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Norman Jewison, 97

CANADIAN film director Norman Jewison, whose eclectic array of masterpieces included the 1967 racial drama In the Heat of the Night, the 1987 tart romantic comedy Moonstruck and the 1971 musical Fiddler on the Roof, has died at the age of 97, his publicist said.

Mr. Jewison, who was nominated three times for the Academy Award for best director and received a lifetime achievement Oscar in 1999, died at his home on Saturday, publicist Jeff Sanderson said on Monday.

The Toronto native, whose films also included the 1966 Cold War satire The Russians Are Coming, the Russians Are Coming and the provocative 1973 rock opera Jesus Christ Superstar, was considered one of the most important directors of the last four decades of the 20th century. He was widely admired for his ability to craft powerful films in many different genres.

His movies received 46 Academy Award nominations and won 12 Oscars. In the Heat of the Night, starring Sidney Poitier and Rod Steiger, won the best picture Oscar for 1967.

Mr. Jewison’s 1987 Moonstruck became one of Hollywood’s most popular romantic comedies. It tells the story of a Brooklyn widow, played by Cher, who agrees to marry a man she does not love and then falls in love with his brother, played by Nicolas Cage.

After Cage passionately tells Cher he loves her, she memorably slaps his face and scolds: “Snap out of it!” Cher won the best actress Oscar for her sassy performance.

Mr. Jewison’s travels as a young man in 1940s America — seeing blatant white racism against Black people in the South — influenced his films, especially his three race dramas: In the Heat of the Night, A Soldier’s Story (1984) and The Hurricane (1999).

In the Heat of the Night focused on the relationship between a Black police officer (Mr. Poitier) and a white sheriff (Mr. Steiger) in a racist Southern town. The sight of Mr. Poitier’s character striking a rich white landowner shocked some moviegoers at that time.

Other important Jewison films included Steve McQueen entries The Cincinnati Kid (1965) and The Thomas Crown Affair (1968), dystopian corporate tyranny nightmare Rollerball (1975) and pregnant nun saga Agnes of God (1985).

Mr. Jewison remembered being taunted as a boy in Toronto by people who thought he was Jewish because of his name. He came from a Christian family, but the misperception persisted.

UNABASHED LIBERAL
Mr. Jewison was an unabashed liberal who took part in 1960s civil rights marches and knew former US attorney general Robert Kennedy and civil rights hero Martin Luther King, Jr.

He drew the ire of some US conservatives. Tough-guy actor John Wayne was infuriated by Mr. Jewison’s 1966 The Russians Are Coming, the Russians Are Coming, a satire that depicts comic chaos in a New England town after a Soviet submarine runs aground.

“The drunker he got, the more he wanted to punch me out,” Mr. Jewison told Canada’s CTV News in 2009 of Mr. Wayne, who referred to him as the “Canadian pinko,” an anti-communist insult.

Mr. Jewison became disenchanted with US society after the assassinations of Mr. Kennedy and Mr. King in 1968 and moved out of the country.

“I lost my political idealism. So I left, took the family back to Canada and ripped up my green cards — something the kids still haven’t forgiven me for,” Mr. Jewison told the Ottawa Citizen in 2004, referring to permanent US residence status.

Jewison directed 12 different actors in Oscar-nominated performances, with Mr. Steiger winning for In the Heat of the Night and Cher and Olympia Dukakis winning for Moonstruck. He produced most of his movies as well as some by other directors.

He was nominated for best director Oscars for In the Heat of the Night, Fiddler on the Roof and Moonstruck, without winning, but in March 1999 was presented with the Irving G. Thalberg Memorial Award, honoring his career body of work.

“My parting thought to all those young filmmakers is this: Just find some good stories,” Mr. Jewison told the audience at that ceremony. “The biggest grossing picture is not necessarily the best picture. … So just tell stories that move us to laughter and tears, and perhaps reveal a little truth about ourselves.”

Norman Frederick Jewison was born in Toronto on July 21, 1926. He served in Canada’s navy during World War II, became a TV director in Canada, then moved to New York in 1958 and made TV shows with stars including Judy Garland, winning three Emmy Awards.

Actor Tony Curtis coaxed Mr. Jewison into directing films, starting with the 1962 Curtis comedy 40 Pounds of Trouble. Three more comedies followed before he got his shot at a meatier film by replacing director Sam Peckinpah on The Cincinnati Kid. He made his last movie, The Statement, in 2003. — Reuters

BSP to prioritize modernization of Philippine banking sector this year

THE BANGKO SENTRAL ng Pilipinas (BSP) will focus on modernizing the banking industry this year, as well as boosting the regulation and supervision of financial institutions, an official said. 

“In the area of financial supervision, the BSP has identified three priority areas to modernize the Philippine banking system and ensure a sustainable, digital, and inclusive banking future,” BSP Deputy Governor Chuchi G. Fonacier said during a media information session in Tagaytay City over the weekend.

“The BSP upholds our commitment to the implementation of a policy reform agenda that aims to maintain institutional stability and financial sector resilience, ensure a sustainable financial system, and develop analytics and (technological) capabilities,” she added.

According to Ms. Fonacier, the central bank will launch initiatives this year to improve the stability and resilience of BSP-supervised financial institutions (BSFIs).

For one, the central bank is preparing a National Risk Assessment (NRA) report on money laundering terrorism financing for the banking sector, she said. The final report is expected to be released in 2025.

The Philippines has been boosting its efforts to combat dirty money as it seeks to exit out of the Financial Action Task Force’s “gray list” of jurisdictions under increased monitoring for money laundering and terrorism financing risks.

Meanwhile, the BSP will operationalize an enhanced resolution framework for banks as part of its supervisory agenda this year, Ms. Fonacier said.

“(This) will be accompanied by strengthened macro-prudential oversight, and enhanced stress testing, as well as thematic review of key risk areas,” she said.

“As regards to policy issuances, the BSP will work on the adoption of the Basel III capital standards related to credit and operational risks, and issuance of the operational resilience standards for banks,” she said. 

She added that the central bank will continue to collaborate with concerned stakeholders from 2024 to 2029 on the development of a cyber resilience plan for financial services.

SUSTAINABILITY
The BSP will also continue to promote the transparency and comparability of sustainability-related information to help investors in making decisions, Ms. Fonacier said.

“For 2024, the priority is to further strengthen the sustainability-related information architecture to avoid greenwashing risks and protect reputation of the Philippine financial system,” she said.

She said the Philippine Sustainable Finance Taxonomy Guidelines (SFTG) will be rolled out by the Financial Sector Forum late this month or early in February.

“The BSP will also leverage our existing collaborations with financial sector regulators including industry associations, development partners, and other stakeholders, in the advancement of the sustainability agenda,” she said.

A sustainable finance taxonomy serves as a guide for companies, investors, financial institutions, regulators, and consumers to help them make an informed decision on whether to finance, purchase, or monitor an asset, product, project, activity, company or portfolio that is aligned with the sustainability agenda.

In September 2023, the central bank released a consultation paper that assesses the design of the SFTG and proposed three essential criteria that financial institutions and regulators can use to evaluate the environmental sustainability of their economic activity.

The BSP also released its first sustainability report in July last year, which outlines the progress made in advancing the sustainability agenda in the Philippine financial system in 2022.

Meanwhile, the central bank will focus on bolstered analytics and supervisory technology capabilities in 2024 by developing an online supervision platform which can digitalize existing supervisory processes, Ms. Fonacier added.

With this, the Financial Supervision Sector would be more efficient in gathering and assessing data on inherent risks and on the financial system as a whole, she said. 

“We’ll also launch the Fit and Proper system for use of the BSFIs, or FITPRO,” she said, adding that employers from the banks may use this system to conduct background checks with the BSP before hiring personnel or officers.

The BSP will likewise enhance its own data warehouse system, she added. — Keisha B. Ta-asan

Ascott eyes 15 more properties in Philippines

CAPITALANDASCOTTTRUST.COM

HOSPITALITY chain The Ascott Limited aims to have 31 properties in the Philippines in the next three to five years, with 16 currently operational and 15 more in the pipeline, a company official said.

“There are 15 more Ascott properties to come in the next three to five years, [and] we are really excited about the Philippines,” Ascott Philippines Country General Manager Philip Barnes told reporters last week.

Properties set to open this year include Citadines Bacolod, Somerset Valero in Makati, and Somerset Gorordo in Cebu, with plans for Citadines Greenhills, Ascott DoubleDragon in Pasay, and Citadines Paragon in Davao for the following year.

Ascott launched its Citadines Roces Quezon City serviced apartment on Jan. 19, marking its 16th property in the Philippines.

Citadines Roces offers various apartment configurations, including studio deluxe, studio executive, one-bedroom deluxe, one-bedroom executive, one-bedroom premier, two-bedroom premier, and three-bedroom premier.

The property boasts facilities such as a fitness center, swimming pool, laundrette services, lounge, meeting rooms, function rooms, and an in-house modern Filipino restaurant named Alejo.

“As we take on this exciting journey, we hope to create a dynamic environment that’s one with the vibrant spirit of Quezon City. We look forward to crafting a future where every guest grows their love for the city in every second they stay with us,” said Citadines Roces Assistant Residence Manager Thea Karissa S. Peregrino. — Revin Mikhael D. Ochave

Championing micro-electric mobility: A startup’s journey to providing an alternative mode of transportation

MOOVR PH wants to bring their services to more people and looks to technology to keep this goal affordable. — MOOVR PH

By Miguel Hanz L. Antivola, Reporter

MOOVR PH wants to bring their services to more people and looks to technology to keep this goal affordable. — MOOVR PH

HOLDING the torch for an alternative mode of city transportation demands initiative, infrastructure, and sustainability, according to entrepreneur Anna Moncupa.

When Ms. Moncupa took her global business master’s in the United States and witnessed the pilot launch of Bird electric scooters and bicycles in 2017, she knew she wanted to bring certain competencies home and localize solutions for the Philippines.

Fast forward to 2020, Ms. Moncupa, founder and general manager of micro-electric mobility sharing service Moovr PH, established her startup after working with the Fort Bonifacio Development Corp., the master planner of Bonifacio Global City (BGC), from her logistics company Keepr Storage PH.

“It really was a passion project for our frontliners during the pandemic,” she said in an interview with BusinessWorld.

“A lot of nurses were coming in and out of BGC, and it was trying to bridge that gap in public transport at that time,” she added. “It evolved and grew into its own thing.”

Moovr began with regular manual bicycles and a small electric vehicle (EV) fleet of 20 scooters, which the company closely monitored to identify challenges and growth opportunities.

“I had to be careful because previous iterations of a sharing program didn’t last long,” she said.

“It was a lot of small steps for us in terms of the investments,” she added. “We did bicycles first because that required the least amount of capital and maintenance.”

“But we quadrupled the e-scooter fleet within a few months.”

To date, Moovr has improved and expanded its EV fleet to 310, from the previous 100 as of December last year, servicing BGC, the Makati central business district, and Filinvest Alabang.

The refreshed fleet has also introduced electric bicycles, with the Okai EB300 e-bikes and ES600 e-scooters, which both have swappable batteries and a maximum speed of 25 kilometers per hour.

Additionally, the platform currently has over 1,800 monthly active riders from its more than 231,000 user base, according to Ms. Moncupa. The rental rate for both e-bikes and e-scooters is P30 for 10 minutes.

PAIN POINTS
Moovr saw a number of challenges upon introducing a new market for its services.

“Nothing else this solid really existed before us,” Ms. Moncupa said. “There was a bit of a learning curve between us and the riders that we both had to learn.”

She noted unauthorized parking, irresponsible riding, attempted cases of theft, and fleet availability as pain points for the company, especially at the onset, which Moovr is coming up with active campaigns to address.

“Some people want to rent it and not allow others to use it, but not get charged because they’re not on the pedal,” she said.

“But we also have to make the project commercially viable so we could keep doing it as a sustainable business model,” she added.

GROWTH
Having tripled its EV fleet availability the past month, Moovr is eyeing intercity transportation, yet only upon guaranteed infrastructure improvements such as protected bike lanes, according to Ms. Moncupa.

“We’re watching the e-bikes’ performance very closely because we have a feeling that it’s actually good for more sustainable transportation,” she said.

“The Philippine roads aren’t exactly built for cycling, and we’re looking for ways to address that,” she added.

“The goal is to really go outside further and further, but hopefully cities want it enough to provide infrastructure.”

“Our number one concern is the safety of our riders and pedestrians. If those conditions are met, then we can operate.”

Currently, Moovr is only working with private townships to grow operations, which Ms. Moncupa noted as an easier route given a dedicated department to accommodate the program, over that in local government units (LGUs).

“With LGUs, whether we like it or not, they may have more pressing concerns which may not exactly fit in the current agenda, which we understand,” she said.

“It’s tough with LGUs because on one hand, you know they want it. On the other, it’s hard to do it when there is no internal champion,” she added.

However, Moovr is also geared toward offering low-cost mobility while maintaining its cost structure to sustain operations.

“We’re trying to head toward the right direction,” she said on a green outlook for transportation in the metropolitan area.

“But it’s always a question of, ‘Are we able to execute this properly?’ ‘Can we take care of our cost structure enough to really make it inclusive?’” she added.

Ms. Moncupa noted that Moovr’s EV-centered operations are almost only privy to expensive cities and central business districts.

“We know we’re operating on a premium because we sort of have to,” she said. “We’re working toward bringing this on a scale where the cost is enough to really be used as a bona fide means of public transportation for everybody.”

“Technology and electricity are expensive, unfortunately,” she added. “I think it is every entrepreneur’s dream to offer it low enough and scale up.”

COMMUNITY BEYOND TECHNOLOGY
Innovation through technology-driven solutions may look aspirational for entrepreneurs, yet Ms. Moncupa noted the importance of putting community first and center of any model.

“The innovation really happens outside of tech,” she said on recognizing potential even with limited resources and capital.

“We’re simply moving people, and tech enables us to do this at a lower cost,” she added. “But it’s not end-all, be-all.”

“What I learned is you need to serve a purpose because something like this cannot be purely commercial.”

Reception to feedback is both a challenge and opportunity for startups to audit itself and improve on lapses, according to Ms. Moncupa.

Chinese ship deals are either savvy or very risky

SAICMOTOR.COM

 

YEARS of supply-chain woes and maritime challenges put container and energy shipping in the headlines. Now, car carriers are set to steal the spotlight as the global structure of auto trade swings toward China and electric vehicles. Massive boat-buying deals may not be financially savvy but could offer a strategic advantage as carmakers hunt new markets.

Predictions for strong overseas sales growth by BYD Co. and SAIC Motor Corp. spurred both Chinese automakers to put in orders for a category of ocean-going ships called roll-on, roll-off. BYD, which is neck-and-neck with Tesla, Inc. as the world’s largest EV maker last week commenced the maiden voyage of its BYD Explorer No. 1 en route to Europe with 5,000 cars. The Shenzhen-based company is working with China International Marine Containers Group Co. to build boats and plans to add seven more to its fleet in the next two years, it said.

SAIC, whose brands include MG, has put in an order for at least 12 new ships, including one built by China State Shipbuilding Corp. capable of carrying 7,600 cars. That vessel, SAIC Anji Sincerity, set off this month for Europe and is reported to be the world’s largest dual-fuel carrier, capable of running on LNG or diesel.

Most of these deals were lined up in 2022, when capacity for ocean transport was tight and Chinese EV makers were confident the boom would continue. All up, $8.1 billion worth of these ships were contracted for construction by the end of 2022. Notably, 93% of those were for dual-fuel LNG vessels, and more than 80% were to be built in China, according to Clarksons Research. 

From a strategic point of view, buying car-carriers makes sense for Chinese automakers. From a financial perspective, it may not.

Take SAIC. The company sold 5 million vehicles in 2023, 1.12 million of which were new-energy models. NEV is a catch-all term that comprises anything that’s not solely a combustion-engine car, which might include pure battery EVs, hybrids, and plug-in hybrids. Significantly, overseas sales growth outstripped domestic, climbing 19% to account for almost a quarter of all units sold last year.

BYD, by contrast, sold 3.02 million NEVs. But only 242,765 of those, just over 8%, went abroad. According to Caixin, the eight ships it has on order will total 5 billion yuan ($695 million). That’s a drop in the ocean compared to the 611 billion yuan in revenue the automaker is estimated to have brought in last year. But it’s not nothing, and spaced out over a few years, could drag on margins.

Yet BYD didn’t actually buy the vessels directly. Instead, BYD Explorer No. 1 is owned by Zodiac Maritime, which will manage the ship on the carmaker’s behalf. A common business model in marine transport is for a client to sign up for a long-term lease, and let an expert buy and run the vessel. Norway’s Hoegh Autoliners recently announced a similar deal — it will operate car transport for an unnamed East Asian client over the next five years.

Whether you’re shipping at SAIC’s scale or at a more-modest BYD level, what you’re really doing with such deals is betting on two things: that there will be enough foreign orders in coming years to justify a long-term shipping contract, and transport rates in the spot market will consistently be higher than what was negotiated in a multi-year deal.

A look at the recent car-shipping industry indicates a locked-in strategy was the right move at the time. When BYD and SAIC were in the market for sea transport, capacity was tight.

“There weren’t enough boats, there weren’t enough trains, there weren’t enough car carriers,” Tesla Chief Executive Officer Elon Musk complained in October 2022, when the US carmaker’s deliveries fell short of expectations. In that context, writing fat checks made sense for a major Chinese auto manufacturer with bold overseas ambitions. Even now, it appears smart. In mid-December, car carriers were being chartered for a record $115,000 per day — seven times the average rate seen in 2019.

The delivery of new ships is coming fast. There are currently around 760 car carriers in operation globally with total capacity of 4 million car-equivalent units (the vehicle version of TEU). But 80 newbuild orders were signed last year, according to Clarksons Research, with total capacity equal to 37% of the current fleet. That could mean excess capacity in a couple of years and a sharp drop in spot rates, similar to what experienced with container shipping.

On balance, companies like BYD and SAIC seem more concerned with whether they can actually get their cars to market than the cost of doing so. When you’re a fast-growing company intent on breaking into new territories, long-term strategy may trump short-term financial returns. Should foreign markets like Europe, the US and the Middle East really take to Chinese EVs, then these ship deals will seem savvy. If not, they could hang like an albatross around carmakers’ necks.

BLOOMBERG OPINION

Sarah Ferguson, UK’s Duchess of York, says in shock after new cancer diagnosis

SARAH FERGUSON, the Duchess of York, said on Monday she was in shock after being diagnosed with a malignant form of skin cancer, her second cancer diagnosis in a year and the latest health issue for a member of the Britain’s royal family.

Ms. Ferguson, 64, the ex-wife of King Charles’ brother Prince Andrew, said on social media she had recently been diagnosed with malignant melanoma.

It comes after she underwent a mastectomy and reconstructive surgery following the discovery she had breast cancer last summer.

“Naturally another cancer diagnosis has been a shock but I’m in good spirits and grateful for the many messages of love and support,” she wrote.

“I am incredibly thankful to the medical teams that have supported me through both of these experiences with cancer and to the MAYRLIFE Clinic for taking gentle care of me in the past weeks, allowing me time for recuperation.”

The duchess, well known by the nickname “Fergie,” added she was now resting at home with her family.

Her cancer diagnosis comes days after Kate, the Princess of Wales and wife of heir to the throne Prince William, underwent abdominal surgery and Charles revealed he would go into hospital this week for treatment for an enlarged prostate.

“I believe my experience underlines the importance of checking the size, shape, color and texture and emergence of new moles that can be a sign of melanoma and urge anyone who is reading this to be diligent,” Ms. Ferguson said.

Since her divorce from Andrew in 1996 she has forged a new career as a successful author. However, she remains close to her husband, and they still share the same family home in Windsor.

She joined the other senior royals for the annual Christmas get-together at the Sandringham estate in eastern England in December, a sign she was back in the royal fold. — Reuters

Manila Water aims to finish P4.2-B sewer network project this year

REPORTS.MANILAWATER.COM

MANILA WATER Co., Inc. on Tuesday said it expects its P4.2-billion sewer network package in Mandaluyong City to be completed this year.

The Mandaluyong West Sewer Network Package 1 is currently 64.49% finished, featuring a 60-million-liter-per-day (MLD) capacity sewer treatment plant (STP), expandable to 120 MLD, the company said in an e-mailed statement.

The sewer project forms part of a 51-kilometer sewer network called the Mandaluyong West-San Juan South-Quezon City South Sewer Project.

Along with the P2.5-billion Hinulugang Taktak STP, the Mandaluyong sewer network is also part of Manila Water’s Three-River System Wastewater Master Plan to help rehabilitate and protect waterways and provide sanitation and sewerage services.

“Manila Water is ramping up its sewerage and sanitation services to reach more customers as part of its Service Improvement Plan,” Manila Water Corporate Communications Affairs Group Director Jeric T. Sevilla said.

“The company is investing heavily in wastewater infrastructure to contribute to better community health and promote environmental sustainability,” he added.

By 2037, the sewer network is expected to serve 704,260 residents of Mandaluyong, San Juan, and Quezon City.

At the local bourse on Tuesday, shares of Manila Water climbed by six centavos or 0.32% to close at P18.60 apiece.

The water concessionaire serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province. — Sheldeen Joy Talavera

Value at the heart of outsourcing for SMEs — DOXA Talent

TIRACHARDZ-FREEPIK

By Miguel Hanz L. Antivola, Reporter

TALENT OUTSOURCING for small- and medium-sized enterprises (SMEs) has grown to lean toward value-adding over the typical notion of high-volume, repeatable tasks, according to an industry player.

“Small business owners historically have been really underserved in this market,” David Nilssen, chief executive office of DOXA Talent, told BusinessWorld on the sidelines of a briefing.

“And they don’t need someone to deal with standardized tasks,” he added. “They need skilled workers who can actually add value in lots of different areas of the organization.”

Survey findings from Clutch, a global marketplace for business-to-business service providers, showed 83% of small businesses look to maintain or increase spending on outsourced services last year.

It also recorded marketing (27%), IT services (22%), and design (21%) as the top areas for new outsourced providers.

Mr. Nilssen noted the growing priority for value-consciousness over cost-consciousness, especially among SMEs with limited resources, which the company primarily serves.

“It is an important distinction, so it narrows the size of the market that we can address, but there’s still infinite opportunity as well,” he added.

The IT and Business Process Association of the Philippines (IBPAP) said in a Monday briefing that it hopes to exceed the two-million mark in industry headcount by 2025, citing the competitiveness of the Philippine workforce.

“The IT-BPM (information technology and business process management) industry continues to grow. We ended last year with 1.7 million direct jobs for Filipinos, up 8%, and we generated well over $35 billion in revenue for the economy,” said IBPAP President Jack Madrid.

Last year, Mr. Madrid said that the industry is targeting 7-8% growth in headcount and $39 billion in revenue for 2024.

“Companies must gear up as we are seeing a demographic shift in the workforce with more offshore talents helping businesses thrive, which is also providing a tailwind to the BPO industry,” Mr. Nilssen said.

DOXA Talent has also partnered with an artificial intelligence (AI) training firm to develop the skillset of its employees to better serve small business clients.

“It is a threat to anybody who doesn’t embrace it,” Mr. Nilssen said on leveraging new technologies for improved services.

“You’re going to start to see the BPO industry have to shift from the traditional model and evolve to sort of embrace new modern work trends,” he added on an industry outlook.

“That is remote work, AI, and career development — three things that you have not seen historically done well in the BPO industry anywhere.”

Empowering our future workforce requires transforming high schools

FREEPIK

AMERICA’s healthcare system was experiencing a staffing crisis long before anyone heard the word “Covid,” but the pandemic supercharged it, by leading to many resignations and early retirements. Today, the system is more short-staffed than ever, even as it faces its next big shock: an aging population. Unless we get serious about addressing the shortage of qualified healthcare workers, the quality of medical care will suffer, and its cost will rise.

By 2030, all baby boomers will be 65 and older, and their longer life expectancies mean that the need for medical care will continue to rise. Yet there are currently about 2 million unfilled healthcare jobs. These include medical assistants, respiratory therapists, health information technicians and other roles — and an additional 2 million new jobs are expected by 2031, according to the US Bureau of Labor Statistics.

We cannot expect that the market will solve the labor shortage on its own. A big part of the reason hospitals and other healthcare providers cannot fill these jobs is that college graduates often look elsewhere for jobs, and high school graduates often are not prepared for them, because the jobs require levels of education and training that high schools do not provide.

This is a problem not only for healthcare systems, but for many young adults, too. Wages for high school graduates are often too low for them to save much money, especially for buying homes. This leaves many who wish to begin working upon graduation with an unappealing choice: Go to college and take on debt, or face severely restricted career prospects. Many of those who choose college don’t graduate and are left with loans that impede their ability to save and become homeowners.

Meanwhile, the current 2 million job openings in healthcare offer median starting salaries as high as $70,000, as well as opportunities for growth and advancement. So why aren’t American high schools preparing students for these jobs?

Too many political leaders pretend all students want to go to college. Students who seek to begin working immediately after high school often get shunted into antiquated vocational programs for jobs that are dying out. An overhaul of these programs is long overdue, to align them with both student interest and economic realities — and healthcare is the perfect place to start.

This week, 10 rural and urban communities across the country announced that they will create healthcare-focused high schools that serve nearly 6,000 students in total. The schools will provide education for ninth through 12th grades; beginning in 11th grade, students will also participate in work-based learning during the school week through hands-on, paid internships at partner hospitals — allowing them to apply what they learn in the classroom as well as gain access to a network of professional mentors.

Upon graduation, students will have the option to go straight to work at a partner health system. In addition, hospital partners have committed to subsidizing tuition for students’ ongoing education and providing job opportunities for students who successfully complete the graduation requirements of their respective programs.

This program, which Bloomberg Philanthropies is supporting, can serve as a model for other cities and states around the country, and it can apply to other high-growth industries, too, including information technology, advanced manufacturing and financial services. By giving students a head start on careers that offer opportunities for growth, they’ll reap the benefits for years to come — and so will our whole country.

BLOOMBERG OPINION

IC mulls perks to help boost PHL microinsurance sector

BW FILE PHOTO

THE INSURANCE COMMISSION (IC) is looking to give incentives to new microinsurance players to help prop up the sector and boost financial inclusion in the Philippines.

The regulator plans to introduce incentives for insurance firms entering the microinsurance market, Insurance Commissioner Reynaldo A. Regalado said at an industry forum on Tuesday.

“In the Philippines, microinsurance sells itself. The only thing we have to do is to expose them to everyone. In terms of policies to boost this, we’re looking at incentives and we’re looking at the way we have been checking them. There will be less regulations for some of them if that’s possible and just to make sure, we can help them post audited [financial statements],“ he said.

Microinsurance MBA Association of the Philippines Chairman Emeritus Jaime Aristotle B. Alip said at the same event that lowering taxes or a tax credit scheme could encourage more insurers to go into microinsurance.

He added that the IC could exempt some microinsurance firms from the International Financial Reporting Standard 17 requirement.

Latest data from the IC showed the microinsurance industry’s premium income rose by 19.6% to P10.16 billion as of end-September 2023, up from P8.49 billion in the same period in 2022.

The number of lives insured under microinsurance policies also went up by 2.34% year on year to 56.29 million from 55 million, the IC said.

While the microinsurance industry has grown in the past years, the sector still lacks major players as there are only 49 companies selling microinsurance, Mr. Regalado noted.

This is because the industry caters to sectors that are exposed to a lot of risks, which result in higher loss ratios, Philippine Insurers and Reinsurers Association, Inc. Executive Director Michael F. Rellosa said at the same event.

Microinsurance could get a boost from digital innovations, UnionDigital Bank Chief Commercial and Revenue Officer Mike Singh said.

Digital innovations could help microinsurers reach remote populations establish trust with communities, and help them design more affordable products and manage operational costs, he said.

“Microinsurance and credit together form a powerful duo in advancing financial inclusion, offering a safety net to the underserved by providing accessible, cost-effective coverage alongside essential credit services,” Mr. Singh said.

AGRI-INSURANCE
Meanwhile, a potential growth area for the microinsurance industry is agriculture as the farm sector faces risks related to climate change and low capital, Pioneer, Inc. President and Chief Executive Officer Lorenzo O. Chan, Jr. said.

However, agri-insurers struggle with poor sales, cost-effective distribution, loss assessment, and high loss ratios, International Monetary Fund (IMF) Operations Officer in Climate and Risk Management Advisory Services, Financial Institutions Group Paul Xavier Espinosa said.

“The agri-insurance industry in the Philippines remains underdeveloped, with just three Philippine insurers actively offering agri products in 2022,” he added.

Insurers are also hesitant to go into the agriculture sector due to the lack of data, as these are mostly only available at the municipal level, Mr. Chan said.

United Nations Development Programme Climate Action Programme Team Leader Floradema C. Eleazar said they are partnering with government departments under the Strengthening Institutions and Empowering Localities Against Disasters and Climate Change in the Philippines program to develop a database for the agri-insurance sector. — AMCS

Philippines improves in climate change performance

The Philippines jumped six spots to 6th out of 67 countries in the Climate Change Performance Index (CCPI) 2024 report by the Germanwatch, the NewClimate Institute, and the Climate Action Network. The country  outperformed its peers in the Asia-Pacific region with an overall score of 70.70, the highest in the region.

 

Philippines improves in climate change performance

How PSEi member stocks performed — January 23, 2024

Here’s a quick glance at how PSEi stocks fared on Tuesday, January 23, 2024.

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