Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2251

Strengthening business success through corporate governance

Pixabay / Mohamed_hassan

Trust, accountability, and leadership — these principles are essential foundations that can make or break a company. A well-governed company is not only profitable but also responsible and transparent to all its stakeholders.

Corporate governance is essential for aligning the interests of a company’s management with those of its shareholders and other stakeholders. It ensures that decisions are made to promote transparency, fairness, and accountability, thereby fostering trust and confidence among investors, employees, customers, and the public.

According to the Organisation for Economic Co-operation and Development (OECD) Principles of Corporate Governance, corporate governance involves a set of relationships between a company’s management, its board, its shareholders, and other stakeholders. Corporate governance also provides the “structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined.”

According to McKinsey & Company, 84% of global institutional investors are willing to pay a premium for companies with robust corporate governance practices. Similarly, the Harvard Law School Forum on Corporate Governance found that 64% of investors consider corporate governance a critical factor in their investment decisions. These figures indicate that well-governed companies are more likely to attract investment, reduce the cost of capital, and enhance overall corporate performance, which is crucial for long-term sustainability and strategic growth.

Adopting ESG and boosting CSR in businesses

Environmental, social, and governance (ESG) criteria have become integral to corporate governance practices. Companies are increasingly evaluated on their ESG performance, influencing investment decisions and corporate strategies. This additional factor mirrors a broader understanding that a company’s success is not solely determined by financial performance but also by its impact on society and the environment.

According to a report by ESG Reporting Hub, businesses are now actively incorporating ESG goals into the company’s purpose, ensuring that these considerations are not treated as separate initiatives but are integrated into the core business model.

A study published in the peer-reviewed journal Environment, Development, and Sustainability stated that businesses that integrate ESG factors into their operations often experience improved value creation and sustainability, which can lead to better financial outcomes over time. In fact, firms with robust governance structures also tend to perform better, with good governance practices correlating with increased shareholder value and reduced risks.

On the other hand, consumers are increasingly choosing to spend their money on products and services with ESG-related claims. According to a report by McKinsey, products with ESG-related claims had a 1.7 percentage-point advantage over those without.

Meanwhile, corporate social responsibility (CSR) and sustainability have become increasingly intertwined with effective corporate governance as these strategies require considering the interests of all stakeholders, including shareholders, employees, customers, suppliers, and the community, in decision-making processes. For instance, a report by the Corporate Finance Institute found that CSR can add value to firms by establishing and maintaining a good corporate reputation, reducing operational costs through efficiency improvements, and attracting and retaining committed employees.

Going beyond profit

According to Institute of Business Ethics, many businesses today are not viewed as highly trustworthy, which emphasizes the need for ethical governance practices that are rooted in integrity, honesty, and openness.

Central to the corporate governance framework is the concept of ethics, which refers to the moral principles guiding the decision-making processes within an organization. Ethical corporate governance ensures that companies not only comply with the law but also adhere to a higher standard of integrity and responsibility toward all stakeholders.

Meanwhile, businesses are now creating a more productive, engaged, and innovative workforce by promoting equality, diversity, and inclusion in the workplace. Fair employment practices secure that all employees are treated equitably, regardless of gender, race, age, disability, or other characteristics. This strategy not only fosters a positive work environment but also mitigates the risks associated with discriminatory practices.

In addition, a study on the diversity and effectiveness in FTSE 350 companies, commissioned by the United Kingdom’s Financial Reporting Council (FRC) and conducted by research firm SQW in collaboration with the London Business School Leadership Institute in 2021, revealed that boards with well-managed gender diversity tend to have higher stock returns and are less prone to experiencing shareholder dissent.

However, Gartner’s 2021 ReimagineHR Employee Survey revealed only 18% of survey respondents indicated that they work in a highly fair environment. These findings have significant implications for employers, as perceptions of a fair employee experience can improve employee performance by up to 26% and increase employee retention by up to 27%.

In the Philippines, women face notable challenges in the labor market as labor force participation rate (LFPR) for women is significantly lower than that of men.

The Education Development Center, Inc. reported that women are often engaged in lower-paying, informal jobs, which limits their economic empowerment. They are often overrepresented in sectors like education and health, while underrepresented in higher-paying fields such as technology and engineering.

Global variability in corporate governance

Corporate governance practices vary widely across different regions, influenced by cultural, legal, and economic factors. While some convergence towards a more globalized approach has occurred, alternative models are still observable, especially in Europe and Asia.

According to Investopedia, the Anglo-US model, prevalent in the United States and United Kingdom, is oriented towards the stock market and is characterized by a dispersed ownership structure.

The German model, also known as the continental or European model, features a two-tier board structure with a supervisory council and an executive board.

On the other hand, corporate governance in Asia and the Pacific region is influenced by factors such as family ownership, business groups, and state ownership. Many Asian countries have a high prevalence of state-owned enterprises (SOEs), which account for a significant portion of their economies. Challenges in the region include improving board structure and diversity, enhancing transparency, and dealing with corporate scandals.

In the Philippines, the Securities and Exchange Commission (SEC) required all publicly listed companies (PLCs) to issue an annual corporate governance report consolidating their governance policies and practices since 2013. This report is mandatory and due by June of every fiscal year.

The country also introduced the Philippine Corporate Governance Blueprint, spearheaded by the SEC in 2015. The blueprint encouraged PLCs to adopt best practices in governance, which included the timely disclosure of significant information, the right of shareholders to nominate board candidates, and the requirement for a formal board nomination process. These practices were aligned with the ASEAN Corporate Governance Scorecard (ACGS) to facilitate performance assessment across the region.

Currently, the Philippines has kept the 11th ranking among 12 Asia-Pacific countries in terms of their performance in corporate governance (CG) and environmental, social, and corporate governance (ESG). However, the country came out with a score of 49.3 in the 2023 CLSA CG ranking, lower than the 50.5 score in 2020.

This year, PricewaterhouseCoopers (PwC) predicted that Filipino companies will become more exposed to global capital markets, and shareholder activism will likely increase. Investors, particularly foreign institutional investors, are expected to place greater emphasis on corporate governance and are more willing to challenge management decisions that they perceive as detrimental to shareholder value. — Mhicole A. Moral

Six firms eye Meralco’s 400-MW contract

BW FILE PHOTO

THE SUBSIDIARIES of First Gen Corp., San Miguel Global Power Holdings Corp. (SMGP), Aboitiz Power Corp. (AboitizPower), and Filinvest Development Corp. have expressed interest in competing for Manila Electric Co.’s (Meralco) 400-megawatt (MW) power supply contract, the power distributor said on Thursday.

“Following the success of our recent CSP (competitive selection process) for 600 MW of baseload supply where Meralco received very competitive offers, we welcome the continued interest of the country’s major energy players to join this CSP round that will help us ensure availability of least-cost supply for our customers starting next year,” Meralco Bids and Awards Committee Chairman Lawrence S. Fernandez said in a statement.

Six companies participated in the pre-bid conference for the power supply contract on Thursday, according to Meralco.

The participants include First Gas Power Corp. and First Natgas Power Corp., both subsidiaries of Lopez-led First Gen Corp. Masinloc Power Co. Ltd. and Sual Power, Inc., part of SMGP, the power arm of San Miguel Corp., also took part.

GNPower Dinginin Ltd. Co., representing a private limited partnership that includes AboitizPower’s Therma Power, Inc., AC Energy & Infrastructure Corp., and Power Partners Ltd. Co., joined the conference. Additionally, FDC Misamis Power Corp., a subsidiary of FDC Utilities, Inc., which is under Filinvest Development, also participated.

“We look forward to the participation of these prospective bidders during the bid submission deadline and bid opening scheduled on Oct. 1,” Mr. Fernandez said.

The resulting 15-year power supply agreements for Meralco’s 400-MW mid-merit requirement are targeted to commence by Aug. 26, 2025. These agreements will undergo the review and approval process of the Energy Regulatory Commission (ERC) before implementation.

The power distributor recently announced that it had secured the lowest offers for its 600-MW supply requirement from power generation companies under SMGP and AboitizPower.

“We are happy that the main objective of the CSP, which is to secure the least cost supply for our customers, has been achieved. We hope that there will be no further delays as we work towards immediate signing of the PSAs resulting from the 600-MW CSP,”  Meralco Senior Vice-President and Head of Regulatory Management Jose Ronald V. Valles said.

“We trust that ERC evaluation and approval will also be swift so customers can enjoy these very low rates upon scheduled delivery date in August 2025,” he added.

Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by 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

Future of cinema clouded by uncertainty, Venice jury chief Huppert says

ACTRESS Sigourney Weaver poses on the red carpet after receiving the Golden Lion for Lifetime Achievement during the opening ceremony at the 81st Venice International Film Festival on Aug. 28 in Venice, Italy. — REUTERS

VENICE — Cinema has been weakened in recent years and its survival cannot be taken for granted, French actress Isabelle Huppert said on Wednesday as she took charge of the main jury at the Venice Film Festival.

The 11-day event draws together filmmakers from around the world, giving them an invaluable opportunity to promote work that might otherwise not gain global prominence.

But beyond the Venice Lido’s glamorous red carpet, movie veterans worry about the future of the industry: box office sales have not yet recovered from the COVID pandemic, raising questions about the long-term financial viability of movies.

“What concerns us all is that cinema continues to live on as much as possible. We know that it has been weakened in recent times,” Ms. Huppert said at the traditional news conference to mark the start of the world’s oldest film festival.

“I am not a director, I am only an actress, but we know what it represents in terms of courage, endurance, solitude, determination, to … make a film,” she added, saying her goal was to help cinema keep going “for as long as possible.”

“But that’s why a festival like Venice exists, it’s like an ecosystem that is more necessary than ever to proclaim these values. So I’m really happy to be here,” Ms. Huppert said.

Ms. Huppert, 71, has appeared in over 120 films and has won the best actress award twice at Venice, in 1988 and 1995. She and her family also run two small art house cinemas in Paris.

Global cinema box office takings are estimated to have hit almost $34 billion in 2023, according to data from Gower Street Analytics, an increase of 30.5% on 2022, but still 15% below average annual returns from 2017-2019, before COVID hit.

However, sales have declined again this year in the United States — the biggest movie market in the world, setting alarm bells ringing.

US director Debra Granik, who is the head of the jury for Venice’s more experimental Horizons section this year, thanked Ms. Huppert for addressing the “elephant in the room.”

“That’s why we all showed up here because we want to see this art form thrive,” Ms. Granik said.

The Venice festival opened on Wednesday night with the world premiere of Tim Burton’s Beetlejuice Beetlejuice, which is being shown out of competition. The event ends on Sept. 7 when Ms. Huppert will announce who has won the top Golden Lion award. — Reuters

A rose by any other name

RONNIE LAZARO in a scene from Phantosmia.

Movie Review
Phantosmia
Directed by Lav Diaz

LAV DIAZ’S Phantosmia — which will premiere at the 2024 Venice Film Festival — turns on the simple conceit that a man who has experienced trauma will carry a trace of that trauma for the rest of his life, sometimes in the form of a smell. Doesn’t have to be a real smell — people have searched his surroundings at his behest looking for a dead rat or snake, find nothing; the stink is in his mind, a manifestation of guilt for committed sins.

In this case one Master Sergeant Hilarion Zabala of the First Scout Ranger Regiment of the Philippines (played by Ronnie Lazaro); recruited in March of 1953, presumably active during the Martial Law years (1972-1981), since retired. Zabala can’t eat, can’t drink, can’t keep his gorge down (at one point he’s bent over in an alley, retching and heaving at the stench that fills his nose).

Guilt is a central theme in Diaz’s films, in particular guilt manifested physically, as a somatic symptom, an active malady.

In his first released film Kriminal ng Baryo Concepcion (Criminal of Barrio Concepcion, 1998) Serafin Geronimo must endure a toothache so intense it swells the side of his face; in arguably the picture’s most disturbing moment he’s driven to punch his face till the abscess bursts, the pus spurting out the side of his mouth. Then there’s Hermes Papauran, legendary Filipino police investigator (Complains Peter Debruge in Variety: we’re never shown “what makes (Hermes) the ‘greatest.’” My reply: in the Filipino context “greatest” simply means someone who doesn’t give up) with his acute psoriasis as seen in Kung Wala Nang Mga Alon (When the Waves are Gone, 2022) and its prequel Essential Truths of the Lake (2023), a horrifying skin condition that suggests Hermes is rotting before our eyes.

Serafin Geronimo could do little about his condition except perform penance; Hermes in his early years asked his sister to treat the dermal eruptions. Zabala seeks help but his therapist Dr. Corazon Valle (Lhorvie Nuevo) suggests psychotherapy — a callback to Diaz’s Melancholia, where former rebels attempt to exorcise psychological demons in the form of role-playing. Dr. Valle’s is a less radical suggestion: a return to active duty which, in Zabala’s case, means assignment to the remote Pulo Penal Colony, hopefully to jog his memory into revealing the inciting trauma.

Maybe the therapy is even less radical than that. On Pulo Island, Zabala meets all kinds of types: simple Setong (Amado Arjay Babon), who cooks well but can’t think beyond following his adapted mother Narda’s (Hazel Orencio) orders; Nika and Brando (Heart Puyong and Mitzi Comia) who come to the island to pitch tents and participate in the annual hunting season; Marlo (Dong Abay), a poet who literally sets up a soapbox where he can stand and deliver on-the-spot verses; Reyna (Janine Gutierrez) — beautiful and young and slowly going blind; Narda, Setong and Reyna’s adoptive mother, who pimps Reyna out to the men on the island; and Major Ramon Lukas (Paul Jake Paule), the colony’s garrulous commanding officer, who nurses an obsession for guns and power.

As Reyna, Janine Gutierrez plays an updated version of Hazel Orencio’s memorable Florentina Hubaldo in the film of the same name, and gives us what may be the most accurate depiction of psychological and sexual abuse — and its grievous aftereffects — in recent memory. As Major Lukas, Paule gives us yet another fleshed-out parody of Diaz’s bete noir, the late president Ferdinand E. Marcos — not just his charisma but his eloquence, his massively self-righteous hypocrisy, his relentlessly cheerful early-morning (and late evening) propaganda greetings. Unlike Rodrigo Duterte, who was an unimaginative brute, Marcos didn’t just want to exercise de facto control over your physical self, he wanted to win over your mind — to possess you body and soul.

Zabala represents yet another Diaz archetype, the anti-hero seeking redemption. Diaz seems to gravitate to sullen loners, some more silent than others (Hook Torollo in Ang Hupa (The Halt); Hugo Haniway in Panahon ng Halimaw (Season of the Devil; the eponymous hero in Hesus Rebolusyonaryo), but these quiet protagonists also divide into two types: the dissolute poet-warriors seeking meaning in their lives (Hugo, Hook), the former military men seeking forgiveness for their sins (Hermes, Juan Mijares in Batang West Side (West Side Avenue)) — Zabala falls into the latter type: an expert marksman, a by-the-books soldier who survived Scout Ranger training when barely out of his teens, a boy forged by his father to be stone, to follow orders without flinching, to kill without hesitation.

Zabala may be the capstone to Ronnie Lazaro’s career — hard to tell, as he’s done so much tremendous work, so much of it under Diaz (one only has to remember his out-there performance as former mentor turned demented killer Primo Macabantay in Kapag Wala Nang Mga Alon). Here Zabala stands self-contained in his suffering; gradually the others on Pulo Island draw him out — Marlo with his poetry, Nika and Brando with their cigarettes and enthusiasm, Setong with his kindly innocence, Reyna with her great need. Even Narda and Major Lukas are an influence, negative reminders of what Zabala’s military discipline can become, if he’s not careful.

A pause to note that Diaz not just writes and directs but fully shoots and edits his films now, and the results couldn’t be finer — the black and white cinematography adds character to the locations (the wooden shacks and spaghettified power lines of cities, the leafy canopies, endless rain, and limitless skies of the countryside), lingers long enough to capture dramatic changes in sunlight, the soft glow of capiz windows; the action when it happens can be sudden and vicious yet pitiless, viewed through unflinching lenses.

Throughout Diaz sprinkles references to Filipino foods and dishes from all over — sweetened budin or cassava cake from Quezon; pinais (shrimp and grated coconut wrapped in banana leaves, slow-cooked in coconut milk, then grilled over coals for a smoky char) also from Quezon; bulalo (classic Batangueño dish of bone marrow and beef shank in broth); adobong bayawak (another Batangas classic, monitor lizard stewed in soy, vinegar, garlic, peppercorns); and a few enigmas (What’s fried gram? A local fish, apparently. Ar-aro? Stewed in vinegar and ginger (paksiw), but a Google search reveals only one picture, labeled in Ilocano. And ginulat na dalag — dalag is mudfish, but how do you startle said fish?). It’s as if Diaz wanted to celebrate Filipino cooking, didn’t have the budget to properly light and plate such delicacies, was forced to mention them only in passing, as incantations to evoke a mysterious magical culinary landscape — one Zabala can’t share or delight in thanks to his condition.

As for the closing sequences — a rare bit of suspense on Diaz’s part, reminding us that early in his career he was a prolific komiks writer and wrote for action directors like Manuel “Fyke” Cinco and Augusto Salvador — Zabala’s most heroic act may be in suppressing all the abilities and instincts (unwavering support of authority, unflinching response to crisis) he’s cultivated since young. After a lifetime of betrayal he attempts the ultimate betrayal, comes full circle to what he was looking for all along.

Best film of the year? Hard to say, we still have four months left. Easily one of the better works, definitely one of the most uncompromising, and — for me at least — one of the most substantial, most exciting to date.

(Lav Diaz’s film will premiere in the 2024 Venice Film Festival on the following days: public screenings — Sept. 2, 2:30 p.m. at the Sala Casino; Sept. 3, 9 a.m. at the Astra 2 and at 8 p.m. at the Astra 1; passholder screenings — Sept. 2, 9 a.m. and 2:30 p.m. at the Sala Casino, Sept. 3, 9 a.m. at Astra 2 and 8 p.m. at Astra 1.)

Energy storage systems may raise GEA offers by P5-P6/kWh — DoE official

FREEPIK

THE INTEGRATION of renewable energy plants with energy storage systems under the green energy auction (GEA) could increase price offers by P5 to P6 per kilowatt-hour (kWh), according to an Energy department official.

“We know that adding the energy storage system is going to increase the price; it can go for as high as an addition of about P5 to P6 per kWh,” Energy Undersecretary Rowena Cristina L. Guevara said at an energy forum on Wednesday.

Ms. Guevara said that the reserve price for integrated renewable energy and energy storage systems (IRESS) might be higher compared to the prices offered in previous rounds of GEA.

She said the Department of Energy (DoE) is working on strategies to lower the price for renewable energy capacities paired with energy storage systems.

One strategy the DoE is considering involves transition credits, which monetize emission reductions from projects through the early retirement of coal plants.

“The transition credits, that will take up a little bit of the price of the plant that they will build as renewables,” she told reporters.

Ms. Guevara also said that the Energy department is trying to control the potential cost of IRESS in the renewable energy capacities that the agency will offer.

“We’re still talking with our simulators, then we will do public consultations to gauge what would be feasible for the generators,” she said.

In July, the DoE announced that it would conduct the fourth round of GEA in the fourth quarter this year, which is designed to cover IRESS.

As described by the DoE, IRESS is “a comprehensive energy solution that combines renewable energy technology with energy storage systems.”

Energy storage systems include batteries, flywheel, or pumped storage hydropower systems.

“By combining renewable energy and energy storage, IRESS enhances the stability and reliability of the energy system, enabling a more consistent and efficient supply of power,” the DoE has said.

The government agency said it will release the indicative timeline of GEA-4 activities in the coming months, when it expects to issue a notice of auction.

The GEA program aims to promote renewable energy as one of the country’s primary sources of energy through competitive selection. Renewable energy developers compete for incentivized fixed power rates by offering their lowest price for a certain capacity.

GEA was first conducted in 2022 and attracted 1,996.93 megawatts (MW) worth of bids for renewables, while GEA-2 was held in 2023 and awarded 3,440.756 MW. — Sheldeen Joy Talavera

Stuff to Do (08/30/24)

PAMANA exhibit moves to Alliance Francaise

THE exhibit PAMANA: Trajectories & Movements of Filipino People will be opening its second run on Aug. 31, 4:30 p.m. From Fort Santiago, Intramuros where it was on view for three months, it now moves to the Alliance Francaise de Manille Gallery in Makati City. The exhibit explores Filipino cultures and migrations, from ancient to modern times, through archaeological discoveries, studies of ethnic and cultural diversity, and records of modern diaspora and contemporary Filipino culture. It is a project of Pamana: Voices of Philippine Heritage, a joint initiative founded by the European Marie Curie BeBamb project conducted by the Spanish Research Council (Consejo Superior de Investigaciones Cientificas), and the Oyayi Association, with the support of the NGO Heritage for Peace.

SB19 documentary PAGTATAG! now out in cinemas

P-POP boy group SB19’s anticipated film, PAGTATAG! The Documentary has made its nationwide theatrical debut. It provides a look into the group’s collective and individual experiences on tour, while trying to navigate their ascension to global pop stardom. Most recently, SB19 emerged triumphant in Billboard’s Fan Army Face-off, winning for the second consecutive year against some of the biggest international music stars. The five-member act garnered 56.3% of the votes during the final round, beating Barbadian mega-star Rihanna. PAGTATAG! The Documentary is out now in cinemas nationwide.

Filipino-made artisanal crafts at MaArte Fair 2024

ONGOING at The Peninsula Manila this weekend is the MaArte Fair 2024, a bazaar focusing on Filipino-made artisanal crafts and products. Now on its 15th year, the MaArte Fair is spread out through the hotel’s 9th and 5th floors, the Rigodon Ballroom, the Garcia Villa and Balagtas function rooms, The Conservatory, and the Upper Lobby at the second floor. The fair is open from 10 a.m. to 8 p.m., from Aug. 29 to Sept. 1. There are 147 exhibitors who will offer an array of Filipino artisanal products and brands that are Filipino-made and world-class, ranging from fashion accessories and jewelry to personal care products, home decor, toys and games, books, food and beverages, and more. The fair is a fundraiser for the Museum Foundation, a volunteer organization that supports the development programs of the National Museum of the Philippines and various museum communities across the country. The fair’s profits also support the Museum Foundation’s research and project grants for their chosen grantees, and other programs and workshops of the organization. MaArte at The Pen Fab Finds is co-presented by Bank of the Philippine Islands.

The Watchers begins streaming on HBO GO

WARNER Bros. Pictures and New Line Cinema’s The Watchers makes its streaming debut on Aug. 30 on HBO GO. From producer M. Night Shyamalan comes a film written for the screen and directed by his daughter, Ishana Night Shyamalan, and based on the novel by A.M. Shine. The film follows Mina, a young artist who gets stranded in an untouched forest in Ireland. When Mina finds shelter, she unknowingly becomes trapped alongside three strangers who are watched and stalked by mysterious creatures each night. The film stars Dakota Fanning, Georgina Campbell, Oliver Finnegan, and Olwen Fouéré. The Watchers is out now on HBO GO.

Fun Fan Nights celebrates BTS TV series

AYALA Malls Manila Bay’s Fan Nights’ latest installment on Aug. 31 is the launch of Are You Sure?!, a new mini-TV series on Disney+ featuring BTS members Jimin and Jung Kook. The series follows the duo as they explore New York, Jeju Island, and Sapporo. The Fan Nights program will start at 2 p.m. and will include interactive games and booths with limited-edition Fan Nights merchandise. Since the campaign’s inception in March of 2023, it has organized fan gatherings and performances for fans of music, movies, TV shows, and more.

Thrill Fest horror movies until Sept. 3 only

AYALA Malls Cinemas’ annual Thrill Fest is now on its second week, and features two Hollywood classics celebrating milestone anniversaries this year. A Nightmare on Elm Street, directed by horror-slasher master Wes Craven, is celebrating its 40th anniversary, while  the 1974 disaster movie The Towering Inferno turns 50. Moviegoers can watch remastered versions of these classics on the big screen for P200 to P250. The Thrill Fest will run until Sept. 3, in Ayala Malls cinemas nationwide.

Stephanie Syjuco book signing at Silverlens

SILVERLENS Manila will be hosting The Unruly Archive, a conversation between artist Stephanie Syjuco and historian Isa Nazareno at the launch of Ms. Syjuco’s first monograph and her first solo exhibition in the Philippines, both titled Inherent Vice. Held at the gallery in Makati City on Aug. 31, 2:30 p.m., both speakers will discuss the role and relevance of archives in relation to one’s critical-creative practice. Ms. Syjuco will also hold a book signing after the conversation. Published by Radius Books, the monograph weaves together her research-based practice with a substantial array of visual source material. Bound in a unique format with different types of paper, the pages are cut and layered to simulate the process of physically excavating folders in an archive. To attend the event, register at rsvpmanila@silverlensgalleries.com.

Philippines hosts World Travel Awards in September

TO develop its status as a MICE (Meetings, Incentives, Conferences, and Exhibitions) destination, the Philippines is hosting the World Travel Awards (WTA) Asia & Oceania Gala Ceremony on Sept. 3. Organized by the Department of Tourism at the City of Dreams, Manila, the gala will be an avenue to network with various tourism stakeholders in the region. This year, the Philippines is vying for seven awards: Asia’s Leading Beach Destination, Dive Destination, and Island Destination, with Intramuros vying as Asia’s Leading Tourist Attraction, Boracay as Asia’s Leading Luxury Island Destination, Cebu as Asia’s Leading Wedding Destination, and the Department of Tourism as Asia’s Leading Tourist Board.

HMPH celebrates 75th anniversary of Philippine-South Korean ties through Hyundai Stargazer promo

Hyundai Motor Philippines, Inc. (HMPH) continues to celebrate the 75th anniversary of ties between the Philippines and South Korea with a special promo for the Hyundai Stargazer. The brand has previously commemorated this milestone through showcases of Korean-Filipino fusions of food, fashion, and music. Starting with a fashion showcase of works by Leeroy New and various local designers, a camping food trip video by Jessica Lee and Chef JP Anglo featuring the IONIQ 5, and a concert headlined by Hyundai Brand Ambassador Sarah Geronimo and other local artists.

HMPH now offers several payment options and discounts for the Hyundai Stargazer when customers make a purchase through any of the brand’s bank partners, namely BDO, BPI, and EastWest. On top of that, a new Ph-Kor anniversary treat of free 2-Year Periodic Maintenance Service (PMS) is offered to all customers who purchase any variant of the Hyundai Stargazer from any authorized Hyundai dealership nationwide. All Hyundai Stargazer units purchased until Dec. 31, 2024 will get free PMS for 2 years or 30,000 km., whichever comes first. Customers will be given a Free 2-Year PMS Certificate upon purchasing a Stargazer, which can be presented at any authorized Hyundai dealership.

“Hyundai Motor Philippines is happy to be commemorating this historical milestone alongside our customers. After our momentous celebrations at the Hyundai Mobility Experience in Megamall and TriNoma, we are proud to now be offering this special promo for the Hyundai Stargazer just for you. This not only highlights the prevailing ties between South Korea and the Philippines, but also reflects our commitment to be your partner in every journey and milestone. We look forward to sharing many more years of growth and innovation with all our customers,” says HMPH Managing Director Cecil Capacete.

For the full terms and conditions, visit https://www.hyundai.com/ph/en/build-a-car/promotion/run-the-next-mile-with-hyundai. To get other news and updates, follow @HyundaiMotorPhilippines on Facebook and Instagram.

*The free PMS Package is non-convertible to cash, nor can be used in conjunction with any other PMS Promotions which involve discounts for PMS parts, labor, and materials.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Yields on term deposits mixed

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits were mixed on Thursday after the Bureau of the Treasury launched its second dollar bond offer for this year.

The central bank’s term deposit facility (TDF) attracted bids amounting to P231.77 billion on Thursday, above the P200 billion on the auction block and the P164.441 billion seen a week ago for a P160-billion offer.

Broken down, tenders for the six-day papers reached P133.79 billion on Thursday, higher than the P100 billion auctioned off by the central bank. This was also more than the P85.501 billion in bids for the P80-billion offer seen the previous week.

Banks asked for yields ranging from 6.2595% to 6.35%, a narrower band compared with the 6.24% to 6.5% recorded a week ago. This caused the average rate of the deposits to go down by 0.9 basis point (bp) to 6.3033% from 6.3123% previously.

Meanwhile, bids for the 13-day term deposits amounted to P97.98 billion on Wednesday, lower than the P100-billion offering but above the P78.94 billion in tenders for the P80 billion placed on the auction block last week.

Accepted rates for the tenor were at 6.285% to 6.535%, slightly narrower than the 6.25% to 6.55% margin recorded a week ago. With this, the average rate for the deposits inched up by 1.95 bps to 6.3672% from the 6.3477% logged in the prior auction.

This week’s TDF auction date and tenors were adjusted due to the suspension of work in government agencies on Aug. 28 amid inclement weather.​

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

The term deposits and the 28-day BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

TDF yields’ week-on-week movements were mixed amid the government’s latest global bond issuance, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Mr. Ricafort said the dollar bond offer “siphoned off some of the excess liquidity in the financial system, though this would help reduce the need for the National Government to borrow locally.”

The National Government raised $2.5 billion from its offering of triple-tranche US dollar-denominated bonds, fixed-income news provider IFR reported on Thursday.

Broken down, it generated $500 million via 5.5-year notes, $1.1 billion from 10.5-year bonds, and $900 million from the 25-year sustainability tranche.

This was in line with Finance Secretary Ralph G. Recto’s expectation of raising $2 billion to $2.5 billion from the issue.

Proceeds from the bonds will be used for general purposes, including budgetary support. Funds raised from the sustainability bond tranche will go to eligible projects under the government’s Sustainable Finance Framework.

“TDF average auction yields also mixed, as some investors tend to lock in interest rates for longer-term tenors amid widely expected US Federal Reserve and BSP rate cuts for the coming months, as affirmed recently by Fed Chair Jerome H. Powell and most Fed officials during the Jackson’s Hole Economic Symposium over the weekend,” Mr. Ricafort added.

Markets have fully priced in a 25-bp rate cut from the Fed next month, with a 34.5% chance of an outsized 50-bp reduction, according to the CME FedWatch tool, Reuters reported.

Investor bets for imminent US rate cuts were further cemented by Mr. Powell’s remarks at Jackson Hole last week that the “time has come” to cut rates, joining a chorus of Fed policy makers who have signaled the same in recent times.

Meanwhile, the BSP’s policy-setting Monetary Board this month reduced its target reverse repurchase rate by 25 bps to 6.25% from a near 17-year high of 6.5%, marking its first easing move in nearly four years.

BSP Governor Eli M. Remolona, Jr. said they could cut rates by another 25 bps within the year. The Monetary Board’s remaining policy-setting meetings this year are on Oct. 17 and Dec. 19. — Luisa Maria Jacinta C. Jocson with Reuters

Converge to open two data centers by 2025

CONVERGE ICT Solutions, Inc. plans to open two data centers with a combined capacity of 13 megawatts (MW) by next year, the listed company announced on Thursday.

Converge’s Pampanga data center has a capacity of 10 MW and offers up to 1,200 racks, while its Caloocan data center has a capacity of three MW and provides up to 290 racks, the company said in a statement on Thursday.

Last month, Converge announced a partnership with US-based Super Micro Computer, Inc. (Supermicro) to develop energy-efficient data centers designed to help reduce costs.

“This future-proofing investment is in anticipation of the massive demand in the coming years for more data-intensive applications in gaming, fintech, public services, and more,” said Converge Chief Executive Officer Dennis Anthony H. Uy.

The company is working to secure the Uptime Institute Tier III certification as it would allow the company to configure its capacity component without impacting operations, Converge said.

“With a Tier III data center, each and every capacity component and distribution path in a site can be removed on a planned basis for concurrent maintenance or replacement without impacting operations,” said Converge Chief Network Transformation Officer Paulo Martin G. Santos.

Converge announced in January its plan to allocate up to P5 billion over the next three years to build data centers that will host its planned digital platforms and store applications and information. The company intends to construct data centers in Pampanga, Laguna, and Caloocan.

At the stock exchange on Thursday, shares in the company shed 66 centavos or 4.29% to end at P14.72 apiece. — Ashley Erika O. Jose

Exemplary corporate governance in insurance

Cocolife navigates ethical leadership through compliance and risk management

In a competitive insurance market like the Philippines, corporate governance and ethical leadership are key not only to becoming a successful business and sustaining long-term growth but also to avoiding disasters that can lead to a loss in profit or reputation.

To achieve this, Cocolife, one of the leading insurance companies in the Philippines, makes sure that it is headed by a competent, working board to foster success, support the effective performance of the company’s functions, and develop a symbiotic relationship among all employees.

A study conducted by global research firm Diligent Institute found that the top fifth of performers on corporate governance in the S&P 500 index outperformed the bottom fifth by 15% over two years. Furthermore, the study also highlighted how companies with poor governance during crises tend to underperform in their sector by 35%.

Similarly, the World Economic Forum found that ethical leadership matters now more than ever. It noted that managers who demonstrate higher levels of moral leadership have stronger connections with colleagues and thus lead to better business performances.

Corporate governance and ethical leadership, through a set of rules, practices, and procedures that guide the direction and control of a company, is crucial to promoting transparency, accountability, and integrity. For Cocolife, these regulations manifest in their risk management and compliance systems that have helped mitigate dangers operationally and financially.

“The primary management strategies employed by Cocolife begin with maintaining a risk register that identifies and registers key strategic risks. This is constantly updated and formally reviewed and reported, in part or in full, to the Risk Oversight Committee (ROC),” Atty. Jan Darryl Dimaculangan, senior vice-president and head of Cocolife’s Risk Management and Compliance Division, said.

These risks are then managed individually following an assessment based on a systematic analysis of both the impact and likelihood ratings of each risk. After this initial assessment, the risks are reassessed, taking into account the existing mitigation controls and documented accordingly. 

“By assessing both risks without and with mitigation controls, we can analyze the effectiveness of the controls in place to mitigate the risks. This is an important step in testing assumptions about the effectiveness of existing controls,” Atty. Dimaculangan added.

As a driver in achieving the company’s strategic and business plan objectives, Cocolife’s top management sets the tone for managing risks, which is then passed down to the smallest units and finally to individual employees and members of the sales force.

To identify risks, Cocolife collaborates with the divisions, departments, and units of the company as they are considered the owners of each process. In line with the ISO Standard, this procedure allows the Risk Management and Compliance Division (RMCD) to have a better grasp of how the business runs at the ground level and provide different perspectives on the identified risks. 

The RMCD is responsible for overseeing the risk-taking activities of Cocolife and its subsidiaries, as well as reviewing and assessing Cocolife’s compliance with applicable laws and rules of conduct in every aspect of the company’s operations. For the risk management function, the RMCD reports functionally to the ROC while the division reports to the company’s Corporate Governance Committee for its compliance function. 

Cocolife’s RMCD also conducts regular reviews and scanning of applicable laws to stay updated with changes in government regulations. To maintain good governance and ethical leadership, the division advises the management of the latest regulatory issuances relevant to its operations.

Boosting governance and leadership further, the RMCD provides analytical support to executive-level committees in formulating risk management strategies and making functional risk decisions. The division also helps implement the approved risk management policies and ensure they are integrated into the business operations. 

In an effort to improve its compliance system, Cocolife has integrated compliance into the company’s daily business activities and strategic planning. Additionally, the company has also begun to coordinate compliance processes based on the established frameworks as well as develop and implement policies about compliance.

With Cocolife being one of the country’s top insurance brands that employ thousands of agents all over the country, training these employees regarding compliance and risks is crucial in maintaining the company’s reputation, ensuring regulatory adherence, and empowering agents to effectively serve clients while mitigating potential risks.

Cocolife conducts regular training for onboarding agents and refresher training for existing agents, in accordance with the Market Conduct Guidelines issued by the Insurance Commission. During the training, agents are made familiar with possible fines and penalties in case of violation of any regulation.

“Further, the Company disseminates the agents as well a copy of the Sales Conduct and Discipline Handbook to ensure that the agents are informed of the rules and procedures about the matter. Further, the company reports as well to the Insurance Commission of the Negative List of Agents quarterly,” Atty. Dimaculangan added.

By embedding risk management and compliance into every level of the organization, Cocolife safeguards its operations and strengthens its reputation as a trusted insurance provider. With its commitment to constantly prioritize sound governance practices and ethical leadership, it continually sets a standard for the insurance industry, demonstrating that true success lies not just in growth, but in doing so with integrity and responsibility.

“In Cocolife, we are people-focused — both with how we service our customers and value our employees. We make it a point to provide the best possible servicing in the industry. From the time a customer purchases any of our products up to the time a claim has to be paid, we make it as convenient and efficient for them. Of course, they put their trust in us, so it is our mission to repay them for that trust,” Atty. Jose Martin A. Loon, President and CEO of Cocolife told BusinessWorld.

To find out more about Cocolife’s corporate governance and their insurance products, visit their website at https://www.cocolife.com.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

FODC – First Orient Development and Construction Corp.: A Beacon of Innovation and Excellence in Philippine Construction

As the Philippine construction industry evolves, one company stands out for its commitment to quality, innovation, and excellence. In a landmark achievement, FODC — First Orient Development and Construction Corp. (FODCC) proudly marks its 20th anniversary this year, celebrating two decades of innovation and excellence in the construction industry. Under the leadership of Engr. Fred O. Dela Cruz, FODCC has established itself as a powerhouse in building and development, achieving notable milestones and expanding its horizon into real estate development.

A Legacy of Excellence

Founded in 2004, FODC — First Orient Development and Construction Corp. (FODCC) has steadily made its name to prominence in the construction sector, earning a reputation for delivering high-quality projects on time and within budget. The company’s success is underscored by its prestigious Philippine Contractors Accreditation Board (PCAB) with a “AAAA” category, and ISO 9001 certification, a testament to its superior capability and reliability in the industry.

Engr. Fred O. Dela Cruz, CEO and Chairman of FODCC, has been instrumental in steering the company to where it is now. His leadership and vision guided FODCC through numerous challenging projects and set new standards for construction excellence. The company has successfully completed a diverse range of projects, each of which demonstrates FODCC’s commitment to quality and innovation, thanks to his expertise.

Projects and Achievements

FODC — First Orient Development and Construction Corp. (FODCC) has been involved in several high-profile projects throughout the years, demonstrating its expertise and proficiency in a variety of industries.

The following are some projects that showcase FODCC’s extensive knowledge and versatility across various industries:

  1. Food Manufacturing
    • 1.1. Max Group of Companies (No bia Food Manufacturing and Distribution Center)
    • 1.2. Delimondo Food Processing Plant
    • 1.3. ESFI Food Processing Plant
  2. High Rise Buildings and Residential Condominiums
    • 2.1. Central Link Project (Office and Dormitory Bldg)
    • 2.2. Grand Residences Cebu Tower 3 & Tower 4 (35-Storey Residential Condominium)
    • 2.3. Covent Garden South Tower
    • 2.4. Primavera Residences Tower 2
  3. Facilities
    • 3.1. Pharmaceutical Facilities
      • 3.1.1. FPDI Warehouse 2
      • 3.1.2. UNILAB S-UMMO Warehouse
      • 3.1.3. UNILAB Amherst Liquid Plant
    • 3.2. Manufacturing Facilities
      • 3.2.1. Tong Hsing Electronics Plant
      • 3.2.2. MPOC Expansion Project
    • 3.3. Industrial Plants
      • 3.3.1. Belmont Softgel Pharma Plant
      • 3.3.2. Jotun New Manufacturing Facility
      • 3.3.3. CPF Aquaculture Feed Mill Plant
      • 3.3.4. Majestic Industrial State
    • 3.4. CEPALCO Administration Green Building
  4. Commercial Centers
    • 4.1. Metro Gaisano Cavite
    • 4.2. Shopwise Store No.9
    • 4.3. Shopwise Imus, Cavite

Currently, FODCC is working on a Data Center Project with Proxima Group in General Trias, Cavite. This collaboration highlights FODCC’s ongoing commitment to regional development and its ability to partner with other industry leaders to achieve shared goals.

Expanding Horizons: Real Estate Development and Sales Ventures

In a move that reflects its continued ambition and growth, FODCC recently expanded its operations by establishing its own real estate development company, FODC — Realty and Development Corp. This new venture marks an exciting chapter in the company’s history. The realty arm aims to leverage FODCC’s construction expertise to deliver exceptional Real Estate Development Projects.

FODC — Realty and Development Corp.’s first project, Sol Oriente Heights Condominium, is already generating sizable interest. This exclusive residential development located in the Carmona International City, promises to offer modern, high-quality living spaces that cater to the needs of its future residents.

Sol Oriente Heights Condominium is a multi-tower, mid-rise project, and single-loaded corridor with atrium design allowing for good ventilation and ambient light. Its pandemic-ready units have high-ceilings, and range from one to three bedrooms. The towers are meticulously constructed using PEB (Pre-Engineered Steel Building) technology, guaranteeing long-term durability and unparalleled structural integrity. Rest assured its residents can look forward to a safe, spacious and stylish haven they can call home.

The project reflects FODCC’s commitment to providing not just functional but also aesthetically pleasing and sustainable living environments.

Looking Ahead

As FODC — First Orient Development and Construction Corp. (FODCC) celebrates its 20 years of success, it is also looking forward to the future with optimism. The company is well-positioned to address new challenges and capitalize on emergent opportunities in the construction and real estate sectors as it enters its third decade.

The company’s track record of excellence, coupled with its strategic expansion into real estate development and sales, positions it for continued growth and innovation. FODCC is poised to continue its legacy of delivering high-quality construction and development solutions under the direction of Engr. Fred O. Dela Cruz.

FODCC’s 20-year journey is a remarkable story of dedication, innovation, and achievement. As it celebrates this significant milestone, the company reaffirms its commitment to excellence and looks forward to many more years of contributing to the growth and development of the Philippine construction industry.

INQUIRE NOW!

FODC — First Orient Development and Construction Corp. (FODCC)’s 20-year journey is a testimony to its unwavering commitment to excellence in the construction industry. FODCC’s vision and capability have been consistently demonstrated through its ambitious real estate ventures and significant infrastructure initiatives. As the company moves forward, it remains committed to building a better future through quality construction and innovative development.

For inquiries:

FODC — First Orient Development and Construction Corp. Head Office:

Address: Unit 702 & 704 7F Alabang Business Tower, 1216 Acacia Ave., Madrigal Business Park, Ayala Alabang, 1780 City of Muntinlupa, NCR, Fourth District Philippines.

Website: https://fodc.com.ph

Contact Number: (+632) 8809-3439 and (+632) 8809-3909

FODC — Realty and Development Corp. Sales Office:

Address: Sol Oriente Heights Condominium, Oaks Boulevard, Brgy. Lantic, Carmona, Cavite

Website: https://fodcrealty.com

Contact Number: (+639) 98-585-5478 (Smart); (+639) 17-110-1843 (Globe); (+6346) 890-9690 (PLDT)

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Family drama gives a voice to Filipino-Chinese women

THIS YEAR, J.E. Tiglao’s Her Locket, an entry to the 6th Sinag Maynila Film Festival, is hoping to represent women who refuse to be silenced despite a conservative family background.

The film is centered on an aging Filipino-Chinese woman, Jewel Ouyang, who recalls memories from her past amid the throes of dementia. With her youth, beauty, popularity, and fortune came a tenuous relationship with her frustratingly traditional parents and favored brother, Magnus.

Rebecca Chuaunsu, executive producer of the film as well as the actress playing the lead role of Jewel, was inspired by a story told by her own father 30 years ago.

Upon reading her parents’ old diaries, which detailed the family’s inheritance issues, Ms. Chuaunsu decided to develop a story based on it. “This is a tapestry woven by me, the director, and the writer. I have my real-life lawyer here. We have a disclaimer that not all parts are biographical,” she said at a press conference on Aug. 29.

Director Mr. Tiglao and writer Maze Miranda first heard of the story through Zoom, with the film starting pre-production in 2021 in the midst of the COVID-19 pandemic. They pushed through with filming in 2022, and Her Locket eventually made rounds of film festivals in 2023.

Ms. Chuaunsu was delighted by the film’s reception in various countries including the United Kingdom, Bangladesh, Taiwan, and Morocco. Most notably, it graced the Cannes Film Festivals’ Marche du Film screenings.

“Many times it was shown under programs about Asia, and many times it got to speak on the topic of women empowerment,” she said. For portraying the lead role, she bagged a Best Actress award in Morocco.

Sophie Ng, who plays Jewel in her young adult years during the flashback segments, took on the challenge of depicting the struggle personal to actress-producer Ms. Chuaunsu.

“It was extra difficult because I am the same as well. May image din ako sa pamilya ng kapasawayan kasi hindi ako sumusunod sa Chinese traditions (I also have an image of stubbornness because I don’t follow the Chinese traditions),” she said.

For Ms. Ng, Her Locket sends a message of pursuing what you want in life despite the obstacles set by family and society.

In telling the story, the cast and crew aimed to do justice to the sweeping narrative that stretched across time. Jag Concepcion, the film’s director of photography, said at the press conference that it was “a fun collaboration to do a period film.”

“There’s a lot of flashbacks to the colorful past, while in the present there’s the main character who suffers from dementia,” he said. “We had to form numerous looks for each one — the present affected by dementia, the past dealing with the Chinese family, Teresa’s reality as the Filipino caregiver, and the courtroom scenes of moving forward in the characters’ futures.”

Amy Tan, author of renowned Chinese-American novel The Joy Luck Club, also had some input on the film, being Ms. Chuaunsu’s Facebook friend.

“She said there are a lot of similarities like the mother-daughter relationship, and the love-hate relationships in the family,” she shared.

Ms. Chuaunsu told the press that having toured film festivals globally for Her Locket made her realize that women’s family struggles in conservative households resonate across all cultures.

“Audiences who may not understand Hokkien, Tagalog, or even English would tell me that, halfway through the film, they would feel that it is a true story. They would come up to me after the screening and ask questions,” she said.

“The theme of women empowerment and gender equality is truly universal.”

Her Locket opens on Sept. 4 at the Gateway Cineplex in Araneta City, Cubao, Quezon City, as an official Sinag Maynila feature-length entry.

The Sinag Maynila 2024 film festival, which will run from Sept. 4 to 8, will have seven full-length features, 10 short films, and seven documentaries in competition. For updates on the screening schedules and participating theaters, visit Sinag Maynila’s social media pages. — Brontë H. Lacsamana

1...2,2502,2512,252...13,737Page 2,251 of 13,737
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube