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Wellness high on Gen Z work priorities — PhilCare

PHILIPPINE STAR/ WALTER BOLLOZOS

GENERATION Z employees place a high value on wellness and personal convenience at work, according to health maintenance organization PhilhealthCare, Inc. (PhilCare).

The 2023 PhilCare Wellness Index, which studied Gen Z — the digital-native cohort born in the late 1990s and early 2000s, also found other priorities like travel opportunities and job satisfaction as top considerations when assessing a workplace.

Also prominent on their priority list are monetary reward, purpose, personal growth, non-monetary benefits, professional growth, and flexible work arrangements, according to the survey findings.

“The individuality comes out in this generation,” Monico V. Jacob, PhilCare chairman, said at a briefing on Wednesday, noting that the findings can serve as a guide to company transformation.

“They have a strong sense of self. They know what they want and really work hard for it,” Fernando dlC. Paragas, PhilCare Wellness Index lead researcher, said.

“This generation isn’t just working to live; they’re working to thrive,” he added.

Gen Z’s preferences for work arrangements included starting their own business, flexible work schedules, and having multiple sources of income, the study noted.

“The days of long, grueling commutes are becoming less appealing,” said Enrique T. Ona, Jr., PhilCare Wellness Index chairman. “The findings hint that Gen Z’s place a significant value on work-life balance and the desire for quality of life and wellness.”

“This might be one of the reasons work-from-home setup has become increasingly popular,” he added.

“Gen Z’s are not just looking for a job,” Mr. Paragas said. “They are seeking a meaningful career that resonates with their personal and professional goals.” — Miguel Hanz L. Antivola

Entertainment News (11/10/23)


EIC On the Move explores the Canary Islands

THE new season of EIC On the Move, premiering Nov. 12, 8 p.m., on Metro Channel, will be exploring the southermost reaches of Spain. Host Raul Manzano takes viewers to various parts of the Canary Islands — the autonomous communities of Spain — including the islands of Tenerife, La Palma, Lanzarote, Fuerteventura, and Gran Canaria. In the premiere episode, Tenerife will take center stage, with its picturesque villages and many natural wonders. Manzano will explore the Teide National Park, which is included as a national property in the UNESCO World Heritage List. He will also go on a boat trip to see pilot whales and walk around La Laguna, with streets full of ancient monuments and historic buildings. In the next episodes of EIC on the Move Spain, he will explore the landscapes and gastronomy in various parts of the Canaries. The travel show’s latest season will also make a stop at the country’s capital, Madrid, to visit some of its most famous spots. EIC On the Move will air every Sunday at 8 p.m. on Metro Channel, available on available on Sky Cable channel 52 (SD) and channel 174 (HD), Cignal channel 69, and GSAT channel 70.


Ma’am Chief: Shakedown in Seoul in theaters

THE latest Pinoy action-comedy movie, which is a collaboration with South Korea, will hit Philippine cinemas nationwide on Nov. 15. It stars Melai Cantiveros-Francisco and features Alora Sasam, Bernadette Allyson Estrada, Dustine Mayores, Enzo Almario, Jennica Garcia, Karylle Tatlonghari, Manel Sevidal, Pepe Herrera, Sela Guia, and more. There will also be special cameos by K-Drama and K-Pop stars such as Do Ji Han, Lee Seunggi, Rolling Quartz, and Yuju. Pulp Studios’ chief operations officer Happee Sy-Go said in a statement: “the fusion of Filipino and Korean cultures in the film is something truly special. I’m thrilled about how it turned out and am very eager to share this unique cinematic experience with the public.” Ma’am Chief follows a policewoman (Cantiveros-Francisco) on a secret mission to South Korea where she disguises herself as a tour guide to apprehend a dangerous fugitive. Along the way, she encounters a myriad of characters.


Beatles tribute band concerts in November

HELP! A Beatles Tribute now has final dates for its two-night celebration of the masic of John Lennon, Paul McCartney, George Harrison, and Ringo Starr. The tribute concert at the Newport Performing Arts Theater will be held on Nov. 21 and 22, with members Ernie Mendillo, Matic Pelcel, Ziga Stanonik, and Anze Semrov dressed in suits and black ties and sporting the Beatles’ signature mop-topped haircuts. They will be delivering note-for-note renditions of The Beatles’ classics. Tickets to the show are available at all TicketWorld and SM Tickets outlets and range in price from P1,000 to P6,800.


Barbie Almalbis releases new synth-pop single

AWARD-winning singer-songwriter Barbie Almalbis recently released a new single reflecting on rash, misguided actions. “Wicked Heart,” her new single under 12 Stone Records and Sony Music Entertainment, recalls a personal experience in the past. “I was thinking about how following your heart can lead to trouble sometimes. I want to follow my heart, but it’s always changing its mind,” the Filipino alt-rock icon said in a statement. Written and produced by Ms. Almalbis herself, with Jorel Corpus and Jett Galindo on mixing and mastering duties respectively, “Wicked Heart” is a mix of 1980s influences and pastel synths. It is out now on all digital music platforms.


Lionsgate Play’s entertainment for November

THRILLERS, sitcoms, and historical dramas make up the latest content that Lionsgate Play will be adding to the platform this month. Out since Nov. 3 is the erotic thriller Plush which centers on a talented singer-songwriter Hayley (Emily Browning) who grapples with the loss of her brother and bandmate by starting an affair with Enzo, the new guitarist for her band. The relationship takes a dangerous turn as he becomes obsessed with Hayley. The sitcom Florida Girls will join the platform on Nov. 10. It follows four women living in a Florida trailer park and their initially slow and later uproarious routines in life. Out on Nov. 17 is Dead Man Down, a gripping thriller where Victor (Colin Farrell) infiltrates a criminal empire led by the merciless Alphonse (Terrence Howard). Finally, Nov. 24 will see two new additions to the platform: the mystery thriller Run Rabbit Run starring Sarah Snook as a fertility doctor who must confront her past to save her daughter, and the historical drama Free State of Jones, set in the Civil War where a deserter (Matthew McConaughey) returns to his home state and becomes the unlikely leader of a militia against the corrupt local Confederate government.


Gloc-9, Hero, Ramdiss on Times Square billboard

THE recent collaborative Spotify Singles track “Umaga” paved the way for Gloc-9, Hero, and Ramdiss to be featured in New York City. The rappers from Universal Records Philippines became the latest Asian artists to grace the Times Square billboard, as part of the KALYE X campaign, Spotify’s initiative that spotlights Pinoy hip-hop. Right now, “Umaga” has almost 150,000 streams following a debut live performance at KALYE X Manila on Oct. 28 at the Circuit Events Ground in Makati.


New series on Disney+ Philippines for November

THE season finale of Loki’s second season will be streaming on Nov. 9. It continues the titular Loki’s battle for the soul of the Time Variance Authority. Along with Mobius, Hunter B-15, and a team of new and returning characters, Loki navigates an ever-expanding and increasingly dangerous multiverse in search of Sylvie, Judge Renslayer, Miss Minutes, and the truth of what it means to possess free will and glorious purpose. Meanwhile, a new series called The Artful Dodger, will premiere on Nov. 29. It is an irreverent follow-up to Charles Dickens’ Oliver Twist, exploring the adult double life of Dickens’ famous prince of thieves. Jack Dawkins, or the Artful Dodger (Thomas Brodie-Sangster) has ended up in Australia, where his fast fingers as a pickpocket have become the skilled fingers of a surgeon, although his past in a world of crime returns to haunt him.


Better Days drops heartfelt pop-rock single

FILIPINO pop-rock quartet Better Days recently unveiled their latest single, “Kulang,” released under Universal Records. It is a melancholic track with catchy melodies that reminisce on a lost love and failed relationship. It highlights the band’s distinctive sound mixed with the emotional depth of their songwriting. This latest offering by Better Days is now available on all major streaming platforms.

Kay Jimenez and the bamboo grass

Bamboo, the fastest-growing grass, satisfies the three basic human needs: food, clothing and shelter. It can be considered the savior of the Philippine environment for its potential in preserving the forests and rehabilitating degraded land. You can start to harvest bamboo regularly four years after planting without killing the bamboo, unlike a tree. The Philippines is the sixth among the largest exporters of bamboo in the world.

This article is about Carolina “Kay” Gozon Jimenez, known as the “bamboo queen.” As a young girl, Kay was fascinated with the bamboo. She loved its beauty and grace, the sound of its rustling leaves with the blowing wind was music to her ears. To start her garden in Antipolo, she consulted Modi Manglicmot, a renowned landscaper and “bonsai king.” Kay also sought the help of the Department of Environment and Natural Resources and brought in several bamboo species. In 2000, Carolina Bamboo Garden (CBG) was born. With the help of bamboo experts, government agencies, and other resource people, CBG developed into a true facility for the research and development of bamboo, gaining fame nationwide and internationally.

CBG, a five-hectare lot in Antipolo, is a living bamboo museum with around 50 bamboo species growing lush around the garden. In CBG stands the unique 100% bamboo house designed by Architect Angel Lazaro, Jr. with a “hyperbolic paraboloid” roof shape like an eagle’s wing. The latest addition to the garden is the Bamboo Museum. From a former staff house made of hollow blocks and cement, it has been transformed into a beautiful, rustic, welcoming museum with the simple touch of bamboo. On display in the museum are a bamboo bicycle, musical instruments, crafts, ornaments and bamboo threads and fabrics for clothing, as well as bamboo alkansiya or piggy banks of different sizes, takefumi or the traditional Japanese foot massager, and many other interesting bamboo items. The second bamboo organ in the Philippines can now be found there as well.

A national culture treasure, the 19th century bamboo organ in St. Joseph Parish Church in Las Piñas is the oldest, largest and the only one of its kind. A bamboo organ similar to the one in Las Piñas but built with bamboo from her own garden was Kay’s longtime dream. How did she start? She sought the help of environmentalist and scientist Cora Claudio, director of Philippine Science Centrum. Engineer Jun Gando was commissioned to construct the organ from scratch. It was not easy. He had not done this before. It was also quite sensitive as it has delicate air pipes and other complex components, but after six months, it was finished and used bamboos all from Kay’s garden.

At the Bamboo Museum opening, the guest of honor was Cynthia Villar, chairman of the Senate Committee on Food, Agriculture, Environment and Natural Resources. A lover of bamboo and its benefits, she planted bamboo along the Las Piñas riverbanks. Also present were Antipolo Councilor Edward O’Hara with wife Rachel, Antipolo Tourism Officer Marino Bacani, Antipolo Environment Officer Violeta Faiyaz, the Lazaro family, and friends, including classmates Walter and Annabelle Brown, Grace Maravilla, and Catalina Medina, among others. Also present were former Agriculture Secretary Cito and Malen Lorenzo, who are passionate about bamboo and especially engineered bamboo for housing and its potential to uplift the lives of Filipino farmers.

The event was a family affair and labor of love. Kay’s husband, former GMA CEO Nards Jimenez, CBG President Joel and Gidget, and daughter Laurie Westfall were present and attended to guests. Their eldest son, PLDT’s SVP Butch and wife Tricia, planned the whole event, assisted by Carol Pobre of The Mind Museum. Butch and son Miguel were emcees. Benjamin “Beej” Jimenez produced the beautiful video about CBG’s beginnings and contributions to society. Brother-in-law Ed Tarriela invited the Roldan brothers Dean Albert and violist Isaac to render a musical number. Other musical performers were CARE Philippines’ Rondalla and Dulce Punzalan’s Kawayan 7 Modern Bamboo Band, who had the guests dancing to the bamboo beat. But the special treat of the day was gospel singer Tricia Jimenez and grandnephew, 12-year-old Rafael Benjamin “RB” Tarriela performing a duet of “Edelweiss” accompanied by no less than Kay herself in the “maiden performance” featuring her bamboo organ, Kay’s dream and vision came true.

The Bamboo Museum pays tribute to the bamboo  and its potential to feed, clothe, shelter, and bring countless benefits to Filipinos. Congratulations to Kay the Bamboo Queen! Come visit the Bamboo Museum in Antipolo!

 

Flor G. Tarriela is former PNB chairman. She is lead independent director of Nickel Asia Corp., director of LTG Inc. and FINEX.  A gardener and an environmentalist she founded Flor’s Garden in Antipolo which practices natural farming technology. Flor’s Garden is beside Carolina Bamboo Garden.

GAC Motor sales jump

GAC MOTOR PHILIPPINES

GAC Motor Philippines recorded a 523% surge in sales in October to 268 units, which it attributed to the increasing demand for its vehicles particularly its GS3 EMZOOM and the GS8 SUV models.

“Our continuous success in retail sales has propelled GAC Motor to unparalleled heights, affirming the growing number of Filipinos who appreciate and recognize the unmatched value that our vehicles offer,” said Franz Decloedt, brand head of GAC Motor, in a statement.

The October performance helped GAC Motor achieve year-to-date sales of 1,488, representing a 305% increase from last year.

“We move closer to our target of breaking 2,000 units by year-end, and this achievement bolsters our commitment and confidence in providing our customers with the utmost experience, encompassing exceptional vehicles, top-notch after-sales service, and enhanced accessibility through an expanded network of dealers,” Mr. Decloedt said.

GS3 EMZOOM sales reached 423 in the January-to-October period, while GS8 SUV delivered year-to-date sales of 378 units.

Meanwhile, EMKOO and EMPOW models recorded a total of 124 units and 118 units sold, respectively.

This year, GAC Motor plans to expand its dealer network to 20 locations. On Oct. 11, the company inaugurated its dealership in Cainta.

“Our unstoppable growth is complemented by our rapid dealer network expansion, made possible through earnest collaboration with both our existing and new dealer partners who share our unwavering vision and confidence in the GAC brand,” said Mr. Decloedt.

GAC Motor’s showroom and service facilities are located in Alabang, Batangas, Bacolod, Bacoor, Butuan, Cainta, Cebu, Davao, Iloilo, Lipa, Makati, Manila Bay area, New Manila, Pampanga, Pasig, Quezon Avenue, and Tarlac.

Meanwhile, it plans to open new facilities in Cagayan de Oro, General Santos and Marilao. — Justine Irish D. Tabile

Israel’s right to self-defense

FREEPIK

The movie Team America: World Police starts off with the counterterrorism group saving Paris from a bunch of ruthless Islamic terrorists that wanted to blow up the city. In the process, Team America ended up destroying the Eiffel Tower, the Arc De Triomphe, and the Louvre. Albeit for comic reasons, nevertheless, the producers of the movie, Matt Stone and Trey Parker (also the creators of South Park) demonstrated a fundamental insight: yes, Team America may have effected the same result that the terrorists wanted but a profound difference remains: Team America had not intended to destroy Paris, the terrorists did.

To equate the two as the same amounts to committing the “fallacy of accident,” in which a general rule (in this case, death and destruction are bad) are applied to a particular event that has a specific circumstance that makes the application of the general rule invalid.

The foregoing should be the starting point when looking at the situation in the Gaza Strip. The results may seem the same but underlying it all is a fundamental difference between the acts done by Hamas and that of the Israelis. The former is an act of barbarism and the latter of self-defense.

Note, however, that even the foregoing premise is inaccurate because the actions done by the two entities are certainly not the same: it is undeniable that Hamas committed the slaughter of innocent civilians, raping women in front of their families, beheading babies or burning them in ovens, murdering grandmothers and then livestreaming it on social media for their families to see. No amount of context or historical baggage could possibly justify such acts of monstrosity.

To argue that Hamas was forced to engage in terrorism due to continued oppression of Palestinians is a lie. Even now, no one from their side is actually calling for a “two State solution” and instead what is repeatedly seen on media are demands of “from the river to the sea,” which is essentially code for the wiping out of Israel.

Occupation? The whole thing wouldn’t have even occurred if the 1967 Six Day War was not launched against Israel. Before that, from 1948, the Israelis had no control over the West Bank, the Jordanians did and with nary a complaint from the Palestinians. It was only after the Israelis gained control over the West Bank in 1967 that the Palestinians started demanding “independence.” Even then, the Palestinians were offered compromises seven times and promptly rejected every single one of them: 1937, 1939, 1947, 1949, the 1990s, 2000, and 2008.

Add the fact that the Palestinian Liberation Organization already controls 49% of the West Bank, while the Gaza Strip itself is under Hamas rule. The point of all this is that this isn’t about territory. It’s about Islamic terrorists wanting to commit genocide on Israel. It is as simple as that.

That is why to demand a ceasefire at this point, essentially to require Israel to stop its military operations, is ridiculous. It is analogous to wanting the US to agree to a ceasefire after the Japanese bombed Pearl Harbor.

The question then shifts as to what rules of engagement apply. An argument can be made that since Hamas has control of the Gaza Strip, then the provisions of the international law on armed conflict should apply. In this regard, Israel is a signatory to the four 1949 Geneva Conventions since 1951. The Geneva Conventions essentially govern the rules on warfare, the treatment of combatants, prisoners of war, and non-combatants.

There is also the Martens Clause, which require the humane treatment of population, inhabitants, and belligerents, including that of francs-tireurs (which generally refer to fighters operating outside a regular force and not necessarily governed by the laws of war). The Clause is not found in the 1949 Geneva Conventions but is found in the 1977 Additional Protocol 1 and 2. Israel has not signed those two Protocols but regardless as the Clause is already considered as constituting customary international law.

Israel, interestingly (and wisely) has not signed the Rome Statute of the International Criminal Court. On the other hand, Palestine acceded to the Statute in 2015 and is thus explicitly bound by and must be made liable to the laws against genocide, crimes against humanity, war crimes, and crimes against aggression.

Even more interesting is that Palestine is a signatory to the Geneva Conventions, including Protocols 1 (the protection of civilians during war), 2 (protection of victims in non-international armed conflicts), and 3 (protection of individuals wearing distinctive emblems).

While indeed Israel’s actions need to be regulated by international law, nevertheless, the difficulty comes when Hamas itself is blatantly violating it without accountability. It has been well documented for years that Hamas is predisposed to using its own civilian population as human shields against Israeli attacks. The application of international law also becomes more difficult when one considers that the Palestinian civilian population is apparently supportive of Hamas and its atrocities. Surely, the “clean hands doctrine” alone should absolve Israel from responsibility arising from Hamas’ duplicity.

Ultimately, Israel has the right to defend itself. The UN General Assembly should be ashamed in calling for a ceasefire, in complete violation of Article 51 of its own Charter, which recognizes the inherent right of individual self-defense if an armed attack occurs against a UN Member. Any peace should only come as a result of justice.

 

Jemy Gatdula read international law at the University of Cambridge and is a Philippine Judicial Academy lecturer for constitutional philosophy and jurisprudence.

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

Twitter @jemygatdula

Three elements of corporate visioning

A newly hired chief executive officer (CEO) tasked our human resource (HR) department with hiring an external expert to create vision, mission and values (VMV) statements within a month. Will you do it for us? — Lone Ranger.

No plan or program will work without the enlightened participation of the CEO and senior management team. This is especially true as an organization begins to professionalize its structure. I’m not sure if I understand you. Do you mean that I come up with the VMV myself?

Of course I can do it, except that it may not reflect the aspirations, character and ideals of your management. The process must have the active participation of those sitting at the top of your organization’s pyramid.

The HR department must take the lead in concretizing the VMV with the help of external technical experts. Their job is to facilitate the creation of VMV statements providing direction and developing a bone structure that must be completed with flesh and blood content by top management.

ELEMENTS
The job of an external technical expert or consultant is to facilitate the creation of VMV statements. It’s wrong for the expert consultant, no matter how good they are, to formulate the VMV out of thin air. Everything, from the content and process, must be driven by the creativity, enthusiasm and expertise of the senior management team, which knows the ins and outs of the industry.

The CEO and his team must consider the three vital elements in corporate visioning that are necessary for the organization to beat the competition and sustain it for the long term. These must be done in three days, with one day each dedicated to orientation and team building, problem-solving and decision-making.

One, shared corporate vision. The CEO and his team must work together so the details of their corporate vision are articulated and clarified. It’s like capturing a bolt of lightning and transforming it into a powerful sentence to reflect a shared mutual commitment.

One good example of a corporate vision is that of Globe Telecom: “We see a Philippines where families’ dreams come true, businesses flourish, and the nation is admired.” The Walt Disney Co.’s vision statement is short and simple: “To make people happy.”

Two, shared mission statement. This is a statement of purpose designed to inspire all employees to commit to the company’s mission. Writing a mission statement involves answering four questions: Who are we? What do we do? For whom do we do it? Why do we do it?

One good example of a mission statement that answers all these four questions can be found in Meralco’s mission: “To provide our customers the best-value energy solutions — reliably, affordably, superbly, and sustainably.”

Three, shared corporate values. An organization united by a shared vision and mission can’t do without shared values that guide not only the way each individual employee performs their task but how they treat one another. A model example of value statements is that of the Bank of the Philippine Islands (BPI):

“We value integrity, professionalism, and loyalty. We promote a culture of mutual respect, meritocracy, performance, and teamwork. We strive to be the employer of choice among Philippine financial institutions.”

NEW BEGINNING
The contributions of each and every management participant in the three-day visioning process must be emphasized. The quickest way to do this is to create an atmosphere of a new beginning to help clarify any confusion or uncertainty. It’s important to realize, though, that such new beginnings don’t happen overnight.

Your organization must energetically create the right environment for it. This can be done through a broad range of activities that include a half-day corporate-wide seminar for all workers, overhauling the performance appraisal system to emphasize meritocracy over seniority, promoting regular engagement dialogues, or creating and organizing training programs designed to close the gaps.

The company website and annual reports must be overhauled to incorporate the VMV. In addition, aim to host a monthly town hall meeting with the CEO where prizes are handed out to those who can answer questions on the company’s VMV and where two or three employees give brief talks on how they’ve successfully practiced it in their work.

There will be resistance to change. But when it happens, the issue must be dealt with by management. If left unaddressed or mishandled, it will create organizational inertia that will disrupt the change process.

 

Chat your questions with Rey Elbo on Facebook, LinkedIn, X or e-mail elbonomics@gmail.com or via https://reyelbo.com

How PSEi member stocks performed — November 9, 2023

Here’s a quick glance at how PSEi stocks fared on Thursday, November 9, 2023.


Philippines’ quarterly GDP performance

A RECOVERY in government spending helped the Philippine economy bounce back in the third quarter, putting it on track to post the fastest growth in Southeast Asia this year. Read the full story.

Philippines' quarterly GDP performance

PSEi rises after better-than-expected GDP growth

BW FILE PHOTO

PHILIPPINE STOCKS continued to climb on Thursday as faster-than-expected gross domestic product (GDP) growth in the third quarter boosted market sentiment.

The benchmark Philippine Stock Exchange index (PSEi) went up by 33.19 points or 0.53% to close at 6,188.22 on Thursday, while the broader all shares index rose by 11.87 points or 0.35% to end at 3,329.38.

“The index notched its fifth straight session of gains this month as traders reacted to the stronger-than-expected Philippine third-quarter GDP print,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

The PSEi’s rise was “fueled by investor enthusiasm over the impressive third-quarter GDP figures,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan likewise said in a Viber message.

“Leading up to the GDP report, the market had been establishing a support base, with a gradual alleviation of selling pressure. The prevailing sentiment is marked by reduced apprehension, particularly as geopolitical concerns appear to have been successfully contained, easing initial fears of the war spreading to other Arab nations,” Mr. Vistan added.

Philippine GDP grew by 5.9% in the third quarter, faster than the 4.3% expansion seen in the second quarter, but slower than the 7.7% in the same period a year ago, data released by the Philippine Statistics Authority (PSA) on Thursday showed.

The third-quarter print was well above the 4.9% median GDP growth estimate of 18 economists in a BusinessWorld poll conducted last week.

The agriculture, forestry, and fishing, industry, and services sectors posted increases in the period to contribute to overall growth, the PSA said.

For the first nine months, economic growth averaged 5.5%, still below the government’s 6-7% full-year target.

“Sustained net foreign buying also helped push prices higher. Daily value turnover was below average as many institutional investors prefer to wait for the release of US October inflation data next week,” Mr. Colet added.

Net foreign buying went up to P171.26 million on Thursday from P98.33 million on Wednesday.

Meanwhile, value turnover climbed to P4.63 billion on Thursday with 418.81 million shares changing hands from the P3.76 billion with 341.53 million issues seen on Wednesday.

Most sectoral indices fell on Thursday. Mining and oil dropped by 78.68 points or 0.8% to 9,746.06; services went down by 2.02 points or 0.13% to 1,489.55; financials declined by 0.36 point or 0.02% to 1,773.25; and industrials slipped by 0.15 point to 8,679.69.

Meanwhile, property climbed by 45.87 points or 1.75% to 2,663.08, and holding firms increased by 44.50 points or 0.76% to 5,893.73.

Decliners outnumbered advancers, 96 versus 85, while 46 shares closed unchanged. — SJT

Peso rises to new three-month high on GDP data

BW FILE PHOTO

THE PESO appreciated to a new three-month high against the dollar on Thursday following stronger-than-expected gross domestic product (GDP) growth last quarter.

The local unit closed at P55.89 per dollar on Thursday, strengthening by 15.5 centavos from its P56.045 finish on Wednesday, based on Bankers Association of the Philippines data.

This was its best close in more than three months or since its P55.74-a-dollar finish on Aug. 4.

The peso opened Thursday’s session stronger at P55.92 against the dollar. Its intraday best was at P55.84, while its weakest showing was at just P55.98 versus the greenback.

Dollars exchanged went up to $1.33 billion on Thursday from $1.24 billion on Wednesday.

The peso gained against the dollar following the release of data showing that Philippine economic growth picked up in the third quarter, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message

“The peso strengthened after the Philippine economy grew by 5.9% annually in the third quarter, which was higher than market expectations,” a trader likewise said in an e-mail.

GDP growth in the third quarter was faster than the 4.3% expansion seen in the preceding three-month period. This also exceeded the 4.9% median estimate of 19 economists in a BusinessWorld poll.

However, third-quarter growth was slower than the 7.7% expansion in the same period last year.

For the first nine months, GDP growth averaged 5.5%, still below the government’s 6-7% full-year target.

The peso was also supported by the continued decline in global crude oil prices, Mr. Ricafort added.

For Friday, the trader said the peso could “appreciate further ahead of a likely downbeat US initial jobless claims report.”

The trader sees the peso moving between P55.75 and P56 per dollar on Friday, while Mr. Ricafort expects it to range from P55.80 to P56. — AMCS

German chamber backs further deregulation to attract more FDI

REUTERS

By Justine Irish D. Tabile, Reporter

THE German Philippine Chamber of Commerce and Industry (GPCCI) said it is looks forward to more deregulation, which will help make the Philippines more attractive to foreign direct investment (FDI) and lower the cost of doing business.

“Transportation costs in general are higher here… be it in airports, seaports, and roads,” GPCCI President Stefan Schmitz said on the sidelines of Mabuhay Germany 2023 briefing, citing the need to make all forms of transport more efficient.

Mr. Schmitz said inefficiencies exact a penalty on the economy, “so, (we are) happy to see that there are necessary investments to improve infrastructure right now,” but added that the efficiencies will come only after some time.

“I think what we want to see is further deregulation … We have seen a good start (but) we have seen (the reforms being) watered down,” he said. 

He said that protectionism is normal, but “we’ve seen also in countries that have (shunned protectionism) that deregulation can be an answer. If you allow goods and investment to flow freely, (regardless of) nationality, it will help to alleviate poverty,” he added.

GPCCI Executive Director Christopher Zimmer said that the recent round of liberalizations is definitely bringing more businesses to the Philippines.

“What we have to think about now is how we are going to make this work, because the (time it takes for a law to be made to work as intended) is long. This needs transparency and we are trying to help our members, as well as the Philippine side, to make this work. This is one of our focuses in the future,” Mr. Zimmer said.

Mr. Schmitz said that he expects trade between the Philippines and Germany to beat last year’s total as both countries recover from the pandemic.

“I don’t see any reason why we shouldn’t be surpassing it because we’re back after the (pandemic). There were supply chain problems with China, essentially, but I do think we should be surpassing (previous trade levels). That’s my gut feeling,” Mr. Schmitz said.

In 2022, Germany was the Philippines’ top trading partner in the European Union with total trade valued at $4.7 billion.

Mr. Schmitz said investment is expected in renewables, aviation, logistics, trading and manufacturing.

“The larger ones are certainly in aviation and renewable energy, but we also know a lot of small- and medium-sized companies in logistics, trading and manufacturing. We have major investments in manufacturing that are car-related,” he said.

This year, German representatives from the renewable energy, infrastructure, government and public administration, education, information technology, business consulting and professional services, finance, advertising and marketing, and hospitality industries will attend the Mabuhay Germany trade show on Nov. 16-18 at the World Trade Center.

Agriculture dep’t says to look into declining poultry farmgate prices

PHILSTAR FILE PHOTO

THE Department of Agriculture (DA) said it is looking into the farmgate prices of poultry, which are diverging from the rising prices for the commodity at the retail level.

In a statement, Agriculture Undersecretary Deogracias Victor B. Savellano said: “While poultry prices in the wet markets have been increasing, farmgate prices have actually been decreasing.”

Whole chicken in Metro Manila markets sold for between P130 and P200 per kilogram as of Nov. 9, according to the DA.

He said that poultry farmers have been complaining about the low price at which traders buy their produce.

The DA said, the decline in the farmgate price of poultry may have been caused by the “excessive dumping of frozen meat in wet markets.”

He said producers have reportedly been selling younger poultry of 27 or 28 days instead of the typical 30 days to meet demand during the year-end holidays.

The DA has warned against the sale of imported frozen meat being mislabeled as fresh meat in wet markets.

“The risk is in the absence of refrigeration facilities in wet markets and vendors’ lack of knowledge on handling frozen meat,” it said.

Mr. Savellano said the Department of Trade and Industry is helping it crack down on mislabeled meats in wet markets.

“There is no problem with selling imported meat, you just can’t label and selling it as fresh meat,” he added.

To ensure food safety, the DA urged consumers to look for the National Meat Inspection Service seal and the local government’s slaughterhouse documents.

DA Administrative Order No. 6 of 2012 prohibits the sale of frozen meat in wet markets.

“Frozen meat should only be confined to hotels, restaurants, and supermarkets that have refrigeration facilities and handling expertise,” it said. — Adrian H. Halili