Green Energy Corp. The latter is a joint venture between Japan’s Taisei Corp. and PetroGreen Energy Corp., a member of the Yuchengco Group of Companies.

At the local bourse on Thursday, PERC shares climbed by 1.11% to close at P3.65 each. — Sheldeen Joy Talavera

Dollar stalls as market weighs Trump policies, Fed outlook; bitcoin surges

REUTERS

TOKYO — The US dollar paused its climb on Thursday as traders awaited more clarity on US President-elect Donald J. Trump’s proposed policies and sought to second-guess the prospects of less aggressive interest rate cuts from the Federal Reserve.

Meanwhile, bitcoin BTC= sped toward $100,000, continuing a blistering rally in the past few weeks on hopes the president-elect will create a friendlier regulatory environment for cryptocurrencies.

Bitcoin reached a record high of $97,902 on Thursday, underpinned by a report Trump’s social media company was in talks to buy crypto trading firm Bakkt. It was last up 2.54% at $96,860.

The dollar index =USD was down 0.11% at 106.49, but was holding onto most of the previous session’s gains after investors lifted the dollar index measure against its key rivals closer to a one-year high of 107.07 hit last week.

“It’s hard to short the USD right now,” given that investors are also increasingly weighing the possibility that the Fed might not cut rates next month after all, said senior market analyst Matt Simpson at City Index.

That sentiment was driven by sharp swings in market pricing, which currently sets the odds of a Fed rate cut at its December meeting at just under 54%, down from 82.5% only a week ago, according to CME’s FedWatch Tool.

A Reuters poll showed most economists expect the Fed to cut rates at its December meeting, with shallower cuts in 2025 than expected a month ago due to the risk of higher inflation from Trump’s policies.

The dollar has rallied more than 2% since the Nov. 5 US presidential election on bets Mr. Trump’s policies could reignite inflation and temper the Fed’s future rate cuts.

At the same time, traders are sizing up what Trump’s campaign pledges of tariffs mean for the rest of the world, with Europe and China both likely in the firing line.

“Right now, we are kind of stuck in a wait-and-worry zone because Trump is in the midst of forming his cabinet,” said Moh Siong Sim, currency strategist at Bank of Singapore.

“There’s a lot of things that are missing there in terms of understanding,” including the timing and magnitude of policies, and those details won’t be known for a couple of months or so, he said.

The euro EUR= was up 0.09% at $1.0554 after slipping 0.5% on Wednesday, back toward last week’s low of $1.0496, its weakest against the dollar since Oct. 2023.

Elsewhere, Ukraine fired a volley of British Storm Shadow cruise missiles into Russia on Wednesday, the latest new Western weapon it has been permitted to use on Russian targets, a day after it fired US ATACMS missiles.

“The Russia-Ukraine conflict is heating up, which is further denting sentiment towards the euro alongside the prospects of trade tariffs,” another “bullish cue” for the dollar index given the euro’s heavy weighting, City Index’s Simpson said.

The sterling traded at $1.2652, up 0.04%.

Bank of Japan Governor Kazuo Ueda said on Thursday the central bank will “seriously” take into account foreign exchange rate moves in compiling its economic and price forecasts.

He noted that there is still a month to go until the BoJ’s next policy meeting in December, adding that there will be more information to digest by then.

The dollar gave up some gains against the yen, down 0.51% at 154.63 yen after Mr. Ueda’s remarks.

Market pricing is nearly evenly split on a December hike amid the yen’s recent decline back toward the 38 year lows touched in July.

The currency pair rose above the 156 mark last week for the first time since July, stirring worries that Japanese authorities may again take steps to shore up the yen. — Reuters

Rust gets low-key debut, honors cinematographer killed on set

Alec Baldwin in a scene from Rust. — IMDB

TORUN, Poland — Alec Baldwin’s Western Rust premiered at a low-key Polish film festival on Wednesday, three years after cinematographer Halyna Hutchins died when Mr. Baldwin pointed a gun at her, in Hollywood’s first on-set fatal shooting in nearly 30 years.

Director Joel Souza, who was wounded in the shooting, told Reuters it was a relief to have completed the film and bring it to audiences, in what he hoped would be a tribute to the 42-year-old Ukrainian.

The film opened to an audience of a few hundred in the medieval central Polish city of Torun, at the Camerimage festival, a speciality event focused on cinematography. The setting was a world away from the typical glamor and fanfare of a Hollywood release.

“I’m excited that people will get to see Halyna’s work, you know, I hope they appreciate her work… It wasn’t an easy decision by any means, but it became important to me and important to her husband that people see her final work.”

The gun held by Mr. Baldwin fired a live round inadvertently loaded by the movie’s chief weapons handler Hannah Gutierrez on the film set near Santa Fe, New Mexico in October 2021. Ms. Gutierrez was convicted of involuntary manslaughter in March and is serving an 18-month prison sentence. Her appeal was rejected in September.

Mr. Baldwin had also faced trial, but in July a New Mexico judge dismissed involuntary manslaughter charges against him, agreeing with his lawyers that prosecutors and police withheld evidence on the source of the live round that killed Ms. Hutchins.

Mr. Souza said he hoped the film’s release would mean people learned more about Ms. Hutchins than simply what had happened to her and would get to “see the world through her eyes.”

“That’s one of the nice things about movies. You could sort of see the world the way the people who made it see it,” he said. “The cinematography is stunning and I hope people can appreciate that.”

SCENE REMOVED
In a 2021 television interview, Mr. Baldwin said he was told the gun was empty and Ms. Hutchins directed him to point it toward the camera and cock it. He said the revolver fired when he let go of the hammer and he did not pull the trigger.

Mr. Souza said he realized it would be next to impossible for people to watch the film without thinking of Hutchins’ death.

“I think that’s how people even know about the movie,” he said. “But, you know, by the same token… I would hope that for no matter what reasons people come to it — whether it’s out of curiosity, whether they like Westerns, for whatever reason — I hope they can at least take something from it or they can appreciate her work in it.”

A church scene they were working on when Ms. Hutchins was shot is not in the film, he said.

“We were never going to finish that… I changed the script and so I wiped that out of it.”

‘NORTH STAR’
Returning to complete the film after Hutchins’ death was extremely tough for the crew, said Mr. Souza, but they were united in wanting to honor and remember Hutchins.

“I was a wreck and I’m not generally a wreck on set. But emotionally, I was just all over the place and the crew really carried me through that,” he said.

“I just kept thinking, how am I getting through these days? And I realize how I got through those days. It’s because the crew carried me through them… they were able to keep me focused on the task at hand. And always remember Halyna. Remember Halyna, remember Halyna. That’s the North Star.”

The Camerimage festival was a fitting place to honor her, Mr. Souza said, and the film opened with a minute of silence.

“This festival meant a great deal to her, as it does all cinematographers. I think preserving her work, trying to preserve every last frame of it that we could, and to show it to people and to let them understand how talented she was, I think is a fitting honor for her.”

Asked with regard to the court cases whether he thought justice had been done, Mr. Souza said: “I just can’t let that kind of thing or that kind of thinking take up space in me. I’ve just got to move forward. The only way forward is forward. That’s it.”

Audience member Nathan Kiremidjian praised the film after the premiere but said “whenever there was a shootout, you did feel a little tension. It’s inevitable.” — Reuters

Navigating geopolitical tensions and the pursuit of sustainability

FREEPIK

A cursory review of current talk on sustainability in the Philippines is largely focused on initiatives of organizations to adhere and embrace environmental, social, and governance (ESG) principles and their valiant efforts to align operations with global standards like the United Nations’ Sustainable Development Goals (SDGs). In the public speaking circuit, we often hear businesses tout their successes in making positive environmental and social impacts, strengthening resilience, and engaging responsibly with their impact communities. There is, however, a dearth of information, more so discussions, on how Philippine businesses are navigating their journey toward sustainability in an environment that is increasingly becoming complex due to geopolitical tensions and regional instability.

Evidently, in Southeast Asia, territorial disputes, shifting trade dynamics, and unpredictable political landscapes present significant obstacles and barriers to successful implementation of sustainability initiatives. Given the country’s interlocking links with its allies in the region and beyond, knowingly, or unknowingly, Philippine companies are especially affected by current tensions and challenges. Thus, surely, businesses in the Philippines need to consider how to advance sustainability goals while managing external potential flashpoints that may seriously impact and shift their priorities and business goals.

THE SOUTH CHINA SEA DISPUTE: A CRUCIAL CHALLENGE TO STABILITY AND SUSTAINABILITY
One of the most visible headline-hogging and serious geopolitical kinks is the dispute over the West Philippine Sea — considered by all as a highly strategic and resource-rich area. This vast ocean, and the resources in and around it, is claimed by multiple countries, including China, the Philippines, Vietnam, and Malaysia. Given the reliance of some Filipino companies on maritime resources, logistics, and unimpeded sea lanes for transport of goods, the West Philippine Sea dispute certainly introduces both environmental and operational risks —which, to my mind, complicate efforts of many to protect biodiversity, manage resources sustainably, and maintain safe navigation channels.

Several Filipino fishing companies operate in these contested waters, and they are faced with major concerns that impact sustainability, i.e., overfishing, coral reef degradation, and water pollution. The absence of regional cooperation in adopting and promoting sustainable fishing practices further exacerbates the above-mentioned issues. This sorry state is further affected by the escalating tensions with China and this sidelines environmental management in favor of military and economic concerns.

Given there is no end to this issue in sight, some companies in the Philippines’ fisheries sector are investing in sustainable aquaculture practices to reduce their reliance on these troubled waters. One Philippine agri-focused firm has already intensified efforts to cultivate fish in controlled environments. This approach not only helps alleviate environmental impacts but also reduces the company’s exposure to the geopolitical risks associated with working in contested waters.

Another sector that is seriously affected by this geopolitical tension is the energy sector. It is known that the disputed area contains a huge volume of offshore oil and gas reserves — which, when tapped and managed well, can be critical for energy security. Unfortunately, political disputes hinder the exploration of these resources that can further boost economic growth of the country. Sadly, the Philippine government has placed moratoriums on certain exploration activities, slowing the nation’s transition to sustainable energy.

Some companies have pivoted toward renewable energy sources such as wind and solar power, to reduce their dependence on oil exploration in conflict-prone areas. By focusing on clean energy, these firms are not only working to meet sustainability targets but also lowering the risks that come with operating in contested waters.

SUPPLY CHAIN DISRUPTIONS AND THE US-CHINA TRADE WAR
Another layer of complexity in Southeast Asia’s sustainability efforts stems from the global trade tensions between the United States and China. As these superpowers impose tariffs and sanctions on each other, companies across Southeast Asia experience ripples of disruption throughout their supply chains.

For example, Filipino companies in the electronics manufacturing sector are heavily affected by these trade shifts. As we all know, the Philippines continues to be one of the significant players in the electronics industry, producing components for global technology companies, and yet, as tariffs disrupt supply lines, local manufacturers face challenges in sourcing essential materials and technologies. This, in turn, increases costs and complicates sustainable sourcing.

To mitigate these challenges, some Filipino businesses are transitioning to sourcing from local and/or regional suppliers. This shift not only reduces the risks associated with the reliance on unstable supply chains but also aligns with sustainability goals by lowering the carbon footprint of long-distance transportation.

There are also tech and telcos that are investing in digital tools to streamline their supply chains. This improves resource efficiency and enhances data-driven sustainability practices. For one, these forward-looking and adaptive firms are using artificial intelligence and big data analytics to optimize operations and reduce energy consumption.

POLITICAL INSTABILITY AND CSR EFFORTS
While trade tensions and territorial disputes pose substantial challenges, political instability in neighboring countries also complicate Philippine companies’ sustainability initiatives and Corporate Social Responsibility (CSR) efforts.

For example, in countries like Myanmar and Thailand, there exist political unrest, significant military actions, and human rights concerns that create an environment of uncertainty — affecting businesses that operate or want to operate in these countries. One Filipino energy company had invested in solar energy projects in Myanmar that aimed to support the country’s transition to sustainable energy. Unfortunately, due to political instability following the 2021 coup, the project has faced significant delays and obstacles, underscoring the risks of sustainable investments in volatile regions.

Meanwhile, there are other Filipino companies that are addressing potential uncertainties in the political environment by developing flexible CSR strategies that allow for scalable or redirectable projects in times of crisis. One business conglomerate can diversify their sustainability and CSR initiatives geographically by focusing on countries and regions with more stable political climates. By broadening their geographic reach, this company can mitigate the risk of local political dynamics disrupting their long-term sustainability goals.

Philippine companies face numerous challenges as they pursue sustainability in a region marked by complex geopolitical dynamics. Territorial disputes, trade tensions, and political instability all influence the trajectory of sustainability initiatives. However, through adaptive strategies, diversification, and technological innovation, companies are finding ways to reconcile the pursuit of sustainability with the reality of operating in an unpredictable geopolitical environment.

By investing in renewable energy, securing more resilient supply chains, and embracing flexible CSR approaches, Philippine firms are paving a path forward in sustainability that accounts for both local challenges and broader global dynamics. While obstacles remain, these companies’ resilience and commitment to sustainability serve as a testament to the potential for growth, environmental stewardship, and responsible business in Southeast Asia.

 

Dr. Ron F. Jabal, APR, is the CEO of the PAGEONE Group (www.pageonegroup.ph) and is the founder of Advocacy Partners Asia (www.advocacy.ph).

ron.jabal@pageone.ph

rfjabal@gmail.com

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