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Deadpool & Wolverine celebrates friendship, Ryan Reynolds says

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LONDON — The global promotional tour for Deadpool & Wolverine touched down in London on Thursday, with stars Ryan Reynolds and Hugh Jackman bringing their bromance to the movie’s United Kingdom sneak peek event.

The two have entertained fans with their humorous, high-energy appearances at previous stops in Shanghai, Seoul, and Berlin.

The third installment in the Deadpool movie franchise sees Mr. Jackman’s Wolverine return from retirement to help wise-cracking Deadpool (Mr. Reynolds) save his world.

“It’s about friendship, and friendship is another version of a love story,” said Mr. Reynolds, who also co-wrote and produced the film.

“There’s so many moments in the movie where it’s hard to tell if Deadpool’s talking to Wolverine, Wolverine talking to Deadpool, or it’s Hugh and Ryan talking to each other. And I’m really proud of those moments.”

Mr. Jackman had not planned to reprise the role of the gruff, clawed X-Man Wolverine. But the Australian actor said his mind started changing after he watched the first Deadpool film.

“It was something in here,” he said, pointing at his heart. “I really thought I was done. And then, five or six years later, I was driving and I just knew in my bones I wanted to do that.

“I knew for fans it would be the thing they’d waited for, I knew it’d be a kind of dynamic that we’ve never seen before. I had no idea how hard it would be physically at age 55 to do it but it’s absolutely worth it. I have loved every second.”

Secrecy surrounds the film’s plot details. Respecting the characters and their legacy was at the heart of the writing process, said director and co-writer Shawn Levy.

“But then we pushed them into areas that other movies haven’t,” he said. “I think you’re going to see some aspects to both their performances that are quite different than what we’ve seen in their prior films.”

The only Marvel-Disney movie released this year, Deadpool & Wolverine is expected to be a box office hit when it begins its global cinematic rollout on July 24.

“There is a lot riding on it but we’ve worked really hard to deliver the goods,” said Mr. Levy.

“I focus on the opportunity, not the expectation. The creative opportunity to connect with a huge global audience in a new way, in a surprising and fresh way, that was delicious,” he said.

For Mr. Reynolds, 47, releasing the film to the world comes with other concerns.

“I feel like I’ve waited my entire life to do this one movie. The only problem that poses is I don’t know what the hell we’re supposed to do next.” — Reuters

K-pop stars Stray Kids prepare for comeback with upbeat London show

STRAYKIDS.JYPE.COM

LONDON — “This is a career highlight,” popular K-pop group Stray Kids said as they headlined the British Summer Time (BST) Hyde Park Festival on Sunday.

The eight-man group from South Korea debuted in 2018 after being formed by JYP Entertainment through a reality show. They have won over fans around the world with their genre-mixing sound and hit songs such as “God’s Menu,” “S-Class,” and “Maniac.”

Made up of members Changbin, Felix, Hyunjin, Lee Know, Han, Seungmin, Bang Chan and I.N, Stray Kids returned to London after nearly five years to make their United Kingdom festival debut.

“It’s a really big festival and it’s a really big space. It’ll be really interesting to see how much the energy we bring to it will change that,” said Han shortly before the group took to the stage to perform a high-energy one-hour-40-minute-long set in front of a crowd of thousands.

Named by Time magazine as one of the Next Generation Leaders, Stray Kids placed third on recorded music industry body IFPI’s top 10 list of global recording artists last year. Their third Korean-language studio album 5-Star was last year’s second biggest-selling album globally, IFPI said.

All eight members also walked the famed MET Gala red carpet this May, wearing custom Tommy Hilfiger suits.

Bang Chan said the group were grateful for their strong streaming numbers and successes but added that the onus was on bringing meaningful music to their fans, known as STAYs.

“Lots of STAYs and a lot of people are giving us a lot of attention, so I don’t think we should sit still and do nothing about it. That’s why all the members are working hard in their parts,” added Seungmin.

Part of that is the group’s “comeback,” their new EP, titled ATE, which will be released on July 19.

ATE represents the eight members who have “eaten up” their comeback, said Felix, adding that fans could expect new concepts and styles.

“It really means a lot to us. It’s been a while since our last album. With this album we really want to emphasize our eight members, how genuine we are with music and we’ve also put in a lot of styles of music for everyone out there to enjoy,” said Bang Chan.

“We’re bringing out all we can at this time and that makes us confident,” added Changbin. — Reuters

AirAsia PHL logs 3.86 million passengers driven by millennial, Gen Z demand

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LOW-COST carrier AirAsia Philippines said it has recorded 3.86 million passengers as of July, with strong demand from millennials and Generation Z driving its passenger seat sales.

“AirAsia MOVE app was able to market the airline’s monthly promos and reach millions worldwide,” AirAsia Philippines said in a statement on Monday. 

In the Philippines alone, AirAsia booked a total of 1.1 million seats under its promo seat sales from January to July, of which almost the majority, or a total of 820,000, are Gen Zs and millennials. 

Millennials were born from the early 1980s to the late 1990s, while Gen Zs include those born from 1995 to 2004.

“Millennials and Gen Zs are tech-savvy… Technology always plays an important role in their decision-making, 70% of online and over-the-app bookings for the first half of 2024 came from millennials and Gen Z’s,” AirAsia Philippines Communications head Steve F. Dailisan said in a statement on Monday. 

For six months to early July, AirAsia Philippines has flown a total of 3.86 million passengers, compared to 3.87 million in the first semester of 2023.

Last year, AirAsia Philippines logged a total of 6.6 million passengers.

In April, AirAsia Philippines said that it was planning to expand its domestic routes by adding more direct flights to popular destinations like Boracay. 

The airline also aims to capitalize on the increased weekly seating capacity between the Philippines and South Korea by introducing new routes to South Korea and possibly increasing its existing capacity. — Ashley Erika O. Jose

Demand for T-bills surges on rate cut bets

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THE GOVERNMENT upsized the volume of Treasury bills (T-bills) it awarded on Monday even as rates mostly inched up as it saw strong demand for the short-term papers amid growing expectations of rate cuts by both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve within the year.

The Bureau of the Treasury (BTr) raised P22.6 billion from the T-bills it offered on Monday, higher than the P20-billion program, as total bids reached P46.736 billion, or more than twice the amount placed on the auction block.

Broken down, the BTr borrowed P6.5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P15.51 billion. The three-month paper was quoted at an average rate of 5.717%, 1.9 basis points (bps) above the 5.698% seen last week. Accepted rates ranged from 5.702% to 5.74%.

Meanwhile, the government awarded P9.1 billion in 182-day securities, higher than the P6.5-billion plan, as bids for the tenor reached P17.525 billion. The average rate for the six-month T-bill stood at 5.978%, inching up by 1 bp from the 5.968% fetched last week, with accepted rates at 5.95% to 5.998%.

The BTr doubled the accepted volume of noncompetitive bids for the 182-day T-bills to P5.2 billion as the paper fetched strong demand, it said in a statement.

Lastly, the Treasury raised the planned P7 billion via the 364-day debt papers as demand totaled P13.701 billion. The average rate of the one-year debt decreased by 0.1 bp to 6.072% from the 6.073% quoted last week. Accepted yields were from 6% to 6.09%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.6845%, 5.9839%, and 6.0480%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The Treasury made a full award of its T-bill offer as it saw “overwhelming” demand, with the six-month tenor almost thrice oversubscribed, a trader said in a text message.

Investors swamped the offering as they priced in potential cuts in benchmark interest rates here and abroad, the trader said.

“Although higher week on week, the yields in the T-bill space remain lower compared to BSP facilities and the BSP policy rate,” the trader added.

Expectations of a BSP rate cut as early as next month led to good demand for the T-bills as investors want to lock in high yields ahead of the start of the central bank’s easing cycle, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Increased odds of the Fed kicking off its own rate cut cycle by September and dovish signals from the US central bank chief also affected T-bill yield movements, Mr. Ricafort added.

BSP Governor Eli M. Remolona, Jr. last month said the Monetary Board may deliver its first rate cut in over three years at its Aug. 15 review as they expect inflation to continue easing this semester.

The BSP last month kept its policy rate at a 17-year high of 6.5% for a sixth straight meeting.

Meanwhile, the “last mile” of the Federal Reserve’s battle against inflation may have shortened to a last lap after US consumer prices unexpectedly fell in June, shoring up policy makers’ confidence that they are winning the fight and paving the way to interest rate cuts in the coming months, Reuters reported.

At the Fed’s July 30-31 meeting, the policy makers are expected to maintain the policy rate at 5.25%-5.5%, but they may set the table to lower rates in light of renewed progress on easing price pressures.

After July, the Fed’s next policy meeting is in mid-September.

In two days of testimony before Congress last week, Fed Chair Jerome H. Powell appeared to edge the door open to a September rate cut, saying that the US economy was “no longer overheated” and that “more good data” on inflation would lay the groundwork to reduce the benchmark policy interest rate.

On Tuesday, the BTr will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and six months.

The Treasury wants to raise P215 billion from the domestic market this month, or P100 billion from T-bills and P115 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — AMCS with Reuters

How business owners can combat online scams in the e-Commerce Age

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A 2023 study by the credit information company TransUnion reported that 8.3% of all digital transactions by consumers in the Philippines were possibly fraudulent. The Philippines also exceeded the global averages for suspected digital fraud rate in different sectors, especially in retail. And it’s not just consumers who are affected. A 2022 report by the US-based Association of Certified Fraud Examiners (ACFE) estimates that companies worldwide lose about 5% of their revenue to fraud every year. Even worse, smaller businesses are more vulnerable due to limited resources and less robust security measures.

E-commerce and digital payments may have revolutionized the way businesses operate, but the opportunities for growth and expansion also come with significant risks. With scams becoming increasingly sophisticated, businesses — especially those dealing in e-commerce and online transactions on a daily basis — must be proactive when it comes to combating scams. Here are five actionable strategies that businesses of any size can immediately implement to prevent company losses.

1. Educate and train employees regularly

According to a 2023 study by Stanford University and Tessian, one in four employees reported falling for a phishing scam at work in the last 12 months — highlighting that the biggest vulnerability to your organization is not your IT equipment or firewall, but your employees themselves.

Ensuring that all employees are well-versed in recognizing potential threats goes a long way in preventing scams. Conduct regular training sessions to keep staff updated on scam tactics and cybersecurity best practices. Highlight that the biggest risk in the organization comes from employees being tricked into sharing sensitive company information, such as passwords and credit card numbers. Implement e-mail, call, and SMS behavior protocols to help employees recognize suspicious links, spoofing attacks, and phishing attempts. Encourage employees to share and report a discovered scam, as scammers usually target several people in one organization. More importantly, implement a data protection policy that addresses both internal and external threats to company data.

2. Implement strong password policies

A robust password policy is a fundamental aspect of cybersecurity. If an employee can easily dictate a password or PIN over the phone, that means it is too weak and prone to being exploited.

Business owners should enforce the use of complex passwords — 12 to 16 characters — that use a random mix of letters, numbers, and special characters. Remind employees to change their passwords regularly, and discourage them from using the same password across multiple accounts. A password manager like 1Password or Bitwarden can help employees generate, save, and input passwords across multiple websites and apps. In a pinch, Google also has a password manager that securely saves website passwords to your Google account.

Another layer of security that should be implemented is two-factor authentication (2FA), which requires employees to provide two forms of identification before accessing sensitive information — their password plus a one-time password (OTP), an authentication on another owned device, or an authenticator app. This will make it more difficult for attackers to gain unauthorized access to e-mails and company tools.

3. Keep your security software updated

Antivirus and internet security software is essential for protecting employee tools against spam, ransomware, malware, and other cyberthreats. Most come in a bundle that protects both desktop and mobile devices. Regularly updating this software is also crucial — enable automatic updates to ensure that your security measures are always up to date.

For organizations that cannot afford a full antivirus security suite, even free tools like Bitdefender Antivirus Free and Google Messages can protect employees from common malware and phishing attacks. Bitdefender offers on-demand malware scans and blocking of malicious URLs, while Google Messages automatically screens incoming spam and phishing texts on Android phones.

To ensure that your business is always protected and prepared for unforeseen expenses, consider opening a credit line, which can provide the financial flexibility needed to invest in comprehensive cybersecurity solutions and other essential resources to keep your business safe.

4. Verify Receipt of Goods and Services

Implementing a procedure to verify the receipt of goods and services before approving invoices can prevent fraudulent transactions. Ensure that all deliveries are checked and confirmed by the relevant department, and that any discrepancies are reported immediately. This step is crucial to ensure that the business pays only for what it has received.

Limiting payment approvals to one person or to a small accounting team can also reduce chances of fraud, as well as having a clear approval process. In addition, train accounting and finance teams to verify the identity of the vendor using their known contact numbers. Even when the vendor or the transaction is familiar, some scammers can simply duplicate an invoice and change the payment details to their account prior to sending.

5. Develop a response plan to online scams and data breaches

Despite the best preventive measures, it’s essential to have a response plan in place in case an online scam or security breach occurs. This plan should outline the steps to be taken immediately after a breach is detected, including how to contain the breach, assess the damage, shut down compromised tools and programs, and notify affected parties.

A well-defined response plan can minimize the impact of a breach and facilitate a quicker recovery. This plan should also include communication protocols to inform customers, stakeholders, and regulatory bodies, as well as steps to prevent future incidents.

RECOGNIZING COMMON SCAMS
In addition to these strategies, business owners must keep themselves updated on common scams that target e-commerce businesses. Some prevalent scams include:

E-mail phishing: These are fraudulent e-mails that appear to be from legitimate sources, with the intent to steal sensitive information using a phishing link or attachment.

Fake Invoices: Scammers pose as suppliers and send fake invoices to businesses, hoping that the internal accounting department will pay without verifying their legitimacy.

Payment scams: Scammers order products and services and then request a refund or chargeback upon receiving their order.

Fake account scams: Scammers pose as a legitimate company’s social media account to trick consumers into paying for non-existent products or services.

Security breach scam: Posing as a bank or digital wallet representative, scammers call to inform you that your account has been compromised, in order to extract sensitive information.

In the e-Commerce Age, online scams pose a significant threat to businesses of all sizes. However, by taking proactive steps to educate employees and implement basic cybersecurity practices, business owners can significantly reduce their risk. Recognizing common scams and practicing basic cybersecurity measures are also crucial in safeguarding company assets and ensuring long-term success. By staying informed and vigilant, business owners can combat online scams and protect their organizations from cyberthreats.

(This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.)

 

Benedict S. Carandang is a member of the MAP ICT Committee and the vice-president for External Relations of First Circle. This article was co-written with Jess Jacutan, content marketing consultant for First Circle, an SEC-registered financial technology company that has been empowering SMEs through funding and free growth tools since 2016.

map@map.org.ph

benedict@firstcircle.ph

Fitness guru Richard Simmons, 76

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FITNESS guru Richard Simmons has died at age 76, multiple media outlets reported, including ABC News and TMZ.

The reports said his housekeeper found him unresponsive on Saturday morning and Los Angeles police were called. TMZ reported that police were treating it as a natural death.

Los Angeles police said it could not confirm Mr. Simmons’ death.

Born Milton Teagle “Richard” Simmons, the flamboyant fitness instructor became a household name and pioneered gyms as safe places for people who weren’t already in perfect shape. He revealed in a series of social media posts this year that he had been diagnosed with skin cancer.

In a post on X in March he declared, “I have some news to tell you. Please don’t be sad. I am …dying. Oh I can see your faces now.” There was no other context for the statement and he later apologized for the media stir his comments made. Through his representative he said that the sole purpose of the post was meant to be inspirational.

Mr. Simmons, who grew up in the French quarter of New Orleans before settling in California, weighed 268 pounds (121.56 kg) when he graduated from high school, his website said.

His own story of struggling with weight loss, where he tried everything from fad diets to laxatives before settling on exercise and better lifestyle choices, inspired millions to do the same.

Over the years he produced a series of aerobics dancing fitness videos and had a chain of fitness studios, and hosted the Richard Simmons Show from 1980-1984, and the program won four Daytime Emmys.

In recent years, the once ubiquitous fitness instructor seemed to have stepped out of the public spotlight, where he frequently made appearances on daytime talk shows, but he maintained a large following on the internet.

Mr. Simmons posted on Facebook Friday to thank fans for their birthday wishes, as he turned 76.

“So many of you have sent me birthday wishes on my Facebook and other platforms,” he wrote. “I really appreciate that. I don’t know when your birthday is but I wish you a happy and healthy birthday!” — Reuters

‘Residential buyers holding back’

SEAN POLLOCK-UNSPLASH

THE RESIDENTIAL property sector saw a slight decline in total residential real estate loans (RRELs) in the first quarter of 2024, attributed to fewer project launches by developers and cautious buyer behavior due to interest rates and inflation, according to Leechiu Property Consultants.

“The overall decline in loans can be attributed to both developers introducing less projects and buyers holding back on purchases because of the interest rate situation and inflation, which have been elevated for some time already,” Leechiu Director of Research Roy Amado L. Golez, Jr. told BusinessWorld via an e-mailed statement over the weekend.

On July 11, Leechiu reported that the total granted RREL fell 9% to 9,064 for the first quarter of 2024 from 9,975 loans in the fourth quarter of 2023, citing Bangko Sentral ng Pilipinas data.

In the first quarter, single-detached houses accounted for 43% of the RRELs granted by housing type, followed by condominiums at 34.7%, townhouses at 22%, and duplexes at 0.3%.

Meanwhile, RRELs outside Metro Manila showed a 2% increase, while RRELs in Metro Manila went down 31%.

“For the growth of loans outside of Metro Manila, this shows the strength of the affordable and middle-income housing market,” he said.

Mr. Golez said townhouses and single-detached houses are products of affordable housing in projects outside of Metro Manila. The existing demand, especially in the Calabarzon region and Central Visayas, is due to jobs created by increased economic activity due to infrastructure development and industry.

“Cavite-Laguna Expressway (CALAX) will open a big part of northern and central Luzon to development. Right now, most of the projects that are being built by big developers or townships are hovering in Clark and Angeles City,” he said.

Condominium units saw the largest decline in granted RRELs, dropping 19%.

Mr. Golez said that in the short term, the share of condos will likely remain below average as inventory levels of condominiums are still elevated.

“But as new condominium launches start coming in because jobs created are still primarily in the Metro Manila area, this share will start to rise again.”

In the second quarter, the ready-for-occupancy units in Metro Manila totaled 578,000, with a 97% sales rate. Pre-selling units numbered 159,000, achieving a 69% sales rate.

Quezon City led in supply with 127,000 units, followed by Ortigas, Mandaluyong, and San Juan collectively offering 100,000 units. The Bay Area contributed 92,000 units to the market.

Manila added 83,000 units to the supply, while Makati and Taguig followed closely with 81,000 and 64,000 units, respectively.

Mr. Golez noted a 30% increase in condo project launches across Metro Manila to 3,530 units compared to the previous quarter, with new developments introduced in Alabang, Manila, and Quezon City.

Similarly, sales rose by 6.5% in the second quarter of this year.

Mr. Golez said he expects developers to continue to maintain a cautious stance regarding the introduction of new projects but hopes to see new projects in the second half of the year from the biggest developers. — A.R.A. Inosante

SEC targets accelerated integration of corporate sector in sustainability effort

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THE Securities and Exchange Commission (SEC) said it targets to expedite the integration of the corporate sector into sustainability initiatives.

On Monday, the SEC inaugurated the Sustainable Enterprise Collaboration Network (eSECnature), which seeks to connect corporations, government entities, multilateral organizations, and civil society groups to enhance and broaden corporate involvement in sustainability efforts.

The campaign also seeks to fast-track the country’s attainment of the United Nations Sustainable Development Goals.

“Through this network, we aim to unite organizations both in the public and private sectors to collaborate in developing best practices, new ideas, and successful strategies toward our vision of a sustainable capital market and business sector,” SEC Chairperson Emilio B. Aquino said during the launch event.

“We believe that the adoption of sustainable practices will have a significant impact on improving the state of our capital markets and, more importantly, the economy. As we see more companies comply with environmental, social, and governance standards, we can look forward to the entry of more investments into the country that can further drive our economic growth,” he added.

The eSECnature campaign also strives for digital enablement to reduce the corporate sector’s overall carbon footprint.

Members of the network will also push for collaboration and participation in knowledge-sharing activities and policy advocacy initiatives to help integrate and adopt sustainable practices in their operations.

The members of the network will also work toward ensuring the ethical and responsible conduct of business operations and advocacies, reducing their carbon footprint, and supporting the digitalization, zero-contact, and paperless initiatives of the government.

Meanwhile, the SEC is scheduled to launch five new digital initiatives this week to streamline stakeholders’ transactions in line with the commission’s sustainability efforts.

SEC’s existing digital platforms include the electronic simplified processing of applications for company registration, its subsystem for one-day submission and e-registration of companies, electronic filing and submission tools, and an electronic system for payment to SEC.

These services automated the SEC’s processes in company registration, report submission, and payment of fees.

Other SEC digital initiatives include the electronic SEC universal registration environment, electronic SEC education, analysis and research computing hub, SEC API marketplace, electronic registry application for market participants, and SEC check app 2.0.

“These initiatives are estimated to have reduced the commission’s carbon footprint by over 3,500 tons from 2021 to 2023. In the same period, it was also able to save more than 10,000 trees, equivalent to about 85 million sheets of paper that would have been used in manual transactions,” the SEC said. — Revin Mikhael D. Ochave

Banks’ real estate sector exposure declines in Q1

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THE EXPOSURE of Philippine banks and trust entities to the property sector went down year on year to 20.31% at end-March, data from the Bangko Sentral ng Pilipinas (BSP) showed.

This was lower than the 21.08% logged in the same period a year earlier but slightly higher than the 20.17% ratio at end-December 2023.

Investments and loans extended by Philippine banks to the real estate sector rose by 3.4% to P3.099 trillion as of March from P2.998 trillion a year earlier.

Real estate loans increased by 5.7% to P2.72 trillion in the period from P2.573 trillion at end-March 2023.

Broken down, residential real estate loans went up by 7.6% year on year to P1.022 trillion from P950.052 billion, while commercial real estate loans edged up by 4.6% to P1.698 trillion from P1.623 trillion.

BSP data showed past due real estate loans stood at P136.793 billion in the period, up by 2.3% from P133.699 billion a year prior.

Broken down, past due residential real estate loans slipped by 1.8% to P93.798 billion from P95.521 billion. On the other hand, past due commercial real estate loans jumped by 12.6% to P42.995 billion from P38.178 billion.

Gross nonperforming real estate loans went up by 5.3% to P110.787 billion as of March from P105.26 billion a year ago.

This brought the gross nonperforming real estate loan ratio to 4.07% at end-March, easing from 4.09% a year earlier.

Meanwhile, real estate investments in debt and equity securities declined by 10.8% year on year to P379.449 billion from P425.463 billion.

Elevated inflation and borrowing costs affected real estate loans and investments in the period, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Higher inflation and higher interest rates could have been headwinds to the real estate industry, as well as still relatively higher vacancy rates since the pandemic, partly due to hybrid and work-from-home arrangements since the pandemic,” he said.

Headline inflation averaged 3.3% in the first quarter.

The Monetary Board raised rates by a cumulative 450 basis points from May 2022 to October 2023 to help bring down elevated inflation. This brought the policy rate to 6.5%, the highest in over 17 years.

Mr. Ricafort also cited “relatively higher property prices in recent years,” which have led to banks being more prudent in lending to the real estate sector.

Separate data from the central bank showed that the Residential Real Estate Price Index rose by an annual 6.1% in the January-March period.

The BSP monitors lenders’ exposure to the real estate industry as part of its mandate to maintain financial stability.

In 2020, the central bank raised the real estate loan limit of banks to 25% of their total loan portfolio from 20% previously to help free up additional liquidity as a relief measure during the coronavirus pandemic. — Luisa Maria Jacinta C. Jocson

Philippines lags in life-work balance study

The Philippines placed 59th out of 60 countries in the 2024 Global Life-Work Balance Index by global human resource platform Remote. The country garnered an index score of 27.46 out 100, the lowest among its peers in the East and Southeast Asian region. The index analyzes countries based on their workplace factors that assess their life-work balance for employees. Remote defines life-work balance as the rewarding of results compared with time spent at desk, facilitating time off for employees to recharge, and supporting parental life-work balance through fair leave policies.

Philippines lags in life-work balance study

Even Superman cannot fix the colossal mess that is PhilHealth

ORIGINAL PHOTO: NATIONAL CANCER INSTITUTE-UNSPLASH

On April 24, the Department of Finance (DoF) instructed the Philippine Health Insurance Corp. (PhilHealth) to remit P89.9 billion to the Treasury within 15 calendar days, citing the 2024 budget law and Department Circular 003-2024. The amount was to come from PhilHealth’s reserve fund, which by 2023 had mounted to P463.7 billion.

The DoF justified the directive saying the idle funds can be used to finance unappropriated programs that would be of immediate benefit to the Filipino people. It was also to discipline PhilHealth for not using the available funds.

The president, fund manager, corporate affairs officer, and corporate secretary of PhilHealth were all negligent of their responsibilities for not invoking Republic Act 11223.  The law states: “No portion of the reserve fund or income thereof (of PhilHealth) shall accrue to the general fund of the National Government or to any of its agencies or instrumentalities, including government-owned or -controlled corporations.”

The secretary of the Department of Health (DoH) was also remiss in allowing the secretary of another department to exercise authority over the use of PhilHealth’s reserve funds. PhilHealth is a government corporation attached to the Department of Health for policy coordination and guidance. It was mandated to administer the National Health Insurance Program.

But I have long doubted the capability of the top officers, past and present, of PhilHealth because it was not organizationally structured to manage such a complex and far-flung operation. I got to know that in 2007 when Dr. Francisco Duque, then president of PhilHealth, commissioned the De La Salle Graduate School of Business to conduct an executive development program for 50 officers of PhilHealth. I was the program director.

PhilHealth has been headed by a lawyer, a Doctor of Medicine, a military general, a detective, and now a Master of Business Administration.    

During the 2022 presidential race, Jessica Soho of GMA 7 asked presidential candidates Leni Robredo, Panfilo Lacson, Manny Pacquiao, and Isko Moreno how they would solve the problems hounding PhilHealth if they were elected president. According to estimates at the time, PhilHealth’s actuarial life would only last until 2027.

Vice-President Robredo stressed that someone who is well-versed on health economics and an actuarial scientist should lead the agency. “PhilHealth is in this kind of mess because of the failure of leadership to manage the office.” Sen. Lacson said it should be headed by someone who knows how to handle finances. To him, the training and work experience of former NBI director Dante Gierran, the president of PhilHealth at that time, did not match the requirements of the position.

Sen. Pacquiao disagreed. As there is too much corruption in PhilHealth, the appointment of the former NBI director as president of PhilHealth was right. For Mayor Moreno, a financial guy or group of people who understand finances and how to grow the money of PhilHealth should run PhilHealth.

I say that a health economist or an actuary — as VP Robredo suggested — should not head PhilHealth. Neither should a finance person. They are specialists. The effectiveness of a health economist/actuarial scientist or of a finance person would be diminished considerably if they have to divide their time between their field of expertise and managing the overall operations. They should devote all their working hours to performing the job they are experts on.

RA 11223 enrolled all Filipino citizens in the National Health Insurance Program to be administered by PhilHealth. The Philippine population had grown to 116 million by 2022. Those are 116 million Filipinos spread all over the archipelago — from Batanes in the north to Tawi-Tawi in the South, from Samar in the East to Palawan in the West.

As I have written here before, mandating PhilHealth to administer the National Health Insurance Program was a colossal mistake.  Even if you rid PhilHealth of corrupt officers and staff, it would still be incapable to formulate and promulgate policies for the sound administration of the program as it lacks a management team composed of people with formal training and substantial experience in health insurance. These people are an actuary, a fund manager, and claims adjusters (processors).

The health insurance actuary is responsible for assessing future financial risk in healthcare. Using a blend of mathematics, statistics, and financial theory, he estimates financial uncertainty and calculates the cost of health insurance premiums based on reported health data like the Department of Health morbidity rates. He makes financial predictions of expected costs and profits using patient health data, geographical location, occupational risk factors, and age.

The health insurance actuary is typically a master’s in actuarial science. An academic discipline combining courses such as mathematics, statistics, probability, economics, finance, computer science, and business administration are ideal in preparing a person for an actuarial position in a health insurance company.

The World Health Organization (WHO) had advised our legislators to implement universal healthcare (UHC) fully in 2030 when the country’s health delivery system would be capable of servicing UHC. But some of them rushed the enactment of a law instituting universal healthcare — RA 11223 — so that they could present UHC in the elections of 2019 as their gift to the Filipino people. They must have said, “Bahala na si Batman.”

Among the authors of the law were senators JV Ejercito, Sonny Angara, Nancy Binay, and Cynthia Villar, who were all running for re-election. Ironically, Sen Ejercito, the principal author of RA 11223, was not re-elected.

RA 11223 imposed an enormous and horrendous actuarial problem upon PhilHealth. “Even if you put Superman in my place, he might not be able to cope with the task,” Retired General Ricardo Morales, then PhilHealth president, remarked in 2020. It was his way of saying the alleged irregularities in the state insurance firm could not be fixed. But his remark can apply to the general state of PhilHealth.

According to PhilHealth, 38 million of its enrollees are indigents. That makes the actuarial projections more complex because the moral hazard becomes a bigger risk factor. The jobless poor will seek hospitalization even if they are not sick.  Hospitalization means three free meals a day and a real bed to sleep in instead of a cart or the sidewalk. The doctor would agree to ordering confinement as it means revenue for him (PhilHealth pays his professional fee). The hospital also gets paid by PhilHealth for virtual services. That has actually happened as the various investigations of PhilHealth irregularities and anomalies have shown.

At a Senate hearing in 2020, PhilHealth acting Senior Vice-President Nerissa Santiago claimed that the insurer’s actuarial life was down to a year due to decreased collections and an expected increase in benefit payouts due to COVID-19. Rep. Stella Luz Quimbo questioned such a projection, noting that PhilHealth would still be able to collect from members if collection efforts were intensified.

Rep. Quimbo asked for an actuarial validation by a third party. I do not think she can find an actuary capable of assessing the actuarial life of PhilHealth. No actuary in the world has any experience calculating the potential healthcare cost of an enrollment of 100 million individuals with a profile similar to that of PhilHealth’s and with a healthcare system like the Philippine healthcare system.

The UHC of other countries like the United Kingdom, Canada, Australia, Japan, and Cuba is provided by hospitals owned by their governments and by healthcare professionals employed by their governments. They have no need for a health insurance company. Therefore, they have no need for actuarial projections and the attendant actuary.

Ms. Santiago is designated as the Acting Vice-President for Actuarial Services and Risk Management Sector of PhilHealth. BusinessWorld asked for her resume sometime in June. We have not received it yet, despite follow-ups. So, we know nothing about her credentials for her role.

As for the fund manager, he is responsible for making the funds (the total premiums paid by the people insured) grow by implementing investment strategies.  He can find safe, short-term assets to invest its funds. Common instruments of this type include Treasury bonds, high-grade corporate bonds, and interest-bearing cash-equivalents.

The typical fund manager possesses a minimum of a bachelor’s degree in economics, finance, and business. He may have gone through advanced studies in financial management or hold a master’s degree in economics and had significant experience as a trader in a bank. He may even carry the title Chartered Financial Analyst.

Listed as Senior Vice-President for the Fund Management Sector is Renato Limsiaco, Jr. Prior to his promotion as SVP, he was Regional Vice-President for Eastern Visayas.

He has a Diploma in Development Management from the Development Academy of the Philippines, a doctorate in Management specializing in Human Resources Management from the Leyte Normal University, a master’s degree in Public Administration from the University of Negros Occidental-Recoletos, and a bachelor’s degree in Commerce major in Accounting from Binalbagan Catholic College, Negros Occidental.

Mr. Limsiaco’s work experience and academic background do not match the credentials expected of a true fund manager.

The new president of PhilHealth has better credentials for fund management. Emmanuel R. Ledesma, Jr. had worked for financial institutions. He was managing director and country head of the Royal Bank of Canada, director and vice-president of Morgan Stanley, Hongkong, and associate of PCI Capital.

He earned a master’s degree in Business Management major in Finance, Accounting, and Management Strategy from the prestigious J.L. Kellogg Graduate School of Management, Northwestern University, Chicago, Illinois. But he is more inclined towards administration rather than fund management. That accounts for his allowing the diversion of P89.9 billion of PhilHealth’s money to unappropriated programs.

Prior to his appointment as president and chief executive officer of PhilHealth, he was a freelance consultant to power energy players. He was once a member of the board of the National Transmission Corp., president of Power Sector Assets and Liabilities Management.

But even if President Marcos finds a superman to run PhilHealth, that superman still would not be able to fix the mess that is PhilHealth. That is because RA 11223 mandated PhilHealth to administer the National Health Insurance Program — a colossal mistake.

 

Oscar P. Lagman, Jr. was country manager of the Philippine subsidiary of a multinational health insurance company in the 1980s. As a freelance consultant, he set up the health insurance line of the Philippine subsidiaries of two multinational general insurance companies, one in 1988, the second in 1999. He was a member of the USAID team that organized the Province of Bukidnon’s healthcare system in 1994. USAID sent him to the executive program on Managed Care of the University of Missouri in 1991.

American TV sex therapist Dr. Ruth, 96

IMDB
IMDB

DR. RUTH WESTHEIMER, the chirpy, diminutive therapist who became a pop culture figure as she encouraged Americans to have sex safely, frequently, and creatively, has died at the age of 96, the Washington Post reported.

Ms. Westheimer died on Friday at her home in Manhattan, the newspaper reported citing her publicist.

Ms. Westheimer, who fled Nazi Germany as a child, said she first learned about sex when she was 10 years old and took her parents’ “marriage manual” out of a locked cabinet. What she saw on those pages would lead to a career that included international fame, books, instructional videos, lectures, teaching jobs, a radio show, countless television appearances, a syndicated column, and even a “Good Sex” board game.

Known universally as “Dr. Ruth,” the 4-ft-7 inch (140-cm) tall lady with a distinctive German accent and perpetual cheerfulness preached the joys of good sex, great sex, and, especially, safe sex.

The woman who would become one of the world’s best known sex gurus lost her virginity at 17 on a starry night in a hayloft on a kibbutz. “We spent many nights in that barn … but I remember that first time most vividly of all because it shows that when two people are in love, the first experience can be very enjoyable,” she wrote in her 2001 autobiography, All in a Lifetime.

Ms. Westheimer, a great proponent of contraception, chided herself in the book for not being concerned with birth control in those first encounters. She also declined to say who her partner was because she remained friends with the man, as well as his wife.

Mr. Westheimer herself was the product of an unplanned, out-of-wedlock pregnancy. Her mother was working as a housekeeper for the family of Mr. Westheimer’s father in Frankfurt, Germany, when she became pregnant. The young couple eventually married and Karola Ruth Siegel was born on June 4, 1928.

ORPHANED BY HOLOCAUST
Ms. Westheimer was 10 when the Nazis came to her Frankfurt home and took away her father. Six weeks later her mother sent her to an orphanage in Switzerland. In 1941, Ms. Westheimer stopped receiving letters from her parents and she later learned they had been murdered in the Holocaust.

At 16 she emigrated to what was then Palestine and joined Haganah, a Jewish paramilitary organization. “I learned to assemble a rifle in the dark and was trained as a sniper so that I could hit the center of the target time after time,” she wrote in a 2010 New York Times opinion article that called for women to be allowed to serve in combat in the US military.

Ms. Westheimer never tested her sniping skills against an enemy but was injured in a bombing in Jerusalem.

She married an Israeli soldier and they moved to Paris and went to college. They later divorced, and she headed to New York with a boyfriend, married him, had a daughter and continued her education. After another divorce, she wed Manfred Westheimer, an engineer she met in 1961. That marriage produced a son and lasted until Manfred’s death in 1997.

After earning a doctorate in education, Ms. Westheimer went to work for Planned Parenthood and caught the attention of a New York radio station executive when she lectured broadcast officials on contraception.

That led to a weekly 15-minute midnight radio program in 1980 called Sexually Speaking. It was an advice show that took questions from listeners about orgasms, condoms, and sexual dysfunction — very sensitive subject matter for the time — and quickly won Westheimer a following. She said it was a combination of her experience, training, and her quirky voice and accent that gave her credibility with listeners. They also liked the way she would cheerily wish them “good sex!”

Ms. Westheimer became a popular guest on TV talk shows, which ultimately led to her own show.

“I’m like a Jewish mother,” she was quoted as saying in People magazine. “A Jewish mother who talks explicitly.”

Ms. Westheimer believed in people doing whatever they were comfortable with in bed — or elsewhere — and that sex was better when accompanied by intimacy and communication.

If it was between consenting adults and done with proper consideration of contraception, it was OK with Dr. Ruth.

But personally, she was no libertine.

“I am very old fashioned … and a square,” Ms. Westheimer said in a National Geographic interview in 2003. “I believe in love. I believe in relationships. I believe in people staying together for a lifetime or as long as possible.”

In addition to her autobiography, Ms. Westheimer wrote nearly 40 books, including Sex for Dummies, Dr. Ruth’s Sex After 50, Heavenly Sex: Sexuality in the Jewish Tradition, Dr. Ruth’s Encyclopedia of Sex, and Dr. Ruth’s Top Ten Secrets for Great Sex.Reuters