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Messengerial service

FREEPIK

FILIPINO sociologist Mary Racelis-Hollsteiner noted the need for Smooth Interpersonal Relationship (SIR) as part of our culture. We have an aversion for face-to-face confrontation, except in legislative investigations, when the media are covering them.

Avoidance of conflict has become second nature, thus the prominence of indirect communications, and the need for messengerial service.

In the corporate setting, contentious issues, and the need to provide negative feedback, are part of the executive’s job description. Can this be delegated to a third party? A messenger or emissary, not necessarily with ambassadorial rank, or even a formal title (maybe, Special Projects) is used to deliver unpleasant messages to a targeted audience of one.

This official messenger has instructions on the message to be delivered, and even how it should be dished out, sometimes gently.

He follows a script and deflects any violent reaction by prefacing the message with — “this is not my decision. I’m just a messenger here. This is nothing personal.” He massages the target’s ego by implying that the adverse turn of events may be the work of envious rivals. This approach deflects resentment from the person who made the nasty decision. The messenger too is spared from any violent reaction — I know how you feel.

The messenger then reports on the meeting from his notes and answers the questions of the boss — Was he calm while you were talking? (No Sir, he was sobbing.) This report on the reaction prepares the sender of the message for the next meeting with a calmer and more subdued subordinate. (Let’s just compute your separation benefits.)

Messengers can be divided into two groups, one for good news, the other for the other kind. But good news takes care of itself. It is delivered by the boss who is only too willing to have his ring kissed when he calls somebody in for a promotion, the delivery of his new hybrid SUV, a salary increase, or a trip to London to attend a seminar on the prospects for the commonwealth games. An intermediary is only used for delivering bad news.

For a company which declares outstanding profits to bankers and investors while at the same time pushing warm bodies out of tall buildings “to improve efficiency,” the role of messenger can be challenging.

He is tasked with delivering to a high official (maybe even one in the C-Suite) that he should consider retirement and enjoy non-stressful activities like window shopping and gardening. The messenger has a script to respond to the stupid question of why this message is being delivered by one who has a lower rank. The slur does not faze the delivery man — I was asked to do this. (Maybe you can check with the boss afterwards.)

Because the messenger’s job entails seeing grown men crumple before his eyes, he needs to relieve the stress that is part of this role. (He has undertaken this task before.) He practices breaking the news to himself in the mirror and checks out new lines to lighten the moment. (You have the chance to finally binge on replays of Game of Thrones.)

Maybe, the messenger role is better suited to professionals used to delivering bad news like defense lawyers, bankers, oncologists, and bill collectors. But every CEO has a designated person he trusts and whom everyone in the organization knows as the “hit man.” Just an appointment with him sends shivers down everybody’s spine — Are you free this morning?

The messaging function does not travel a straight line. There is the grapevine that spreads bad news before it is official. Such rumblings can find their way to the intended recipient.

The grapevine is unstructured, and not always reliable. It includes fake news from overheard conversations by waiters delivering coffee to a meeting, the secretary of the boss that arranges appointments. (Why is the boss seeing an executive placement company?) Even the toilet attendant can overhear noises unconnected with the flushing of toilets.

The decision-maker at the top who uses messengers to deliver orders and decisions is shirking one of his most important tasks of providing feedback to his subordinates.

In the end the message somehow finds its way to the target who must then explain to his family why he is always home. Can he use a messenger too?

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

LANDBANK’s online fund transfers to remain free

LANDBANK

LAND BANK of the Philippines (LANDBANK) on Wednesday said it would continue to waive fees on fund transfers to other banks via InstaPay and PESONet worth P1,000 and below.

“We are extending our waiving of fees for small-value online fund transfers to encourage more clients to embrace cashless transactions, in support of the National Government’s thrust of building a cash-lite economy,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a statement.

“Beyond the convenience of free fund transfers, customers can also use LANDBANK’s digital platforms for bills payment, cardless withdrawal and opening of additional deposit accounts,” she added.

LANDBANK said its customers’ online fund transfers for the first three transactions for the day would continue to be free.

Free online fund transfers are available through the LANDBANK mobile banking app and online retail banking channel iAccess.

The lender will also keep its transaction fee of P15 for fund transfers worth more than P1,000.

Fund transfers between LANDBANK and its digital arm Overseas Filipino Bank will remain free of charge regardless of the amount.

LANDBANK’s net income rose by 24% to P31.85 billion at end-September amid higher loans and yields from its investments, representing 90.9% of its P35-billion target for the year. — Aaron Michael C. Sy

HONOR launches ‘toughest phone’ X9b 5G in PHL

HONOR Philippines last week launched the “toughest” mid-range smartphone HONOR X9b 5G in the country.

The HONOR X9b 5G is priced at P16,999, the brand said in a statement, with the pre-order period set to run until Jan. 19. The phone is available in three colors: Sunrise Orange, Emerald Green, and Midnight Black.

“The latest addition to its acclaimed X Series lineup was seen to have combined exceptional display quality, expansive photography capabilities, and enhanced battery and hardware performance, the HONOR X9b 5G sets a new benchmark for mid-range smartphones in the industry,” it said.

“We are very excited to finally introduce the HONOR X9b 5G, the toughest phone that embodies our commitment to pushing the boundaries of innovation and delivering an exceptional user experience,” HONOR Philippines Vice-President Stephen Cheng said. “From the exceptional display and powerful camera system to the impressive durability and outstanding hardware performance, the HONOR X9b 5G truly represents our dedication to creating a new intelligent world for everyone.”

The smartphone’s display features HONOR’s Ultra-Bounce Anti-Drop technology certified by SGS’ Five-Star Overall Drop Resistance. The cushioning technology increases the display’s shock absorption capacity by up to 1.2 times for improved durability.

The HONOR X9b 5G has a 6.78-inch AMOLED Curved Display and supports 1.5K ultra-clear resolution, 100% DCI-P3 color gamut and up to 1.07 billion colors.

“As a testament to HONOR’s commitment to human-centric technology, the HONOR X9b 5G offers an array of eye protection features, including 1920Hz PWM Dimming, Low Blue Light, Dynamic Dimming, and Circadian Night Display, cater to the needs of today’s always-on generation who spend long hours in front of screens,” it said.

The phone is powered by the Qualcomm Snapdragon 6 Gen 1 Mobile Platform and runs on MagicOS 7.2 based on Android 13.

It has a 5,800mAh battery, which HONOR said can power the phone for three days on a single charge.

The HONOR X9b 5G has a triple camera system with a 108-megapixel (MP) main lens with a large sensor and aperture for improved clarity, a 5MP ultra-wide camera, and a 2MP macro lens. — BVR

Guinness World Records reviews evidence related to ‘world’s oldest dog’ title

OLDEST DOG EVER — GUINNESS WORLD RECORDS

LISBON — Guinness World Records (GWR) said on Tuesday it was conducting a formal review of the “world’s oldest dog” title it gave to a Portuguese dog named Bobi who died last year. The move follows complaints by veterinarians who raised doubts over his age.

Bobi was a purebred Rafeiro Alentejano who spent his life in a village in central Portugal. GWR originally said the creature lived for 31 years and 165 days, breaking a record held since 1939 by an Australian cattle-dog that died at 29 years and five months.

Bobi, who died in October last year, was declared the world’s oldest dog in February.

Bobi’s breed, traditionally used as sheepdogs, has a normal life expectancy of 12-14 years.

A spokesperson for GWR said the review into Bobi’s record was ongoing and it included looking over evidence again, seeking new evidence, reaching out to experts and those linked to the original application.

“While our review is ongoing, we have decided to temporarily pause applications on both the record titles for oldest dog living and (oldest dog) ever until all of our findings are in place and have been communicated,” the spokesperson said.

Bobi’s owner, Leonel Costa, said in a statement on Tuesday that after his dog’s death, “an elite within the veterinary world … tried to give people the idea that Bobi’s life story was not true.”

According to Mr. Costa, some veterinarians were upset because he attributed Bobi’s longevity to factors including a steady diet of “human food” rather than pet food, which he said was often recommended by those in the sector.

“Everything would be different if we had said he (Bobi) ate pet food for three decades,” Mr. Costa said, adding that all requirements requested by the GWR were met.

Mr. Costa said GWR has not reached out to him.

No action has yet been taken regarding any record holders, GWR said. It added that any action would be determined by the review’s outcome.

Prior to his death, Bobi still loved walks but had become less adventurous, Mr. Costa previously told Reuters. His fur was thinning, his eyesight had worsened, and he needed to rest more than in earlier years. — Reuters

Auto Sales (December 2023)

VEHICLE SALES rose by an annual 22% in 2023, surpassing the industry’s target, a report showed, as consumer demand remained robust despite elevated inflation and rising interest rates. Read the full story.

 

Auto Sales (December 2023)

Stolen Picasso, Chagall paintings found in Antwerp house

BRUSSELS — Belgian police have found stolen Picasso and Chagall paintings in a basement in the city of Antwerp, local authorities said on Tuesday, adding that the artworks are still in good condition.

The paintings, Picasso’s Tête and Chagall’s L’homme en prière, were stolen from an art collector in Tel Aviv, Israel, in 2010 and are worth $900,000.

At the time of the theft, $680,000 worth of jewelry was stolen as well but only the paintings have been found.

Local police had started an investigation when a source informed them that a Belgian national was offering both artworks for sale.

The local prosecutor said the main suspect has been arrested. — Reuters

How PSEi member stocks performed — January 17, 2024

Here’s a quick glance at how PSEi stocks fared on Wednesday, January 17, 2024.

Pharma industry targets bigger share of DoH drug procurement

By Justine Irish D. Tabile, Reporter

THE pharmaceutical industry said it is hoping to supply more drugs to the Department of Health (DoH) this year en route to hitting a 10% growth target to P300 billion for market size.

The Philippine Pharmaceutical Manufacturers Association (PPMA) made the projection on the sidelines of the ProPak Philippines 2024 briefing.

PPMA President Higinio Porte, Jr. valued the Philippine pharmaceutical market at P275 billion last year.

“We are looking at an increase of 10% this year, just a little bit bigger than last year. We are looking at growing it to about P300 billion but that doesn’t include imported vaccines, as those are separately procured by the government,” Mr. Porte told reporters on Wednesday.

To achieve the target, Mr. Porte said that pharmaceutical manufacturers are seeking a bigger share of the DoH’s drug procurement program.

Domestic manufacturers supply only 5% of the DoH’s drug needs, with the rest imported.

“So the target in the next eight years is to bring it up to 50%. We are starting with anti-tuberculosis (medicine) as most of them are imported,” he said.

Two members of the PPMA have put in bids to supply tuberculosis medication and have been issued notices of award, he said.

Mr. Porte said the industry cannot yet produce human immunodeficiency virus (HIV) treatments domestically. The government dispenses free drugs to HIV sufferers at selected hospitals.

“Unfortunately, the anti-HIV products are still patented so we cannot just manufacture them. Aside from that, we do not have the raw materials to do that,” he said.

“So the way to go is to partner with the technology innovators and import semi-finished anti-HIV tablets or capsules and then we will package it here so they can be considered local,” he added.

The PPMA is also seeking pharmaceutical procurement programs to give domestic producers more preferential treatment.

“Currently, what the government is promoting is for local manufacturers to match the price of the foreign manufacturers,” Mr. Porte said, noting that the current preferential policy for Philippine producers applies if their price is within 15% of the bids of foreign manufacturers.

“But we don’t want it to be that way … what we want is for the government to prefer local manufacturers. That is what we are pushing for,” he added.

By the next decade, domestically produced pharmaceutical products are projected to account for 60% of the market.

“Right now, only 32% of the value of the market consists of local drugs. So… by 2030, we want 60% of that to be from local,” Mr. Porte said.

“And the biggest opportunity for that is in the government requirements because the implementation of Universal Health Care will benefit a lot of Filipinos; therefore, the government will be needing more medicine,” he added.

Mr. Porte said the 60% goal has been capped because the industry cannot produce all of the Philippines’ needs.

“We do not have capability to produce biotechnology products and if we want to invest in that, there will be no economies of scale,” he said.

“For example, vaccines. We cannot produce vaccines here in the Philippines and sell it to other countries because vaccines produced in other countries are a lot cheaper,” he added.

Pharmaceutical manufacturers also said that the global economic crisis has caused packaging materials to increase in cost by up to 30%.

“These are being absorbed by the manufacturers because the price increase that we can implement at most is only 5-8%. So we absorb these price increases for the moment, but we are expecting for the economy to stabilize and all the prices of the raw materials will follow through,” Mr. Porte said.

The 4th International Processing and Packaging Trade Event for the Philippines or ProPak Philippines, set for Jan. 31 to Feb. 2, is expected to attract 200 exhibitors.

For this year’s edition, ProPak Philippines will be expanding its focus from food and beverages to include pharmaceutical and nutraceutical industries.

PSEi dips as China growth falls below forecast

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

By Revin Mikhael D. Ochave, Reporter

THE PHILIPPINE Stock Exchange Index (PSEi) declined for the second straight day on Wednesday, tracking the drop in most Asian stocks after China’s fourth-quarter growth figures failed to meet expectations, analysts said.

The main index fell by 0.97% or 64.49 points to close at 6,572.51, while the broader all-share index declined by 0.84% or 29.57 points to 3,476.66.

“Most Asian stocks dropped after China’s fourth-quarter gross domestic product (GDP) figures fell below expectations at 5.2%, lower than the 5.3% forecast by analysts,” Philstocks Financial, Inc. research analyst Claire T. Alviar said in a Viber message. “This further weighed down on sentiment since China is one of our top trading partners.”

Investor sentiment was also dampened by expectations that the government won’t hit economic growth targets through 2025 given high interest rates.

“Market sentiment was dampened by the anticipation of the Bangko Sentral ng Pilipinas that GDP growth might fall short of the government’s targets through 2025 due to the impact of high interest rates,” Ms. Alviar said.

At its December meeting, the Development Budget Coordination Committee kept its growth target of 6-7% for 2023.

But it lowered the high end of the target this year to 6.5-7.5% from 6.5-8%, while keeping the 6.5-8% goal for 2025 to 2028.

The local bourse declined along with Hong Kong and Chinese stock markets after the release of Chinese economic data, Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a Viber message.

“Philippine shares continued to slide with Hong Kong and China equities plunging after the latest growth print showed that the second-largest economy grew at the slowest pace in three decades when excluding pandemic [figures],” he said. 

Sectoral indexes declined across the board, led by mining and oil which fell by 2.01% or 191.64 points to 9,305.75. The property index lost 1.61% or 46.55 points to 2,836.02, while holding firms dropped by 1.19% or 75.85 points to 6,290.34.

Industrials went down by 0.99% or 90.75 points to 9,048.45; services slid by 0.73% or 12.07 points to 1,624.33; and financials decreased by 0.04% or 0.77 points to 1,838.20.

“Among the index members, GT Capital Holdings, Inc. was at the top, increasing by 1.78%. However, Converge ICT Solutions, Inc. lost the most by 5.48%,” Ms. Alviar said. 

Value turnover rose to P6.68 billion with 590.13 million issues on Wednesday changing hands from the 501.41 million issues worth P5.98 billion on Tuesday. 

Decliners outpaced advancers 108 against 80, while 50 names were unchanged.

Net foreign buying reached P63.22 million on Wednesday, lower than the P461.86 million net foreign inflows a day earlier.

Peso weakens after hawkish Fed cue

BW FILE PHOTO

By Aaron Michael C. Sy, Reporter

THE PESO weakened against the dollar on Wednesday after hawkish remarks from a US Federal Reserve official.

It closed at P55.93 a dollar, 10 centavos weaker than its P55.83 finish on Tuesday, according to Bankers Association of the Philippines data posted on its website.

The peso opened at P55.97 against the dollar, appreciated to as much as P55.835 and depreciated to as much as P56.125.

Dollars exchanged went up to $1.74 billion from $1.62 billion a day earlier.

The peso was dragged down by signals from Fed Governor Christopher J. Waller, who said rate cuts have to be “methodical,” pushing back against market expectations of about six rate cuts this year, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

“The peso depreciated amid hawkish remarks from Fed official Waller who hinted at less aggressive rate cuts in 2024,” a trader also said in an e-mail.

The US is “within striking distance” of the Federal Reserve’s 2% inflation goal, but the central bank should not rush to cut its benchmark interest rate until it is clear lower inflation will be sustained, Mr. Waller said on Tuesday, according to Reuters.

Regardless of when rate cuts begin, Mr. Waller said the Fed should proceed “methodically and carefully” and not make the sort of large, fast reductions used when the Fed was trying to bail out the economy from a shock or a pending downturn.

Mr. Waller’s remarks countered market expectations that the Fed would start cutting rates at its March meeting and lop perhaps 1.5 percentage points from the benchmark policy rate by the end of the year. After he spoke, traders pared bets that the Fed would in March reduce the key rate that has been kept at 5.25% to 5.5% since July.

The Federal Open Market Committee raised borrowing costs by 525 basis points (bps) to 5.25-5.5% from March 2022 to July 2023.

It will hold its first policy meeting of the year on Jan. 30-31.

The trader expects the peso to remain weak against the dollar on Thursday amid expectations of a firm US retail sales report.

The trader expects the peso to move between P55.85 and P56.05 a dollar, while Mr. Ricafort sees it ranging from P55.80 to P56.

Agri department floats rice output enhancement program of P1.3 trillion

PHILIPPINE STAR/WALTER BOLLOZOS

THE Department of Agriculture (DA) said a program to expand rice output and minimize post-harvest losses would require investment of about P1.3 trillion over a number of years.

“The Philippines needs to invest at least P1.3 trillion over the next few years to boost rice production, reduce wastage of agricultural products, and ensure food security,” Agriculture Secretary Francisco Tiu Laurel, Jr., said in a statement on Wednesday.

He added that the funds will support irrigation projects for over 1.2 million hectares of farmland.

The proposed amount is equivalent to nearly a quarter of the 2024 national budget of P5.77 trillion.

Mr. Laurel said on Tuesday that the DA will start investing in more post-harvest facilities for rice and corn.

He said that the DA would need about P93 billion over the next three years to make a dent into post-harvest losses of about P10.7 billion, equivalent to 23 days of rice consumption.

The DA is hoping that output of palay or unmilled rice this year does not fall below 20 million metric tons, equal to the production target in 2023.

Part of the DA’s plan to reduce food waste is to build more cold storage facilities to stockpile vegetables and high-value crops, with which it hopes to smooth out supply in periods of shortage or take excess produce off the market during bumper crops.

The DA has allocated P1 billion for funding such projects in 2024, with a projected requirement of another P5 billion over the next three years.

Its first facility to be constructed will rise on a 1.3-hectare site at the Food Terminal, Inc. (FTI) complex in Taguig City at a cost of about P500 million.

“The 5,000-pallet position cold storage facility in FTI will take at least 12 months to complete,” the DA said.

Mr. Laurel said local governments should take the lead in assessing supply conditions for vegetables and high-value crops, citing the devolution of some agricultural functions.

“The DA will assist, nonetheless, in resolving these perennial problems,” he added.

He has that in the past 40 years, there has been no significant government investment in post-harvest facilities. — Adrian H. Halili

Tourism, construction expected to drive growth this year — NEDA

PHILSTAR FILE PHOTO

ECONOMIC GROWTH this year will be driven by a rebound in tourism and construction, the National Economic and Development Authority (NEDA) said.

“In our case, we have drivers of growth that we are pushing for, like international tourism. We think that that will be another driver of growth this year. And then of course, construction in terms of the Build Better More and our public mass housing project… will be a big factor in accelerating growth,” Undersecretary Rosemarie G. Edillon said on the sidelines of a briefing on Wednesday.

The government is targeting 6.5-7.5% growth this year, reducing the upside from its previous target of 6.5-8%.

In the nine months to November, gross domestic product (GDP) grew 5.5%. To meet the lower end of the government’s 6-7% goal for 2023, the economy would need to grow by 7.2% in the fourth quarter.

The Philippine Statistics Authority will release fourth-quarter and full-year 2023 GDP data on Jan. 31.

The Department of Tourism has said that the tourism industry generated P404.02 billion in revenue in the 10 months to October, up 190%.

The government hopes to spend the equivalent of 5-6% of GDP on infrastructure annually.

Most multilateral institutions’ growth forecasts for the Philippines for 2024 would miss the government’s target. The World Bank expects GDP to grow by 5.8% while the Asian Development Bank sees growth expanding 6.2% this year.

Ms. Edillon also noted the potential of the blue economy. “It’s untapped. It consists of so many economic activities that can be done along the shore, the coast, and the waters themselves.”

Last month, the House of Representatives approved on second reading a bill that seeks to establish a framework for a blue economy that would sustain marine ecosystems and resources.

Ms. Edillon said that the blue economy could be worth more than a trillion pesos.

“We first need to have that framework to develop the blue economy. So that will include the resorts that will include the diving spots; the maritime sector, which will include ocean energy. We want to make sure that first of all, it’s guided by the framework,” Ms. Edillon said.

“And of course, it should support sustainable development, because we want the next generation to still have this resource,” she added. — Luisa Maria Jacinta C. Jocson

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