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Filinvest Hospitality’s The Hay Diner to challenge Baguio’s dining market

GOTIANUN-LED Filinvest Hospitality Corp. (FHC) said it will develop a new dining establishment in Camp John Hay, Baguio City.

Situated on a 730-square-meter lot along Sheridan Drive, FHC will establish its latest food and beverage venture, The Hay Diner, the company said in a statement on Thursday.

FHC secured the property after winning the bid for a six-year lease offered by the Bases Conversion and Development Authority and John Hay Management Corp. The agreement was signed on July 23. The newly acquired space was the former site of the Italian restaurant Cantinetta.

The Hay Diner will be operated by Filinvest’s hotel management company, Chroma Hospitality, Inc. It will feature a fusion of American favorites with twists inspired by Cordilleran cuisine.

“We envision this new project becoming a valuable addition to Baguio’s vibrant restaurant scene. It also aligns with our plans to not only expand our hotels and resorts but also invest in new food and beverage ventures,” FHC First Senior Vice-President Francis C. Gotianun said.

“Our goal is to expand our business while enhancing the natural attractions of the Philippines, ultimately boosting the country’s tourism industry. We are excited for the chance to reinvigorate tourism activities in Baguio and are committed to doing it conscientiously to preserve the area’s beauty for generations to come,” he added.

The Hay Diner will reuse existing architectural elements, redesigning with minimal changes to preserve “the current structure’s charm.”

The restaurant is located near Grafik Hotel Collection Baguio, which is also being constructed by FHC. The hotel was topped off on June 14 and will have 256 rooms.

Headroom, the lead design firm, will implement passive cooling by utilizing the existing window openings. The design team also installed supplementary inverted air conditioning units, LED lighting, water-efficient toilet fixtures, and low-volatile organic compounds paint.

Other FHC hotels include Crimson Resort and Spa Boracay, Crimson Resort and Spa Mactan, Crimson Hotel Filinvest City Manila, The Quest Hotels & Resorts in Cebu, Clark Pampanga, Tagaytay, and Timberland Highlands Resort in Rizal.

It is also currently growing its French-inspired café, Baker J, which has locations in Crimson Alabang, Mimosa Golf Course Clark, Quest Tagaytay, Timberland Rizal, and Bonifacio Global City, Taguig.

FHC is a subsidiary of listed conglomerate Filinvest Development Corp. (FDC), which has business interests in real estate development and leasing, banking and financial services, hotel and resort management, power generation, and sugar milling.

On Thursday, FDC shares increased by 1.3% or seven centavos, closing at P5.47 per share. — Revin Mikhael D. Ochave

GOP attacks against Kamala Harris were already bad — they are about to get worse

KAMALA HARRIS — GAGE SKIDMORE/WIKIMEDIA.ORG

Public opinion polls suggest that US Vice-President Kamala Harris is doing slightly better than Joe Biden was against Donald Trump, but Republican attacks against her are only now ramping up.

Even as a candidate for vice-president, Harris was the target of an intense barrage of conservative attacks that claimed, among other things, that she slept her way to political prominence, a common slur against women in power. The anti-Harris rhetoric is part of what a report by the Wilson Center, a nonpartisan think tank, described as a broad pattern of gendered and sexualized attacks on prominent women in public discourse.

More recently, those comments were joined by conservative attacks branding Harris as the “border czar,” part of an effort to tie her to immigration, a hot-button topic for conservatives.

The intense attacks so far are only a fraction of what will come. Trump is skilled at both character assassination and political self-defense. Together, they translate into an exceptional ability to defeat his political rivals once they enter the presidential campaign arena.

But Harris also has sharp rhetorical skills that could make this a fierce election fight.

TRUMP’S ALTERNATIVE FACTS
As I discuss in my book Presidential Communication and Character, Trump is highly skilled at both channeling white working-class anger into political support for himself and at convincing his supporters to disregard the former president’s own well-chronicled professional and personal failings.

Trump’s character generates enduring contempt among liberals, but those voters will back the Democratic nominee.

In 2016, Trump defeated Democratic nominee Hillary Clinton. He also defeated several well-known Republican presidential hopefuls in the primary race, including Senators Marco Rubio of Florida and Ted Cruz of Texas and former Governors Jeb Bush of Florida, John Kasich of Ohio, and Scott Walker of Wisconsin.

Earlier in 2024, Trump easily dispatched another round of highly experienced Republicans, most notably Florida Gov. Ron DeSantis and former South Carolina Gov. Nikki Haley.

Like those other opponents, President Biden has long endured Trump’s personal attacks. But in 2020, Trump’s original nickname of “Sleepy Joe” failed to become as effective as his insults aimed at other politicians, and Biden’s election marked Trump’s only electoral defeat.

As the 2024 election approached, Trump and conservative voices once again demonstrated their immense influence in shaping political narratives. They have convinced many voters this year to absolve Trump for his mishandling of the COVID-19 pandemic, ignore that he designed a Supreme Court majority to overturn Roe v. Wade, and agree with him that the 2020 election was stolen.

In an even more powerful demonstration of Trump’s skills at political marketing, polls show that many voters follow Trump’s lead and condemn Biden for US economic conditions that in fact are quite good.

Unemployment is low. Job growth is booming. Infrastructure projects are underway. Inflation is much lower now than it was earlier in Biden’s term, and individual retirement accounts are flush thanks to large stock market gains.

Given Trump’s public relations mastery — and the great susceptibility of many voters to his false narratives – one can marvel about how the Biden campaign had been able to endure the never-ending rhetorical assault and keep the contest as close as surveys show it had remained until recently.

During a rally in Grand Rapids, Michigan, on July 20, Trump attacked both Biden and Harris, repeatedly calling Biden “stupid” and insulting his IQ. But Harris, Trump said, was “crazy.”

“I call her laughing Kamala,” Trump told the crowd. “You can tell a lot by a laugh. She’s crazy. She’s nuts.”

A FORMER PROSECUTOR AGAINST A CONVICTED FELON
With Biden dropping out of the campaign, political developments suggest Trump may be in for a taste of his own medicine.

Harris’ previous career as a US senator who challenged Trump administration officials and the former president’s judicial nominees demonstrates that she is among the most effective Democratic officeholders when it comes to holding Republicans accountable.

Her career as an attorney general and a prosecutor also allows her to use law-and-order themes to fight back against America’s first convicted felon former president.

Biden’s departure may provide another major opportunity for Harris to reset the character assassination narrative, as the focus on age can now boomerang against Republicans. Trump now holds the record as the oldest major-party nominee for president, and a key issue that he used against Biden is likely to be turned back toward the former president.

For voters, it promises to be a scorched-earth campaign season.

THE CONVERSATION VIA REUTERS CONNECT

 

Stephen J. Farnsworth is a professor of Political Science and director, Center for Leadership and Media Studies, at the University of  Mary Washington.

Convincing an indecisive boss to act

We have a new department manager who was promoted from the ranks. He often drags his feet in making a decision on our proposals. Even requests for brief in-person meetings are usually ignored. How do we tell him of the need to act faster without antagonizing him? — Moon Dust.

Daniel Pink, in his best-selling “When: The Scientific Secrets of Perfect Timing” (2018), appears to support the Japanese way of declining something from another person. The trick is to simply say nothing. It’s very rare for them to say “no.” At times, when they are used to interacting with western cultures, they would give you a long answer that is difficult to understand, which may cause you to give up.

Mr. Pink says: “Sometimes the best course of action is… inaction. Yes, that can feel agonizing, but no move can often be the right move.” I’m not sure about Mr. Pink, but outside of Japan, people believe in coherent action that supports a clear communication process rather than measures that invite resentment due to the boss’s inaction.

Professor Duncan Watts, former research principal at Microsoft Research and now a faculty member at the University of Pennsylvania, says that the boss who delays a decision is doomed to fail. “The longer it takes for a boss to respond to their e-mails, the less satisfied people are with their leader.”

This was the conclusion of Professor Watts, who conducted a massive e-mail experiment with the help of more than 60,000 people from many countries.

It’s clear that a managerial indecision, inaction or delay demotivates people. Jewish philosopher Maimonides was right when he said: “The risk of a wrong decision is preferable to the terror of indecision.” In other words, it’s better to have an imperfect decision rather than perfect indecision.

SOME RULES
So, what’s the game plan for your slow-moving boss? Most people don’t know the answer and wallow in their resentment. Some simply wait for an answer, to discover that the boss later claims he has not received their e-mail. That’s why they fail. This alone is one argument why you should not simply wait for your boss to act on your ideas.

Be realistic. Try doing the following:

One, write an e-mail follow-up. Summarize your proposal and at the same time ensure that your boss gets it. If it’s not in your original proposal, explain the adverse effects of further delay. At the same time, offer to have an in-person meeting with the boss at his preferred time.

Two, speak the boss’s language. Know and understand his method, standards, and expectations. If the boss uses jargon, then you too must use jargon. If the boss is mainly concerned with strategic considerations, you too must talk strategy.

Three, know when to support your boss. Submitting proposals to your boss does not automatically mean you’re supporting him. Sometimes, it could be misinterpreted as undermining his efforts, especially if it runs counter to his style.

Four, understand the unwritten protocols. They are simple enough to understand, especially when you have been working for your boss for a long time. For example, give due credit to your boss for your accomplishments, even if you did everything.

Five, accept the boss’s authority. Office hierarchy is still the prevailing system in work relations. You have no choice but to be on the right side of your boss. Therefore, play the game and ensure that all approvals come from him, regardless of him being slow and indecisive.

Six, act several steps ahead. Anticipate his needs and wants. Watch the way he talks on the phone, talk to people, entertains customers, even the way he sits down and stand up. That way, you’ll understand his real persona.

MODELING THE PART
The above list is incomplete. However, if you can do all these six things, your boss may soon start noticing you. Soon enough, your boss might get the idea that you are a possible candidate to succeed him or vie for higher posts. It depends much on how you implement the letter and spirit of these six rules.

As long as you remain loyal to your boss, he will not suspect you of undermining his efforts. What is important is inspiring confidence in him that you can do his job. Of course, others can also do that. So what makes you stand out? What makes you a suitable candidate for promotion to another department or successor to your boss?

To sum up: What sets you apart from the rest despite all the challenges that you have been experiencing from your current boss?

 

Bring Rey Elbo’s “Kaizen Blitz Problem-Solving Workshop” to your organization by availing of his result-based training program. Contact him on Facebook, LinkedIn, X or e-mail elbonomics@gmail.com or via https://reyelbo.com.

Transforming HR with AI analytics

In today’s competitive digital landscape, the integration of human resources (HR) technology into business operations has become essential for driving growth and maintaining a competitive advantage. The transformation of HR through advanced technology is not just about automating processes but also leveraging data-driven insights to enhance decision-making, employee engagement, and overall organizational efficiency.

The synergy between HR and information technology (IT) is particularly crucial in this context as it paves the way for seamless integration and optimization of business functions. This integration is epitomized by the upcoming HR and IT Summit 2024 organized by Darwinbox and Hungry Workhorse, which will focus on the transformative potential of HR technology and its role in driving substantial business growth.

HR technology transformation serves as a catalyst for business growth, offering numerous benefits that extend beyond mere administrative efficiency. One of the most significant impacts is the automation of routine HR tasks. By employing platforms such as Darwinbox, companies can streamline processes like recruitment, onboarding, payroll, and performance management. Automation reduces the administrative burden on HR professionals, allowing them to focus on more strategic activities that contribute directly to business objectives.

A pivotal component of this transformation is the integration of AI-powered HR analytics. Modern HR systems can collect and analyze vast amounts of data related to employee performance, engagement, and satisfaction. This data-driven approach enables HR leaders to gain deeper insights into workforce trends and issues, facilitating informed decision-making. For instance, AI algorithms can predict employee turnover, identify skills gaps, and recommend personalized training programs, thus enhancing talent management and retention strategies.

The integration of HR and IT is likewise vital for the successful implementation and optimization of HR technology. Collaboration between these two functions ensures that technology solutions are not only effectively deployed but also aligned with the organization’s broader strategic goals. IT professionals play a crucial role in customizing HR systems to meet specific business needs, ensuring data security, and maintaining system integrity. This partnership also fosters innovation, as IT can help HR explore and implement cutting-edge technologies such as AI, machine learning, and blockchain, which have the potential to revolutionize HR practices.

The HR and IT Summit 2024, which is happening on the Aug. 14, 2024, aims to illustrate the impact of HR technology on business growth and performance. By bridging the gap between HR and IT through collaborative strategies and shared goals, the event seeks to create a platform for chief technology officers (CTO) and chief information officers (CIO) to share insights on selecting the right HR tech platforms. Additionally, the summit will highlight the latest trends and innovations in HR technology, explore real-world case studies and success stories of HR tech transformation, and offer practical frameworks for implementing and optimizing HR technology.

Key topics to be covered include the strategic importance of HR technology, quantifying the business benefits of HR tech investments, strategies for fostering collaboration between HR and IT departments, and overcoming common challenges in HR tech implementation. Attendees will gain insights from CTOs and CIOs on key considerations for selecting HR technology, balancing functionality, scalability, and user experience, and leveraging HR tech to enhance employee experience.

The use of AI in HR analytics is a game-changer, providing deep insights into employee behaviors and organizational dynamics. For example, AI-powered tools can analyze employee feedback from surveys, social media, and other communication channels to gauge sentiment and morale. These insights can help HR teams proactively address issues before they escalate, fostering a more positive and productive work environment. Furthermore, AI can assist in bias reduction during the recruitment process by ensuring fairer and more objective candidate evaluations.

Future trends in HR technology will also be explored at the summit, with discussions on emerging technologies and their potential impact on the workplace. Attendees will be prepared for the future of work with innovative HR solutions, learning from real-world examples of successful HR tech implementations. The event will provide lessons learned and best practices from these case studies, offering valuable insights that can be applied within their own organizations.

The HR and IT Summit 2024 promises to be an enlightening and engaging event, providing attendees with the knowledge and tools necessary to drive business growth through HR tech transformation. Speakers include veteran HR and IT leaders in the banking and consumer goods industries who will cover all aspects of HR tech transformation, from strategic planning to practical implementation, making it a must-attend for those looking to stay ahead in the ever-evolving digital landscape.

AI-powered HR analytics is at the forefront of the HR technology transformation, enabling organizations to make data-driven decisions that enhance employee engagement and organizational efficiency. The integration of HR and IT is crucial for leveraging these technologies effectively, ensuring that they align with business goals and drive growth. The HR and IT Summit 2024 will provide valuable insights and strategies for navigating this transformation, making it an essential event for HR and IT professionals aiming to stay ahead in the digital age.

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

 

Reynaldo C. Lugtu, Jr. is the founder and CEO of Hungry Workhorse, a digital, culture, and customer experience transformation consulting firm. He is a fellow at the US-based Institute for Digital Transformation. He is the chair of the Digital Transformation IT Governance Committee of FINEX Academy. He teaches strategic management and digital transformation in the MBA Program of De La Salle University. The author may be e-mailed at rey.lugtu@hungryworkhorse.com

Deluge of stars at Venice Film Festival after 2023 drought

ROME — Stars will bedeck this year’s Venice Film Festival, as the beach-lined Lido bounces back from the 2023 actors’ strike that deprived the red carpet of its usual glamor.

The 2024 edition, which runs from Aug. 28 to Sept. 7, will feature its usual roster of big blockbuster and auteur movies, both in and out of competition, looking to make a splash ahead of the major awards seasons.

Among the leading lights expected to delight the Venice fans are Brad Pitt, George Clooney, Lady Gaga, Joaquin Phoenix, Angelina Jolie, Daniel Craig, Nicole Kidman, Michael Keaton, Winona Ryder, Jenna Ortega, Tilda Swinton, and Adrien Brody.

One of the biggest draws will be Joker: Folie à Deux, the hugely anticipated sequel to Todd Phillips’ original, dark supervillain origin story Joker, which won the cherished Golden Lion award in 2019.

Mr. Phoenix will reprise his role as the crazed Arthur Fleck, while Lady Gaga joins the cast as Harley Quinn.

“I won’t give anything away, because no-one can imagine what Todd and his screenwriter have come up with,” the festival’s artistic director, Alberto Barbera, said on Tuesday as he unveiled the line-up.

“Joaquin Phoenix does absolutely incredible things (with the role) while Todd Phillips confirms himself as one of the most original directors of contemporary American cinema.”

Other movies likely to grab the limelight are Pablo Larrain’s biopic Maria starring Ms. Jolie as the opera diva Maria Callas, and Luca Guadagnino’s Queer, with Daniel Craig playing the part of an American expat infatuated by a younger man.

“It seems to me he gives the performance of his life,” Mr. Barbera said.

Venice films regularly throw up Oscar winners, including Emma Stone, who scooped an Oscar for her lead role this year in Poor Things and Brendan Fraser, for his headline-grabbing performance in The Whale in 2023.

A-LISTERS GALORE
Hollywood royalty Mr. Pitt and Mr. Clooney will show their latest film Wolfs out-of-competition at Venice — an action comedy written and directed by Jon Watts about two lone-wolf fixers who unwillingly have to join forces to cover up a crime.

Also being shown out-of-competition is the latest feature by Japan’s Takeshi Kitano, Broken Rage, as well as two contrasting documentaries showing the reality of the Russian invasion of Ukraine from both sides of the front.

A total 21 movies will play in the main competition, including five Italian features. One, Sicilian Letters, is loosely based on the mafia boss Matteo Messina Denaro, and his many years on the run, while another, Diva Futura, looks at the rise of Italy’s porn stars in the 1980s.

Acclaimed Spanish director Pedro Almodóvar brings his first English-language film to the Lido, The Room Next Door, starring Tilda Swinton and Julianne Moore, who headed the 2022 Venice jury.

France’s Isabelle Huppert heads the main competition jury this time around and will be joined, amongst others, by fellow actress Zhang Ziyi and directors James Gray, Agnieszka Holland, Abderrahmane Sissako, and Giuseppe Tornatore.

Dutch director Halina Reijn will premiere her erotic thriller Babygirl, featuring Ms. Kidman and Antonio Banderas, while another thriller, The Order directed by Justin Kurzel and starring Jude Law, also gets a first showing in Venice.

The 81st edition of the world’s oldest film festival kicks off with a screening of Tim Burton’s Beetlejuice Beetlejuice, with Barbera announcing that most of its top cast, including Keaton, Ryder, Ortega, and Willem Dafoe, will come for the launch.

Last year, a strike by Hollywood actors forced many stars to miss the festival, with unions telling their members not to promote their projects to put pressure on the big studios. — Reuters

Isuzu Autoparts taps PetroGreen for 3-MWp solar project

MICHAEL WILSON-UNSPLASH

YUCHENGCO-LED PetroGreen Energy Corp. (PGEC) has signed a contract with Isuzu Autoparts Manufacturing Corp. (IAMC) for the installation of a three-megawatt-peak (MWp) rooftop solar project.

The solar project will be installed at IAMC’s manufacturing facility in Laguna, with construction slated to begin in the third quarter and completion expected in the second quarter of 2025, PetroGreen said in a media release on Thursday.

PGEC said that the solar project will be among the largest commercial and industrial (C&I) rooftop solar facilities in Laguna.

Once operational, the project is expected to generate approximately 4,000 megawatt-hours of clean energy annually, which could reduce IAMC’s carbon emissions by approximately 3,000 metric tons per year.

PGEC is the renewable energy arm of publicly listed PetroEnergy Resources Corp. Meanwhile, IAMC is a subsidiary of Isuzu Motors Ltd. of Japan, engaged in the manufacture of Isuzu auto parts and assembly of transmission units for Isuzu vehicles.

“This project is the latest and biggest addition to our growing C&I solar portfolio that now includes commercial, educational, and manufacturing partners,” PGEC President and Chief Executive Officer Francisco G. Delfin, Jr. said.

He added that the project also contributes to the Department of Energy’s goals of “greater energy efficiency and clean energy use in the auto manufacturing sector.”

“This partnership with PGEC is more than just about energy efficiency and power cost reduction,” IAMC President Seiji Mizutani said.

“It is a testament to IAMC’s Corporate Commitment to Isuzu’s Environmental Vision 2050, environmental stewardship, support for the UN’s Sustainable Development Goals (SDGs), and the Philippines’ Ambisyon Natin 2040,” he added.

Earlier this month, PGEC and Mapúa Malayan Colleges Mindanao switched on their 360 kilowatt-peak solar rooftop power project in the school’s two main buildings. — Sheldeen Joy Talavera

The passion and glory of Flannery O’Connor

It’s likely she would have disapproved of the title. “Let me be your typewriter,” she prays to God in the movie Wildcat and while humbly appropriate that may be, the implications of that wish are nothing short of glorious.

Next week (Aug. 3) marks the 60th death anniversary of Flannery O’Connor, widely considered as one of, if not the, greatest of America’s fiction writers ever. A devout Catholic, her small but incredibly profound body of work — macabre, violent, scandalous even — strikingly encapsulates every person’s struggle over what she deemed the “stinking mad shadow of Jesus.”

If the last phrase struck you as odd, you’re not alone. As O’Connor herself was wont to say: “You shall know the truth and the truth shall make you odd.”

“You think it’s this bitter old alcoholic who’s writing these really funny dark stories and then you find out she’s a woman and that she’s devoutly religious.”

That was Conan O’Brien speaking of Flannery O’Connor.

For some reason, which I have yet to fathom, Flannery O’Connor is frequently in my mind. Almost an obsession. I read her stories, I download her novels, I listen to podcasts about her. More than her work, something about her as a writer and as Catholic is calling out to me.

Perhaps what’s so compelling about her is the fact that her work (the complete opposite of saccharine, dark, twisted, offensive) is actually formed by her devout Catholicism.

Not for her is the bland and artificial “charity” of effete Catholics: “I don’t deserve any credit for turning the other cheek as my tongue is always in it.”

That orneriness and quirkiness is on full display in the new movie Wildcat, directed by Ethan Hawke and starring his daughter Maya (as Flannery O’Connor). In This Catholic Family’s review of the film (“Highly Recommended,” May 2024), it noted appreciatively that Wildcat — “stands out for its portrayal of a brilliant and very human Catholic person who deeply loved her faith, who found comfort in that faith during her life’s greatest trial, and for whom faith played an inextricable part in the unconventional stories she chose to tell. Wildcat begs to be savored while watching, and is primed to provoke discussion for some time after the final credits have rolled.”

Which leads me to my favorite Flannery O’Connor story, a story that she didn’t write but lived. As O’Connor herself recounts (in a letter to her friend Elizabeth Hester, dated Dec. 16, 1955):

“I was once, five or six years ago, taken by some friends to have dinner with Mary McCarthy and her husband, Mr. Broadwater… She departed the Church at the age of 15 and is a Big Intellectual. We went at eight and at one, I hadn’t opened my mouth once, there being nothing for me in such company to say. The people who took me were Robert Lowell and his now wife, Elizabeth Hardwick. Having me there was like having a dog present who had been trained to say a few words but overcome with inadequacy had forgotten them. Well, toward morning the conversation turned on the Eucharist, which I, being the Catholic, was obviously supposed to defend. Mrs. Broadwater said when she was a child and received the Host, she thought of it as the Holy Ghost, He being the ‘most portable’ person of the Trinity; now she thought of it as a symbol and implied that it was a pretty good one. I then said, in a very shaky voice, ‘Well, if it’s a symbol, to hell with it.’ That was all the defense I was capable of but I realize now that this is all I will ever be able to say about it, outside of a story, except that it is the center of existence for me; all the rest is expendable.”

That’s as great a defense of the Eucharist that the Catholic Bishops’ Conference of the Philippines in its present state wouldn’t be able to even approximate.

Of the present condition of the Vatican and the Catholic Church, O’Connor gives some consolation: “It seems to be a fact that you have to suffer as much from the Church as for it.” She’s right. As St. Peter would say: “Where [else] should we go?”

For those still getting to know her, the Complete Stories is highly recommended. There are the novels, of course, for which Wise Blood takes prominence. For me, personally, her A Prayer Journal is dear.

In it, one recognizes a woman with deeply held ambitions and yet mindful to conform such ambitions within her faith. As O’Connor writes: “They think faith is a big electric blanket, when of course it is the cross.” Written sporadically in 1946, her Prayer Journal offers a glimpse of a young woman unsure and uncertain, whose greatness is still to come. Reading it, one feels as if praying with Flannery O’Connor herself, through the Journal’s four major parts of adoration, contrition, thanksgiving, and supplication.

Finally, Flannery O’Connor absolutely captures the feeling I have about writing, advocacy, and for standing up and speaking out for what I believe in but surrounded by people so scared of offending others: “To the hard of hearing you shout and for the almost blind you draw large and startling figures.”

Exactly! And in these times of sexual orientation and gender identity, divorce, same sex marriage, and other woke causes, including horrendous works of “art” such as the Barbie movie, she would likely say: “The truth does not change according to our ability to stomach it.”

She even manages to make an attack against mediocrity which, again in today’s Philippines where almost every student graduates “cum laude,” is most apt: “Everywhere I go I’m asked if I think the university stifles writers. My opinion is that they don’t stifle enough of them. There’s many a best-seller that could have been prevented by a good teacher.”

Flannery O’Connor is the writer and model we most need today. After years of being besotted so much with Patricia Highsmith, to be with Flannery O’Connor is like for me coming home. Of being finally with the right woman. And I truly hope more of our youth get to know her.

The views expressed here are his own and not necessarily those of the institutions to which he belongs.

 

Jemy Gatdula 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. He read international law at the University of Cambridge.

https://www.facebook.com/jigatdula/

Twitter  @jemygatdula

Philippines steadies in EY’s RE attractiveness list

The Philippines remained at 32nd place out of 40 markets in the 63rd edition of the biannual Renewable Energy Country Attractiveness Index (RECAI) by Ernst & Young (EY). The index ranks the attractiveness of a market in renewable energy (RE) investment and deployment opportunities. With a score of 54.4 (out of a possible 100), the Philippines was the second lowest among its peers in the East and Southeast Asia region.

How PSEi member stocks performed — July 25, 2024

How PSEi member stocks performed — July 25, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, July 25, 2024.


PSEi falls following typhoon, Wall Street’s drop

BW FILE PHOTO

PHILIPPINE STOCKS ended in the red on Thursday as trading resumed after Typhoon Carina (international name: Gaemi) hit the capital, and following Wall Street’s decline overnight.

The bellwether Philippine Stock Exchange index (PSEi) dropped by 1.22% or 82.85 points to end at 6,670.27 on Thursday, while the broader all shares index fell by 0.87% or 31.67 points to finish at 3,606.81.

Financial markets were closed on Wednesday due to the typhoon.

“The local market dropped as investors tracked Wall Street’s sell-off overnight amid dismal second quarter corporate results from the tech sector,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message. “Also, concerns over the economic damage to the country caused by Typhoon Carina weighed on the bourse.”

“Philippine shares followed the sentiment of regional equities dropping more than 1% after resuming trading following the suspension from Typhoon Carina,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.

Asian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1%, while Japan’s Nikkei tumbled 3.3%.

On Wall Street, the S&P 500 lost 128.61 points or 2.31% to 5,427.13 points on Wednesday, while the Nasdaq lost 654.94 points or 3.64% to 17,342.41. The Dow Jones Industrial Average fell 504.22 points or 1.25% to 39,853.87.

“Investors also digested the government’s latest fiscal position data,” Mr. Plopenio added.

The National Government’s (NG) budget deficit narrowed by 7.24% year on year to P209.1 billion in June from P225.4 billion a year ago, Treasury data showed.

For the first six months, the NG’s budget gap widened by 11.2% to P613.9 billion from P551.7 billion a year ago.

The six-month deficit was 7.24% below the P661.8-billion program for the period as revenues were better than expected.

All sectoral indices closed lower on Thursday. Mining and oil retreated by 3.78% or 330.37 points to 8,398.57; property lost 1.98% or 53.10 points to end at 2,628.72; services went down by 1.39% or 28.21 points to 1,998.30; holding firms dropped by 1.08% or 63.49 points to 5,779; financials decreased by 0.89% or 18.57 points to 2,064.61; and industrials declined by 0.43% or 39.32 points to 9,073.96.

Value turnover dropped to P4.01 billion on Thursday with 594.95 million shares changing hands from the P5.49 billion with 401.94 million issues traded on Tuesday.

Decliners overwhelmed advancers, 121 versus 59, while 54 names were unchanged.

Net foreign selling stood at P205.72 million on Thursday versus the P442.93 million in net buying seen on Tuesday. — Revin Mikhael D. Ochave with Reuters

Shipping measure expected to rein in high cargo charges

PHOTO COURTESY OF ICTSI

THE International Maritime Trade Competitiveness Act is expected to address “unreasonably high” international shipping charges, which are holding back both importers and exporters, the Department of Trade and Industry (DTI) said.

In a statement, the DTI said that it is supporting such a measure, which will establish a regulatory framework for the maritime industry and protect businesses from unfair practices.

“This bill is a crucial step towards creating a level playing field for our businesses and ensuring that they can compete on a global scale,” Trade Secretary Alfredo E. Pascual said.

Mr. Pascual said addressing the charges being imposed by international shipping lines will help reduce trade costs, which “could significantly boost economic growth.”

“These fees are not only burdensome for our businesses, but they also undermine our competitiveness in the global market,” he added.

Under the proposed law, the Maritime Industry Authority will be given the authority to regulate shipping charges, which the DTI said will ensure transparency within the industry.

“The DTI’s push for the bill has been met with strong support from the business community, which has long been clamoring for government intervention to address the issue of excessive shipping fees,” the department said.

“With the backing of both the government and the private sector, the International Maritime Trade Competitiveness Act is expected to gain traction in Congress and eventually become a law,” it added.

Last week, 12 business groups, led by the American Chamber of Commerce of the Philippines, Inc., also called for the passage of the measure, along with 20 other bills.

The groups said such a law will help strengthen the oversight functions of government agencies over shipping charges, thereby institutionalizing mechanisms for the efficient movement of goods.

The other signatories to the joint statement were the Association of International Shipping Lines, Inc., the Canadian Chamber of Commerce of the Philippines, Inc., the Chamber of Customs Brokers, Inc., the Confederation of Wearable Exporters of the Philippines, and the European Chamber of Commerce of the Philippines.

It was also signed by the Japanese Chamber of Commerce and Industry of the Philippines, Inc., the Korean Chamber of Commerce Philippines, the Makati Business Club, the Management Association of the Philippines, the Philippine Association of Multinational Companies Regional Headquarters, Inc., and the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. — Justine Irish D. Tabile

Notice of auction issued for Dumaguete port expansion

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THE Philippine Ports Authority (PPA) said it has issued a bid invitation for the P533.31-million expansion of the Port of Dumaguete.

Bids will be accepted until Aug. 13, the PPA said in its notice, adding that the contractor must complete the project within 720 days from the receipt of the notice to proceed.

Bidders joining the auction are required to have completed a contract similar to the Dumaguete project.

The pre-bid conference for the port expansion project is set for July 31.

“Bidding will be conducted through open competitive bidding procedures using a non-discretionary ‘pass/fail’ criterion as specified in the 2016 Revised Implementing Rules and Regulations of Republic Act 9184,” the PPA said.

It said the project will involve upgrading and improving the port operations area, the construction of a powerhouse, and the construction of a reinforced concrete platform and continuous roll-on, roll-off ramp. 

For the year, the PPA expects a 15% increase in revenue after booking P25.44 billion in 2023. The 2024 result will be driven by a projected increase in cargo volume and passenger traffic.

The PPA has said it intends to enhance, develop and expand ports to improve their efficiency and capacity.

In the next four years, or until 2028, the PPA is setting aside about P16 billion to fund its infrastructure projects, including 14 flagship projects. — Ashley Erika O. Jose