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Putin has no successor, no living rivals and no retirement plan — why his eventual death will set off a vicious power struggle

ROAD-AHEAD-UNSPLASH

Two things are certain concerning Russian dictator Vladimir Putin.

First, he will be reelected as president in the rigged election scheduled to run from March 15 to 17, 2024, by a resounding — if fraudulent — margin. (According to Reuters, he “was reelected with 87.28% of the vote, figures published by the country’s electoral commission showed, with all the votes counted.” — Ed.)

Second, he is not immortal. He will die one day, and he is likely to die in office rather than retiring willingly. Though we don’t know when that day will come, the world might want to consider the power struggle that will commence the day after Putin departs.

Ever since he took over as president in 2000, Putin has been perfecting the machinery of electoral fraud to guarantee victory. Vote buying, ballot miscounting, distribution of pre-filled ballots, tampering with ballot boxes, voter monitoring and intimidation, and ballot stuffing are all methods that Putin’s agents employ to guarantee a favorable result.

He has also jailed political opponents, exiled others, and denied yet others the ability to challenge him in fair elections. In the most extreme cases, he has had a hand in the murders of opposition figures like Boris Nemtsov and, most recently, the prison death of Alexei Navalny. There will be no surprises in this election: Putin’s victory will reaffirm his iron grip on Russia’s politics.

As a scholar of Russian politics and foreign policy who has studied Putin’s regime for the past 25 years, I have watched him build a dictatorship in Russia that rivals the repressive Soviet Union in both its brutality and corruption.

But ironically, Putin is a prisoner of the political system he has built around himself for the past 24 years. Like many dictators, he cannot walk away from power and enjoy a quiet retirement even if he wanted to. He is too attached to, and dependent on, the mind-boggling wealth and power he has accumulated during his time as a public servant.

PROTECTION AGAINST THREATS
But even if Putin got to keep his palaces and yachts, there would be no guarantee of safety in retirement.

If Putin gave up power, his successor might come after him. Putin’s personal authority, charisma, and influence would always be a threat to his successor as long as he was alive, a tempting target for the next ruler, and Putin knows it.

The other reason most dictators won’t even name their successor is that it might initiate a bitter power struggle even before the dictator retires or dies. Imagine if Putin picked a successor: That person would immediately become the target of the unsuccessful contenders not chosen for the job.

There are bitter rivalries even among Putin’s inner circle of cronies. Usually Putin manages to keep those struggles in check, but the 2023 revolt by Wagner warlord Yevgeny Prigozhin against the Ministry of Defense shows how deadly these competitions can turn. Prigozhin was killed in an August 2023 plane crash whose real cause may never be known, but Putin’s hand is widely suspected.

Behind each of the wealthy insiders who support Putin — his oligarchs — stands a deep network of corrupt cronies who would stand to lose their power, wealth, and perhaps even freedom if a rival succeeded in taking over. Putin’s departure could set off a bloody power struggle whenever it happened, so why would he risk it ahead of time by naming his successor?

POWER OVER OTHERS
Putin is not likely to be removed by any palace coup. His control over Russia’s security services has allowed him to crush rivals and control the media, judiciary, regional leaders, parliament and community groups. He has also closely monitored threats from potential opposition figures inside and outside his regime, and made his regime “coup-proof,” as one scholar put it.

His cultivation of anti-Western Russian nationalism has won him the loyalty of the military and citizenry — at least for now.

Putin also uses his control over Russia’s natural resource wealth to keep his oligarchs in line. He decides which oligarchs are appointed to lead Russia’s major state-owned oil, gas, mineral and industrial producers. As long as they remain loyal to Putin and support his political and economic directives, these oligarchs are allowed to profit handsomely by plundering the income their companies earn.

The oligarchs’ wealth and freedom are conditional on staying in Putin’s good graces. Cross him and they could lose everything. Jailed tycoon Mikhail Khodorkovsky learned that in 2003 when, after criticizing Putin, he was imprisoned and saw his Yukos oil company seized by the state.

And just in case any of them did step out of line despite their dependence on his largesse, there’s another reason none of the oligarchs cross Putin: For decades he has amassed a trove of compromising materials or “kompromat” with which to blackmail even his closest advisers.

In short, the entire Russian elite have nothing to gain and everything to lose by defecting from Putin’s coalition.

AFTER DEATH
If Putin can’t retire and probably won’t be deposed, what happens when he finally does die in office? According to the Russian constitution, the prime minister automatically becomes acting president with limited powers when the president can or will no longer serve. Remember, that was Putin’s first step toward becoming president in 2000 when Boris Yeltsin resigned.

This time around, the transition would look much different. Russia’s current prime minister is Mikhail Mishustin, a rather bland and uncharismatic former tax official who lacks a strong power base of his own. Should he succeed Putin as acting president, it’s unlikely that he would become the permanent replacement.

Under the constitution, new presidential elections must be held within three months of the president’s death or incapacitation. But the real scramble for power will take place behind the scenes and not at the ballot box.

It’s possible that the potentially violent power struggle could be resolved before the election, but three months is not much time for a successor to consolidate their grip and fill the void left by Putin. It’s also possible that a consensus candidate might be allowed to win the election while the real struggle between factions plays out in the ensuing months and years.

Or an informal coalition of leaders attempts to rule collectively while holding the key positions of power like the presidency, premiership and security services. This sort of power-sharing arrangement has historical precedent in Russia: Coalitions proclaiming “collective leadership” briefly held power after the deaths of both Vladimir Lenin and Josef Stalin. But in each case, one member of the coalition was able to outmaneuver and eliminate their partners: first Stalin and later Nikita Khrushchev. These cases are reminders that autocratic succession is usually a messy affair.

But the days, months and years after Putin’s departure may be even more turbulent than anyone expects. Never before has so much personal authority been concentrated in the hands of a single Russian leader with so few supporting institutions to help stabilize a leadership transition. There is no monarchical succession, as under the Romanovs, the last royal family to rule the country. Nor are there the strong institutions of a single-party state to constrain rivals as in Soviet times.

There is only Putin.

THE CONVERSATION VIA REUTERS CONNECT

The views presented in this article are his own and do not represent the official policy or position of the Army, Department of Defense, or United States Government.

 

Robert Person is an associate professor of International Relations at the United States Military Academy West Point.

Women-led MSMEs operating unsustainably

FREEPIK

A NUMBER of women-led small businesses in Metro Manila have yet to embrace environmentally sustainable practices due to lack of awareness about its benefits, as well as limited financial resources, according to a government think tank.

The awareness these micro, small and medium enterprises (MSMEs) about the circular economy is “low,” the Philippine Institute for Development Studies (PIDS) said in a study published in December.

It “translates to a low level of circularity which was ascertained through strategy and vision, business model, post-sales services, resource recovery, waste management, resource consumption and eco-design,” said PIDS, which studied 58 women-led MSMEs in the capital and nearby cities.

It also found that these small enterprises tend to work in isolation and shun collaboration and partnerships to advance the circular economy.

Despite government efforts to mainstream the circular economy — a model of production and consumption that involves reusing, repairing and recycling materials as long as possible — 32.8% of the respondents did not have an idea of its principles. Only 8.6% clearly understood the concept.

PIDS said 36.2% of these businesses had a basic understanding and were interested in learning more about the topic, while 22.4% have heard of it but lack a full understanding.

Aside from the lack of knowledge and awareness, the participants also cited limited financial resources, lack of state support and policies, lack of access to partnerships and resistance to change as the main barriers to circular economy adoption, PIDS said.

The study found that 65.5% of the MSMEs were unaware of state-led programs, while 32.8% have only heard about certain projects.

Only one enterprise claimed that it was aware of government initiatives on the circular economy, PIDS said. “This is despite the enforcement of several initiatives at the local level.”

Marikina City, which mandates business owners to attend an annual waste management seminar before being issued permits, has been enforcing a program that collects kitchen wastes from restaurants and food stalls that are used as fertilizer for the city’s urban garden.

Makati City promotes recyclable trading activities through weekend waste market programs, PIDS said.

Quezon City requires households to segregate waste and residents are encouraged to participate in a so-called ecosaver program and waste markets, PIDS said.

Still, 43.1% of the businesses said they did not receive state support, while 27.6% described government guidance as poor.

PIDS said 24.1% of the respondents gave the government an average rating, while 5.2% gave it a good rating. “No respondent characterized government support as excellent.”

The Philippine Development Plan for 2023 to 2028 considers the circular economy as key to an improved environment quality, in line with a framework to establish livable communities.

PIDS noted that while the Philippines has passed laws and enforced projects to promote the circular economy, it has yet to develop a consolidated framework.

MSMEs account for more than 99% of Philippine businesses, and a 2019 Trade department list showed women-owned enterprises make up about 60% of business name registrations in the country, the think tank said.

STATE INITIATIVES
“The promotion of the circular economy within firms and enterprises in the country is indeed a much-needed endeavor given the increasing shift towards sustainable production and consumption at both regional and international levels,” it said.

PIDS said there had been several initiatives by the government, private sector and civil society to promote the circular economy.

For one, the Global Green Growth Institute and the Philippines’ Climate Change Commission have been collaborating since 2015 to help several towns achieve economic growth while pursuing green programs.

The Trade department has also been working with the institute to advance green practices among MSMEs in the food processing sector.

PIDS said 70.7% of the respondents said they had identified potential circular economy applications, while 13.8% occasionally did.

It added that 39.7% of the businesses were totally unaware of the gains from the circular economy, while 25.9% were somewhat aware and 25.9% were insufficiently aware. Only 8.6% were totally aware.

“In addition, 44.8% of surveyed women MSMEs revealed that there is no customer demand for circular economy practices, and only 5.2% shared that there is high demand for circular products and processes,” it added.

PIDS said 89.7% of the women-led companies did not use renewable energy sources and 80.3% never enforced energy management strategies.

It added that 48.1% of the respondents implemented material consumption management strategies, while 69.3% were somewhat aware of local recycling and waste management facilities.

The think tank urged the government through the Trade and Environment departments to “focus on education campaigns and advocacies to raise the current level of awareness about circular economy principles.”

It said the state could provide incentives and business support to address their limited financial resources.

The government should also promote the circular economy among MSMEs and members of the informal sector through digital technologies and social media platforms, it said.

“It is paramount that there is a heightened level of awareness among these groups due to their substantial contribution in terms of noncircular economic activities,” it said. “They are likewise not covered by extant policies and regulations given their economies of scale and nonregistration, specifically the informal sector.”

The government should also track its progress in mainstreaming circular economy principles among companies and households, PIDS said. — Kyle Aristophere T. Atienza

New Banksy mural depicting tree foliage appears in north London

BANKSY.CO.UK

LONDON — A new artwork by British street artist Banksy has appeared in London, using green paint sprayed across the side of a building to mimic the foliage of a real, heavily pruned tree that stands a few meters in front of it.

A photo of the mural was posted on Banksy’s official Instagram account on Monday, where the artist usually claims responsibility for works of art to his more than 12 million followers.

When viewed from certain angles, the green paint lines up with the tree’s bare branches to represent its leaves. The work includes a stencil, typical of Banksy, of a person holding a spraying device, dripping in green paint.

The renowned street artist’s latest work sparked interest and excitement across social media platforms, including from lawmaker and former leader of the Labour Party, Jeremy Corbyn, who represents the area of north London where the art appeared.

“Banksy has come to Islington! What wonderful artwork, proving there is hope for our natural world everywhere,” Mr. Corbyn said in a post on X.

In December, artwork by Banksy showing three grey drones across a “STOP” traffic sign in south London was removed by an unidentified man in broad daylight as passersby looked on. Police later made arrests.

That fate looks unlikely for his latest piece, which stretches beyond the height of the fully grown tree and across several floors of a large building. — Reuters

Transactions via LANDBANK’s online channels rise 42% in 2023

BW FILE PHOTO

LAND BANK of the Philippines (LANDBANK) saw digital transactions done via its online banking channels rise by 42% in terms of value to P8.8 trillion in 2023, it said on Tuesday.

The 2023 level was up from the P6.2 trillion worth of transactions coursed through the state-run lender’s digital channels in 2022, LANDBANK said in a statement.

“LANDBANK continues to leverage technology to level up service delivery and drive financial inclusion across the country. In step with growing customer demand, we are set to expand our innovative offerings to further contribute to the nation’s digital transformation journey,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.

“LANDBANK remains committed to further enhancing its digital platforms and expanding its reach, to better serve diverse customer needs and contribute to growing the Philippines’ digital economy,” the lender added.

In terms of volume, digital transactions done via LANDBANK’s online banking channels rose by 48% to 92.9 million last year from 62.6 million in 2022, it said.

These online transactions were made through LANDBANK’s mobile banking app (MBA), iAccess, weAccess, Link.BizPortal, i-Easy Padala, Electronic Tax Payment System (eTPS), Electronic Modified Disbursement System (eMDS), and LANDBANK Bulk Crediting System (LBCS).

The i-Easy Padala channel facilitated almost half of the value of total recorded digital transactions at P4.33 trillion, or 3.3 million in volume terms.

Meanwhile, the LANDBANK MBA saw the highest growth in transaction volume at 44% to 55.2 million transactions that were worth P316.8 billion.

Link.BizPortal saw a 33% increase in the number of transactions to 7.65 million for a total value of P11.5 billion. The platform also saw a 53% rise in government agency partners, bringing the number of Link.BizPortal merchants to 1,193.

“LANDBANK’s alternative payment channel, eTPS, facilitated P134 billion in value, while the bank’s online retail banking channel, iAccess, recorded P18.36 billion,” the lender added.

The value of transactions done via the LANDBANK eMDS Internet facility for National Government partners also rose by 38% year on year to P2.95 trillion in 2023, with the total volume at 3.2 million transactions.

Transactions made through LANDBANK’s electronic bulk disbursement facility LBCS jumped by 296% in volume and 138% in value to 7.1 million and P67.86 billion, respectively.

Lastly, its corporate internet banking platform weAccess recorded a 53% increase in transaction volume and a 57% growth in value to 14.4 million worth P952.1 billion, respectively. — A.M.C. Sy

Del Monte Pacific posts $29-million net loss

CAMPOS-LED Del Monte Pacific Ltd. (DMPL) saw a $29-million net loss in the third quarter of its fiscal year that started in May due to lower sales and higher operating costs.

In a stock exchange disclosure on Tuesday, DMPL said its November-to-January 2024 period net loss is a reversal of the $9.8-million net profit the prior year.

DMPL’s third quarter sales fell 5% to $646.7 million due to lower sales in the United States by subsidiary Del Monte Foods, Inc. (DMFI), and lower sales in the Philippines and exports of packaged pineapple by unit Del Monte Philippines, Inc. (DMPI).

DMFI saw a 6% drop in sales to $466.4 million led by the shift away from co-pack products that is packed for other manufacturers, as well as lower canned fruit and vegetable sales.

Lower sales were cushioned by higher tomato and broth sales, and increased foodservice.

DMPI recorded $107.4 million worth of sales in the third quarter, 4% lower in peso terms and 2% lower in dollar terms, as a result of weaker beverage sales following the emergence of simple juice drink brands and juice polyethylene terephthalate (PET) bottle formats.

The Philippine unit’s food service channel also recorded a 13% growth in sales led by new outlets, menu ideas, and products.

Sales across DMPL’s international markets fell by 21% on weaker packaged product sales, offsetting the 17% growth in the fresh segment. The strong sales of the fresh segment were led by higher volume of the S&W deluxe pineapple and better pricing.

“Packaged sales declined with lower sales to the US due to their inventory correction and unserved demand in other markets due to lower pineapple fruit supply,” DMPL said.

In the first nine months, DMPL recorded a $50.6-million net loss compared to the $28.9-million net profit in the prior year.

The company’s sales were maintained at $1.8 billion on “stable turnover in US and the Philippines” while gross profit fell by 26% to $360.4 million due to higher costs.

DMFI sales rose by 1% to $1.3 billion due to higher prices, while DMPL sales reached $291.2 million, which is 0.8% lower in peso terms and 0.6% in dollar terms caused by “declines in modern trade and general trade business.”

DMPL said it will close two vegetable plants in the states of Wisconsin and Washington to address higher carryover inventory levels and to lower costs. The green beans volume from the Wisconsin plant will be consolidated into another plant.

To further reduce costs, the company is also optimizing packaging materials, implementing power and fuel initiatives, making investments to enhance efficiency, productivity, and wastage minimization, and introducing product bundling initiatives in distribution centers.

DMPL is also “rightsizing” its workforce to lower its general and administrative costs. It is expecting to record better branded revenue growth in 2024.

“We expect that consumer spending will continue to be affected by inflation and high living costs. The group is focused on navigating through these challenges. Additionally, we will explore opportunities to enhance our capital structure, reduce leverage, and minimize interest expenses,” DMPL Managing Director and Chief Executive Officer Joselito D. Campos, Jr. said.

Meanwhile, DMPL announced that its unit Jubilant Year Investments Ltd. will issue $70 million worth of senior perpetual capital securities on March 18.

 The issuance will be guaranteed by DMPI and Philippine Packaging Management Service Corp.

 The proceeds from the offer will be used to settle certain derivative rights of DMPI minority shareholder, SEA Diner Holdings (S) Pte. Ltd., and redeem less than half of its shareholdings in DMPI.

 On Tuesday, DMPI shares at the local bourse fell by 1.61% or nine centavos to P5.50 each. — Revin Mikhael D. Ochave

Fight corruption for efficient governance

JESUS MONROY LAZCANO-UNSPLASH

TO ENSURE further development in the country, it’s imperative to address the challenges now besetting the National Government. Among the major issues it is currently facing is corruption.

This perennial problem continues to impede economic growth, breeding social inequality, and eroding public confidence. Effective law enforcement, transparent governance, and robust anti-graft measures are necessary to combat corruption. To prevent it, institutions must be strengthened, and a culture of integrity be fostered.

Among the causes of corruption are poverty and inequality. These issues remain amid the country’s economic growth. Basic utilities, good healthcare, education, and employment are still inaccessible to many Filipinos. Hence, the government must prioritize taking actions on mitigating poverty and funding social programs.

A sound policy environment is also crucial to weed out corruption in public office. This is by way of enacting or amending laws to strengthen the legal foundation for fighting corruption in government. Legislation that outlaws unethical activity, lays forth precise standards for moral conduct, and shields informants from prosecution falls under this category. Strictly enforcing these regulations is essential to prevent wrongdoing.

The Philippines’ Ombudsman has been involved in several high-profile corruption lawsuits, including the Priority Development Assistance Fund (PDAF) scam, Disbursement Acceleration Program (DAP) controversy, and the Maguindanao massacre cases. These involved the misappropriation of government funds for development projects, the misuse of resources by the executive branch, political corruption, and abuse of power. The Ombudsman played a crucial role in investigating and prosecuting those involved, leading to the conviction of several individuals, including prominent political figures.

The Ombudsman oversees guaranteeing transparency and accountability in the executive branch. It can bring legal action before the Sandiganbayan court and investigate allegations of corruption against public servants and authorities. Apart from promoting good governance and urging actions to stop corruption, it also performs a preventive role, having the authority to start asset recovery procedures, seize, and forfeit money that was illegally obtained.

Also, the Ombudsman keeps an eye on how well government organizations are performing to make sure they adhere to law and moral principles. To combat corruption and advance openness, it takes part in public advocacy and education. What’s more, it helps in developing a culture of integrity and good governance by holding public servants accountable and encouraging moral behavior.

Meanwhile, independent audit organizations play a crucial role in guaranteeing transparency in government spending. To ensure that financial statements, transactions, and records adhere to legal requirements as well as accounting standards, they inspect them. To evaluate the efficacy, economy and efficiency of government initiatives and activities, they also carry out performance audits.

Their critical role doesn’t stop there. They also evaluate and point out instances of non-compliance with rules and regulations pertaining to financial management and spending. By spotting anomalies and making suggestions for enhancement, they also discover and stop fraud and corruption. To improve openness and public accountability, they generate audit reports that offer an unbiased evaluation of government spending and financial management. Independent audit institutions check on the executive branch by making public servants responsible for the management of the peoples’ fund.

 

Juan “Yuan” Santos, serves as territory manager and sales representative at BusinessWorld Publishing Corp. He is the president of both the Rizal Technological University (RTU) – Kalipunan ng Mag-Aaral at Pampublikung Pangangasiwa (KAMAPPA) and the RTU College of Arts and Sciences Graduate Program Students Association (CAS-GPSA).

Saripay eyes climate insurance for MSMEs

SARIPAY, the financial arm of GrowSari, Inc., is looking at offering climate risk insurance to micro, small and medium enterprises (MSMEs) including mom-and-pop stores and other small businesses that use its online payment platform, its top official said.

“We are looking at insurance as one of the opportunities that store owners can buy [to] protect themselves against future calamity,” Saripay General Manager Sandeep Bhalla told BusinessWorld in a Zoom interview on March 15.

Mr. Bhalla said MSMEs can protect inventory and recover losses from rains and typhoons.

Saripay offers MSMEs such as mom-and-pop stores, pharmacies and small side eateries short-term loans and cashless payments through a business wallet.

It offers ELista, a “buy now, pay later” financing service that MSME owners can use for inventory purchases.

Mr. Bhalla said the company is also considering using its partner-stores as outlets where customers can receive local payments. He added that they want partner stores to open bank accounts.

Saripay expects to increase the number of stores that use its QR (quick response) code service to as many as 75,000 in the next 12 to 18 months from 30,000 now. It also sees its buy now, pay later service growing by 50% this year.

GrowSari and Saripay users get a free QR code that allows stores to accept digital payments from customers. About 70,000 stores have access to Saripay’s buy now, pay later service.

Mr. Bhalla said Filipino consumers are not yet fully cashless and are still learning about digital money. Smartphone access remains an issue for some, he added. — Aubrey Rose A. Inosante

Arts & Culture (03/20/24)


Women artists, Charlie Co at the Ateneo Art Gallery

TO MARK the annual celebration of March as Women’s Month, the Ateneo Art Gallery recently unveiled “Matrix II: Women Artists from the Collections of the Ateneo Art Gallery and Ambeth R. Ocampo.” The first iteration in 2002 was held in the modest spaces of the Ateneo de Manila University’s Special Collections Building, featuring 17 women artists. This second iteration has 50 artists, selected from the university museum’s permanent collection. It also coincides with the exhibit “The World According to Charlie Co: Drawings, Paintings, Sculptures and Mixed Media Works” at the second floor of the gallery. Following its first mounting in 2020, guests can look forward to seeing added works from Charlie Co’s personal collection. The exhibits are on view until Aug. 3. For more information, visit www.ateneoartgallery.com or e-mail aag@ateneo.edu.


Ilusorio, Montesclaros in piano benefit concert

BANTU PH is presenting an evening of classical music at the Asia Pacific College (APC). The concert, called Cuatro Manos: A Cultural Duet, features two internationally acclaimed concert pianists: Mariel Ilusorio and Inna Montesclaros. The concert will be held at APC’s Auditorium on March 23 at 4 p.m. Proceeds will be for the benefit of Bantu PH’s programs for underprivileged youth. To extend support, visit the Cuatro Manos official website, https://cuatromanos.apc.edu.ph/, or message the APC Facebook Page.


Jürg Casserini featured at Galerie Hans Brumann

THE ENTIRE month of March will see artist Jürg Casserini featured in an exhibit titled “Swiss Connection,” at Galerie Hans Brumann. Located at the lower ground floor of the Legaspi Parkview Condominium in Makati City, the space is the temporary home to Mr. Casserini’s Bangka series, which shows how battered pieces of the local fishing boat come together, with the vivid colors of the flotsam naturally preserved by seawater. The artist also saw potential in the waste product of copper smelting. There are also pieces of driftwood reworked into sculptures. Mr. Casserini is joined by painter Jörg Stäehli and piña-seda artist Samantha Aragon-Kaspar. To know more about the artists and their works, visit https://www.facebook.com/galeriehansbrumann/.


Haegue Yang to launch book and hold lecture

THE MUSEUM of Contemporary Art and Design (MCAD) Manila will be hosting a public lecture by Korean artist Haegue Yang on March 23, 3 p.m., at the Roosevelt Function Room in Las Casas Filipinas de Acuzar, Quezon City. The launch of the book Haegue Yang: The Cone of Concern will follow at 4:30 p.m. While both events are open and free to the public, visitors must RSVP via mcad@benilde.edu.ph due to limited space. Ms. Yang, who lives and works in Berlin and Seoul, is known for her unique interweaving of conceptual language and aesthetic vocabulary. Her new book is a documentation of her exhibition of the same title. Those attending the event are eligible for a 10% discount upon purchase of the book.


Mixed media exhibit benefits charity ministries

“HEART in Art,” an exhibit for the benefit of GCF Mercy and Operation Compassion Ministries, is ongoing until March 31 at the ARTablado, Level 3 Veranda, Robinsons Galleria, Ortigas. It is a collaborative effort of multiple generations of artists using mixed media. All individual pieces dig deep into faith experiences, marking the first attempt for this community of artists from the Greenhills Christian Fellowship to work as a team through art. The artists are Addie Cukingnan, Ana Abigail Araneta, Aileen Espinosa Cura, Doris Disuanco, Flordz Perona, Gina Guerrero-Roldan, Naomi Banal, Jet Rai, Jimmy Tayag, Josiah Bien Sebastian, Ofemia Sy Tan, Rommel Yazon, and Tot Ligot.


Katherine Lacson to lecture on comfort women

AS PART of the 2nd Roderick Hall Memorial Lectures series, Breaking the Silence, Shifting Perspectives: Evolving Narratives and Representations of Filipino Comfort Women will tackle yet another historical narrative. This time, Katherine G. Lacson’s free lecture, presented by Ayala Foundation’s Filipinas Heritage Library, will explore how the stories of Filipino comfort women evolve over time. It will be held on March 23 at 2 p.m., in both Ayala Museum in Makati and via Zoom. For more details and to register, visit the Filipinas Heritage Library website.


UP Alumni Awards 2024 calls for nominations

THE UNIVERSITY of the Philippines Alumni Association (UPAA) has announced the deadline of April 1 for the submission of nominations to the UPAA Distinguished Alumni Awards 2024. UPAA President Robert Aranton invites sectors and groups to identify UP alumni nominees who are “everyday heroes or unsung achievers making a difference through their quiet work in obscure areas of the country or foreign territories.” For nomination forms, contact the UPAA Secretariat at Ang Bahay ng Alumni, Magsaysay Ave., UP Diliman, Quezon City, or e-mail upaa.awards2024@gmail.com.


Gurudev Sri Sri Ravi Shankar holds meditation session

TO SPREAD the word about achieving peace of mind, humanitarian leader and spiritual teacher Gurudev Sri Sri Ravi Shankar will conduct a meditation session in Manila on April 5, 6 p.m., at The Fifth at Rockwell, Powerplant Mall, Makati. The event, called “In Joy with Gurudev Sri Sri Ravi Shankar,” may help eliminate stress, bolster mental health and well-being, and build resilience through evidence-based breathwork and meditation techniques. To purchase tickets, which cost from P500 to P800, visit www.artofliving.org or follow Art of Living PH @artoflivingph on Instagram, and Art of Living Philippines on Facebook.

BankCom posts higher net earnings in 2023

BANKCOM.COM.PH

BANK of Commerce (BankCom) saw its net income rise by 55.67% last year amid higher revenues.

The San Miguel Corp. affiliate recorded a net profit of P2.802 billion in 2023, up from the P1.8 billion posted in the prior year, its financial statement showed. The lender noted this was its highest annual net income since 2008.

In the fourth quarter alone, BankCom’s net earnings more than doubled to P791.07 million from P311.58 million a year prior on higher revenues from its lending business, investment securities and fees from investment banking group deals.

The bank’s full-year performance translated to a return on equity and a return on assets of 9.52% and 1.25%, respectively.

BankCom’s net interest income rose by 24.16% to P8.3 billion from P6.682 billion on the back of higher earnings from loans and investment securities amid elevated yields.

Its net interest margin was at 4.28%, up from 3.73%.

BankCom’s gross revenues grew by 22.9% to P9.98 billion from P8.12 billion in 2022 on the back of higher service charges, fees, and commissions, and trading gains.

“These are on account of investment banking deals in 2023, which delivered substantial fees for the bank; the recovery of its trading and investment securities business, and a rise in gains coming from the foreclosure, and sale of properties and equipment and foreclosed assets,” BankCom said.

Other income stood at P1.68 billion, 17% higher than P1.43 billion a year prior.

Meanwhile, operating expenses increased by 10.41% to P6.24 billion in 2023 from P5.65 billion in 2022.

This brought its cost-to-income ratio to 0.62% last year, down from 0.68% in 2022.

The bank’s total loans and receivables went up by 4.26% to P109.57 billion from P105.09 billion, driven by corporate loans.

Its nonperforming loan (NPL) ratio stood at 1.54%, down from 2.10% a year prior. Meanwhile, NPL cover was at 93.21%, up from 89.05%.

The bank set aside provisions of P78.84 million in 2023, down 52.56% from P166.21 million in the previous year.

On the funding side, total deposits rose by 5.47% to P185.91 billion in 2023, driven by a 7% increase in current and savings account or CASA deposits to P164.24 billion.

The lender’s loan-to-deposit ratio was steady at 70%.

BankCom’s assets increased by 6.51% to P231.67 billion at end-2023.

Total capital rose by 10.06% to P30.85 billion. Its capital adequacy ratio and common equity Tier 1 ratio stood at 19.88% and 19.09%, respectively.

BankCom’s shares went down by 27 centavos or 4.16% to close at P6.22 apiece on Tuesday. — A.M.C. Sy

Globe Telecom, Inc. to hold 2024 Annual Meeting of Stockholders virtually on April 24

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How PSEi member stocks performed — March 19, 2024

Here’s a quick glance at how PSEi stocks fared on Tuesday, March 19, 2024.


Philippines drops in Global Opportunity Index

The Philippines slipped five places to 91st place out of 130 countries in the 2024 edition of the Global Opportunity Index (GOI) by nonprofit think tank Milken Institute. The index assesses various factors such as economic, financial, institutional, and regulatory aspects to assess the country’s attractiveness to foreign investors. Among its peers in the East and Southeast Asian region, the country ranked third lowest.

 

Philippines drops in Global Opportunity Index