Home Blog Page 2076

As Oppenheimer triumphs at the Oscars, we should ask how historical films frame our shared future

CILLIAN MURPHY IN OPPENHEIMER (2023) — IMDB

BOX office receipts for Christopher Nolan’s Oppenheimer had already approached the billion-dollar mark worldwide before the 2024 Oscars ceremony.

To this financial success, along with film awards for Best Director, Cinematography, Editing, Sound, Best Actor, and Best Supporting Actor, Oppenheimer garnered Mr. Nolan his first Academy Award for Best Picture.

In larger Academy Award history, this raises the tally for historical film wins to 52 over 96 competitions, according to research by film scholar Jonathan Stubbs and records at the Oscars website. There is a reason why people call big-budget historical films “Oscar bait.”

The glossy spectacle of this genre often brings attention to its makers. And yet, as I argue in my new book, Making History Move: Five Principles of the Historical Film, because the genre has such an outsized effect on spectators and their sense of historical reality, it’s important to think about and understand how historical films are constructed.

With Oppenheimer having received so much commercial, critical and Academy success, we have an opportunity to think about critical criteria for viewing historical film — and what we are owed by historical filmmakers.

HIGHLY INFLUENTIAL MEDIUM
This genre of film represents much more than a bold quest to win the most sought-after prize at the most celebrated labor union awards in history. These films look to the past to offer us a story and argument in an effort to see ourselves in the present — and to make decisions toward the future.

The genre combines a bookish status, conveying data and the sense of learning about the real world. Facts are served up with a wallop of emotion, excitement, adventure, terror and tears, to large and diverse audiences.

Although far from the most trusted medium for history, a recent large-scale survey of Americans published by the American Historical Association found that historical documentaries and films are the top two sources for information about the past for the public.

Unlike with pure fiction, when we watch a historical film (such as other 2024 Best Picture nominees, The Zone of Interest and Killers of the Flower Moon) we have the sense that we are seeing and hearing the past as we learn details about historical people and events.

These films speak to shared intergenerational and foundational experiences and legacies. We interpret historical films in ways that feel personal.

PARTISAN CULTURAL BUBBLES
We are well into the experiment of the internet age when social media platforms sort people into tribes.

In the words of Renée DiResta, a researcher at the Stanford Internet Observatory, people are living in discrete spheres operating with distinct media, norms and frameworks of facts — their own “bespoke realities.”

These information silos spawn political convictions and perspectives that reinforce separate interpretations of present and past.

The result creates multiverses of meaning. We exist in partisan cultural bubbles, abandoning the tussle over an objective sense of the past in favor of ever-expanding and contradictory subjective narratives.

As this happens, mass media platforms, like feature films, gain precedence. They cross boundaries impermeable to history books, museums, university lectures, and social networks, speaking to a shared sense of identity at vast communal scales.

JUST A MOVIE?
Our ability to keep what we are watching at a critical distance is less robust than we may assume. Neuroscience illuminates a central aspect of film’s power to captivate, enchant, and convince.

As professor of psychological and brain science Jeffrey Zacks writes in his book Flicker: Your Brain on the Movies, our brains operate by building neural models to understand our direct experience:

“[W]hether we experience events in real life, watch them in a movie or hear about them in a story, we build perceptual and memory representations in the same format [in our brains].”

He further explains that “it does not take extra work to put together experiences from a film with experiences from our lives to draw inferences. On the contrary, what takes extra work is to keep these different event representations separate.”

Now consider what happens when we make models of the past that we code as historical and non-fiction.

5 PRINCIPLES OF HISTORICAL FILMS
For these reasons it is critical that we engage these films as more than mere diversion and amusement. Drawing on philosophy of history, literary and film theory, I have isolated five key principles to grasp and understand their construction, including:

Narration, the stories they choose to tell and how they tell them;

Evidence, the sources and use of data that represents the past;

Reflexivity, the use of rupture techniques that pull the audience out of their immersion in the story, reminding them of the structuring process of history;

Foreignness, the extent to which a film shows the richness of differences in ideas, beliefs, and material realities of the past, rather than creating a pantomime of contemporary people in fancy dress;

Plurality, whether a film presents us a range or new perspectives on the meaning of events through their selection of people as characters.

These principles help us consider the creation, role, and impact of historical films.

ABOUT ENVISIONING FUTURES
What makes historical films so compelling and so difficult is they have to fictionalize and imagine narratives around real people and events.

Filmmakers working with realities of the past are charged with making an interpretation of historical data — and a judgment about what it means to us today, in a way that engages and entertains us as spectators.

To be true to that contract, such films should not simply make things up. They need to strive for accuracy and objectivity, while performing a deft sleight of hand to enthrall and captivate.

On top of box office success and critical success, Oppenheimer does an impressive job of translating biographical source material into an engaging and thought-provoking feature film. As such, this functions as a clarion call in the present, sparking real questions about the meaning of the nuclear age today.

 

Kim Nelson is an associate professor of Cinema Arts at the School of Creative Arts, University of Windsor. Mr. Nelson receives funding from the Social Sciences and Humanities Research Council and Canadian Heritage under their Initiative for Digital Citizen Research.

Transforming financial services in the age of innovation and inclusion

Photo from Freepik / pch.vector

The advent of the digital era has transformed the delivery and consumption of financial services, and the COVID-19 pandemic has further accelerated this process. Digital transformation has redefined customer expectations in banking, making convenience, efficiency, and seamless experiences crucial.

However, a report from financial software-as-a-service (SaaS) provider 10x Banking said that banks globally are losing up to 20% of their customers to competitors due to poor customer experience. 64% of banks have openly admitted that their slow progress in adapting to digital transformation has resulted in missed opportunities to gain new customers.

As a result, it has become crucial for financial service providers to swiftly adjust to this new reality in order to stay competitive and relevant. In fact, 10x Banking reported that 74% of banks globally are currently seeking to expedite their digital initiatives this year, realizing the importance of staying ahead in an ever-changing landscape.

Furthermore, the integration of digital technologies has brought a revolution in how financial institutions function and how individuals manage their finances. With the advent of online banking to electronic payments, individuals now have access to a wide range of financial products and services at their fingertips. These efforts have made it easy for them to conduct transactions, manage investments, and access credit with ease.

According to Ernst & Young (EY), the adoption of new technologies, such as artificial intelligence (AI), blockchain, data analytics, the internet of things (IoT), and robotic process automation (RPA) has enabled banks, insurers, and other financial institutions to overhaul their operations, identify new ways of doing business, and create opportunities for challenger businesses like payment services providers.

On the other hand, a report from the Bank for International Settlements has emphasized the impact of fintech companies and big tech players in bringing digital transformation. This transformation has brought about new challenges for traditional business models to remain competitive.

In the Philippines, the market has a young and mobile-savvy population, making it a promising target for financial institutions due to factors like high internet penetration and demand for financial services.

Promoting financial inclusivity

According to a report published by World Bank, efforts are being made to educate small entrepreneurs on financial planning, sustainability, technical know-how, risks involved in loans, and the benefits of formal lending channels for economic independence. Furthermore, digitization makes finance accessible, lowers costs, boosts economic activity, enhances credit access through data analysis, and contributes to financial development and stability.

Regulators in the Philippines are actively supporting the growth of digitalization in the financial sector by introducing new digital banking licenses, real-time payments systems, and standardized QR networks. According to McKinsey & Company, efforts are being made in the country to foster financial innovation and improve financial inclusion through digital-first business models.

The government has also been promoting digital transformation through initiatives like digitalizing essential public services and encouraging individuals and businesses to embrace digitalization.

For instance, the Pag-IBIG Fund has embarked on a major digitalization initiative to address the country’s housing backlog, aiming to provide at least 708,000 houses by 2028.

In December 2022, Pag-IBIG, in partnership with the PropTech Consortium of the Philippines and the Subdivision and Housing Developers Association (SHDA), launched Phase 1 of digitalizing its takeout process. This approach marks as the first housing fund to digitalize its takeout for affordable housing in Asia, aligning with the vision to set new industry standards and revolutionize the Philippine real estate industry.

Additionally, Pag-IBIG recently launched the Virtual Pag-IBIG mobile app, a digital platform for its members to access services and perform transactions anytime. Members can view their savings, dividends, payment history, and loan balances through the app. This digital transformation is expected to significantly increase home loan applications and savings transactions, while simplifying the process for both members and partner developers.

A call for better financial service

Although digitalization presents various opportunities for financial institutions to enhance their operations, reach new markets, and engage with customers innovatively, it also poses several challenges that must be addressed.

One of the primary challenges in digitalization for financial institutions is ensuring the security of their systems. As financial institutions increasingly rely on digital channels to conduct transactions and store sensitive customer data, it makes them vulnerable to cyber threats. Cyberattacks can also result in financial losses, reputational damage, and legal liabilities.

Because of this threat, EY reported that financial services companies are facing the challenge of building trust with their customers. As a result, they are making significant investments in upgrading their legacy systems, adopting an agile way of working, and focusing on customer demands. They are doing so by investing in innovative online banking, digital platforms, and improving the accuracy of their reporting through better data quality.

The digital divide also presents a significant challenge in achieving widespread digitalization on the financial sector. Brookings Institution has mentioned that the global digital divide encompasses various aspects beyond mere access, including digital skills, use, infrastructure quality, and content accessibility. In Southeast Asia, around 150 million adults are digitally excluded due to factors like illiteracy, low income, and lack of access to capital. This exclusion leads to higher fees, limited access to credit, and a reliance on cash, perpetuating poverty cycles.

According to the Institute of Electrical and Electronics Engineers (IEEE), addressing digital divide requires a multi-faceted approach that combines infrastructure development, digital literacy programs, and innovative solutions, focusing on universal and meaningful connectivity. Furthermore, bridging the digital gap is crucial for boosting financial inclusion, especially for marginalized groups like those with lower incomes, the less educated, and people in rural areas.

Meanwhile, the rapid pace of technological advancement is posing a significant challenge to financial institutions as new technologies emerge and existing ones evolve. As a result, institutions are urged to continuously adapt to stay relevant and competitive.

A report by McKinsey revealed that financial institutions need to invest significantly in research and development, as well as provide ongoing training to their employees to equip them with the necessary skills to leverage emerging technologies effectively. Failure to keep pace with technological advancements risks falling behind competitors and losing ground in an increasingly digital marketplace.

Looking ahead, the digital revolution is expected to continue shaping the future of financial services. The International Monetary Fund said that emerging technologies, such as machine learning, IoT, and decentralized finance are geared to further disrupt traditional business models and drive innovation in the financial industry. — Mhicole A. Moral

NAC sees temporary increase in global nickel prices

NICKELASIA.COM

By Sheldeen Joy Talavera, Reporter

LISTED mining company Nickel Asia Corp. (NAC) said it expects global nickel prices to temporarily increase in the short term due to the presidential election in Indonesia, the world’s largest nickel producer.

“Right now, due to oversupply, there is some pressure on overall nickel prices. However, because of the presidential elections in Indonesia, there has been a slowdown in the awarding of their mining quota permits. So, in the very near term, there is some price upside for nickel,” said Andre Mikael Lu Dy, NAC’s vice-president for treasury and investor relations and sales, in a recent briefing.

“In the very near term, there is some upside potential for nickel prices,” he added.

Mr. Dy said, however, that he expects global nickel prices to eventually “normalize” after the leadership changes conclude.

“As the government gets settled into the roles and mining quotas are released, prices will normalize because the physical production of nickel and nickel pig iron in Indonesia is still a lot,” he said.

Indonesia produced an estimated 40.2% of the world’s nickel last year, according to S&P Global Market Intelligence data.

As demand continues to grow at a pace of 3-5% in the stainless-steel market, Mr. Dy said that “some tightness in the supply” could be experienced by 2028.

For production, he expects it to remain at the same level with “not a lot of growth” but can “still be growing by low single digits.”

NAC saw a decline of 53% in its attributable net income to P7.9 billion for 2023, driven by lower nickel prices. Revenues from the sale of ore declined by 16% to P21.4 billion.

During the period, the weighted nickel ore sales price dropped by 20% to $23.30 per wet metric ton (WMT). The company’s five operating mines sold a combined 16.5 million WMT, up 3%.

Analysts said that the anticipated temporary increase in global nickel prices offers short-term income opportunities.

“In the short term, the anticipated increase in nickel prices due to the Indonesian presidential election could positively affect NAC’s income for 2024,” Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said in a Viber message.

“The eventual normalization of prices as production resumes may mitigate this impact,” he added.

For his part,  Luis A. Limlingan, head of sales at Regina Capital Development Corp., said: “To achieve higher net income, NIKL could focus on cost reduction, diversification, market expansion, strategic partnerships, technology adoption, and hedging against price volatility.”

Mr. Arce said that attaining higher income can be realized through diversifying its product portfolio to reduce dependence on nickel prices.

He added that the company may implement strategies such as “enhancing operational efficiency to reduce production costs” and “expanding into markets with higher demand for nickel or value-added nickel products.”

Mr. Dy did not specify the exact amount of capital expenditure (capex) allocated for 2024, but he said that it is “half or less than half” of last year’s. The company set a capex of P4.5 billion in 2023.

“The capex for Nickel Asia this year is much less than what we spent for last year. Last year was an outlier because we had to do a lot of equipment replacement,” he said.

NAC is currently developing three mine projects, namely Dinapigue, Bulanjao, and Manicani, that are scheduled to either ramp up or kick off this year — a development it said could drive its sales volume growth in the coming years.

Shares in the company went down by P0.18 or 4.17% to close at P4.14 each.

When we come of age, we search our soul

FREEPIK

It was Rudyard Kipling who once wrote that if we can think and not make thoughts our aim, or if we can meet with Triumph and Disaster and treat them just the same — ours is the Earth and everything that’s in it. Most important, we’ll be a Man!

Well, some real men came forward recently and published their own reflections on the economics profession in the March 2024 issue of the International Monetary Fund’s (IMF) Finance and Development (FD).

The urgency could not have been coincidental. The key issues these real men raised were broadly the same topics we discussed during the quarterly meeting of the ASEAN+3 Macroeconomic Research Office Advisory Panel in Singapore two days ago. They may very well be existential because fundamental questions are unavoidable as we face the issue of the retreating pace of economic progress. Our region has an aging population. Global trade is shifting radically. Technology and innovations are changing exponentially to drive productivity, address structural challenges, and generate new growth drivers.

In her excellent overview of the FD special issue, editor-in-chief Gita Bhatt cited contemporary disruptors, namely climate change, artificial intelligence, demographic change, social and income inequality and geopolitical conflicts. She argued that what the world needs today is to consider John Maynard Keynes’ view that economics is a moral science that draws from various perspectives with an “open mind to the shifting picture of experiences.” She observed that such soul-searching earnestly began during the global financial crisis of 2008 that made it imperative to “better integrate social sciences and elevate welfare and distributional issues.”

We start with the 2015 Nobel Laureate, Angus Deaton, whose view is both compelling and arresting. A professor emeritus at Princeton, Deaton wisely observed that “when efficiency comes with upward wealth distribution, our recommendations frequently become little more than a license for plunder!” This happens when we subscribe to Lionel Robbins’ definition of economics. Its stronger definition is commonly heard from the older-style IMF economists, and economist technocrats in government: economists should keep themselves busy achieving efficiency, and leaving the issue of equity to others — who else but the politicians and the executive.

The problem, according to Deaton, is that those others rarely deliver. Hence, his quote about public policy being more than a license for plunder.

Deaton admitted that economics seems to be in disarray despite the vast frontiers of knowledge it has conquered. He said economists failed to predict the financial crisis. Economists were virtually paralyzed because they were anchored on market efficiency, especially financial markets who’s functioning very few fully understood.

No different from the others, the Nobel laurate, after 50 years as a professional economist, found himself “changing (my) mind.” He admitted to having failed to dwell on the role of corruption in his various works and intimated that some economists have a vested interest in capitalism as it is currently structured and operated. He has also changed his mind about the unions that he thought were nothing but a nuisance. Today, big corporations and conglomerates are dominant on issues such as working conditions and wages. Citing Daron Acemoglu and Simon Johnson — he must be referring to their book, Power and Progress (2023) — even the direction of technical change has always depended on who has the power to decide. Hence, he believes that the profession’s zeal for technology as an instrument of what he called “universal enrichment” may no longer hold.

Deaton is now skeptical about the advantages of open trade. He questioned the idea that he long subscribed to, that globalization brought about the huge reduction in global poverty over the past 30 years. He even cited the case of India where poverty reduction has little to do with global trade.

As a mark of humility, Deaton also suggested that economists could benefit from deeper engagement with philosophers, historians, and sociologists, who could also benefit from whatever economics could share to enrich their respective disciplines.

Humility. It is that Jayati Ghos, professor at the University of Massachusetts, Amherst, proposed that economics must have, with a better sense of history and greater diversity. With contemporary challenges such as planetary health and the environment, Ghosh pointed out that if these are not resolved, and resolved fast, the attendant tensions and geopolitical conflicts may lead to dysfunctional and unlivable societies.

She traced the perennial problem to what has been handed down to us, the received wisdom from economics that she termed as misleading, and in her words, “simply wrong.” Ghosh argued that “the original sin could be the exclusion of the concept of power from the discourse, which effectively reinforces existing power structures and imbalances.” Many underlying conditions are ignored like the greater power of capital over labor, private abuse of market power, and rent-seeking behavior and this must sound extremely familiar in the Philippine context — “the use of political power to push private economic interests within and between nations.”

Ghosh also critiqued the so-called power hierarchies in the economics profession: “the enforcement of strict power hierarchies within the discipline has suppressed the emergence and spread of alternative theories, explanations and analysis.” To her, top journals and academic and professional employment are tyrannical. Journals publish such contributions that “add value only by relaxing one small assumption in a model or using slightly different econometric test.” Contributions that tackle issues that may not lend easily to quantification are set aside even if they could yield better understanding of economic challenges. “Externalities” are conveniently used to capture major constraints that are better addressed, rather than dismissed as such.

These and other flaws, to Ghosh, have resulted in the poverty of economics. “Much has to change if economics is really to become relevant and useful enough to confront the major challenges of our times.”

Oxford University professor Kate Raworth, author of the best-selling book Doughnut Economics: Seven Ways to Think Like a 21st Century Economist, believes that “economic renewal must begin with the goal of human flourishing on a thriving, living planet.” Such renewal must begin with a new compass and map that are up to our times, following Keynes’ exhortation that the choice of models should be relevant to what our times demand.

She observed that economics continues to use the same monetary flows that circulate between households and firms, and banks and governments that Paul Samuelson pioneered in the 1940s. But Raworth argued that Samuelson’s model excluded energy, materials, and waste involved in economic activity. Instead, she suggested a more holistic and biocentric roadmap.

Based on this framework, energy, not money, is the fundamental currency of life. It should follow that the usual issue of finance must be tackled with the end goal of servicing the real economy in service to life. To her, this approach represents a conceptual revolution.

Finally, Dani Rodrik of Harvard’s John F. Kennedy School of Government encouraged his fellow economists who want to be relevant and useful to society to offer something constructive to such issues as climate transition, inclusive economies, and economic development in poor economies. They must avoid cookie-cutter Econ 101 solutions.

Rodrik thinks that mainstream economics is neoliberalism, which posits the idea that markets must expand with minimal government intervention. The problem is that, as Rodrik explained, this approach failed: it helped widen inequality within nations, did little to address climate change, and institutionalized some blind spots in public health and supply chains.

Rodrik has his own version of the original sin. The neoliberal paradigm depended unduly on a few simple, universal rules of thumb. “If neoliberalism was economics in action, it was bad economics that was on display.”

He called for a newer, more imaginative formulation of the problems and challenges of some existential issues. On climate change, economists should stop being first-best purists focused on the efficiency costs of climate change policies. Second-best and political constraints should be considered rather than set aside altogether. He advised developing countries to rely less on industrialization and more on productive employment in modern services.

On globalization, he deplored the fact that hyper globalization has actually resulted in distributional conflicts, diminishing resiliency, and the geopolitical race between the US and China. To him, the major powers should stop prioritizing geopolitics on the basis of a zero-sum game. Economists could be very helpful here if they were to design new rules on globalization based on the principle of rebalancing. Corner solutions in economics have been rarely optimal; trade-offs in trade, finance, and the digital economy are unavoidable and they are not necessarily sub-optimal.

Are we coming of age? If we can think and imagine but do not allow ourselves to be wedded to what thoughts we have been born to, and treat Triumph and Disaster equally, the Earth is ours and its fullness. We become a man humble enough to change our course for the benefit of our kind.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

URC income down 12% to P12.8 billion

GOKONGWEI-led food and beverage manufacturer Universal Robina Corp. (URC) saw a 12% decline in its 2023 net income to P12.8 billion despite higher sales.

In a regulatory filing on Thursday, URC said the decline in net income was due to “higher comparables from gain on land sale” in 2022.

The company’s sales rose by 6% to P158.4 in 2023 billion, while operating income improved by 14% to P17.4 billion.

“Both the branded consumer foods (BCF) and the agro-industrial & commodities (AIC) businesses continued their momentum into the fourth quarter, growing sequentially versus the previous quarter,” URC said.

“Operating margins continue to expand, hitting 11%, driven by the company’s strategic pricing moves and continued operational savings,” it added.

Excluding packaging, URC said the sales of its BCF group rose by 2% to P108.4 billion in 2023.

Revenues of the domestic BCF business increased by 3% to P75.6 billion. Its categories showed mixed performance with snacks and ready-to-drink beverages driving growth, offsetting challenges in some segments

The international BCF business saw a 2% growth in revenues to P32.8 billion, led by stronger performances in Vietnam and Malaysia.

URC’s AIC group recorded a 16% growth in sales to P48.8 billion as the agro-industrial, sugar and renewables, and flour businesses maintained their double-digit growth, driven by higher volumes, favorable sugar prices, and continued growth of its pet food segment.

“Over the past few years the company has made purposeful strategic decisions to enter new segments outside our core categories in the Philippines and to build new legs in international, all of which we are seeing come to fruition. We have also continued to make good progress in our fuel for growth program, surpassing our initial commitments on operational efficiencies and savings,” URC President and Chief Executive Officer Irwin C. Lee said.

“These initiatives will allow us to continue delivering on our mission — to provide our consumers with good food and beverage choices for the years to come,” he added.

Meanwhile, the company’s core net income rose by 6% to P12.6 billion in 2023 due to the higher operating income but was tempered by higher interest rates.

“URC’s financial position remains strong, with a healthy cash balance of P12.2 billion, net debt of P13.4 billion, and a gearing ratio of 0.23,” it said.

On Thursday, URC shares fell by 1.16% or P1.30 to P110.30 each. — Revin Mikhael D. Ochave

Spotify to test full music videos in potential YouTube faceoff

SWEDISH music streaming company Spotify is rolling out full-length music videos in a limited beta launch for premium subscribers, venturing into an arena that YouTube has dominated for nearly two decades.

Music videos will be available to premium users in the Philippines, the UK, Germany, Italy, the Netherlands, Poland, Sweden, Brazil, Colombia, Indonesia, and Kenya, in beta starting on Wednesday, the company said, as it attempts to grow its user base.

While it aims to reach 1 billion users by 2030, Spotify’s new plan faces competition from Apple Music and Alphabet’s YouTube, which allows users to watch music videos for free.

Spotify’s roll-out will include a “limited catalog of music videos, including hits from global artists like Ed Sheeran … or local favorites like Aluna,” it said. In March last year, Spotify had introduced “clips,” under-30-second vertical videos that are uploaded directly to Spotify for artists.

The company has also expanded its offerings to include podcasts and audiobooks in a bid to attract more users.

In February, it forecast premium subscribers would reach 239 million in the current quarter, above estimates of 238.3 million. — Reuters

Raimondo assures labor rights will be a US investor priority

MARIANNE BERMUDEZ/PPA POOL PHOTO

LABOR GROUPS said they received assurances from US Commerce Secretary Gina Raimondo that US investors in the Philippines will respect workers’ rights and comply with international labor standards.

Public Services Labor Independent Confederation President Annie E. Geron told BusinessWorld on the sidelines of a briefing on Thursday that the labor groups raised the issue of contractual workers in the workforce to Ms. Raimondo in a March 12 meeting. 

Ms. Geron said the groups also brought up the practice of “red-tagging,” which the security forces use as a pretext for labor crackdowns, alleging union connections with the Communist movement.

“(Ms. Raimondo) told us that she will see to it US companies in the Philippines adhere to the labor rules implemented in our country, such as the International Labor Organization (ILO) Convention No. 190 or the elimination of violence and harassment in the workplace,” Ms. Geron said.

“Ms. Raimondo stated that she is ‘very concerned’ about the problematic state of the Philippine labor rights situation,” the Trade Union Congress of the Philippines (TUCP) said in a press release. 

“Ms. Raimondo also promised to raise the issue with US companies operating in the Philippines of alleged anti-union practices, the TUCP said, citing methods like the transfer of production and orders to non-union operations,” TUCP said.

They also brought up the role of the National Task Force to End Local Communist Armed Conflict in red-tagging.

Ms. Geron said 69 labor leaders, organizers, and activists were killed in 2023.

“No one gets investigated or punished for the killings,” Ms. Geron said. 

Ms. Raimondo was quoted as saying that the Biden administration pursues “worker-centered policies.” — Chloe Mari A. Hufana

Digital payment solutions seen to boost small firms

REUTERS

PAYMENT SOLUTIONS for small businesses must be geared towards digitalization to make their transition to cashless more seamless, according to Visa.

“For small businesses, getting paid and receiving money in a safe, secure way is extremely important to their operations,” Gareth Parrington, Visa’s Head of Commercial Money Movement in South East Asia, told reporters in a roundtable interview on Wednesday.

“We’re looking to support businesses in that digitization journey and help make it more simple to accept payments, both online and face-to-face. There’s a real shift that’s taking place in the Philippines,” he added.

According to Visa’s Consumer Payment Attitudes study, one in three Filipino consumers expect that the Philippines will become a cashless society by 2030.

The study also showed card payments usage stood at 70% while mobile wallet usage was at 87%, the same as cash transactions.

“Post-pandemic, we saw a huge shift of small businesses. This is the same for the Philippines as well, moving to online,” Mr. Parrington said.

He said that small and micro businesses are looking for solutions that cater to customer usability and are simple and intuitive.

“If we think about that, a lot of the time, small businesses and their softwares and applications have been at the back of the queue. Their products and solutions may have not had the same level of investments as the consumer solutions,” he said.

“Now, we’re seeing the shift in consumerization, and our partners are starting to think about how they can really develop the user experience, make their solutions easy and intuitive.”

Mr. Parrington said small and micro businesses in the Philippines present opportunities for payment providers.

“They currently produce around 36% of GDP (gross domestic product). I think the opportunity is to grow, help businesses transact, and do business more effectively,” he said, noting that their share in economic output could go as high as 60% if they can expand their businesses.

Latest data from the Department of Trade and Industry showed 99.59% of total businesses in the country are micro, small, and medium enterprises, with 90.49% falling under microenterprises.

“The biggest need that a small business owner has is their working capital, getting money in quicker, being able to pay suppliers. Small businesses want to concentrate on their operations,” he added.

Mr. Parrington said a collective effort between the public and private sectors is needed to boost digitalization.

“It requires partnerships across the ecosystem. From a Visa perspective, anything we can do to increase acceptance and enable more businesses to become digitized helps because people then can transact in a safe way.”

The Bangko Sentral ng Pilipinas (BSP) wanted to digitize 50% of retail transactions by end-2023 and earlier said it was confident the target was met amid increasing use of online platforms for transactions.

For its part, Visa Foundation last year pledged $100 million to support small and micro businesses in Asia-Pacific Economic Cooperation countries over five years, including the Philippines.

“We’ve got a pledge in terms of digitization of small and micro businesses, that’s globally. 67 million (businesses) is how many we’re looking to digitize. We’ve passed 50 million now,” Mr. Parrington said.

“We make our investments in the products and solutions that we have, making them easier to use. Contactless payments are a big thing that we’ve rolled out in the Philippines. You’ll see from the consumer payments that we’ve noticed the growth there,” he added.

He cited various solutions to support small businesses, such as rapid seller onboarding and digital issuance of cards and credentials.

“Digital wallets and embedding credentials into mobile phones to make them more safe and secure, they’re investments that we’re making in the ecosystem that we can bring with our partners to the Philippines as well to help grow the digital landscape.”

He also cited low-hanging fruit such as the provision of a business debit card to help business owners separate their personal expenses.

“It becomes very confusing and difficult to run your bookkeeping, understand your cash flow position if you’re paying for things with your consumer cards. One of the easiest products that we have is a business debit card, so that we can start making business payments from your business bank account very simply and easily,” he added. — Luisa Maria Jacinta C. Jocson

The Kate Middleton mess should terrify brands on social media

TOM SOPER PHOTOGRAPHY-WIKIMEDIA.ORG

A BIG POWERFUL organization with a carefully manufactured image gets embroiled in a conspiracy theory about one of its most beloved and valuable brand ambassadors. To try to quell the uproar, said organization takes to its social feeds. But when those posts turn out not to be the full story, the conspiracy mushrooms, sparking even more intense scrutiny and mass intrigue.

We are, of course, talking about Kensington Palace’s Kate Middleton crisis (because who isn’t). But the British monarchy is essentially a massive global brand — there’s a reason it’s known as The Firm — and the mess it finds itself in right now should be a warning to any business that thinks it can control its own messaging.

What turned the most casual royal watchers into crazed professional internet sleuths is the now-infamous photo that was posted by the Prince and Princess of Wales’s handle on X (formerly Twitter) on Sunday. The image of Middleton with her three children was meant to quell questions over the health of the princess, who hadn’t been seen in public since December. Instead, the obviously doctored photo only set off more alarm bells. The explanation that Middleton had been the one to alter the image was about as likely as a C-suite executive claiming they had just logged on to the company’s corporate Instagram account to casually touch up a post.

Much of the analysis of the photo and the ensuing uproar focused on how this episode is an early taste of what’s to come as AI and deepfakes feed into our post-truth world. But the erosion of society’s faith in its biggest institutions (including the British crown) started long before such technologies existed. And conspiracy theories, like the ones that have been swirling around the princess’s disappearance, are more likely to take hold when people are looking for some sense of control and certainty when the world’s long-established norms and power structures are in flux.

Recognizing that they can seem out of reach and out of touch, brands have taken to social media to meet their consumers where they are. The younger generation of the royal family has done the same, attempting to show a side of itself that has long been hidden behind all the pomp and circumstance. But when you attempt to regularly engage with an audience in order to come across as accessible, it only amplifies the decision to go silent when things take a turn.

We do not know what’s going on with Middleton, and she has a right to her privacy. But the family has put itself in the uncomfortable position of straddling a space between new and old media, laying out the expectation that it will talk to its followers directly and candidly through X and Instagram. But in this moment of crisis, it has fallen back on the old way of doing business — official releases and explanations that make vague references to “personal matters” and “ private appointments.”

The royal family has learned the hard way what every big company brand should already know: If you’re going to play on social media and court an engaged and active audience, you better know what you’re doing. A sophisticated following will parse your every move and pull apart your every post. It’s dynamic and fun when times are good, but not so much during a crisis. Your audience, however, will expect to hear from you on both occasions. If you stay quiet, they will fill the vacuum with their own TikToks and tweets and Instagram posts. And if you dare lie to them, they will sniff it out immediately, further degrading whatever trust and goodwill you have managed to build.

This episode made me think of my past coverage of the vegan food delivery service Daily Harvest, which is a useful case study of the “live by social media, die by social media” phenomenon. It’s a small company that managed to build an impressive following during the direct-to-consumer boom of the 2010s. But when one of its products sickened hundreds of people, the startup was criticized for taking too long to send out any sort of clear update on Instagram and other platforms, where it was in regular conversation with its customers. Just as social media amplified its brand on the way up, it also amplified its failings and acted as a forum for its very online customer base to share theories (some of them of the conspiratorial variety) of what had made them ill.

In this case, it’s a key brand ambassador who is having the health problems — we just don’t know of what variety or how severe. The “Where’s Kate” crisis has been felt more acutely in large part because of the unusual level of transparency King Charles III has provided into his own health. Why has The Firm been relatively open about the king’s condition while remaining so vague about Middleton’s? It’s likely a function of the way the royals run their press operations, with each couple having their own team. This is akin to every member of the C-Suite running their own communications apparatus — which they often do. But this is a reminder that in times of crisis, a failure to have one overarching strategy will reveal an organization’s internal conflicts and dysfunction to the public.

Social media can be a powerful tool for institutions trying to restore and build trust. But it can just as quickly destroy it. With the photo debacle, the royals have been caught peddling mistruths online in an attempt to quiet the ones spreading about Middleton. The best thing for any brand to do when faced with this kind of crisis of confidence is to tell the truth and own up to its mistakes; the problem is, it will now be that much harder to believe them.

BLOOMBERG OPINION

Entertainment News (03/15/24)


Glorietta to hold coffee and group therapy activities

FOR Women’s Month this March, Makati’s Glorietta Mall has launched a campaign titled, “How She Blooms: A Tribute to Thriving Women.” It will run from March 15 to 17 with a series of activities geared towards empowering women. One of the highlights of the campaign is a special Coffee and Group Therapy session focused on the topic of “compassion fatigue.” It will be hosted by Mind You, a mental health organization dedicated to improving access to mental health services. Registration is required via this link: https://forms.office.com/r/vFzkuCmCaN. Glorietta will be offering discounts on mental health sessions through the Mind You app, along with 10 complimentary sessions. Over the weekend there will also be art sessions, Pound workouts, and a workshop on essential oils.


Craft fair for female entrepreneurs

THE “Lokalakalan: Kultura, Kababaihan, at Kabuhayan Fair,” which will be held on March 15 to 17, is Security Bank’s way to honor and celebrate women. To be held in two locations — Makati’s Power Plant Mall and Muntinlupa’s Alabang Town Center — the craft fair is organized by female entrepreneurs from the Community Crafts Association of the Philippines (CCAP). The association is known for showcasing traditional crafts by community-based artisans and organizing capacity-building workshops on product development, design, and effective marketing strategies. The fair will showcase bags and accessories, garden and patio decor, home decor, homeware, artwork and prints, and ornaments. Customers with a Security Bank Credit or Debit Card can get up to 36 months on regular installments for a minimum spend of P3,000.


Cookbook launch, summer bazaar, cat adoption

MID-MARCH is filled with events at Quezon City’s Araneta City, starting with the launch of chef Tatung Sathou’s Young Chef’s cookbook on March 16, 3 p.m., at the Quantum Skyview, Gateway Mall 2. The chef will be there to sign copies, and children can join basic cooking activities. From March 16 to 17, the ground floor of Manhattan Parkview will host a summer bazaar. On March 17, at the Farmer’s Plaza activity area, the community volunteer group The City Cats of Cubao will hold a full-day adoption drive for healthy stray cats in Cubao. For more information, visit Araneta City’s social media pages.


Paella Gigante returns to Ayala Malls

A well-loved culinary spectacle returns at the Greenbelt 3 Park in Makati. After a pandemic hiatus, the Paella Gigante will once again be cooked, this time on March 16 at 4 p.m. Spanish dance and music will also be performed while an authentic Spanish paella is cooked on a giant paellera. Guests are encouraged to come in their most colorful attire. Tickets are now available for P500 at the Greenbelt 3 Cinema Ticket Booth, and all proceeds from the event will be contributed to Sociedad Espanola de Beneficencia (a charity aimed to improve the well-being and quality of life of indigent and elderly Spaniards and Filipinos). For inquiries, call 843-0742 or e-mail info@senfil.org.


Art in the Park 2024 opens on Sunday

THE AFFORDABLE art fair, Art in the Park, returns this coming Sunday, March 17, at the Jaime Velasquez park in Makati City from 10 a.m. to 10 p.m. This edition gathers over 60 exhibitors representing galleries, art collectives, independent art spaces, and student groups to present a vibrant showcase of diverse talents and to offer an opportunity for fair-goers to engage, interact, and immerse themselves in Filipino creativity. As in previous years, Art in the Park 2024 features special exhibits by Filipino artists handpicked by the fair’s organizers. This year they are abstractionists Pepe Delfin and Clarence Chun, and multimedia graphic artist Demi Padua. There will be several dining options, and musical performances by Any Name’s Okay and Soulful Mood throughout the day.


LEGO launches ‘Play Unstoppable’ campaign

THE GOAL of the LEGO Group’s “Play Unstoppable” campaign is to inspire girls to explore and express their creativity without limits. The toy company previously conducted studies that showed that while 76% of young girls feel confident in their creativity, that number declines as they get older. LEGO will hold a series of “creativity caravans” around Metro Manila — in Toy Kingdom, Toy Express, Toys R Us, and LEGO stores — throughout March, which will be open to girls ages four to 15. Upon arrival, the girls can register on-site to receive a free LEGO Polybag set which they can play with at the activity area and take home for free after. For more information, check out LEGO’s official social media pages.


Newport World Resorts hosts Manila Coffee Festival

FROM March 15 to 17, Newport World Resorts will play host to this year’s Manila Coffee Festival (MCF) and “KapeTalks,” a series of in-depth discussions advocating the Philippine’s coffee culture and natural heritage. Spread across the three-day coffee lifestyle event, it is crafted to connect coffee makers, growers, and environmental spokespersons to all who enjoy a good cup. This year, the MCF returns to the MGBx Convention Hall at the Marriott Manila. Headlining KapeTalks is Kingson Sian, President and CEO of Newport World Resorts. Other speakers include environmental advocate and coffee enthusiast Howie Severino who will talk about his approaches to sustainability; culinary heritage advocate Dr. Kathleen Apilado who will discuss artisanal sea-salt making practices; and mambabatok Ammin Acha-ur who will talk about the thousand-year-old tradition of indigenous stick-and-thorn tattooing. The MCF is also setting the stage for homegrown talent in music and art. The Performance Theater will feature OPM stars such as Jikamarie, Leanne & Naara, Rangel, and more. Tickets are available at https://mcf24.helixpay.ph/. The Expresso Pass grants unlimited access to the full three days of the festival for P850, while a P350 regular pass can be used for any one day of the festival. A discounted rate of P200 is available for students, senior citizens, and Persons with Disabilities (PWDs) upon presentation of valid IDs at the festival venue. For more information on the Manila Coffee Festival, visit https://www.newportworldresorts.com/manila-coffee-festival-2024


Viu PH releases new Tagalog-dubbed series

VIU PHILIPPINES is offering five new Tagalog-dubbed series with remarkable female characters this March. These are the Korean dramas My Lovely Liar, The Escape of the Seven, Something in the Rain, and Missing: The Other Side 2; and the Chinese drama Be Together. From mystery dramas to fantasy thrillers, the Tagalog-dubbed selection is available for free on Viu. The platform offers over 100 Asian titles dubbed in Tagalog and Bisaya. Viu can be downloaded via the Apple Store, Play Store, or www.viu.com.


Spence Lee drops new album

SPENCE LEE has released an album under EarDrummers and 88rising. Titled S.H.O.T.T.A., which stands for “Soaring High Over the Turbulence Always,” the album offers listeners a glimpse into Mr. Lee’s multidisciplinary art. Along with the album, he also released a new video for the track “SRT” featuring Slim Jxmmi of Rae Sremmurd. His new songs tackle themes of faith in God, ego, pride, anger, love, loyalty, friendship, the growth mindset, self-improvement, and confidence. It blends live instruments such as pianos, guitars, and bass with soulful melodies, produced by Mike WiLL Made-it among others. S.H.O.T.T.A. is now available on all streaming platforms.

Keppel Philippines dissolves investment holding unit CSRI

LISTED property developer Keppel Philippines Properties, Inc. announced on Thursday the dissolution of its subsidiary CSRI Investment Corp.

CSRI Investment, an investment holding business, was dissolved on Jan. 31, Keppel Philippines Properties said in a stock exchange disclosure.

Apart from CSRI Investment, Keppel Philippines Properties maintains another subsidiary, Buena Homes, Inc., which also operates in the investment holding sector.

Keppel Philippines Properties is engaged in property development through its associates and joint venture.

Its completed residential and commercial developments include the Palmdale Heights residential development in Pasig City and the Podium Complex mixed-use development in Ortigas.

In December last year, BDO Unibank, Inc. completed its takeover of the combined 50% stake in SM Keppel Land, Inc. owned by Keppel Philippines Properties and Opon-KE Properties, Inc.

With the completed acquisition, BDO now owns the Podium Complex, which consists of BDO’s Corporate Center Ortigas, West Tower, and Podium Mall.

Keppel Philippines Properties shares were last traded on March 6 at P6.47 apiece. — Revin Mikhael D. Ochave

Monthly wages rise for Region III domestics

OFFICIALGAZETTE.GOV.PH

THE Central Luzon regional wage board has approved an increase in the monthly wage for domestic workers to at least P6,000, the Department of Labor and Employment (DoLE) said.

More than 126,000 domestic workers are expected to benefit from the P1,000 to P1,500 increase, as approved by the Regional Tripartite Wages and Productivity Board, which issued Wage Order No. RBIII-DW-04. The new pay scale takes effect on April 1.

The P1,000 increase applies to those working in cities and first-class municipalities in Central Luzon, while P1,500 will be added to other municipalities.

“The increase considered the results of a survey and public hearings, as well as the needs of domestic workers and their families, the employer’s capacity to pay, and the existing socio-economic conditions in the region,” according to a DoLE statement.  

On March 12, the National Wages and Productivity Commission confirmed the pay order after it had been submitted for review by the regional board.

The last wage order for domestic workers in Central Luzon came into effect on June 20, 2022. — Chloe Mari A. Hufana