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ABBA’s Agnetha to release new single ‘Where Do We Go From Here?’

STOCKHOLM — ABBA star Agnetha Faltskog said she will release a new single on Thursday, relaunching her solo career at the age of 73.

Mr. Faltskog, lead singer alongside Anni-Frid Lyngstad of the hugely successful Swedish pop band which formed in 1972, released her last solo album a decade ago.

“World Premiere of ‘Where Do We Go From Here? on @bbcradio2 with @zoetheball – tune in on Thursday 31st August from 8:30am (BST),” she said on the social media platform late on Tuesday.

ABBA won legions of fans around the world with enduring hits such as “Dancing Queen” and “Fernando” and triumphed at the 1974 Eurovision Song Contest with their performance of “Waterloo.” — Reuters

CX landscape in the financial services industry

In the Philippines, the financial services industry is experiencing a profound transformation in its approach to customer experience (CX). Fueled by advancements in technology, changing consumer expectations, and a competitive landscape, financial institutions are reimagining their strategies to provide seamless, personalized, and convenient interactions with their customers.

One observable strategy of financial institutions is the shift toward customer-centricity. The traditional approach of financial institutions, characterized by bureaucratic processes and limited customer engagement, is undergoing a radical shift. Customer-centricity has become a guiding principle, urging organizations to prioritize the needs, preferences, and convenience of their customers.

This is coupled by the adoption of strategies on digital transformation. The proliferation of digital technology has empowered financial institutions to offer highly personalized services to their customers. Online banking platforms and mobile apps have become essential tools for customers to access their accounts, make transactions, and manage their finances at their convenience. Institutions are utilizing data analytics and artificial intelligence to analyze customer behavior and preferences, allowing them to tailor product recommendations and service offerings.

For instance, some local banks launched their “lifestyle” programs, which use transaction data to categorize customers’ spending patterns. This enables the banks to provide personalized lifestyle perks and rewards, enhancing the overall CX.

The emergence of fintech startups is also challenging traditional financial institutions to innovate rapidly. These startups often focus on addressing pain points in the customer journey that have long been neglected.

Several fintech companies offer digital wallets that allow users to buy prepaid load, pay bills, and transfer money. These platforms have gained immense popularity due to its user-friendly interface and its ability to provide essential financial services to underserved populations.

Financial institutions are likewise investing in improving their customer support services through digital channels. Chatbots and AI-powered virtual assistants are becoming commonplace, providing instant responses to customer queries, and assisting with basic transactions. This not only enhances efficiency but also ensures round-the-clock availability. Several banks have implemented AI-powered chatbots that address customer inquiries and provide information on services, accounts, and transactions.

What bodes well for financial services customers in the Philippines is the support of regulatory bodies such as the Bangko Sentral ng Pilipinas (BSP), which are actively working to enhance CX through regulatory measures. These measures aim to ensure transparency, fairness, and security in financial transactions.

For example, the BSP introduced the National Retail Payment System (NRPS), which promotes interoperability among different payment channels and helps facilitate faster, safer, and more convenient financial transactions for customers.

The BSP is also taking proactive steps to facilitate the adoption of open banking in the Philippines. The BSP’s Circular No. 1105 outlines guidelines for open banking and sets the stage for the development of a secure and standardized ecosystem for data sharing. Open banking dismantles the traditional model where a single bank holds all of a customer’s financial data. Instead, it allows customers to grant permission for their data to be shared across multiple institutions. This sharing of data empowers customers with more choices and enables them to access a wide range of financial products and services from various providers, all within a single interface.

While significant progress has been made, challenges persist in delivering a consistently exceptional CX. Cybersecurity concerns, data privacy regulations, and the digital divide are factors that need to be addressed to ensure that all customers can benefit from these advancements.

In the future, as technologies like blockchain, biometrics, and advanced analytics continue to mature, the potential for even more seamless and secure customer interactions in the financial services industry will expand.

The financial services industry in the Philippines is indeed undergoing a remarkable transformation in its approach to CX. Digital transformation, fintech disruption, personalized services, and regulatory measures are all contributing to a more customer-centric landscape. As financial institutions continue to innovate and embrace technology, the future holds the promise of further enhancing CX, fostering financial inclusion, and ultimately shaping a more accessible and efficient financial ecosystem.

 

Reynaldo C. Lugtu, Jr. is the founder and CEO of Hungry Workhorse, a digital, culture, and customer experience transformation consulting firm. He is a fellow at the US-based Institute for Digital Transformation. He is the chairman of the Digital Transformation IT Governance Committee of FINEX Academy. He teaches strategic management and digital transformation in the MBA Program of De La Salle University. The author may be e-mailed at rey.lugtu@hungryworkhorse.com

MPIF urges nature-based solutions and science in mitigating climate change’s impact

CLIMATE change has been bringing intensifying typhoons, rising sea levels, warmer temperatures, and drought, prompting urgent action by supporting coastal communities.

This was the message of Metro Pacific Investments Foundation (MPIF) as it highlighted the critical role played by nature-based solutions and science in mitigating its effects.

MPIF President Melody del Rosario presented the vulnerability of the Philippines, a country located in the typhoon belt and the ring of fire, as well as the various risks it faces.

She delivered the message during the Dive Resort Travel international show in Manila on Aug. 18-20. She said urgent action is via an environmental program called Shore it Up.

Ms. Del Rosario said Shore it Up board of advisors sets the direction of science-based approaches and nature-based solutions.

She said the use of nature-based solutions, such as mangrove propagation and information centers, harness the power of nature to combat climate change while also enriching biodiversity, protecting ecosystems, and benefiting local communities.

By implementing these solutions, not only can global temperatures be limited, but climate-resilient communities that flourish alongside nature can also be built.

Ms. Del Rosario urged individuals and organizations to embrace and adopt sustainable solutions to protect coastal communities and build a more resilient future.

MPIF seeks to complement Metro Pacific Investments Corp.’s commitment to nation-building by implementing programs that benefit communities, organizations, and families in areas in which the group’s portfolio companies operate.

Boomers against the world

FREEPIK

You’ve likely seen the social media pictures: old guys, very angry, eyes ablaze, nostrils flaring, pointing fingers, threatening someone. The ridiculousness of the imagery lent itself to natural viral status and the countless memes that followed.

But it does raise an interesting question: Why are these old Boomers so angry?

First off, the pictures are indeed funny: they practically look the same, with the invariably ludicrous expression on their faces: practically of uniform senior citizen age group (nearing retirement or recently retired), fat bellied, flabby mouthed, balding or nearly bald.

Yet it is also the somewhat identical personality of the objects of their ire that perhaps is the more telling: young men, slim, fit, relatively materially comfortable, mobile, with all the articulate confidence of today’s youth.

Which in a way explains the obvious insanity of those Boomers’ responses. After all, while indeed talkative young men who answer back with all their ignorance and inexperience, annoying young drivers, and obnoxious cyclists perhaps do deserve a dressing down, no sane world would ever consider the shooting of them dead or having a gun pulled on them as remotely acceptable.

And yet social media seems to indicate a proliferation of such instances. Is there really some sort of animosity between Boomers and Millennials (including Gen Zs)? According to science (a term, ironically enough, beloved of Boomers, particularly during the pandemic lockdowns), the answer seems to be: Yes.

Mind you, this discussion of course will deal with generalizations. Which logically means that we’re talking of just enough to merit observation but definitely not declaring its applicability to all. To reword it more emphatically: while there may be some indications of Boomer hostility towards the young, it does not mean that all Boomers do or that most of them will act on that hostility.

With that, one recent study (“Millennials Versus Boomers: An Asymmetric Pattern of Realistic and Symbolic Threats Drives Intergenerational Tensions in the United States,” S. Francioli, et. al., May 2023, pubmed.ncbi.nlm.nhi.gov/37133238/) found indeed that “Millennials and Baby Boomers do express more animosity toward each other than toward other generations.” One reason is traceable to the fact that “many Baby Boomers have expressed the desire to remain in the workforce longer and some see Millennials — viewed by employers as cheaper and more adaptable — as standing in their way.” In this regard, it’s safe to say that not only Millennials and Gen Z but also the normally quiet Gen X do find the “Baby Boomers’s delayed transmission of power hamper[ing] their life prospects.”

Even more significant is that Baby Boomers see themselves as possessed of iconic status, supposedly one of the greatest generations in history, and thus view the younger generations’ insufficient reverence towards them a deep insult to their “cultural legacy.” “Older generations often expect younger ones to respect, honor, and preserve their way of life, a desire potentially amplified as one’s generation approaches an unavoidable numerical decline. In a context where Millennials have long been depicted as challenging the norms and values of previous generations, Baby Boomers may see Millennials as a threat to the cultural imprint they wish to leave.” For that reason, such “symbolic concerns” constitute a “primary driver of Baby Boomers’s hostility toward Millennials.”

Yet one can’t help but also feel that beneath all this is a foundation consisting of entitlement and self-centeredness. Hence, one commentary (“Why Are Baby Boomers So Angry?,” VanNatta Public Relations, February 2020) pointed to the fact that, after six long decades of the 1950s-60s Generation calling attention to themselves and how cool the hippie and disco eras were, they are now “angry” because they feel they’re “missing out.” On “fun, vacations, and buying nice things [that] had been delayed until there was enough money to help children with school and pay off bills. Now Boomers are faced with their own health issues, elderly parents, and/or young adult children in need — further delaying dreams.”

This problem is exacerbated when such narcissism leaks into the realm of public policy. The bizarrely nonsensical two-plus year total lockdown happened, in part, because of the reluctance to craft a policy that recognizes the fact that COVID-19 seriously affects those 60 years old and above (as well as those with comorbidities), while generally leaving the healthy 20-year-olds and below practically unscathed. Hence, when “major media have reported experts’ warnings that the elderly, starting at age 60, are extra vulnerable,” the reaction from that age range was almost of collective horror: “Wait, what? I’m in a high-risk group? I’m perceived as elderly?” (“With the novel coronavirus, suddenly at 60 we’re now ‘old’,” The Washington Post, June 2020).

So, while socio-political commentaries can point to the rise of criminality, lack of accountability, government corruption, an elitist class system protective of the establishment, while lectures can be made about the deteriorating social contract amidst a cramped urban landscape beset by a polluted environment, perhaps the story is simple as it is pathetically banal.

Of the formerly young, previously the center of attention in their family, barkada, barangay, or college, who used to lord it over the dance floors of old, considered honored guests for whatever government or business position they had, now suddenly seeing themselves passed over, of promotions that never came, more and more being ignored, no more the honored seat at parties, no more the obsequious speeches thanking them during gatherings, as the younger, healthy, and able Millennials and Gen Zs pass them by and suck the attention away from them.

Sooner or later the Boomers know they’ll have to step aside for a generation they perceive as having grown up amidst ease and comfort, with all the amenities of social media, tech gadgets, choice consumer goods, on demand gratification, with greater opportunity for travel, or simply just greater opportunities.

Hence, the nearly deranged disproportionate reactions: the lashing out, the lashing out at the young that will taste the pleasures such Boomers feel they’re now deprived of, the lashing out at supposedly not being given the deference or respect they oddly think they deserve, the lashing out at a society they believe has not rewarded them enough and is now unceremoniously setting them aside.

To that, perhaps the only proper response is: Oh, grow up!

 

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

Late-night TV hosts join on podcast to help striking writers

STRIKE FORCE FIVE — SPOTIFY

LOS ANGELES — An all-star lineup of late-night television hosts are uniting to chat about Hollywood’s ongoing labor disputes on a new podcast, a group effort to raise funds for their striking staff writers.

Stephen Colbert, Jimmy Fallon, Jimmy Kimmel, Seth Meyers, and John Oliver will take part in the podcast that debuted on Wednesday called Strike Force Five, according to a statement from streaming service Spotify. All five will appear on each episode and they will take turns as host.

The roughly 11,500 members of the Writers Guild of America (WGA) went on strike in early May after failing to reach a new labor agreement with the major Hollywood studios that produce films and TV shows. The SAG-AFTRA actors union, Hollywood’s largest union with 160,000 members, walked off the job in July.

Without teams of writers to pen topical jokes, the late-night shows have been airing re-runs for nearly four months.

The five hosts have been meeting weekly over Zoom “to discuss the complexities behind the ongoing Hollywood strikes,” Spotify said, and the new podcast will allow fans to “listen in on these once-private chats.”

Spotify said Strike Force Five will be available on most major podcast platforms and run for at least 12 episodes. Mr. Kimmel — in a post on social media platform X, previously known as Twitter — said the podcast would continue “for the remainder of the strike.”

All proceeds will go to the writers of the late-night shows, Spotify said. — Reuters

Difficult questions for shortlisted job candidates

We have two candidates vying for the post of vice president. The chief executive officer (CEO) told me that the difference between the two is almost zero. Instead of tossing a coin, the CEO asked me to formulate at least 30 difficult questions to help break the tie. Could you help me with the list? — Orange Juice.

It’s unusual for job applicants to tie in an evaluation process. Take a second look at their respective qualifications and you will likely see that one has an advantage over the other. Decide based on what’s important to your CEO. Is it education? Length and depth of experience? Age? What else?

How about gender, which could cause you legal issues if you express a preference in your job ad? About 28 years ago. I was one of the two shortlisted candidates for the post of vice president for human resources at a Japanese multinational.

I was confident at the time because I speak a little Japanese and knows the culture. Two years earlier, I completed a year-long management fellowship sponsored by the Nikkeiren International Cooperation Center in Tokyo. I met a panel of interviewers composed of five or six department managers, including a female manager and the Japanese CEO who asked me a lot of difficult questions.

They included this question: “There are only two candidates now. The other one is a female applicant. If you’re in our position, which one would you choose?” Gender equality was not yet a top-of-mind issue at the time, at least not among Japanese businesses. Even today, the Japanese are notorious for paying female executives less compared with their male counterparts.

I remember giving them my answer favoring a male candidate that unmasked me as a chauvinist. After a couple of questions, the panel interview was completed. Result? I failed to get the job. The reason? I don’t know. What I know was the woman who got the job resigned in less than two years.

DIFFICULT QUESTIONS
It’s easy to list many difficult interview questions. The critical part is tweaking these questions to match the job requirements. The desired outcome is finding a candidate that matches the job description, can meet the performance standards, who is up to the job’s unique challenges.

Obviously, you don’t have to repeat the questions you raised early in the interview process. Instead, explore the most difficult, open-ended questions, which you must systematically arrange according to the job requirements you consider most important. At any rate, it wouldn’t hurt if your selection process surfaces the following qualities to determine whether the candidate has what you’re looking for:

One, leadership. What’s the most difficult issue you have faced in your current job? What was your relationship with your CEO like? How did you manage it? What is the number one reason for your success? How do you create a situation that produces effective teamwork? Describe an unpopular decision you have had to make at work. How did you resolve any issues that emerged?

Two, management style. Describe any lessons you have taken to heart from a management guru. What level of control do you prefer in managing your direct reports? What special trait defines your management effectiveness? In what ways have the management practices of your boss interfere with your job? How would you handle a subordinate who contradicts your instructions?

Three, two-way communication. Give specific examples of communication issue you’ve experienced. How often do you communicate with your direct reports? Discuss a situation that required excellent communication skills. How would you choose between communicating via a face-to-face meeting or by e-mail? Who is more important — the employee or the customer? How would you deal with an employee who thinks he’s always right?

Four, decision-making. What’s the most difficult decision you’ve made? When you make a wrong decision, how do you rectify it? What kind of decisions are difficult for you? Tell me about a complex issue that you’re had to manage. Describe a situation when you failed to accomplish a task because of procrastination. What tool do you fall back on to make effective decisions?

Five, performance management. How would you handle performance evaluation of your direct reports? How would you go about hiring a subordinate? How would you improve the hiring process to ensure the best candidate is selected? What’s the most common reason you’ve encountered for terminating an employee? How would you handle a problem worker?

In conclusion, think of how you will close the final interview. In fairness to all applicants, allow them to ask questions and be ready when they ask about things like the reason for this vacancy, why you are hiring from outside and not elevating an internal candidate. Are there issues with your succession plan?

 

Join Rey Elbo’s Japan Study Tour on the Toyota Production System (TPS). Visit Toyota City on Oct. 15-21, 2023 and learn firsthand many lessons that you can’t get from books or other sources. For details, chat with him via Facebook, LinkedIn, X (Twitter) or e-mail elbonomics@gmail.com or via https://reyelbo.com

National Government fiscal performance

THE NATIONAL Government’s (NG) budget deficit shrank by 44.89% in July, amid double-digit growth in revenues and expenditures, the Bureau of the Treasury (BTr) said. Read the full story.

How PSEi member stocks performed — August 31, 2023

Here’s a quick glance at how PSEi stocks fared on Thursday, August 31, 2023.


DICT seeking to establish over 15,000 free WiFi sites in 2024

DICT

THE Department of Information and Communications Technology (DICT) said it has set a target of over 15,100 free WiFi sites in 2024.

Its other goals include the implementation of a National Broadband Plan calling for up about 2,800 kilometers of dark fiber reaching parts of Mindanao by December 2024, the DICT said in a statement.

This plan ensures “cost-effective internet” connectivity for National Government agencies and local government units, Heherson M. Asiddao, Information and Communications Technology undersecretary, said in a statement. 

Mr. Assidao said the DICT also hopes to launch operations at two data centers next year.

The DICT is proposing a 2024 budget of P8.73 billion, Secretary Ivan John E. Uy told the House appropriations committee on Thursday. 

“The department firmly believes that digitalization is one of the greatest, most powerful tools — not just to improve the ease of doing business but as a means to eliminate graft and corruption,” Mr. Uy said.

Under the National Expenditure Program (NEP), the DICT plus its associated agencies were allocated funding of P9.86 billion, with P355.77 million going to its Cybercrime Investigation and Coordinating Center; P347.95 million to the National Privacy Commission; and about P453.65 million to the National Telecommunications Commission.

The DICT’s proposed  budget had been cut from its 2023 funding level of P10.88 billion due to underspending.

“We have implemented a catch-up plan for the department to efficiently utilize its budget,” My. Uy said. — Ashley Erika O. Jose

Export growth seen slowing to modest levels

THE Philippine Exporters Confederation, Inc. (Philexport) projects 2023 export revenue to exceed 2022 levels but not “dramatically,” signaling a slowdown from the 5.7% growth in 2022.

Philexport President Sergio R. Ortiz-Luis, speaking at the Philippine Chamber of Commerce and Industry Media Kapihan on Thursday, said the year-earlier comparable base for this year’s exports will be low, effectively boosting the 2023 performance.

“I might be extrapolating, but it will be coming from a low base, so it will show a little increase in percentage, but it will not be dramatic,” he said.

According to preliminary data from the Philippine Statistics Authority, merchandise exports rose 0.8% to $6.7 billion in June from $6.64 billion a year earlier. 

First half export earnings amounted to $34.94 billion, a decline of 9.3% year on year.

Export earnings amounted to $78.98 billion in 2022, up 5.7%.

“Our exports, although they are growing, are growing very slowly… our supply chain is affected mainly because our biggest trade partners, like China, slowed down,” he said.

Mr. Ortiz-Luis said that he remains optimistic but sees room for the Philippines’ export markets to develop, particularly for mining products.

“For instance, we should have processing of our ore here rather than just exporting ore. We should be able to export processed nickel ore,” he added.

He sees potential in supplying processed nickel to Japan and China.

Yesterday, the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) projected flat growth in electronics exports in 2023 after they declined sharply in the first half.

“The problem is that the supply chain has been very much affected by geopolitics,” Mr. Ortiz-Luis said. “The biggest electronics importers which are Japan, China, US and even the emerging European companies… are all facing problems, which is beyond our control.”

According to SEIPI, electronics exports dropped 7% to $21.19 billion in the six months to June.

In June, electronics exports rose 11.8% to $4.25 billion. — Justine Irish D. Tabile

Energy dep’t awards 77 offshore wind contracts

STOCK PHOTO | Image by Insung Yoon from Unsplash

THE Department of Energy (DoE) said it has awarded 77 offshore wind energy contracts to date, as well as eight contracts to develop ocean, tidal, and wave energy projects.

“Right now, we have awarded 77 offshore wind energy contracts with a potential capacity of 60 gigawatts,” Energy Assistant Secretary Mylene C. Capongcol said on Thursday during the Energy Smart Forum organized by the European Chamber of Commerce of the Philippines.

She said of the eight marine resource service contracts, one developer is in the process of engaging an engineering procurement contractor.

“As of June 2023, a total of 1,087 service contracts with a potential capacity of 113 GW (gigawatts) have been awarded and are in various development stages,” Ms. Capongcol said.

Citing various DoE studies and assessments, Ms. Capongcol said the Philippines has a potential renewable energy (RE) capacity of about 500 GW.

Wind projects — both onshore and offshore — accounted for 254 GW of the potential capacity, while ocean and marine energy accounted for 170 GW, with solar amounting to 58 GW. Combined potential capacity for biomass, geothermal, and hydropower is estimated at about 10 GW.

Ms. Capongcol said on the sidelines of the event that the DoE is looking to amend the guidelines governing the awarding of RE contracts of offshore wind technology.

“We are now currently revising the omnibus guidelines for the award of contract, specifically on offshore wind, magkakaroon siya ng (there will be) differentiation with onshore wind,” she said.

The DoE is looking to implement a pre-development period for offshore wind projects of eight years, from five years previously, she said. The changes are subject to public consultation in September.

RE accounted for about 22% of the Philippines’ energy mix, with coal-fired power plants providing nearly 60% as of the end of 2022.

The government hopes to increase the share of RE to 35% by 2030 and to 50% by 2040. — Sheldeen Joy Talavera

Privacy commission issues warning against sale of registered SIM cards

A VENDOR shows different SIM cards for sale at a stall in Quiapo, Manila, Oct. 8, 2022. — PHILIPPINE STAR /KRIZ JOHN ROSALES

THE National Privacy Commission (NPC), in an advisory issued on Thursday, warned against the sale of registered SIM (subscriber identity module) cards for mobile devices. 

“Recent developments have drawn our attention to alarming instances wherein certain individuals, ostensibly acting as agents of malevolent entities, are enticing unsuspecting individuals with monetary offers, averaging P1,000.00, in exchange for SIM cards that have been registered,” the NPC said.

The NPC said the trade in SIM cards is prohibited under the SIM Registration Act (Republic Act No. 11934). The law states that the practice exposes data subjects to potential legal repercussions, risks and harms.

Violators are liable for imprisonment of between six months and six years, or a fine of P100,000 to P300,000, or both.

“The NPC earnestly urges all data subjects to take heed of this advisory and to remain vigilant against participating in any actions that may put at risk their personal data,” it said.

It added that it will take action against those who disregard and violate the Data Privacy Act of 2012.

The National Telecommunications Commission recorded SIM card registrations of 113.97 million, equivalent to 67.83% of the estimated 168.02 million cards in circulation.

Globe Telecom, Inc. had 53.73 million registered subscribers or 61.9% of its total. Smart Communications, Inc. registered 52.5 million or 79.18% of its users, while DITO Telecommunity Corp. registered 7.74 million users or 51.72% of its users. — Justine Irish D. Tabile