Achieving a rustic Christmas for Filipino homes

November 24, 2023 | 12:05 am

As we speak of Christmas, it is no secret that the Christmas traditions in the Philippines play a significant role in the country’s diverse and rich culture, making it home to the global’s longest-running celebration. As the holiday season approaches, the time has come to infuse your home with the warmth of Christmas, especially for the humble home of Filipinos. If you’re still scrolling to your Pinterest ideas, looking for a solid Christmas theme, you might want to consider going for a rustic Christmas vibe.

Achieving a rustic Christmas theme is primarily about embracing a warm, natural, and classic ambiance which also gives a very Filipino style. What you need are the premium items that complements your visual aim and also will last for a long haul. All the possible items you need to transform your space into a whole country charm can be found in Wilcon Depot.

Crafting Cozy and Christmas-y Vibes in your Living Room

Filipino celebrations tend to be large and loud, since the whole family and tribe come together to sing their favorite karaoke songs, engage in fun and creative games, share hearty laughter, and of course, exchange and unwrap Christmas presents.

To ensure that everyone will have a really good time, begin with setting the tone of your living room. Create an inviting atmosphere using throw pillows and fuzzy blankets. Opt for earthy tones color which can also mimic the Filipino style. Add paintings that will enhance the cultural aspect of your wall or help evoke a familial emotion that will pique the interest of your guests. There’s also a vast selection of Heim indigenous styles and designs to add into your Filipino flair.

To create spaces for conversation, consider arranging a couch and two chairs so that they’re facing each other. Go for a classic leather sofa which is absolutely timeless and exudes a warm luxurious feel. Complete the setup with a sturdy center table crafted from reclaimed premium wood or one with intricate carvings.

Introduce handmade elements crafted from stones, fabric, and wood, ensuring your living space radiates a grounded aesthetic that is a true reflection of you. In embracing these design elements, you’ll be well on your way to creating a living room that captures the fuss-free festive rustic vibe.

Embracing the Rustic and Filipino Spirit of Christmas: Cozy Cabin Dining Room Ideas

Explore the new items from Wilcon Depot and bring the rustic cabin vibe into your dining room as well. From large tables to an exuberant table setting, let’s delve into the elements that will transform your dining room into the heart of holiday cheer.

First on your checklist should be a classic chandelier with an antique look. This statement lighting piece does more than just illuminate the room; it sets the perfect ambiance for sharing good food and laughter with your loved ones. The soft and gentle glow will envelop the dining area, creating a comforting and safe atmosphere that encourages good conversation.

You may also want to play a little with your table setting. This holiday season, bring out your ditsy prints, playful stripes, and delicate laces. Layer them creatively and lay them neatly across your table, building a tablescape that’s both visually captivating and inviting. To maintain an air of sophistication, opt for white dinnerware, elegant gold and silver utensils, and native placemats. For a distinctive Filipino touch, consider using native placemats that bring a touch of tradition to your holiday celebration. Combine these intricate details with wooden dining chairs and tables for an absolute Filipino ambiance. The warmth of wood complements the rustic cabin theme, and the familiarity of these elements invokes a sense of nostalgia.

The essence of the Christmas spirit should be conveyed through every element on your table, from the serveware to the elegant table settings. This holiday season, extend the cozy cabin atmosphere from your living room into your dining room while preserving your Filipino traditions. Incorporate rustic elements, classic lighting, creative table settings, and a blend of Filipino and cabin-inspired decor to create a dining experience that embodies the true spirit of Christmas. Let the warmth of your home and the love of your family shine as you celebrate this festive season in style.

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For more information about Wilcon, visit www.wilcon.com.ph or follow their social media accounts on Facebook, Instagram, and Tiktok. or subscribe and connect with them on Viber Community, LinkedIn, and YouTube. Or you may contact Wilcon Depot Hotline at 88-WILCON (88-945266) for inquiries.

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Filipinos cautious about spending

November 24, 2023 | 12:05 am

public market-shoppers — PHILIPPINE STAR/WALTER BOLLOZOS

MORE FILIPINOS prefer to be cautious about spending their income this quarter amid high interest rates and elevated commodity prices, a study from TransUnion Philippines showed.

Filipino households experienced different changes in income over the past three months, TransUnion’s Consumer Pulse Study for the fourth quarter showed.

“While nearly half (44%) of Filipino households reported an increase in income, 39% saw their income levels remain static,” it said.

The 44% of Filipinos who saw an increase in earnings was lower than the 48% reported in the same quarter in 2022. Meanwhile, the 39% who reported that their incomes remained unchanged was higher than 35% previously.

“Like the prior year, 17% of households experienced a decrease in income, reflecting a persistent segment of the population facing economic hardship,” TransUnion added.

About 20% of household incomes was affected by job losses, slightly higher than the 18% a year ago. Meanwhile, 23% dealt with reduced salaries or wages and 15% had less work hours.

However, despite a challenging economic environment, the survey showed 21% of households had a member who started a new job.

About 23% of respondents also saw an increase in salaries or wages, while 24% of Filipinos indicated someone in their household started a new business.

“Filipino households adopted strategies that underscore their financial resilience in response to these economic pressures,” it said.

More than half (51%) increased their savings for emergencies, while more than a third (34%) accelerated debt repayments.

“When faced with immediate financial challenges, the top strategies included paying what they can afford (46%), using savings (45%), and borrowing from friends or family (38%),” it said.

Most respondents (80%) also remained optimistic about their income growth in the next 12 months.

“Despite this optimism, there was an undercurrent of concern with 43% unsure about their abilities to meet all their bill and loan obligations — a sentiment unchanged from the previous year, indicative of an ongoing anxiety about financial liquidity among many Filipinos,” TransUnion said.

“Looking ahead to spending plans over the next three months, the survey revealed a careful calibration of household budgets. While some foresaw increased spending on necessities like bills and loans (43%) and retail purchases (35%), there was a notable intention to curb spending on non-essential items (48%), big-ticket purchases (44%), and even digital services (21%),” it added.

Meanwhile, consumer interest for credit and other lending products went down to 58% from 64%.

Only 40% of respondents felt they have enough access to credit. This is lower than the 45% seen in the same period last year. Those planning to secure financing dropped as 50% intend to get new credit, down from 57% a year ago.

“About 52% favored personal loans over other types of credit. However, actual follow-through was low due to high borrowing costs,” TransUnion said.

There was also a slight dip in confidence about credit scores rising with alternative data use, reflecting a gap in consumer credit knowledge.

“Understanding their credit health is crucial to help consumers stay on top of their creditworthiness and allows them to be ready for immediate financing needs amid economic uncertainties,” TransUnion Philippines President and Chief Executive Officer Pia Arellano said in a statement.

“As a provider of global information solutions, we know that these findings indicate a need to intensify consumer education efforts across the financial system about how access to credit information can affect or benefit an individual’s financial health and enable them to make more informed financial decisions,” she said.

The study also showed that awareness and experience related to digital fraud was high among respondents, as 72% of Filipinos reported being targeted by fraudsters in the last three months even as most did not become victims. Phishing remained the top type of scheme.

“Concerns about sharing personal information online remained extremely high at 90%, driven by fears of identity theft and privacy invasion. Although concerns about unsolicited contact and government surveillance were less pronounced, they’re still noteworthy,” TransUnion said.

The Consumer Pulse survey of 907 adults was conducted from Sept. 27 to Oct. 10 by TransUnion, in partnership with research provider Dynata. — Keisha B. Ta-asan

GCash offers all-in-one insurance platform as 56% of Filipinos seek access to affordable protection

November 24, 2023 | 12:04 am

Finance superapp GCash makes securing the future convenient and affordable through insurance products fit for different needs

Filipinos understand that insurance products are valuable – most just find them expensive.

In 2021, Bangko Sentral ng Pilipinas reported that only half of the Filipino population had some form of insurance. Of those who do not have insurance, 56% said it was not a priority at present due to inadequate funds, while 7% said they have not found the right product for them.

In partnership with trusted insurance companies, GCash hopes to provide affordable and credible financial protection for different needs such as health, income protection, travel, lifestyle, business, vehicle, and lifestyle, through GInsure, a one-stop shop for all insurance needs inside the GCash app.

“A lot of Filipinos are already working hard to meet their everyday needs as is, and we want to provide them with one less thing to worry about,” said Winsley Bangit, VP, Head of New Businesses of GCash. “With GInsure, making the most out of the present while thinking ahead for the future is made possible with insurance offerings that are not heavy on the wallet and easy to accomplish.”

Health and personal protection

A study by the Philippine Institute for Development Studies found that the country’s National Health Insurance Program covers only 40% of total hospital costs on average. This means that some may still have to shoulder out-of-pocket payments, leaving a dent in their everyday household or personal budget.

To help cover medical costs, GCash offers health protection in partnership with Singlife Philippines. For as low as PHP 79 per month and in under three steps, insured users can get PHP 250,000 worth of coverage in cases of COVID-19, dengue, and accidents.

In partnership with Cebuana Lhuillier, Sun Life, Singlife, Pru Life, Pioneer Insurance and Generali, GInsure also offers personal insurance that will ensure regular monthly income for beneficiaries in case of disability or death. Personal insurance on GInsure costs as low as P10 and only takes three steps to complete, providing a safety net for breadwinners and family heads.

“Filipinos are known to be family-oriented, with most taking on breadwinner roles. Through our selection of health and personal insurance, we want users to never have to worry about securing their family’s future when they’re covered against loss of income and medical expenses,” Bangit said.

Worry-free travels

With revenge travel in full swing, travel disruptions have also increased. While travel insurance is not considered mandatory in several destinations, Filipinos can largely benefit from the protection from unexpected travel expenses resulting from trip delays and cancellations, loss and damage to baggage, accidents, and illnesses.

Powered by Standard Insurance and Malayan Insurance, travel protection premiums on GInsure start at PHP 103 pesos and can be accomplished in under three minutes.

Peace of mind for business

Micro-, Small and Medium-sized Enterprises make up 99% of the total establishments in the Philippines. However, their limited resources make it difficult for them to recover from the impacts of natural and human-induced hazards.

GCash has partnered with Malayan Insurance and Igloo to offer Negosyo Insure, a product designed to protect small business owners with physical stores. With a premium as low as PHP 160 per month, the insurance product offers up to PHP 50,000 coverage for the owner’s personal accidents, damage, or loss of property due to fire, burglary, and housebreaking.

“A lot of effort, time, and money goes into starting and growing a business, and we want entrepreneurs to not have to worry about their hard work going to waste because their business is protected,” Bangit said.

Protection on the road

In Metro Manila alone, an average of 157 car crashes were recorded last year, with the average cost of minor injuries resulting from a road crash amounting to PHP 71,000. As road mishaps remain common despite careful driving, GCash has collaborated with trusted partners to provide car owners with affordable vehicle insurance they can purchase within minutes.

For car owners looking for alternative insurance deals outside dealer options and second-hand car owners looking for insurance, GInsure offers both mandatory CTPL (compulsory third-party liability) and comprehensive insurance. GCash partnered with Standard Insurance, Kwik.insure, FPG Insurance, and BPIMS Insurance to offer CPTL insurance that covers up to PHP 100,000 of possible liability, and with Standard Insurance and Kwik.insure to offer Comprehensive Insurance, which covers possible own damage and theft to vehicles.

Users may access GInsure on the GCash dashboard or find it under “Grow.” No GCash yet? Download the GCash App on the Apple App Store, Google Play Store, or Huawei App Gallery. Kaya mo, i-GCash mo!

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K-Pop supergroup BTS’ Jung Kook to begin military service in December

November 24, 2023 | 12:04 am

SEOUL — Jung Kook, a member of K-Pop supergroup BTS, said on Wednesday he would begin military service in December, after the group’s management agency said that all seven BTS members were on track to carry out their service.

BTS is on temporary break as a group with three of its seven members currently doing South Korea’s mandatory military service.

On Wednesday, BTS’s management agency said the remaining four — RM, Jimin, V, and Jung Kook — have begun the process of military enlistment.

“This coming December… I’m leaving you for a short while to serve in the military,” Jung Kook said in a separate message to fans on Wednesday.

“After I return, I promise that I will be where I always am, on stage — having grown.”

With this, all seven members are expected to complete their service by mid-2025, analysts said.

Hybe, parent of BTS’ management agency, benefits by BTS members’ staggered enlistments and solo activities, allowing members who have served earlier to be active while others are away. — Reuters

Aboitiz group to use AI across its business units

November 24, 2023 | 12:04 am

THE ABOITIZ group is targeting to integrate artificial intelligence (AI) across its units, the top official of Aboitiz Data Innovation Pte. Ltd. (ADI) said, as the company sees broader adoption and interest in the technology.

“[AI will be integrated] across the board, so again, the way we look at artificial intelligence, we are very much focused on customer service and operations,” David R. Hardoon, chief executive officer of ADI, said in an interview with BusinessWorld.

Headquartered in Singapore, ADI is the data innovation unit of listed holding firm Aboitiz Equity Ventures, Inc.

The company said it will tap and utilize AI for its financial services unit and its energy arm, Aboitiz Power Corp.

“For our financial services, it [has] everything to do with customer services, hyper-personalization. For our power [unit], which is all about operations it will help us identify potential failures in advance, grid irregularities and load balancing,” he said, adding the firm will also tap AI for its cement manufacturing unit.

AI will also help improve its cement manufacturing process as it will tap the technology to help advance its operations as they traditionally used machines controlled by human operators.

Further, the growing adoption of AI is seen to “excite” the economy, Mr. Hardoon said, as it is also expected to boost the workforce.

The country’s digital economy is anticipated to reach as high as $150 billion by 2030 mainly driven by e-commerce, according to a recent report released by Google, Temasek Holdings, and Bain & Company.

The report said the Philippines is projected to reach between $80 billion and $150 billion in gross merchandise value by 2030, slightly lower than its previous projection of $100-150 billion.

The country’s internet economy is seen to grow by an annual 20% to reach $35 billion by 2025. The 20% compound annual growth rate is said to be the fastest in Southeast Asia, along with Vietnam. — Ashley Erika O. Jose

UnionBank rolls out wealth management programs

November 24, 2023 | 12:04 am

UNION BANK of the Philippines, Inc. (UnionBank) has launched two new wealth programs as it looks to build on the strengths of Citigroup, Inc. following its acquisition of the latter’s consumer business.

The Aboitiz-led bank on Thursday said it recently introduced wealth management products UnionBank Elite and UnionBank Access.

“Harnessing the strengths of its acquired Citi Wealth business, the two newly unveiled wealth programs bring together time-tested propositions, and even making it better with innovative wealth management approaches from UnionBank,” the listed lender said in a statement.

UnionBank Elite is a new premier segment where customers will get advice from a team of wealth management experts and exclusive access to some local and foreign investment options to allow them to diversify their portfolios.

“Curated experiences and benefits, as well as first dibs to new releases and exclusive events, also await Elite customers. To start the roster of exciting offers, new Elite customers can get up to P1 million cash credits if they open an account until Dec. 31, 2023,” the bank said.

Meanwhile, UnionBank Access seeks to cater to next-generation affluents.

“We have also enhanced our wealth program for the emerging affluent, keeping in mind the children of our clients who may be in the process of creating their own wealth,” UnionBank Wealth and Brokerage Head Therese G. Chan said.

On the other hand, the lender will continue to serve the ultra-wealthy segment through UnionBank Private Banking, offering discretionary wealth management and succession planning.

UnionBank saw its net income drop by 58.99% year on year to P1.65 billion in the third quarter as it set aside higher loan loss provisions in the period.

The bank’s shares dropped by 30 centavos or 0.51% to end at P58.79 each on Thursday. — AMCS

Modernizing the way to the exclusion of some?

November 24, 2023 | 12:04 am

Jeep-vehicle — PHILIPPINE STAR/WALTER BOLLOZOS

It was not exactly something the President would expect to greet him on his return from a six-day trip to San Francisco the other day. Instead of a huge crowd cheering him on like a world boxing champion, a transport strike on its second day rolled the welcome mat. Organized by PISTON, or Pinagkaisang Samahan ng mga Tsuper at Operators Nationwide, the strike gathered more strength. A kindred spirit in another transport group, Manibela, announced that it was joining forces with PISTON to protest the government’s Public Utility Vehicle Modernization Program (PUVMP). That would add some 150,000 to 200,000 in gravitas to the mass action.

This is literally a protracted battle for the transport group that claims, “the government has not given reasonable answers to our calls.”

The call is to repeal the PUVMP which would effectively phase out the iconic, irreverently colorful traditional jeepneys in favor of new generation transport vehicles by the end of 2023. This transition is actually off by three years having been originally launched in 2017 with a three-year window for the affected transport sector to prepare. Transport workers, both drivers and operators, are required to form corporations and cooperatives until the end of December this year and secure their respective franchises.

This is the essence of franchise consolidation.

To PISTON President Mody T. Floranda, consolidating franchises is a shift from individual franchises to group franchises, ushering in the phaseout of the jeepneys from the face of the cities, and, if they are lucky, to the hinterlands of the Philippines. We can share the sentiment of the striking transport sector that if no acceptable mitigants are introduced into the equation, no less than their livelihoods would be phased out.

Manibela head Mar Valbuena shared this sentiment, clarifying that “we are not doing this with the intention of making our kababayan (countrymen) suffer, we are doing this for us in the transport sector to be heard because what is at stake here is the main source of our livelihood.”

To us mere mortals of observers, the need of the hour is for the authorities to have a deeper understanding of where the transport workers are coming from. It is not enough to offer some numbers of adherents to the official program and therefore some may be left behind. At last Monday’s press briefing, the Vice-President who must have been asked to help, talked short of saying franchise consolidation is a done deal because the compliance rate among PUV drivers has reached around 70%. Land Transportation Franchising and Regulatory Board (LTFRB) would even cite that 90% of transport groups are behind the program so everybody else has no choice but to go along. But as PISTON explained, many of those who complied with the PUVMP were forced to by the authorities. “A majority of those who agreed to be consolidated were afraid and intimidated. Many of them want to withdraw from the agreement.”

The reason is affordability. Those who braved this program as implemented by the LTFRB reportedly expressed regret after the fact. They could not actually afford the monthly amortization. In many cases, these modern jeepneys had to be repossessed by financing institutions due to the drivers and operators’ failure to honor their financial commitment.

True, as the New York Times reported, the modern transport unit costs the equivalent of $43,600, is more energy-efficient, comfortable, and safe. But it is their cooperatives that would operate the units on a profit-sharing scheme that to many affected drivers would simply eat into their earnings and condemn them to debt.

While the transport groups consider the issue of affordability as more overriding, the authorities are more focused on the green benefits of the whole program. Modernizing transport is expected to reduce the use of fossil fuel, greenhouse gas emissions, toxic fumes, and other forms of air pollution. This involves the shift to electric vehicles or combustion engine compliant with the so-called Euro IV emission standards as prescribed by the Department of Environment and Natural Resources.

But how far and how deep will the contribution of the modernization of the iconic jeepneys be to this green cause?

Rappler research indicates that, one, jeepneys estimated at 250,000 units comprise only 2% of the total registered vehicles in the whole of the Philippines; two, that jeepneys and other public utility vehicles contribute only 15% of the so-called total particulate matter emissions in Manila; three, the modern jeepney, priced at about P2.8 million, is nearly 1,800% more expensive than the iconic jeepney now valued up to P250,000; and, four, the government’s much vaunted subsidy of P160,000 covers only about 6% of the total cost of the modern jeepney.

It’s not really surprising therefore why these transport groups would call a general strike of their members, if only to force the issue for government to review this public policy now at full steam of implementation. They are a small speck in the general scheme of things to go green, both in number and in impact on the environment. Yet, the authorities would rather pin on them the burden of reducing gas emissions and air pollution when the many who may be able to pivot to more environment-friendly modern vehicles could do so in their own time. And what about those big industrial companies without wastewater treatment that literally poison our rivers and waterways?

Look at it this way: traditional jeepney drivers earn about P2,000 a day. If they decide to upgrade, they would need at least some P3,500 to pay off their debt. Their survival is at stake because the LTFRB has ruled that only operators who have consolidated into either a cooperative or a corporation are allowed to operate.

It would be good for the LTFRB to listen to the transport groups’ point about affordability. Past efforts failed because, like the current scheme, affordability prevented them from taking off the ground. In 2007, for instance, the plan was to replace old, polluting engines with new engines. But new engines were rather costly, rendering the whole plan unviable. It was subsequently shelved. In 2011, the use of LPG was proposed and jeepneys that survived on them became Euro III compliant. But implementing this scheme required some recalibration of both the engine and the transmission. LPG stations were also very few.

The LTFRB cannot also argue that as early as 2008, the first electric jeepneys were already introduced in Makati. Battery capacity was the problem then, and the modern vehicles were just confined to shorter routes. Even in Congress, an earlier proposal was put forward for vehicle subsidies, fuel subsidies, concessional loans and financial assistance to the affected transport workers. With the fiscal space continuing to narrow, this is like shooting for the moon. Try putting the Maharlika Investment Fund to work here, and if it succeeds perhaps our people’s apprehension might be eased somewhat!

Should the LTFRB and the rest of the bureaucracy cling to their concept, this continuing battle of the nerves may not cease. It will not help resolve this issue if the Metropolitan Manila Development Authority or MMDA would simply downplay the problems faced by the transport groups fighting for their livelihood. Yes, they recently prepared about 700 vehicles to ferry stranded commuters, while local governments launched their respective “libreng sakay” (free ride) programs. At the root, they are not exactly free because public money is also used.

The point is to listen to the affected transport sector. Some wise guys might argue the transport sector has been given enough time to prepare for such a transition that is long overdue. This is valid if significant changes have happened since 2007, that while transport fares have risen, oil prices have skyrocketed by so much more. Consumer prices, especially for the poorest among us, have escalated beyond the headline inflation. Jobs have not been forthcoming in a big way to offer alternatives to the transport sector. This is a serious matter for drivers who are not concerned for the phaseout of their old jeepneys, but perhaps of their own lives.

It’s high time that public policy stopped using the iconic jeepneys as symbolic of “our continuing effort as a response, of course, to climate change — to improve the mix of energy consumption and supply from the traditional fossil fuel to more renewable.” As the Green Network wisely stressed, “sustainability is more than just the environment… climate action should go hand-in-hand with social justice.”

It’s no doubt exhilarating if no one among us is left behind, even those mouthing such motherhood statements.

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Younger workers forcing rethink of outdated business practices

November 24, 2023 | 12:03 am

COMPANY executives said they are overhauling their business practices to unlock the leadership potential and address the changing expectations of Gen-Z and millennial workers.

Flatter organizational structures are deemed necessary to unleash the potential of the two generations as they rise to leadership roles, they said at a panel discussion at the BusinessWorld Forecast 2024 economic forum on Wednesday.

“A command and control structure does not work anymore,” Carlos Ramon C. Aboitiz, chief corporate services officer at Aboitiz Power Corp., said. “We need to allow (Gen Zs and millennials) to articulate their own vision, and kill policies that no longer make sense.”

They said openness, empathy, agility, balance, and purpose are critical values to nurture in the workplace.

“They need opportunities to pilot programs and proofs-of-concept, which the company can do small-scale. Give them that safe space to fail,” said Jericho P. Go, senior vice-president and business unit general manager at Robinsons Land Corp.

“Crazy ideas may not be crazy after all. Voice it, put it in a business plan, and justify its worth in the company,” he added, noting the importance of embedding lifelong learning in company initiatives.

Isabelle Gotianun Yap, executive director and vice-president at East West Banking Corp., said Gen Zs and millennials comprise 81.3% of the company’s workforce, with about 60% holding managerial roles.

Mr. Aboitiz noted that the average age of employees in his company is 36, with about 70% consisting of Gen Zs and millennials.

“They have the ability to quickly harness technology and new ways of working,” Ms. Yap said. “With our young leaders who had a familiarity with low-code, no-code process automation, we were able to quickly start a community of practice with them, optimizing technologies and systems for the company.”

Additionally, Ms. Yap noted the need to continuously improve learning programs and tools for sustainability, alongside providing more and better quality feedback because the two worker cohorts value it.

“We should not overplay these generational changes. There is nothing to be fearful of,” Mr. Aboitiz said. “(Current) leaders need to overcome (these fears).”

“Understand how our behaviors and expectations are different, and design an environment to allow for the coming together of these differences,” he added.

“Communication is key. Listen to understand,” Mr. Go said. “They will maximize the use of tech to increase efficiency and improve sustainability.”

“Don’t be afraid to share your vision and higher purpose for the company. Once it is adopted by the next generation, it will light a fire in them.” — Miguel Hanz L. Antivola

SEC warns against investing in Arcane Digital and Mitrade

November 24, 2023 | 12:03 am

THE Securities and Exchange Commission (SEC) advised the public against investing in Arcane Digital Marketing and Mitrade after engaging in investment-taking activities without the necessary authority.

In separate advisories posted on its website, the SEC said Arcane Digital and Mitrade are not registered with the corporate regulator as a corporation or partnership and are not authorized to solicit investments from the public.

According to the SEC, Arcane Digital is an online social media platform that urges the public to invest a minimum of P1,000 for a business partnership opportunity that promises 12% to 45% profit in 45 days.

“Their activities involving the offer and sale of securities to the public where their investors need not exert any effort other than to invest or place money in its scheme in order to earn profit should be registered with the commission,” the SEC said.

“Hence, the public is strongly advised not to invest or stop investing in any scheme offered by Arcane Digital Marketing or such other entities similarly engaged in the offering and sale of investment contracts without prior registration with the commission,” it added.

Meanwhile, the SEC said Mitrade claims to offer the trading of financial instruments from a wide range of asset classes such as foreign currency pairs, shares (foreign), indices (index funds), commodity derivatives, and foreign currency pairs.

The corporate regulator added that Mitrade has been employing promotional campaigns on various social media platforms to attract Filipinos to engage in investment and trading activities using its platform.

Mitrade can be accessed via its website, Google Play Store, and Apple App Store.

“The public is hereby advised to exercise caution before investing in these kinds of unregistered online investment platforms and their representatives,” the SEC said. — Revin Mikhael D. Ochave

Cuba Gooding, Jr. faces new sexual assault lawsuits

November 24, 2023 | 12:03 am

Cuba Gooding Jr. in American Crime Story (2016) — IMDB.COM

NEW YORK — Cuba Gooding, Jr. was sued on Wednesday by two women whose sexual assault cases against the Oscar-winning actor underlay a criminal prosecution that ended with him pleading guilty but serving no jail time.

In a complaint filed in a New York state court in Manhattan, Jasmine Abbay said the Jerry Maguire star forcibly kissed her without her consent in September 2018, while she was working as a cocktail waitress at the LAVO nightclub in midtown Manhattan. The other plaintiff, Kelsey Harbert, accused Gooding of groping her breast in June 2019 at the Magic Hour rooftop bar, also in midtown.

Lawyers who have represented Gooding in civil and criminal litigation over his alleged sexual misconduct did not immediately respond to requests for comment.

“Our clients were deprived of the justice they sought in the criminal case,” Gloria Allred, a lawyer for the plaintiffs, said in a statement. “They are now seeking justice and accountability in their civil cases.”

Ms. Abbay and Ms. Harbert are seeking unspecified damages for assault and battery under the Adult Survivors Act, a special New York state law letting women sue their alleged abusers even if statutes of limitations have run out. The law expires after the US Thanksgiving Day holiday.

Others sued under the law include actors Russell Brand and Bill Cosby, former movie producer Harvey Weinstein, former president Donald Trump, and hip-hop mogul Sean “Diddy” Combs, whose case settled after one day.

Axl Rose, the former lead singer of Guns N’ Roses, was sued under the law on Wednesday by Sheila Kennedy, an actress and former Penthouse Pet of the Year, over an alleged 1989 assault.

Mr. Gooding won an Academy Award in 1997 for best supporting actor in Jerry Maguire.

He pleaded guilty in April 2022 to a misdemeanor charge of forcibly touching Abbay, who was not identified by name at the time but revealed her identity in her lawsuit. The charge was downgraded six months later to harassment, to which Mr. Gooding pleaded guilty after complying with a plea agreement that required alcohol and behavior modification treatment and no further arrests. Accusations by Ms. Abbay, Ms. Harbert and a third woman were the basis for a six-count indictment against Mr. Gooding, which his guilty plea resolved.

Ms. Harbert at the time expressed outrage she could not hold him accountable in court for the “irreparable damage” he caused.

In June, Mr. Gooding settled a civil lawsuit in Manhattan federal court, moments before trial, by a woman who accused him of a 2013 rape. Terms were not disclosed. The woman had sought $6 million. — Reuters

PHL financial resources up 7.9% at end-September

November 24, 2023 | 12:03 am

THE Philippine financial system’s total resources continued to rise at end-September, based on preliminary data from the Bangko Sentral ng Pilipinas (BSP).

Resources of banks and nonbank financial institutions grew by 7.9% to P29.855 trillion in the first nine months of the year from P27.647 trillion in the same period in 2022.

Banks and nonbank financial firms hold resources that include funds and assets such as deposits, capital, and bonds or debt securities.

BSP data showed banking resources rose by 8.7% to P24.705 trillion at end-September from P22.722 trillion a year prior. Banks include universal and commercial banks, thrift banks, as well as rural and cooperative banks.

Broken down, total resources held by universal and commercial banks stood at P23.228 trillion as of September, up by 8.8% from P21.356 trillion a year ago.

Thrift banks held P1.068 trillion of total resources, increasing by 9.5% from P975 billion a year ago, while the resources of rural and cooperative banks climbed by 4.6% to P408 billion year on year.

Meanwhile, the resources of nonbank financial institutions went up by 4.6% to P5.151 trillion from P4.926 trillion a year prior.

Nonbank financial institutions include investment houses, finance companies, security dealers, pawnshops and lending companies. Institutions such as nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System and the Government Service Insurance System are also considered nonbanks.

The financial system’s total resources stood at P28.806 trillion in 2022, up by 9.3% from a year prior. — Keisha B. Ta-asan

Gaps in the halal industry in the Philippines: Call for legislating Philippine Halal Authority

November 24, 2023 | 12:03 am

ARE YOU a consumer or producer of halal food products? While Muslims are known to be the most concerned about consuming halal products, it is a fact that there is global socio-economic interest and competition for multi-billion halal food production worldwide — even in ASEAN countries where there are minority Muslims like in Thailand and Singapore.

The Philippine government eyes attracting investments and bolstering the halal food industry both for domestic and export-oriented trade, yet there are serious gaps that need legislative action. In a nutshell, the solution is the crafting of a new law that shall establish a halal agency that will exclusively be mandated with the regulation and promotion of halal food production in the country.

I am writing about the topic as part of Alliance for Halal Integrity in the Philippines (AHIP), which is a Halal Certifying Body (HCB) in the country. AHIP had joined the hearing held by the Senate Committee on Cultural Communities and Muslim Affairs, chaired by Senator Robinhood Padilla, on Sept. 11, that tackled the situation of the halal food industry, particularly concerns of the Muslim community’s halal dietary guidelines. I break down here key ideas that I raised during the committee hearing and conveyed to Sen. Padilla and Sen. Sherwin Gatchalian.

1.) What is halal? The life of a Muslim revolves around the concepts of halal (lawful, permissible) and haram (forbidden, unlawful). To live in halal and avoid everything that is haram is the aspiration of every Muslim who seeks the pleasure of Allah. The laws are quite comprehensive because they apply not only to eating and drinking, but also to earning one’s living, dress code, and dealing with others. Thus, halal is a broad matter for discussion. But, halal food occupies the widest discussion in the halal ecosystem.

2.) What is the present landscape of the halal industry in the Philippines? Relevant laws that evolved over time include Executive Order No. 46 series of 2001; Memorandum Order No. 201 in 2005; R.A. No. 9997 in 2010 that created the National Commission on Muslim Filipinos (NCMF); and R.A. No. 10817 in 2016 which also known as Philippine Halal Export Development and Promotion Program Act of 2016.

3.) What is the problem in the regulation of the halal industry in the Philippines? The two laws, R.A. No. 9997 and R.A. No.10817, are both mandated to accredit halal-certifying bodies (HCBs), the former for the local or Muslim Filipino consumers of halal, while the latter for halal-certified products for export. In this sense, both NCMF and the Department of Trade and Industry (DTI) are Halal Accreditation Bodies (HABs). This is where confusion arises.

4.) How should HABs function? HABs should have competent Muslim personnel equipped with the education, training, technical knowledge, skills, and experience in view of Islam’s halal requirements and compliance. This is because they assess the competence of HCBs to audit halal compliance of companies or food producers applying for a “halal” seal in their packaging.

5.) What is the significance of a product being halal certified? Halal certification is “the action or process of providing a product, process, services, and system with an official document attesting as being Halal. Before a product is marked with halal, there should be an independent, reliable, and morally sound audit/inspection by organized and registered non-profit Muslim Filipino People’s Organization (MFPOs) and non-government organization (MFNGOs) membered by Muslim scholars and professional called Halal Certifying Bodies or HCBs in complete conformity with the requirements of Halal. Inevitably, it means conforming to requirements as decreed by Allah in the Holy Qur’an and elucidated and explained crystal clear by the revered Ahadith of the Holy Prophet Muhammad (peace be upon him) as a major source of Shari’ah law and moral guidance.”

Halal certification — the stamp of the halal logo on a product, service, or system of production — simply means that such is in conformity and is aligned with all the characteristics of halal. The overall aim of certification is to foster public trust in halal products and services through an effective system of halal integrity.

6.) What is essentially the problem in Philippine halal industry? There is no regulatory body in the Philippines specifically in charge of halal. Thus, the halal industry in the Philippines may be seen as a very loose industry with many disconnects. The effects of such disconnects are damaging to the safeguarding of the “halalness” of the various products and services that are halal certified.

To seek accreditation from the NCMF and/or the Philippine Halal Board, chaired by the Secretary of DTI, is voluntary from the side of an HCB because there is no regulation or sanction regarding being with or without accreditation. Halal certifiers are positioned to operate according to their own set rules and guidelines.

There is no unified halal standard. A company that applies for halal certification of its products may be rejected by an HCB due to non-compliance with its set standard. However, another HCB may agree to certify the same product as halal, also based on their standards. No overarching standard is adhered to by the HCBs; “to each, his own” is the way. An HCB can certify and stamp its logo on a product or service following its procedure and formulated policies regardless of what school of thought in Islam they adhere to. Worse, when they deviate from all schools of thought. The absence of regulations gives HCBs a wide latitude of freedom in certification without fear of regulation or sanction.

There is no uniformity in the auditing or inspection process, be it from start to finish and in-between the processors/producers’ entire operations.

The consumers, the Muslims, are confused. Our random studies conducted on the matter indicate that some Muslims claim they do not know whether to trust HCBs’ halal certifications or not. However, they are left with no choice but to “trust” the halal logo stamped on a product. This attitude of not trusting is not healthy for the HCBs, especially those who care about credibility and integrity.

There is no problem for an HCB doing its own business of certification locally; but they are subjected to regulations when they venture to bring their halal-certified products overseas because they must comply with an import-receiving country’s regulations on halal-certified imports. For both the HCBs and the consumers, the situation may be labeled as convoluted or messy.

To cite a prominent and critical issue to halal certification, since no law mandates the hiring of a halal assurance officer, a company that produces halal-certified products cannot be forced to have one. It is their prerogative to hire or not to hire a halal assurance officer.

A company whose products have been certified halal may opt not to get halal recertification if the initial halal certification does not prove to increase income or profit to the business.

Regarding tourism, after several untoward experiences in which tourists unknowingly consumed products considered haram, foreign Muslims may never want to come again or at least will remove the Philippines as a future vacation destination.

In the absence of a unified standard for halal, HCBs are left on their own, adhering to their own accepted standard.

Aside from the abovementioned, there are problems regarding the lack of infrastructure exclusively for halal storage, slaughterhouses, and transportation which make halal products vulnerable to contamination. There are more issues as well in laboratory testing infrastructure.

7.) What is the way forward for the halal industry in the Philippines? On the part of AHIP, our proposal is that there must be new legislation to create a government agency which has primary jurisdiction as the regulatory body for halal. It shall be charged with the authority of accreditation that is presently mandated to both NCMF and DTI. In addition to accreditation, it shall be mandated with research, halal education and awareness/education, training for halal assurance officers, promotion and development, harmonization of standards and procedure, raw materials and ingredients, and attraction of investments in halal, among others. The proposed agency may be called by any indicative name such as the Philippine Halal Development Authority or simply, Philippine Halal Authority.

Addressing the gaps in the halal food industry in the Philippines shall be beneficial for all Filipinos in order make the country competitive in the global halal market; to attract more halal-conscious tourists to the country; to attract investments and employment in the halal industry; and to promote inclusive health development in our society.

Dr. Potre Dirampatan Diampuan came to the Global Council of the United Religions Initiative (URI) after having previously served as regional coordinator for Southeast Asia-Pacific (SEAPac) and as a senior interfaith representative for the Philippines. She has served in government in various capacities for over 40 years. She is an advocate, trainer, and lecturer on Understanding Halal and/or Halal Awareness both for Muslims and non-Muslims as part of championing inclusiveness. She works as CEO of a halal-certifying body called AHIP. Potre holds master’s degrees in Cultural Anthropology and School Administration and a Ph.D. in Educational Management.

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