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Primeworld Land tops off highly anticipated Primeworld Pointe in Cebu

From L-R: Sherwin Uy (CEO, Primeworld Land), Johnny Uy (Chairman, Primeworld Land), VIPs, Ar. Alex Tan (CEO, Hamm-Asia Global Builders Corporation)

On Dec. 2, the skyline of Cebu City witnessed a historic moment as Primeworld Land achieved a significant milestone with the topping-off ceremony of Primeworld Pointe. This grand event not only marked the completion of the residential condominium’s towering structure but also positioned it as the best investment property for Metro Cebu in 2022, according to Dot Property Philippines.

Primeworld Pointe as of Dec. 2, 2023

Nestled in the prestigious location of La Guardia 1st St., Lahug, Primeworld Pointe stands as a testament to Primeworld Land’s dedication to creating secure and high-quality homes where Filipino families can thrive. The topping-off ceremony unfolded as an illustrious affair, graced by the presence of Primeworld Pointe’s project development and sales & marketing team, top executives from Primeworld Land, including CEO Sherwin Uy, and distinguished figures from Hamm-Asia Global Builders Corporation and Resourceworld Management Corporation. Notable VIP guests and industry experts, such as Anthony Leuterio of Filipino Homes, added to the aura of prestige.

Primeworld Pointe Project Development Team

The celebration extended beyond the ceremony itself, featuring a comprehensive product knowledge seminar aimed at updating sales partners about the latest developments. The atmosphere buzzed with excitement during a raffle draw, creating an engaging backdrop for the momentous occasion. Attendees were treated to a delightful spread of food and refreshments, fostering an atmosphere of camaraderie and celebration.

In the face of recent disruptions, Primeworld Land has displayed unwavering resilience, reaffirming its commitment to enhancing the quality of life for Filipino families through groundbreaking projects like Primeworld Pointe. The development has earned acclaim as an ideal investment, offering a prime location and the promise of value appreciation, making it an attractive prospect for those seeking to expand their real estate portfolios in the city.

While Primeworld Pointe surpassed its initial structural completion schedule, the developer has taken proactive steps by initiating finishing works on the lower floors, hinting at the possibility of an earlier completion date. Even in its current state, Primeworld Pointe beckons professionals and families alike with high-quality, yet affordable spaces, fostering a comfortable and well-integrated lifestyle.

Encompassing an impressive 998 square meters, Primeworld Pointe rises majestically with 22 floors, 386 units, and 72 parking spaces. The units, ranging from 21 to 51 square meters, offer one-, two-, and three-bedroom layouts, each adorned with a balcony, parking space, and panoramic city views. The residence boasts a wealth of luxury amenities, including a pool lounge, swimming pools, reception area, fun playgrounds, gyms, and function rooms.

Beyond its architectural splendor, Primeworld Pointe’s strategic location places it in close proximity to various shopping centers, offices, business districts, hospitals, and universities in Cebu City. A mere 5-minute walk from Cebu I.T Park, a bustling hub for businesses and establishments, provides residents with a distinct advantage, seamlessly integrating work and life. Additionally, its accessibility to Ayala Cebu Center Tower and Uptown Cebu further enhances the living experience, striking a harmonious balance between convenience and leisure.

Primeworld Pointe transcends the label of a mere residential development; it stands as a testament to Primeworld Land’s enduring commitment to redefining living standards and creating spaces where Filipino families can truly prosper and live fulfilling lives. In the Queen City of the South, Primeworld Pointe stands tall as a beacon of modern living, inviting residents to experience an integrated way of living and working comfortably.

Primeworld Land’s development projects can be found across Luzon, Visayas, and Mindanao. For more information about Primeworld Land, you may visit www.primeworldland.com.

 

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Philippines eyes constitutional amendments to ease economic restrictions

PHILIPPINE STAR/KRIZ JOHN ROSALES

Philippine lawmakers are considering efforts to amend the country’s constitution to ease restrictive provisions on economic ownership, a top congressional leader said on Monday.

“We want to lift the restrictive provisions vis a vis the economy,” House Speaker Martin G. Romualdez said in an economic briefing.

Mr. Romualdez said top congressional leaders of the country’s political parties are meeting Monday to discuss procedural issues that have hampered past efforts to amend the Philippines’ 1987 constitution.

The amendments, he said, will allow lawmakers to “regulate” economic sectors that can be opened for foreign investors.

Foreign business chambers have been urging Congress to lift current limits to foreign investment, including the so-called 60-40 rule, which caps foreign ownership of local firms at 40%.

Past efforts to rewrite the constitution have failed. Critics have said efforts to amend the constitution could also open doors for lawmakers to lift term limits for elected officials. — Reuters

Celebrating Christmas season the Filipino way

Photo from Wikimedia Commons

December marks the year’s end and a time for holidays and festivities. Dazzling decorations are up; Christmas carols are often on replay; and streets and neighborhoods are filled with colorful lights. Globally, celebrating Christmas differs in each country; and in the Philippines, people have more unique ways of celebrating the holiday.

Unlike other countries, a Filipino Christmas is quite lengthy; and the Christmas season here is known to be the longest Christmas season in the world. Filipinos are starting to decorate and light up their surroundings, play popular Christmas songs, and planning for festivities as early as September.

Christmas is a festive time when loved ones come together. The season is a reminder of the love and strong bond that ties families for a long time. Many families travel a long way to celebrate the holiday to reunite with families and friends over delicious meals and fun stories that fill homes with laughter and joy.

Season of feasting

Photo from Wikimedia Commons

For many Filipino households, Christmas is not complete without the food. Most Filipinos start celebrating Christmas at midnight with the traditional Filipino Christmas feast of Noche Buena. The most common dishes served at Noche Buena include lechon, spaghetti, hamon, fruit salad, and queso de bola; albeit the options nowadays are endless.

For sweet treats, there are rice cakes such as bibingka — a traditional soft and sweet rice cake that is baked in clay pots or leaves and paired with egg, cheese, or unsweetened coconut shreds as a topping; and puto bumbong, purple-steamed rice cakes cooked in bamboo tubes.

Season of giving

Christmas is also known as the season of giving. In addition to exchanging well-thought gifts, there is another means of giving that puts a twist to the usual gift-giving. “Monito Monita” is usually done among family, friends, schoolmates, or workmates. In the gift exchange, before giving the gift straightforwardly, you must describe the person. A further twist to this giving is where participants give something related to a given theme, such as “something cute,” “something heavy,” etc.

While unwrapping gifts is great, there’s nothing as exciting as opening a red envelope with money inside, which is called ang pao, often given by godparents (ninong or ninang) to their godchildren (inaanak).

Accentuating with decorations

Photo from Wikimedia Commons

Enchanting decorations also make Christmas in the Philippines more unique, from blinking colorful lights, our very own parol, and other unique fixtures.

One of the most popular Christmas decorations in the country is our own version of the Christmas lantern, the parol, which comes in a large circle with a star in the center. Today, parols are hung everywhere — on lampposts, houses, malls and offices, shining bright at night. It also comes in a variety of shapes, sizes, designs, patterns, and materials.

Also, parols are admired because of their unique designs that leave people mesmerized every time they see them. Parols have always been a part of Filipino Christmas celebrations and they are always a part of every feast and parade across the country. Aside from being a decoration, parols are also considered a beacon of hope, a symbol of the vibrant Christmas culture and of hard work.

Belen, or the nativity scene, is another symbol unique to the Filipino Christmas celebration, which is a combination of different materials and can be seen in churches, homes, schools and office buildings. It is a three-dimensional art representing the birth of Jesus Christ: the baby Jesus in a manger, surrounded by the Virgin Mary, St. Joseph, the shepherds, their flock, the Three Kings and some animals and angels. Derived from the Spanish name for Bethlehem, the birthplace of Jesus Christ, the belen was introduced in the Philippines by the Spanish Franciscans during the colonial period.

Christmas trees are also a common fixture in homes and offices; and in the Philippines, these trees are more than evergreens, and they differ in size, color, and design.

Strings of blinking tivoli lights, snowflake ornaments, and Santa Claus with his reindeer are also some of the decorations that bring joy and comfort on the streets or at home.

Season of gathering

Christmas carols have been a tradition worldwide, but Filipinos are found to do caroling differently. Singing carols from house to house, the way it was done in the country, has a little twist and more humor. In addition to the traditional caroling with costumes or lyric books, Filipinos use recycled instruments and made-up lyrics.

Another tradition that lives on in the Philippines is celebrating mass during Christmas. There are many religious practices that Filipinos observe during the season. For instance, they attend the night mass (Simbang Gabi), where they spend the nine days leading up to Christmas attending mass early in the morning or late at night. There is a belief that when people finish the nine days, they can be granted a wish.

On Christmas Eve, they also attend the Christmas mass or the Misa de Gallo, a celebration involving the lighting of candles, projecting displays, or sometimes the reenactment of the birth story of baby Jesus.

This year, there are several performances available for public viewing that embody the genuine essence of the Filipino Christmas tradition. These shows include the first all-Filipino Christmas ballet Puso ng Pasko, performed by the artists of Alice Reyes Dance Philippines and the Cultural Center of the Philippines’ Professional Artist Support Program. The performance was premiered at the Metropolitan Theater in Manila last Dec. 1 and 2, and there will be a free public tour across Luzon, with stops at Pampanga, Tarlac, Nueva Ecija, Makati City, and the Malacañan Palace.

Stronger relationships, physically and virtually

In recent years, Filipinos celebrated Christmas differently. Due to the coronavirus pandemic, the holiday celebration was more restricted; but that was not a hindrance for still celebrating the season with each other. Many families used digital platforms to communicate with their loved ones; buying and sending gifts are made online; and gatherings are held through videoconferences.

Now, as the world returns to a new normal, Christmas celebrations are gradually returning to how they used to be. There are more people flocking to malls for shopping, gathering in churches for worship and reflection, and families will surely reconnect over a rich feast of sumptuous food and drinks, celebrating the fruits of hard work done for almost a year.

Whether it is celebrated physically or virtually, the season is about a celebration of love, the joy of giving, sharing blessings, and spending time and creating memories with loved ones — this is the true essence of Filipino Christmas. — Angela Kiara S. Brillantes

Achieving stress-free Christmas shopping

Photo by Jill Wellington from Pixabay

As the holiday season draws near, the festive spirit in the Philippines comes alive with colorful decorations, lively carols, and the busy atmosphere of Christmas shopping.

In Filipino culture, shopping during the holiday season is a long-standing tradition, with Filipinos enthusiastically taking part in gift-giving as a way to show love and appreciation to their loved ones.

According to a survey conducted by market research company Ipsos, holiday shopping budgets are rising after being stagnant for three years, with 32% of consumers planning to increase their budget. Additionally, PwC stated that almost 40% of consumers will spend more overall than last year.

However, there seems to be mixed feelings about spending this holiday season, with concerns about affordability and crowded retail places.

Despite the negative feelings brought by the current situation, Filipinos have found ways to continue shopping and express their love for their families and friends, as they still remain excited to celebrate. In fact, according to the latest data from the Bangko Sentral ng Pilipinas (BSP), Filipino consumers remain optimistic, with an outlook index of 18.9% in the third quarter of 2023, albeit lower than the 20.5 % recorded in the second quarter.

The following are some tips to make your shopping less stressful as just few weeks are left before Christmas Day.

Plan ahead

Long queues, last-minute decisions, and crowded stores can turn a festive experience into a chaotic one. Procrastination is the enemy of stress-free shopping, so planning it ahead of the sprees is essential.

Having a well-thought-out list and making purchases in advance allows you to choose thoughtful and quality gifts without succumbing to the pressure of time constraints.

In addition, planning ahead enables the consumer to secure popular items before they fly off the shelves.

For instance, Gen Z has specific shopping preferences related to planning, according to PwC. They tend to look for gift ideas in stores (67% vs. 58% overall) and on social media (41% vs. 31% overall). They also prefer to use social media for comparison shopping (34% vs. 27% overall) and to learn about sustainable companies (70% vs. 51% overall).

Set a budget

According to a recent CNET Money survey, 69% of respondents admitted that they are likely to overspend on purchases during the upcoming holiday season. Out of these, nearly one-third of shoppers said their overspending would happen in December, while 27% said they would probably overspend during fall holiday shopping events.

Having a budget during the holiday season is like a financial roadmap that helps prevent overspending. People can allocate specific amounts for gifts, decorations, and other expenses, allowing them to prioritize their spending and avoid going overboard. 

Moreover, the American Psychological Association (APA) reports that financial concerns are often cited as the leading cause of stress during the holiday season. Therefore, a well-defined budget not only prevents overspending but also contributes to overall financial well-being, reducing stress levels and promoting a positive holiday experience.

Get the best deals

During the holiday season, many people feel the pressure of finding the perfect gifts for their loved ones. This, combined with the financial strain of the holidays, can lead to increased stress. While the pursuit of sales and bargains may bring joy, it can also lead to excessive spending, which can bring on even more stress after the celebrations.

Maximizing your purchasing power is possible by taking advantage of buying deals that offer more value for money. Whether it’s a discount, buy-one-get-one-free offer, or bundled package, utilizing these bargains ensures that every dollar spent goes further.

In addition, the holiday season often comes with a time crunch, and shopping for gifts can be a time-consuming process. However, searching for deals can simplify the process of gift hunting by targeting discounted items quickly.

Knowing where to look for the best deals can save time spent navigating crowded stores, leaving more room to concentrate on choosing meaningful gifts.

Collaborate and delegate

One of the key benefits of delegating and collaborating during the holiday season is the ability to share responsibilities. Instead of taking on the entire burden of shopping, consider dividing the tasks among family members or friends.

To make the process more manageable and efficient, create a shopping list and assign specific items to each person. Delegating responsibilities not only reduces the overall workload, but also fosters a sense of collaboration and shared accomplishment among the circle.

Moreover, discussing gift ideas, seeking advice, and sharing the responsibility of finding the right presents can alleviate stress and create a more positive and enjoyable holiday experience. — Mhicole A. Moral

Preparing a holiday feast with less hassle

Photo by vivienviv0 from Pixabay

Christmas is a time for many good things, most importantly feasting, gift-giving, and bonding with the people who matter the most.

A Christmas feast, or Noche Buena as we call it here in the Philippines, is the centerpiece of the lavish occasion. Family members come together and share a delicious meal. For generations, Noche Buena is not only a continued tradition but also proof of the strong bond of Filipinos and their loved ones. Also, Christmas, among other significant celebrations, is often the time where most delicious and favorite foods are cooked and served at the table.

Yet, it takes hours of planning the menu, getting ingredients, and preparing dishes before a great and rewarding feast is enjoyed at Christmas Day. Here are some tips to keep in mind in order to have a less hassle and a smoother preparation for that much-awaited Christmas feast this year.

The first step is to make a list. Save yourself from being stressed by planning ahead of time. Prepare according to the size of your kitchen and how many dishes you are going to cook. Know how many people will be included in the feast, what they would like to have on Noche Buena, as well as whether they have food allergies. Make sure as well to have an adequate supply of the ingredients and things needed for the feast. Do not forget to factor in your budget as well.

Then, it might help to have a tentative timeline for getting the ingredients, cooking the meals, and even ordering some food. Planning your feast a few days, or even weeks, ahead will allow you to have more time for shopping and could even save you more time for the preparation period.

When shopping for ingredients, take the time to compare prices and brands that are suitable and more affordable for the feast you have in mind. Take the opportunity as well to look for Christmas sales, promos, and bazaars that might match well with your Noche Buena list. You can also look out for Christmas food in bundles, baskets, or boxes at more affordable prices.

Also, there are many alternatives you can choose from that are much better. For instance, there are products that are locally-produced and more affordable. This also gives you an opportunity to support these businesses.

In relation to alternatives, there’s nothing wrong with going for lower-priced varieties. Other kinds of cheese that as tasty as quezo de bola might go well in place of the traditional round fixture, for instance. Chicken can be considered in place of beef or pork; or a nicely-cooked embutido for morcon.

Amid all these preparations, nonetheless, do not forget learn to enjoy yourself and stay relaxed. Invite a welcoming atmosphere for your family and guests as you prepare those heartwarming meals for everyone to indulge in. As much as you aim for a fantastic feast, do not forget to have fun during the process, especially if you find joy in cooking or baking.

And when Christmas Day finally comes, and all the dishes have been prepared at the table, treat yourself by savoring the dishes you have prepared. After all, Christmas is an opportune time for enjoying the fruits one’s hard work, including the creation of a hearty feast. — Angela Kiara S. Brillantes

The dream behind the global icon for Filipino food

Ernesto M. Tanmantiong, Jollibee Foods Corp. president, CEO and executive director

Perhaps there is no Filipino brand more well-known than Jollibee. The homegrown fast food chain has created an empire of over 1,500 locations, spanning from here in the Philippines, to the United Arab Emirates, to Canada and the United States. To this day, the brand’s beaming bee mascot continues to go toe-to-toe with global fast food giants in terms of market share and revenues.

It is no surprise then, that Ernesto M. Tanmantiong, the president, CEO, and executive director of Jollibee Foods Corp. (JFC), has been named “Management Person of the Year 2023” by the Management Association of the Philippines (MAP).

The award was previously known as the Management Man of the Year and is an award given by MAP to individuals in business or government who have attained distinction in management and have made valuable contributions to the country.

Despite the award’s nearly six-decade run, just 47 recipients have been recognized thus far since finding the MAP Management Person of the Year is “a tedious process.” Lilia B. de Lima, the award’s judging committee vice-chairperson, pointed out that the award’s criteria include integrity, prestige and distinction in the business community; exceptional ability in performing management functions; and tangible contributions nationwide, among others.

Mr. Tanmantiong has been chosen for “being able to accelerate Jollibee’s globalization and transform it into one of the world’s largest, fastest-growing restaurants,” according to Ms. de Lima.

The feat is all the more remarkable as Jollibee — like much of the restaurant industry — is one of the companies that have suffered the most from the coronavirus pandemic.

“The quick-service restaurant industry was among the hardest-hit sectors by the pandemic. Even though we all are trying hard, this crisis spared nobody. For the Jollibee Group, this meant we had to close hundreds of stores, affecting many of our people, and resulting in a loss in 2020 — a first in our company’s history,” Mr. Tanmantiong had said in a previous interview with Esquire.

“This number could have gone higher if not for the substantial pivots we made to adapt to the changing needs of our customers and our business transformation. I cannot emphasize enough our appreciation for the hard work of our people and our partners, and through their collective effort, we swung back to profitability by the fourth quarter of 2020 and continue to grow and expand in 2021.”

Not that setbacks could hold his ambitions for the company down for long. It is no secret that it has ever been the dream of both Mr. Tanmantiong and his brother Tony Tan Caktiong, the founder and chairman of Jollibee Foods, to become the world’s biggest name in fast food.

“We never thought that we would grow this big, but my brother Tony always likes to dream big. So when we were operating the two ice cream parlors in the seventies, the goal at that time was to be number one in all the ice cream parlors in the Philippines,” he had said, speaking to CNBC.

“Yes, that was already the aim, to be number one. Then when we started introducing hamburgers and transforming the ice cream business into a hamburger business, the goal was to be the number one hamburger chain in the Philippines. At the same time, we were already thinking of expanding abroad.”

Mr. Tanmantiong said that when they achieved the number one position in the Philippines, they dared to dream bigger, setting a new goal post of becoming the largest restaurant company in Asia. They blew past that goal in 2014.

When they set the goal further to be the top 10 in the world in terms of market capitalization, they also achieved in record time. Now, the aim is to be one of the top five restaurant companies in the world in terms of market capitalization.

“We continue to dream big, and even despite the changes brought by the pandemic, our vision remains unchanged: to become one of the top five restaurant companies in the world by serving great tasting food and bringing the joy of eating to everyone,” he had said.

Serving up smiles amid crisis

Due to its size and influence, Jollibee had been instrumental in helping Filipinos during the pandemic through working with the government’s Inter-Agency Task Force, as well as its FoodAID Program. The company has donated over P300 million worth of food to thousands of frontliners and families who were severely affected by the pandemic.

Together with civic groups and other companies in the private sector, Jollibee also launched Project Karinderya to reestablish 320 karinderyas or eateries that have closed due to the pandemic, which benefitted more than 6,400 family beneficiaries or approximately 32,000 individuals.

Customers remain at the core of Jollibee’s operations, and no matter how high Mr. Tanmantiong’s dreams are for the company, he believes that they will continue to keep it that way.

“Many of the changes we’ve gone through were always predicated on our customers — from the time we shifted to hot meals from ice cream during our early ice cream parlor beginnings to today, where we pivot our business to adapt to the changing habits brought by the pandemic. We always strive to stay in tune with our customers, from their shift to digital, reliance on delivery and take-out, and dining in larger groups with their families at home. We responded as quickly as possible,” he had said.

“As the Jollibee Group grows, we want to make sure that the communities we serve grow with us. On top of providing employment opportunities, we also leverage on our expertise as a food company to help communities through the Jollibee Group Foundation.”

He noted that Jollibee programs are centered around access to food, such as the Farmer Entrepreneurship Program, which trains small farmers to become entrepreneurs. The program provides them a setup where they can directly sell to institutional buyers such as JFC, and improve their livelihoods substantially and sustainably.

“We are inspired to do more for our people and customers, to offer more of our great-tasting food to everyone, and to create more progress for the communities where we operate,” Mr. Tanmantiong said.

“We are humbled and honored to be among the brands that are loved by so many people across the globe. We have come a long way from our ice cream house beginnings in 1975. Back then, we were just looking for a stable source of livelihood for our family.”

“But through everyone’s hard work, we’ve grown into a company with over 5,800 stores across 34 countries carrying 17 brands. We know there’s still much to do, and we will not stop in our mission of serving delicious food, bringing the joy of eating to everyone,” he added.

Aside from his leadership position at JFC, Mr. Tanmantiong is also at the helm of Vismin Foods Corp., chairman of Jollibee Vietnam Corp. Ltd., chief executive officer of Jollibee Foods Corp. (USA), treasurer and director at Red Ribbon Bakeshop Holdings, Inc., and treasurer and director at Tokyo Terriyaki Corp. (which are all subsidiaries of JFC), and treasurer and director at Winall Holding Corp.

Mr. Tanmantiong is also on the board of 65 other companies. He holds an undergraduate degree from the University of Ateneo de Manila. — Bjorn Biel M. Beltran

19 startups honored at first KMC Startup Awards

Flexible office space solutions provider KMC Solutions celebrated the excellence in innovation and entrepreneurial brilliance of the Philippines’ startup ecosystem as it recognized innovative entrepreneurs and ground-breaking startups at the inaugural KMC Startup Awards held last Nov. 24.

Over 200 submissions were received for consideration, and from these, only 30 entries have been short-listed to be named as gold, silver, and bronze winners across 10 categories, including the top prize, the Startup of the Year award.

Within the gold awardees, Packworks, a local startup that provides a business-to-business (B2B) open platform to sari-sari stores, was honored with the Startup of the Year award, while Patrick Gentry, co-founder and CEO of HR tech company Sprout Solutions, received the Emerging Leader of the Year award, co-presented by Bossjob.

Digital pet care solutions PetPal was awarded for Outstanding Marketing Campaign; fintech GoTyme Bank was celebrated for the Tech Innovator Award; and Sprout Solutions again took the stage for the Customer Excellence Award.

Employment verification solution Smile API received the accolade for the Most Innovative Startup Award. Eduksine, a hybrid streaming platform funded by the Department of Science and Technology, was recognized for the Outstanding Brand Development Award; while Power 4 All, Inc., a clean power and clean water solutions company, stood out in the category of Innovation in Design.

CUBO Modular, known for its engineered bamboo house kits, was lauded for its Sustainable Business Practice Award; while Sakahon, an agritech B2B startup, was commended for the Social Impact Award.

The silver winners are: Female technology startup Kindred (Startup of the Year), Kindred Co-founder and CEO Jessica de Mesa (Emerging Leader of the Year), Packworks (Outstanding Marketing Campaign), Sprout Solutions (Tech Innovator Award), B2B platform Growsari (Customer Excellence Award), CUBO Modular (Most Innovative Startup Award), pet healthcare service Life by Petto, Inc. (Outstanding Brand Development Award), Eduksine (Innovation in Design), logistics startup Mober Technology, Inc. (Sustainable Business Practice Award), and legal tech startup Unawa (Social Impact Award).

Meanwhile, the bronze winners are: Online tax filing platform Taxumo (Startup of the Year), Unawa CEO Reggie Jacinto-Barrientos (Emerging Leader of the Year), Unawa (Outstanding Marketing Campaign), artificial intelligence-augmented intelligence Nudgyt (Tech Innovator Award), GoTyme Bank (Customer Excellence Award), Nudgyt (Most Innovative Startup Award), property management software Collo (Outstanding Brand Development Award), earthquake and structural health monitoring system builder Usher Technologies, Inc. (Innovation in Design), bamboo products-oriented social enterprise Bambuhay (Sustainable Business Practice Award), and Growsari (Social Impact Award).

Michael McCullough, CEO of KMC Solutions, congratulated the winning startups, saying: “We believe that the KMC Startup Awards will be a cornerstone in celebrating and empowering the Filipino entrepreneurial spirit for many years to come. To all the winners and participants, your passion, creativity, and resilience are not just the foundation of your success but the driving force that will continue to propel the Philippine startup community forward.”

KMC Solutions has been a steadfast supporter of the Philippine startup community, and the launch of its Startup Awards is seen as a testament to their dedication to strengthening the startup ecosystem in the Philippines.

The awards offer emerging businesses a unique opportunity to gain exposure, credibility, and access to valuable business development opportunities. Winning an award sets businesses apart in a competitive market, positioning them as industry-recognized workplaces of choice and attracting top talent and potential investors.

KMC Startup Awards was co-presented by Bossjob, in collaboration with the Philippine Startup Week, QBO Innovation Hub, Kaya Founders, Sinigang Valley Association and Uniquecorn Strategies, and in partnership with 917Ventures and Amazon Web Services. BusinessWorld served as one of the event’s media partners.

Ateneo Innovation Center upgrades system for modernized jaundice treatment thru DoST-TAPI’s TECHNiCOM

The AIC team conducted third-party validation testing and trained the medical personnel of four partner hospitals in operating the SLPLS. These hospitals include Justice Jose Abad Santos General Hospital, Gat Andres Bonifacio Memorial Medical Center, Ospital ng Tondo, and Bagong Ospital Ng Maynila.

After deploying its first two phototherapy units, the Ateneo Innovation Center (AIC) innovated jaundice treatment through the development of the Smart Low-cost Phototherapy Light System (SLPLS), which features a smart monitoring system and computer vision technology for enhanced monitoring and curing of neonatal jaundice.

Led by Project Leader Paul Cabacungan, the SLPLS team seeks to provide a low-cost alternative to traditional phototherapy units. Unlike their electricity-dependent counterparts, the solar-powered SLPLS can be easily assembled, making it adept for various clinical settings, especially in resource-constrained and remote communities in the Philippines.

Upon seeing its potential in advancing neonatal care, the Technology Application and Promotion Institute of the Department of Science and Technology (DoST-TAPI) approved the SLPLS as the next supported Technology Innovation for Commercialization (TECHNiCOM) project last March 22.

The SLPLS is an enhanced version of the existing Low-cost Phototherapy Light System (LPLS) and Improved Low-cost Phototherapy Light System (ILPLS) previously deployed by the AIC in 2016 as part of its TECHNiCOM project activities.

The upgraded monitoring component of SLPLS utilizes artificial intelligence (AI) to track the yellow pigmentation level in the patient’s skin. The patient’s data is then graphed and displayed on connected devices with a column that allows medical personnel to include remarks on the patient’s progress.

Moreover, the SLPLS also incorporates eye detection to ensure eye safety and environmental monitoring, including humidity and temperature sensors.

To further develop and refine the SLPLS, the team partnered with four hospitals for third-party validation testing. From these consultations, developments were made, including reduced weight and enhanced adjustability, allowing for the precise positioning of light where it is most needed.

Even with these advancements, the SLPLS remains low-cost and utilitarian. Mr. Cabacungan mentioned that the SLPLS costs less than one-tenth of one imported unit and can be easily assembled by a medical staff.

“That’s why we want a lot of communities to learn from this so that in times of life and death situation, they can access this device. And they can make it,” said Mr. Cabacungan.

TECHNiCOM continues to offer its pre-commercialization assistance and services for similar tech-based projects to apply. For more information, visit http://www.tapi.dost.gov.ph/call-for-proposals/technicom; or call (02) 8838-1127 or email acu-n@tapi.dost.gov.ph for inquiries.

Samsung announces winners for inaugural Solve for Tomorrow competition in the Philippines

The team from Philippine Science High School — Cagayan Valley Campus is awarded the Grand Prize of the first Solve for Tomorrow in the Philippines. Accepting the award is Ethan Marc L. Bautista (3rd from right) with Jerickson Chua (4th from right), who attended on behalf of the team’s adviser Bryle C. Eusebio. Also at the awarding are (from L-R) SEPCO Head of Corporate Marketing Yna Quimson, SEPCO Chief Financial Officer Tae-Kyun Kim, SEPCO President Min Su Chu, and Samsung Research PH Head Hwang Yongduk.

Samsung Electronics Philippines Corp. (SEPCO) has announced the winners of its first-ever Solve for Tomorrow competition, a global program that aims to empower young innovators with opportunities to come up with ideas to solve societal challenges and be the drivers of positive change in their local communities.

Over 200 entries were received from Grades 8-10 students of government-managed Science High Schools from all over the country, which were narrowed down to 10 finalists.

After a round of mentoring from Samsung Philippines representatives, the top 10 teams were asked to present their proposal to an esteemed panel of judges, composed of Monchito Ibrahim, vice-president of the Analytics and Artificial Intelligence Association of the Philippines and member of the National Innovation Council; Jaton Zulueta, founder and executive director of AHA Learning Center; Shumate Royo, a growth and strategy consultant, community and startup enabler, program director and nonprofit advisor; Dr. Ria C. Canlas, founder of Po Lite Technology, director of National University’s Center of Innovation, and executive member of the National Innovation Council; and Yna Quimson, head of corporate marketing at SEPCO.

From the judging, three of the most innovative solutions were selected to be this year’s winners.

This year’s Grand Prize winner hailed from Philippine Science High School — Cagayan Valley Campus, with members Ethan Marc L. Bautista, Resha Amora I. Gaspar, Zion Mhar Kaezer P. Corpuz, Enzo Miguel E. Abad, and adviser Bryle C. Eusebio.

Their entry “Intellimeter — Smart Electric Management System with App Interface” focused on the energy problem, and proposed a smart electric management system operated via an app. The solution aims to improve energy efficiency, help the sector manage energy deficits, and help to mitigate climate change.

They will receive P650,00 worth of tablets and a TV for the school, P100,000 for the team members, P20,000 for the teacher, and Samsung phones and tablets for team members and their teacher.

The second prize winners were from Bansud NHS — Regional Science High School in Oriental Mindoro, with members Ezekiel M. Agarap, Carmelo Gian B. Domingon, Zayra Bhea L. Caguioa, and their adviser Karen Clyde M. Obo.

Their entry “Project O.A.S.I.S.: Oil and solid waste Agricultural absorption System with Integrated Solar-power via Filtration Bin Technology” focused on creating a filtration system to remove oil and microplastics from the ocean, thus helping communities “sea” a bluer future.

They will receive P350,000 worth of Samsung devices for the school, P75,000 for team members, P15,000 for the teacher, and Samsung phones and tablets for team members and their teacher.

The third prize winner is also from Philippine Science High School — Cagayan Valley Campus, with members Aliyah Kaye P. Alejandro, Princess Alyssa D. Cudal, Tyrone B. Liquigan, Cedrick Alexis M. Rivera, and their adviser Jerickson S. Chua.

Focused on the serious problem of waste in the agricultural sector, their entry “TomPost: Agricultural Waste Compost Processor” intends to help manage waste by repurposing tomatoes and other agricultural waste into compost and other products. This not only provides a sustainable solution to waste but also helps farmers to minimize their losses and increase their profit.

They will receive P150,000 worth of Samsung devices for the school, P50,000 for team members, P8,000 for the teacher, and Samsung phones and tablets for team members and their teacher.

The other seven teams to make it to the final round included: Philippine Science High School — Cordillera Administrative Region Campus, with their entry “Machine Learning-Integrated GIS-Based Technology for Soil Analysis and Landslide Hazard Assessment”; Philippine Science High School Eastern Visayas campus with their entry “Red Alert: Detecting Red Tides in Cancabato Bay”; Philippine Science High School Cagayan Valley Campus with their entry: “ECOPOP: Popping Bubbles, Not The Planet!”; as well as Biñan City Science and Technology High School with their entry “Improving the decomposition rate of food waste in modified composting setups”

Calamba City Science Integrated School, meanwhile, has three entries, namely: “ArMeCoFuse: Mechanical Waste Collector Utilized in Sewage Lines for Water Filtration and Solid Waste Extraction Equipped with an Arduino-Based Flood Warning and SMS Notification System”; “H2O-CLEANER: Harnessing Okra, Tamarind, and Rice-Husks for Oil and Microplastic Filtration”; and ACWA PURA: Automatic Garbage Collector and Wastewater Phytoremediation Utilizing Water hyacinth with Capacity Notification, Water Level and Quality Monitoring, and Flood Detection System Operated in Canals.”

The top 10 finalists also received P15,000 for their team and P5,000 for their teacher.

Since its global launch in 2010, Solve for Tomorrow aims to provide opportunities for top students to transform emerging ideas into actions and unlock their full potential as future leaders for a better future. Solve for Tomorrow has successfully helped over 2 million people and has reached beyond the boundaries of 50 other countries, including the Philippines, as the latest addition this 2023.

Launched with the support of the Department of Education and the Department of Science and Technology, Solve for Tomorrow is part of Samsung’s CSR vision of Together for “Tomorrow! Enabling People.” Its mission is simple: to empower and support the next generation to achieve their full potential and pioneer positive social changes.

Benilde Open Design and Art 2024 calls for proposals

In celebration of its 35th year, the De La Salle College of Saint Benilde launches the Benilde Open Design and Art 2024, or Benilde Open, an initiative that welcomes artists, architects, technologists, engineers, industrial designers, craftsmen, illustrators, textile designers, animators, playwrights, composers, poets, filmmakers, cinematographers, lighting designers, fashion designers, chefs and all creative practitioners to heed the call to submit proposals to realize projects that have not seen the light of day.

The Benilde Open Call thematically explores the curious mindset. Proposals should revolve around curiosities on movement and its relationship to sustainability; the shuttling of thinking across craft and technology; and the culturing of the virtual with the real. The call further seeks design and art projects marked by an appetite for investigation and experimentation, for tinkering that fuels renovation and innovation.

Submissions of proposals are running until Jan. 31, 2024. All selected proposals will be announced by March 2024.

The entries will be reviewed and selected by a noteworthy jury — local and international advocates representing the creative industries. Ten projects will each be awarded a grant of up to P300,000 net of taxes, to assist in bringing the projects to fruition.

The Benilde Open Design and Art 2024 also features the Best of Benilde, a juried degree exhibition of student works. Students are encouraged to submit proposals of school projects resonating with the idea of curiosities — spanning sustainability and movement, the intersection of craft and technology, and the exploration of digital or virtual domains. The Best of Benilde delves into these queries: Is there such a world? Can such a world be more than imagined? Can we create foundational designs and proposals for such worlds to become more than just fanciful ideas?

The Benilde Design and Art Open 2024 is dedicated to shaping art and design sensibilities by championing innovative and collaborative projects across diverse creative disciplines within and outside the school. The project is facilitated by a working team of convenors who are faculty, associates or consultants in service of the school, namely: Ayi Magpayo, Rita Nazareno, Gabby Lichauco, Joselina Cruz, and Dindin Araneta; together with Benilde President Br. Dodo Fernandez, a visual artist.

For more information on the Benilde Design and Art Open 2024, visit open.benilde.edu.ph and follow the social media platforms: @benildeopen on IG and TikTok, and BenildeOpen on FB. For further inquiries, send an email to benildeopen@benilde.edu.ph.

BSP to extend rate hike pause — poll

THE PHILIPPINE central bank is likely to keep rates unchanged at its Dec. 14 meeting. Families watch the musical fountain at Luneta Park in Manila, Dec. 9. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Keisha B. Ta-asan, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) is widely expected to keep its key policy rate at a 16-year high on Thursday despite easing inflation as it remains vigilant against risks.

A BusinessWorld poll last week showed 15 out of 17 analysts expect the Monetary Board to hold the target reverse repurchase (RRP) rate steady at 6.5% on Dec. 14 — the BSP’s last policy review for the year.

A pause on Thursday would be the second straight meeting the BSP left rates unchanged since its 25-basis-point (bp) off-cycle hike on Oct. 26.

Analysts' Expectations on Policy Rates (December 2023)On the other hand, one economist said the BSP may raise policy rates to further anchor inflation expectations, while another expects the Monetary Board to start easing due to the sharp slowdown in November inflation.   

“We believe that the BSP will keep the target RRP rate unchanged at 6.5% mainly because of the slower inflation rate in November,” Philippine National Bank economist Alvin Joseph A. Arogo said in an e-mail.

Headline inflation eased to 4.1% in November from 4.9% in October and 8% in November 2022. This was the slowest inflation rate in 20 months or since the 4% seen in March last year.   

For the January-to-November period, the consumer price index averaged 6.2%, faster than 5.6% in the same period a year ago. This is still above the BSP’s full-year baseline forecast of 6%.

“We expect BSP to remain on hold at the next meeting on the back of receding pressures on inflation expectations,” Makoto Tsuchiya, an economist from Oxford Economics, said in an e-mail.

He noted the 4.1% inflation in November was a welcome development as it was at the low end of the BSP’s 4-4.8% forecast for the month.

“Recent strength of the peso, which we think will partly unwind, also gives BSP a reason to pause given the implication for lower imported inflation,” Mr. Tsuchiya said. 

The local unit closed at P55.30 per dollar on Thursday, inching up by less than a centavo from its P55.305 finish previously. This was the peso’s strongest close in over four months or since its P55.19-per-dollar finish on Aug. 2.   

“At the same time, the resilient domestic economy performance allows BSP to retain a hawkish stance by staying put,” Mr. Tsuchiya said.

The Philippine economy expanded by 5.9% in July to September, faster than 4.3% in the second quarter but slower than 7.7% a year earlier. For the first nine months, economic growth averaged 5.5%.   

Mr. Arogo said that the general downtrend in gross capital formation, or the investment component of the economy, show that interest rates are “restrictive enough.”   

Gross capital formation slipped by 1.6% in the third quarter, ending nine straight quarters of growth. This was a reversal of the 18.2% expansion a year ago and 0.3% in the second quarter.

Meanwhile, Nalin Chutchotitham, an economist for the Philippines from Citigroup, Inc., said the BSP may hike rates by 25 bps at Thursday’s meeting.

“We still see risks of a 25-bp rate hike, to 6.75%, should the BSP continue to place significant emphasis on anchoring expectations,” she said.   

She noted that the BSP remained cautious even as November inflation slowed and emphasized that the balance of risks is still on the upside.   

Earlier, the BSP cited higher transport fares, electricity rates, and international oil prices, as well as higher-than-expected minimum wage adjustments as key upside risks to inflation.   

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said supply-side measures and base effects brought inflation down by 2 percentage points in 60 days, which shows that supply-side remedies are more effective in addressing inflation rather than rate hikes. 

“With inflation down sharply, we believe inflation expectations have been re-anchored, with low contemporaneous inflation prints likely more impactful on expectations than anything else,” he said.   

“With these data and developments, BSP will likely retain policy rates at 6.5% as it appears there is little impetus to tighten further. This could help the BSP re-establish some credibility as a data driven central bank,” Mr. Mapa added.   

Meanwhile, Security Bank Corp. Chief Economist Robert Dan J. Roces said core and headline inflation may pick up in December due to the likely surge in demand as consumers spend more during the holidays.

“Thus, December inflation may slightly be higher on seasonality than November’s, to bring average inflation in 2023 to 6%,” he said in a note.   

RATE CUT IN 2024?
China Banking Corp. Chief Economist Domini S. Velasquez said the BSP may continue to adopt a hawkish stance due to upside risks, even as the impact of supply shocks in August and September have dissipated.   

“In the first half of 2024, upward pressure on food prices (particularly rice) caused by El Niño, possible fuel price increases due to (global) production cuts, and higher-than-expected minimum wage hikes are expected,” she said.   

Still, inflation is projected to settle at an average of 3.7% next year, which could provide room for the BSP to cut its reserve ratio requirement (RRR) or interest rates in the second half.

BSP Governor Eli M. Remolona, Jr. last week said it is premature to discuss policy easing in 2024 until inflation stays comfortably within the 2-4% target range.

He also said there will be no cut in banks’ RRR while the BSP remains hawkish.     

The RRR for big banks is currently at 9.5%, while the ratio for digital banks is at 6%. The BSP also set the RRR for thrift banks, and rural and cooperative banks to 2% and 1%, respectively.

For Mr. Tsuchiya, the BSP may cut rates in the second quarter of 2024.

“There would be less pressure on both currency and inflation, while growth momentum will stay subdued given soft global economic growth and the impact of past monetary tightening on private domestic demand,” he said.   

Ms. Chutchotitham said the BSP may start policy easing in the third quarter next year, with a gradual cut of 25 bps in each meeting up to the rest of 2024.

“We expect end-2024 interest rate to remain elevated to 5.5% to help ensure inflation would remain within target,” she said.   

Meanwhile, Mr. Arogo said in the absence of severe weather disruptions, inflation could fall below 4% within three months.   

“Nevertheless, we continue to anticipate that price growth would only settle sustainably within the BSP’s 2-4% target range starting fourth quarter of 2024. As such, the BSP should only cut rates in the fourth quarter 2024 (total of 50 bps, in our view),” he said.   

Full-year inflation may hit 6% this year, according to the BSP. For next year, the BSP sees inflation averaging 3.7% before easing to 3.2% in 2025.

Senate likely to ratify FTA with S. Korea in January

A South Korea won note is seen in this illustration photo, May 31, 2017. — REUTERS

By John Victor D. Ordoñez, Reporter

THE PHILIPPINE Senate will likely ratify the free trade agreement (FTA) with South Korea when Congress resumes session in January, according to the Senate president.

“We go on Christmas break, so we are surely ratifying the FTA with South Korea when we get back in January,” Senate President Juan Miguel F. Zubiri told BusinessWorld in a Viber message.   

Congress is scheduled to adjourn session on Dec. 16. Session will resume on Jan. 22, 2024.

Under the Constitution, international agreements and treaties require a concurrence of two-thirds of the Senate’s members for ratification.

The Philippines and South Korea signed the free trade deal last September, as both countries seek to strengthen economic ties.

Last week, South Korea’s Ambassador to the Philippines Lee Sang-hwa said he expects South Korea’s parliament to ratify the agreement “soon.”

“With this win-win agreement, our two countries’ trade and investment are set to increase in the coming years. In this context, Korea strongly supports the Philippine government’s efforts to improve its ease of doing business environment,” Mr. Lee said during a lunch with Philippine media on Dec. 7.

Under the free trade deal, South Korea will remove tariffs on about 94.8% of Philippine products, while the Philippines will remove tariffs on 96.5% of South Korean goods.

Calixto V. Chikiamco, Foundation for Economic Freedom (FEF) president, said the deal would allow the Philippines to expand market access for its agricultural products.

“The FTA will strengthen, enhance, and enrich the already strong cultural and economic ties between South Korea and the Philippines by further promoting trade through the deep reduction in tariffs and fostering technical and cultural cooperation through the technical cooperation of the agreement,” he said in a Viber message.

For the FTA, the Philippines was able to secure tariff elimination on 1,531 lines of agricultural goods, of which 1,417 lines will be removed upon entry into force (EIF) of the bilateral FTA.

The Philippines is aiming to export more bananas, processed pineapples and other fruits to South Korea. 

Tariffs on bananas, which are currently charged a 30% tariff, are set to go to zero over five years. Tariffs on processed pineapples, which are currently charged 36%, will be removed in seven years.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the FTA would attract more foreign direct investments from South Korean companies.

“They (Korean firms) would benefit from a wider export market that would lead to more sales at significantly reduced tariffs that would lower production costs,” he said in a Viber message.

For industrial goods, the FTA led to tariff elimination for 9,909 lines, of which 9,747 lines are set for tariff elimination upon EIF.

South Korea seeks to expand its automakers’ presence in the Philippines as tariffs for automotive units and components will be eliminated under the FTA. Under the deal, the 5% import duties on South Korean cars will be lifted immediately once the FTA comes into effect. Duties on electric and hybrid vehicles from South Korea will be eliminated within five years.

Last year, South Korea was the country’s fourth-biggest trade partner with total trade valued at $15.54 billion.

South Korea was the Philippines’ seventh-biggest export trading partner with $3.13 billion and its fourth biggest supplier of imported goods valued at $12.32 billion.

The Department of Trade and Industry said last week that it will work with the Korea Institute for Advancement of Technology to develop an FTA utilization tracker that would monitor the implementation of trade agreements.

President Ferdinand R. Marcos, Jr. in September said the trade pact is a “milestone for economic friendship” between the two countries and would contribute to the Philippines’ “value proposition as an ideal regional hub for smart and sustainable investments.”

The Philippines is also seeking an FTA with the European Union, which Trade Secretary Alfredo E. Pascual earlier said is in a “scoping stage” that is expected to be finished by the end of the year.

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