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SEC clarifies required comparative periods for companies filing their registration statements

COMPANIES registering their shares with the Securities and Exchange Commission (SEC) are required to submit two comparative periods for the past three fiscal years to show changes in their financial condition, the regulator said.

The commission issued the clarification amid mixed interpretations of a specific provision under the Securities Regulations Code (SRC).

In Memorandum Circular No. 13 signed by SEC Chairperson Emilio B. Aquino on Sept. 12, the securities regulator clarified Part III, paragraph A, subparagraph 2 (a) of Annex C of the SRC regarding the comparative periods required in the management’s discussion and analysis in a company’s prospectus. 

Annex C of Rule 12 contains details for the non-financial disclosure requirements in the registration statements that should be filed with the SEC.

The circular clarified that a registrant should provide the following disclosure comprising two comparative periods for the last three fiscal years in the management’s discussion and analysis portion of its prospectus.

“The foregoing portion of Annex C gave rise to conflicting views and varying interpretations as to the number of fiscal years required to be disclosed in the management’s discussion and analysis portion of the prospectus,” the circular said.

The SEC’s markets and securities regulation department sought guidance from the commission en banc on the interpretation of the phrase “for each of the last three fiscal years” as provided in Annex C, which was subsequently clarified during an en banc meeting on Sept. 5.

According to the circular, the interpretation will apply prospectively to registrants required to file registration statements and other reportorial documents, which include disclosure of a management’s discussion and analysis.

Sought for further comment, SEC Commissioner Kelvin Lester K. Lee said the circular aims to allow easier ways to raise capital. 

“The rationale is to make it easier to file registration statements and as a result make it easier to raise capital.  This covers registration statements and/or other reportorial documents, which include a disclosure of a management’s discussion and analysis,” Mr. Lee told BusinessWorld in a Viber message.

“This is for those that intend to file registration statements,” he added.

The SEC said the interpretation under the circular would take effect 15 days from its publication. — Revin Mikhael D. Ochave

MTRCB head target of online hate

THE MOVIE and Television Review and Classification Board (MTRCB) released a statement yesterday defending its head, MTRCB chairperson Diorella “Lala” Sotto-Antonio, who it says has become “the target of alarming online attacks.”

“Over the past weeks, we have experienced an unfortunate surge in threatening messages on our official social media pages, including explicit rape and death threats directed at Chairperson Lala Sotto,” said the MTRCB statement.

The statement came with screenshots of what seem to be Messenger posts sent to the MTRCB. The names and faces of the senders were partially blurred. Most of the post seemed to be insults such as “Tangina ni Lala Sotto noh? Walang delicadeza! Ang kapal!” and “pakisabi sa chairman nyo na napakabobo niya” (“Lala Sotto is a son of a bitch, no? She has no dignity. Shameless!” and “please tell your chairman that is is so stupid”).

Other though made what seem to be threats. One post read “kailan po mamatay ang pamiliya ni lala sotto sana mauna na ung mama nia” (when will lala sotto’s family die, hopefully her mother goes first). Another read “#RapeLalaSotto,” while yet another message, which was all in emojis, included three knife emojis. One message is a photo of Ms. Sotto with the words “rest in peace” written on it along with her full name and designation, and “Died: Sept. 05, 2023.”

Some of the messages made mention of the “icing” incident which led the MTRCB to suspend the airing of the noon time show It’s Showtime (see story on this page).

The statement included messages of support for the MTRCB chairperson from her fellow board members.

“(She) is a dedicated public servant who has spent her career advocating for responsible and inclusive media content. She has consistently championed the importance of media content that respects cultural sensitivities while contributing positively to the Philippine entertainment industry,” said MTRCB Vice-Chairman Njel De Mesa.

“No Filipino deserves such kind of unfounded personal attack. We must not resort to personal attacks because our agency is just doing its mandate. We are happy that our Chair is very active in discharging the functions of our office based on existing laws,” the statement quoted MTRCB Executive Director II Atty. Mamarico Sansarona, Jr.

The statement says that while the MTRCB “recognizes the importance of constructive criticism and open dialogue, it strongly condemns any form of threats, harassment, or violence, both online and offline. Such behavior is not only illegal but also runs counter to the principles of a Filipino value-based media and entertainment culture that the MTRCB upholds.”

It does not say if the MTRCB or its chairperson will pursue legal relief. — Brontë H. Lacsamana

MTRCB denies ‘special meeting’ triggered Vice Ganda case

AFTER photos circulated on social media of a meeting between the Movie and Television Review and Classification Board (MTRCB) and the Kapisanan ng Social Media Broadcasters ng Pilipinas, Inc. (KSMBPI), MTRCB chairperson Diorella “Lala” Sotto-Antonio has released a statement clarifying that the visit was simply a courtesy call.

The photos in question were posted on Facebook by a certain Commander Red. The photos show members of KSMBPI at the MTRCB’s office for an agreement ceremony and meeting with Ms. Sotto on Aug. 24.

On Sept. 4, the MTRCB announced that it was suspending It’s Showtime for 12 airing days because of the cake icing incident.

The KSMBPI filed a criminal case at the Quezon City Prosecutor’s Office on Sept. 11 against It’s Showtime comedian-host Vice Ganda and her partner Ion Perez for violating Republic Act 10175, or the Cybercrime Prevention Act of 2012, for “emulation of sexual activity.”

The meeting has been pointed out by netizens as proof that the two groups purposefully planned to target the noontime show for its “immoral content.”

In the statement issued Sept. 13, board chairperson Ms. Sotto said this was not the case, with the purpose of the visit merely to “express [KSMBPI’s] support for our efforts in monitoring film and TV broadcasts, recognizing that the MTRCB operates as a small agency with limited manpower.”

She also reiterated the KSMBPI’s recent statement that its decision to file a case “was never triggered nor influenced in any way by the MTRCB.”

“We urge everyone not to interpret these photos with any malicious intent,” the statement reads.

According to KSMBPI, It’s Showtime’s July 25 episode showed “emulation of a sexual activity” when Mr. Ganda licked cake icing off Mr. Perez’s finger.

The group claimed that broadcasting the video on television and uploading it on ABS-CBN’s social media platforms was detrimental to the general public and a violation of the cybercrime law.

ABS-CBN and It’s Showtime have yet to release official comments regarding the whole issue. — Brontë H. Lacsamana

Meralco plans to invest in electric cooperatives

MANILA Electric Co. (Meralco) is looking beyond its franchise areas for investment opportunities, its top official said, pointing to electric cooperatives.

“There is one last idea that I have encouraged Meralco to adopt, which is broadening these investments in electric cooperatives in the country,” said Manuel V. Pangilinan, chairman and chief executive officer of Meralco.

“We might be efficient on the generation side of the business but Meralco’s distribution footprint is limited to a franchise area,” he said at a conference earlier this week.

Mr. Pangilinan said there are key areas in the country where electric cooperatives will need to “level up to the kind of standards and the kind of efficiency that Meralco as a distribution company has achieved.”

Currently, Meralco’s franchise area covers 9,685 square kilometers, which provides power to over 7.7 million customer accounts in 38 cities and 73 municipalities.

The company manages the electric distribution facilities of Pampanga Electric Cooperative II through Comstech Integration Alliance, Inc. under a 25-year investment management contract.

Michael L. Ricafort, chief economist at Rizal Banking Corp., said in a Viber message that Meralco’s investment plan could lead to “some economies of scale through vertical integration.”

“Its expertise and experience in the electricity distribution business would help and complement its existing electricity generation and distribution businesses,” he said.

He added that the move “could lead to better operational efficiencies, economies of scale, supply chain management that could help translate to better finances and lower electricity prices for the households, businesses, industries, and other institutional customers.

Meanwhile, Luis A. Limlingan, head of sales at Regina Capital Corp., said that Meralco should carefully evaluate the opportunities.

“That’s an interesting area of investment should [Meralco] proceed with MVP’s suggestion,” he said, referring to Mr. Pangilinan’s initials.

“Electric cooperatives usually have a strong community focus, which could help expand [Meralco’s] reach. However, it’s essential for [Meralco] to thoroughly evaluate these opportunities and ensure they align with the company’s broader strategy,” he added.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

A Haunting in Venice is Kenneth Branagh’s 20th film — what do we make of his prodigious output?

IN AN essay on Kenneth Branagh, screenwriter Scott Frank recalls meeting the future star and director of his screenplay Dead Again (1991) and wondering “why the guy would want to direct a loopy, film noir thriller like mine?”

He goes on to say “the answer became abundantly clear: Kenneth Branagh wants to do everything.”

Branagh has not shaken this compulsion. A Haunting in Venice, his 20th film as director, opens in Australia today (It is also showing in the Philippines this week. — Ed.). It is his third appearance as Agatha Christie’s Belgian sleuth Hercule Poirot; his first based on a Christie source not previously adapted for film (1969’s Hallowe’en Party); and fifth “loopy” thriller following the Poirots, Dead Again and Sleuth (2007).

It is par for the course for Branagh: dabbling across genres, putting fresh spins on well-worn material, and following in the footsteps of British acting and filmmaking luminaries.

Over his first two decades in film, Branagh’s signature work was Shakespearean, beginning with his 1989 directorial debut, Henry V.

In this respect, he followed in the footsteps of Laurence Olivier, whose directorial debut was his wartime Henry V (1944), and Orson Welles, another wunderkind with Shakespearean credentials.

Olivier and Welles created three Shakespeare films apiece. Branagh has, so far, directed five: Henry V, Much Ado about Nothing (1993), Hamlet (1996), Love’s Labour’s Lost (2000) and As You Like It (2006).

He portrayed Iago in Oliver Parker’s Othello (1995), helmed In The Bleak Midwinter (1995) – the story following a semi-professional troupe staging Hamlet – and starred as the Bard himself in All is True (2018). Even Branagh’s self-aggrandizing autobiography opens each chapter with lines from Shakespeare.

In addition to courting association with Shakespeare, Branagh’s choices cultivated association with his stage and screen precursors. Like Olivier, he has played both Henry V and Hamlet. Branagh even portrayed Olivier in My Week with Marilyn (2012).

In playing Poirot, Branagh followed the footsteps of British acting luminaries such as Albert Finney, Peter Ustinov, and David Suchet.

He positions himself alongside luminaries, casting actors like Derek Jacobi, Paul Scofield, Judi Dench, and John Gielgud in his films.

As the director of the Sir Kenneth Branagh Archive, Mark Thornton Burnett, notes, Branagh “deployed seasoned figures from the Royal Shakespeare Company to authenticate his entry into a sacrosanct arena.”

He canonized himself rather than waiting to be canonized.

It worked. Now an elder statesman, he recited Shakespeare scored to Elgar at the 2012 Olympic opening ceremony and lends gravitas to the films of Christopher Nolan.

To Branagh’s credit, he has parodied his upstart crow status, for instance in his role as Gilderoy Lockhart in the Harry Potter films.

While his Shakespearean films position Branagh as a classicist, his genre-hopping around those films is eclectic. He directed thrillers Dead Again and Sleuth, the dramedy Peter’s Friends (1992), and Mary Shelley’s Frankenstein (1994).

My PhD, completed in 2009, considered Branagh’s self-fashioning through Shakespeare, little anticipating in the subsequent 13 years he would direct films as disparate as Marvel’s Thor (2011), the Tom Clancy action movie Jack Ryan: Shadow Recruit (2014), Disney’s Cinderella (2015), the intimate All is True, children’s fantasy Artemis Fowl (2020), his Poirot trilogy, and autobiographical Belfast (2021).

From a cynical perspective, Branagh has made overtures to commercial filmmaking. Alternately, as Frank suggested, Branagh really does “want to do everything.”

Branagh genre-hopped even within his Shakespeare films. His dramatic entrance in shadow in Henry V evokes Darth Vader; his arrival on horseback in Much Ado about Nothing summons The Magnificent Seven (2016); the musical numbers in Love’s Labour’s Lost echo classic Hollywood musicals.

Hamlet, in particular, invites association with Hollywood epics. At 242 minutes, it was the longest commercial release since 1963’s Cleopatra, the first 70mm British production since 1970’s Ryan’s Daughter, and shot by Lawrence of Arabia’s focus-puller Alex Thomson.

The film’s palatial wintry setting recalls Doctor Zhivago, as does Julie Christie’s casting as Gertrude. Charlton Heston’s casting evokes his popular biblical epics. Placing Hamlet’s “How all occasions” soliloquy before intermission mirrors Gone with the Wind’s famous pre-intermission speech.

Branagh’s staging of Hamlet’s “To be or not to be” monologue even suggests Taxi Driver, where anti-hero Travis Bickle likewise fantasizes dangerous courses of action before a mirror.

While Branagh’s Shakespearean output links him to high culture, his dabbling across genres and homages to classic films show him to be a pop culture connoisseur.

Branagh is a maximalist whose precursors are, in some respects, Ken Russell and Richard Lester: directors with idiosyncratic and irreverent relationships to British heritage cinema who were unafraid to take creative swings.

Like Branagh, Russell was tongue-in-cheek in grappling with the canon (D.H. Lawrence, Elgar, Mahler, Liszt, Tchaikovsky, Byron, and the Shelleys), but far more subversive.

Like Branagh, Lester was an energetic, lively filmmaker who dabbled in Hollywood superhero fare (Superman II and III) and populist classic literature (his Musketeers films and Robin and Marion), but far more counter-cultural.

Joe Wright is arguably Branagh’s contemporary and successor. He too has a penchant for long tracking shots (see Atonement’s Dunkirk sequence and Henry V’s post-Agincourt march); delivers spry, earthy takes on canonical material (Pride and Prejudice); and is unafraid of genre fare (Hanna), postmodern approaches (Anna Karenina), or looking silly (Pan).

Branagh is, ultimately, an important figure who traverses mediums, roles, genres and tastes. Though varying wildly in quality — Rotten Tomato scores for his directorial features range from 8% for Artemis Fowl to 98% for Henry V — his output showcases a quite remarkable straddling of genres and production scales, seemingly hidden in plain sight. — The Conversation via Reuters Connect

Benjamin Kooyman is a Learning Adviser at the Australian National University.

AirAsia Philippines wants more airport slots to expand market

REUTERS

AIRASIA PHILIPPINES is aiming to expand its domestic market by 20% next year as the low-cost carrier targets more airport slots.

“Additional slots will allow AirAsia to flourish in Visayas and Mindanao especially since we also plan to grow our domestic market by 20% in 2024,” Steve F. Dailisan, head for communications and public affairs at AirAsia Philippines, said in a media release.

More airport slots will also allow the company to revive flights to Zamboanga, Dumaguete, and General Santos City, and increase flight frequency in Cagayan De Oro, Mr. Dailisan said.

“This, in turn, will give AirAsia the upper hand to continue to provide the best value airfares and best travel deals as we continue to democratize air travel for everyone,” he said.

An airport slot is a permit issued to airlines by the airport’s administration to allow them the use of takeoff and landing facilities.

Transportation Secretary Jaime J. Bautista said unutilized slots were a result of the pandemic, giving rise to flight limitations and prompting the transfer of slots to airlines that are willing to use them.

He added that the Transportation department would assess the availability of slots together with the Manila International Airport Authority and the Civil Aviation Authority of the Philippines before giving the available slots to AirAsia.

Speaking during the budget briefing of the Department of Transportation, Senator Juan Miguel F. Zubiri said that “equal distribution” of unutilized slots must be given to airlines that can immediately operate them.

In a separate media release, Malaysian multinational company Capital A Berhad said it is targeting to fully reactivate the low-cost airline’s 204 aircraft after a new agreement with its long-term partner and engine provider, CFM International.

“After over two years of Covid, we are seeing the light at the end of the tunnel. We have made enormous strides in bringing back our planes and restarting our operations, balancing a mismatch of the cost of 204 planes and the revenue of flying 143 planes on average this year,” Capital A Chief Executive Officer Anthony Francis Fernandes said in a statement on Thursday.

Capital A is the parent firm of AirAsia Philippines.

It said CFM’s continued efforts to enhance fleet stability have allowed the company to fully reinstate its full fleet across the group.

“We have brought back 175 planes. CFM’s fleet stability support brings a vital catalyst for us to return to full activation,” Mr. Fernandes said.

“We look forward to fourth-quarter results when we’re going to see the real performance of AirAsia with the full fleet,” he added.

The company said it would capitalize on the reinstatement of its fleets and expand to more than 300 aircraft in the next five years. — Ashley Erika O. Jose

FEU’s full-year net income climbs 24% 

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LISTED educational company Far Eastern University, Inc. (FEU) has recorded a 24% jump in its attributable net income for its fiscal year that ended in May on the back of higher revenues.

In a stock exchange disclosure on Thursday, FEU said its bottom line improved to P1.87 billion from P1.50 billion a year ago, with total revenues rising 20% to P4.94 billion from P4.13 billion previously.

“Educational revenues grew by 20% mainly on account of the increase in student population, with a favorable mix as a significant portion of the new students were in tertiary. There was no tuition fee increase for the third straight year,” the company said.

FEU said the group served more students during the year because of the strong first-semester enrollment.

“Operations reflected a post-pandemic environment wherein all related student activities and services delivered were done mostly on-campus,” it added.

According to the company, it had a student population of 50,281 in the first semester of the school year (SY) 2022-2023, higher than the 44,550 in SY 2021-2022.

“The first semester has the highest number of students enrolled. For the second semester, the enrollment is approximately 90% of the first semester’s enrollment, while the midyear term is the lowest at an approximate of 33%,” FEU said.

Meanwhile, FEU said it is optimistic that it will maintain its “strong financial position” and sustain its “sound operating results.”

The company added that it expects an increase in student population for SY 2023-2024.

“The group is positive on the favorable effect on its operations of the country’s positive economic developments, however, still cautious with the factors that might curb faster economic growth,” it said, citing inflation, global geopolitical uncertainties, and the looming effect of the El Niño phenomenon, which is expected to hit the country at the later part of the year.

Shares of FEU were last traded on Sept. 12 when they closed unchanged at P560 apiece. — Revin Mikhael D. Ochave 

USA Today is now hiring a Beyoncé reporter after posting a Taylor Swift job

BEYONCÉ —(BEYONCE.COM)

FIRST it was Taylor Swift. Now it’s Beyoncé.

Fresh off a job ad for a reporter to cover Swift and her Eras tour, Gannett Co. has posted a second role to “chronicle the music, fashion, cultural and economic influence of Beyoncé” for USA Today and The Tennessean.

In addition to inspiring delirious levels of delight in Swifties and the BeyHive — as the artists’ die-hard fans are known — the two superstar musicians are also exerting an outsize force over the American economy.

That’s because the typical Swiftie spends $1,500 to attend a concert, including costs for tickets, hotels, flights, and food. Members of the BeyHive are estimated to spend even more during the ongoing Renaissance tour: about $1,800 for the total experience. In all, their spree is seen having boosted third-quarter American gross domestic product by $5.4 billion.

Policy makers, economists at major banks and financial-markets commentators are all taking notice.

The two new jobs offer similar pay and benefits: They are remote, and the reporters will earn between $21.63 and $50.87 an hour. That’s about $100,000 annually at the higher end of the range, based on a 40-hour work week.

Perhaps the biggest perk: The reporters will need to travel internationally as they follow the stars.

“Our role is to cover the newsmakers who Run the World, influence our society, impact lives and create positive change,” Gannett Media Chief Content Officer Kristin Roberts said in a statement.

Prospective candidates will need to make a choice though: Swift or Beyoncé. The two jobs aren’t meant to be done by a lone reporter.

“We have two positions open. One for each artist,” a Gannett spokesperson said. — Bloomberg

Family of late US billionaire agrees to return looted Cambodian artefacts

JUSTICE.GOV

THE FAMILY of late American pipeline billionaire George Lindemann has agreed to return 33 looted artefacts to Cambodia, according to the US Attorney’s Office, a decision described as “momentous” by the Southeast Asian country.

The collection includes statues of deities, angels, and demons from the 10th and 12th centuries from Koh Ker, the ancient capital of the Khmer kingdom, and from the famous Angkor Wat temple, the US Attorney’s Office for the Southern District of New York said on Tuesday.

In a statement it said the family’s decision to return the artefacts was voluntary. Lawyers for the Lindemann family did not immediately respond to a request for comment.

Cambodia’s archaeological sites suffered widespread looting during civil conflicts from the 1960s to 1990s and its government has spent years pursuing the return of antiquities, some of which it says are on display in American museums.

The United States repatriated 27 smuggled antiquities to Cambodia in 2021, including Hindu and Buddhist statues valued at about $3.8 million and last year returned 30 more including several that were more than 1,000 years old.

The artefacts that were held by the Lindemann family are expected to be repatriated later this year, said Bradley Gordon, a lawyer advising Cambodia on the repatriations and head of its investigation team.

He said he understood the Lindemann family had paid more than $20 million for the artefacts.

Cambodia’s Ministry of Culture and Fine Arts in a statement said the Lindemann family’s decision to return the artefacts set “an excellent and proper example for other museums and private collectors.”

In a June speech to the American Chamber of Commerce, two months before becoming Cambodia’s leader, Prime Minister Hun Manet said the antiquities were national treasures and more than just historical relics.

“They are the blood in our veins and the soul in our hearts that forge the identity of being Khmer… our heritages define who we are and who we will be,” he said.

US authorities have been spent more than a decade working on locating artefacts from Cambodia and have so far repatriated 65. In 2019, art dealer Douglas Latchford was indicted for wire fraud and other crimes related to selling looted Cambodian artefacts, but the charges were dismissed after his death. — Reuters

Adaptability deemed key as AI sweeps workplace

REUTERS

ARTIFICIAL INTELLIGENCE (AI) has heightened the importance of worker adaptability, according to employment-focused social media platform LinkedIn Corp.

A new report from LinkedIn said that 76% of professionals in the Philippines anticipate a ‘significant’ change to their jobs next year from AI.

The platform noted that 57% report that they are overwhelmed by the magnitude of change AI brings to their job, and 41% have expressed worries they will fall behind.

However, 69% have expressed an intent to learn more about the technology but not knowing where to start.

“This is undoubtedly an era of change with generative AI gaining more prominence in the workplace,” Atul Harkisanka, head of growth markets and country lead for the Philippines at LinkedIn, said in a statement.

LinkedIn noted that 55% of Philippine professionals have admitted to using generative AI in their jobs, with 47% trying out tools such as ChatGPT, an AI chatbot.

“Our study shows that over 8 in 10 (85%) professionals in the Philippines believe it is likely that AI will be an ‘invisible teammate’ in the next five years,” he added.

“With their time freed up, many are looking to invest in themselves by learning new skills, focusing on more creative and strategic work, and growing their professional networks, all of which are strong career boosters. — Miguel Hanz L. Antivola

NGCP secures regulatory nod on ancillary services

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NATIONAL GRID Corp. of the Philippines (NGCP) has obtained provisional authority from the Energy Regulatory Commission (ERC) to implement two ancillary service procurement agreements (ASPAs).

In separate filings, the grid operator said the ERC approved ASPAs for two battery energy storage systems (BESS) that it forged with Universal Power Solutions, Inc. (UPSI).

In notices of resolution both dated Aug. 15, ASPAs covered each of UPSI’s 20 megawatt-rated capacity BESS located in Maco, Davao de Oro and in Malita, Davao Occidental.

According to Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001, ancillary services are “necessary to support the transmission of capacity and energy from resources to loads while maintaining reliable operation of the transmission system in accordance with good utility practice and the Grid Code.”

According to NGCP’s two filings, the rate to be paid by the company as ancillary service (AS) cost should be passed on to its customers in accordance with the approved ancillary services-cost recovery mechanism.

The ERC directed NGCP to optimize the economic and technical dispatch of the available ancillary capacity, wherein it should schedule a mix of hourly AS capacity, “at the least cost,” for a reserve needed to maintain the power quality of the grid. — Sheldeen Joy Talavera

Unions push ‘transition fund’ for tech-displaced workers

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By John Victor D. Ordoñez, Reporter

THE GOVERNMENT needs to harness new technology and offer more digital jobs to improve productivity and enhance job quality, but it also needs to ensure that the transition is fair to workers facing potential displacement, a labor group said.

“The government must allocate a Just Transition Fund to ensure human-centered and worker-friendly solutions… via massive reskilling and upskilling, to seize new employment opportunities for green jobs and digital jobs,” Carlos Miguel S. Oñate, legislative officer of the Trade Union Congress of the Philippines, told BusinessWorld in an e-mail.

Job quality worsened in July as the underemployment rate, which measures employed workers actively looking for more work or longer hours, hit a 20-month high of 15.9% from 12% in June, the Philippine Statistics Authority said last week.

Unemployment rose to 4.8% that month from 4.5% in June, which brought the number of jobless to 2.27 million.

“Digital transformation ushers in new, higher quality, and more meaningful jobs through improved productivity due to modern technology,” Mr. Oñate said.

He reiterated the need for more public-sector jobs, adding that the government must bolster partnerships with the private sector.

In a July report, the Asian Development Bank (ADB) said the Philippines should use education technology to bridge the skills gap or risk job losses due to the rapid advance of technology.

The ADB cited the need to develop technical and vocational education training programs to boost the workforce’s competitiveness.

The Philippines ranked 80th out of 133 countries in the Institut Européen d’Administration des Affaires’ (INSEAD) Global Competitive Index 2022. INSEAD evaluated how countries and cities grow, attract and retain talent.

On Sunday, the Department of Labor and Employment (DoLE) said it recently held a strategic planning workshop with workers and employers to set goals for a labor roadmap it had presented to the Cabinet last month.

The DoLE said the results of the consultation will guide the labor and employment plan’s implementation over the next five years.

The employment plan aims to upgrade worker skills, raise the quality of teachers, and modernize training institutions, Labor Secretary Bienvenido E. Laguesma told an employer conference last month. It also details a comprehensive social protection program for workers.

At a Senate hearing on DoLE’s proposed budget for 2024 on Sept. 1, Mr. Laguesma said workers and employers will have oversight power over its program to create sustainable jobs and ensure social protections.

President Ferdinand R. Marcos, Jr., in his second address to Congress, urged government agencies to continue improving the employability of the workforce.

“The government must be at the forefront of uplifting the lives of millions trapped in poverty through decent work for all,” Mr. Oñate said.