AMRO’s ASEAN+3 GDP growth forecasts
THE PHILIPPINES is projected to be the fastest-growing economy in the region this year amid resilient domestic demand, the ASEAN+3 Macroeconomic Research Office (AMRO) said on Thursday. Read the full story.
THE PHILIPPINES is projected to be the fastest-growing economy in the region this year amid resilient domestic demand, the ASEAN+3 Macroeconomic Research Office (AMRO) said on Thursday. Read the full story.
The decisions or choices we make in our lives make up the fabric that weaves our destiny. We make mundane choices in our daily routines and critical ones that can alter the course of our lives. While we normally look at decision-making as a rational and cognitive function involving selection from a set of alternatives, there are intricacies in this process influenced by psychological, emotional, social, environmental and temporal factors.
The normal assumption is we strive for logical choices based on reason and evidence. However, psychologists argue that emotions will shape our perceptions and sway our judgments. By acknowledging that reason and emotions are not mutually exclusive, the seasoned decision-maker will be guided as to when logic should prevail and when emotions as well as intuition can play a larger role.
A seminal article by Henry Mintzberg and Frances Westley entitled “Decision-making: It’s Not What You Think” proposed that the rationale or “thinking first” model of decision-making should be supplemented with two very different models — a “seeing first” and a “doing first” model. Intuitive and action-oriented approaches should be part of our menu in coming up with the right choice. They argue that with proper use of all models, the quality of decision-making can be improved.
Rational decision-making follows these steps. First define the problem, then diagnose its causes, design possible solutions and finally, decide which is best. When the authors reviewed decision-making cases, they saw confusion in the steps. There’s even a hypothesis about choices looking for problems, and solutions looking for issues. So much of the process goes beyond conscious thought.
The second model is “seeing first,” which relies on insight or “seeing into.” This follows the creative discovery pattern of preparation, incubation, followed by illumination and finally, verification. As quoted from Louis Pasteur, “chance only favors the prepared mind.” Seeing happens to those who have developed deep knowledge over the years. Understanding can be visual as well as conceptual. Visioning means seeing what others do not and having the unconscious mind leading to that eureka moment.
“Doing first” is how pragmatic people function. It is the process of experimentation, doing various things and finding out which among them work. This is doing driving thinking, and acting in order to think. Sequentially, it goes this way: enactment, then selection and finally, retention. Sometimes, insisting on “thinking first” may discourage learning.
“Thinking first” features the qualities of science, planning, programming, the verbal and facts. “Seeing first” features the qualities of art, visioning, imagining, the visual and ideas. “Doing first” features the qualities of craft, venturing, learning, the visceral and experiences.
The paradox of choice, a concept popularized by psychologist Barry Schwartz, further complicates the decision-making process. The abundance of options can intuitively lead to less happiness, less satisfaction and hamper the ability to decide. The quest for the optimal decision becomes a daunting task, leading to decision fatigue and avoidance altogether.
The external environment exerts pressure on the decision-making process. Social influences, cultural norms and peer pressure mold our desires without a conscious awareness. In today’s age of social media intrusion into our personal space, a myriad of external forces is at play. Even the surge in mental health cases has been attributed to this. And with our mental health under attack, consciously or unconsciously, choices are naturally affected.
The temporal or time dimension adds another layer of complexity. We should discern between the important and the urgent. Not making the correct distinction can cloud our judgment. Choices made with careful deliberation with the benefit of time differ widely from choices made impulsively or in the heat of the moment.
Decision-making is not as straightforward as it looks like, but its mastery will help lead to better lives. Understanding the rational, psychological, social, environmental and the temporal dimensions can lead to better self-awareness and reflection. Choices or decisions should align with one’s long-term goals. There is no one way approach to making these choices that eventually define the journey we take in life. It may seem complex, but we should embrace the challenges and not look at these as burdens to be hurdled.
The views expressed here 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.
BUSINESSMAN Manuel V. Pangilinan is one of the nine recipients of the Cross Pro Ecclesia Et Pontifice, the highest papal award for laity.
In a statement on Thursday, Manila Electric Co. (Meralco), where Mr. Pangilinan serves as chairman and chief executive officer, said that Manila Archbishop Cardinal Jose Advincula conferred the award on behalf of Pope Francis on Wednesday.
The award, which translates to “For Church and Pope,” is an honor given by the Pope to the laity for their service to the Catholic Church. First instituted by Pope Leo XIII in 1888, the gold medal features the images of the Apostles Peter and Paul.
“You are sent to look for many opportunities to do good for others and to make more of our brothers and sisters feel God’s care, compassion, healing, and love through you,” Mr. Advincula said during the awarding.
According to Meralco, Mr. Pangilinan has been long-time supporter and member of the Board of Trustees of Caritas Manila, the social service arm of the Archdiocese of Manila.
He said that he would continue to support “other philanthropic organizations on top of the various foundations he leads.”
“I think that the work Caritas Manila does, and our foundations, is really to be not too self-interested, and to be mindful of others. After all, what are we here on Earth for except to benefit humanity,” Mr. Pangilinan was quoted as saying.
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
THE Securities and Exchange Commission (SEC) has issued a cease and desist order against Infinity8Networks Digital Services OPC and related entities for soliciting investments from the public.
The Commission En Banc on Jan. 16 directed Infinity8Networks to “immediately cease and desist” from engaging in unlawful solicitation, offer, and sale of securities without the necessary government license, the commission said in a statement on Thursday.
The regulator also prohibited Infinity8Networks from transacting any business involving funds in its depository banks, and from transferring, disposing, or conveying any related assets to ensure the preservation of investors’ assets.
According to the SEC, the cease and desist order was issued after the commission’s enforcement and investor protection department found that Infinity8Networks was offering investment plans ranging from P500 to P5 million with a promised return of 30% in five days to 500% in 40 days.
The entity allegedly earns through cryptocurrency trading.
“Infinity8Networks’ scheme involved the sale and/or offer of securities in the form of investment contracts, whereby a person makes an investment of money, in a common enterprise, with the expectation of profits, to be derived solely from the efforts of others,” the SEC said.
The SEC said that Republic Act No. 8799, or the Securities Regulation Code, prohibits the sale or distribution of securities within the Philippines without the necessary registration statement approved by the government.
Based on the SEC’s records, the one-person corporation was registered under the name of Infinity8Networks Digital Services OPC. However, it neither registered for public offering nor secured a secondary license to sell securities.
“At the outset, the primary purpose clause in the articles of incorporation of [Infinity8Networks Digital Services OPC] specifically provides that it has no authority to solicit or accept investments from the public,” the SEC said.
“The commission further held that Infinity8Networks’ act of selling and offering securities without the requisite registration statement constitutes fraud which should be promptly restrained for the protection of the investing public,” it added.
In December, the SEC ordered the entity to pay a P1 million fine and revoked its corporate registration. The commission warned the public against Infinity8Networks through an advisory in November.
BusinessWorld sought comments from Infinity8Networks but has not received a response as of the deadline. — Revin Mikhael D. Ochave
STRONG Group Athletics plunges into a baptism of fire when it opens its campaign against host United Arab Emirates (UAE) national team in the 33rd Dubai International Basketball Championship today (Jan. 19) at the Al Nasr Club.
Game time is at 11:15 p.m. (Manila time) with the Philippine representatives under the tutelage of Charles Tiu eyeing a flying start in its redemption tour after a quarterfinal exit last edition.
After UAE, standing in the way for Strong Group are Lebanon’s Beirut Sports Club and Homenetmen, Syria’s Al Wahda and Al Ahly Tri Sports Club of Libya in Group B.
Reigning champion Al Riyadi bannered by Lebanon national team ace guard and FIBA Asia CUP MVP Wael Arakji spearheads Group A with Tunisia national team, Morocco’s As Sale, Libya’s Al Ahly Benghazi, UAE’s Al Nasr and another Lebanese club Sagesse.
As tough as the opposition is, Strong Group has only one goal in the Middle East when it debuts with little to no break after landing in Dubai on Thursday. “It’s gonna be a stacked competition. Modesty aside, we definitely want to win the championship,” said Mr. Tiu, joined by consultant Brian Goorjian with Topex Robinson and TY Tang as assistants.
Dwight Howard, the NBA champion and three-time Defensive Player of the Year, has been tasked to lead the squad in his first foray with a Philippine team after an illustrious career in the United States.
Joining him at the frontline are Gilas Pilipinas naturalized player Andray Blatche, former OKC Thunder guard Andre Roberson and seasoned import McKenzie Moore.
Owned by Frank and Jacob Lao, Strong Group will also have a formidable local crew to bank on led by UAAP Most Valuable Player (MVP) Kevin Quiambao, MPBL MVP Justine Baltazar and Gilas sniper Jordan Heading.
Completing the squad are De La Salle University’s Francis Escandor, University of the Philippines’ JD Cagulangan, and College of St. Benilde’s Allen Liwag, Justine Sanchez and Tony Ynot.
Strong Group, which bowed to eventual titlist Al Riyadi in the quarterfinals last year, 106-97, is aiming to replicate the feat of Mighty Sports Philippines as the first-non Middle Eastern team to win it all in Dubai in 2020. — John Bryan Ulanday
THE PHILIPPINE Circuit Show 2024, the biggest dog show in Asia, is ongoing until Jan. 21 at the Smart Araneta Coliseum in Cubao, Quezon City. The event, which is organized by the Philippine Canine Club, Inc. (PCCI), has a wide array of competitions and activities that dog lovers will appreciate. There is the Agility Competition where trained dogs will navigate challenging obstacle courses with precision and speed; a fun match featuring the Philippine Forest Dog; and the highlight of the event, the Conformation Shows which will take place throughout the Philippine Circuit Show 2024. An international panel of judges, chosen from diverse backgrounds, will preside over the competition. To learn more about this event, visit www.pcci.org.ph or e-mail philippinecircuitdogshow@gmail.com.
STAR MAGIC Music Room Present: Klarisse de Guzman and Nyoy Volante LIVE on Jan. 19 at the Vue Bar in Bellevue Manila. Tickets for this fusion of acoustic pop and soulful ballads are available on TicketWorld. The gates open at 6:30 p.m. and the show proper starts at 8 p.m.
Considering its antecedents, that Fiducia Supplicans (“Supplicating Trust”) came off like a bomb was to be expected. Released on Dec. 18, 2023, on the Feast of the Expectation of the Blessed Virgin Mary, the document from the Dicastery for the Doctrine of the Faith (DDF) purported to extend pastoral care to all individuals, specifically by allowing priests to give blessings to individuals in “irregular” relationships, particularly same sex couples, those cohabiting outside of marriage, and those in adulterous relationships.
The reaction to the document was, however, to put it mildly, comically catastrophic. After the initial giddy gloating of “progressive” media (from Rappler to the Jesuit’s America Magazine), a series of very public pronouncements from numerous Catholic clergy came out expressing concern. Amongst the first was the British Association of Priests, then Kazakhstan’s Archbishop Tomasz Peta and Auxiliary Bishop Athanasius Schneider weighed in, then Cardinal Robert Sarah, former prefect of the Congregation for Divine Worship and the Discipline of the Sacraments, afterwards practically all the bishops from the whole of Africa.
Predictably, the usual “popesplainers” tried to brush the controversy off as a mere media construct. But then Eric Sammons correctly pointed out: “As commonly happens with such controversial documents, many Catholics are trying to blame the media for misrepresentations of the text. ‘The pope didn’t approve of blessings for same-sex relationships!’ ‘This doesn’t change anything!’ and other such nonsense.
“The guiding principle of this document is that it is a teaching of Pope Francis, and Pope Francis alone. Of the 31 footnotes found at the end of the text, 20 of them (65%) reference the current pope. There is absolutely no attempt to situate this novel practice within the Catholic tradition.” (“Breaking Down Fiducia Supplicans,” Crisis Magazine, December 2023).
The problem was more succinctly laid out by Charles Chaput, Philadelphia Archbishop emeritus (“The cost of making a mess,” First Things, December 2023): “relationships that the Church has always seen as sinful are now often described as ‘irregular.’ This neuters the reality of morally defective behavior and leads to confusion about what we can and can’t call ‘sin.’”
In response to those that claim the Catholic Church needs to be more “inclusive,” Archbishop Chaput had this to say: “If ‘inclusive’ means including people who do not believe what the Catholic faith teaches and will not reform their lives according to what the Church holds to be true, then inclusion is a form of lying” (“Archbishop Chaput welcomes ‘smaller church’ of holier Catholics,” National Catholic Reporter, October 2016).
Sammons puts it another way: “It’s not hard at all to imagine that many people ask for a blessing because they are asking for approval. After all, if a priest blesses something, it must be okay, right? And that’s the common understanding, not the exception. So, despite [DDF Chief Cardinal Victor Manuel] Fernández’s lofty description of why people ask for a blessing, many people (likely most people) see it as a form of official approval on their relationship.”
And yet, Archbishop Chaput reminds us: “an essential task of a loving pastor is to correct as well as accompany. Blessings should encourage, but also, when necessary, challenge. People in same-sex and other non-marital sexual unions need a challenging accompaniment from the Church. Popes, bishops, priests, and deacons are called by their vocations to be prophets as well as pastors. Pope Francis often seems to separate these roles while Jesus himself always embodied both in his ministry. His words to the woman caught in adultery were not simply ‘Your sins are forgiven’ but also ‘Go and sin no more.’”
But the definitive judgement on the document is perhaps from two non-priests. John Finnis (Oxford Professor of Law and Legal Philosophy Emeritus) and Robert P. George (Princeton’s McCormick Professor of Jurisprudence), with Peter Ryan, S.J. (Sacred Heart Major Seminary’s Blessed Michael J. McGivney Chair in Life Ethics), all genuine and recognized experts on ethics, legal philosophy, and theology, provide us a clear, non-polemical, objective, and analytically sober account of Fiducias Supplicans:
“All these silences and complacencies [surrounding Fiducias Supplicans], while not denying Catholic doctrine on sexual activity, tend to suggest that that doctrine does not matter very much. They suggest that it is at most a matter of ideals, rather than moral absolutes knowable by reason and confirmed by divine revelation. But true mercy and the eminent charity extolled by Persona Humana — the charity that never diminishes the saving teaching of Christ — requires pastors to teach forthrightly what St. Paul taught (see 1 Cor. 6:9-11): To find salvation, a person must hold fast to the sanctification received at baptism by avoiding or repenting of all grave sins, including sexual sins. The truth at stake, which it is a serious responsibility of pastors to communicate, is that sexual acts are gravely immoral unless they express and actualize a committed and exclusive marital union, the kind of union within which new human beings are entitled to be born and raised.
“By commending a practice that, without all the needed conditions, will obscure that truth of faith and reason, the DDF’s pair of documents creates a large new obstacle to fulfilling a pastoral responsibility that is also an imperative of evangelization.” (“More confusion about same-sex blessings,” First Things, January 2024).
All the foregoing criticism and popular rejection of Fiducia Supplicans shouldn’t be seen as taking away from the credibility of the Catholic Church and the verisimilitude of its teachings. Neither should it be seen as undermining the Petrine Office. Interviewed by Catholic Herald (“Don’t give up on the Church — and certainly not because of Fiducia Supplicans,” December 2023), Scott Hahn, respected theologian and a prominent faithful of Opus Dei, correctly observes: “We shouldn’t have an idealized view of the papacy. Some Popes are good, some are bad, some are fair, others are great, and some are saints, but most are not. This is the living reality of the papacy.”
The views expressed here are his own and not necessarily those of the institutions to which he belongs.
Jemy Gatdula read international law at the University of Cambridge. He is the dean of the Institute of Law of the University of Asia and the Pacific and is a Philippine Judicial Academy lecturer for constitutional philosophy and jurisprudence.
Twitter @jemygatdula
PRESIDENT Ferdinand R. Marcos, Jr. ordered maritime regulators on Thursday to bring shipping practices into line with international standards, calling it the first step to modernizing and expanding the industry.
Mr. Marcos also raised concerns over high shipping costs in the meeting with maritime officials, and called for a medium-term plan to meet international standards and upgrade the training of seafarers.
The President called the industry’s operations “obsolete,” according to a Palace statement detailing the results of the meeting.
Maritime Industry Authority (Marina) administrator Sonia Malaluan sought the President’s approval for a proposed development plan for the industry running until 2028, the components of which include shipping expansion, modernized shipbuilding, and skills upgrades for the industry’s workforce.
“Let us first standardize our systems,” Mr. Marcos said, “and at the same time… undertake the promotion of (our) highly skilled Filipino maritime workforce.”
“(In terms of) shipbuilding and ship repair, we haven’t done much to promote that. The rest are for further development,” he added. “Let’s standardize our practices so that we will be (in line with) our international counterparts.”
“We have to fix our house first because we have to compete and in order to do that we should have an even playing field, and then we should (seek to) gain an advantage.”
The Philippines is the world’s leading source of maritime manpower, supplying 25% of global seafarers, the President said. Seafarers sent home $6.71 billion in remittances last year.
Mr. Marcos over a year ago ordered the creation of an advisory board to address the concerns of the 600,000 Filipino seafarers deployed worldwide, following the Philippines’ failure to comply with European Union standards and an inspection by the European Maritime Safety Agency in March 2022.
At the meeting, Mr. Marcos noted that it is usually cheaper to ship cargo to the Philippines from overseas than it is to ship cargo from one domestic port to another.
In response, the maritime regulator, known as Marina, said domestic shipping is expensive because of excise taxes on fuel and lack of vessel scale.
International shipping is not subject to excise tax on fuel, Marina said, adding that vessels are smaller and less cost-efficient.
It also cited the lack of interest from foreign investors to participate in the shipping industry.
The Philippines in 2022 passed a law that amended the Commonwealth-era Public Service Act, allowing full foreign ownership in key domestic industries including shipping.
Marina has called for fleet modernization, adding that the Philippines still allows 20-year-old passenger ships to operate and 25-year-old vessels to haul freight. — Kyle Aristophere T. Atienza
THE Department of Agriculture (DA) said it is planning to improve the aquaculture output of Laguna de Bay to better supply Metro Manila and nearby provinces.
In a statement on Thursday, Agriculture Secretary Francisco Tiu Laurel, Jr., said the objective is to lower the cost of fish in the surrounding communities.
“Our aim is to produce more food at lower prices. For example, bring back bangus (milkfish) prices to P50-P70 per kilo. Maximizing the aquaculture potential of (Laguna de Bay) is essential to achieving that goal. If we can add more capacity, then let’s do it,” Mr. Laurel added.
Laguna de Bay currently produces about 90,000 metric tons of freshwater fish annually and provides livelihoods to 13,000 fisherfolk, according to the Laguna Lake Development Authority (LLDA).
The LLDA board includes the Departments of Environment and Natural Resources, and Trade and Industry; the National Economic and Development Authority, the Office of the President, and the Metropolitan Manila Development Authority.
The DA said that aquaculture associations from Laguna de Bay have asked the department to address falling yields due to the rising mortality of fingerlings and to make water quality more suitable for bangus production following encroachment of salt water.
Mr. Laurel said he plans to meet with Environment Secretary Maria Antonia Yulo-Loyzaga to discuss programs for Laguna de Bay, including new rules for opening floodgates to improve conditions for aquaculture.
Fish found or grown in Laguna Lake include goby, mudfish, ayungin, bangus, catfish, kanduli, tilapia, and common carp.
In 1999, the LLDA allocated 10,000 hectares of Laguna de Bay to fishpen operators.
“Pollution continues to threaten the lake as a viable source of fish,” the DA said. — Adrian H. Halili
THE Philippine Travel Agencies Association (PTAA) said it expects bookings to grow 20-25% this year, citing pent-up demand from the pandemic.
“I would say initially… around 20% to 25% and growing further because the interest in travel is growing,” PTAA Chairperson Patria T. Chiong said at a briefing on Thursday.
Ms. Chiong also said international visitor numbers are projected at 7.7 million this year, which would exceed the 5.45 million actual arrivals in 2023.
“The enthusiasm for travel and to see different places once again is making for a buoyant travel industry, and we at PTAA are very much ready to cater to the demand,” PTAA President Evangeline Tankiang-Manotok said.
In 2019, the last full year before the pandemic, the Philippines admitted 8.26 million international visitors, according to the Department of Tourism.
Asked whether the lower fuel surcharge will affect travel demand, Ann Marie Kho, sales manager at AirSWIFT Transport, Inc., said the surcharge adjustment’s impact may not be immediate.
In an advisory on Wednesday, the Civil Aeronautics Board (CAB) said the fuel surcharge for Feb. 1-28 will be lowered to Level 6, after the average price of jet fuel stood at P38.92 per liter between Dec. 10 and Jan. 9.
“The CAB determines when we’re supposed to apply the adjustment… if there is a continuous decrease in fuel prices (it will) definitely impact prices,” Ms. Kho said.
The PTAA is set to conduct the 31st Travel Tour Expo and 9th International Travel Trade Expo 2024 between Feb. 2 and 4 at the SMX Convention Center Manila in Pasay City.
The association said that the trade fair will feature travel deals, discounts, and destination packages for a wide range of budgets and travel preferences.
“We are pooling together our expertise under one roof to provide Filipino travelers the best advice and make them realize that there are many options for them,” Ms. Tankiang-Manotok said. — Sheldeen Joy Talavera