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Entertainment News (07/16/24)


GMG Productions reveals cast of SIX the Musical

THE CAST in the upcoming SIX the Musical International Tour has been announced by its producers — Kenny Wax, Wendy and Andy Barnes, and George Stiles, in association with GMG Productions. SIX tells the extraordinary story of the six wives of King Henry VIII, who step out of the shadow of their infamous husband and reclaim their own narratives in this musical. The company of queens include Billie Kerr as Catherine of Aragon, Yna Tresvalles as Anne Boleyn, Liberty Stottor as Jane Seymour, Hannah Victoria as Anna of Cleves, Lizzie Emery as Katherine Howard, and Eloise Lord as Catherine Parr. They are joined by alternates Izzy Formby-Jackson, Lorren Santo-Quinn, Erin Summerhayes, and Milly Willows. Written by Toby Marlow and Lucy Moss, the modern pop-inspired musical brings these historical figures to life. It will run in Manila for a strictly limited season from Oct. 4 to 20 at The Theatre at Solaire, with tickets on sale exclusively through TicketWorld.


GMA unveils its YouTube channel

GMA Network’s film production arm, GMA Pictures, has launched its own YouTube channel this July. The channel, accessible at www.youtube.com/@GMAPictures, offers many of its popular films such as The Road, Mulawin the Movie, Just One Summer, My Kontrabida Girl, and I Will Always Love You, among others. Also to premiere on the YouTube channel are Ang Panday, Dance of The Steel Bars, I.T.A.L.Y., In Your Eyes, My Lady Boss, The Promise, When I Met U, Tween Academy, You To Me Are Everything, Boy Pick-Up The Movie, Patient X, and Temptation Island. Over 300 movies are expected to be available on the GMA Pictures channel, spanning genres such as action, drama, comedy, romance, adventure, suspense, and historical films.


Paolo Sandejas signs with Sony, releases 1st single

RISING original Pilipino music (OPM) star Paolo Sandejas is the newest addition to Sony Music Entertainment. One of the performers at the recently concluded Wanderland Music and Arts Festival 2024, Mr. Sandejas continues his musical journey with “sirens,” the first single off his upcoming solo album and his first under the new label. He penned the moody alt-pop track based on the idea of “finding home in a person.” It is also a reunion project with Xergio Ramos, who was responsible for producing a previous track called “Someone New.” The new single is out now on all digital music streaming platforms.


Wi Ha Jun fan meet tour to include Manila

SOUTH Korean actor Wi Ha Jun has announced that he will be holding a fan meet in Manila. Called A Wively Day, it will be held on Sept. 15 at the New Frontier Theater in Cubao, Quezon City. Presented by Ovation Productions and Applewood, it will give Filipino fans access to the actor, known for his roles in Squid Game, Gonjiam: Haunted Asylum, Something in the Rain, Romance Is a Bonus Book, and the ongoing series The Midnight Romance in Hagwon. He first visited the Philippines in May of 2023. His fan meeting tour in 2024, A Wively Day, will also be held in Seoul, Tokyo, Osaka, Bangkok, and Jakarta. Tickets for the Manila leg will be available at ticketnet.com.ph. Ticket prices have yet to be announced.


The Knobs releases new single

FILIPINO band The Knobs has released their latest single, “Oh Giliw Ko,” a love song about the joy of commitment in marriage. The pop-rock track was written by the band’s vocalist and bassist, Jayr Corre, who penned it for his own wedding. The single is also the band’s first release in 2024, currently featured on the New Music Friday playlist on Spotify. “Oh Giliw Ko” is out now on all digital music streaming platforms.

Analysts: Potential foreign takeover to boost DITO CME’s operations, financial position

By Ashley Erika O. Jose, Reporter

THE POTENTIAL acquisition of a majority stake in DITO CME Holdings, Inc. by a foreign group will likely bolster the company’s financial health and operational capabilities, according to some analysts.

“Additional equity is very important because DITO’s telecommunications business is capital intensive and its operating cash flow remains negative,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message on Sunday.

In a regulatory filing, DITO CME said there have been no definitive agreements yet regarding the majority takeover of DITO CME. 

“The company will make the necessary disclosures and seek the appropriate regulatory approvals if such a transaction is executed, as required by the rules of the Securities and Exchange Commission and the Philippine Stock Exchange,” the company said in a regulatory filing last week. 

DITO CME is the operator of DITO Telecommunity Corp.

In 2023, DITO CME said it had entered into a subscription agreement with Summit Telco Holdings Corp. for P3.3 billion, allowing the issuance of 3.3 billion common shares to the company priced at P1 each. 

Summit Telco Holdings is a wholly owned unit of Singapore-based Summit Telco Corp. Pte. Ltd., which is an existing shareholder of DITO CME.

Summit Telco Holdings is a newly formed holding company, incorporated in October 2023.

According to DITO CME’s regulatory filing in December, Summit Telco Holding’s subscription to DITO CME’s shares is its first business venture since its incorporation. 

Last year, another unrelated third-party company, Xterra Ventures Pte. Ltd., subscribed to DITO CME shares.

Xterra Ventures makes up 3.76%, or 610 million, of the firm’s 16.235 billion issued and outstanding common shares, which were placed via private placement out of the company’s unissued authorized capital stock.

Summit Telco Corp. now accounts for around 8.14% of DITO CME’s outstanding shares, while its unit, Summit Telco Holdings, holds 16.89%, with Udenna Corp. remaining the biggest shareholder with a 54.77% stake but lower than its previous 65.9% stake before the entry of the new investors.

“DITO needs deep-pocketed major shareholders that can provide significant financial support to the company. If it is able to find new investors who can commit the necessary equity funding, then that should be positive for the company in the immediate term,” Mr. Colet said. 

Seedbox Securities, Inc. equity trader Jayniel Carl S. Manuel said a change in majority shareholders might boost confidence, citing the financial struggles of its current majority shareholders.

“While DITO CME has stated that no definitive agreements have been made, the substantial interest shown by Summit Telco suggests potential significant developments,” he said in an e-mail on Monday.

He said additional capital from foreign investors would help ensure sustained financial support for DITO CME, allowing it to achieve long-term growth and competitive advantages in the market. 

“Additional equity from a major shareholder like Summit Telco [Holdings] is crucial for DITO CME. The telecommunications sector requires substantial capital investments for network expansion, technology upgrades, and service enhancements,” Mr. Manuel said. 

For his part, BDO Capital & Investment Corp. President Eduardo V. Francisco does not anticipate a major buyout of DITO’s stake. 

“[I] don’t think it (the majority takeover) will happen. They bought less than three billion shares, and I think the total is almost 20 billion,” Mr. Francisco said in a Viber message.

Earlier this year, the company said it was setting aside up to P30 billion for capital expenditures this year, mainly for the network rollout of its unit, DITO Telecommunity. 

For the first quarter, DITO CME saw its attributable net loss widen to P4.11 billion from P336.67 million in the comparable period a year ago, despite posting higher gross revenues for the period. 

According to the company’s financial statement, the company recorded a gross revenue of P3.78 billion, 61.5% higher than P2.34 billion previously.

This comes after its gross expenses ballooned to P7.04 billion, up 31.1% from P5.37 billion in the same period last year.

On Monday, shares in the company closed one centavo or 0.49% lower to end at P2.04 apiece.

Shannen Doherty, 90210 and Charmed actress, 53

Shannen Doherty and Luke Perry in a publicity still from Beverly Hills 90210. — IMDB

LOS ANGELES — American actress Shannen Doherty, best known for her role as high school student Brenda Walsh on hit 1990s television drama Beverly Hills, 90210, has died at age 53 following a years-long battle with cancer.

Ms. Doherty, who had been public about her treatment for breast cancer, died on Saturday, publicist Leslie Sloane said in a statement on Sunday.

“The devoted daughter, sister, aunt and friend was surrounded by her loved ones as well as her dog, Bowie,” Ms. Sloane said in the statement. “The family asks for their privacy at this time so they can grieve in peace.”

Ms. Doherty disclosed in 2015 that she was undergoing treatment for the disease. In 2023, she had a brain tumor removed and revealed that the cancer had spread to her bones.

The actress, who had previously starred in the movie Heathers, gained widespread popularity on 90210 for her portrayal of Brenda, an honor roll student from Minnesota who struggled to fit in with her classmates in the wealthy zip code.

Her character on the show became entwined in a love triangle with Dylan McKay (Luke Perry) and Kelly Taylor (Jennie Garth). In real life, Ms. Doherty clashed with Ms. Garth and other castmates and left 90210 during its fourth season in 1994. The show continued through 2000 without her.

In 1998, 90210 producer Aaron Spelling cast Ms. Doherty in the supernatural series Charmed as Prue Halliwell, the oldest of three sisters with magical abilities. The show was a hit but also subject to reports of behind-the-scenes turmoil.

People magazine called Ms. Doherty “the iconic ‘bad girl’ of the nineties,” citing her reputation for partying, turning up late on sets and feuding with actors — and her bosses.

In 2023, on a podcast called Let’s Be Clear with Shannen Doherty, the actress said she took “full responsibility for her actions” and acknowledged her behavior “would get a little carried away” when she was frequenting nightclubs in her early 20s.

She also said she spoke up more than other women working in television at the time, telling Mr. Spelling and others when she thought a script needed improvement.

“I was raised to have an opinion, and that my opinion should be valued, so I just kept on pressing up against that machine, up against men who didn’t really want to hear my opinion,” she said on the podcast.

Later, “I learned the simple art of diplomacy. I learned that there might be a nicer way to say some things,” she said.

The actress reprised the role of Brenda for 90210 reboots in 2008 and 2019 and said she and Ms. Garth had reconciled after the two became adults and left their teenage conflicts behind.

Ms. Doherty’s co-stars paid tribute to her on Sunday.

“She was a force of nature and I will miss her,” Jason Priestley, who played Ms. Doherty’s brother on 90210, said on Instagram. “Sending love and light to her family in this dark time.”

Charmed actor Rose McGowan said Ms. Doherty “had the heart of a lion.”

“My head bows to this warrior on her journey home,” Ms. McGowan wrote on X.

Ms. Doherty was born in Memphis, Tennessee, on April 12, 1971, and began acting as a child. At age 11, she played Jenny Wilder in the final season of TV classic Little House on the Prairie.

In 1988, Ms. Doherty was cast in the dark comedy film Heathers, which became a cult classic.

Ms. Doherty was married three times, most recently to photographer Kurt Iswarienko. She filed for divorce from him in 2023. — Reuters

PHL semiconductor exports outlook grim for 2024 — SEIPI

REUTERS

PHILIPPINE exports of semiconductors and electronics are expected to decline this year amid soft demand, the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said on Monday.

SEIPI President Danilo C. Lachica said that while there are positive indicators, projections suggest that the industry’s exports may still decrease compared to last year’s figures.

“We’re still on a 10% contraction projection, although there are signs of improvement… because if you project it throughout the year, if you linearize it, it’s at $45 billion, which is still lower than $46 billion in 2023,” he said at a forum.

He said that although some industry groups project double-digit growth, it will not be the same case for the Philippines due to its product mix.

“Because of our product mix in the Philippines compounded by the inventory correction, we’re even hoping we can just reach our 2023 levels, but conservatively, when we talk to our board members, the big multinationals, the projection is a 10% contraction,” he said.

Preliminary data from the Philippine Statistics Authority showed that electronics exports totaled $3.56 billion in May, representing a 5.1% decrease from the $3.75 billion seen in the same month last year.

This brought exports of electronic products in the first five months to $17.64 billion, up 12.7% from the $15.65 billion seen a year prior.

However, Mr. Lachica said that SEIPI’s board is due to revisit its industry projection by the fourth quarter.

“We will let you know if we see an upsurge, as we usually adjust (our projections) by the fourth quarter after the orders for the Christmas season come in. But right now, the demand is still soft,” he said.

According to Mr. Lachica, the demand for Philippine electronic products is still soft due to inventory correction and product mix.

“One of the major reasons is inventory correction, and we haven’t really completely dissipated the excess inventory last year,” he said.

“Next is the product mix; if you are supplying to Nvidia and Broadcom, you can expect double-digit growth, but because of what we have here, which resulted from the previous administration’s initiative to do incentives rationalization, we lost a lot of opportunities in terms of investment in new products,” he added.

Mr. Lachica said that the Philippines was not able to secure investments in new products, which is why the country was stuck with legacy products.

He added that the demand for the country’s electronic products could also be impacted by the Trump assassination attempt, but noted that the US is still a top electronics export destination.

“I don’t really see it having a major impact right now unless it worsens or escalates because the US is still a major export destination, accounting for around 10%,” he said.

“The problem is that we still do not have a trade agreement with them. And because there’s this trade agreement compliance, some of the products being made here have restrictions in the US. So, we’ve even actually lost some customers because we don’t have that,” he added.

However, besides the volatility in US elections, he said that the Philippines should be more concerned with what it is doing within its shores.

In particular, he said that SEIPI welcomes the government revisiting the Corporate Recovery and Tax Incentives for Enterprises Act to remove the value-added tax on constructive exports and restore the 5% gross income earnings and the autonomy of the Philippine Economic Zone Authority (PEZA).

Mr. Lachica said that restoring the autonomy of PEZA will help in investment promotions as it will not be “impeded” by the Fiscal Incentives Review Board. — Justine Irish D. Tabile

Deadpool & Wolverine celebrates friendship, Ryan Reynolds says

IMDB
IMDB

LONDON — The global promotional tour for Deadpool & Wolverine touched down in London on Thursday, with stars Ryan Reynolds and Hugh Jackman bringing their bromance to the movie’s United Kingdom sneak peek event.

The two have entertained fans with their humorous, high-energy appearances at previous stops in Shanghai, Seoul, and Berlin.

The third installment in the Deadpool movie franchise sees Mr. Jackman’s Wolverine return from retirement to help wise-cracking Deadpool (Mr. Reynolds) save his world.

“It’s about friendship, and friendship is another version of a love story,” said Mr. Reynolds, who also co-wrote and produced the film.

“There’s so many moments in the movie where it’s hard to tell if Deadpool’s talking to Wolverine, Wolverine talking to Deadpool, or it’s Hugh and Ryan talking to each other. And I’m really proud of those moments.”

Mr. Jackman had not planned to reprise the role of the gruff, clawed X-Man Wolverine. But the Australian actor said his mind started changing after he watched the first Deadpool film.

“It was something in here,” he said, pointing at his heart. “I really thought I was done. And then, five or six years later, I was driving and I just knew in my bones I wanted to do that.

“I knew for fans it would be the thing they’d waited for, I knew it’d be a kind of dynamic that we’ve never seen before. I had no idea how hard it would be physically at age 55 to do it but it’s absolutely worth it. I have loved every second.”

Secrecy surrounds the film’s plot details. Respecting the characters and their legacy was at the heart of the writing process, said director and co-writer Shawn Levy.

“But then we pushed them into areas that other movies haven’t,” he said. “I think you’re going to see some aspects to both their performances that are quite different than what we’ve seen in their prior films.”

The only Marvel-Disney movie released this year, Deadpool & Wolverine is expected to be a box office hit when it begins its global cinematic rollout on July 24.

“There is a lot riding on it but we’ve worked really hard to deliver the goods,” said Mr. Levy.

“I focus on the opportunity, not the expectation. The creative opportunity to connect with a huge global audience in a new way, in a surprising and fresh way, that was delicious,” he said.

For Mr. Reynolds, 47, releasing the film to the world comes with other concerns.

“I feel like I’ve waited my entire life to do this one movie. The only problem that poses is I don’t know what the hell we’re supposed to do next.” — Reuters

K-pop stars Stray Kids prepare for comeback with upbeat London show

STRAYKIDS.JYPE.COM

LONDON — “This is a career highlight,” popular K-pop group Stray Kids said as they headlined the British Summer Time (BST) Hyde Park Festival on Sunday.

The eight-man group from South Korea debuted in 2018 after being formed by JYP Entertainment through a reality show. They have won over fans around the world with their genre-mixing sound and hit songs such as “God’s Menu,” “S-Class,” and “Maniac.”

Made up of members Changbin, Felix, Hyunjin, Lee Know, Han, Seungmin, Bang Chan and I.N, Stray Kids returned to London after nearly five years to make their United Kingdom festival debut.

“It’s a really big festival and it’s a really big space. It’ll be really interesting to see how much the energy we bring to it will change that,” said Han shortly before the group took to the stage to perform a high-energy one-hour-40-minute-long set in front of a crowd of thousands.

Named by Time magazine as one of the Next Generation Leaders, Stray Kids placed third on recorded music industry body IFPI’s top 10 list of global recording artists last year. Their third Korean-language studio album 5-Star was last year’s second biggest-selling album globally, IFPI said.

All eight members also walked the famed MET Gala red carpet this May, wearing custom Tommy Hilfiger suits.

Bang Chan said the group were grateful for their strong streaming numbers and successes but added that the onus was on bringing meaningful music to their fans, known as STAYs.

“Lots of STAYs and a lot of people are giving us a lot of attention, so I don’t think we should sit still and do nothing about it. That’s why all the members are working hard in their parts,” added Seungmin.

Part of that is the group’s “comeback,” their new EP, titled ATE, which will be released on July 19.

ATE represents the eight members who have “eaten up” their comeback, said Felix, adding that fans could expect new concepts and styles.

“It really means a lot to us. It’s been a while since our last album. With this album we really want to emphasize our eight members, how genuine we are with music and we’ve also put in a lot of styles of music for everyone out there to enjoy,” said Bang Chan.

“We’re bringing out all we can at this time and that makes us confident,” added Changbin. — Reuters

AirAsia PHL logs 3.86 million passengers driven by millennial, Gen Z demand

NEWSROOM.AIRASIA.COM

LOW-COST carrier AirAsia Philippines said it has recorded 3.86 million passengers as of July, with strong demand from millennials and Generation Z driving its passenger seat sales.

“AirAsia MOVE app was able to market the airline’s monthly promos and reach millions worldwide,” AirAsia Philippines said in a statement on Monday. 

In the Philippines alone, AirAsia booked a total of 1.1 million seats under its promo seat sales from January to July, of which almost the majority, or a total of 820,000, are Gen Zs and millennials. 

Millennials were born from the early 1980s to the late 1990s, while Gen Zs include those born from 1995 to 2004.

“Millennials and Gen Zs are tech-savvy… Technology always plays an important role in their decision-making, 70% of online and over-the-app bookings for the first half of 2024 came from millennials and Gen Z’s,” AirAsia Philippines Communications head Steve F. Dailisan said in a statement on Monday. 

For six months to early July, AirAsia Philippines has flown a total of 3.86 million passengers, compared to 3.87 million in the first semester of 2023.

Last year, AirAsia Philippines logged a total of 6.6 million passengers.

In April, AirAsia Philippines said that it was planning to expand its domestic routes by adding more direct flights to popular destinations like Boracay. 

The airline also aims to capitalize on the increased weekly seating capacity between the Philippines and South Korea by introducing new routes to South Korea and possibly increasing its existing capacity. — Ashley Erika O. Jose

Demand for T-bills surges on rate cut bets

BW FILE PHOTO

THE GOVERNMENT upsized the volume of Treasury bills (T-bills) it awarded on Monday even as rates mostly inched up as it saw strong demand for the short-term papers amid growing expectations of rate cuts by both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve within the year.

The Bureau of the Treasury (BTr) raised P22.6 billion from the T-bills it offered on Monday, higher than the P20-billion program, as total bids reached P46.736 billion, or more than twice the amount placed on the auction block.

Broken down, the BTr borrowed P6.5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P15.51 billion. The three-month paper was quoted at an average rate of 5.717%, 1.9 basis points (bps) above the 5.698% seen last week. Accepted rates ranged from 5.702% to 5.74%.

Meanwhile, the government awarded P9.1 billion in 182-day securities, higher than the P6.5-billion plan, as bids for the tenor reached P17.525 billion. The average rate for the six-month T-bill stood at 5.978%, inching up by 1 bp from the 5.968% fetched last week, with accepted rates at 5.95% to 5.998%.

The BTr doubled the accepted volume of noncompetitive bids for the 182-day T-bills to P5.2 billion as the paper fetched strong demand, it said in a statement.

Lastly, the Treasury raised the planned P7 billion via the 364-day debt papers as demand totaled P13.701 billion. The average rate of the one-year debt decreased by 0.1 bp to 6.072% from the 6.073% quoted last week. Accepted yields were from 6% to 6.09%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.6845%, 5.9839%, and 6.0480%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The Treasury made a full award of its T-bill offer as it saw “overwhelming” demand, with the six-month tenor almost thrice oversubscribed, a trader said in a text message.

Investors swamped the offering as they priced in potential cuts in benchmark interest rates here and abroad, the trader said.

“Although higher week on week, the yields in the T-bill space remain lower compared to BSP facilities and the BSP policy rate,” the trader added.

Expectations of a BSP rate cut as early as next month led to good demand for the T-bills as investors want to lock in high yields ahead of the start of the central bank’s easing cycle, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Increased odds of the Fed kicking off its own rate cut cycle by September and dovish signals from the US central bank chief also affected T-bill yield movements, Mr. Ricafort added.

BSP Governor Eli M. Remolona, Jr. last month said the Monetary Board may deliver its first rate cut in over three years at its Aug. 15 review as they expect inflation to continue easing this semester.

The BSP last month kept its policy rate at a 17-year high of 6.5% for a sixth straight meeting.

Meanwhile, the “last mile” of the Federal Reserve’s battle against inflation may have shortened to a last lap after US consumer prices unexpectedly fell in June, shoring up policy makers’ confidence that they are winning the fight and paving the way to interest rate cuts in the coming months, Reuters reported.

At the Fed’s July 30-31 meeting, the policy makers are expected to maintain the policy rate at 5.25%-5.5%, but they may set the table to lower rates in light of renewed progress on easing price pressures.

After July, the Fed’s next policy meeting is in mid-September.

In two days of testimony before Congress last week, Fed Chair Jerome H. Powell appeared to edge the door open to a September rate cut, saying that the US economy was “no longer overheated” and that “more good data” on inflation would lay the groundwork to reduce the benchmark policy interest rate.

On Tuesday, the BTr will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and six months.

The Treasury wants to raise P215 billion from the domestic market this month, or P100 billion from T-bills and P115 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — AMCS with Reuters

How business owners can combat online scams in the e-Commerce Age

IJEAB-FREEPIK

A 2023 study by the credit information company TransUnion reported that 8.3% of all digital transactions by consumers in the Philippines were possibly fraudulent. The Philippines also exceeded the global averages for suspected digital fraud rate in different sectors, especially in retail. And it’s not just consumers who are affected. A 2022 report by the US-based Association of Certified Fraud Examiners (ACFE) estimates that companies worldwide lose about 5% of their revenue to fraud every year. Even worse, smaller businesses are more vulnerable due to limited resources and less robust security measures.

E-commerce and digital payments may have revolutionized the way businesses operate, but the opportunities for growth and expansion also come with significant risks. With scams becoming increasingly sophisticated, businesses — especially those dealing in e-commerce and online transactions on a daily basis — must be proactive when it comes to combating scams. Here are five actionable strategies that businesses of any size can immediately implement to prevent company losses.

1. Educate and train employees regularly

According to a 2023 study by Stanford University and Tessian, one in four employees reported falling for a phishing scam at work in the last 12 months — highlighting that the biggest vulnerability to your organization is not your IT equipment or firewall, but your employees themselves.

Ensuring that all employees are well-versed in recognizing potential threats goes a long way in preventing scams. Conduct regular training sessions to keep staff updated on scam tactics and cybersecurity best practices. Highlight that the biggest risk in the organization comes from employees being tricked into sharing sensitive company information, such as passwords and credit card numbers. Implement e-mail, call, and SMS behavior protocols to help employees recognize suspicious links, spoofing attacks, and phishing attempts. Encourage employees to share and report a discovered scam, as scammers usually target several people in one organization. More importantly, implement a data protection policy that addresses both internal and external threats to company data.

2. Implement strong password policies

A robust password policy is a fundamental aspect of cybersecurity. If an employee can easily dictate a password or PIN over the phone, that means it is too weak and prone to being exploited.

Business owners should enforce the use of complex passwords — 12 to 16 characters — that use a random mix of letters, numbers, and special characters. Remind employees to change their passwords regularly, and discourage them from using the same password across multiple accounts. A password manager like 1Password or Bitwarden can help employees generate, save, and input passwords across multiple websites and apps. In a pinch, Google also has a password manager that securely saves website passwords to your Google account.

Another layer of security that should be implemented is two-factor authentication (2FA), which requires employees to provide two forms of identification before accessing sensitive information — their password plus a one-time password (OTP), an authentication on another owned device, or an authenticator app. This will make it more difficult for attackers to gain unauthorized access to e-mails and company tools.

3. Keep your security software updated

Antivirus and internet security software is essential for protecting employee tools against spam, ransomware, malware, and other cyberthreats. Most come in a bundle that protects both desktop and mobile devices. Regularly updating this software is also crucial — enable automatic updates to ensure that your security measures are always up to date.

For organizations that cannot afford a full antivirus security suite, even free tools like Bitdefender Antivirus Free and Google Messages can protect employees from common malware and phishing attacks. Bitdefender offers on-demand malware scans and blocking of malicious URLs, while Google Messages automatically screens incoming spam and phishing texts on Android phones.

To ensure that your business is always protected and prepared for unforeseen expenses, consider opening a credit line, which can provide the financial flexibility needed to invest in comprehensive cybersecurity solutions and other essential resources to keep your business safe.

4. Verify Receipt of Goods and Services

Implementing a procedure to verify the receipt of goods and services before approving invoices can prevent fraudulent transactions. Ensure that all deliveries are checked and confirmed by the relevant department, and that any discrepancies are reported immediately. This step is crucial to ensure that the business pays only for what it has received.

Limiting payment approvals to one person or to a small accounting team can also reduce chances of fraud, as well as having a clear approval process. In addition, train accounting and finance teams to verify the identity of the vendor using their known contact numbers. Even when the vendor or the transaction is familiar, some scammers can simply duplicate an invoice and change the payment details to their account prior to sending.

5. Develop a response plan to online scams and data breaches

Despite the best preventive measures, it’s essential to have a response plan in place in case an online scam or security breach occurs. This plan should outline the steps to be taken immediately after a breach is detected, including how to contain the breach, assess the damage, shut down compromised tools and programs, and notify affected parties.

A well-defined response plan can minimize the impact of a breach and facilitate a quicker recovery. This plan should also include communication protocols to inform customers, stakeholders, and regulatory bodies, as well as steps to prevent future incidents.

RECOGNIZING COMMON SCAMS
In addition to these strategies, business owners must keep themselves updated on common scams that target e-commerce businesses. Some prevalent scams include:

E-mail phishing: These are fraudulent e-mails that appear to be from legitimate sources, with the intent to steal sensitive information using a phishing link or attachment.

Fake Invoices: Scammers pose as suppliers and send fake invoices to businesses, hoping that the internal accounting department will pay without verifying their legitimacy.

Payment scams: Scammers order products and services and then request a refund or chargeback upon receiving their order.

Fake account scams: Scammers pose as a legitimate company’s social media account to trick consumers into paying for non-existent products or services.

Security breach scam: Posing as a bank or digital wallet representative, scammers call to inform you that your account has been compromised, in order to extract sensitive information.

In the e-Commerce Age, online scams pose a significant threat to businesses of all sizes. However, by taking proactive steps to educate employees and implement basic cybersecurity practices, business owners can significantly reduce their risk. Recognizing common scams and practicing basic cybersecurity measures are also crucial in safeguarding company assets and ensuring long-term success. By staying informed and vigilant, business owners can combat online scams and protect their organizations from cyberthreats.

(This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.)

 

Benedict S. Carandang is a member of the MAP ICT Committee and the vice-president for External Relations of First Circle. This article was co-written with Jess Jacutan, content marketing consultant for First Circle, an SEC-registered financial technology company that has been empowering SMEs through funding and free growth tools since 2016.

map@map.org.ph

benedict@firstcircle.ph

Fitness guru Richard Simmons, 76

IMDB

FITNESS guru Richard Simmons has died at age 76, multiple media outlets reported, including ABC News and TMZ.

The reports said his housekeeper found him unresponsive on Saturday morning and Los Angeles police were called. TMZ reported that police were treating it as a natural death.

Los Angeles police said it could not confirm Mr. Simmons’ death.

Born Milton Teagle “Richard” Simmons, the flamboyant fitness instructor became a household name and pioneered gyms as safe places for people who weren’t already in perfect shape. He revealed in a series of social media posts this year that he had been diagnosed with skin cancer.

In a post on X in March he declared, “I have some news to tell you. Please don’t be sad. I am …dying. Oh I can see your faces now.” There was no other context for the statement and he later apologized for the media stir his comments made. Through his representative he said that the sole purpose of the post was meant to be inspirational.

Mr. Simmons, who grew up in the French quarter of New Orleans before settling in California, weighed 268 pounds (121.56 kg) when he graduated from high school, his website said.

His own story of struggling with weight loss, where he tried everything from fad diets to laxatives before settling on exercise and better lifestyle choices, inspired millions to do the same.

Over the years he produced a series of aerobics dancing fitness videos and had a chain of fitness studios, and hosted the Richard Simmons Show from 1980-1984, and the program won four Daytime Emmys.

In recent years, the once ubiquitous fitness instructor seemed to have stepped out of the public spotlight, where he frequently made appearances on daytime talk shows, but he maintained a large following on the internet.

Mr. Simmons posted on Facebook Friday to thank fans for their birthday wishes, as he turned 76.

“So many of you have sent me birthday wishes on my Facebook and other platforms,” he wrote. “I really appreciate that. I don’t know when your birthday is but I wish you a happy and healthy birthday!” — Reuters

‘Residential buyers holding back’

SEAN POLLOCK-UNSPLASH

THE RESIDENTIAL property sector saw a slight decline in total residential real estate loans (RRELs) in the first quarter of 2024, attributed to fewer project launches by developers and cautious buyer behavior due to interest rates and inflation, according to Leechiu Property Consultants.

“The overall decline in loans can be attributed to both developers introducing less projects and buyers holding back on purchases because of the interest rate situation and inflation, which have been elevated for some time already,” Leechiu Director of Research Roy Amado L. Golez, Jr. told BusinessWorld via an e-mailed statement over the weekend.

On July 11, Leechiu reported that the total granted RREL fell 9% to 9,064 for the first quarter of 2024 from 9,975 loans in the fourth quarter of 2023, citing Bangko Sentral ng Pilipinas data.

In the first quarter, single-detached houses accounted for 43% of the RRELs granted by housing type, followed by condominiums at 34.7%, townhouses at 22%, and duplexes at 0.3%.

Meanwhile, RRELs outside Metro Manila showed a 2% increase, while RRELs in Metro Manila went down 31%.

“For the growth of loans outside of Metro Manila, this shows the strength of the affordable and middle-income housing market,” he said.

Mr. Golez said townhouses and single-detached houses are products of affordable housing in projects outside of Metro Manila. The existing demand, especially in the Calabarzon region and Central Visayas, is due to jobs created by increased economic activity due to infrastructure development and industry.

“Cavite-Laguna Expressway (CALAX) will open a big part of northern and central Luzon to development. Right now, most of the projects that are being built by big developers or townships are hovering in Clark and Angeles City,” he said.

Condominium units saw the largest decline in granted RRELs, dropping 19%.

Mr. Golez said that in the short term, the share of condos will likely remain below average as inventory levels of condominiums are still elevated.

“But as new condominium launches start coming in because jobs created are still primarily in the Metro Manila area, this share will start to rise again.”

In the second quarter, the ready-for-occupancy units in Metro Manila totaled 578,000, with a 97% sales rate. Pre-selling units numbered 159,000, achieving a 69% sales rate.

Quezon City led in supply with 127,000 units, followed by Ortigas, Mandaluyong, and San Juan collectively offering 100,000 units. The Bay Area contributed 92,000 units to the market.

Manila added 83,000 units to the supply, while Makati and Taguig followed closely with 81,000 and 64,000 units, respectively.

Mr. Golez noted a 30% increase in condo project launches across Metro Manila to 3,530 units compared to the previous quarter, with new developments introduced in Alabang, Manila, and Quezon City.

Similarly, sales rose by 6.5% in the second quarter of this year.

Mr. Golez said he expects developers to continue to maintain a cautious stance regarding the introduction of new projects but hopes to see new projects in the second half of the year from the biggest developers. — A.R.A. Inosante

SEC targets accelerated integration of corporate sector in sustainability effort

BW FILE PHOTO

THE Securities and Exchange Commission (SEC) said it targets to expedite the integration of the corporate sector into sustainability initiatives.

On Monday, the SEC inaugurated the Sustainable Enterprise Collaboration Network (eSECnature), which seeks to connect corporations, government entities, multilateral organizations, and civil society groups to enhance and broaden corporate involvement in sustainability efforts.

The campaign also seeks to fast-track the country’s attainment of the United Nations Sustainable Development Goals.

“Through this network, we aim to unite organizations both in the public and private sectors to collaborate in developing best practices, new ideas, and successful strategies toward our vision of a sustainable capital market and business sector,” SEC Chairperson Emilio B. Aquino said during the launch event.

“We believe that the adoption of sustainable practices will have a significant impact on improving the state of our capital markets and, more importantly, the economy. As we see more companies comply with environmental, social, and governance standards, we can look forward to the entry of more investments into the country that can further drive our economic growth,” he added.

The eSECnature campaign also strives for digital enablement to reduce the corporate sector’s overall carbon footprint.

Members of the network will also push for collaboration and participation in knowledge-sharing activities and policy advocacy initiatives to help integrate and adopt sustainable practices in their operations.

The members of the network will also work toward ensuring the ethical and responsible conduct of business operations and advocacies, reducing their carbon footprint, and supporting the digitalization, zero-contact, and paperless initiatives of the government.

Meanwhile, the SEC is scheduled to launch five new digital initiatives this week to streamline stakeholders’ transactions in line with the commission’s sustainability efforts.

SEC’s existing digital platforms include the electronic simplified processing of applications for company registration, its subsystem for one-day submission and e-registration of companies, electronic filing and submission tools, and an electronic system for payment to SEC.

These services automated the SEC’s processes in company registration, report submission, and payment of fees.

Other SEC digital initiatives include the electronic SEC universal registration environment, electronic SEC education, analysis and research computing hub, SEC API marketplace, electronic registry application for market participants, and SEC check app 2.0.

“These initiatives are estimated to have reduced the commission’s carbon footprint by over 3,500 tons from 2021 to 2023. In the same period, it was also able to save more than 10,000 trees, equivalent to about 85 million sheets of paper that would have been used in manual transactions,” the SEC said. — Revin Mikhael D. Ochave