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Sustainability key to resilient economy, says SEC commissioner

THE SECURITIES and Exchange Commission (SEC) is advocating for broader adoption of sustainable practices among businesses in the Philippines.

“The sustainability landscape is continually evolving, and with it, so are the expectations placed upon businesses,” SEC Commissioner Javey Paul D. Francisco said during his keynote speech at a forum in Quezon City on Wednesday.

“By integrating sustainable practices into your core strategies, you not only safeguard the future of your organizations, but also contribute to building a resilient and inclusive economy for all Filipinos,” he added.

Mr. Francisco said the SEC is aiming to further push sustainable projects and activities in the country, as well as to make the Philippines a leader in sustainable capital market development in the region.

“Through our policies, we are not only empowering individuals, but also strengthening the very foundation of our economy. True sustainability encompasses both environmental and social dimensions, and only by addressing these together can we create resilient and inclusive societies,” he said.

“It is up to us as leaders in the corporate sector, to work towards the universal sustainable agenda and to lead by example for others to follow,” he added.

Meanwhile, the United States Agency for International Development Investing in Sustainability and Partnerships for Inclusive Growth and Regenerative Ecosystems project (USAID INSPIRE) and the Institute of Corporate Directors (ICD) have strengthened the fight against climate change and its impacts by sounding a call to action to address environmental degradation.

The two groups also pushed for inclusive development through shared initiatives as well as increased accountability in sustainability reporting.

These happened as USAID INSPIRE and ICD held the Sustainability Nexus: Inspiring Ideas for a Sustainable Philippines forum in Quezon City on Wednesday. The forum discussed the status of environmental governance in the country; shared best practices of sustainability models belonging to the private sector and civil society organizations; and explored opportunities for cooperation.

“We need to work harder, better, and faster. There are six years left until 2030 and only 17% of global development goals are on track. We are facing threats to our natural ecosystems, our businesses, our way of life,” INSPIRE Project Chief of Party Rebecca R. Paz said.

“Let us use this opportunity to decide how we can work together and make a truly meaningful impact,” she added. — Revin Mikhael D. Ochave

Growth of PHL financial assets fastest in 6 years

STOCK PHOTO | Image from Freepik

GROSS FINANCIAL ASSETS in the Philippines posted the fastest growth in six years in 2023, driven mainly by securities, according to a report by Allianz SE.

“Gross financial assets increased by 13.2%, not only the fastest increase in six years, but also the fastest increase in the region (except for Cambodia), well ahead of China or India,” the German insurer said in a statement on Wednesday.

The Philippines’ gross financial assets were 327 billion euros, or 2,890 euros per capita and equivalent to 82.4% of economic output. Its net financial assets stood at 220 billion euros, or 1,940 euros per capita.

But Allianz noted that despite the strong growth, the Philippines still ranked low compared with other countries at 49th in net financial assets per capita out of 57.

The top five countries with the highest net financial assets per capita were the US (260,320 euros), Switzerland (255,440 euros), Denmark (172,200 euros), Singapore (171,930 euros) and Taiwan (148,750 euros).

The countries with the least net financial assets per capita were Pakistan (510 euros), Indonesia (940 euros), Argentina (940 euros), Cambodia (1,510 euros) and Vietnam (1,650 euros).

Allianz said real financial assets globally were well above the pre-pandemic level (28.9%). It added that countries’ financial asset growth was led by securities, which increased by 16%. Bank deposits and insurance and pensions grew by 9.1% and 9.8%, respectively.

However, it noted that insurance and pensions remained underweighted in Filipino households’ portfolios with a 7% share, compared with 57% for bank deposits.

“In real terms, the picture is a little less rosy,” Allianz said. “Adjusted for inflation, the increase in 2023 almost halved to 6.8%.”

Meanwhile, Philippine liabilities grew by 12.9%, resulting in a 27.1% growth in debt ratio in 2023, which Allianz said was at the lower end.

Allianz is active in the Philippines as Allianz PNB Life, a joint venture with Philippine National Bank (PNB).

Allianz bought 51% of PNB Life Insurance, Inc. in June 2016. — Aaron Michael C. Sy

​IC design firm competition aims to support semiconductor industry

TRUSTPAIR.COM

FILIPINO-OWNED integrated circuit (IC) design solutions company Xinyx Design last week held the second edition of Unlocked, a national competition that aims to help address the lack of semiconductor professionals in the country.

The competition aims to promote IC design and semiconductor innovation in the Philippines, the company said, featuring a variety of activities that highlight the collaboration needed between the industry, academia, and government to boost the semiconductor sector.

“This is designed not only to identify top talent, but also to create a sustainable ecosystem where students, industry leaders, and educators can collaborate to close the talent gap and ensure the Philippines remains competitive in the global semiconductor market,” Charade Avondo, president of Xinyx Design, said in a statement.

“Additionally, the government can play a more active role in promoting Electronics Engineering as a viable and attractive career path,” Ms. Avondo said.

She added that by investing in the marketing and promotion of this field as early as the grade school level and beyond, the Philippines can position itself as a global hub for semiconductor talent and help drive innovation.

“The creation of a Philippine Institute of Microelectronics, modeled after Taiwan’s successful rise as a leader in the semiconductor world, would serve as a national center for advanced research, training, and industry collaboration, ensuring the Philippines remains competitive on the global stage,” Ms. Avondo said.

At the start of the two-day event on Sept. 19, 13 finalists for the Innovation Challenge pitched to the technical and investors panel.

Day two featured the IC Design Olympics, which included a microelectronics test and challenges, and panel discussions. The awarding ceremonies for the Philippine IC Design Award 2024, the IC Design Olympics, and the Innovation Challenge were also held on that day.

Tech entrepreneur Dado Banatao won the Philippine IC Design Award this year, while the 2024 champion for the Unlocked Innovation Challenge was the Technological University of the Philippines (Manila) for their entry “LiverScan+: An Automated Detection and Diagnosis of Focal Liver Lesions through AutoML-Based Triphasic Contrast-Enhanced CT Image Analysis Using Jetson Nano.”

The five students who worked on the proposal won P70,000. — A.R.A. Inosante

Dining In/Out (09/26/24)


Seattle’s Best launches new Javakula collection

SEATTLE’S BEST COFFEE has launched its latest Brownie Javakula collection with the introduction of three new creations based on the Classic Brownie Javakula (a blend of coffee-based mix, vanilla syrup, brownie bits, whipped cream, and dark chocolate sauce). The three new variations are: Cream Cheese Brownie Javakula (an ice-blended drink made with a coffee-based mix, vanilla syrup, and brownie bits, topped with cream cheese), Walnut Brownie Javakula (an ice-blended drink made with a coffee-based mix, brownie walnut syrup, and brownie bits, crowned with whipped cream), and Blondie Javakula (a combination of a coffee-based premix, vanilla syrup, and blondie bits, topped with whipped cream and garnished with even more blondie bits). The new Brownie Javakula collection is available at all Seattle’s Best Coffee locations for a limited time only.


Manila Hotel’s early bird offer on Christmas Hampers

THE MANILA HOTEL is ushering in the holiday season early with its Christmas Hamper early bird offer. Until Oct. 31, customers can enjoy a 20% discount on the assembled gift baskets filled with festive treats and signature goodies. This year’s hampers are inspired by the traditional Filipino salakot headgear, adding a cultural touch to the holiday celebrations. The Standard Hamper is priced at P2,304 (regular price P2,880) that includes Bahay Kubo gingerbread, Christmas cookies, fruitcake, Harana pralines, Cashew Raisin Cluster, The Manila Hotel Facade chocolate bar, and a Santa with Bag chocolate. The Deluxe Hamper, available for P5,504 (regular price P6,880) offers an elevated collection, featuring Bahay Kubo gingerbread, Pili Nut pralines, fruitcake, Food for the Gods, mango nut cluster, Santa with Bag chocolate, Christmas cookies, bignay wine (375ml), and a Willy the Bear stuffed toy. It also includes a Regular Prestige Card for added perks. Finally, the Premium Hamper, priced at P7,280 (regular price P9,100), is the ultimate indulgence, offering Harana pralines, The Manila Hotel Facade chocolate bar, The Manila Hotel Blend coffee drip, bignay wine (375ml), tablea (250g), a tsokolatera pot with wooden whisk, The Manila Hotel tumbler, Ilang-Ilang notebook, Willy the Bear keychain and stuffed toy, and a Regular Prestige Card. Pick-up of orders starts on Nov. 1. For orders and inquiries, call the Delicatessen at 8527-0011 or 5301-5500 local 1125, or e-mail restaurantrsvn@themanilahotel.com.


Samsung Smart Oven is all-in-one

FEATR MEDIA (that’s James Beard awardee Erwan Heussaff and his team) tested out a variety of healthy dishes in its latest online video with just one device — Samsung’s new All-in-One Smart Oven. In Samsung and FEATR’s latest collaboration, the chefs participated in a cook-off that highlighted the smart oven’s functions: grilling, air frying, heating, and baking. Among the dishes they demonstrated was a one-pan fajita, highlighting the grill feature, a function that was also used for a prawn thermidor recipe. A soft-shell crab bánh mì highlighted how the airfrying feature helps achieve a crunch. The baking feature of the oven was used to make a roasted vanilla saffron chicken and a burnt Basque cheesecake. Samsung’s SmartThings app can be used to customize cooking functions and setting the perfect cooking time for any dish. The SmartThings Food option offers a guided cooking experience and can even recommend personalized recipes based on a family’s needs and dietary preferences. The Smart Oven is also easy to maintain as its ceramic enamel interior is easy to clean and shows an antibacterial activity of 99.9%. The ceramic enamel is also guaranteed to be about 24 times more scratch-resistant than stainless steel. For more information, go to https://www.samsung.com/ph or visit any of Samsung’s authorized dealers nationwide.


Tang launches two new limited-edition flavors

TANG adds a new fruity twist on lemonade with two new, limited flavors: Tang Strawberry Lemonade and Tang Mixed Berries Lemonade. Available for a limited time only, both come in cute and colorful Toy Story themed packaging, featuring characters from the Disney and Pixar feature film. Tang Strawberry Lemonade features Jessie the Cowgirl, while Tang Mixed Berries Lemonade features the multi-eyed Alien. The Tang Strawberry Lemonade and Tang Mixed Berries Lemonade are available in all leading groceries and supermarkets nationwide.


Del Monte Pineapple Juice: smarter for the heart?

DEL MONTE 100% Pineapple Juice Heart Smart is made with freshly squeezed farm-fresh pineapples that is good for the heart. The beverage is fortified with Reducol, a unique blend of phytosterols and phytostanols clinically proven to block cholesterol absorption from the gastrointestinal tract (www.ashland.com. https://www.ashland.com/file_source/Ashland/Documents/Reducol%20Sell%20Sheet.pdf). When taken regularly, the drink can help lower cholesterol in as little as four weeks. Del Monte 100% Pineapple Juice Heart Smart has no added sugar. Drinking two glasses of Del Monte 100% Pineapple Juice Heart Smart daily is recommended to lower cholesterol. Clinical studies show that when combined with proper diet and exercise, the beverage helps lower cholesterol in as little as four weeks. Del Monte 100% Pineapple Juice Heart Smart is available in a 220ml can and one liter tetra in all leading supermarkets and grocery stores nationwide. It is also available at Del Monte’s e-commerce shops in Lazada, Shopee, and TikTok Shop. For more information, visit kitchenomics.com.


Foodpanda has pink jeepneys

ONE MAY have noticed something unusual — pink jeepneys popping up in busy spots. These jeepneys aren’t just eye-catching; they’re offering free rides on two popular routes: Cubao to Marikina and Monumento to EDSA Rotonda. It’s all part of foodpanda Philippines’ new Christmas campaign. The multinational online food and grocery delivery platform is kicking off this holiday campaign both on the streets and onscreen. The pink jeepneys are just the beginning. Foodpanda has also unveiled a new TV commercial featuring a group of office workers who start out looking deliriously hungry — then they remember foodpanda. The once-tired officemates break into a lively dance, moving to the beat of “foodots,” a combination of the word “food” and the popular Filipino music genre “budots.”

National Government fiscal performance

THE NATIONAL Government’s (NG) budget gap sharply narrowed in August as a double-digit jump in revenues offset a surprising dip in spending, the Bureau of the Treasury (BTr) said on Wednesday. Read the full story.

National Government fiscal performance

Time alone

ANDREW GOOK-UNSPLASH

THE DESIRE to be alone beckons those neither in the throes of depression or fleeing an arrest warrant. Sometimes, solitude is not always a matter of choice anyway, as when nobody seems to be available for lunch even for the next two weeks. (Let me get back to you before Christmas.) Invitees just seem to be too busy with more important events than meeting with you over salad nicoise and iced coffee.

Still, there are activities that require being alone.

You may need to do some reading without interruption. You may require silence to nail down a fleeting subject with words, or to think of exit strategies without needing to bounce ideas off anybody. It’s true that memory-jogging for a fleeting face suddenly forgotten requires younger company to provide possible answers — did she had “peach fuzz” on top of her lips? Sometimes, you simply want to meditate in silence on how you got so many skin tags on your neck and back in your old age.

You detest the company of strangers while in the plane on your way to a foreign country, especially in the seat beside you crowding your space with unwanted conversation asking what you do for a living. (I can’t hear you with my earphones on.)

In interviews, celebrities predictably mourn the loss of their privacy, the right to be by themselves when strolling around the mall, unwilling to be accosted and required to pose for selfies from impertinent fans. No longer can they shop and do pedestrian chores without attracting mobs dissecting their lives based on chance encounters — who was that person he was walking with?

Don’t Olympic medal winners naturally hide from those who want a small slice of their untaxed prize money? Not all of them are relatives. Sure, this new celebrity can allow the company of a blonde-dyed friend. What do they talk about? After toting up the money and gifts, maybe the next thing they crave is privacy.

Solitude should not be the result of simply being forgotten or seen to be socially “radioactive” and shunned. Even misanthropes sometimes crave company. After abandoning their solitary status, they want to hear a human voice directed at them — Do you know where the CR is?

There is some appeal in having friends engaging in aimless conversation discussing political scenarios in the US elections, stock market gyrations, career shifts, and how much cheaper electric cars have become. Topics differ with certain Viber groups. Religion is one. The Simon and Garfunkel song, “Dangling Conversation” (It’s a still life watercolor/ of a now late afternoon/ as the sun shines through the curtained lace/ and shadows wash the room) captures this mood of social interaction.

Solitude can be unbearable when imposed involuntarily. It may include getting lost in a foreign city, a marital split-up, or being shunned after undergoing a hostile investigation into what happened to your budget.

After the now waning option of online meetings in the pandemic, foreign travel for business or leisure is picking up. And yet even crowded airports can bring out the feeling of solitude.

What brings home this solitary feeling in the solo business traveler is standing by the restaurant sign, waiting to be seated. (Do you have a reservation?) When his turn comes, he asks for a table for one — near the window.

Breakfast at a foreign hotel can be lonely. There is a compulsion to make it look voluntary, even preferred. One gets busy with the mobile phone, checking the news and e-mails as he takes his coffee and poached eggs to keep occupied. He picks up where he left off in the latest book by Ken Follett he is reading on the introduction of the spinning wheel and the economic stresses of the 23 years of the Napoleonic war.

Time alone should be a matter of choice.

Greta Garbo, an actress from the silent movies, and very early turned recluse, famously uttered that most quoted line, “I want to be alone.” This much attributed quote comes from Garbo’s role as a ballerina in the movie, Grand Hotel. She clarified that what she really said was: “I want to be left alone.”

Wanting to be left alone can be a plea. It can also be a situation that has lost its allure.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Samsung, Globe partnership targets holiday shoppers with promotion

PHILIPPINE STAR/MIGUEL DE GUZMAN

SAMSUNG Electronics Philippines Corp. (SEPCO) and Globe Telecom, Inc. are aligning their joint promotion with the holiday season to boost sales.

Every purchase of participating Samsung Smart TV comes with a free GFiber Prepaid installation service worth P1,499, the two companies announced on Wednesday. This promo runs from Aug. 15 to Dec. 31 this year.

“I think our partnership as we celebrate it today, this is also one way to upscale the viewing experience of the Filipinos and our consumers at large,” Christopher B. Almazan, head of audio visual (AV) at SEPCO said during an event on Wednesday.

GFiber Prepaid offers reloadable unlimited internet with speeds up to 50 megabits per second and no lockups.

“We are launching next month the postpaid partnership where if you subscribe to Globe Postpaid, you get special TV discounts,” said Mahir Al-Rubah, AV product marketing head at SEPCO. — Aubrey Rose A. Inosante

Arts & Culture (09/26/24)


A two-day photography workshop for creatives

ON Sept. 28 and 29, creatives can learn the art of photography at a two-day workshop titled “I Am Abi Conference: Courage to Learn.” It will be held on both days from 10:30 a.m. to 5:30 p.m. at Sampaguita Gardens, 36 Valencia St., Quezon City. Attendees can customize participation to attend either: 1.) the workshops plus the open shoot, or, 2.) the general admission events plus the open shoot. Aside from workshops on topics such as lighting, posing, and creative photography, and talks by keynote speakers, the event also includes raffle draws and opportunities to learn about the latest photography trends and network with fellow creatives and photo enthusiasts. The proponent, I Am Abi, is a photo studio that specializes in art photography and movement portraits. The studio’s resident photographers are Abi Miguel, Roj Miguel and Chris Casas. Register at: www.iamabi.com/conference4creatives.


Political Cartooning exhibit launch

THERE will be an exhibit on political cartooning on democracy and human rights, complete with live cartooning, on Sept. 28 at COMUNA, Makati, from 3 p.m. onwards. Thirty comic artists from around the world will come together to showcase how comics reflect, critique, and challenge the status quo. A roundtable discussion on Sept. 29, 4 p.m., at Rappler Newsroom will be a conversation about the intersection of comics and activism. Open and free to everyone, registration can be found here: bit.ly/PAKRTDRegistration.


3 approaches to painting with blue now on display

RAECHE, Ronna, and Rufe are three artists coming together through the color blue at Robinsons Land ARTablado. They explore how the color is a symbol of depth, tranquility, and introspection in the visual arts. Tied together by their shared palette yet distinct in their personal interpretations, the three redefine how they respond to and make a connection with the color in Into the Blue, on view until Sept. 30 at Robinsons Land ARTablado, Level 3 of Robinsons Galleria, Ortigas Center.


Manila Symphony Orchestra to perform Beethoven

THE Manila Symphony Orchestra (MSO) will showcase beloved and hidden gems of Beethoven’s repertoire this October. The MSO is offering an all-Beethoven program on Oct. 5, 7:30 p.m., at the Aliw Theater at the CCP Complex, Pasay City. It includes three Beethoven works that are unique and rarely performed. One of these is the Overture to King Stephen, originally written as a play, with Russian conductor Alexander Vikulov at the helm. Joining the MSO is solo pianist, Mariel Ilusorio, who will perform the iconic Piano Concerto No. 3 in C minor. Finally, Symphony No. 4 in B-flat major will conclude MSO’s tribute night. Tickets to Beethoven Piano Concerto No. 3 and Symphony No. 4 are available online at TicketWorld.


Bernard Vista exhibit on the Filipino spirit

FARMERS reaping a bountiful harvest in the rice fields, father and son enjoying an afternoon merienda of pan de sal and coffee, two lovers sharing a moment with a heartfelt harana — these are just some of the simple scenes captured by artist Bernard Vista in his oil on canvas landscape paintings. The exhibit Countryside Chronicles showcases the artist’s affinity for genre painting against the backdrop of the rustic rural Philippines. A scholar of the Saturday Group of Artists under the tutelage of National Artist Cesar Legaspi, Mr. Vista is displaying his works at Galerie Joaquin BGC from Sept. 24 to Oct. 6. The gallery is located on the Upper Ground Floor of One Bonifacio High Street Mall, 5th Ave. corner 28th Street, Bonifacio Global City, Taguig.


NAMI Art Gallery presents Raul Isidro, Juno Galang

The two-man exhibition UNFOLD is a showcase of the works of Filipino artists Raul Isidro and Juno Galang. On view from Sept. 25 to Oct. 8 at Ayala Museum’s  ArtistSpace, it aims to “present a new or to put into conversation afresh what is already an established style, yet with refinements and breakthroughs.” Organized by NAMI Art Gallery, the current and past works of both artists stand as a testament to their longstanding friendship since their days in the College of Architecture and Fine Arts (now Fine Arts and Design) at the University of Santo Tomas. ArtistSpace is located on the Ground Floor of the Ayala Museum Annex in Makati City.


Leandro Locsin exhibition opens at Benilde

THE retrospective exhibit The Poet of Concrete: The Architecture of National Artist Leandro Locsin, brings the life and works of one of the most important names in the field of Philippine art and design to the public. It walks the viewers through the creative journey and illustrious career of Locsin, whose genius has left an indelible mark on Philippine architecture, through a comprehensive timeline of drawings, photographs, and models of his most iconic buildings, courtesy of Leandro V Locsin Partners (LVLP). It also tackles his enduring influence and legacy as seen through the current work of LVLP, now headed by his son Andy. The exhibition was produced by the Center for Campus Art (CCA) of the De La Salle-College of Saint Benilde (DLS-CSB) in cooperation with the Cultural Center of the Philippines and LVLP. The exhibit runs until Dec. 14 at the 12F Gallery of the Benilde Design + Arts Campus, 950 Pablo Ocampo St., Malate, Manila.


PPO announces 40th concert season shows

THE Philippine Philharmonic Orchestra (PPO), the premier resident orchestra of the Cultural Center of the Philippines (CCP), embarks on its 40th concert season, called “FORTE.” Under the baton of music director and principal conductor, Grzegorz Nowak, the season “pays vibrant tribute to Filipino culture and the universal spirit of celebration.” Its season opener, CONCERT I: FIESTA!, is slated for Sept. 27, 7:30 p.m., with guest violinist Shlomo Mintz joining the orchestra for a performance of Max Bruch’s Violin Concerto No. 1, op. 26, G minor. They will also premiere the composition of its resident composer Jeffrey Ching: Fiesta Contrapuntistica. For CONCERT II: TRIUMPH on Nov. 15, at 7:30 p.m., Grammy Award-winning cellist Sara Sant Ambrogio will join the orchestra in a program featuring Rimsky-Korsakov’s Capriccio Espagnol, op. 34, Edward Elgar’s Cello Concerto, op. 85, E minor, and Robert Schumann’s Symphony No. 2, op. 61, C Major. To end 2024, CONCERT III: FANTASY, on Dec. 6 at 7:30 p.m., will feature violin prodigy Andrea Obiso, who will take on Gioacchino Rossini’s William Tell Overture, Camille Saint-Saëns’ Violin Concerto No. 3, op. 61, B minor, and Peter Ilich Tchaikovsky’s Symphony No. 5. For the full schedule of concerts until 2025, visit the CCP and PPO’s social media pages. All shows will be at the Samsung Performing Arts Theater in Circuit Makati, with tickets priced from P500 to P3,000.

CloudCFO banks on SME digitalization

STEVE BUISSINNE-PIXABAY

PHILIPPINE-BASED CloudCFO expect’s its client base of small and medium enterprises (SME) to grow amid the rising demand for digitalization.

“The demand is there,” CloudCFO Chief Executive Officer Mickael Cardoso Das Neves told a news briefing on Wednesday. “There is the digitalization aspect. In the Philippines, digitalization is actually ongoing. There is a need for it.”

The cloud accounting company has more than 230 SME clients, 80% of which come from the Philippines.

The company last week integrated artificial intelligence (AI) in its operations, automating expense transactions to keep up with the needs of business owners.

“What we’re doing is contextualizing a lot of what happens around the accountant treatment by bringing in a lot more information,” he said.

CloudCFO is also investing in AI training programs for its accountants.

“They’ll need to understand how technology works, how it delivers the output, and then advise the customer on the output,” Mr. Das Neves said.

“And for us to do that, we really have to elevate the job of the accountant. It’s not about credit-debit anymore. It’s about analysis, it’s about understanding systems, and it’s about taking that information and advising your customers,” he added.

Meanwhile, the country’s increasing adoption of a digital regulatory framework is expected to help CloudCFO boost its client base and simplify processes.

“As things become more digital, I think some of the barriers to full digitalization in some processes would start to kind of lift off,” Mr. Das Neves said.

Certain tax policy changes are also expected to boost CloudCFO’s client acquisition as businesses seek help on how to navigate such legal changes.

“We do acquire clients from tax updates,” the CEO said. “This is a huge opportunity for us because people completely off the grid are now inclined to register… You also have tax updates that make things more complicated.”

CloudCFO is also looking at tapping businesses outside the National Capital Region, but the company could be slowed by fewer companies adopting digitalization.

The firm is focusing on tapping the hospitality sector first, as well as major cities like Davao and Cebu.

“We can see that digitalization in Manila is probably more advanced than in the more provincial areas, aside from the big cities,” Mr. Das Neves said. — Aaron Michael C. Sy

An outsider critiqued Meta’s smart glasses. Now she’s in charge of them

TRUSTPAIR.COM

LI-CHEN MILLER wasn’t even a Meta Platforms, Inc. employee when she started working to fix the company’s video-recording sunglasses.

Ms. Miller was working at Microsoft Corp. in late 2021 when she purchased a pair of Ray-Ban Stories, the first version of Meta’s souped-up sunglasses. But her excitement about the novel idea was quickly overshadowed by all the ways she thought they could be improved. So she dashed off a detailed — and unsolicited — list of suggested fixes to Alex Himel, Meta’s head of wearables.

“She wrote me an e-mail that articulated what she thought was good about the device and what was promising, and then a longer list of things that she would improve,” Mr. Himel said, recalling that he agreed with most of the ideas.

Ms. Miller’s e-mail and her meticulous attention to detail landed her a job the following year at Meta, where she now oversees products for the entire wearables division, including a full line of the Ray-Ban glasses she previously critiqued. Once more of a novelty, the glasses are becoming increasingly important within Meta, owner of Facebook, Instagram, and WhatsApp. Chief Executive Officer Mark Zuckerberg has spent billions of dollars researching and building futuristic wearable technology, a bet on his belief that augmented reality (AR) glasses, which can overlay images and text on a user’s view of the physical world, will be the next major computing platform. One day, the company has suggested, they may even replace the phone in your pocket.

That vision will be on display Sept. 25 at Meta’s annual Connect conference in Menlo Park, California, where the company is expected to unveil an AR glasses prototype that also falls under Ms. Miller’s authority, code-named Orion. While an AR version is still years away from mainstream availability, the Ray-Ban Meta glasses are available now, and have been a “bigger hit sooner than we expected,”Mr. Zuckerberg told investors last month.

While the current edition of Meta-powered Ray-Bans don’t yet have augmented reality capabilities, they do have video cameras, speakers, and an AI assistant you can talk to. They’re also significantly more stylish than the Orion glasses are expected to be, and cost $299. That’s been enough to attract more than half a million consumers, according to market research firm IDC, which estimates Meta has shipped upwards of 700,000 pairs of the latest Ray-Bans since their launch in 2023.

Meta’s goal is to one day merge these two projects into one product: A fashionable pair of glasses coupled with advanced AR technology. The idea is to get people accustomed to the idea of smart glasses slowly, building up to a pair with full augmented reality capabilities. There’s a “laddering up to AR glasses that we’re certainly going after,” said Heidi Young, Meta’s vice-president of engineering.

For now, the top of that ladder is many rungs away. After years of investment, Meta is still far from delivering a pair of glasses that are stylish enough to work for general consumers but powerful enough to offer AR features. Other companies have tried augmented reality glasses, including Alphabet Inc.’s Google and Snapchat parent Snap, Inc., though neither has found a robust market for their products in part because the glasses look bulky or weird. Eight years after first taking a crack at the wearables market, Snap showed off its own AR glasses, called Spectacles, earlier this month, but is only releasing them to developers.

For Mr. Zuckerberg, successfully blending the Ray-Ban styles with AR features would be the ultimate aim, since owning a widely used pair of AR glasses would mark a step toward decreasing Meta’s reliance on rivals like Apple, Inc. and Google. The two companies dominate the smartphone market, which also means they serve as middlemen between Meta’s products and the consumers who use them. Mr. Zuckerberg has said that structure has hurt Meta’s business and can be “soul crushing.” If glasses are indeed the future, Mr. Zuckerberg wants to own the market.

Ms. Miller will have a major role in determining whether Mr. Zuckerberg’s vision succeeds. A self-described “crazy cat lady,” she took the stage at Meta’s Connect conference a year ago in a pair of Hello Kitty jeans and a T-shirt featuring a picture of her own cat, Adobo. She delivered an impassioned speech to thousands of software developers about the potential for Meta’s smart glasses. “You no longer have to choose between capturing the moment or truly experiencing it,” she said. Even though the attendees had mostly flocked to Meta’s headquarters to hear more about the company’s latest Quest virtual reality headsets, Ms. Miller stole the show.

“They were not there for glasses, and then she took the stage and I think really overpowered the event,” Mr. Himel said. “A large percentage of people who went to the event actually bought glasses on the spot and took them home.”

Sales savvy aside, Ms. Miller’s contributions to Meta’s wearables division are the result of spending almost two decades at Microsoft, where she worked on a collection of consumer products that included Xbox, Windows, Windows Phone, and the Bing search engine. It was there that Ms. Miller first developed a reputation among colleagues for being “in the weeds” — displaying a knack for the kind of detailed analysis that caught Mr. Himel’s eye. “She would be in every single ship room and review we had for the program,” said Marleine Daoud, who worked with Ms. Miller on new features for Xbox’s rewards program. That level of involvement was rare for leaders at her level, Ms. Daoud said.

Ms. Miller also learned the challenges of packing a lot of computing power into tiny devices, said Shiraz Cupala, a product leader for Microsoft Teams, who worked with Ms. Miller on bringing Xbox features to Windows Phone. “You have to take into account the constraints of the device to create an experience that really works well and is reliable,” Ms. Cupala said. “She has a very strong instinct about how to make those hard decisions.”

That skillset has been put to use as Ms. Miller worked on Meta’s smart glasses, which feel as thin as regular sunglasses but are enhanced by Meta’s virtual assistant, Meta AI, and can take photos, record videos, play music and respond to voice commands. She uses them all the time, sometimes for helpful things, like using the camera and voice assistant to translate a menu in a foreign language, or for mundane things like recording her cats playing around in the living room. Some days, Ms. Miller wears the glasses as much as 14 hours.

While in Paris this summer to watch the Olympics, for example, Ms. Miller brought along three different pairs of Meta’s smart glasses, some of which had unreleased features and technology, to stress test them in the “wild,” according to Mr. Himel. When she returned from vacation, she once again handed her boss a list of changes and feedback.

“When you wear a product that much, you do love it,” Ms. Young said. “But you also see all of the little flaws and warts all over the product and so you just become doggedly obsessed with fixing those things.” Ms. Young credits Ms. Miller with having an outsized influence on the product’s look and feel, including the cat-eye shape, which Meta worked on alongside Ray-Ban parent company EssilorLuxottica. She also said Ms. Miller has pushed hard to improve the camera and its functionality within the glasses to ensure high-quality photos. “If there was one person that put their fingerprint on this product, I would say it’s her,” Ms. Young said.

Ms. Miller says part of what motivated her to join Meta was the company’s drive to dominate a new category of technology. “I want to work on something that will still be here and be relevant in 10 years,” she said in an interview with Bloomberg Businessweek earlier this year. “It was very attractive to me that Meta is very ambitious. Mark puts money where his mouth is.”

Ms. Miller wasn’t the only critic of Meta’s first pair of smart glasses from 2021; only 10% of the people who bought them used them monthly, according to the Wall Street Journal. Snap fared even worse with its first effort at glasses several years ago, and the company ended up taking a $40-million write-down for unsold inventory.

Mr. Zuckerberg seems more optimistic this time. He said advancements in Meta’s AI voice assistant are part of why the current Meta-enabled Ray-Bans are more useful, spurring adoption. “Demand is still outpacing our ability to build them,” he said in July. — Bloomberg

How PSEi member stocks performed — September 25, 2024

Here’s a quick glance at how PSEi stocks fared on Wednesday, September 25, 2024.


Philippines says Chinese navy helicopter shadowed its aircraft

PHILIPPINE STAR/MICHAEL VARCAS

THE PHILIPPINES said on Wednesday its fisheries bureau aircraft was shadowed and approached by a Chinese navy helicopter while on patrol near the disputed Scarborough Shoal, in another face-off between two countries locked in a bitter row over territory.

The Philippine National Security Council (NSC) said the incident took place on Monday and its aircraft was still able to complete its mission. China’s embassy in Manila did not immediately respond to a request for comment.

It was the latest in the series of air and sea encounters between the two countries that have sparred over contested areas of the South China Sea, including the Scarborough Shoal, one of Asia’s most contested features, which has been occupied by China’s coast guard for more than a decade.

China’s actions violated air safety regulations, the NSC said in a statement.

Based on its interpretation of old maps, China claims almost the entire South China Sea, including the Scarborough Shoal, coveted for its bountiful fish stocks and a stunning turquoise lagoon.

The shoal, named after a British vessel that got stuck there centuries ago, is located 200 km (124 miles) off the Philippines, inside its exclusive economic zone (EEZ).

A 2016 ruling by the Permanent Court of Arbitration found China’s sweeping claims were not supported by international law, a decision Beijing refuses to recognize.

The tribunal did not determine sovereignty over the Scarborough Shoal, which it said was a traditional fishing ground for several countries.

CHINESE ‘INTERFERENCE’
Separately, the Philippine defense minister told China on Wednesday to withdraw vessels from its EEZ and accused Beijing of trying to meddle in its defense activities, including its use of a US mid-range missile launcher for training.

Reuters reported last week the United States has no immediate plans to pull out the missile system, which can be equipped with cruise missiles capable of striking Chinese targets.

“China is saying that they are alarmed, but that is interference into our internal affairs,” Defense Secretary Gilberto Teodoro told reporters.

“Why don’t they lead by example? Destroy their nuclear arsenal. Remove all their ballistic missile capabilities. Get out of the West Philippine Sea, and get out of Mischief reef,” he added, referring to the Philippine EEZ and a manmade, militarized island built there by China.

China has expressed concern over the deployment of the Typhon system in the Philippines, accusing Washington of fueling an arms race.

Philippine military chief Romeo Brawner on Wednesday said if he had his way, “I would like to have the Typhons here in the Philippines forever.”

The Department of Foreign Affairs declined to comment over WhatsApp message.

This development gives rise to a need for government agencies, such as the Armed Forces of the Philippines (AFP)  to “speed up interoperability” to counter China’s actions.

“The AFP and government agencies that are related to maritime and aerial security of the WPS (West Philippine Sea) must speed up interoperability,” Chester B. Cabalza, founding president of Manila-based International Development and Security Cooperation, told BusinessWorld in a Facebook Messenger chat.

“By doing so, we can counter China’s continuous aggression and hostility disrupting not only freedom of navigation but also freedom of overflight.” — John Victor D. Ordoñez with Reuters

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