Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 3511

Nearly a third of PHL workforce expecting to switch jobs over next 12 months — study

Job seekers fill out application forms at a job fair in Manila, Feb. 24, 2023. — PHILIPPINE STAR/EDD GUMBAN

SOME 29% of the workforce is considering switching jobs over the next 12 months, with a large majority likely to seek promotion or a salary increase, according to a survey conducted by consulting firm PwC. 

According to PwC Philippines’ 2023 Hopes and Fears Global Workforce Survey, which launched in the Philippines on Thursday, 29% of survey participants said they expect to change jobs, with 35% of potential job-switchers considering industries such as engineering and construction, with 31% eyeing hospitality and leisure.

PwC added that 70% of respondents are likely to seek a pay raise, with 59% are seeking a promotion.

The global survey, carried out in April, covered 53,912 individuals across 46 countries and included 1,000 Filipinos. Globally, 26% of employees are considering a change of employment.

“There are different factors that drive an employee to consider changing employers. The most immediate one usually is a pay rise or possibly a different role or promotion,” PwC Philippines Managing Principal Veronica R. Bartolome said at a briefing in Makati City on Thursday.  

The survey also found that 74% of Filipino respondents whose jobs require specialist training are likely to ask for a pay raise, while 64% are seeking promotions, while 27% stated they are not looking to change employers.

The survey also found that 39% of Filipino respondents do not expect their organization to remain in operations beyond 10 years.

Martijn Schouten, PwC Southeast Asia consulting partner, said the Great Resignation has yet to run its course.

“There is still a massive restlessness in the workforce. What is hindering people from moving around is the global crisis, which makes them want a little bit more security,” he added.

According to Ms. Bartolome, employers should prepare for “workers (that are) more assertive, more demanding, and more ambitious. The Great Resignation is far from over, so employers need to brace themselves.”

“It is not just about the salary or the promotion. They place equal importance on how they can thrive, how they can achieve work-life balance, and their overall wellbeing at the workplace,” she added. — Revin Mikhael D. Ochave

Property insurer profits expected to deteriorate

BW FILE PHOTO

THE profitability of property and casualty (P&C) insurers in the Philippines could weaken this year despite strong topline growth, S&P Global Ratings said, citing inflation pressures and higher costs.

Eileen Tay, an analyst with S&P Global Ratings, said in an e-mail to BusinessWorld: “We consider the higher claims (stemming from continued high inflation) and expenses (higher reinsurance costs and capacity challenges) to impact overall profitability.”

“The insurers’ ability to pass through higher reinsurance rates to consumers could be constrained amid strong market competition,” she said.

Inflation in the Philippines has been declining since peaking at 8.7% in January. A BusinessWorld poll of 17 analysts last week returned a median estimate of 4.9% for July inflation, settling at the upper end of the central bank’s 4.1-4.9% forecast for the month. 

If realized, inflation would have likely slowed from the 5.4% reading in June and the 6.4% logged in July 2022.

The central bank has said inflation could ease further in the next few months and be within the 2-4% target band by the fourth quarter. It sees inflation averaging 5.4% for the year and 2.9% for 2024, before picking up to 3.2% in 2025.

According to Ms. Tay, the rising frequency of natural catastrophes could impact P&C insurers.

“Particularly, in the face of hardening reinsurance prices and more selective risk appetite by reinsurers, the margin compression for insurers could intensify. Concurrently, global macro headwinds could also impact the insurers’ growth momentum,” she said.  

The Insurance Commission (IC) reported that net premiums written by nonlife insurance companies rose 0.09% to P15.88 billion in the first quarter.

Total premiums earned rose 15.68% to P15.99 billion, while gross premiums written rose 14.68% to P26.17 billion. The segment’s net income rose 137.32% to P2.63 billion at the end of March.

Robust economic growth may support the insurance industry this year, as the Philippine economy is expected to expand 5.9% in both 2023 and 2024, she said.

“We see the government’s ongoing efforts to address infrastructure gaps and improvements in the business climate, through regulatory and tax reforms, should support growth in economic productivity,” Ms. Tay said. 

“Particularly, we view that the insurance sector will benefit from the government’s continued focus on infrastructure development and the public-private partnerships to narrow the catastrophe protection gap,” she said.  

The government is planning to spend the equivalent of 5-6% of gross domestic product (GDP) on infrastructure until 2028.

“This will contribute positively to revenue growth for the property and casualty insurers in the longer term, particularly property and engineering lines,” Ms. Tay said.

She expects more demand for fire and engineering insurance coverage alongside more infrastructure projects. The market for workers’ compensation insurance may also grow.

“However, as with most infrastructure projects, such projects are time-intensive and dependent on execution. The immediate contribution to insurance premiums for the insurers could take time,” she said. — Keisha B. Ta-asan

Environment dep’t backs waste-to-fuel processing operations to keep solid waste volumes in check

PHOTO FROM REPUBLIC CEMENT

THE Department of Environment and Natural Resources (DENR) said waste-to-fuel co-processing could be a sustainable solid waste management solution.

The DENR issued the statement after Environment Secretary Maria Antonia Yulo-Loyzaga toured the new shredder platform of Republic Cement in Taysan, Batangas.

Republic Cement maintains a waste-to-fuel co-processing operation under a joint venture between the Aboitiz Group and Irish building materials company CHR.

Co-processing converts waste into an alternative fuel for cement manufacturing plants.

Republic Cement uses alternative fuels and raw materials in cement manufacturing.

It can reuse or recover the thermal and mineral properties of waste materials, such as residual plastic or rice husk, as alternative fuels.

“Over 890 dump trucks filled with plastic waste have been processed through strong multi-stakeholder collaboration with materials collection and recovery groups and local government units,” the DENR said.

“Using solid waste as fuel enabled the company to avoid potential methane emissions at landfill sites while at the same time decreasing the carbon intensity of its cement products,” it added. — Sheldeen Joy Talavera

June wholesale price growth eases to 20-month low

PHILIPPINE STAR/ MICHAEL VARCAS

GROWTH in the bulk prices of general goods eased to a 20-month low in June, the Philippine Statistics Authority (PSA) said, as food price growth moderated.

According to preliminary data, the general wholesale price index (GWPI) rose 4% year on year in June, slowing from the 5% posted in May and 9% from a year earlier.

The reading was the lowest since the 3.9% logged in October 2021.

In the first half, the national GWPI averaged 5.3%, decelerating from the 7.2% reading a year earlier.

Domini S. Velasquez, chief economist at China Banking Corp., said base effects are a factor apart from easing global commodity prices and softer demand from manufacturers.

“Favorable base effects from last year’s price highs also likely helped bring down the inflation print,” she said in a Viber message.

Inflation in June eased to 5.4% from 6.1% in May, the lowest level in 14 months. Year to date, inflation averaged 7.2%, exceeding the revised 5.4% projection issued by the central bank.

The PSA attributed the slowdown in index growth to the downtrend in the heavily-weighted food segment, where growth slowed to 8.5% in June from 10.4% in May. Growth in prices of manufactured goods classified chiefly by materials also eased, to 5.1% from 5.8% the prior month.

Commodity groups that experienced accelerated price growth were beverages and tobacco (7.6% from 7.3% a month earlier) and machinery and transport equipment (1.6% from 1.5%).

Luzon’s GWPI exceeded the national average, rising 4.1% in June, against 4.9% in May and 9.4% in June 2022. Luzon price movements were also driven by the food index, where growth was 8.8% in June against 10.6% in May, the PSA said.  

In the Visayas, growth in the GWPI eased to 3.5% in June from 3.9% in May. The year-earlier reading had been 5.2%.

Mindanao price growth also slowed to 3.4% in June from 5.7% in May. In June 2022, the increase in bulk prices had been 4.6%.

Ms. Velasquez is projecting an uptick in wholesale prices due to higher input costs going forward.

“Global oil prices have been rising recently and the minimum wage in (the National Capital Region) was increased. Other regions may also impose wage increases of similar magnitude,” she said.

She also added that July manufacturing Purchasing Manager’s Index (PMI) is signaling that “price pressures have slightly intensified.”

“Improving demand for manufactured goods could also drive up wholesale prices,” she said.

The NCR Tripartite Wages and Productivity Board approved a P40 increase in the daily minimum wage in Metro Manila, which took effect on July 16.

This brought the daily minimum wage to P610 for workers outside the agriculture sector and P573 for those in agriculture, service retail establishments with 15 or fewer workers, and manufacturing companies with less than 10 workers.

Meanwhile, manufacturing activity metrics signaled an improvement with the July S&P Global Philippines Manufacturing PMI rising to 51.9 from 50.9 in June.  

The July reading marked the 18th straight month the PMI was above 50, the threshold for expanding activity. The PMI is a leading indicator of future factory utilization, measuring the confidence of purchasing managers in ordering raw materials for future conversion into finished goods. — Abigail Marie Pelea Yraola

Preferred research activities, incentives outlined for schools seeking innovation ecozone status 

BATSTATE-U.EDU.PH

THE Philippine Economic Zone Authority (PEZA) and the Department of Science and Technology (DoST) signed an agreement outlining the preferred research activities and incentives on offer for schools seeking to register as knowledge, innovation, science, and technology (KIST) economic zones.

At a briefing in Taguig City on Thursday, PEZA Director General Tereso O. Panga and Science and Technology Secretary Renato U. Solidum, Jr. signed a joint memorandum circular (JMC) setting the rules for higher education institutions (HEI) seeking KIST status.

“KIST parks will play a significant role in increasing research and development infrastructure, fostering collaboration in research and development with foreign partners, facilitating technology transfer, and upskilling our workforce towards innovation. Together with the DoST, we can do a lot to boost our knowledge and technology inputs-outputs towards enhancing our global invocation index ranking,” Mr. Panga said.

According to Mr. Panga, the first KIST park arose in Batangas State University, which was proclaimed by then President Rodrigo R. Duterte in 2020.

He said the PEZA board has since approved three KIST park registrations that are awaiting proclamation from President Ferdinand R. Marcos, Jr.

“These are the De La Salle University Innovation Hub located in Biñan, Laguna; AltaHub at the University of Perpetual Help in Bacoor, Cavite; and the Lyceum of the Philippines-Laguna KIST Park,” Mr. Panga said.

Mr. Panga said that another HEI looking to register as a KIST ecozone is Catanduanes State University.

The JMC set the size requirement for KISTs at 5,000 square meters (sq.m.) of contiguous land ecozones in the National Capital Region (NCR) and other metropolitan areas. Outside of the NCR and other metropolitan areas, the minimum is 10,000 sq.m.

The minimum gross floor area for KIST facilities is 10,000 sq.m. in the NCR and other metropolitan areas. Outside these areas, the minimum is 5,000 sq.m.

The JMC said KIST ecozones must engage in preferred activities like research and development in biotechnology, food and nutrition, agriculture, engineering, electronics, robotics, renewable energy, transport solutions, data analytics, artificial intelligence, or any other such priority area determined by the DoST.

The incentives available to KIST export locators include income tax holidays, a special corporate income tax, and value-added tax zero rating on local purchases and exemption on imports.

“Through KIST parks, we aim to foster the production of a diverse array of unique products and services, utilizing our indigenous materials and talent,” Mr. Panga said. — Revin Mikhael D. Ochave 

Archer Naina Tagle emerges as 1st Palaro quadruple gold medalist

NAINA DOMINIQUE TAGLE

EAGLE-EYED Naina Dominique Tagle of Central Visayas emerged the Palarong Pambansa’s first quadruple gold medalist after topping the 1440 round yesterday at the STI Gold Toe Archery Center in Marikina.

Ms. Tagle, a 15-year-old Silliman University student from Dumaguete and younger sister of Southeast Asian Games silver medalist Nicole, fired 1278 in ruling the event that added to her earlier triumphs in the 60 meters, 50m and 30m.

She missed a fifth after settling for silver in the 70m with a score of 306 behind the National Capital Region’s Giuliana Venice Garcia, who took the mint with a 310.

There was a four-gold winner in swimming in Calabarzon’s Hugh Alberto Parto, who reigned supreme in the elementary boys 200m freestyle, 50m butterfly, 200m freestyle relay and the 200m medley relay.

But there was confusion if Mr. Parto’s gold in the medley relay would be counted since his squad was awarded the mint although there was only one participant.

The Big City’s Karl Eldrew Yulo has also got into the position of winning four or more in men’s artistic gymnastics as he qualified in all four apparatuses — floor exercise, vault, mushroom and horizontal bar — where he scored 14.5, 13.25, 9.4, 9.1, respectively, for a total of 46.25 that sealed him the individual all-around mint Wednesday night.

If he sweeps all four gold, which was expected of him, and his team of King Cjay Pernia and Hillarion Palles, tops the team event today, the younger brother of world champion Carlos could go home with a six-gold sweep.

Western Visayas, for its part, unleashed its wrath in centerpiece athletics at the Marikina Sports Complex Angel Villagracia (secondary girls 100m hurdles) Krisha Aguillon (secondary girls 100m dash) and Mico Villaran (secondary boys 110m hurdles).

It was the third gold for the brawny Mr. Villaran after the 16-year-old product of Romanito Maravilla High in Bacolod also topped the 200m and 400m hurdles. — Joey Villar

Pinoy booters make their debut at Asian Games

PHILIPPINE STAR/MIGUEL DE GUZMAN

NOW certified “World Cuppers,” the Filipinas are generating a lot of positive vibes as they make their debut in next month’s 19th Asian Games in Hangzhou, China.

The Pinay booters claimed a historic first goal and first win in the FIFA Women’s World Cup and hopes are high their maiden gig in the Sept. 19 to Oct. 7 Asiad will be just as stellar

“We should expect the team to play to win in any competition just like the Asian Games,” Philippine Football Federation General-Secretary Edwin Gastanes told The STAR.

The Filipinas will go up against South Korea, Myanmar and Hong Kong in Group E competition in China.

It will be an opportunity for revenge against the Koreans and the Burmese, two familiar foes.

The 46th-Philippines ladies lost to the No. 17 Koreans in the semifinals of the AFC Women’s Asian Cup, 2-0, and sustained a 1-0 defeat to the No. 50 Burmese in the group stage of the last Southeast Asian Games.

But a lot has happened since then.

The Filipinas will enter the competition carrying valuable experience from the world meet, where they scored a huge underdog win over host New Zealand, 1-0, and fought furiously before yielding to Switzerland (2-0) and Norway (6-0) in Group A.

The team, which received a heroes’ welcome when they arrived at the airport the other day, will venture on this mission minus their coach for the last 18 months — Alen Stajcic.

The Australian left after his contract ended and just yesterday signed with A-League club Perth Glory.

“We are in the process of interviewing candidates as possible replacements for coach Alen,” said Mr. Gastanes. — Olmin Leyba

De La Salle heavy favorite to advance in SSL finals

PBA.PH

Games Friday
(Filoil EcoOil Centre)
2 p.m. — Adamson vs Perpetual
4 p.m. — De La Salle vs UST

DE LA SALLE University (DLSU) takes on University of Santo Tomas (UST) as Adamson University tests the mettle of surprise squad University of Perpetual Help System Dalta in the Shakey’s Super League (SSL) National Invitationals Final Four today (Aug. 4) at the Filoil EcoOil Centre in San Juan.

All eyes are on De La Salle as the heavy favorites to advance in the finale but Santo Tomas is out to give the UAAP champion a run for its money while Adamson has to withstand a spirited Perpetual side that just stunned two-time NCAA champion College of St. Benilde.

Hostilities erupt at 2 p.m. starting with the Lady Falcons against the Lady Altas followed by the collision of the Lady Spikers and the Lady Falcons in the main tiff at 4 p.m. — with the two survivors advancing to the best-of-three finals next week.

It’s a semis rematch for De La Salle and UST after their UAAP Season 85 Final Four clash won by the Lady Spikers en route to a near-perfect title campaign in 16 matches save for a lone defeat to the Golden Tigresses in the prelims.

Now, they meet again and the Taft-based spikers remain cautious anew despite a dominant so far, sweep after sweep in the SSL presented by Eurotel as the official hotel and Victory Liner as office transport provider, and in cooperation with the Commission on Higher Education (CHED).

UST definitely has what it takes to go fire with fire against De La Salle. The UAAP bronze medalist Adamson, too, against Perpetual, which albeit marches into the Final Four with the biggest momentum in the 12-team SSL that featured champions from the NCR, Luzon, Visayas and Mindanao.

Behind the superwoman performance of NCAA MVP Mary Rhose Dapol with 33 points, the Lady Altas gained a piece of history by being the first NCAA team to beat and eliminate the Lady Blazers, 25-16, 20-25, 28-26, 16-25, 15-12. — John Bryan Ulanday

Thompson earns his degree in business administration at UPHSD

PHILIPPINE STAR/EDD GUMBAN

GILAS Pilipinas and Barangay Ginebra star guard Earl Scottie Thompson accomplished his biggest milestone just yet off the hardcourt after formally graduating from the University of Perpetual Help System Dalta (UPHSD).

Mr. Thompson earned his degree in Bachelor of Science in Business Administration, Major in Marketing Management during the Perpetual graduation rites on Wednesday at the Plenary Hall of the Philippine International Convention Center (PICC) at the Cultural Center of the Philippines Complex in Pasay.

The 30-year-old player also received the Dr./BGen Antonio Laperal Tamayo Leadership Plaque for Sports and Athletics award from UPHSD President Dr. Anthony Tamayo, Vice Chair Dr. Daisy Moran Tamayo, Executive Vice President Marjorie Gutierrez-Tangog and Dr. Arnaldo De Guzman, UPH-Las Piñas City campus school director

His graduation came just months after having his jersey No. 6 was retired by Perpetual in an enshrinement ceremony at the Altas Gym in Las Piñas.

Mr. Thompson, a native of Padada, Davao del Sur, introduced himself in the Philippine collegiate scene in 2011 with Perpetual, where he played until 2015.

The do-it-all guard won the NCAA Season 90 Most Valuable Player (MVP) in 2014 prior to his PBA jump the next year when he was picked fifth overall by Ginebra.

It was a meteoric rise since then for Mr. Thompson, winning seven PBA championships, two Finals MVP, two Best Player of the Conference and one Season MVP award for the Gin Kings.

Mr. Thompson is currently part of the Gilas training pool for the 2023 FIBA Basketball World Cup on Aug. 25 to Sept. 10 here but he’s still recovering from a metacarpal fracture injury on his right hand. — John Bryan Ulanday

PVL to stage All-Filipino Conference with 12 teams

THE PREMIER Volleyball League (PVL) will stage a second All-Filipino Conference this year that is tentatively set to start on Oct. 16 until December in place of the Reinforced due to conflict of schedule with the FIVB calendars regarding tapping of imports.

“We’re now doing an All-Filipino Conference late this year and we’ll try to sort things out with the PNVF as to when we will hold the Reinforced Conference next year,” said PVL President Ricky Palou.

Mr. Palou said all 11 local teams that saw action in both this season’s AFC and Invitational Conference will also play in the pro league’s third and last conference of the year with the possibility of adding another company that is currently knocking on their door.

“There is a possibility we will have a 12th team, which is still thinking of what brand they will use,” said Mr. Palou.

The PVL President never mentioned the club that is seeking entry but there were reports it is owned by the Akari Chargers.

If it pushes through, it will be the fourth company with a sister team joining similar to Creamline and Choco Mucho, PLDT and Cignal, and Chery Tiggo and Foton.

Creamline will again be the favorite to win after topping the AFC early this year and finishing second behind eventual Invitational titlist Kurashiki Ablaze just more than a week ago.

Also seeing action are Petro Gazz, F2 Logistics, Gerflor and Farm Fresh.

In this season-closing conference, the league will implement a single-round robin format in the elimination round where all the teams will have a chance to play everyone.

The top four will then advance to the best-of-three semifinals with the winner battling each other for the title in another best-of-three affair. — Joey Villar

Mickelson applauds Woods joining PGA Tour Policy Board

ALTHOUGH he jumped ship to LIV Golf, Phil Mickelson was still happy to see Tiger Woods join the PGA Tour Policy Board as a player- director.

“This is great to see,” Mr. Mickelson tweeted on Tuesday. “Players having equal representation on the board, Tiger getting more involved, and accountability across the board. Awesome news.”

As a player director, Mr. Woods has the authority to approve or decline any potential changes to the Tour. His appointment to the board comes in the wake of a wave of disappointment from multiple members of the Tour who are upset with PGA commissioner Jay Monahan and the proposed LIV-PGA merger.

“I am honored to represent the players of the PGA Tour,” Mr. Woods said in a press release from the PGA Tour. “This is a critical point for the Tour, and the players will do their best to make certain that any changes that are made in Tour operations are in the best interest of all TOUR stakeholders, including fans, sponsors and players. — Reuters

Unbeatable Aces

Can anybody stop the Aces? That’s the question Women’s National Basketball Association fans have been asking for a while now. It isn’t simply that the defending champions have won eight straight contests and sport a stellar 24-2 slate matched only by the 1998 Comets since the league set up shop 27 years ago. It’s that they’re running roughshod over their supposed competition in so doing; they’re first on offense and a smidge below the top on defense, resulting in a plus-15.5 points differential — two and a half times more than the second-running Liberty. Little wonder, then, that they’ve already clinched a playoff berth, never mind that they still have 14 regular season games to navigate.

To be sure, there were indications from the outset that the Aces would be among the handful of bona fide contenders for the crown. After all, they didn’t just bring back essentially the same roster that won them the hardware last year; they augmented it, most prominently taking in former Most Valuable Player awardee Candace Parker to underscore their talent advantage. And, don’t forget, their brain trust is led by reigning Coach of the Year Becky Hammon, set to be enshrined in Springfield next weekend. In short, it would take a superteam to even come close to challenging them.

Significantly, that credible opposition was supposed to have been formed by the Liberty in the off-season. Following a successful recruiting binge that netted them heavyweights Breanna Stewart, Jonquel Jones, and Courtney Vandersloot, initial prognoses had them sharing the marquee with the Aces. From the get-go, however, it was clear that they, too, could be playing catch-up ball. As good as they have been, with a 20-6 record that is by far the best in the history of the pioneer franchise, they remain more like a collection of great talents on a squad than a great squad of collected talents.

Unless and until the Liberty are able to find the cohesiveness that marks collective success, they will find their ceiling to be much lower than that of the Aces. For all their obvious firepower, they suffer from occasional lapses in concentration. It’s not that they lack effort, even on defense; it’s that they are not able to translate it to wire-to-wire ascendancy. It’s why they’ve had difficulty putting supposed patsies away, and why they either get to squander big leads or need to climb back from big deficits much too often for comfort. They’re getting better, but, with the postseason drawing near, it’s fair to ponder if they still have enough time to sharpen their weapons to the degree they need.

So, yes, the Aces are headed for a repeat, and, yes, they’re focused on their ultimate objective. They realize they have to keep putting in the work, and are acting accordingly. And if the rewards keep coming, it’s because they deserve them.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

1...3,5103,5113,512...13,239Page 3,511 of 13,239
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube