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China is starting to get serious about stimulus

FREEPIK

IF THERE WAS any doubt that shoring up the fragile recovery was the primary domestic concern of Xi Jinping, it ought to have been erased by new and consequential steps to buttress the economy. Nor was symbolism neglected: A jaunt across town to the central bank suggests the president wants every part of the powerful state machinery aligned to meet a growth target once criticized for its lack of ambition.

Shifts in fiscal policy aren’t often riveting stuff, but the changes unveiled by Beijing on Tuesday are significant. By allowing the deficit to exceed the traditional limit of 3% of gross domestic product, China’s legislature green lit a notable boost in spending. Mid-year course-corrections have typically been reserved for calamitous times, such as the peak of the global financial crisis in 2008, the Asian meltdown a decade earlier, and natural disasters. Does that mean lawmakers, who rarely buck the leadership’s desires, believe growth is hanging by a thread? Not quite, according to recent data.

The economy showed signs of bottoming out last quarter. GDP climbed 4.9% from a year earlier, beating forecasts, retail sales jumped and the jobless rate retreated a touch. Officials declared the annual growth target of around 5% to be very doable. Economists concurred, but cautioned that the figures didn’t warrant enormous praise. Remember when the goal, unveiled in March, was derided as a low-ball number? Surely, China ought to do better, went the thinking, considering the lift that was bound to come from ending COVID Zero. Then things began to slide; consumer prices even retreated over the summer, touching off a deflation scare. Notching an expansion of 5% would be a relief. As a way of inspiring confidence, it would fall short. There’s little chance of overheating or inflation staging an unwelcome acceleration.

That’s what gives the legislature’s pump-priming its appeal. “The budget revision represents a meaningful surprise from Beijing,” Citigroup economists wrote in a note. “Policy seems to ride on the activity momentum in order to shore up the weakening confidence… we are not in a ‘good news is bad news’ mode yet.” With luck, China has absorbed a lesson from the US. Fiscal support was perceived to have been unwound too quickly in the years after the subprime lending collapse, leaving ultra-low interest rates to do the hard work and earning the early 2010s the epithet of a jobless recovery.

Speaking of the monetary arena, Xi did the People’s Bank of China (PBoC) a favor by paying his first visit to the authority since becoming president. The central bank isn’t independent like the Federal Reserve or the European Central Bank, so meetings with the head of state aren’t seen as causes of anxiety. There’s no fear that the non-existent autonomy will be trampled or that financial technocrats need to be cajoled into toeing the government line. On the contrary, the pop-in may bolster the PBoC by suggesting it has Xi’s ear and will be elevated in the decision-making hierarchy.

This is a world away from the trepidation in Washington when the Fed chair periodically meets with the president. Is independence about to be compromised? Will the White House encourage or bully, offer succor or hang the Fed chair out to dry? Worse, does the Fed know something bad that we don’t?

Perhaps a better analogy is away from central banking. In 1992, China’s then-paramount leader, Deng Xiaoping, visited the southern province of Guangdong to laud the special economic zones that housed sprawling factories assembling goods for consumption in the West. Deng emphasized economic reform and his tour was credited with helping re-kindle investment after the Tiananmen Square crackdown.

Xi has blessed the PBoC, and the Communist Party — finally — has embraced important fiscal stimulus. This won’t end the fixation with the annual growth target, but it’s a nice start. That 5% looks like it’s in the bag. Mediocrity rarely had it so good.

BLOOMBERG OPINION

Grab revamps earnings scheme for riders

GRAB Philippines is implementing a new earnings scheme for its riders as the company aims to ensure their financial security, the ride-hailing and online delivery service app said.

“As we continue to navigate the post-pandemic era, we are firm in our commitment to showcasing our adaptability and unwavering support to our delivery partners,” Ronald G. Roda, chief operating officer of Grab, said in a media release.

Grab has introduced new features and enhancements aimed to boost platform experience and earnings stability, Mr. Roda said.

Under the new guidelines, minimum fares are guaranteed for all orders, which is significantly beneficial compared with the previous framework that only offered a fixed-base fare described as “not reflective of the actual effort involved in each delivery task.”

“The revamped earnings model introduces critical changes, moving beyond mere distance-based compensation. It now factors in the totality of effort exerted by delivery partners,” Grab said.

This new earnings structure was implemented amid economic headwinds and the changing customer behavior, Grab said.

“These programs are designed to complement direct earnings, contributing to a comprehensive financial support system for partners,” it added.

Further, Grab said that it would tap technology solutions and other digital tools to address some issues on its platforms.

“These include advanced digital tools for better order forecasting and preparation time accuracy, alongside merchant education programs,” Grab said.

“Grab’s tech team has intensified their backend efforts, refining algorithms and enhancing the merchant-partner interface to ensure pinpoint accuracy in merchant details and geotagging,” it added. — Ashley Erika O. Jose

A colossal examination of evil

LEONARDO DICAPRIO and Lily Gladstone play the leads in Killers of the Flower Moon.

MOVIE REVIEW
Killers of the Flower Moon
Directed by Martin Scorsese

By Brontë H. Lacsamana Reporter

THE OSAGE Murders refer to a series of killings of members of the Osage, a Native American tribe that settled in Oklahoma in the 1910s. These crimes were committed by white men who wanted to get their hands on the wealth of these Osage, whose land produced valuable oil at the time.

They did this by marrying into the Native families so they could inherit headrights that entitled them to growing fortunes. After that, many of the Osage would be mysteriously killed.

This largely unknown, gruesome piece of history that stretched from the 1910s to the 1930s is the subject of Martin Scorsese’s latest Western crime thriller.

Killers of the Flower Moon (2023) is a towering epic that lays bare the flawed core of the American dream, turning the journalistic nonfiction book of the same name that it is based on into a haunting, engaging piece of cinema.

Written by David Grann in 2017, the book is a thorough investigation of the murders. Meanwhile, Scorsese’s picture focuses on what seems to be a love story at its heart, between war vet Ernest Burkhart (played by Leonardo DiCaprio) and Osage woman Mollie Kyle (played by Lily Gladstone).

This switch in point-of-view is perfect, given that it’s Scorsese at the helm. A straight adaptation of the book could have been a compelling, bleak police procedural, but the film does much more with it. The characters of Burkhart and William King Hale (played by Robert De Niro), the white men who perpetrate the murders, are depicted as insidious, hungry wolves in sheep’s clothing, posing as well-meaning friends and family to the Osage, all while they secretly stalk their prey and scheme to swallow the tribe whole.

With this film, Scorsese once again raises the bar in putting forth his career-long thesis on the rot of man. Like GoodFellas and Casino before it, Killers of the Flower Moon has a familiar, striking structure, as those who prosper by brutal means build a rhythm of bodies falling left and right. But the glitz and glamour that come with those previous films are appropriately stripped down in favor of sprawling visuals of the landscape, of local culture, of moments of reflection.

Edited by Scorsese’s longtime collaborator Thelma Schoonmaker, this monumental undertaking is woven together masterfully. The pacing and sense of movement are just right, making the three-and-a-half-hour runtime feel shorter than it is.

DiCaprio and De Niro, uniting in a single Scorsese film for the first time ever, turn in chilling performances. They each portray varying faces of the human capacity for evil. The former as Burkhart is an easily manipulated middleman who morally compromises himself for what appear to be great benefits. The latter as Hale is truly insidious as a powerful man who operates in the guise of a kind, loving grandpa to all, supposedly taking care of the community.

However, it’s Lily Gladstone as Molly who is the heart of the film. Here, she is a beautiful, poised woman with soulful eyes, capable of showing depths of love and grief with just a steady look at her traitorous husband. At times, her face honestly does more acting than DiCaprio and De Niro combined.

It’s also impossible not to wonder what this film would be like if it were told from her perspective instead. Osage consultants have publicly expressed conflicting thoughts about the choice in perspective, though it’s commendable on Scorsese’s part to have worked so closely with them all throughout. It tells of a painful part of their history and showcases their language, clothing, and traditions, authentic to the time period, with the utmost accuracy and respect.

Make no mistake; this film is made with an outsider’s eyes and geared towards the consumption of outsiders, not just of the Osage. In the future, hopefully an Osage gets the chance to make a film showing their perspective of their history, but the fact of the matter is, a Scorsese-scale project had to be made first for the story to gain global exposure.

Here, experiencing the story through the lens of Burkhart provides an understanding of the murderous scheme that the book brought to light. It becomes a brooding, monumental examination of evil quite unlike anything else — and in a world full of it, evil is something worth studying.

The end of the film is (spoilers ahead!) also the perfect way for Scorsese to admit the limits inherent in the design of his work.

The scene shows a radio program that dramatizes the conclusion of the Osage murders — something that actually happened, according to the book — with Scorsese himself playing the radio host. With this, he takes a stab at the existence of his film and, by extension, the existence of much of his crime-laden filmography. He highlights that he is but a mere storyteller who is crafting entertainment out of real events, as gruesome as they may be.

Ultimately, Killers of the Flower Moon is a story of how the American dream consumes and destroys, in the form of men who build a world upon a foundation of greed and violence.

Much like many Scorsese films before it, everything comes undone just as quickly as it all came together, partly because these men are barely competent schemers and — most importantly — because the world had stopped turning a blind eye to their schemes.

MTRCB Rating: R-13

Stuff to Do (10/27/23)

District Car Boot Sale Sports & Celebrity Edition on

THE DISTRICT Car Boot Sale Sports & Celebrity Edition is set to take place from Oct. 27 to 29, at Greenfield in Mandaluyong. For three days, Greenfield Development Corp. brings together sports and showbiz personalities for the District Car Boot Sale which will offer an array of goods, including vintage finds, clothing, accessories, collectibles, art, and more. There will also be 21 different trendy food trucks at the Food Truck Fest, an outdoor dining destination. Attendees are encouraged to bring their eco-friendly bags to the event. For more information, visit greenfield.com.ph or follow @GreenfieldDistrict on Facebook and @greenfielddistrictretail on IG.

New rondalla music debut

THE WOMEN composers of the Philippines (BAYi) with the support of the National Commission for Culture and the Arts have been featuring their new works for rondalla through the Kabataang Silay Ensemble (KSE) Rondalla, a group of elementary, high school, and college students led by conductor Jeger Anjao. Their next performance is an outreach concert at the Laura Vicuna Women Development Training Center, at Hacienda Malihao, Barangay 20, Victorias City, Negros Occidental, on Oct. 27, 2 p.m. The original compositions for the rondalla are: “Luksong Tinik” by Dr. Marie Jocelyn U. Marfil, “Tukar” by Prof. Mary Katherine J. Trangco, “Pagtutumbang Preso” by Dr. Maria Christine M. Muyco, “Gameron” by Gian Gianan, and “Silay” by Erma Dianne Decena.

Gloc-9, Ramdiss, Hero to headline Spotify concert

THE SPOTIFY KALYE X concert series is now heading to its grand finale in Manila, starring hip-hop legend Gloc-9, together with rising lyricist Ramdiss and flow master Hero. They will unveil the final track of the three first original Filipino hip-hop Spotify Singles as part of KALYE X during the show. In partnership with Wish 107.5, the concert will take place at the Circuit Event Grounds in Makati on Oct. 28, free of charge. To join the hip-hop celebration, audience members must be 18 years old and above, have a pre-registration QR code, a Spotify account, and a valid photo ID with birthdate. Gates will open at 4 p.m. for Spotify Premium users, giving them an exclusive sneak peek at the artist soundcheck, while free users can start entering the venue at 5:30 p.m. Visit the #SpotifyKalyeX Manila event page for more information.

Last weekend of Silver Lining

SILVER Lining the Musical is the story of the baby boomer generation. It is about brotherhood and fraternities, class parties and ligawan/courtship, triumph in university basketball competitions, falling in love for the first time, old flames and crushes. The last shows will be from Friday to Sunday, Oct. 27-29 at RCBC Plaza’s Carlos P. Romulo auditorium in Makati.

Araneta City to hold ‘sweet’ Halloween celebration

FOR HALLOWEEN, Araneta City will hold “Sweetly Hollows,” a Halloween celebration with activities both for kids and kids-at-heart. The festivities will take place on Oct. 29 at Gateway Mall 1 and 2, Ali Mall, and Farmers Plaza. There will be costume contests, playgrounds, photobooths, face painting, freebies, a magic show and bubble show at Gateway Mall 2, and a science show and puppet show at Ali Mall. Trick-or-treat will be held at Gateway Mall 2 only.

PPO family concert celebrates Halloween

THE ANNUAL Halloween event of the Cultural Center of the Philippines (CCP) and the Philippine Philharmonic Orchestra (PPO), slated on Oct. 29, 4 p.m., at the Samsung Performing Art Theater, will be a cowboy-themed musical adventure. The annual Tricks and Musical Treats: A PPO Family Concert, now dubbed Giddy-UP to Our Rodeorchestral Ride!, is directed and hosted by theater actress-director Liesl Batucan-del Rosario. It will also feature pre-event activities starting at 2:30 p.m., including a musical instrument petting zoo where children can touch and experience the different musical instruments often used in an orchestra such as violin, flute, oboe, trumpet, and percussion, among others. There will be a trick or treat booth at the lobby. The PPO, under the baton of Herminigildo Ranera, will teach children how to “conduct” an orchestra. Tickets to the PPO concert are P500. Get tickets at the CCP TIG Box Office and at TicketWorld.

Spooktacular experiences at New World Makati Hotel

TO CELEBRATE Halloween, New World Makati Hotel will be holding the Boo Rouge: The Halloween Party at Bar Rouge. For P1,200, indulge in two drinks from among the bar’s crafted cocktails, basic spirits, local beer, sodas, and chilled juices, including a special Halloween cocktail and mocktail. Attendees are encouraged to flaunt their spookiest costumes for a chance to win the Best in Costume award and prize. Cafe 1228 will take part in the Halloween celebration featuring upgraded buffet selections complemented with chilled juices and sodas on Oct. 31 dinner for P3,500++ and on Nov. 1 with lunch at P3,100++. Kids are invited to trick or treat in their best Halloween costumes with loot bags provided to all kids. Those who come in their best costume get a chance to win a special prize as the Best Halloween Costume awardee. The kids’ rate is P1,400++. The hotel is also offering the Spooktacular Stay room packagewhich is valid for stays between Oct. 27 to Nov. 5. Guests have the choice among a Superior, Deluxe, or a Residence Club Deluxe room, with rates starting at P6,500. The package includes buffet breakfast for two adults and two children aged 11 and below and a Halloween-themed smash cake. For room reservations, guests can book online via https://bit.ly/NWSpooktacularStay3. For dining reservations, book via https://www.sevenrooms.com/reservations/cafe1228/offers-dir or call/message 0917-888-4194 or  e-mail fbreservations.manila@newworldhotels.com, or send a direct message to the hotel’s official Facebook and Instagram accounts.

Halloween thrills at Richmonde Hotels

TIME to get your broomsticks and wizard hats ready and fly off to Eastwood Richmonde Hotel on Oct. 28 for a bewitching celebration for families. The Wickedly Wizarding Wonderland Halloween Party will be held from 1 to 5 p.m., when, for P1,499 nett, there will be a Halloween-inspired snack buffet, a magic show, song and dance performances, and the Wicked Wizard’s Haunted House. Guests must come in their creepiest or most whimsical get-up to participate in the Halloween costume parade where the most creative ones will win prizes. All guests get to take home a loot bag, a souvenir photo at the photo booth, and have a chance to win in the raffle. For ticket reservations, call 8570-7777 or 0917-821-0333 or e-mail fb@eastwoodrichmonde.com. On Oct. 27, Richmonde Hotel Ortigas will host a Mexican-themed Noche de Brujas at The Exchange, with bottomless beer, cocktails, and other drinks, a spread of Mexican-inspired bar chow, and live retro music from the Big Bash Band. The party starts at 6 p.m. and ends at midnight. Tickets are priced at P1,350 net. For inquiries and table reservations, call 8638-7777 or 0917-534-4352. Richmonde Hotel Ortigas, eastwood Richmonde Hotel, and Richmonde Hotel Iloilo are all offering special room packages for the long holiday until Nov. 5.

Lunch, costumes, cookies at Crown Plaza Manila Galleria

THERE ARE no tricks, only treats at Crowne Plaza Manila Galleria’s Halloween Lunch Costume Party on Oct. 29, noon to 3 p.m. There will be activities for kids, sweets, food, prizes, and more for P2,900. It will be held at the Seven Corners buffet restaurant. Those wearing their cutest or scariest costume get the chance to win up to 30,000 IHG points. Meanwhile, at the Agenda in Seven Corners, cupcakes, cookies and everything spooky are available until Nov. 2. Reserve seats through 0916-631-7523 and fandb.reservations@ihg.com.

It’s a Spookfest at City of Dreams Manila

CITY OF DREAMS Manila brings out treats and tricks this Halloween season at Café Society and at DreamPlay, the interactive family entertainment play space, where a VIP Spookfest package entitles participants in a Halloween costume contest to win an overnight stay at Hyatt Regency Manila. DreamPlay’s annual Spookfest will be held on Nov. 1, with spooky adventures and surprises, games, and prizes. To join the Halloween event, a Spookfest VIP Package is being offered for P2,999 net, which comes with an all-day pass at DreamPlay’s attractions along with an access to activities starting at 1 p.m.: the Spookfest Word Hunt where special treats and prizes are at stake; pumpkin cookie-making at Cooking with Gingy; and Spookfest Halloween costume contest at 2:30 p.m. Hand or face painting and Halloween paper mask-making, and arts and crafts activities are also available for an additional fee of P250 per activity. Following the costume runway, DreamPlay characters Shrek and Fiona will tour the package participants around The Shoppes at the Boulevard for a Trick-or-Treat activity in the participating restaurants and retail outlets. The Spookfest VIP package also comes with freebies: Spookfest string bag and pumpkin-themed cookies from the Cooking with Gingy session. The promotional package is on a first come, first serve basis, for the first 150 guests only. Tickets may be purchased in advance at the Dreamshop counter from Oct. 25-29. Meanwhile, Café Society lays out a totally new selection of Halloween-themed confections available from Oct. 28 to 31, including Wicked Cashew Fudge (P250), a Monster Halloween Cake (P1,500), a Mummy Loaf Cake (P1,500), Scary Halloween Cookies (P400 for five pieces), and Enchanting Almond Milk Chocolate and Bloody Cranberry (P350), among others. For inquiries, call 8800-8080 or e-mail guestservices@cod-manila.com.

A Halloween Fiesta and more at NWR

NEWPORT World Resorts (NWR) embraces the spooky season inspired by Dia de los Muertos across the expansive lifestyle destination. The Mall-o-ween festivities for young boys, girls, and ghouls start with the Halloween Fiesta followed by the Candy Crawl on Oct. 29, and a pop-up store of all kinds of toys daily until Oct. 29 at the Newport Mall. Doors to the Halloween Fiesta at the Newport Cinema 3, 4F Newport Garden Wing open at 2 p.m. to magic tricks, exclusive treats, games, and surprises. Then, the party continues with the Candy Crawl at 4 p.m. For the rest of the afternoon, kids can drop by booths from all over the integrated resort to fill their pumpkin buckets with all sorts of confectionaries. The Mall-o-ween celebration is open to children ages one to 12, accompanied by their parent/s or guardian/s of legal age. Registration is ongoing until Oct. 28, from 11 a.m. to 11p.m., and Oct. 29, from 11 a.m. to 2 p.m., at the Concierge, 2F Newport Garden Wing. To register, present an accumulated receipt worth P2,000 dated between Oct. 24 to 29, from any of the valid Newport Mall’s dining, shopping, amusement, and wellness establishments, and Newport Cinemas. Checked-in guests at Holiday Inn Express Manila-Newport City between Oct. 13 to 29 are automatically pre-registered to the event. For more information visit https://www.newportworldresorts.com/post/thrilling-halloween

Israel-Palestine conflict: How sharing the waters of the Jordan River could be a pathway to peace

CYCLING MAN-FLICKERP

When the Israeli government cut off supplies of water to the Gaza Strip following Hamas’ brutal attack, it put the role of water within human conflict into particularly sharp relief.

Debate on the notion of “water wars” has raged among water experts for nearly four decades. In 1988, Boutros Boutros-Ghali (who later became secretary general of the United Nations) said that the next set of wars will be over water. However, the years since have seen no clear instances of wars fought over water, making such a bold statement seem somewhat misguided in hindsight.

So, can the converse be true? Can the sharing of water across borders be a mechanism for creating lasting peace, even if what water is available is scarce?

MANAGING WATER SCARCITY
The Jordan River Basin is, by any reasonable metric, one of the most parched areas of the world. All countries in the region have water availability per person that’s well below the global threshold to be labeled as “water scarce.”

As with all watersheds, the river we see on the surface is only one part of a wider basin that, in the case of the Jordan River, is about the size of Turkey (almost 19,000 square kilometers). This basin drains into the Dead Sea and its water resources are shared by Israel, Jordan, Lebanon, Palestine, and Syria.

Each has had its own approach for dealing with this water scarcity. This has had profound consequences for their social and economic development and for environmental protection.

Jordan and Syria have struggled with water management, which is partly reflected in lower economic productivity ($4,100 and $1,100 GDP per capita respectively).

In contrast, Israel has utilized high-technology solutions to manage its water and innovated considerably in agricultural applications, becoming the world leader in drip irrigation. Such technological achievements are reflected in its comparatively high $42,000 GDP per capita.

A HISTORY OF COOPERATION (AND CONFLICT)
With water scarcity comes intense competition for limited water resources. Typically, such competition not only exists across international borders but among different sectors within a country. In countless situations of internationally shared waters, countries have sat across the table with each other and found ways to manage water challenges.

The classic example of such collaboration is the Indus Water Treaty between bitter rivals India and Pakistan, which has lasted since 1960 through wars and tense diplomatic relations between the two countries.

In the Jordan River basin, a poignant example is the “picnic-table conversations” between Jordan and Israel — a joint water management process that started in 1953 and continued even when the two countries were officially at war from 1948 until the Israel-Jordan Peace Treaty in 1994.

A formal water-sharing agreement between Israel and Jordan on the Yarmouk River, a tributary of the Jordan River, can be found in Annex II of the 1994 treaty. While the agreement is far from perfect and has been criticized for not giving due consideration to Palestinian usage downstream, it has endured.

The agreement does not mention the Golan Heights, and yet it allows Israel to use water emanating from it. Another 1984 agreement between Jordan and Syria on the Yarmouk River is also in place and was developed to allow construction of the El Wahdat (Unity) Dam.

But cooperative management of shared waters has not always happened smoothly in the Jordan River basin. For example, there was intense conflict on water sharing between Lebanon and Israel, after the latter’s withdrawal from the Lebanese territory in 2000. Lebanon wanted to install Wazzani wells in the upper Jordan River area that could potentially impact groundwater flow into Israel.

Each side accused the other of acting in bad faith and in contravention of international law. This situation was eventually resolved through the intervention of the European Union and the United States, and the wells were installed.

Overall, these examples lend credence to the argument that water-sharing across international borders can be used to foster cooperation. Importantly, these technical discussions also open the door for conducting indirect dialogue on other political matters. Such “Track-II diplomacy” has been widely used elsewhere, and the picnic-table conversations were a prime example in the Jordan River Basin.

THINKING OUTSIDE THE BOX
There is another remarkable example of how Israel, Jordan and the Palestinian Authority came together to develop a region-wide initiative despite the ebb and flow of political discourse.

The innovative idea of transferring water from the Red Sea to Dead Sea (RSDS) was originally conceived in 1998 to transfer water to salvage the fast-shrinking Dead Sea while generating energy due to the 500-meter drop in elevation between the two seas.

That energy could be used to desalinate part of the water for use in Jordan as well as in Israel and Palestine. This project would create employment opportunities for Jordan, generate much-needed water and energy and could become a symbol of peace.

The agreement for the RSDS initiative was signed in 2005 between Israel, Jordan, and the Palestinian Authority through the mediation of the World Bank. The main challenge has been to mobilize the $11 billion needed to complete this project, despite the development of a full-blown implementation program in 2013.

Effective sharing of Jordan River’s waters can be a pathway to lasting peace in the region. The RSDS project may not be revived anytime soon because of the current political turmoil and armed conflict in the region. Nonetheless, it has demonstrated that imaginative out-of-the-box thinking can lead to win-win solutions and bring bitter rivals to the table.

What is clear is that active dialogue, and cooperation on water management, must be made part of the gradual progress towards peace.

 

Zafar Adeel is the executive director of the Pacific Water Research Centre, Faculty of Applied Sciences, Simon Fraser University.

Board-approved wage hikes too small, backers of pay-increase measure say

PHILIPPINE STAR/ANDY G. ZAPATA JR.

A MEMBER of the opposition said on Thursday that wage hikes passed by regional boards are inadequate due to high inflation, and called on Congress to legislate more significant pay increases.

“This augmentation cannot make up for the decreasing value of wages due to continued increase in commodity prices,” Party-list Representative Arlene D. Brosas told a forum.

Wage erosion due to inflation is estimated in the regions at 28%, Ms. Brosas said.

The National Capital Region Tripartite Wages and Productivity Board in June approved a P40 increase in the daily minimum wage for Metro Manila.

Cagayan Valley received a P30 wage increase, Ilocos region P35, Central Luzon P40, and central Mindanao P35. The Western Visayas received a P30 increase, while hikes in the Southern Tagalog region ranged from P35 to P50.

Federation of Free Workers Vice-President Julius C. Cainglet noted that less than half of regional wage boards have approved wage increases since the start of the year.

“Under their own charter, when there is (an extraordinary) event, wage boards may increase wages twice in a year,” Mr. Cainglet said, noting that January and February inflation of 8.7% and 8.6% respectively, were not deemed sufficient to trigger a second wage review.

Domingo Mole, chairman of Bukluran ng Manggagawang Pilipino-Southern Tagalog (BMP-ST), said increases approved by the regional wage boards have kept wages below the poverty threshold.

According to the Philippine Statistics Authority, the 2021 poverty threshold as expressed in the monthly amount needed for households to not be classified as poor, is P11,957 per month. A person would need at least P2,391 monthly to meet basic needs in 2021, it added.

Eli Guzman, who also represents BMP-ST, rejected claims by business groups that legislated wage increases will cause companies to close down.

He cited the 2023 Investment Climate Statement on the Philippines by the US State Department, which concluded that companies in the Philippines close down due to poor infrastructure, high power costs, slow broadband connections, regulatory inconsistencies, weak bureaucracy, traffic, and corruption.

Kilusang Mayo Uno secretary general Jerome Adonis said higher wages will strengthen purchasing power and ultimately benefit the economy.

“With higher wages, (workers) will have the capacity to purchase basic commodities they need daily, and this will move the economy,” Mr. Adonis said.

The labor organizations reiterated their support for a bill proposing a P750 wage increase for all private-sector workers. It remains pending at the House labor committee.

The Senate labor committee approved “in principle” a bill calling for a P150 wage increase, Senate President Juan Miguel F. Zubiri said in May. — Beatriz Marie D. Cruz

AboitizPower and Max’s unit renew power supply deal

ABOITIZ Power Corp. (AboitizPower) said on Thursday that it had renewed its retail energy partnership with Max Group, Inc.’s manufacturing arm No Bia, Inc. to supply 1.2 kilowatts of electricity.

In a media release, the listed energy firm said it had agreed to power No Bia’s food manufacturing and distribution center in Carmona, Cavite for the next four years.

“No Bia, Inc.’s dedication to evolving their menu offerings and enhancing their capabilities illustrates their unwavering commitment to leading the way in service excellence in food manufacturing and distribution,” said AboitizPower Retail Head James Byron Yu.

“It is AboitizPower’s privilege to support that with the clean and reliable energy it can and will deliver,” he added.

According to the company, the facility produces about 2,000 metric tons of food every month, supporting over 300 retail partner stores, as well as a local network of more than 600 stores in the country.

“Our partnership with AboitizPower mirrors our brand values [of being] genuine, thoughtful, and delightful. Leveraging on AboitizPower’s renewable energy not only allows us to serve countless Filipino individuals with our culinary offerings but also adds significant value to the Max’s Group’s mission,” said No Bia President Cristina T. Garcia.

The two companies had their first contract in November 2021 which is set to expire next month. The new contract covers November 2023 until December 2027.

AboitizPower aims to continue to invest in renewables in a bid to achieve at least 4,600 megawatts (MW) or 50% of its generation portfolio by the next decade.

The company has renewable energy projects with a combined capacity of about 1,000 MW that are in the pipeline through the development of wind, solar, and geothermal plants.

At the stock exchange on Thursday, shares in AboitizPower went down by P1.25 or 3.47% to P34.75 apiece. — Sheldeen Joy Talavera

Policy moves draw investors back to China market

SHANGHAI/SINGAPORE — Investors are making a tentative return to China’s beaten-down stock markets as the government opened the stimulus taps, including pressing a national fund for support, but they remain mindful the economy and sentiment are still fragile.

China’s benchmark CSI300 Index staged a moderate rebound from 4-1/2-year lows this week, after state fund Central Huijin Investment started buying exchange-traded funds (ETFs) on Monday, adding substance to the central bank’s pledge over the weekend to fend off financial risks.

Investors were also excited by Tuesday’s approval of an additional one trillion yuan ($136.76 billion) of sovereign bond issuance.

Drawing investors back into China’s $10.5-trillion stock market, particularly the foreign buyers that have fled in droves this year, would stem further slides in a market which fell to its lowest since 2019 earlier this week.

The policy efforts could also halt capital outflows and ease the yuan’s depreciation and a stronger market could help fund a rejuvenation of the world’s second-largest economy.

The fiscal stimulus “is injecting some confidence to an extremely pessimistic market that saw no hope in the economy,” said Huang Yan, fund manager of Shanghai QiuYang Capital Co.

QiuYang added some positions this week for short-term bets, but remained defensive as “the market needs time to find bottom,” Huang said.

Still, the rebound in China stocks was modest and trading remained thin, underlining Beijing’s challenge in reviving confidence dented by a stop-go economic recovery, a deepening property crisis, and heightened geopolitical tensions.

Huang is also wary of another selloff since further falls in stock prices could force leveraged investors to sell when they face margin calls.

The CSI300 index is down 18% from its peak this year in January while China’s currency is down nearly 6% so far in 2023.

This weekend the government gave a clear sign of market support when People’s Bank of China Governor Pan Gongsheng said China would prevent risk contagion in the stock, bond and foreign exchange markets, and ensure stability.

“China’s central government is endorsing the stock market,” said Qi Wang, chief investment officer of UOB Kay Hian’s wealth management division in Hong Kong.

“We see tactical opportunities” over the next few months, he said, citing some improvements in China’s economy, the Sino-US relationship, and fresh stimulus. But “I dare not say we are already at the bottom.”

Enlisting Huijin underscored the Chinese government’s seriousness about propping up the market after earlier piecemeal measures such as a cut in the stamp duty, reductions in trading fees, short-selling restrictions and curbs on share sales by listed companies’ large shareholders.

That support showed in markets this week as several ETFs, including the PB CSI 300 ETF and E Fund CSI300 Index ETF saw heavy inflows after Huijin announced its purchases in a statement, adding it would continue to do so.

China Asset Management Co. (AMC) said Huijin bought an estimated 10 billion yuan ($1.37 billion) of ETFs on Monday, and continuous buying would “effectively ease liquidity shortage and help stabilise markets.”

Huijin last bought ETFs during the 2015 stock market crash, and during the money market liquidity crunch in 2013. “The Shanghai stock indices were higher by more than 20% in three months both times,” analysts at Singapore’s United Overseas Bank wrote.

Even without the policy moves, some overseas investors are slowly coming back to Chinese stocks.

UK-based M&G Investments, which manages about $385 billion for individual and profession investors, is adding to its Chinese investments and likes sectors including automotive, renewable and shipping, said Fabiana Fedeli, M&G’s global CIO for equities, multi-asset, and sustainability.

“We do find opportunities in China, and opportunity is created by the fact that this market has been unloved for some time,” Fedeli said.

Still, China’s stock markets have to overcome earlier heavy selling from foreigners, burnt by Xi’s previous crackdowns on internet companies and other sectors, and its earlier stringent zero-COVID policy.

Goldman Sachs estimates forex outflows from China rose to $75 billion in September, 80% higher than in August and the biggest monthly amount since 2016. — Reuters

Ayala Land in the forefront of a transformative landscape in real estate

Nuvali in Laguna is Ayala Land’s largest eco-city development in the country unlocking the potential for future eco-communities in Southern Luzon.

This year, the real estate industry has placed a significant emphasis on recovery, as Philippine property developers are reaping the rewards of refined strategies honed during the pandemic. These strategies, adapted to overcome economic obstacles such as high inflation and interest rates, have proven to be successful in an economy on an upswing.

At the core of these emerging strategies is a focus on sustainability and digital transformation. Property developers are increasingly prioritizing environmental responsibility by incorporating green spaces, renewable energy sources, and innovative technology into their projects. Digital technologies, meanwhile, enable companies to engage consumers, enhance their customer experience, and streamline their processes.

Ayala Land, Inc. (ALI), a pioneer in Philippine property development, is at the forefront of these transformative strategies. ALI reported a 41% increase in first-half attributable net income, reaching P11.39 billion, and a 23% surge in real estate revenues, now standing at P64.52 billion, up from P52.32 billion in the same period the previous year.

Alveo’s Venare, situated in Calamba, Laguna is a residential community that encourages dynamic lifestyle choices by incorporating the aspects of sustainable development and recreation.

Residential reservation sales, which contributed significantly to these revenues, witnessed an 18% year-over-year increase, amounting to P58.3 billion. This surge was driven by AyalaLand Premier’s Ciela in Carmona, Cavite; Alveo’s Park East Place in Bonifacio Global City; Arcilo at Nuvali in Laguna; Parklinks South Tower in Quezon City; and Avida Towers’ Makati Southpoint.

Known for its consistent leadership in the Philippine real estate industry, Ayala Land continuously adapts to evolving market trends. The company boasts a diverse portfolio of real estate developments, including residential, leisure, commercial, industrial, and construction and property management services, a legacy built since 1988.

As ALI marks its 35th year in real estate, it has established a reputation for creating diverse property developments and shaping the real estate industry. The company’s extensive portfolio includes a variety of residential developments, ranging from luxury residences to sustainable co-living spaces across the metropolis. It offers innovative and affordable residential projects nationwide, complete with services and amenities, ensuring resident security and convenience near bustling economic centers.

In the office leasing segment, ALI has established a substantial presence with a total of 1.4 million square meters of office developments, with a substantial focus on serving business process outsourcing firms, a cornerstone of the Philippine economy. The launch of Clock In by AyalaLand Offices has introduced premium, contemporary office spaces tailored for diverse businesses, featuring shared workspaces, private offices, and meeting rooms at strategic locations like Makati Stock Exchange, Bonifacio High Street, and Bonifacio Technology Center.

Exploring Big Lagoon through kayaking is an incredibly enjoyable experience at El Nido Resorts by Ayala Land.

ALI also has a suite of leisure and hospitality projects that continuously contribute to the growth of the tourism sector. Seda Hotel has expanded to 12 properties around the country to include city hotels, resorts, and residential apartments, to serve travelers with its distinct brand of service. Raffles Hotel, a 30-storey luxury hotel building, now welcomes domestic and foreign guests with its charm and sophistication. Its resorts in Palawan and Sicogon also continue to be favorite island getaways. Its El Nido Resorts was recently recognized as among the best resorts in the world in the Conde Nast Traveler 2023 Readers’ Choice Awards.

Fostering economic growth

Ayala Land’s legacy is woven into the fabric of the Philippine real estate landscape, with 50 estates spanning mixed-use, tourism, residential, commercial, and industrial categories, catering to the social and economic needs of the Philippine real estate market.

One Ayala offers an engaging and diverse shopping and dining experience located in a top-notch intermodal transportation hub at the gateway of Makati.

In Makati, ALI completed One Ayala which includes the 40,000-square-meter BPO office building, East Tower and the One Ayala Terminal, a three-floor 20,000-square-meter modern intermodal transport hub designed to improve the commuting experience. It includes covered walkways and three terminal floors, which serves as a terminal for different transport vehicles, including buses, modern jeepneys, and Asian utility vehicles (AUVs), among others. Also within this integrated development is the One Ayala Mall which boasts six retail floors spanning over 43,000 square meters with more than 400 stores including dining outlets and offering a range of shopping options. It aims to create a premier destination for shopping, leisure, and events, offering a diverse array of experiences and amenities within the mall.

Also, in the middle of lifestyle options, ALI proudly presents the Samsung Performing Arts Theatre at the Circuit Makati, a venue that celebrates live entertainment and the Filipino talent.

Furthermore, ALI has expanded its high-end commercial developments in Quezon City, including Alveo’s High Park, Orean Place, and Ayala Land Premier’s One Vertis Plaza, along with the final tower in Avida Towers Sola, offering breathtaking green spaces within Metro Manila.

Well-positioned for change

Ayala Land continues to adapt to the evolving landscape of the Philippine real estate market, harnessing digital solutions such as virtual property tours and online reservation systems to enhance the home-buying process. Accessible online platforms have simplified the home-buying journey, with user-friendly websites enabling customers to explore ALI’s listings and take virtual tours.

Ayala North Exchange is designed to cater to the needs of both multinational corporations and BPO companies.

When it comes to sustainable building and eco-friendly policies, Ayala Land leads by example. The company’s commitment to sustainable development is evident through innovative solutions that reduce environmental impact and enhance quality of life for residents and visitors alike.

With over 957 hectares of green space in 26 urban estates, including 46 parks in established estates and 11 emerging estates, ALI is actively contributing to environmental conservation. The company also maintains 586 hectares of dedicated carbon forests within its properties and has adopted a global sustainability framework.

In developing and maintaining its properties, ALI employs energy-saving technologies, renewable energy sources, and green building features that promote energy efficiency and indoor air quality. Waste management strategies, such as waste segregation, composting programs, and recycling initiatives, are integral to ALI’s sustainability efforts.

A major component of ALI’s sustainability efforts is its constant collaboration with local communities. The company runs community-engagement initiatives that promote sustainability and teaches locals how to live sustainably, such as workshops, seminars, and outreach programs.

Ayala Land has been a pioneer of incorporating sustainable practices into its developments, products, and services. The company’s commitment to sustainability not only creates value for its customers, investors, and stakeholders but also contributes to environmental, social, and economic benefits for the public.

 

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The rising need for a resilient board

Boards are becoming more concerned with an increasing amount of risks, according to the most recent EY Global Board Risk Survey. The list of ongoing risks — which included technology adoption and digital disruption — now includes geopolitical crises, supply chain upheaval, and remote working. These threats are also becoming more intertwined, and Boards need to build and encourage resilience in order to help organizations identify, assess, and successfully address them.

CHARACTERISTICS OF HIGHLY RESILIENT BOARDS
Highly resilient businesses succeed because they can adapt, pivot, and prepare for potential and likely events (known as “gray rhinos”), even those that are beyond their control. Boards serve a crucial monitoring function by questioning presumptions and presenting thought-provoking “what if” questions. While boards cannot be expected to foresee which gray rhino is coming towards them, they can definitely set the tone to get ready.

Some boards consider risks to be “black swans,” which are defined as unpredictable events that have a significant impact, such as the COVID-19 pandemic or the 2008 global financial crisis. The concept of risks as known unknowns, or gray rhinos, gives highly resilient boards an edge, and they adapt their behavior in response to these risks.

The following characteristics of highly resilient boards are:

1. Informed confidence – Highly resilient boards are aware that management has the right systems, processes, and governance frameworks in place to scan the horizon and detect known, emerging, and interconnected risks — and they understand how these risks will impact strategic business objectives.

2. Agility – Resilient boards take a highly discerning and cautious view of their organization’s level of preparedness to respond to interconnected and ever-changing risks. They question and challenge confirmation and groupthink bias. According to the Global Risk survey, highly resilient boards are 1.6 times more likely to be confident in their ability to respond to unexpected high-impact incidents.

3. Humility – Highly resilient boards accept that both they and their organization need to continually update their skills and keep learning to ensure they keep an eye on the horizon while management keeps an eye on the ground in front of them.

Growing a high level of resilience is a joint obligation between management and the board, not just their task. There is space for improvement, according to the survey, since directors were less likely than CEOs to assess their firms as robust in a number of different categories.

KEY CONSIDERATIONS FOR BOARDS
The survey shares that resilient boards are 1.8 times more likely to have high confidence in their organization’s data management procedures and technology risk framework, and 69% of boards have previously stated that they intend to increase their level of investment in data and technology for risk management. Modernizing governance and the use of technology in upskilling will be essential in building resilience.

The board should also keep in regular contact with C-Suites, especially the chief risk officer (CRO), given the many new and increased problems at play and the growing complexity of the risk landscape. Only 57% of board members said they regularly meet with their CRO when we asked how frequently they interact with C-Suites roles.

The increasing significance of the CRO and the necessity of CRO and board collaboration were topics covered by EY teams in the poll for 2021. This is still the case, and some people are now calling for the CRO to be permanently added to the board’s agenda. Whatever the topic, boards need to move away from the conventional perspective of risk management and mitigation and keep the following key considerations in mind:

1. Encourage a resilient culture – After disruptive occurrences, highly resilient boards put more emphasis on adjusting to the new reality than on getting back to business as usual. They put special emphasis on fostering all-around resilience in a variety of contexts, including governance, talent and culture, sociopolitical considerations, environmental sustainability, and technology.

2. Keep up with disruption and emerging risks – Utilize specialized board insight and discussion sessions to continuously monitor and evaluate the changing risk landscape that could have an influence on your firm. You should also seek the counsel of outside experts. Make sure there is a basic understanding of risk frameworks, especially on how technology can be used, as this will provide the groundwork for a resilience attitude.

3. Enhance cooperation with C-Suites roles responsible for significant risks – Recognize the crucial role C-Suites play in efficient risk management and think about giving existing committees responsibility for material risks. Engage the CRO and those in charge of the most significant risks to the organization more frequently. If this isn’t done, the organization may miss some of the most dangerous hazards, such as those gray rhino risks that are charging right at it.

NAVIGATING RISKS WITH RESILIENCE
With the expansion and increasing complexity of the risk environment due to interconnection and accelerated disruptive shifts, boards can no longer simply react — they need to anticipate and adapt to emerging disruptions before they happen. By modernizing governance structures and adapting to emerging technology, they can improve their overall resilience to navigate risks and gain a competitive advantage.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the author and do not necessarily represent the views of SGV & Co. and FINEX.

 

Wilson P. Tan is the chairman and country managing partner of SGV & Co. and the president of FINEX.

Elevating supply chain resilience: The blockchain solution

FREEPIK

Last month, I gave a talk at the SCMAP (Supply Chain Management Association of the Philippines) Conference, where we discussed new technologies affecting the development of supply in our country. We remember that during the time of COVID-19, the supply chain became an integral part of ensuring the delivery of necessary food and medicine to the aggrieved parties.

The COVID-19 pandemic delivered a striking wake-up call to the world, emphasizing the critical role of effective supply chain management. We all experienced the frustration of delayed deliveries and empty store shelves as the pandemic disrupted global supply chains. From toilet paper to electronics and home office furniture, the pandemic laid bare the intricacies of these systems. It also spurred an urgency to find technological solutions to enhance supply chain transparency and mitigate bottlenecks.

Supply chains are notoriously vulnerable to a wide range of factors, from geopolitical tensions and cyberattacks to environmental changes and unexpected stockouts. This is where blockchain technology comes into play.

Blockchain, often associated with cryptocurrencies, is essentially a record of transactions on a shared, tamper-evident ledger. It provides a trusted and reliable way to record, validate, and view transactions across complex systems with multiple participants. This technology is increasingly seen as a game-changer for enhancing supply chain effectiveness.

To understand how blockchain benefits supply chains, we must first recognize that supply chains are intricate networks of interconnected businesses. Each participant adds value to a product or service as it moves through the network. Blockchain technology can record these transactions on a shared, immutable ledger, enabling the seamless exchange of data and value among participants. It serves as a single source of truth and can enhance transparency, visibility, and traceability across the entire supply chain.

Blockchain’s potential benefits are significant. It can reduce supply chain risks, increase visibility, and build trust within the complex supply chain ecosystem. Moreover, it complements existing systems and can interface with emerging technologies like the Internet of Things (IoT), smart contracts, and artificial intelligence, further enhancing security and efficiency.

AMPLIFICATION OF BLOCKCHAIN USE DURING THE COVID-19 PANDEMIC
Predicting Supply Chain Risk: The pandemic highlighted the need for predictive risk management. Blockchain enables real-time monitoring and risk prediction, helping supply chain professionals proactively address potential disruptions.

ESG Tracking: Environmental, social, and governance (ESG) tracking became a critical aspect of supply chain management. Blockchain’s transparency and traceability features facilitate the monitoring and reporting of ESG data.

Enhancing Trust: As the pandemic revealed vulnerabilities in supply chains, building trust among stakeholders became paramount. Blockchain’s tamper-evident ledger ensures the authenticity of information and promotes transparency.

Reducing Supply Chain Risk: Blockchain offers a proactive approach to detecting and mitigating risks, reducing the likelihood of supply chain disruptions.

Increasing Visibility: The transparency provided by blockchain technology enhances visibility across the supply chain, enabling better decision-making and risk management.

Enhanced Security and Efficiency: Blockchain can interface with other emerging technologies, such as IoT, smart contracts, and artificial intelligence (AI), to enhance the security and efficiency of supply chain operations.

Traditionally, supply chain leaders had to rely on redundancy as a safety net to mitigate disruptions. While some redundancy remains necessary, blockchain offers proactive risk detection and mitigation capabilities, ensuring transparency, traceability, and trust. This technology is particularly beneficial for controlling emissions in resource-intensive industries, making the complex supply chain ecosystem more resilient.

THE ROLE OF BLOCKCHAIN IN THE POST-PANDEMIC WORLD
As we move into the post-pandemic world, the lessons learned from COVID-19 continue to shape supply chain strategies. Blockchain technology plays a pivotal role in this new landscape.

Resilience: The pandemic exposed vulnerabilities in global supply chains. Blockchain provides resilience by enabling companies to proactively detect and mitigate risks. It acts as a safety net against unexpected disruptions, ensuring the continuity of supply chain operations.

Transparency and Traceability: Supply chain stakeholders, including consumers and regulators, now demand greater transparency and traceability. Blockchain’s tamper-evident ledger guarantees the authenticity of data, making it an ideal solution for meeting these expectations. It provides an immutable record of every transaction, from source to delivery.

Trust-Building: Trust is a valuable currency in the post-pandemic supply chain. Blockchain builds trust among all stakeholders by ensuring data integrity and transparency. This trust extends not only to business partners but also to end consumers who seek authentic information about the products they purchase.

Efficiency and Optimization: Beyond risk management, blockchain enhances supply chain efficiency. It can seamlessly integrate with other emerging technologies like the IoT, smart contracts, and AI. This integration streamlines processes and optimizes the flow of goods, services, and information.

Meeting Environmental Goals: With increased focus on environmental sustainability, blockchain helps control emissions in resource-intensive industries. It allows for the accurate tracking and reporting of ESG data, aligning supply chain operations with environmental goals.

In the post-pandemic world, businesses and organizations must adapt to a new normal where resilience, transparency, and trust are paramount. Blockchain technology offers a strategic advantage in achieving these objectives, transforming supply chains into resilient, efficient, and trustworthy networks that can thrive in the face of future challenges. It’s not just a technological solution; it’s a blueprint for a more resilient and transparent supply chain ecosystem. With SCMAP leading the charge, I look forward to a supply chain industry prepared to face future challenges.

 

Dr. Donald Patrick Lim is the founding president of the Blockchain Council of the Philippines and the lead convenor of the Philippine Blockchain Week. He is also the Asian anchor of FintechTV.

Holcim taps Berde Renewables for clean energy

HOLCIM PHILIPPINES FACEBOOK PAGE

HOLCIM Philippines, Inc. said on Thursday that its two facilities in Luzon are set to be powered by Berde Renewables, Inc. with clean energy.

In a stock exchange disclosure, Holcim said it had signed a 20-year power purchase agreement with Berde Renewables for solar rooftop projects.

Berde Renewables will build, operate and maintain Holcim’s power systems in Bulacan and La Union with a combined capacity of 5.5 megawatt-peak and an annual generation of about 7.8 gigawatt-hours.

Holcim said the solar rooftop facilities are expected to be operational by 2024 and will help reduce its greenhouse gas emissions by 5,500 tons of carbon dioxide equivalent annually.

“Berde Renewables is proud to partner with Holcim to deliver clean energy to their plants and support their decarbonization goals. We will combine our end-to-end in-house capabilities, from project development and construction to operations,” said Patrick Zhu, chief executive officer of Berde Renewables.

The listed company also said it would continue to pursue its portfolio of low-carbon cement to accelerate its net-zero emission targets.

Horia Ciprian-Adrian, president and chief executive officer of Holcim, said the project further strengthens the company’s ability to support the Holcim group’s net-zero direction and the country’s nationally determined contributions.

“We thank Berde Renewables for this partnership and look forward to reaching new heights in decarbonizing buildings in the Philippines with their support,” he said.

Berde Renewables is the distributed energy platform of I Squared Capital, a private equity company engaged in infrastructure investments.

Berde Renewables develops, constructs, and operates distributed renewable energy projects. — Ashley Erika O. Jose

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