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Big Tech’s easy ride is coming to an end

FIRMBEE.COM-UNSPLASH

TECH COMPANIES of a certain size have long expected an easy ride from authorities, and for good reason. They always got it. Apple, Inc. for years abused loopholes to pay virtually zero tax in the European Union (EU) while generating record profits there, thanks to special treatment from Ireland, where it bases its European headquarters. Alphabet, Inc.’s Google for years was able to entrench its dominance in search thanks to the special treatment the company gave its own shopping service over competitors.

Now Google and Apple are getting slapped for those blatantly unfair advantages. The EU is forcing Apple to pay €13 billion ($14.4 billion) in back taxes to the Irish government, and Google to pay a €2.4-billion fine for rigging its platform. For both, it’s the end of the line on appeals. Of course, the payments are just a cost of doing business — pocket change, really — and the companies can pat their lawyers on the back for dragging the cases out in court for years with endless appeals.

But the era of protracted cases is fading. The EU is transitioning to a period where its trust busters can be quicker and, as much as you can use the word to describe regulators, nimble, harnessing a more efficient legal framework to combat anticompetitive behavior from the likes of Alphabet, Apple, Meta Platforms, Inc., Amazon.com, Inc., Microsoft Corp., and Nvidia Corp.

Until now, regulators had to be clever about how they used old, outdated rules to pursue their court cases. It’s why proceedings took so long to play out. The European Commission based Apple’s Irish tax case on a misuse of state aid, deploying laws that typically don’t have anything to do with tax. Legally, “it was a very creative approach,” says Anne Witt, a professor at EDHEC Business School’s Augmented Law Institute. At the heart of the case was figuring out how to prove Ireland was giving Apple selective aid, which was also technically challenging to calculate, Witt adds.

But from this year onward, Europe’s authorities have a whizzy new tool, a regulatory innovation as meaningful to antitrust policy as ChatGPT was to generative artificial intelligence. It’s the Digital Markets Act (DMA), a law that large tech platforms had to start complying with in March. With any luck, the EU won’t be caught on the back foot quite as much, chasing after wrongdoing with investigations that run longer than it takes to put a child through school.

Now the big tech platforms have clear rules they must follow upfront. For instance, the DMA states that Apple and Google must allow their users to uninstall default apps on their devices like Apple Maps and Gmail, to promote competition. Google searches also don’t highlight results on Google Maps as easily as they did before.

Instead of drawn-out legal battles and appeals, the DMA should also lead to swifter resolution: fines of as much as 10% of a company’s worldwide earnings, for instance. And instead of narrow investigations like the Google shopping case, the law covers far more ground, applying to everything from app stores to social media.

Spokespeople for Apple and Google both said the companies were “disappointed” with the court decisions this week. But Margarethe Vestager, the EU’s outgoing competition chief for whom these cases are a validating swan song, said they showed even the most powerful tech companies can be held accountable.

That’s a growing sentiment across the Atlantic, where a US judge ruled last month that Google had rigged the search engine market and was a monopolist — and where for the first time in history, the prospect of breaking up a big tech firm (Google) is looking possible. The goal is to eventually create some more room for smaller companies to innovate and enter markets dominated by the giants and reduce the pressure to sell to those firms.

For the tech monoliths, the payoff for lobbying lawmakers and keeping watchdogs tied up in court is looking less certain as regulations gather momentum. The DMA is one of the most radical approaches yet for keeping monopolistic practices in check, giving Europeans more control than anyone else in the world over what apps they can put on their smartphones and how their data is shared.

How smoothly that transpires through the end of this year and into 2025 is still an open question, but it’s clear that Apple, Google, and other big players will have to start waving goodbye to the advantages they’ve clung to for far too long.

BLOOMBERG OPINION

Boeing Co. says it bargained in good faith for labor deal with machinists’ union

REUTERS

BOEING bargained in good faith with one of its biggest unions for a new labor contract and “did not hold back with an eye on a second vote,” its chief operating officer (COO) said in a letter to employees seen by Reuters.

A tentative deal with The International Association of Machinists and Aerospace Workers has upset many workers who were hoping for higher wage hikes and better pensions, its lead negotiator, Jon Holden, told Reuters Monday.

In the letter, COO Stephanie Pope reiterated “unprecedented commitment” to the terms of the proposed deal, which include a general wage increase of 25% and a commitment to build its next commercial airplane in the Seattle area.

Mr. Holden said many members wanted to hold out for a 40% pay rise over the contract period and a reinstatement of the defined-benefit pension plan they reluctantly gave up during a round of negotiations a decade ago.

If the union workers vote down the deal and decide to strike, it would be a blow to new Boeing CEO Kelly Ortberg, who took up his role last month with a mandate to improve safety and ramp up production of the company’s best-selling 737 MAX passenger jet. — Reuters

Banking challenges: Focusing on compliance

A McKinsey report on global banking in 2023 has an important revelation. “One aspect of banking hasn’t changed: the price-to-book (P/B) ratio, which was at 0.9 in 2022. This measure has remained flat since the 2008 financial crisis,” it said. The price-to-book ratio reflects some of the long-term systemic challenges the sector is facing.

In the Philippine banking sector, only a handful of banks breach the P/B level of 1.0. So, are the banks’ shares worth less than liquidation value? The market may be of the opinion that the return on equity of the banks could be less than the cost of equity, and the assets are worth less than current balance sheet values. There is an upside, though. Once market sentiment improves, a slight improvement in the P/B ratio would cause major price appreciation for bank stocks.

The outlook for banks relies a lot on global trends that are continually changing. Primarily, higher interest rates and inflation figures are observed. Technological progress continues to accelerate with digital and technology-driven consumer demands and the emergence of generative artificial intelligence. One must also factor in rising geopolitical tensions that increase volatility and impose constraints on the real economy.

The stress and risk from macroeconomics, technology and geopolitical drivers are forcing governments to broaden and deepen their regulatory scrutiny of the banking sector. Higher capitalization requirements for banks and increasing regulatory costs are anticipated.

While outsiders view banking ownership as glamorous and lucrative, these trends highlight how banking remains a challenging industry. I remember Philippine Business Bank, Inc. Chairman Emeritus Alfredo Yao discussing the straightforward nature of product transformation in the manufacturing sector, where raw materials are converted into a product to satisfy a consumer need. In contrast, banking is making money out of money, and it requires a totally different discipline. It is in the resource transformation business, which demands astute management of uncertainty. The business of banking involves taking risks in various forms — credit, treasury, fund transfers, operations and distribution.

We focus on one major challenge and cost driver: the expenses that banks incur to adhere to legal, regulatory and supervisory requirements set by the Bangko Sentral ng Pilipinas (BSP) and other relevant authorities. These costs include investments in technology, personnel, training, reporting, audits and other expenses to meet regulatory standards.

Investments in technology and systems upgrades vary depending on a bank’s size and complexity of operations, but generally range from millions to hundreds of millions for the medium-sized to large banks. Banks need to invest in advanced technology and software for regulatory reporting, transaction monitoring, data privacy, cybersecurity, anti-money laundering/counter-terrorist financing (AML/CTF), and risk management. Banks may also need to upgrade core banking systems to meet new regulatory standards, such as those for digital banking and financial inclusion.

Salaries for qualified compliance officers, legal experts, auditors, and risk managers can also be substantial. Ongoing training programs for employees to keep them updated on new regulations, compliance procedures, and risk management practices are also mandatory.

Regular internal audits, compliance checks, and monitoring programs ensure adherence to regulations. Internal audit and monitoring costs can be large, especially for big banks with expansive operations. Aside from employing internal audit teams, hiring third-party auditors or using specialized compliance software are often done.

Reporting and documentation requirements can be labor-intensive and require sophisticated data management systems. The reports include financial statements, risk assessments, stress test results, AML/CTF reports, consumer protection compliance, and other disclosures.

Banks also need to engage external legal advisors and consultants to interpret new regulations, provide guidance on compliance strategies, and assist with regulatory filings. Then, there are penalties and remediation costs. These are costs incurred from non-compliance, such as fines, penalties, legal costs, and remediation expenses (e.g., strengthening controls, compensating affected customers). These costs are difficult to predict but can be substantial if the bank faces regulatory breaches.

Finally, compliance requirements may limit a bank’s ability to engage in certain profitable activities, delay product launches, or require additional capital reserves, which could have been used for business growth. Opportunity costs are less tangible but can impact the bank’s overall profitability and competitive position.

All of these costs are needed to comply with key regulatory requirements. The following are the major ones: AML/CTF; data privacy and cybersecurity; Basel III requirements; consumer protection regulations; stress testing and risk management mandates of the BSP; corporate governance standards (including establishment of board committees); and digital banking and financial technology regulations.

Compliance costs are often viewed as high, especially for smaller banks and rural banks that may lack the economies of scale to absorb these expenses. Larger banks can spread these costs over a broader revenue base, making them more manageable. However, these costs are deemed as necessary to ensure the benefits of financial stability, consumer protection, risk mitigation, and long-term trust in the banking system. Balance is needed, though, against overly burdensome regulations that may stifle innovation, hinder sustainability, or limit growth.

Compliance is just one of the many challenges in banking. In a very competitive environment, bankers must identify and exploit their comparative advantage to generate returns that will allow better valuation by the market against book values.

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

 

Benel Dela Paz Lagua was previously EVP and chief development officer at the Development Bank of the Philippines.  He is an active FINEX member and an advocate of risk-based lending for SMEs. Today, he is independent director in progressive banks and in some NGOs.

BoE eyes growth with lighter capital reforms for UK lenders

WIKIMEDIA.ORG

LONDON — The Bank of England (BoE) aims to roll out revised new rules on how much capital UK banks must set aside to cope with future crises, as it juggles efforts to shock-proof lenders without hurting their global commercial interests.

In a speech published on Thursday, the regulatory arm of the central bank said it would make “substantial amendments” to several earlier proposed Basel bank capital reforms in response to consultation and evidence, which had highlighted “too much conservatism” and excessive costs or challenges to implementation.

The changes outlined on Thursday will come into force on Jan. 1, 2026, instead of on July 1.

Financial regulators crafted the Basel III rules after the 2007-2009 global banking crisis forced taxpayers to bail out several undercapitalized banks.

The bulk of the Basel package is already in force across major lenders, with some remaining elements still to be implemented into national rulebooks.

“In terms of the capital impact, we think there will only be a very small impact on requirements, on average, across UK firms,” Phil Evans, director of prudential policy, said in the speech.

The BoE is planning to lower its proposed capital requirements for lending to small and medium-sized businesses and for infrastructure projects.

It also plans to streamline the approach banks can take to mortgage lending, chiefly by simplifying how they value residential property.

Taking into account its new proposals, the BoE’s Mr. Evans estimates the impact of the new proposed changes will be less than 1% in aggregate on capital requirements phased in over four years.

“This is smaller than for our consultation proposals, and is clearly very small compared with the roughly 300% increase we needed over the decade from the global financial crisis to COVID. It is a smaller impact than in other major jurisdictions,” Evans added.

REEVES MEETING INDUSTRY
Finance minister Rachel Reeves welcomed the reforms, saying they would deliver certainty for the banking sector to “finance investment and growth in the UK.”

Together with Bank of England Governor Andrew Bailey, Ms. Reeves is due to meet chief executives from across the banking industry later on Thursday to discuss the changes.

“Today marks the end of a long road after the 2008 financial crisis,” Reeves said in a statement.

“Britain’s banks have a vital role to play in helping businesses to grow, getting infrastructure built and supporting ordinary people’s finances.” 

News of the BoE’s revised approach to implementing Basel rules comes two days after the United States Federal Reserve’s regulatory chief outlined a plan to also significantly reduce capital demands on big US banks following intense Wall Street lobbying against the Basel rules.

Fed Vice Chair for Supervision Michael Barr said a watered-down plan will raise capital requirements at banks with more than $100 billion in assets by 9% compared with 19% originally.

But critics say hoarding such a vast volume of extra capital is unnecessary and the reforms will mean banks have less capital to lend or to support healthy functioning of global markets.

The United States is unlikely to finalize its own version of the rules until after its November presidential election.

The European Union has already delayed a core part of the regulation relating to banks’ trading books until January 2026, but is pressing ahead with introducing the bulk of the remaining rules in January 2025. — Reuters

Meralco upgrades substation in Quezon City

MANILA Electric Co. (Meralco) has invested P48.43 million to upgrade the control house at its Novaliches Substation in Quezon City.

The project aims to improve operational efficiency and flexibility of the substation that serves customers in Novaliches in Quezon CIty and Caloocan City, the power distributor said in a statement on Thursday.

The company said that the project involved the replacement of a 44-year-old control house with a new building equipped with a switchgear room.

It contains “critical equipment and devices” such as 34.5-kilovolt switchgears, protection relay panels, SCADA equipment, station service, and telecommunications equipment, among others essential to the substation’s daily operations.

“Meralco pours in investments for new projects and upgrades to improve its electricity distribution system to ensure safe, stable and reliable electricity service,” the company said.

In May, Meralco energized a P450-million new substation in Batangas City to cater to the existing energy demand of the city.

Meralco’s controlling stakeholder, 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

TIFF 2024: Inspiring Emilia Perez defies easy categories 

IMDB
IMDB

TORONTO — Selena Gomez and her co-stars in Emilia Perez — a genre-bending mix of pop opera, off-beat comedy, and crime drama — set the Toronto International Film Festival abuzz this week, walking the red carpet in support of a movie that already took top honors at Cannes.

Set in modern-day Mexico, the Spanish-language film by French director Jacques Audiard tells the story of a drug cartel kingpin, played by Karla Sofia Gascon, who enlists a flashy lawyer played by Zoe Saldana to help him undergo gender-reassignment surgery and disappear.

Years later, the former drug lord re-emerges as Emilia Perez, posing as a sister and hoping to reunite with her children and wife, as portrayed by Gomez.

Gomez, who over the years has evolved from a teen idol to a singer and actress with a long list of accolades to her credit, told Reuters she was grateful to work with Audiard, whose directorial credits include 2012’s Rust and Bone and A Prophet in 2009.

“I just really was dying to work with someone who would take me out of my comfort zone but in a way that was through storytelling,” Gomez said.

The former Disney star said she hoped audiences would find inspiration in Perez, the character portrayed by Gascon, and from the Spanish actress herself, who became the first transgender actor to win a major award at Cannes.

Gascon shared the prize with her Emilia co-stars Gomez, Saldana, and Adriana Paz.

“You walk through life, you want it to be as strong as you can and represent yourself with all your heart,” said Gomez. “All of us are Karla, in a way.”

For Gascon, Perez is a lesson in the capacity of everyone to reinvent themselves.

“The only thing that I want the public to receive is that we can change for the better,” Gascon said.

Emilia, Audiard’s 10th feature film, fetched two major awards at Cannes and received a nine-minute standing ovation. — Reuters

DBM clarifies PhilHealth issue

We, in the Department of Budget and Management (DBM), respectfully write to respond to Mr. Juan Antonio Perez III’s “Yellow Pad” column titled, “Patronage politics has caused the loss of health insurance coverage for millions of Filipinos,” which was published in the BusinessWorld on Sept. 9, 2024.

We wish to shed light on the comments which Mr. Perez raised, in the interest of accuracy and balanced views to avoid unnecessary alarm to the public, perpetuated by false, fear-mongering, and misleading news reports such as this.

Thus, we wish to clarify the following inaccurate details in the said column:

1. “To make things worse, PhilHealth’s budget for premiums was reduced by 50%, leaving at least 11 million indirect members and 18 million dependents without health coverage this year.”

“PhilHealth’s budget for premiums was reduced by 50%” — If this pertains to 2024 (“this year”), the 2024 General Appropriations Act (GAA) budget for PhilHealth is P61.5 billion, of which P40.3 billion is for the premium of indirect contributors. Compared to FY 2023 GAA, the PhilHealth budget was P100.2 billion, of which P79 billion is for the premium subsidy for indirect contributors. As in the FY 2023 GAA, the PhilHealth’s budget in the FY 2024 National Expenditure Program (NEP) for premium subsidy was the same as that of the FY 2023. However, there was a reduction made by Congress, as can be gleaned from the FY 2024 NEP vs. FY 2024 GAA.

“…leaving at least 11 million indirect members and 18 million dependents without health coverage this year” — It may be pointed out that the PhilHealth already issued a press statement that clarifies that all Filipinos, being automatic members of the National Health Insurance Program, are assured of immediate eligibility to their health insurance benefits anytime they are in need of medical treatment at any accredited health facility in the country. This is clearly mandated in Sections 5 and 6 of the Universal Health Care (UHC) Act of 2019, regardless of the level of appropriation that the Congress provides to the program every year.

2. “For 2025, DBM must explain why it has recommended a reduction of indirect contributors from 25,229,037 to 14,157,910. The slide included here clearly shows a reduced member count. This effectively removes 10,981,036 indirect contributors. With an average of two dependents per indirect member, that will mean over 30 million Filipinos without health insurance coverage next year.”

Allow us to note that the computation shown is the difference between the PhilHealth’s proposal and the FY 2025 NEP. Thus, the DBM did not reduce the number of beneficiaries but rather was only able to consider the coverage of a certain number of beneficiaries given the level of subsidy that could be provided to PhilHealth. Nevertheless, as rightly pointed out by PhilHealth, no one will be left without coverage because it is mandated to automatically provide coverage to all Filipinos. Additionally, there is a budget provision for the point of service program for those indirect contributors that are not yet clearly identified.

In the same article, the said author also wrote:

3. “DBM has also recommended a premium of P3,000 for the poor individual covered by the 4Ps (Pamilyang Pilipino Pantawid Program) and P5,000 for each senior citizen in 2025, which is below the P6,000 annual premium to retain membership. This will reduce coverage to only six months for 4Ps and 10 months for senior citizens. This could actually lead to even lower coverage for 4Ps members and seniors compared to 2024.”

This statement is utterly erroneous and deceptive since the basis used by the author is the PhilHealth data. The DBM already provided P5,000 premium rate for all indirect contributors in 2025. This premium rate is already 4.17% of the income floor of P10,000 of direct contributors. Moreover, this amount is aligned with the UHC law which provides that there should be a gradual increase in the premium subsidy. We would like to emphasize that the amount of P6,000 is the proposed rate of PhilHealth and not a condition to retain membership.

“This will reduce coverage to only six months for 4Ps and 10 months for senior citizens. This could actually lead to even lower coverage for 4Ps members and seniors compared to 2024.” — This is a false assumption because there is no such thing as a coverage of only six months and this can be confirmed by the PhilHealth. The premium subsidy provided by the national government is for the full-year coverage of indirect contributors. Without sounding like a broken record, there will be NO lower coverage for indirect contributors, as reassured by PhilHealth.

4. “No one can predict who will need healthcare at any given time, which is why universal coverage is essential. The fact that only 15% of indirect members made claims in 2022 should not be used as a justification to deny coverage to everyone, particularly the poor and elderly. In a year, public health planners usually presume that 20% of the population will get sick, and 5% may require hospitalization. By proposing to cover with inadequate coverage only 14 million indirect members in 2025, has the DBM pre-determined who will get sick next year?”

This is a logical fallacy.

While it is understandable to be concerned about reduced coverage, it is more important to avoid making assumptions about the intent behind such decisions. Those who will get sick are obviously unpredictable. Coverage for indirect members based on estimates, rather than actual numbers, is likely based on budgetary policies, as well as constraints, and the need to allocate limited resources. This does not imply a deliberate targeting of specific individuals. Moreover, PhilHealth is mandated to cover all Filipinos, thus, indirect contributors, in addition to those that have already been provided with premium subsidy, may be covered by PhilHealth using the Point of Service provision. Furthermore, Section 37 of the UHC Act provides that the Department of Health (DoH), in coordination with PhilHealth, may request Congress to appropriate supplemental funding to meet targeted milestones, which could include additional funding to meet targeted milestones of the said Act. Should there be a need for funding, this provision may be invoked by the DoH. We hope this letter clears up the misleading column.

Hence, we would like to request BusinessWorld to publish the DBM’s response in the spirit of transparency and fairness.

Nevertheless, rest assured that the DBM continues to hold the BusinessWorld in high esteem as a pillar of responsible journalism. We are certain that we share the same belief that accuracy is paramount; our reports shape public perception and influence critical decisions. Failing to present correct information can have far-reaching consequences, undermining not only our credibility but also the very fabric of informed discourse.

Thank you very much and more power.

Very truly yours,

Goddes Hope O. Libiran
Undersecretary and Supervising Senior Official
DBM Media Affairs and Community Relations Office

BDO sweeps Cash Management Services awards

BDO Unibank Inc. (BDO) was recognized as the Philippines’ Best in Cash Management Services by The Asset Triple A Treasurise Awards in Hong Kong, Asian Banking & Finance Awards and Alpha Southeast Asia Best Financial Institution Awards in Singapore.

BDO received its sixth consecutive win as the Best Cash Management Service Provider in the Philippines at The Asset Triple A Treasurise Awards 2024 in Hong Kong. This recognition underscores BDO’s unwavering commitment to delivering innovative and reliable cash management solutions tailored to the needs of its diverse clients. 

BDO was also honored as the Philippines’ Domestic Cash Management Bank of the Year at the Asian Banking & Finance Awards 2024 in Singapore. This award highlights BDO’s comprehensive suite of cash management services, which have consistently met the evolving demands of businesses across the country. 

Furthermore, BDO received the Best Cash Management Bank in the Philippines award for the ninth consecutive year at the Alpha Southeast Asia Best Financial Institution Awards 2024 in Singapore. This distinction signifies BDO’s sustained excellence and its pivotal role in driving financial innovation in the region.

“Engaging in regular dialogues with our clients is key to understanding their requirements. We provide solutions to support their businesses in effectively managing their cash flow, liquidity, and financial resources,” said Carlo Nazareno, Senior Vice-President and head of BDO Unibank’s Cash Management Services.

These multiple international awards reinforce BDO’s position as the premier cash management services provider in the Philippines, a testament to its strategic vision, customer-centric approach, and steadfast dedication to service excellence.

 

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Red flags that might indicate a hiring scam

I’m a fresh college graduate. I’ve sent my resume to more than 50 employers, with some of them asking for unfamiliar requirements. For example, three employers told me I was qualified for a “technical job” subject to my passing a one-month training program costing $200. Is this a legitimate deal? — Long Mile

When in doubt, then don’t. The phrase is “extreme caution,” especially when you’re required to pay for something, no matter how little, in exchange for “employment.” As a fresh college graduate, you should be aware that scams and illegal recruitment come in many guises that target almost everyone, not only those seeking jobs overseas.

Direct your attention to major employers who may have a difficult hiring process, which is worth going through for the experience alone. If you seek a job at a large institution, prepare to be rejected, but learn from that experience, especially hiring processes like job interviews and IQ tests. Constant practice is important until you hit it big.

While some people may advise you to focus on small organizations to improve your chances, getting hired by a big company can boost your morale and can have beneficial effects in the long term.

Take it from me. The moment I graduated from college, I hand-carried my resume to more than 150 big corporations along Ayala Avenue in Makati. In one building, I delivered an average of 10 resumes, the attractiveness of which I judged from the size of their advertisements in the yellow pages.

I was not discouraged because I wanted to learn every organization’s process to help me understand things that were not taught in school.

RED FLAGS
Fifty years later and counting, I discovered many immoral or illegal practices that tipped me off that I was dealing with a bad organization. Some of their practices include the following, which are still used today:

One, requiring applicants to sell insurance policies. These include health maintenance or funeral businesses. These organizations often claim to be engaged in the sale of such products and boast of being affiliated with legitimate companies.

Two, giving evasive answers to questions about how they are regulated. This happens all the time in lending companies. Try asking for a copy of their registration papers with the Securities and Exchange Commission, and you’ll be met by a cold stare if not a rebuff.

Three, no social media presence or website. If ever, their website contains very little information about their organization and their officers. It is rare to find the names of the management team on LinkedIn.

Four, a small office in a decrepit building. When you’re ready to pay for their “services” in cash, they propose to meet you in a fast-food restaurant or any public place, giving the excuse that they’re out doing fieldwork.

Five, asking for cash payment for seminars fee or medical checkups. The amount can be small enough that you aren’t unduly troubled by it. They may issue a temporary receipt with no indication of registration with the tax authorities.

Six, generic e-mail addresses like Gmail or Yahoo. Company e-mail addresses are a sign that you’re dealing with a legitimate organization. They might say that their office e-mail is undergoing a technical overhaul or has limited capacity.

Seven, poor written or verbal English. This alone is a big giveaway that you’re dealing with people with an unprofessional background.

Eight, eagerness to hire right away. This could come up even after an interview as short as 20 minutes.

Nine, reluctance to meet in person. This applies to hiring via social media, with the interviewer rejecting meeting in person, claiming they’re busy.

CRITICAL MINDSET
The above list is incomplete. It’s best to have a critical mindset, which makes you resistant to manipulation. Better to be paranoid than be a victim. But act professionally even in the face of red flags.

In conclusion, be aware of the red flags, even those that are barely visible. Watch for body language, even the manner when they answer the phone. Talk to their staff and observe whether they act differently from people employed by major corporations.

That’s the main reason why you should prioritize applying for major employers, which take care to highlight their professional standards when dealing with job applicants.

 

Bring Rey Elbo’s special program called “Superior Subordinate Supervision” to your management team. Contact him on Facebook, LinkedIn, X, or e-mail elbonomics@gmail.com or via https://reyelbo.com.

Internet Poverty Index: Almost 16% of Filipinos are ‘internet poor’

The Philippines ranked 56th out of 169 countries in terms of the “internet poor” as a share of the population, according to the 2024 Internet Poverty Index by Austria-based data enterprise World Data Lab. This translated to over 18.33 million Filipinos or 15.9% of the total population who cannot afford a 1-GB-per-month internet package, the third highest in the region.

Internet Poverty Index: Almost 16% of Filipinos are ‘internet poor’

How PSEi member stocks performed — September 12, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, September 12, 2024.

REVIEW: The Realme 13 Pro+ 5G is more than just its camera

Realme 13 Pro+ 5G | bworldonline.com

by Jino D. Nicolas

There are over 84.45 million social media users in the Philippines, accounting for 72.5% of the population, as reported in Digital 2023: The Philippines by Datareportal.

With that many users consuming content regularly, the content creator industry in the Philippines has seen rapid growth over the years. 

Mobile phone manufacturers were bound to take notice of the demands of content creators, and Realme is one of them. 

The global technology company indicated during the launch of the Realme 13 Pro+ 5G that the significance and attributes of content creation have greatly influenced the design of their new phone. 

Branded as “A DSLR in your pocket,” the Realme 13 Pro+ 5G boasts an improved tri-camera setup, a focus on AI enhancement, and a bigger battery capacity. 

“Now it is so easy to spread any type of content that you want to put out there,”  Jimmclaude Gayo, Product Marketing Lead at Realme Philippines, said in an interview during the event. 

Is the Realme 13 Pro+ 5G a great tool for content creation or is it just a model refresh? 

 

The specs 

The Realme 13 Pro+ 5G shares some core features with its predecessor, the 12 Pro+ 5G. This is the reason why the new flagship phone of Realme may be considered a model refresh.

Realme 13 Pro+ 5G specs on box | bworldonline.com
Feature Realme 12 Pro+ 5G Realme 13 Pro+ 5G
Processor Qualcomm Snapdragon 7s Gen 2 Qualcomm Snapdragon 7s Gen 2
RAM 8GB / 12GB 8GB / 12GB
Storage 128GB / 256GB / 512GB 256GB / 512GB
Display 6.7-inch OLED, 120Hz, 950 nits peak brightness 6.7-inch OLED, 120Hz, 2000 nits peak brightness
Battery 5000 mAh, 67W charging 5200 mAh, 80W charging
Operating System Android 14, Realme UI 5.0 Android 14, Realme UI 5.0

Similar as they may be, there are some upgrades to the newer 13 Pro+ 5G.

The 6.7 OLED screen of the 13 Pro+ 5G can produce twice the brightness than its predecessor.

The battery of the newer phone also has a larger capacity at 5200 mAh, and allows for faster charging at 80W, something that content creators would surely appreciate.

“Kailangan power-efficient ka (para) at the end of the day, magagamit mo yung phone [You need to have power-efficient batteries that can last the whole day,]” Mr. Gayo said.

Some might see it as a deal breaker that the core technical specs of the 13 Pro+ 5G is the same as that of the 12 Pro+ 5G, but that doesn’t mean it wouldn’t perform well.

The phone’s is relatively slim and lightweight (190 grams), contributing to its portability. Although the 13 Pro+ 5G comes with a free case, some users may opt to buy third-party cases that would add a bit more weight based on their preference.

 

Realme 13 Pro+ 5G Specs on screen | bworldonline.com

Work, work, work

The Realme 13 Pro+ 5G performs well with productivity apps.

The combination of the Qualcomm Snapdragon 7s Gen2 and the 12gb of RAM ensures smooth multitasking for productivity apps such as Microsoft Office, Google Workspace, and management tools such as Trello.

For professionals always on-the-go, the ability to switch between apps seamlessly is a must-have. The 13 Pro+ 5G does that with ease.

The touch interface is smooth and responsive, which is always the first thing that smart phone users notice.

The OLED display with the 120Hz refresh rate and higher brightness capabilities proved quite useful for apps that demand detailed visuals such as Canva.

With the Realme UI 5.0, the 13 Pro+ 5G also comes with AI driven features such as AI Screen Recognition and AI Smart Loop. These apps are very helpful in streamlining workflows.

Standby time is also impressive with the higher battery life.

 

Got game

The Realme 13 Pro+ 5G may be marketed more for content creators, but it certainly does not slack with performance on gaming.

The 13 Pro+ 5G performs admirably with popular mobile games given it’s powerful hardware.

The Adreno 710 GPU in particular allows Mobile Legends to run smoothly at high settings. Game experience is fluid with minimal lag.

Mobile Legends Settings on Realme Pro 13+ 5G

Genshin Impact, known to be demanding for its graphics, plays decently at low to medium settings, providing a balance between visual quality and performance.

Genshin Impact Settings on Realme13 Pro+ 5G

No significant lag or frame drops for Call of Duty Mobile. Gameplay is smooth even at high graphics and max frame rate.

Call of Duty Mobile Settings on Realme 13 Pro+ 5G

Overall, the Realme 13 Pro+ 5G is a very capable mobile gaming phone.

 

Power to create 

At first glance, the Realme 13 Pro+ 5G looks it has the same camera setup with its predecessor, but in truth, there are some improvements.

The tri-camera setup of the Realme 13 Pro+ 5G | bworldonline.com

The main camera of the 13 Pro+ 5G uses the Sony LYT-701 sensor. Granted, the sensor is basically a rebrand of the Sony IMX890 that came with the 12 Pro+ 5G, the LYT-701 takes of advantage of Sony’s latest sensor technology. These come with improvements in image processing and low-light performance.

Another difference between the two phones is, again, the sensor that comes with the telephoto camera.

The 13 Pro+ 5G makes use of the Sony LYT-600 sensor, while the 12 Pro+ 5g uses the Omnivision senser.

Extreme closeup photo of a toy using the Realme 13 Pro+ 5G

Both provide excellent low-light performance and color accuracy, but the advance features of the LYT-600 gives it the edge over the Omnivision sensor.

Also of note is that Sony LYT-600’s 100% focus pixels actually provide faster and more accurate autofocus.

One thing that content creators would like about the Realme 13 Pro+ 5G is it’s front camera. Unlike that of it’s predecessor, the 13 Pro+ 5G’s front camera can record video in 4k.

Being able to see the framing and lighting through your screen as content creators produce video helps a lot in overall production quality. Now, the output is in 4k.

Photo of a toy with shallow depth of field using the Realme 13 Pro+ 5G

Through end-user feedback from customers and partners, Mr. Gayo said these allowed them to address and leverage the common pain points of cameras in other smartphones, like blurred photos due to lack of OIS and evident noise due to automatic ISO adjustments.  

“Anything that they experience that is a pain point for them definitely has to be considered for us to solve that with the next one there,” he said.

The Realme 13 Pro+ 5G comes with AI enhancements that significantly improve user experience and overall performance for the phone’s camera.

  1. AI HyperRAW Algorithm: enhances image quality by improving clarity, dynamic range, and color accuracy
  2. AI Ultra Clarity: enhances details and sharpness of photos
  3. AI Smart Removal: allows removal of unwanted elements in a photo
  4. AI Group Photo Enhance: adjust lighting and focus to ensure everyone in the photo looks great
  5. AI Natural Skin Tone: skin tones are enhanced to look natural
  6. AI Pure Bokeh: makes background blur look more natural

 

Realme 13 Pro+ 5G back | bworldonline.com

Conclusion

Overall, it is understandable that the Realme 13 Pro+ 5G is branded as a “DSLR in your pocket.”

The high quality of images, color accuracy, shallow depth of field, and low-light performance actually attests to its capability to cater to photography and videography enthusiasts.

However, it should be of note that the Realme 13 Pro+ 5G is more than just a phone with a great camera. Productivity and gaming performance are also excellent.

Realme has achieved a great balance between quality, performance, and price with the Realm 13 Pro+ 5G. – with contributions from Almira Louise S. Martinez

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