Home Blog Page 2908

BSP picks technology for central bank digital currency pilot run

Bangko Sentral ng Pilipinas main office in Manila. — BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) has designated Hyperledger Fabric as the distributed ledger technology for Project Agila, its wholesale Central Bank Digital Currency (CBDC) pilot project that was previously known as Project CBDCPh.

“With the goal of further enhancing the efficiency and safety of the national payment system, we will use learnings from the project as input for crafting BSP’s wholesale CBDC project roadmap,” BSP Governor Eli M. Remolona, Jr. said in a statement.

Hyperledger Fabric was chosen through a “rigorous” process that included system demonstrations, walkthrough procedures, and a scoring system, covering the systems’ access, security, 24/7 availability, interoperability, and programmability, the BSP said.

The technology will allow data and transactions to be recorded, shared, and synchronized across a distributed network of different participants.

“This would be a useful mechanism for testing Project Agila’s use-case scenario of enabling inter-institutional fund transfers even during off-business hours (i.e., evenings, weekends, and holidays) or when PhilPaSSplus is unavailable,” the central bank said.

There are six financial institutions participating in the pilot project: BDO Unibank, Inc., China Banking Corp., Land Bank of the Philippines, Rizal Commercial Banking Corp., Union Bank of the Philippines, and Maya Philippines, Inc.

Meanwhile, observing financial institutions for the succeeding stages are Citibank N. A. Manila, China Bank Savings, Wealth Development Bank Corp., and SeaBank Philippines, Inc.

Following the selection of the technology for Project Agila, participants will now test the use of wholesale CBDC technology alongside PhilPaSSplus in a sandbox environment.

Project Agila will allow the BSP and participating financial institutions to familiarize themselves with CBDC technology solutions, which could enhance the Philippines’ large-value payment system, the central bank said.

“By the end of Project Agila, the pilot participants are expected to have a clearer understanding of CBDC technology and assess the capability of wholesale CBDCs to foster advancements in the large-value payment system,” Mr. Remolona said.

“The results of the assessment are seen to guide the BSP and the industry on a possible launch of wholesale CBDCs in the Philippines,” he added.

The International Monetary Fund and the Bank for International Settlements Innovation Hub also collaborated with the BSP on the technical, risk management, and governance aspects of the pilot project.

CBDCs are issued as central bank liabilities. Since 2021, the BSP has been reviewing use cases for wholesale CBDCs, as well as the potential risks and use of CBDC payments among financial institutions.

The BSP earlier said it sees opportunities from CBDCs, such as being an additional option for monetary policy action, boosting competition and innovation among financial industry players, and improved financial inclusion. — K.B. Ta-asan

Alviera Country Club, Inc. to hold 2023 Annual Meeting of Stockholders on Sept. 29

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

vivo Y27 can keep up with your busy lifestyle  

In today’s bustling world, where time is of the essence and every moment counts, smartphones have become an indispensable tool for people from all walks of life. They serve as our constant companions, helping us stay connected, productive, and entertained while on the move.

For those leading busy and fast-paced lives, a smartphone that can keep up with their demands is crucial. Enter the vivo Y27, a device designed to be the ultimate companion for the on-the-go individual and cater to the needs of the modern multitasker.

Essential role of smartphones in modern life

In our modern world, smartphones have evolved from mere communication devices into multifunctional tools that seamlessly integrate into every aspect of our lives. They are not just phones; they are our cameras, our personal assistants, our entertainment hubs, and our window to the digital world.

This evolution has made them essential for people, especially those with demanding schedules, like busy working professionals.

Consider Sarah, a dedicated marketing manager who starts her day at the crack of dawn and rarely finds a moment to sit down. For her, a smartphone isn’t just about staying connected with colleagues, but it’s also her lifeline for managing emails, scheduling meetings, capturing memorable moments, and even unwinding with some light gaming during her rare breaks. Sarah’s smartphone isn’t just a luxury; it’s a necessity that keeps her life on track.

With its impressive features, sleek design, and unbeatable performance, the vivo Y27 is here to make your life easier, more efficient, and more enjoyable. Let’s delve into why this smartphone is the best choice for individuals leading a fast-paced life.

vivo Y27, designed for a busy lifestyle

The vivo Y27 stands out as the ideal smartphone for individuals like Sarah, who require a device that can seamlessly integrate into their hectic lives. Here are some key features that make it a standout choice:

  1. Long-lasting battery: One of the most critical factors for an on-the-go individual is battery life. The vivo Y27 boasts a massive 5000mAh battery that ensures it can last throughout Sarah’s demanding workday. From early morning meetings to late-night client calls, this smartphone won’t leave her stranded with a dead battery. Say goodbye to battery anxiety and hello to uninterrupted productivity!
  2. Fast charging: In the fast-paced world of business, every minute counts. The vivo Y27’s 44W fast-charging capability means that Sarah can quickly top up her phone during a short break or on her way to an important presentation. No more waiting around for hours for the battery to charge.
  3. Stunning display: The 6.64-inch Full HD+ Sunlight display with 600 nits local peak brightness ensures that Sarah can view her documents, presentations, and videos even in bright, outdoor conditions. This feature is a game-changer for professionals who are constantly on the move.
  4. Impressive camera setup: For professionals like Sarah, capturing high-quality images and videos is crucial. The vivo Y27’s multiple lenses, including a 50MP main rear camera and an 8MP selfie camera, coupled with advanced AI features, make it perfect for snapping professional-grade photos, recording videos, and conducting virtual meetings with clarity.
  5. AI features for enhanced productivity: The advanced AI features of the vivo Y27, such as Photo, Night, Portrait, Video, 50MP, Panorama, Live Photo, Slo-mo, Time-Lapse, Pro, and Documents, are tailored to boost productivity. Sarah can quickly scan documents, enhance photos for her marketing materials, and shoot stunning videos for her presentations without additional equipment.
  6. Smooth and lag-free performance: At the heart of the vivo Y27 lies a robust MediaTek Helio 85 processor that ensures smooth and lag-free performance even when handling multiple tasks simultaneously. Whether you’re toggling between work emails, streaming your favorite series, or editing photos on the go, this smartphone’s powerful hardware can handle it all without breaking a sweat.
  7. Streamlined design: Aesthetically pleasing and ergonomic, the vivo Y27’s design is a testament to modern smartphone craftsmanship. Its slim profile and lightweight construction make it comfortable to hold and carry, even during the busiest of days. The smartphone’s sleek appearance is bound to turn heads and make a statement.
  8. Customizable user experience: vivo’s Funtouch OS 13 allows users to tailor their smartphone experience to their liking. From organizing apps to customizing themes, this device empowers users to create a smartphone environment that caters to their specific needs and preferences.

Its long-lasting battery, rapid charging, remarkable display, and advanced camera features make it the ultimate companion for professionals like Sarah, who require a device that can keep up with their demanding schedules.

Whether you’re an entrepreneur, a student, a parent, or all of the above, the vivo Y27 ensures that you can tackle your daily challenges with ease and style.

In an era where time is money, the Vivo Y27 is the smartphone that ensures you’re always one step ahead in the race of life.

Make your life easier, more efficient, and more enjoyable with the vivo Y27. Available in two colorways, Sea Blue and Burgundy Black, get yours for only Php 8,999 at vivo Philippine’s official website, e-stores such as Shopee, Lazada and TikTok, as well as physical stores nationwide.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Reverie and reflections

LAURENZ KLEINHEIDER-UNSPLASH

“Existence in the present gives island living an extreme vividness and purity. One lives like a child or a saint in the immediacy of here and now.”

— Anne Morrow Lindbergh

A brief spell away from the madding crowd is the best antidote to stress, worries, and anxiety. It could just be a daydream or a memory of happier times.

One needs the occasional respite — mental and spiritual — to recharge the inner battery. An individual feels stronger from basking in sunshine, inhaling fresh air, and seeing a change of scenery.

A reverie is time off from all the toxic demands, heavy pressures, and worries. The best feeling is release — from the pressure of the clock, calendar, and schedule.

One sheds the armor and mask. One sets aside — temporarily — the list of “must do’s” and resists the feeling of being pulled apart by so many opposing forces.

In the ideal world of simplicity, only the basics count. There are no superfluities and no distractions.

But where and when can one find this type of life?

In distant isolation, one can open the imagination to experience the benevolence of nature’s nuances — one day at a time.

In this daydream, one can imagine the changing seasons. Each season has a temperament of its own and distinct qualities of transformation.

Nature’s cycle reflects the essence of life. Everything is fleeting. Nothing remains the same. Except change.

A moment of beauty is precious because it is ephemeral.

A crystal snowflake, a sunrise, a glowing moonbeam vanish — in the blink of an eye.

One cannot replay an awesome scene like a movie rerun. The feeling will never be the same again. Things always change — including ourselves and the way we perceive things.

The armchair traveler can reminisce about past journeys, the adventures of memorable chapters of one’s life.

A frosty winter breaks into spring, the season of rebirth.

The iridescent icicles on the bare branches and the gleaming snow on the hills melt. The pale blanket evaporates into a fine veil of mist and vanishes as the sun breaks through.

The white dogwood buds and tiny leaves sprout gently. The cherry blossoms burst into a magnificent cascade of blush and bright pink.

Butterflies burst from their cocoons in a profusion of fluttering colorful wings. Robins chirp, nest, and soar to welcome the new powder blue sky.

Summer splashes verdant greens and brilliant blossoms on the landscape. Chipmunks and squirrels scamper to the tree trunks. A graceful trio of deer and fawns freeze, peeking from the shadows of the trees. A slight movement scares them to seek cover in the forest.

The last vestiges of summer fade.

The midmorning sizzle and blinding glare mellow into the patina of burnished gold.

The enervating haze and heavy humidity evaporate. It is refreshing to inhale the cool morning air. After sunset, the temperature drops by 20 degrees. Autumn blazes across the countryside.

The breeze rustles the leaves of the oak, birch, and maple trees. The landscape is gold, copper, russet, and crimson. The myriad shades are dazzling facets of an impressionist painting.

One lingers on a slope, gazing at the splendor of autumn. The sounds of the waterfall and the gurgling brook are a counterpoint to the rhythm of rustling, drifting leaves.

November evokes a mélange of memories of the Big Apple.

The high-power energy of the city is a startling contrast to the calm pace of the countryside.

One is jolted by the sounds of whizzing and whirring, honking and buzzing, the exhilarating hustle, bustle, tussle and tumble of the metropolis.

The senses are stimulated by the nervous energy in the air. The adrenaline rush charges the body like a sudden surge of electricity.

Despite the geographical distance (and the years between visits), New York always stays dormant deep within.

A sudden spark flickers, startles, and awakens the restless spirit. It is ready to zoom to the skyscrapers.

Stepping back into a time bubble, one recalls those carefree years. There are not enough hours in a day or days in a year to take it all in.

The alluring images are hypnotic strobe lights. On can almost smell the intoxicating aromas and savor the flavors, textures, and hear the familiar sounds.

There are a million precious moments compressed in the brain’s data bank and photo albums neatly tucked away. There are endless flashbacks triggered by a song.

Wandering through the paths of Central Park with its glorious autumn foliage, strolling by the reservoir, riding a horse carriage, viewing exhibits at the Met and the Guggenheim, catching new plays, concerts, operas, and ballet performances, walking on the icy sidewalk of 5th Avenue in the chilly rain, running to school, dancing on the street, taking black and white photographs and printing them for an exhibit, performing in a televised children’s play (off Broadway), falling into the orchestra pit, sipping the popular frozen hot chocolate in Serendipity, lighting candles at St. Patrick’s.

Then there were sudden and extreme upheavals that caused an intense transformation — storms on different levels.

Survival is a struggle and resilience is essential. The aura, visage and manner now seem calm, unperturbed, and mellow.

After the long inner journey, there is a sense of regained balance and peace.

One has moved on and forward, yet this reverie tugs at the heartstrings. It rekindles the lingering feeling of a karmic bond of an old, intense love.

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

Competition for talent primary determinant of benefits offerings

JOSE LOSADA-UNSPLASH

EMPLOYERS in the Philippines view the competition for talent as the main factor in determining the benefits offered to employees, advisory group Willis Towers Watson (WTW) said.

In its 2023 Global Benefits Trends survey, WTW said 80% of the 5,233 employers interviewed in the Philippines view competition for talent as the main consideration when budgeting for benefits programs.

“While employers desire to improve benefits, there is increasing pressure to manage costs and optimize the value of benefit programs,” it said.

“Companies that can differentiate themselves and implement holistic benefits programs will stand to gain a strong advantage against their competitors.”

WTW said employers weighed the rising cost of hiring and seeking out suitable talent against their capacity to meet the needs of employees without comprising business goals.

Some 64% of employers cited the persistence of inflation as a variable to look out for in budgeting for benefits programs.

August headline inflation unexpectedly accelerated, the first rise in seven months, to 5.3% from 4.7% a month earlier.

Employers also see health benefits; mental health support; career training and development; and risk and insurance benefits as the most important offerings to include in their packages for employees, WTW said.

“The key now will be to develop a truly equitable approach that not only tailors to the individual needs of the workforce,” Maria Nelissa Abrera-Badal, director of health & benefits at WTW Philippines, said.

“This approach should also ensure that the value of their investments is optimized to become more cost-effective.” — John Victor D. Ordoñez

British Museum appoints new interim director after theft crisis

FACEBOOK.COM/BRITISHMUSEUM

LONDON — Mark Jones was appointed as the new interim director at the British Museum on Wednesday as the institution seeks to restore its reputation following the theft of artefacts from its collection.

“I am pleased and honored to have been offered the opportunity to work with the board and with colleagues in the Museum to ensure the future security of the collections and restore the reputation of this great museum,” Mr. Jones said.

Mr. Jones replaces German art historian Hartwig Fischer after he stepped down last month over failings in the investigation into the theft of artefacts at the museum.

The museum, one of the most popular attractions in London whose treasures include the Rosetta Stone, said last month a member of staff had been dismissed after items, including jewelry and gems dating from the 15th century BC to the 19th century AD had been taken from a storeroom.

Jones, who previously held roles as director of the National Museums of Scotland and the Victoria & Albert Museum (V&A), was appointed following approval by the British government.

“This is a critical moment for the British Museum, and I cannot think of anyone better placed to help take us forward than Sir Mark Jones,” the museum’s chair George Osborne said in a statement. — Reuters

Rediscount facility left untouched in August

BW FILE PHOTO

BANKS continued to leave the rediscount facility of the Bangko Sentral ng Pilipinas (BSP) untapped in August as there was ample liquidity in the financial system.

The central bank’s peso rediscount window remained untouched last month, the BSP said in a statement on Thursday, marking the 10th straight month that the facility was not used by banks.

In 2022, the rediscount window was only tapped in April, June, and October, with loans reaching P15.3 billion, more than double the P6.12 billion in 2021.

The Exporters’ Dollar and Yen Rediscount Facility (EDYRF) was also untapped in August. The last time an availment was made under the EDYRF was a dollar rediscounting loan in 2016.

The BSP’s rediscount window gives banks access to additional money supply by posting their collectibles from clients as collateral.

In turn, banks can use the cash — denominated in peso, dollar or yen — to extend more loans to their corporate or retail clients and service unexpected withdrawals.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said there were no rediscount loans last month as there was still enough liquidity in the financial system amid easing credit demand.

Outstanding loans of big banks expanded by 7.8% to P10.99 trillion in June from P10.19 trillion a year earlier, BSP data showed. Loan growth was slower than the 9.4% in May and 12.1% in June 2022.

Mr. Ricafort attributed the slower lending growth in recent months to elevated inflation and high interest rates.

Headline inflation quickened to 5.3% in August from 4.7% in July, marking the 17th consecutive month that it surpassed the 2-4% target of the central bank.

Year to date, inflation averaged 6.6%.

“Furthermore, continued double-digit growth in banks’ net income/earnings also added to the capitalization and liquidity of banks,” Mr. Ricafort said.

The banking industry saw its net profit grow by 24.7% to P178.51 billion in the first half from P143.12 billion in the same period in 2022.

Meanwhile, the gross nonperforming loan ratio of the banking industry slipped to 3.42% in June from 3.46% in May and 3.6% a year ago.

“Fundraising or capital-raising activities of some banks also increased their funds/liquidity for lending, investments, and other expansion activities,” Mr. Ricafort said. 

“Thus, all of these factors contributed to increased liquidity/funding in the banking system, thereby allowing banks again not to tap the BSP rediscounting facilities, being one of the last options available to them,” he added.

SEPTEMBER RATES
Meanwhile, for this month, the applicable rate for peso rediscount loans will be at 7.5036% for those maturing in 90 days and at 7.7572% for those falling due in 91-180 days.

Meanwhile, dollar borrowings will be priced at 7.89910% (1-90 days), 7.94960% (91-180 days) and 7.94960% (181-360 days).

Lastly, yen-denominated loans will have an interest rate of 2.04812% (1-90 days), 2.07000% (91-180 days) and 2.11000% (181-360 days). 

“The Peso rediscount rates are based on the BSP Overnight Lending Rate, while the United States Dollar and Japanese Yen rediscount rates are based on the applicable benchmark rates,” the BSP said.

“The applicable spread, as may be determined by the BSP, may change periodically to complement the changes in the BSP’s monetary policy goals and reflect movements in market interest rates,” it added. — K.B. Ta-asan

DITO CME unit issues shares for equity requirements of telco unit

A subsidiary of DITO CME Holdings Corp. has issued new shares to Summit Global Ltd. as part of efforts to bankroll the equity requirements of telco firm Dito Telecommunity Corp.  

In a stock exchange disclosure on Thursday, DITO CME said its subsidiary DITO Holdings Corp. issued around 2.24 billion shares to Summit Global, an entity organized and existing under the laws of the Cayman Islands, at P1.00 per share.

“The issuance of new shares at DITO Holdings amounts to approximately 18.5% of its issued and outstanding capital stock,” DITO CME said.

Following the issuance, DITO CME will own 72.91% of DITO Holdings, down from the previous 89.46% stake.

“The proceeds from such issuance of shares were used to fund the additional equity requirements of its operating subsidiary, DITO Telecommunity, through the payment of subscription payables of DITO Holdings to DITO Telecommunity,” DITO CME said.

DITO Telecommunity is a Dennis A. Uy-led telecommunication firm.

On Thursday, shares of DITO at the local market dropped one centavo or 0.45% to close at 2.19 apiece. — Revin Mikhael D. Ochave

The mad mad and possibly unsafe mask mandates

MASKMEDICARE SHOP-UNSPLASH

There are several candidates for what could be taken as the symbol of the lack of critical thinking or even insanity in our era: the ever-changing Pride Flag and the COVID-19 vaccine being clear favorites. But face masks should really be always included at the top of the list. And the possibility that mask mandates could be making a comeback just ironically emphasizes the insanity even more.

The logic of face masks has been constantly elusive: between the fresh air of the open fields and breathing air within a used mask while standing in the middle of an open field, the choice should be obvious but in these deranged times isn’t. Joggers hurrying along in the track fully masked, people driving alone in their cars or joining an online meeting masked has got to be among the more surreal memetic emblems ever.

Even today, the wearing of face masks in public defies reason: the argument for it, remember, has morphed from its customarily understood function, i.e., to protect the wearer. However, when it was demonstrated that there is uncertainty regarding the face masks’ ability to actually keep out the COVID-19 virus, its use is now supposedly to prevent the wearer from infecting others.

Then there’s this: the wearing of face masks could actually be harmful.

A recent study (“Measuring the quantity of harmful volatile organic compounds inhaled through masks,” Rye, et.al., 2023, www.ncbi.nlm.nih.gov/pmc/articles/PMC10112860/), made the following observations:

“The number of VOCs detected above 100 µg m–3 concentration was clearly distinguished between the disposable masks (samples A and B) and multi-use masks (samples C, D, and E) (Table S4). DMAc was detected at relative high concentrations with 480 ± 440 µg m–3 in samples A2, B1, B2, and B3. In sample B2, DMF, which has an amide group like DMAc, a high concentration was also detected (208 µg m–3). We confirmed that amide compounds were emitted from most disposable mask samples. Among the multi-use masks, DMF was detected at a high concentration of 139 µg m–3 only in sample E2. In the case of toluene, relatively high concentrations of 155 µg m–3 (A2), 123 µg m–3 (B1), and 104 µg m–3(B2) were recorded only in the disposable mask samples. In contrast, toluene was not detected (or below 100 µg m–3) in the multi-use masks. High concentrations of carboxyl compounds (above 100 µg m–3) were detected only in the multi-use mask samples, and all were acetic acid. 2-nonaone with a ketone group was detected at a high concentration of 142 ± 16.0 µg m–3 only in sample B. In short, concentrations of individual VOCs generated from each mask differed based on mask type. We confirmed that VOCs with various functional groups were generated in relatively high concentrations in sample B, a KF94 mask.

“Fifteen species of the VOCs detected from mask samples were consistent with the hazardous chemicals commonly found in work environments, as identified by the United States’ National Institute for Occupational Safety & Health (NIOSH) (Barsan, 2007) (Table 5). Among these 15 hazardous chemicals, DMAc and DMF are known to potentially cause liver and reproductive toxicity, and aromatic compounds such as toluene and xylene are toxic to the nervous system (Gong et al., 2016, Niaz et al., 2015, Saito et al., 2011, Wegner et al., 2021). Acetonitrile is also a harmful substance that can cause inflammation to the skin and eyes, and can cause neurological disorders (Ahmed et al., 1992, Hashimoto, 1991, Joshi and Adhikari, 2019).”

In other words, “tight-fitting mask may expose users to dangerous levels of toxic chemicals.”

Because what the study found is that “chemicals released by these masks had eight times the recommended safety limit of toxic volatile organic compounds (TVOCs). Inhaling TVOCs has been linked to health issues like headaches and nausea, while prolonged and repeated has been linked to organ damage and even cancer.” (“Mask study published by NIH suggests N95 COVID masks may expose wearers to dangerous level of toxic compounds linked to seizures and cancer”; Daily Mail, August 2023).

The foregoing, it must be emphasized, has to be read within the context of continuing uncertainty as to discernible benefits regarding the public wearing of face masks:

“There is uncertainty about the effects of face masks. The low to moderate certainty of evidence means our confidence in the effect estimate is limited, and that the true effect may be different from the observed estimate of the effect. The pooled results of RCTs did not show a clear reduction in respiratory viral infection with the use of medical/surgical masks. There were no clear differences between the use of medical/surgical masks compared with N95/P2 respirators in healthcare workers when used in routine care to reduce respiratory viral infection. Hand hygiene is likely to modestly reduce the burden of respiratory illness, and although this effect was also present when ILI and laboratory-confirmed influenza were analyzed separately, it was not found to be a significant difference for the latter two outcomes. Harms associated with physical interventions were under-investigated.” (“Physical interventions to interrupt or reduce the spread of respiratory viruses”; Jefferson, et.al., January 2023, www.ncbi.nlm.nih.gov/pmc/articles/PMC6993921/).

Mask fanatics will be quick to point out and even censor the foregoing due to possible reactions by the usual “fact” checkers. One usual problem is the strawmen argumentation employed. No one is actually claiming that face masks are useless in all situations but that there is no categorically proven discernible benefit to a public mask mandate. Thus, the Jefferson review “doesn’t show that masks are useless but that the evidence from randomized controlled trials examined in the review shows no or no significant benefit” (“Posts mislead on study of mask effectiveness for COVID-19”; AFP Fact Check, March 2023).

And what the “fact” checkers can’t deny is that wide gamut of studies that question the very effectiveness — even safety — of public face mask wearing. To give examples:

“No additional effect was gained from mandating face masks, based on comparisons between the cities and between the age groups of the unvaccinated children (10-12 years versus seven to nine years)” (“Face mask recommendations in schools did not impact COVID-19 incidence among 10-12-year-olds in Finland — joinpoint regression analysis”; Juutinen, et.al., April 2023, pubmed.ncbi.nlm.nih.gov/37085807/).

“There’s no avoiding it: The benefits of universal masking have been difficult to quantify. One controlled study in Bangladesh showed a small but statistically significant benefit — among people who consistently used masks, 7.6% got symptomatic infections compared to 8.6% in the control group” (“Mask mandates didn’t make much of a difference anyway,” Bloomberg, February 2022).

“Masks could accelerate disease spread in a much more striking manner … masks are repeatedly reused and infrequently washed, leading to the possibility that they are inadvertently serving as homemade disease cultures.” (“How Effective Are Cloth Face Masks?,” Cato Institute, 2021/2022, www.cato.org/regulation/winter-2021/2022/how-effective-are-cloth-face-masks)

To reiterate, people have been saying this from the beginning: “We know that wearing a mask outside healthcare facilities offers little, if any, protection from infection. Public health authorities define a significant exposure to COVID-19 as face-to-face contact within six feet with a patient with symptomatic COVID-19 that is sustained for at least a few minutes (and some say more than 10 minutes or even 30 minutes). The chance of catching COVID-19 from a passing interaction in a public space is therefore minimal. In many cases, the desire for widespread masking is a reflexive reaction to anxiety over the pandemic” (“Universal masking in hospitals in the COVID-19 era,” New England Journal of Medicine, May 2020, www.nejm.org/doi/full/10.1056/nejmp2006372).

Pharmaceutical and biotechnology expert Roger Koops (“Year of disguises,” AEIR, October 2020, www.aier.org/article/the-year-of-disguises/) asserts that whether you’re talking of a “surgical mask or N95 mask” such would generally have “no benefit in the general population and is only useful in controlled clinical settings. Further, it has been considered a greater transmission risk than a benefit in the general population.” The huge error of many people, according to Koops, is believing that masks are barriers. They are not. They are “filters.”

The ordinary masks available to the public are designed to filter specific things (and only those things) and are not usually 100% effective. They are designed for normal breathing and for short durations (hence not meant to be worn for hours). As pointed out by Koops, there is “only one type of mask, the surgical mask, which has shown any ability to reduce, not eliminate, virus transmission.” But — and here’s the crucial part — “the surgical mask is not intended for use outside of a controlled, sterile hospital surgical field where its use and function can be controlled. It has limitations.”

Public mask mandates at least do serve one clear visible function: they at least identify those in favor of it from those that don’t. And with all that it implies.

 

Jemy Gatdula is a senior fellow of the Philippine Council for Foreign Relations and a Philippine Judicial Academy law lecturer for constitutional philosophy and jurisprudence

https://www.facebook.com/jigatdula/

Twitter  @jemygatdula

How HR managers should solve problems

I pity our department’s human resources (HR) manager. He’s perceived to be incompetent; many employees see him as a mere office clerk who can’t make decisions on almost anything. I’m sure there’s a way to handle this situation that would not diminish his person. Can you help him? — Rainbow Connection.

You don’t have to zero in on your HR manager. He’s not the only person who may be suffering from this issue. I’m sure there are many managers who fit the description of “mere” office clerks who don’t have the capacity to make decisions on their own. You can probably find it elsewhere in your organization, hiding in plain sight.

This happens all the time because of bad systems and procedures. A good example is the leave application policy. How many signatories do you need to approve an employee vacation leave, say for one day? How about three or five days? In many companies, all applications for leave, regardless of the number of days, must be approved by several signatories.

The approval process starts from the line leader, supervisor, manager, even up to the department head. Even for a one-day leave, the application form itself tells you that multiple signatures are required. No ifs, no buts. That’s the policy. And yet, they’re the same organizations that promote “empowerment” in their corporate values, vision and mission statements, if not in their public statements.

What are we missing? Simply, they don’t walk their talk. Or worse, they don’t know what they’re doing. At times, when confronted with this issue, they would tell you that consensual decision-making is one of their core values. Is it? If so, the context is wrong. We use consensual decision-making when we’re talking of a complex problem like terminating an employee, among others.

LEAN HR
If you trust your team leaders, supervisors and managers, then show the way. Empower them. Observe a one-on-one supervision policy. Let them decide on the leave applications of their own employees without the concurrence of other supervisors and managers. The immediate boss knows best. No other signatories should be made to provide approval under normal circumstances.

That way, the immediate boss can exercise his thinking faculties instead of relying on other managers to do the thinking for him. Make one-person approval the standard policy, regardless of the number of days being requested. Just the same, allow senior officials to intervene if the number of days being requested is out of the ordinary, like when an employee is planning to take the bar exam and needs three months of leave, even without pay.

Peter Drucker was right: “So much of what we call management consists of making it difficult for people to work.” You need to step back to consider what’s value-adding to company operations rather than send an indirect message that the team leaders and line supervisors are not trustworthy.

This issue came to me again whenever I think of how Lean HR can help us. One-person approval means everything will be faster. No more delays. It’s either a yes or no for the immediate boss. If no approval is given, then the employee can lodge an appeal to higher-ups.

Lean HR is the application of kaizen and lean thinking to HR processes. It is focused on identifying what is useful and what is non-value adding in a work process. Eliminating the useless baggage to make the system dynamic and robust. The idea is to create efficient flows for the employee, customer or other stakeholders. To simplify the problem-solving process, your HR manager and other managers should ask the following questions, using the acronym THINK as a memory jogger:

One, is it true? Is the employee idea, request or suggestion logical and valid? Is it being supported by reliable documents to prove its worth? If there are no available documents to support them, what steps would you undertake? What would happen if management rejects the proposal?

Two, is it helpful? Would the request, if approved, make everyone’s work easier? Is it beneficial only to the employee or other employees similarly situated? How can it be beneficial to all and be in the best interests of the organization?

Three, is it inspiring? Can it motivate other workers and their managers to improve their work standards or exceed management expectations? If so, can we share the best practices to others? If not, why not?

Four, is it necessary? Is it imperative for all stakeholders to follow for the betterment of the organization? Is it the best approach to display one’s capacity as an efficient problem-solver and decision-maker? In what other circumstances can this idea or suggestion be applied?

Five, is it kind? Does it give reasonable credit to the right people? Does it give due respect to the people who were instrumental in making that policy possible? What’s the fastest way to make an intelligent decision? What kind of problem are you best at solving?

The acronym THINK is not my original idea. It has been around for some time now; we just can’t identify the person who coined it in the first place. Whoever may have come up with it, it’s my brief and simple prescription for what you should do under the circumstances. If you want more specifics, I can tell you more about it in the next article.

 

Join Rey Elbo’s Japan Study Tour on Oct. 15-21, 2023. Visit Toyota City under a brief immersion program to help you understand about the Thinking People Strategy and how workers should be motivated to exceed management expectations. E-mail elbonomics@gmail.com  or via https://reyelbo.com

Bruce Springsteen scrubs eight September tour dates, citing peptic ulcers

BRUCESPRINGSTEEN.NET

LOS ANGELES — Veteran rocker Bruce Springsteen said on Wednesday he was indefinitely postponing eight tour dates this month with his E Street Band, citing medical treatment he is undergoing for peptic ulcers.

Springsteen, 73, promised to reschedule the canceled performances, beginning with a show that had been set for Thursday at the JMA Wireless Dome in Syracuse, New York, as well as a previously missed date in Philadelphia a few weeks earlier.

“We’ll be back to pick up these shows and then some,” the singer-songwriter said to fans in a message posted to his account on the social media platform X, formerly known as Twitter. “Thank you for your understanding and support.”

Ticketholders for the postponed concerts were told they would receive information regarding rescheduled dates.

The other postponed dates were Sept. 9 in Baltimore, Sept. 12 and 14 in Pittsburgh, Sept. 16 in Uncasville, Connecticut, and Sept. 19 in Albany, New York.

Organizers for Springsteen’s North American tour, which began last month and was set to run through mid-December, said the Grammy-winning recording star “is being treated for symptoms of peptic ulcer disease, and the decision of his medical advisers is that he should postpone the remainder of his September shows.”

Peptic ulcers are open sores that develop on the inside stomach lining and the upper portion of the small intestine, with the most common symptom being stomach pain, according to the Mayo Clinic.

Springsteen, a New Jersey native who acquired the nickname “The Boss” in the early years of his career in the 1970s, was inducted into the Rock and Roll Hall of Fame in 1999 and released his 21st studio album in 2022, Only the Strong Survive, a collection of covers of R&B and soul music classics. — Reuters

Investing in sports

In the wake of the FIBA World Cup, much has been made about the performance of Gilas Pilipinas, our national basketball team. I have seen chat groups where people say that we should stop investing so much in basketball and invest in other sports such as football where we have a better chance of winning but personally I do not think that it is a zero-sum game and I disagree that we should only fund sports where the Philippines can be competitive.

The last few years has seen the Philippines achieve so much in the sporting world beginning with Hidilyn Diaz winning our first Olympic Gold Medal in the 2020 Tokyo Olympics and more recently seeing the Filipinas be the first Philippine football team in a FIFA World Cup. These achievements are truly worthy of recognition and have brought great pride to the nation as sports have the power to uplift, inspire and unify. We were all united in cheering for our country and that is why I believe that we need to invest in sports in general, in our athletes and in our sporting infrastructure. The purpose of sports is not to win but to use that competitiveness to drive ourselves to become the best versions of ourselves and we can replicate that on a national level.

The United States Agency for International Development (USAID) published a paper on the role of sports as a development tool. Within the paper, the transformational power of sport was highlighted citing the positive outcomes for individuals participating in sport including improved physical health, the impact sports have on psychological and emotional well being and the role of sports in healthy social development.

Going back to my initial point, we should invest in the sports which children are interested in playing be it basketball, football or even sports that have not even been invented yet, like quidditch. We can give our children exposure to different sports to explore where their interest lie because of the developmental aspect of sports and that develop should be the focus, not on winning. We should invest more in physical education programs because despite the importance, a study by the International Council of Sport Science and Physical Education found that the marginalization of physical education is nearly universal.

Years ago, I was part of the local organizing committee for Peace One Day. Peace One Day is a global movement to have individuals play a football match to bring them together as a channel to unite through the One Day, One Goal initiative. These matches happened globally on the United Nations International Day of Peace with notable activities including matches between Israelis and Palestinians. Here in the Philippines, we gathered children from impoverished communities to teach them the game and to teach them to play with others. Some of the children we taught continued to stay involved in football and in fact, some of them are now licensed coaches that are giving back to their communities. Teaching them football for one day was not about teaching them how to win a football game but how to become better people that would enable them and their families to have better lives.

Personally, I was never a professional athlete but I do credit sports for the development of a lot of the soft skills that I utilize in my professional life. Along with my family, sports helped me develop the values that I carry with me today. I am also fortunate to consider many of my teammates to be among my closest friends. I hope that future generations will also have those same athletic opportunities and gain similar lessons themselves because instead of the athletic breakthroughs being the objective, it is the process of learning a sport that leads to breakthroughs in life.

 

EJ Qua Hiansen is the deputy group CFO of PHINMA Corp. and chairman of the Junior FINEX Committee of the FINEX Research & Development Foundation.