Concentrix + Webhelp is 2023 Asia CEO Top Employer of the Year Grand Winner, Circle of Excellence in 3 more categories

November 8, 2023 | 5:30 pm

Members of Concentrix + Webhelp Philippines ExeCom represent the company at the 2023 Asia CEO Award Ceremonies

Concentrix + Webhelp, a leading global provider of customer experience (CX) services and technologies and the Philippines’ largest private employer, was declared the Grand Winner for Top Employer of the Year at the 2023 Asia CEO Awards. It was also recognized in the Circle of Excellence for 3 other categories: Sustainability Company of the Year, Woman Leader of the Year for Vice-President of Client Success Tonichi Parekh, and Expatriate Executive of the Year for SVP and Country Leader Amit Jagga.

Asia CEO Awards is the largest event of its kind in the region. For 14 years, it has been recognizing local and international organizations and leaders at the forefront of shaping the Philippine economic landscape and contributing to nation-building. This 2023, the award-giving body deemed Concentrix + Webhelp as ‘the best of the best’ as Grand Winner for Top Employer of the Year, for its superior job growth, career opportunities, excellent work environment and exceptional care for its people and local communities.

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According to Concentrix + Webhelp SVP and Philippines Country Leader Amit Jagga, “It’s the ultimate honor to be Asia CEO 2023 Top Employer of the Year-Grand Winner among hundreds of companies, across all industries. This, together with the Circle of Excellence for Sustainability as well as our individual leadership getting recognized, all exemplify the unwavering commitment of Concentrix + Webhelp. As a company that designs, builds and runs game-changing customer experiences, we continuously invest in meaningful employment, future-ready careers, the best care for over 100,000 Filipino game-changers and their families, and bring positive impact to the communities where we live and work. The recognition also goes beyond our size, scale or the success of the Customer Experience (CX) industry where we belong – it truly affirms how being value-driven and people-centric at the core of everything we do is the right way to sustain growth, leadership, and the country’s position in the global stage.”

Concentrix + Webhelp operates 52 sites in 20 cities in the Philippines, employing over 100,000 Filipinos as the country’s largest private employer. This 2023, the company received #GreatPlaceToWork recognition from Fortune, Philippines Best Employer Brand award from HRD Congress and PEZA Hall of Fame status for Top Employer among its many accolades, for its exemplary growth and contributions to the nation and for nurturing Filipino talent.

About Concentrix + Webhelp

Hi, we’re a leading global provider of customer experience (CX) solutions and technology. We create game-changing customer journeys for some of the world’s best brands, and the ones that are changing the world as we know it. Every day, we Design, Build and Run CX that helps brands grow across the world and into the future. Whether it’s a specific solution or the whole end-to-end journey — we’ve got it covered. We’re the strategic thinkers who design brand-defining experiences. The tech geeks who build smarter solutions. And the operational experts who run it all and make it work seamlessly. Across 70+ countries and six continents, we provide services across key industry verticals including technology & consumer electronics; retail, travel & ecommerce; banking, financial services & insurance; healthcare; communications & media; automotive; and energy & public sector. Concentrix Corporation (NASDAQ: CNXC) operating under the trade name Concentrix + Webhelp – Location: virtually everywhere – visit www.concentrix.com to learn more.

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US suspends Indo-Pacific talks on key aspects of digital trade — lawmakers

November 8, 2023 | 2:26 pm

WASHINGTON — The Biden administration has suspended talks on some key digital trade aspects of its Indo-Pacific Economic Framework initiative, Democratic lawmakers said on Tuesday as negotiators from 14 countries race to finish some agreements ahead of a major Pacific Rim summit next week.

The halt comes after the US Trade Representative’s office last month reversed longstanding US digital trade demands at the World Trade Organization — no longer insisting on rules that protect free cross-border data flows and prohibit national requirements for data localization and reviews of software source code.

The US Trade Representative’s office said it withdrew its position to give Congress room to enact stronger technology regulations. That pleased liberal Democrats who want to rein in big US tech firms, but angered a broad array of business groups that say it undermines decades of U.S. policy that was enshrined in the 2020 US-Mexico-Canada agreement on trade.

In a letter to Biden, Senator Elizabeth Warren, four other senators and seven members of the House of Representatives said they wanted to ensure that IPEF’s digital trade provisions are consistent with the administration’s new view.

“We thank you for suspending negotiations on aspects of the IPEF digital text that can be used to frustrate privacy, AI, civil rights and liberties, anti-monopoly, gig worker and other digital safeguards that Congress and the administration seek,” the lawmakers wrote.

SUMMIT DEADLINE
USTR and the Commerce Department are hosting a seventh round of negotiations on IPEF this week in San Francisco, to try to finalize some agreements that can be announced at next week’s US-hosted summit of leaders of Asia Pacific Economic Cooperation countries, also in the US tech capital.

People familiar with the talks say that discussions on the digital trade chapter have largely ground to a halt because the US position is now unclear and being reevaluated.

A USTR spokesperson declined comment on the IPEF digital talks.

IPEF is the Biden administration’s signature effort to engage economically with Asia to provide countries an alternative to deepening economic ties with China. IPEF’s “trade pillar” will not seek to lower tariffs or improve market access among its members as a traditional trade agreement, but will focus on environmental, labor and other standards.

The lawmakers, who also included Senator Amy Klobuchar and Representative Pramila Jayapal, said they want to ensure that IPEF and other trade agreements do not prohibit anti-monopoly policies and consumer privacy restrictions and other steps to counter “Big Tech abuses.” — Reuters

Japan plans to issue climate transition bonds early next year — Finance ministry

November 8, 2023 | 2:21 pm

TOKYO — Japan plans to issue climate transition bonds with a two-year tenor from around February next year, the Ministry of Finance said in a preliminary advisory on Wednesday.

The government will eventually offer the climate transition bonds in two, five, 10 and 20-year tenors with a fixed-coupon rate, the ministry said in the advisory. A final announcement on the details will be made in early December, it said. — Reuters

Kazakhstan ready to transport more Russian gas, oil — Kazakh President

November 8, 2023 | 1:35 pm

russia-offshore oil — Image by David Mark from Pixabay

Kazakhstan is ready to transport more Russian oil and gas, President Kassym-Jomart Tokayev told the Russian daily Izvestia in remarks published early on Wednesday, a day before President Vladimir Putin was set to visit his country.

After initially trying to distance itself from Russia following Moscow’s full-scale invasion of Ukraine, the central Asian country seems to be warming to a “gas union” idea that Putin proposed last year and which would also involve Uzbekistan.

“We are interested in making full use of our transit potential and are ready to further increase the volume of Russian gas transportation,” Tokayev was quoted as saying.

Keen to boost sales of its energy and commodities in Asia, after being hit by Western sanctions over its invasion of Ukraine, Putin proposed the “gas union” idea late last year to support shipments between the three countries and to other energy buyers, including China.

Moscow calls its actions in Ukraine a “special military operation.”

Last month, Russia started supplying natural gas to Uzbekistan via Kazakhstan, marking the occasion with ceremonies in Moscow and elsewhere attended by the presidents of the three countries and shown on state TV.

The project, Tokayev told Izvestia, “will give a powerful impetus to the industrial development of our countries”.

While Russia is a major natural gas exporter, Uzbekistan and Kazakhstan produce roughly as much as they consume. Their outputs, however, are becoming increasingly insufficient as consumption rises, spurred by population growth and industrial development.

A huge increase in liquefied petroleum gas prices early last year led to unrest in Kazakhstan’s cities while a shortage of natural gas and electricity amid frigid temperatures sparked protests in Uzbekistan at the start of this year.

The two countries are connected by a gas pipeline to Russia, and a separate pipeline crosses both on its way to China.

However, both pipelines mostly pump gas from Turkmenistan, while Kazakhstan and Uzbekistan have never reported any transit shipments of Russian gas to China or any other countries.

Tokayev also said that Kazakhstan was ready for greater cooperation with Russia in the oil sector – including in transporting Russian oil. He said that plans called for a shipment of up to 100 million metric tons of Russian oil to China by 2033.

Putin, interviewed by the Kazakhstanskaya Pravda daily before his trip, indicated that energy issues will be a big part of his talks with Tokayev.

“Nature and geography give Russia and Kazakhstan significant competitive advantages in the energy sector, which we strive to make the most of for the benefit of our fellow citizens,” Putin said. — Reuters

Filipino typhoon survivors join ‘David and Goliath’ climate fight

November 8, 2023 | 1:29 pm

1024px-Tacloban_Typhoon_Haiyan_2013-11-14 — Tacloban, Leyte, after Typhoon Haiyan struck in 2013. — Eoghan Rice/Trócaire/Caritas/Wikimedia Commons

TACLOBAN, Philippines – Joanna Sustento lost her home and most of her family when Typhoon Haiyan smashed into the Filipino city of Tacloban on Nov. 8, 2013, an experience that drove her to join the fight to make fossil fuel firms pay up for worsening climate disasters.

One of the most destructive storms in modern history, Haiyan killed more than 6,000 people and displaced millions, with the total bill for losses and damage estimated at 571 billion pesos ($10.18 billion) by the Philippine government.

Typhoons were part of growing up in Tacloban for Ms. Sustento, but nothing from past experience could prepare the city’s roughly 200,000 residents for Haiyan, known locally as Yolanda.

“We didn’t know Typhoon Yolanda was going to be a different kind of monster,” Ms. Sustento, 32, told the Thomson Reuters Foundation as she recalled how the floodwaters engulfed her family’s bungalow within minutes.

She lost her parents, eldest brother, sister-in-law and nephew in the disaster.

Today, Ms. Sustento works at Greenpeace Philippines to document other people’s losses from extreme weather events including Yolanda, part of the environmental group’s efforts to build a pioneering community-led legal case against fossil fuel companies.

At the same time, the group is calling for Congress to approve new legislation called the Climate Accountability Bill, which would impose fines on big emitters of planet-heating carbon and use the proceeds to pay climate-linked damage claims.

Such efforts reflect a growing global push to secure recompense for communities on the frontlines of global warming – whether through the courts or a new U.N. “loss and damage” fund being set up for that purpose.

‘SOMEONE MUST PAY’

In Yolanda’s aftermath, Arthur Golong, 48, was among tens of thousands of people relocated from an informal settlement in central Tacloban to villages north of the city.

He has managed to build a new life, opening a hairdressing business, but a lack of jobs has forced many others to leave.

In 2019, Mr. Golong and other survivors of the storm filed a petition before the country’s national human rights commission, accusing 47 fossil fuel companies of infringing on people’s rights as a result of their actions triggering climate change.

“Someone must pay for it,” he said, as he waited for customers at his village home.

“Fossil fuel companies may have contributions to society, but they also have major contributions to environmental harms,” he added.

In a landmark decision, the commission said fossil fuel companies were responsible for climate-induced rights harms, though it did not have the jurisdiction to order compensation and the case has not been taken up by the courts.

Yeb Sano, a former top climate negotiator for the Philippine government who now leads Greenpeace Southeast Asia, said the commission’s inquiry had inspired community-led climate litigation in the Philippines, and beyond.

“It has provided us sound legal basis to go to regular courts as the new battleground,” he said.

TANGIBLE LOSSES

When Yolanda struck, it took weeks for aid to arrive in Salcedo, a small farming town in Eastern Samar province, which was devastated by the storm and also wants to join the Greenpeace-led legal push.

As a fifth-class municipality – a label for the poorest towns in the Philippines – Salcedo’s more than 20,000 residents who depended on fishing and farming struggled to recover from Yolanda, said Salcedo councilor Joselito Esquierdo.

“Our community grappled with tangible losses from our farmlands to the sea,” Mr. Esquierdo said.

Hundreds of residents still live in temporary, makeshift houses, and the town’s fishermen and farmers did not receive appropriate aid to rebuild their lives, said Oliver Layugan, a resident who became an environmental advocate after the storm.

The 2013 typhoon exposed major shortcomings in the Philippines’ disaster preparations, according to a 2019 report by the U.N. Office for Disaster Risk Reduction, and the country has sought to boost its readiness for future climate crises.

The government’s Climate Change Commission did not respond to a request for comment.

ADAPTATION VS COMPENSATION

But despite criticism over how the government and aid agencies responded, Mr. Sano said disasters like Yolanda had shown that, in certain cases, no amount of adaptation or preparedness can ward off the worst effects of a heating climate.

“Adaptation is no longer possible for some communities and countries,” he said, adding that the debate must now shift to compensation by those responsible for causing climate change – whether oil and gas firms or rich industrialized nations.

Governments are grappling with how to set up a new fund to tackle loss and damage driven by global warming, but wealthy countries have firmly rejected demands for compensation for the consequences of their high share of the emissions that are turbo-charging floods, droughts and storms around the world.

“The excuse always is, ‘I’m not going to give you money if you’re not going to be able to manage it properly’. But then it begs the question: Why are we in this situation in the first place?” said Mr. Sano.

An eventual decision to test the fossil-fuel lawsuit in the courts could energize small communities hard-hit by disasters like Yolanda, said the former climate negotiator who forced “loss and damage” onto the U.N.’s diplomatic radar a decade ago.

“Whether we win or lose in court, it would generate a lot of energy for the movement,” he said.

“Many communities and sectors would get truly inspired by the courage of people who wage this David and Goliath fight.” — Reuters

Blinken visits South Korea as North Korea, Russia deepen ties

November 8, 2023 | 11:23 am

US Secretary of State Antony Blinken is due to arrive in Seoul on Wednesday for talks with his South Korean counterpart, as the allies step up cooperation in the face of growing concerns over North Korea’s closer military ties with Russia.

The two-day visit, the first by a US secretary of state in two and a half years, is part of Blinken’s broader Asia trip that has included meetings with G7 counterparts and bilateral talks with Japanese officials in Tokyo, as well as a later stop in India amid the Israel-Hamas conflict.

The Seoul visit comes as the United States and South Korea, along with Japan, have condemned what they say is the supply of arms and military equipment by North Korea to Russia.

Washington and Seoul see the closer military ties between the North and Russia, which is thought to be suffering depleting stocks of munitions in its war with Ukraine, as an effort by Pyongyang to secure strategic military capabilities in return.

North Korea is preparing to launch a spy satellite after having failed twice this year to put one in orbit.

South Korea’s spy agency said last week North Korea was in the final stages of preparations for the launch after apparently receiving technical assistance from Russia.

Pyongyang and Moscow have denied claims of arms deals while their leaders pledged closer military cooperation when they met in September in Russia’s far east.

South Korea’s military said on Monday it was on alert over possible North Korea provocations after Pyongyang designated Nov. 18 as “missile industry day” to commemorate the country’s launch of an intercontinental ballistic missile (ICBM) last year.

North Korea in November in 2022 tested the Hwasong-17 ICBM, a weapon potentially able to deliver a nuclear warhead to anywhere in the United States.

With aid from the United States, South Korea also plans to launch its first spy satellite on Nov. 30 on a SpaceX Falcon-9 rocket from the US military’s Vandenberg base.

A US official has said the United States remained focused on the Indo-Pacific despite other global challenges and Blinken’s trip demonstrated such “enduring” commitment.

US Secretary of Defense Lloyd Austin is also due to visit South Korea this week on a trip that will include Indonesia and India.

In Washington, US and South Korean officials held talks on North Korea’s illicit cyber activities that they say fund its unlawful weapons programs, South Korea’s foreign ministry said.

Sanctions monitors have accused the reclusive state of using cyberattacks to gather funds for its nuclear and missile programs, and a United Nations report said the North stepped up its cryptocurrency thefts, using sophisticated techniques to steal more in 2022 than any other year. — Reuters

Private schools rethink China future after flunking growth test

November 8, 2023 | 11:20 am

HONG KONG – Some shareholders of Dulwich College International are in talks for a sale of the British school’s China-heavy Asia operations, two sources said, in the latest indication of how turmoil in China’s $570 billion education industry is forcing overhauls at institutions.

Dozens of international and private schools in China are closing or merging, industry executives said, weighed down by tighter regulation, a slowing economy, and dwindling foreign student numbers.

A rapid expansion prior to the COVID-19 pandemic drove a surge of privately run bilingual schools in China offering a Western exam curriculum. But the business stumbled as Beijing imposed new rules in 2021 and cracked down on the private tutoring business, aimed at easing pressure on children and lowering family costs.

Three years of the pandemic and slowing economic growth have exacerbated the challenges, said Julian Fisher, managing director of Venture Education, a Beijing-based market intelligence consultancy specializing in China’s education sector.

“The cynic would say the sector is in terminal decline, the average Chinese investor simply that it’s going through growing pains,” said Fisher.

Dulwich College International operates nine schools in China including bilingual schools catering to Chinese nationals that have been hit hardest by regulatory changes. Besides China, Dulwich International also has schools in Singapore and South Korea.

Strategic plans for the growth of its high schools in China were “scaled back in light of changing government regulations”, Dulwich said in its 2022 annual report.

In a response to Reuters about a potential sale of its Asia business, Education in Motion (EiM), which owns and operates the Dulwich College International brand globally, said it was “in the process of bringing in a new strategic financial partner”, adding the process would also allow partners to exit their investments in the group.

It said it was a planned process of refinancing and “not connected to regulatory changes in any market”.

SELF-SUFFICIENCY

China’s schools, which are categorized into public, private, and those for foreign passport holders, are crucial to leader Xi Jinping’s strategy to use education to improve the country’s self-sufficiency in science and technology and advance the “great rejuvenation of the Chinese nation on all fronts.”

In 2020 there were around 180,000 private education institutions nationwide, accounting for more than a third of all education institutions in China, with 55.6 million enrolled students, according to the British Council.

However, international schools, which can only enroll students with foreign passports, have mostly seen student numbers decline due to expatriates from countries including the US, Britain, and Canada leaving after the pandemic and amid rising geopolitical tensions.

Beijing’s crackdown amplified the pressure.

It mandated that Chinese compulsory education be taught in private schools, aligning the curriculum more closely to public schools and making parents question the need to pay private school fees when their children can attend free government schools.

Annual international school tuition fees in Shanghai, for instance, can exceed 300,000 yuan ($41,195).

Authorities have also moved to control the number of private schools.

And just last month, China’s legislature passed a law to strengthen patriotic education in schools that will take effect on Jan. 1, 2024.

“For private primary and high schools, there is tighter regulation. It’s also very difficult for some schools to get their licenses due to tighter control,” said Frank Feng, deputy principal at Lucton, an international high school in Shanghai.

Dozens of schools, from kindergartens to high schools, have shut or stalled in the past two years.

In China’s southern Greater Bay Area, shuttered schools include Dulwich International’s Early Years Centre in Shenzhen, Eton-House international kindergarten and Victoria Kid House in Guangzhou. The companies did not immediately respond to requests for comment.

At Western International School of Shanghai, 20 staff were laid off in August due to an unexpected number of children not returning for the new school year, a direct source said. It did not immediately respond to requests for comment.

Many private education companies, including bilingual and international school operators, have been considering selling their China-based assets, said Jimmy Chin, director at Chinese buyout fund Everpine Capital, which has invested in the education business. “There are likely more sellers than buyers of education assets in China right now.”

GEOPOLITICS

Universities are also increasingly relaxing requirements on English language, thereby reducing the need for foreign talent to push Xi’s agenda of developing China into a science and technology powerhouse.

A notice from Xi’an Jiaotong University in September said that starting from that month it would not use English proficiency test results for graduation requirements. The University of Science and Technology of China in Anhui announced it was canceling six undergraduate majors, including English, from October.

Geopolitical tensions have also added to concerns of an English language vacuum, making China more inward-looking.

Nicholas Burns, the US ambassador to China, told an Oct. 11 town hall that the number of American students in China had dropped to as low as 350 from 15,000 in 2015, although that had started to tick up again this year.

A growing positive trend, however, has been the rise of students from Belt and Road countries, said Mathias Boyer, chief financial officer at the International School of Beijing, which is upgrading its facilities to include amenities like a multi-faith prayer room.

“We have to completely rethink what type of expatriates we are going to be having here in the next five to ten years. And it’s going to be less of the traditional Western kind.” — Reuters

BSP ready to act if needed despite slower inflation

November 8, 2023 | 11:04 am

The Philippine central bank said on Tuesday it was prepared to take further monetary policy action if needed to anchor consumer price expectations even as inflation eased for the first time in three months in October.

The consumer price index rose 4.9% in October, less than the 6.1% in September, 5.6% forecast in a Reuters poll, and the central bank’s 5.1% to 5.9% projection, due mainly to slower increases in prices for food including rice.

Rice price inflation slowed to 13.2% in October from 17.9% in September, helping cool consumer prices last month, but the downtrend failed to ease the central bank’s inflation worries with risks to its inflation outlook “skewed significantly to the upside.”

“The Monetary Board deems it necessary to keep monetary policy settings sufficiently tight until inflation expectations are better anchored and a sustained downtrend in inflation becomes evident,” the Bangko Sentral ng Pilipinas (BSP) said in a statement.

“The BSP remains prepared to undertake further monetary policy action as necessary to prevent supply-side pressures on prices from leading to additional second-round effects and dislodging inflation expectations,” it said.

Year-to-date average inflation of 6.4% over January-October remained well outside the central bank’s 2% to 4% comfort range for the year.

Worried that inflation could spiral out of hand, the central bank delivered an off-cycle hike of 25 basis points on Oct. 26, and left the door open to another hike at its meeting on Nov. 16 if the inflation situation worsened.

But Michael L. Ricafort, an economist at Rizal Commercial Banking, said slower inflation in October, coupled with a strong peso and lower global crude oil prices, “would support a pause in local policy rates, or at least reduce the urgency for further rate hikes”.

By the time the central bank meets next week, it would have third-quarter annual economic growth date which, according to Finance Secretary Benjamin E. Diokno, would better second-quarter growth of 4.3%.

But the government also reported data on Tuesday which showed exports contracted 6.3% in September from a year earlier, while imports shrank 14.7%.

The finance secretary, a member of the central bank’s policymaking Monetary Board, said on Monday he would vote to keep the benchmark interest rate steady at 6.5%. — Reuters

Asia Pacific Enterprise Awards 2023 Regional Edition paves the path for a resurgent Asia

November 8, 2023 | 9:00 am

In a dazzling celebration of regional excellence, the Asia Pacific Enterprise Awards (APEA) 2023 Regional Edition took center stage to honor outstanding businesses and visionary leaders who have played a pivotal role in propelling their enterprises to new heights on the global stage in the post-pandemic era. The prestigious event, held in Singapore, marked a momentous occasion that underscored the resilience, innovation, and unwavering commitment of Asian entrepreneurs and enterprises in the face of unprecedented challenges posed by the COVID-19 pandemic.

Organized annually in 16 markets by regional NGO Enterprise Asia, the Awards presents Asia’s largest award networking platform. Since 2007, the Awards has been organized all over the region with past recipients comprising Taiwan’s Douglas Tong Hsu, Hong Kong’s Francis Lui and Lawrence Ho, TTC Vietnam’s Dang Van Thanh, Thailand’s Somphote Ahunai, Cuckoo Malaysia’s Hoe Kian Choon, Indonesia’s Hary Tanoesoedibjo and Mochtar Riady, India’s Adi Godrej, and the Philippines’ Dennis Anthony Uy.

The award recipients were selected from over 150 nominees through a rigorous evaluation process by a jury of prominent judges across four categories: Master Entrepreneur, Inspirational Brand, Fast Enterprise, and Corporate Excellence.

Richard Tsang, president of Enterprise Asia, stated in his welcome speech, “With a staggering market capitalization of US$31 trillion in 2023, Asia not only embodies immense economic potential but also the remarkable diversity and dynamism defining today’s global marketplace. The distinguished recipients of tonight’s awards stand as exemplars of unwavering commitment, adeptly transforming challenges into growth opportunities. The Asia Pacific Enterprise Awards not only celebrates individual successes but also serves as a testament to the boundless potential that our region holds. This recognition is a powerful reminder that, despite the challenges, we stand stronger together, ready to face the evolving global economic landscape.”

Among the notable awardees are Datuk Seri (Dr.) Subramaniam Pillai, founder & group executive director of Dhaya Maju Infrastructure (Asia) Sdn Berhad; and Dr. Steve Mark Gan, chairman & CEO of Gan Advanced Osseointegration Center Group Of Companies, whose exceptional entrepreneurial acumen have not only propelled their enterprises to remarkable success but have also made a significant and lasting impact on the regional business landscape.

Further outstanding awardees include Gogochart Technology Limited of Hong Kong and Iso Tank Management Pte. Ltd. of Singapore under the Fast Enterprise category, Rizal Commercial Banking Corporation of the Philippines under the Inspirational Brand category, and Government Housing Bank of Thailand under the Corporate Excellence category.

Prior to the APEA 2023 Regional Edition, the Asia Economic Forum (AEF) 2023 was held in the day. The forum convened over 300 C-suite-level executives, business leaders, and policy makers from 19 countries. Themed “Capturing Opportunities In A Resurgent Asia,” the forum provided a regional platform for leading thought leaders and HR experts to explore synergies, tackle the most pressing challenges and opportunities that are present in the region, and foster deeper collaboration that will shape Asia’s economic ecosystem.

The Chairman of Enterprise Asia, Tan Sri Dr. Fong Chan Onn, expressed at the forum’s opening that “Our mission is to explore synergies that transcend borders, to address the most pressing challenges with innovative solutions, and to identify and seize the boundless opportunities that Asia offers. We are here to foster deeper collaboration that will not only shape Asia’s economic ecosystem but also redefine the contour of global commerce. As we embark on this exciting journey, let us not forget the power that resides within the collective minds and hearts of those present in this room. It is our collective wisdom, our shared aspirations, and our collaborative spirit that will steer us toward a brighter and more prosperous future.”

The speakers were Brajesh Singh, director of Talent Acquisition – APAC & ME at Capgemini; Daniel Kusmanto, director of Digital HR & People Analytics | Global People Services at ASM; Darren Thayre, head of Innovation, Global Strategic Initiatives at Google; Dr. Joey Tan, head of Sustainability (ASEAN) at Amazon Web Services Singapore Pte. Ltd.; Lt General Sudhir Sharma, chairman of MitKat Advisory Services and Advisor to Enterprise Asia; Malminderjit Singh, chief operating officer of Asia Pacific at Speyside Group; Pallavi Srivastava, senior director APAC HR – Business Functions at Johnson Controls; Santanu Ghosh, head of Digital at Asia Pulp & Paper, Sinar Mas; Sarjit Singh, chairman of Chartered Accountants Australia and New Zealand Singapore Overseas Regional Council; and Tan Kwan Chet, lead of Technical Consultancy, 100 Experiments (100E) at AI Singapore (AISG).

The AEF 2023 and APEA 2023 Regional Edition are supported by the International Chamber of Commerce — Philippines, Kuala Lumpur Malay Chamber of Commerce, Latin American Chamber of Commerce Singapore, Malaysia Entrepreneurs’ Development Association, Malaysian Alliance of Corporate Directors, Malaysian Investment Development Authority, Myanmar Business Executives Association, Singapore Chamber of E-Commerce, Singapore Exhibition & Convention Bureau, Singapore-Thai Chamber Of Commerce, The Philippine Retailers Association, UAE Singapore Business Council, and Vietnam Chamber of Commerce Singapore. PR Newswire is the Official News Release Distributor, and Bangkok Post, BusinessWorld, Commercial Times, Dailywire.asia, Hong Kong Economic Times, and SME Magazine are the media partners.

FULL RECIPIENT LIST OF THE ASIA PACIFIC ENTERPRISE AWARDS 2023 REGIONAL EDITION

MASTER ENTREPRENEUR CATEGORY
NAME	COMPANY	INDUSTRY	COUNTRY
DATUK SERI (DR.) SUBRAMANIAM PILLAI FOUNDER & GROUP EXECUTIVE DIRECTOR	DHAYA MAJU INFRASTRUCTURE (ASIA) SDN BERHAD	CONSTRUCTION	MALAYSIA
DR. STEVE MARK GAN CHAIRMAN & CEO	GAN ADVANCED OSSEOINTEGRATION CENTER GROUP OF COMPANIES	HEALTHCARE, PHARMACEUTICAL & BIOTECHNOLOGY	PHILIPPINES
KRISHNAMANI KANNAN CEO & CO-FOUNDER	MAXIMA LOGISTICS PTE LTD	TRANSPORTATION & LOGISTICS	SINGAPORE
DR. TEO KIM TECK FOUNDER & MANAGING DIRECTOR	POLYMERIC TECHNOLOGY SDN BHD	CHEMICAL & PLASTICS	MALAYSIA
ZAW MIN THANT CHAIRMAN & FOUNDER	PYEI SONE HEIN GROUP CO., LTD	ELECTRICAL & ELECTRONICS	MYANMAR

FAST ENTERPRISE CATEGORY
COMPANY	INDUSTRY	COUNTRY
EASTERN SUNTECH ENGINEERING & CONSTRUCTION SDN. BHD	CONSTRUCTION	MALAYSIA
GOGOCHART TECHNOLOGY LIMITED	PROFESSIONAL & BUSINESS SERVICES	HONG KONG
ISO TANK MANAGEMENT PTE.LTD.	TRANSPORTATION & LOGISTICS	SINGAPORE

INSPIRATIONAL BRAND CATEGORY
COMPANY	INDUSTRY	COUNTRY
RIZAL COMMERCIAL BANKING CORPORATION	FINANCIAL SERVICES	PHILIPPINES
SHHH	CONSUMER GOODS	HONG KONG

CORPORATE EXCELLENCE CATEGORY
COMPANY	INDUSTRY	COUNTRY
24/7 .CUSTOMER PHILIPPINES INC	PROFESSIONAL & BUSINESS SERVICES	PHILIPPINES
CENTRAL RETAIL CORPORATION PUBLIC COMPANY LIMITED	RETAIL	THAILAND
GAN ADVANCED OSSEOINTEGRATION CENTER GROUP OF COMPANIES	HEALTHCARE, PHARMACEUTICAL & BIOTECHNOLOGY	PHILIPPINES
GOGOCHART TECHNOLOGY LIMITED	PROFESSIONAL & BUSINESS SERVICES	HONG KONG
GOVERNMENT HOUSING BANK	FINANCIAL SERVICES	THAILAND
IDS MEDICAL SYSTEMS PHILIPPINES, INC	HEALTHCARE, PHARMACEUTICAL & BIOTECHNOLOGY	PHILIPPINES
POLYMERIC TECHNOLOGY SDN BHD	CHEMICAL & PLASTICS	MALAYSIA
SUN ENERGY	ENERGY	INDONESIA
SUN LIFE PHILIPPINES	FINANCIAL SERVICES	PHILIPPINES

About Asia Economic Forum (AEF)

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Inflation slows to 4.9% in October

November 8, 2023 | 12:34 am

grocery-sugar-worker-wc — INFLATION slowed to 4.9% in October, significantly lower than the 5.7% median estimate in a BusinessWorld poll last week. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Keisha B. Ta-asan, Reporter

ANNUAL INFLATION sharply slowed in October after two straight months of acceleration, reflecting easing prices of key food items, the Philippine Statistics Authority (PSA) said on Tuesday.

Preliminary data from the PSA showed headline inflation eased to 4.9% in October from 6.1% in September and 7.7% in October 2022.

This was significantly slower than the 5.7% median estimate in a BusinessWorld poll last week. The figure was also below the 5.1-5.9% forecast of the Bangko Sentral ng Pilipinas (BSP) for the month.

The latest inflation print was the slowest pace in three months or since the 4.7% in July. However, October marked the 19^th straight month that inflation breached the central bank’s 2-4% target band.

Stripping out the seasonality effects on prices, the consumer price index (CPI) declined by 0.2% month on month.

For the 10-month period, inflation averaged 6.4%. This is still above the BSP’s 5.8% full-year forecast.

“If we don’t see any shocks, supply shocks, our view is that inflation rate will go down,” National Statistician Claire Dennis S. Mapa said at a briefing on Tuesday.

Core inflation, which excludes food and fuel volatile prices, further slowed to 5.3% in October from 5.9% in September. Year to date, core inflation stood at 7%.

Mr. Mapa said that the sharp slowdown in October inflation reflected easing food prices.

The heavily weighted index for food and non-alcoholic beverages eased to 7% year on year in October from 9.7% in September.

The food-alone index likewise slowed to 7.1% in October from 10% in the previous month. The deceleration in food inflation was mainly due to lower prices of vegetables and rice.

The annual growth of vegetables, tubers, plantains, cooking bananas and pulses slowed to 11.9% from 29.6% in September.

Rice inflation also eased to 13.2% in October from the 14-year high of 17.9% in September.

Mr. Mapa said the average price of regular milled rice last month went down to P45.40 per kilogram from P47.50 in September. The average price of well-milled rice also slid to P51 per kilo in October from an average of P52.70 a month earlier.

However, rice prices remained higher than last year when prices of regular and well-milled rice stood at P39.70 per kilo and P44 per kilo, respectively.

“Rice inflation slowed down following the onset of peak harvest and import arrivals. The stable supply of vegetables as harvest season comes likewise resulted in a slower inflation rate of the commodity,” National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said in a statement.

Also, Mr. Mapa noted food inflation contributed 2.5 percentage points (ppts) to the overall CPI basket.

Inflation of the following commodities also decelerated: fish (5.6% from 6.1%), bread and other cereals (7.4% from 8.1%), sugar (4.9% from 9%), and meat (0.8% from 1.3%).

The inflation rate of restaurants and accommodation services slowed to 6.3% in October from 7.1% in September, which Mr. Mapa said was due to high base effects, lower prices of food items, and easing utility rates.

Transport inflation also slowed to 1% in October from 1.2% a month ago despite the P1 jeepney fare increase. This was due to the lower pump prices during the month.

In October, oil companies slashed pump prices for gasoline by P3.1 per liter, diesel by P0.45 per liter, and kerosene by P4.40 per liter, data from the Energy department showed.

Other commodity groups that reported slower annual increases in October include alcoholic beverages and tobacco (9.3% from 9.8% in September) and furnishings, household equipment and routine household maintenance (5.3% from 5.4%).

Faster inflation was seen in clothing and footwear (4.8% from 4.7%); and housing, water, electricity, gas and other fuels (2.6% from 2.4%).

Meanwhile, inflation in the National Capital Region (NCR) slowed to 4.9% in October from 6.1% in September, while inflation in areas outside Metro Manila eased to 4.9% from 6% in the prior month.

All regions outside NCR also recorded slower inflation rates, except for Region VII (Central Visayas), which posted a higher annual increase of 4.1% in October from 3.8% a month prior.

Meanwhile, the October inflation rate for the bottom 30% of income households slowed to 5.3% from 6.9% in September and 8.9% last year. The 10-month average stood at 7.1%.

THREATS AND RISKS
For PSA’s Mr. Mapa, headline inflation will continue to go down in the coming months barring any supply shocks.

Mr. Balisacan said that even though inflation eased in October, it is still crucial to monitor commodity prices, especially food, transportation, and energy, amid global challenges such as geopolitical uncertainties and the El Niño weather event.

“Moreover, it is important to ensure that the most vulnerable sectors of society are protected and provided assistance, especially while food prices remain high and we expect El Niño to affect local and global food production,” he said.

On the sidelines of the Philippine Economic Society Annual Meeting, Mr. Balisacan said November, December, and January are good months for the agriculture sector, as there are fewer typhoons.

However, demand would be high during the Christmas season, and this may contribute to upward pressures on inflation.

“(Inflation) can probably go (to 2-4%) early next year,” he said. “We are now at 4.9%. If we can get another 1.2-percentage-point reduction, that’s now within the 2-4% band. But still, we want to see progress in the reduction,” Mr. Balisacan said.

In a statement, the Department of Finance (DoF) said the government will continue to implement measures to ensure rice and vegetable inflation will go down for the rest of 2023. This includes the utilization of the Rice Competitiveness Enhancement Fund programs, as well as measures to control nonfood inflation such as demand and supply management for energy and water, careful review of wage and transport fare hikes, and monitoring the suspension of pass-through fees for delivery trucks.

“This ensures the protection of the purchasing power of the most vulnerable families and the continued delivery of essential services such as public transportation and agricultural activities,” Finance Secretary Benjamin E. Diokno said.

BSP PAUSE?
HSBC ASEAN economist Aris Dacanay said inflation will continue to slow in the coming months due to base effects and easing global rice prices.

“Barring any new and unexpected supply shock, we expect the BSP to keep interest rates steady at 6.5% in the upcoming Monetary Board meeting but remain hawkish in tone,” he said in a note.

Last week, the BSP hiked borrowing costs by 25 basis points (bps) in an off-cycle move, bringing the key rate to a fresh 16-year high of 6.5%. The BSP has raised policy rates by 450 bps since May 2022.

The BSP’s next policy-setting meeting is scheduled for Nov. 16.

However, even if inflation returns to the 2-4% target range, headline CPI may rise again, Mr. Dacanay said.

“Our baseline scenario is for inflation to average above 4% in the second quarter of 2024. Triggering the inflation flare up will be the expiration of Executive Order No. 10, an order that temporarily reduces the tariff rates for rice, corn, coal, and pork,” he said.

“We estimate its expiration to add 1.4 ppts to the inflation outlook. Since this is expected, this will likely lead the BSP to keep policy rates high for a prolonged period. We only expect rate cuts to begin in the third quarter of 2024,” he added.

Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco in a note said achieving the 2-4% inflation target band is still doable by the end of the year.

“Not surprisingly from our perspective, today’s report shows a big U-turn in food inflation,” he said. “We expect this U-turn to continue until early next year, particularly with base effects remaining quite favorable.”

Mr. Chanco said the BSP may start cutting policy rates in the first quarter of 2024, with a total of 100-bp worth of easing next year.

The BSP projects the full-year inflation to hit 5.8% for 2023, before slowing to 3.5% in 2024 and 3.4% in 2025. But officials have said they will likely revise their inflation forecasts on Nov. 16. — with inputs from Luisa Maria Jacinta C. Jocson

Trade gap shrinks to $3.5B in September

November 8, 2023 | 12:33 am

port container van-wc — The Philippine trade deficit shrank to $3.51 billion in September. — PHILIPPINE STAR/EDD GUMBAN

THE COUNTRY’S trade-in-goods deficit in September narrowed to its lowest level in nearly a year after a decline in exports and imports, preliminary data from the Philippine Statistics Authority showed.

The trade gap shrank by 27% year on year to $3.51 billion in September from the $4.83-billion deficit recorded in the same month last year. It was also smaller than the revised $4.13-billion deficit in August.

This was the slimmest trade-in-goods gap in 11 months or since the $3.31-billion gap in October last year.

The country’s balance of trade in goods — the difference between exports and imports — has been in the red for over eight years or since the $64.95-million surplus in May 2015.

Merchandise exports contracted by 6.3% to $6.73 billion in September, a reversal from the 7.2% growth in the same month last year and the revised 4.2% in August.

Despite the decline, September’s export value was at the highest level in 10 months or since $7.1 billion in November 2022.

Meanwhile, imports fell by 14.7% annually to $10.24 billion in September, reversing the 14.4% growth in the same month a year ago and worsening from the 13% contraction in August.

September marked the eighth straight month of a decline in imports.

China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message that “the back-and-forth swings between positive and negative growth for exports underscore the uncertain path of recovery, given current macroeconomic conditions.”

In the first nine months of the year, exports dropped by an annual 6.6% to $54.54 billion while imports also declined by 10.2% to $94.36 billion.

This is still well below the Development Budget Coordination Committee’s revised growth targets of 1% and 2% for exports and imports, respectively, for this year.

Year to date, the trade gap narrowed by 14.7% to $39.82 billion from the $46.69-billion gap a year ago.

ELECTRONICS EXPORTS DROPPED
Manufactured goods, which contributed the biggest share to the country’s total export at 82.7%, contracted by an annual 8.2% to $5.56 billion in September.

Electronic products, which account for more than half of exports, dropped by 9.4% to $4.09 billion.

“Exports of electronic products declined after four successive months of growth, this was likely on the back of the persistent slump in manufacturing globally and economic slowdowns in major trading partners,” Ms. Velasquez said.

Semiconductors, which accounted for 81% of electronic products, fell by 7.7% to $3.32 billion in September.

Meanwhile, raw materials and intermediate goods accounted for the biggest share of total imports in September but declined by 17.6% to $3.6 billion.

Imports of capital goods dropped by 11.2% to $2.99 billion while consumer goods dipped by 1.9% to $2.12 billion.

Mineral fuels, lubricants, and related materials also contracted by 27.5% to $1.49 billion.

United States was the top market of Philippine exports in September with $1.06 billion, representing 15.8% of the country’s total exports. The Philippines’ top export trading partners also include China ($1.05 billion), Japan ($898.94 million), Hong Kong ($836.17 million) and South Korea ($306.54 million).

China was the main source of imported goods in September with $2.63 billion, followed by Indonesia ($902.56 million), Thailand ($840.32 million), Japan ($833.15 million) and South Korea ($696.29 million).

Ms. Velasquez said she expects this year’s trade deficit to be narrower than 2022’s gap, providing “some support to the peso.”

“However, the lackluster performance of both exports and imports will take a toll on the country’s economic outlook. Weak imports of capital goods point to a fragile industry performance in the long run,” she said.

For the third quarter, a BusinessWorld poll forecast a median gross domestic product (GDP) growth estimate of 4.9%, faster than 4.3% in August but slower than 7.7% in the same period last year.

This could put the year-to-date average GDP expansion at 5.2%. The government is targeting 6%-7% GDP growth this year. — A.C. Abestano

DBP seeks return of P25-B contribution to Maharlika fund

November 8, 2023 | 12:32 am

By Luisa Maria Jacinta C. Jocson, Reporter

THE DEVELOPMENT BANK of the Philippines (DBP) is seeking the return of its P25-billion contribution to the Maharlika Investment Fund (MIF) until the suspension of the law’s implementing rules and regulations (IRR) is officially lifted.

“We’ve formally requested that the funds could be returned. We just wrote a formal letter asking (for the return of the funds). It’s only proper we have to do that. We don’t know how long the suspension is,” DBP President and Chief Executive Officer Michael O. de Jesus told BusinessWorld on the sidelines of an event on Monday.

Mr. De Jesus said that the request was filed with the Bureau of the Treasury (BTr).

President Ferdinand R. Marcos, Jr. in October ordered the suspension of the Maharlika Investment Fund Act’s implementing rules to improve its organization structure and make it as close to “perfect and ideal as possible.”

Under Republic Act No. 11954, the DBP and the Land Bank of the Philippines (LANDBANK) are mandated to contribute P25 billion and P50 billion, respectively, as the initial seed capital for the MIF. The two state lenders have remitted the funds to the BTr in September.

On Monday, Mr. Marcos said the review of the IRR has been finalized. No other details were provided.

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said that the final version of the IRR will be released by the BTr.

“There’s an IRR committee that has the Bureau of the Treasury assisted by (and) in consultation with other agencies. It’s not the President who issues the IRR, it’s the Treasury as stipulated by the law,” he told reporters on the sidelines of a conference on Tuesday.

As soon as the suspension is lifted, DBP’s Mr. De Jesus said the bank could remit its contribution again. However, he said it would be better if the bank’s contribution could be provided only when it is needed.

“Ideally, it could have been given as an as-needed basis. That’s how private equity works. When there’s actually an investment, that’s when you send the money. Even the corporation hasn’t been set up, they still have to form the board. Even in that set up, they still have to look for investments,” Mr. De Jesus said.

Mr. De Jesus suggested the state banks provide the funds for the MIF on a staggered basis instead of remitting the entire P25-billion amount immediately.

“That will help both the LANDBANK and DBP,” he added.

In a separate statement on Tuesday, the Foundation for Economic Freedom (FEF) also recommended DBP and LANDBANK make their contributions to the MIF be done in phases, “depending on the number of financially viable projects as determined by the MIF Board.”

“A lump sum capital contribution would likely be idle and unproductive since it would take the MIF several years to organize, identify, and vet the projects worthy of investment,” the FEF said.

With this option, the FEF said state banks would be able to continue extending loans to priority sectors.

“The lump sum contributions of DBP and LANDBANK will be charged against its capital in their balance sheets and constrain their ability to extend loans. On the other hand, a phased-in contribution will allow the government financial institutions (GFIs) to continue to extend loans, build up their profitability, and further boost their capital,” it said.

“Furthermore, a phased-in capital contribution may help the GFIs avoid a credit rating downgrade, which will affect the cost of its borrowings,” it added.

This would also help ensure the financial stability of the state lenders and “avoid establishing an unwelcome precedent that may cause harm to the entire financial industry in the long run.”

The LANDBANK and DBP have sought regulatory relief from the Bangko Sentral ng Pilipinas (BSP) after making their contributions to the MIF.

BSP Governor Eli M. Remolona, Jr. earlier noted that the banks’ contributions put them at risk of being noncompliant with regulatory requirements.

Ateneo de Manila economics professor Leonardo A. Lanzona said that the revised IRR should address transparency concerns.

“The MIF remains shrouded in mystery while the funds are all public resources. If there is no transparency, how can we know if the money is used properly or if the money coming to the fund is legal?” he said via Facebook Messenger.

The government earlier said that the Maharlika fund was expected to be operational by yearend, with market activities to begin by the first quarter of 2024.