ELIZABETH DEBICKI (L), who portrays Princess Diana, and Dominic West (R), who plays Prince Charles, were both nominated for acting awards for their work on The Crown.
LONDON — The final season of Netflix royal drama The Crown led nominations for the BAFTA Television Awards on Wednesday, with a scene from former footballer David Beckham’s docuseries also up for a prize.
The Crown, which dramatizes the political and personal events that shaped the reign of Britain’s late Queen Elizabeth, has eight nods at the annual British television industry awards, including four in the acting categories.
Dominic West, who plays then-Prince Charles, and Elizabeth Debicki, who portrays the late Princess Diana, are among the cast members nominated.
“Demon 79,” the final episode of season six of the anthology series Black Mirror, has seven nominations, including in the leading actress category for Anjana Vasan. She plays a shop assistant who has to commit three murders to stop the world ending.
Crime drama Happy Valley has six nominations, including a leading actress nod for its star, Sarah Lancashire. Other nominees for that prize include Helena Bonham Carter for biographical mini-series Nolly and Bella Ramsey for the adaptation of the post-apocalyptic video game The Last of Us.
That series and the media dynasty drama Succession have five nominations each, including in the international category, where they face competition from culinary drama The Bear and road rage mini-series Beef, among other shows.
More than 100 programs are nominated and 17 out of the 44 nominees in the performance categories received their first nod in the BAFTA Television Awards, which take place on May 12.
“I’m delighted to see so many first-time nominees, so much new and emerging talent, and so many debut projects recognized today,” Sara Putt, chair of BAFTA, said in a statement.
“We hope our awards can play a positive role in reinforcing the value of nurturing new talent and ideas, as well as holding a mirror up to stubborn industry inequities,” she added, noting female directors were “still significantly outnumbered” by male counterparts in awards submissions.
Nominees for the memorable moment award, which were revealed last week, include a scene from Beckham — a mini-series about the British soccer star — in which David Beckham teases his fashion designer wife Victoria to be honest about her “working class” upbringing.
Other contenders for the award, the only one voted for by the public, include the announcement of Ncuti Gatwa taking over the lead role in British sci-fi series Doctor Who. — Reuters
THE Jollibee group’s fast-casual burger brand Smashburger has appointed Denise Nelsen as its chief executive officer (CEO).
Ms. Nelsen was named Smashburger’s CEO in January, making her the first CEO of the burger brand, Jollibee said in a statement on Thursday.
She previously served as senior vice-president of Starbucks’ United States operations.
“With her extensive experience and proven leadership in the food and beverage industry, she is set to propel the Smashburger brand into a new era of growth,” Jollibee group President and CEO Ernesto Tanmantiong said.
“Her appointment signifies the Jollibee group’s commitment to excellence and diversity, and with all her capabilities and energy, we are confident that she will drive success for Smashburger, thereby contributing to the growth of the Jollibee Group as a whole,” he added.
As of end-2023, Smashburger has presence in eight countries. The burger brand has 236 locations, of which 210 are in the US.
Smashburger’s products include burgers, sandwiches, turkey and black bean burgers, salads, fries, and hand-spun shakes.
“As we embark on various new brand ventures in 2024, I’m eager to support our continuous efforts to stay at the forefront of taste innovation in the industry, while collaborating with our international expansion teams to bring the joys of Smashburger to more guests worldwide,” Ms. Nelsen said.
Jollibee saw a 16% increase in its 2023 attributable net income to P8.77 billion as the company’s revenue grew by 15.2% to a record high of P244.11 billion.
On Thursday, Jollibee shares rose by 2.32% or P6 to P265 apiece. — Revin Mikhael D. Ochave
THE Supreme Court (SC) rejected an appeal filed by a real estate company, which was found by a lower court to have failed to remit employee contributions to the Social Security System (SSS) on time.
In a seven-page resolution, the SC Second Division upheld a decision of the Court of Appeals (CA) against RGV Real Estate Center, Inc. for violating the Social Security Law for failure to remit contributions.
RGV also violated SSS Circular No. 52 for failing to remit salary loan/calamity loan amortizations of its employees.
“The SSS is a government agency that is imbued with the salutary purpose of carrying out the State’s policy of establishing, developing, promoting, and perfecting a sound and viable tax-exempt social security system,” the SC resolution made public on Wednesday read.
The SSS had repeatedly issued Demand Letters seeking the payment of more than P3 million representing employee contributions.
RGV also availed the condonation program, which allows members with outstanding balances to settle their arrears by installment. In this instance, RGV still failed to comply with the condonation program’s rules.
The Social Security Commission first heard the case and found RGV liable to pay almost P7.5 million in unpaid contributions, interest, and penalties for late remittance.
The CA then ruled the case to be not reviewable.
“Needless to say, the entitlement and amount of benefit and privilege of its (SSS) members are adversely affected by the non-remittance of the much-needed contributions. Any divergence from the rule subjects the employer not only to monetary sanctions but also to criminal prosecution,” the SC said in its resolution. — Chloe Mari A. Hufana
THE PROBLEM with the resort built within the Chocolate Hills in Bohol boils down to two key factors: property rights and information availability.
Over half of the Philippines’ land area, 15.8 million hectares, is classified as forest lands, including protected areas like the Chocolate Hills. These lands are under State ownership, but certain rights are granted to individuals or groups for the purposes of management, conservation, preservation, or development. Moreover, ownership rights granted prior to the declaration of an area as protected are to be respected.
Here’s the catch: information on forest lands is not publicly available. While the country’s alienable and disposable lands (A&D lands), spanning 14.2 million hectares, can be privately owned with information readily available through land titles or government records (the Registry of Deeds), the same does not hold true for forest lands. There is no equivalent system in place to provide accessible information on the rights, restrictions, and responsibilities associated with forest lands.
In the case of the Chocolate Hills, there is no database where the public can access to check or verify the rights, parties, and allowable activities in the area. Information on forest lands exists but is known and accessed by few, even within the Department of Environment and Natural Resources (DENR).
FOREST CADASTRE Forest lands, unlike A&D lands, are not part of the country’s cadastre system. A cadastre is a comprehensive and up-to-date information system that encompasses records of land interests, including rights, restrictions, and responsibilities. It incorporates detailed geometric descriptions of land parcels connected to tenurial instruments, as well as assessments of parcel value and any improvements made on the land.
Finland, Germany, and New Zealand have unified cadastre systems that cover all types of land, including forests. However, in countries like Turkey and Greece, there are separate cadastres specifically for forests. In the Philippines, there is somewhat of a cadastre for forests, but it’s not comprehensive — it only records forest lands with tenure agreements like Integrated Forest Management Agreements or IFMA, Community-Based Forest Management Agreements or CBFMA, and Protected Area Community-Based Resource Management Agreements or PACBARMA, among others — leaving out other areas without a tenure.
SAMPLE FOREST BLOCK IN A FOREST CADASTRE Visualize the forest cadastre as a colossal jigsaw puzzle, with each piece representing a forest parcel with crucial information. Imagine the Chocolate Hills divided into squares, 20 hectares each with data on dimensions, coordinates, physical attributes, rights allocation, stakeholders, and allowable activities. This comprehensive information is essential for effective forest land management. However, such data is not found in a publicly available database, leaving a significant gap in how such natural resources ought to be managed or taken care of.
A PUBLIC RECORD It is high time we integrated forest lands into our existing national cadastral system. Why?
First, our forest lands will have an indisputable claims and rights information system. We can ensure that everyone knows who has rights in which areas and what they can do with them. This will also help clarify boundaries and resolve conflicts. Moreover, if a local government unit intends to protect, use, or develop forest land within their jurisdiction, they will base their planning, management, and assessment on the forest cadastre.
Second, all information is transparent and accessible, enabling us to take better care of our forests. This means we can plan better, manage resources more effectively, and understand what’s happening in our forests. It also gives existing forest managers and potential investors a clear picture of what’s allowed and what’s not. And, if someone is using the forest in a way they should not be, we can easily pinpoint who they are and hold them accountable for their actions.
Thirdly, having a robust information system about forest lands makes them bankable and increases their value. A forest cadastre would encourage green and sustainable investments. Many banks are ready to help projects that improve or protect forests. However, to facilitate this process, there must be a transparent public information system enabling these institutions to verify the legitimacy of rights in forest lands.
WHAT IS NEXT? Several bills have been introduced in both the House of Representatives and the Senate aimed at integrating forest lands into the national cadastral system. This forest cadastre would encompass all claims, rights, and tenure within the forest lands which include: 1.) mineral lands under mining laws, 2.) protected areas under the National Integrated Protected Areas System and Expanded National Integrated Protected Areas System laws, 3.) Certificate of Ancestral Domain Titles/Certificates of Ancestral Land Titles under the Indigenous Peoples’ Rights Act, and 4.) CBFMA, IFMA, Socialized Industrial Forest Management Agreement, and other forest-related tenurial instruments. This initiative aligns with Section 53.c. of Department of Environment and Natural Resources Memorandum Circular 2010-13, which emphasizes the inclusion of lands ineligible for private ownership in lot surveys to be issued cadastral lot numbers.
With a low forest cover (23% of total land area) and looming climate change and food security issues, sustainable management of our already diminished forest resources is anchored on well-defined property rights and accessible and reliable information.
The Chocolate Hills situation is just the tip of the iceberg. There are other cases out there yet undiscovered. A forest cadastre could bring these existing cases to light or prevent similar ones from happening again. But more importantly, the forest cadastre would enable us to plan better and make smarter decisions about using our forest lands and resources sustainably.
Angela Arnante teaches at the University of Asia and the Pacific and is the assistant director for Policy and External Affairs of the Foundation for Economic Freedom.
Mactan Economic Zone — Photo from www.facebook.com/PEZAPH
Every nation seeks economic growth for the prosperity and welfare of its people, and to succeed in that endeavor in the modern age requires innovative strategies to attract investments, promote exports, and encourage private enterprises to create employment opportunities.
One such strategy employed by the Philippines is the establishment of Special Economic Zones (SEZs) under the auspices of the Special Economic Zone Act, officially known as Republic Act No. 7916. Enacted in 1995, this landmark legislation provides a legal framework for the creation, operation, and regulation of SEZs across the archipelago, aiming to harness the country’s economic potential and propel it onto the global stage.
At its core, the SEZ Act seeks to stimulate economic activity and foster industrialization by designating specific areas as SEZs, endowed with a suite of incentives and benefits to entice both domestic and foreign investors.
Businesses and enterprises who conduct their operations in these specific areas are then entitled to both fiscal and non-fiscal. Naturally, these added benefits serve as powerful magnets for investments, especially into sectors deemed crucial for national development. From reduced corporate income tax rates to streamlined regulatory processes and access to world-class infrastructure, SEZs offer an attractive proposition for businesses looking to establish or expand their operations in the Philippines.
The SEZ Act classifies SEZs into various types, each tailored to accommodate specific industries or activities, ranging from Freeport Zones, Agro-Industrial Economic Zones, and more.
Manufacturing Economic Zones are specialized areas focused on accommodating manufacturing industries, including automotive, electronics, garments, and other value-added manufacturing activities. Examples of this type of special economic zone is the Toyota Sta. Rosa, Laguna — SEPZ Industrial Complex and the Mactan Export Processing Zone in Cebu City.
Clark Freeport and Special Economic Zone — Photo from EN.WIKIPEDIA.ORG
Manufacturing zones aim to attract foreign direct investments in manufacturing, promote technology transfer, and enhance the competitiveness of the Philippine manufacturing sector. These zones often feature industrial parks, industrial estates, and export processing zones, facilitating the establishment of manufacturing facilities and production lines.
Meanwhile, Agro-Industrial Economic Zones are designated areas for agribusiness and agro-industrial activities. Focusing on rural development and agricultural modernization, these zones provide facilities and services to support agricultural processing, manufacturing, and value-added activities, often integrating farming, processing, and marketing activities to create synergies along the agricultural value chain.
Examples of Agro-Industrial Economic Zones are the Sarangani Agro-Industrial Eco Zone and the AJMR Agro-Industrial Economic Zone in Davao City.
In contrast to the aforementioned zones, which focused on consumer goods, Tourism Economic Zones (TEZ) are dedicated to promoting tourism-related activities, including resorts, hotels, leisure facilities, and eco-tourism projects. Businesses doing operations in these zones are centered on services, such as providing transportation networks, accommodations, and entertainment amenities.
TEZs aim to attract both domestic and international tourists, contributing to the development of the local tourism industry and generating employment opportunities. In 2022, the local government of Pagudpud in Ilocos Norte announced their intention to establish a tourism economic zone in Barangay Caparispisan.
Similarly, Information Technology (IT) Parks focus on the service-centric strengths of the Filipino workforce. IT Parks are SEZs focused on hosting IT and business process outsourcing (BPO) companies, software development firms, and technology-related enterprises, providing incentives, state-of-the-art infrastructure, telecommunications facilities, and support services to foster the growth of the IT and BPO sectors.
Given the significance of the IT and BPO sector to the Philippine economy, there are plenty of IT Parks all over the country, such as the Cebu IT Park and the Batangas State University (BatStateU) Knowledge, Innovation, and Science Technology (KIST) Park established in Batangas City in 2020.
There are also ecozones for industries like medicine, such as Medical Tourism Parks, ecozones designed to promote medical tourism. Most recently, the Philippine Economic Zone Authority announced their plans to launch new pharmaceutical-medical device (pharma-dev) economic zones within 2024, with four locations across the country already under consideration.
Special economic zones are a key component in making a country more competitive and productive through facilitating the exchange of ideas, information, and technology. And they will continue to play a driving role in the Philippines’ economic plan, with the Senate approving a bill promoting the establishment of the new Bulacan Special Economic Zone and Freeport this month.
Senator Mary Grace S. Poe-Llamanzares, chairperson of the Senate panel on public services and sponsor of the bill, said she hopes the establishment of an ecozone will open the doors for more investments and more jobs in Bulacan.
“I witnessed the signing of the NAIA [Public-Private Partnership] project and it brought about a lot of hope because I feel now the gateway for many of our visitors to our country will be much improved,” the senator previously said in a speech.
“The same way, I have high hopes for this ecozone that it will spur investment, create more jobs and will actually be a model, not just here in the Philippines, but all over Asia, that would hopefully increase our gross domestic product,” she added. — Bjorn Biel M. Beltran
THE WEALTH MANAGEMENT unit of Bank of the Philippine Islands (BPI) is looking to increase its market share among high to ultra-high net worth individuals in the Philippines through tailor-made products and initiatives, its top official said on Thursday.
BPI Wealth President and Chief Executive Officer Maria Theresa D. Marcial said at a briefing that there are around 20,000 high to ultra-high net worth persons in the Philippines, with 25% of them currently being served by BPI Wealth.
She said BPI Wealth hopes to raise this market share by five percentage points through its product offerings.
The company last year launched its Wealth loan product, which gives clients access to liquidity. BPI Wealth is aiming to disburse P12 billion in Wealth loans this year, Ms. Marcial said.
It also launched discretionary model portfolios this year, allowing clients to invest for wealth preservation, income generation, or capital growth.
BPI Wealth also offers a multi-family office solution to help clients navigate issues in investment management, legal advisory, comprehensive planning, estate planning, business succession, and property management.
Ms. Marcial added that the high to ultra-high net worth population is expected to continue growing as Philippine gross domestic product is seen to expand by around 6% this year, which could boost firms’ and individual incomes.
“We expect that fixed income will really outperform. In the past year or so, we’ve seen very short-term money market instruments doing very well. I think in the next six months or six to nine months, we should start rethinking our portfolios and shifting to longer durations,” she said.
Expectations of easing inflation and lower borrowing costs will also prop up equities, Mr. Marcial added. — A.M.C. Sy
ANKARA — Stone ornaments found around the mouths and ears of skeletons at an 11,000-year-old burial site in southeast Turkey prove that humans have been piercing their bodies since prehistoric times and thinking about self-image, archaeologists said.
Although small, thin and pointed stones have been found on several digs in the Fertile Crescent, which includes parts of modern-day Turkey and Iraq, and which is where ancient humans settled to farm, it was not known what they were used for — until now.
“None of them have ever been found on the bodies in their original locations,” said Emma Louise Baysal, a professor of archaeology at Ankara University, who co-authored an article on the ornaments.
But at the Boncuklu Tarla site, “we have them all on the skeletons very close to the ear holes, to the lips,” she said, allowing experts to conclude for the first time they would definitely be used as piercings.
Some wear on the lower teeth of the skulls also showed that the individuals would have had lower lip piercings when alive.
“I think it shows we share similar concerns with the way that we look and that these people were also thinking hard about how they presented themselves to the world,” she said.
The site was established around 11,000 years ago by a group of hunter-gatherers, who gradually settled. Excavations are continuing at Boncuklu Tarla (Beaded Field), named that after local farmers found thousands of beads, and where over 100,000 artefacts have been unearthed to date.
The excavations not only show how early societies formed but also highlight striking similarities between modern humans and Neolithic people, highlighting lives we can empathize with, Ms. Baysal said.
“When you put on ornaments, particularly on your face, you can’t see them, other people can see them. And you’re projecting an image to other people.”
“It shows that we are, in many ways very similar.” — Reuters
UNITED STATES-BASED water treatment solutions company Nanostone Water, Inc. has partnered with Maynilad Water Services, Inc. for the Laguna Lake Modular Treatment Plant project in Muntinlupa City.
The treatment plant, which was unveiled on Wednesday, uses Nanostone’s ceramic ultrafiltration technology to treat raw water from Laguna Lake, expected to produce 20 million liters per day, Nanostone Water said in a statement.
“This… project, set to officially commence operations in March 2024, marks a milestone in addressing the critical water needs of the Philippines, particularly in the southern portion of Maynilad’s concession that is served with water sourced from Laguna Lake,” it added.
According to the company, the advanced ceramic ultrafiltration technology “physically removes pathogens and suspended solids” and has a longer lifespan compared to conventional plastic ultrafiltration modules.
“In the face of escalating water scarcity and pollution, particularly in sprawling urban and industrial areas, Nanostone is committed to tackling ‘challenging water’ and ‘minimal space’ head-on, enabling future-proof municipal and industrial water availability,” Nanostone Chief Executive Officer Jürgen von Hollen said.
He said that Laguna Lake “exemplifies the vicious cycle where urban expansion, water scarcity, and quality intensify each other’s challenges.”
“We see this in large urban centers globally,” he added.
Maynilad 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
IMAGES from NASA satellites this month show Spain’s critical Sau Reservoir at 1% of capacity. At this time of year, the reservoir, which serves the northeastern region, is typically at 65%. It’s the latest sign of the pressures a three-year drought is inflicting on one of Europe’s richest regions, Catalonia, and its capital Barcelona. The emergency is so acute plans are afoot to truck water from Valencia 350 kilometers south.
Since climate forecasters suggest Spain is at the forefront of experiencing extreme climate events in Europe, it would be natural to expect Barcelona’s water crisis would be a matter of concern, if not the main event, animating national politics in Madrid. But no.
Instead, Spain’s political class is wrestling with history: Specifically, the fallout from the illegal referendum by Catalan separatists in 2017, which triggered upheaval and the imprisonment and exile of several of the movement’s leaders. National politics has been gridlocked for six months by horse-trading between Prime Minister Pedro Sanchez and exiled leader Carles Puigdemont’s separatist Junts party, which came fifth in last year’s elections, but whose support Sanchez needs to stay in power.
This gap between Barcelona’s water emergency and the failure of national politics to address the issue underscores the European Union’s (EU) impotence in confronting the climate crisis.
Spain’s gridlock is part of the bigger story. Fractured politics is Europe-wide. Portugal’s inconclusive national vote looks set to create the most fragmented parliament since the end of its dictatorship a half a century ago. In the Netherlands, far-right leader Geert Wilders gave up last week on becoming prime minister because he couldn’t line up willing coalition partners. In Italy, Prime Minister Giorgia Meloni and her junior coalition partner Matteo Salvini are barely on speaking terms, according to senators in Rome I’ve spoken to recently.
The hard-right infighting is being celebrated as an advantage for the liberal establishment at European parliamentary elections in June. But when it comes to facing the climate emergency barreling down on Europe, the destructive impulse of the populists, nationalists, and racists bodes ill for the consensus needed for ecological transition and the ability to adapt to extreme conditions.
The administrative stalemate and a lack of planning at the national and European level are delaying a private-sector response to the water crisis in Spain, and across Europe, says Manuel Manjon Vilda, chief executive officer of Spanish engineering multinational Acciona SA’s water business.
“We can solve 100% of the world’s water needs with existing advanced water treatment technologies, including desalination,” Manjon Vilda tells me. Local officials in Catalonia recently announced plans to invest some €500 million ($543 million) in desalination plants, but it’s urgent to get those off the drawing board. Manjon Vilda points to a vast desalination plant, across the Mediterranean Sea, in Morocco, outside of Casablanca will provide up to 550,000 cubic meters of water a day for drinking and irrigation. The contract for what will be the second-largest desalinization plant in the world was awarded last year but won’t be fully functional until 2030.
At Acciona, the view is that water shortages will be the “teeth on the shark” of climate crisis in Europe. Forecasters suggest it will bite hard. Statistics provided by Spain’s meteorological agency AEMET show a staggering increase since 2015 in the severity of summer heatwaves. In 2023, from June to September, there were four major heatwaves — where temperatures exceed 35°C — equaling 24 days. Most of Spain only had rain in June, causing reservoirs to shrink on average to 44% capacity, 20 points lower than a decade ago. This summer is forecast to be even hotter than 2023.
In Barcelona, inhabitants are already at the frontline of Europe’s water crisis, which risks causing desertification in as much as three-quarters of Spain, according to the United Nations. Posters and billboards are visible across the city: “Water doesn’t fall from the sky” (L’aigua no cau del cel in Catalan). As of November 2023, some 9 million people — about 20% of Spain’s population — faced water restrictions.
It’s the sharp end of the wedge of problems facing Europe. Around 38% of the EU population and 29% of EU territory were affected by water scarcity in 2019, with droughts costing €2 billion to €9 billion a year. That could reach €65 billion a year by the end of the century, according to EU data.
Ironically, divisive politics may end up being their own undoing, if the example of Catalonia is anything to go by. Catalans will have a chance to vote on May 12th in a snap election called almost a year early. The reason for the snap vote? One tiny left-wing party killed the minority government’s budget proposal; it voted in protest because concerns about the building of a Hard Rock Casino in the town of Tarragona and its impact on the drought-hit town, which depends on the Sau Reservoir for its water.
It’s a small sign for Spain and Europe’s politicians that climate will force itself into the debate — whether they pay attention or not.
HELSINKI — Finland’s industrial, logistics and electrical workers will extend their ongoing two-week strikes by one week until March 31, the unions and their federation SAK said on Wednesday, after meeting with Minister of Employment Arto Satonen.
The workers have been on strike since March 11, targeting exports, imports and cargo transportation, the latest in a series of union action in protest against government labor reforms and welfare cuts.
The strike is having an impact on Finland’s exports and imports as well as several companies including steelmakers Outokumpu and SSAB, refiner Neste and forestry groups UPM and Stora Enso.
“From our perspective the meeting was a disappointment and obviously we are very worried over the fact that the government is so stubborn and unresponsive even to our far-reaching compromise proposals,” SAK Chairman Jarkko Eloranta told reporters, referring to the meeting with the minister.
The standoff began last year when Finland’s newly elected conservative government announced plans to favor local work agreements over centralized bargains, limit political strikes, cut social welfare and make it easier to terminate contracts.
“This is not the right time to extend the strikes. They cause great damage to Finland’s economy,” Finland’s Prime Minister Petteri Orpo told reporters, adding his government could not be pressed by striking.
Mr. Satonen called the strike extension “unfortunate.”
“Matters can be influenced by discussing, not by striking,” he wrote in a post on social media. — Reuters
BDO Unibank, Inc. used the proceeds of its sustainability bonds issued last year to finance 28 green projects, it said on Thursday.
The financed projects involved the reduction of greenhouse gas emissions, creation of sustainable infrastructure through construction or retrofitting of green buildings, and promotion of water conservation through enhancement of wastewater treatment facilities, the Sy-led bank said in a statement.
BDO raised P52.7 billion from its offer of two-year ASEAN sustainability bonds in January 2022, which had a 2.9% fixed interest rate, payable quarterly on a 30/360 basis. This made up the third tranche of BDO’s P365-billion bond program.
The Sy-led bank also raised P63.3 billion from 1.5-year ASEAN (Association of Southeast Asian Nations) sustainability bonds earlier this year. The notes fetched a coupon rate of 6.025% per annum.
Proceeds from BDO’s first sustainability bond were also used for loans to 488,450 micro, small and medium enterprises and funded activities that helped create or retain 70,655 jobs, including displaced, underprivileged, and unemployed Filipinos, BDO’s ASEAN Sustainability Bond Impact Report showed.
The ASEAN Sustainability Bond Impact Report was prepared in accordance with the ASEAN Guidelines on Sustainability Bond Standards, International Capital Market Association, Harmonized Framework for Impact Reporting, and aligned with the United Nations’ sustainable development goals and BDO’s Sustainable Finance Framework.
“BDO remains committed to a sustainable future by providing financial support to initiatives that create opportunities, uplift the lives of Filipinos and help contribute to the nation’s progress while transitioning to a low carbon, environmentally responsible, and socially inclusive economy,” the lender said.
The bank’s net income grew by 28.55% to P73.4 billion in 2023 amid the growth of its core businesses.
BDO’s shares rose by 50 centavos or 0.32% to close at P154.50 apiece on Thursday. — AMCS
Our management fully understands the daily hassles of commuting and wants to implement a flextime schedule for our employees. Our workers can come in as early as 7 a.m. and clock out at 4 p.m. How do we ensure that they will be as productive in the absence of supervisors closely monitoring their work? — Totem Pole.
Trust begets trust. Regardless of your work schedule, treat your workers as your own sons and daughters who can be trusted anytime, even without close supervision. I know. I was in the same boat when I was a working student. Flextime was not yet in vogue but I was accorded a special arrangement to work between the hours of 7 a.m. to 4 p.m. so I can attend night classes.
Our management was kind to me and I didn’t want to be ungrateful. Of course, that’s me. Not everyone can be like that. I’ve tested it more than hundreds of times with my direct reports over a more than 30 years when I was active in the corporate world. My lesson was simple. If management grants flexibility to employees, they will reciprocate positively.
It’s human nature. Without trust in any personal or professional relationship, it’s almost impossible to progress. Outside of a trustworthy work relationship, you can develop a company-wide program with a robust performance management system that ensures labor productivity is maximized.
Close supervision can only go so far. In fact, line executives who micromanage their workers often do worse. The trick is to understand the ability of the workers to perform their best without coercion or compulsion. Some managers may think of this as counterintuitive but not if you have a robust performance management system that may not require micromanagers.
PERFORMANCE MANAGEMENT There’s no better way to monitor employee performance than with a dynamic appraisal system that ensures all employee efforts are focused on meeting, if not exceeding management expectations, and that mutually agreed goals are consistently being met in an effective and efficient manner.
Going back to the situation you described above; how do we ensure that employees who work as early as 7 a.m. are doing what’s expected of them? One easy answer is to require them to submit the results of their work starting at 8:30 a.m. or whatever time normal operating hours start.
You must also set up your company’s performance management system along these lines:
One, set mutually agreeable performance expectations. There are many approaches to this. You can use the daily SMART (specific, measurable, attainable, realistic, time-bound) as one approach. Employees who have opted to work between 7 a.m. and 4 p.m. must be held accountable for delivering their SMART results. These are working parameters that are to be done and evaluated daily.
Two, measure performance and provide feedback. This must be done consistently, not necessarily to evaluate worker performance but to include discussions on their challenges and milestones. Ongoing monitoring can be done with the help of applications found in your basic software.
Three, develop an opportunity to define training needs. Through a dynamic appraisal system, management can readily understand employee deficiencies in terms of skills, abilities, competencies and other behavioral requirements. If not, you can also decide if the person is fit for that current work assignment. Consider arranging an intra- or inter-department transfer.
Four, summarize performance over a certain period. This is easy to do if the frequency is monthly, unless circumstances warrant weekly or semi-monthly evaluations. Whatever the frequency, arrange a face-to-face interaction and be as casual as possible. Avoid formalities, which stifle open communication.
Last, recognize above-average performance. Reward and recognize the deserving, whether by written commendation, plaque of appreciation, merit pay, promotion, even brief study tours overseas that are fully funded by international organizations. However, this option requires that you stage a competitive application process.
NO OTHER WAY Some managers think that the process described above is time-consuming. That’s true. But the truth of the matter is, micromanagement is not only time-consuming but devastating as well to the morale of your direct reports. There’s no other way. Once you’ve established the foundational policies and processes, the time needed to administer it will fall over the long term.
Like all management programs, the active participation and cooperation of all workers must be secured for best results. You can only do this with the help of regular engagement dialogues. One caveat though. Understand that not all jobs can be measured objectively. If such cases, try to discover other ways to measure employee performance.
Bring Rey Elbo’s leadership program called “Superior Subordinate Supervision” to your line supervisors and managers. Contact him via Facebook, LinkedIn, X (Twitter) or e-mail elbonomics@gmail.com or via https://reyelbo.com
