SEC pushes for stricter compliance with audit quality and financial reporting

March 14, 2025 | 12:02 am

THE Securities and Exchange Commission (SEC) is pushing for stricter compliance with audit quality and financial reporting among companies as part of efforts to improve governance in the local corporate sector.

“The SEC remains steadfast in its commitment to ensure that companies strictly comply with accounting policies and uphold audit quality as it continues to promote good governance in the corporate sector,” SEC Chairperson Emilio B. Aquino said in an e-mail statement on Thursday.

During a March 5-7 inspection workshop in Mauritius by the International Forum of Independent Audit Regulators (IFIAR), SEC Oversight Assurance Review (SOAR) Inspection Team Leader Guada May S. Preciados and SOAR Deputy Inspection Team Leader Rizzo D. Tarroza highlighted auditing and financial reporting challenges in the Philippines.

These include instances of companies misapplying accounting policies, particularly in recognizing and measuring revenue, as well as auditors failing to evaluate whether the application of accounting policies complies with local reporting standards.

“These challenges in financial reporting underscore the need for stricter oversight and enhanced auditor training to ensure that auditors exercise a heightened level of professional skepticism and due care when assessing the appropriateness of revenue recognition practices,” the SEC said.

“Establishing robust consultation policies and procedures within audit firms is also vital to enabling auditors to seek guidance and challenge complex accounting treatments effectively,” it added.

The IFIAR inspection workshop gathered more than 100 audit regulators from 56 member countries to exchange insights on improving global audit oversight and regulatory best practices.

It is an annual event hosted by a member country, with its inspection workshop working group currently led by the Auditor Oversight Body of Germany. — Revin Mikhael D. Ochave

US agencies offer staff new buyouts ahead of Trump’s deadline to file resignations

March 14, 2025 | 12:02 am

MULTIPLE government agencies are turning to early retirement programs to reduce headcount as they scramble to meet President Donald Trump’s Thursday deadline for them to submit plans for a second round of mass layoffs.

The Office of Personnel Management (OPM), the Social Security Administration, and the Department of Health and Human Services (HHS), including its Food and Drug Administration (FDA), are among the agencies which have offered lump-sum payments of up to $25,000 before tax to workers who agree to leave their jobs.

The buyout offers, combined with another program that eases eligibility requirements for early retirement, are being embraced as a lower-friction way to help meet the Thursday deadline, human resource specialists at several federal agencies told Reuters.

The Trump administration has been grappling with myriad lawsuits after it fired thousands of probationary workers in a first wave of mass layoffs and dismantled entire departments like USAID and the Consumer Financial Protection Bureau, which protects Americans against unscrupulous lenders.

All US government agencies have been ordered to come up with large-scale layoff plans as part of Mr. Trump’s unprecedented campaign to overhaul the government. One of his top advisers, the tech billionaire Elon Musk, is leading that effort with his Department of Government Efficiency.

The General Services Administration, which manages the government’s property portfolio, is also seeking approval to offer the buyout payments to workers, according to an e-mail sent by its acting head to staff on Monday and seen by Reuters. The Securities and Exchange Commission has already offered bonuses of up to $50,000, Reuters reported.

Human resource and public governance experts said the appeal of the buyout program, called voluntary separation incentive payments, is that it is voluntary and less vulnerable to legal challenges. It also requires workers who have accepted the offer to repay the money if they take another government job within five years.

“If your strategy is to get as many people out the door voluntarily, that reduces the risk of court orders and opposition to you in the long run,” said Don Moynihan, a public policy professor at the University of Michigan.

Only a couple of agencies have telegraphed via media leaks how many employees they plan to cut in the second phase of layoffs. They include the Department of Veterans Affairs, which is aiming to cut more than 80,000 workers, and the National Oceanic and Atmospheric Administration, which is planning to cut 1,029 staff.

Despite the looming deadline, no agency has yet submitted its job-cutting plan to OPM, the government’s human resources department that is collating the data, a person familiar with the matter told Reuters. OPM declined to comment.

OPM itself has offered lump-sum payments to some 650 OPM employees, according to another person with knowledge of the matter. Employees were given until March 12 to respond.

At the General Services Administration, employees were informed on Monday that OPM had greenlit a plan to offer an early retirement program to all eligible employees.

“I encourage each of you to consider your options as we move forward,” GSA Acting Administrator Stephen Ehikian wrote in an e-mail seen by Reuters. “The new GSA will be slimmer, more efficient and laser-focused on efficiency and high-value outcomes.”

On March 10, the HR department of the Food and Drug Administration sent an e-mail to all its 19,000 employees announcing a Friday, March 14, deadline to opt into a VSIP. Those who accept would have to retire by April 19.

“There will be no extensions,” states the e-mail, reviewed by Reuters and signed by Tania Tse, director of the FDA’s Office of Human Capital Management.

Late on Monday, HHS sweetened its prior VSIP offer by adding that workers accepting it would get two months of full pay in addition to the bonus, according to a copy of the e-mail seen by Reuters.

Steve Lenkart, executive director of the National Federation of Federal Employees, a union which represents 110,000 government workers, said the Trump administration was using “a legitimate program to further damage the capabilities of agencies to complete their mission.”

OPM declined to respond to Mr. Lenkart’s comments. — Reuters

Growing Trump-Putin detente could spell trouble for the Arctic

March 14, 2025 | 12:02 am

During a wide-ranging 90-minute speech to the US congress of March 4, Donald Trump revisited his determination to “get” Greenland “one way or the other.” Trump said his country needed Greenland “for national security.” While he said he and his government “strongly support your right to determine your own future” he added that “if you choose, we welcome you into the United States of America.”

Trump’s ambitions regarding Greenland and its considerable mineral wealth are just one of a raft of issues in the first six weeks of his second term that have plunged European global politics into disarray.

As the White House ramps up the pressure on Ukraine’s president, Volodymyr Zelensky, to allow the US access to Ukraine’s mineral wealth, the US president is also talking about “cutting a deal” with Russian president Vladimir Putin. That deal would not only mean territorial losses for Kyiv, but would prepare the ground for a potentially far-reaching economic partnership between the White House and the Kremlin.

Currently, Trump and Putin are primarily focused on Ukrainian territory and mineral assets. But discussions have also begun on where else “deals” might be made, including in the Arctic.

A carve up of the Arctic is an attractive proposition for the two countries given the importance both leaders attach to mineral resource wealth. As in the case of Ukraine, such an approach would reflect Trump’s predisposition for transactional geopolitics at the expense of multilateral approaches.

In the Arctic, any deal would effectively end the principle of “circumpolar cooperation.” This has, since the end of the cold war, upheld the regional primacy of the eight Arctic states (A8) that have cooperated to solve common challenges.

Since the Arctic Council was established in 1996, the A8 has worked on issues of environmental protection, sustainable development, human security, and scientific collaboration. That harmony has been crucial in an era in which climate change is causing the rapid melting of Arctic ice.

Notably, the Arctic Council played an instrumental role in negotiating several legally binding treaties. These include agreements on search and rescue (2011), marine oil pollution preparedness (2013), and scientific cooperation (2017). It also supported the Central Arctic Ocean fisheries agreement (CAO) signed in 2018 by the Arctic Ocean states with Iceland, the EU, China, Japan, and South Korea.

The Arctic Council — and more broadly, circumpolar cooperation — withstood the geopolitical aftershocks of Russia’s seizure of Crimea and parts of eastern Ukraine between 2014 and 2015. But Russia’s full-scale invasion of Ukraine left trust teetering on the precipice.

Within a month, European and North American members had pressed pause on regular meetings of the Arctic Council and its scientific working groups, isolating Moscow. Some activity eventually resumed at the working group level in virtual formats, but full engagement with Russia has remained conditional on a military withdrawal from Ukraine. Meanwhile, hefty sanctions were imposed by the US and Europe, including targeting Russian Arctic energy projects.

Russia’s response was to enhance its relationships with others. Countries such as Brazil, India, Turkey, and Saudi Arabia now work with Russia in the Arctic on commercial and scientific projects. This pivot raised concerns among NATO allies about a stronger and challenging Russia-China presence across the Arctic. But the second Trump administration has changed the calculus. There’s now the threat of a new Arctic order based on the primacy — not of the A8 — but on a reset of US-Russia relations.

CHANGE OF FOCUS
Trump’s signing of an executive order on Feb. 4 to determine whether to withdraw support from international institutions may lead the White House to conclude there is no place for the Arctic Council. Its longstanding focus on climate change and environmental protection is anathema to the Trump administration, which has already withdrawn from the Paris agreement and is destroying domestic climate-related science programs.

The longstanding commitment of the A8 to circumpolar cooperation, or even a narrow A5 (Canada, Denmark, Norway, Russia, and the US) view of the primacy of the Arctic Ocean coastal states, is likely to be dismissed by the White House, which favors the embrace of great power politics. While many have warned that the Arctic Council can’t survive without Russia, losing US interest and support would surely be its death knell.

In this landscape of “America First,” the prospect of Washington and Moscow dividing the Arctic and its resources seems increasingly realistic. In such a situation, the international treaties signed by the A8, and the CAO may also be at risk. Denmark may find itself excluded altogether from Arctic affairs if Trump gets his way over Greenland. At any rate, all the Nordic Arctic states are likely to struggle to make their voices in the region heard.

A key question for European NATO and EU members is whether Trump would worry about Russian dominance in the European Arctic if it brought US-Russia economic cooperation to extract the region’s wealth? Might Trump even be supportive of Russian attempts to revisit the terms of the 1920 Spitsbergen Treaty, which ultimately gave Norway sovereignty over the Arctic archipelago (albeit with some limitations), if that too meant jointly unlocking Svalbard’s mineral resources let alone the wealth of the Arctic seabed?

What room, if any, would a deal leave for Indigenous people to be heard, or for international scientific collaboration on critical challenges related to climate and biodiversity?

If we have learned anything in the tumult of recent weeks, it is that European countries, individually and collectively, struggle to exercise strategic influence over contemporary geopolitical events. If Trump and Putin do begin negotiations over the Arctic, Europe may simply have to accept the end of the Arctic Council and circumpolar cooperation.

Climate science, environmental protection, sustainable development and the ability of Indigenous people to decide their future would all suffer. The UK and Europe meanwhile will be left to consider what, if anything, can be done to defend Arctic interests.

THE CONVERSATION VIA REUTERS CONNECT

Duncan Depledge is a senior lecturer in Geopolitics and Security while Caroline Kennedy-Pipe is a professor of War Studies, both at Loughborough University.

Credit bureau gets SAE accreditation from CIC

March 14, 2025 | 12:02 am

CREDIT BUREAU Island Credit Solution, Inc. been accredited as a special accessing entity (SAE) by the Credit Information Corp. (CIC).

“Our goal is to bridge the gap between financial institutions and borrowers, particularly those who have been underserved or unbanked. We offer fully digital services that cater not only to existing bank customers but also to those new to credit. By helping them start from zero, we contribute to a more inclusive financial system,” Island Credit Solution Deputy Chief Executive Officer (CEO) Hongcheng Zhou said in a statement on Thursday.

Island Credit Solution’s credit rating system called PhilScore gives individuals access to their credit profile using CIC credit reports. It also lets banks, online lenders, and small businesses use credit analytics for decision making.

Through the system, borrowers can be matched with alternative lenders that match their risk appetite.

“Our approach goes beyond standard credit reporting. By integrating financial and alternative data, we provide lenders with deeper insights while empowering individuals with greater financial opportunities,” Mr. Zhou said.

Island Credit Solution uses artificial intelligence-driven analytics tools for risk profile evaluation.

“The company’s analytics platform is designed for agility and scalability, making it an ideal solution for lenders of all sizes. Whether a large bank or an MSME (micro, small, and medium enterprises), financial institutions can customize credit scoring models to fit their specific needs, ensuring more precise and fair lending decisions,” it said.

It is planning to expand its services to rural and underserved areas nationwide and looking at partnering with credit bureaus in other countries to support overseas Filipino workers.

CIC President and CEO Ben Joshua A. Baltazar said the addition of new credit rating companies and SAEs will expand consumers’ access to credit data.

In 2024, the credit reports generated by the CIC doubled to 10 million from five million in 2023. There were also over 70 million borrowers and 300 million outstanding loan contracts.

“I think it is not out of bounds to expect generating roughly around 20 million credit reports this year, if not more. But right now, we’re confident that the credit market in the Philippines is actually a 100 million credit report market. That is something we can definitely achieve in the coming years. But we won’t be able to do that unless we work together and support the mass adoption of credit data for use in credit and even in valid cases of credit applications,” Mr. Baltazar said. — AMCS

Brian Tyree Henry says Dope Thief role felt like ‘homecoming’

March 14, 2025 | 12:02 am

Dope-Thief-(2025) — Brian Tyree Henry in a scene from Dope Thief.

LONDON — Brian Tyree Henry plays a thief fearing for his life while dealing with his painful past in gritty crime drama Dope Thief, a role the US actor said felt like “a homecoming.”

The eight-part mini-series stars Mr. Henry as Ray and Narcos actor Wagner Moura as Manny, two Philadelphia friends who pose as Drug Enforcement Administration agents to rob trap houses. But when they raid an unknown rural house, they unleash a dangerous set of events that sees them running from a cartel as well as the police.

“There was so much about (Ray) that resonated with me. I saw this man that was dealing with generational trauma, trying to find a way to make it, trying to find a way to actually be cared for,” Mr. Henry, known for films such as Transformers One, Bullet Train, and Causeway, for which he earned an Oscar nomination, told Reuters.

“He allowed me to lay down a lot of my burdens that I had been carrying… it was definitely another transition for me… to elevate myself and how to deal with my emotions and deal with my abandonment, deal with my fear, and deal with all those different things.

“And so, Ray was actually the first time in a long time that I felt like I had come home. He felt like a homecoming in a way.”

At the heart of Dope Thief is the long-running friendship between Ray and Manny and how they deal with their struggles.

“The show is violent. There’s a lot of violence and crime and running and you’ve got this Black and Latino man, we’ve kind of seen this kind of show before,” Mr. Henry said. “But… we wanted to show the tenderness between these two, the friendship.”

Dope Thief is based on the 2009 novel by Dennis Tafoya, however the show drifts away from the book, series creator Peter Craig said.

“I liked that (Tafoya’s) really got two novels in one. The second half is very internal, so I liked the idea of just using the first half and then having a lot of room for invention,” he said.

Dope Thief premieres on Apple TV+ on Friday. — Reuters

IFC names Amena Arif as new country manager for PHL

March 14, 2025 | 12:01 am

THE International Finance Corporation (IFC), the private-sector arm of the World Bank Group, said it appointed Amena Arif as the new country manager for the Philippines.

The Pakistani banker joined IFC in 2012 and succeeded Jean-Marc Arbogast, who now serves as country manager for Chile.

“IFC is committed to working with our partners in the Philippines to unlock funding that will help create jobs, support companies in mitigating the impacts of climate change, open doors for small businesses to grow, and ensure that digital services are accessible to everyone,” Ms. Arif said.

She previously led IFC’s debt and equity investment transactions, working with financial institutions in Pakistan, Afghanistan, and Lebanon.

Ms. Arif also served as country manager for various markets, including East Africa — where she was based in Nairobi — as well as Sri Lanka and the Maldives.

“I am excited to be back in Asia and look forward to working closely with our public- and private-sector partners toward sustainable and inclusive growth,” Ms. Arif said.

She holds an MBA from Lahore University of Management Sciences in Pakistan.

IFC is the largest global development institution focused on the private sector in emerging markets.

Last January, IFC said it invested $130 million in lender Asialink Finance Corp. to boost lending to women-led micro, small, and medium enterprises. — Aubrey Rose A. Inosante

Managing salary-related issues

March 14, 2025 | 12:01 am

How do we manage a situation where employees willingly share their payslips with other workers? This has become a terrible issue, resulting in boss-worker conflict and, often, with the human resource (HR) department. Please advise. — Fatty Queen.

It’s a tricky issue. No matter how you tell people that salary data is confidential and that salary policies are objective and competitive, many will still lodge a complaint. At times, you may discover their inquiries are valid, while others might be meant to question management competence.

A typical example is when someone complains that another worker is earning more for doing the same job, while ignoring differences in actual work performance and the company’s merit increase policy. Another issue is comparisons of salaries with other companies.

Employees will give you all kinds of reasons why they deserve more money. Regardless of the validity of their complaints, there’s no other way but for HR to handle each case with diplomacy topped with a dose of professional courtesy.

BASIC APPROACHES
There are many ways to positively resolve such issues, including some that are win-win. Here are some basic techniques that you can use to manage the situation. If done properly, you can minimize any adverse effects on all concerned.

One, review the current company policy. This includes the salary scale, performance appraisal system, merit pay, service recognition, and other salary-related standards. Update those standards as necessary to bring them in line with industry and community best practices.

Management must share the basic message of these policies through a circular or memo to employees. In doing so, emphasize the objectivity of the policy and the way they are crafted by management.

Two, compare the salary policy with benefit practices. Even if the company pays non-competitive rates, emphasize the value of all benefits the employees are receiving. Chances are, the total value will be far more than the pure salary. These could include health and medical care coverage for employees and their family members.

Another example would be the sophistication and variety of training programs being given to all employees. In certain cases, other benefits could be used as compensating factors, like having an easy commute or flexible working hours.

Three, underscore the objectivity of an employee’s salary. Sometimes, certain employees may raise issues first brought up by colleagues. Chances are, these are pure gossip with no factual basis. The best way to put such an issue to rest is by sharing a copy of the salary scale which shows the range of salaries for various job grades.

Your company need not have a collective bargaining agreement with a union. All your management has to do is keep abreast of the current trends in the industry and other professional communities. Once you share the information that salary practices are pretty much the same everywhere, the issue should die a natural death.

Four, adjust distortions brought about by mandatory wage adjustment. As soon as a new minimum wage policy is issued, adjust the salary scale right away using formulas suggested by the National Wages and Production Commission. The suggested formula must be reconciled with the legitimate economic requirements of the employees, while ensuring a fair return on company investment.

Management must not delay in issuing an updated salary scale. Or else, adjustments can be done retroactively.

Five, manage employee claims about their true performance. One of the complex issues that employees can bring to management is when they claim that they have done a good job compared to their colleagues. If this happens, ask them to justify their claim with concrete evidence.

Challenge their claim in a non-abrasive way. Say something like this: “You’re doing a fairly decent job. However, other people in our team have done better.

“How about doing this? Within the next three months, show me your biggest milestones and I will take it from there. I’m not giving you false hopes, but I promise to convince management to recognize your tangible accomplishments.”

DECISION
If you decide to turn down a request, it’s important to do it without being unreasonable. Almost all people will accept your decision if your reasoning is carefully crafted and explained. Whatever you do, don’t be swayed by the emotions of workers who may cite irrelevant issues like being the family’s sole breadwinner.

Personal circumstances and family situations are not a consideration for adjusting salaries. Therefore, focus on the letter and spirit of your management policies. Don’t be swayed by desperate, emotional pleas. Otherwise, it will open the floodgates for other employees to do the same thing, to the detriment of the actual high achievers.

Bring Rey Elbo’s leadership program as an exclusive event for your management team. Consult with him on Facebook, LinkedIn, or X, or e-mail your concerns to elbonomics@gmail.com or via https://reyelbo.com. Anonymity is guaranteed.

The dollar’s rampage is on hiatus. Is Asia ready?

March 14, 2025 | 12:01 am

THE EPIC RALLY that drove the dollar to its best performance in almost a decade is taking a breather. For policymakers in Asia, who were pushed into making uncomfortable choices in 2024 as their currencies swooned, the challenge is to use the respite wisely.

It’s not that the greenback is necessarily headed for a rough year; it’s only March, and 12 months ago many strategists were mistakenly bearish. Nor is it remotely time for an obituary, however much President Donald Trump may be trying to reshape the economics and politics of the era.

The US hegemon is entrenched in global commerce. But signs of a slowdown are offering some hiatus, and that’s welcome. The yen is clawing its way back from the lowest level in more than a generation and the South Korean won’s slide has abated. The Malaysian ringgit and Thai baht have steadied after a difficult patch. The rupiah has strengthened after falling toward 16,600 per dollar.

Growth in most of these economies could use a lift, and inflation has retreated to the comfort zone of central banks. But the cycle of interest-rate cuts in Southeast Asia has been a tepid one. Officials have proceeded carefully, wary of letting exchange rates weaken too much. In the back of their minds has been concern that the Federal Reserve would go slow on the couple of rate reductions penciled in for this year — or possibly even resume hiking. As much as they profess to abhor uncertainty, the White House’s on-again-off-again tariffs are presenting Asia with a gift. Officials have previously been torn between juicing growth and supporting their currencies.

Export-dependent economies do stand to suffer from a global trade war. An all-out conflict would have many losers, and nations that rose to prosperity on the back of supply chains would certainly suffer. But that’s not quite what we have right now. The whiplash from Washington’s moves to impose, and then suspend, levies on neighboring economies — coupled with the possibility of steep cuts in government spending — has dented investor confidence. The Nasdaq 100 on Monday had its worst day since 2022 and Treasuries, usually seen as a haven in times of tumult, rallied. Recession in the US, considered only a dim prospect a few months ago, is now the concern of the hour. The Bloomberg Dollar Spot Index is roughly back to its levels in October after a sharp climb following the November election.

Indonesia, where fluctuations in the currency play a huge role in shaping policy, is a good place to start. The president wants dramatically faster growth and inflation is receding, but Bank Indonesia has trodden carefully. Governor Perry Warjiyo surprised with a cut in January, but balked in February. “Stability is the most important thing for our economy,” he told reporters. “That’s why we continue to be in the market and maintain the stability of the rupiah, especially when global turmoil is high.”

One economy that punches below its weight is the Philippines. Yet even there, the case for a bit more courage is strong. In a Feb. 24 report titled “Letting the Fed Go,” HSBC Holdings Plc encouraged the central bank to a be a bit bolder. It wouldn’t hurt the authority, which has already trimmed rates in the past year, to let the peso depreciate, economists at the bank wrote.

Officials could do with being less defensive; they have intervened to stop the peso crashing through 59 per dollar. There’s no suggestion that the Philippines is getting negative reviews — or any at all — from the new administration. And manufacturing, a weak spot compared with the dominance of factories in Malaysia and Thailand, may become more competitive if the peso drops.

Stability is a good thing, and something that appears to have deserted Washington. In much of Asia, memories of the financial crisis of 1997-1998 are still vivid. Exchange rates float more freely now; efforts to prop them up artificially are passé. That doesn’t mean officials are absent from the market altogether, and FX is a big factor when they consider rates.

Monetary guardians are a cautious breed, understandably. Trump has opened a door to shore up growth. All they need to do is walk through.

BLOOMBERG OPINION

‘Mamba Mentality’ lessons

March 14, 2025 | 12:01 am

Visiting my mom Elvira on her 89^th birthday in Los Angeles offered an opportunity to watch the beginning of a new era for the Los Angeles Lakers franchise. In this year’s biggest trade blockbuster, 25-year-old Luka Doncic, recognized as one of the best basketball players in the world, joined the Lakers from the Dallas Mavericks in exchange for Anthony Davis, another all-star. As an avid fan, this writer’s first thought was whether Luka is a worthy successor to Kobe Bryant’s “Mamba Mentality.”

Kobe defined Mamba Mentality as “constantly trying to be the best version of yourself,” emphasizing hard work, mental toughness and the pursuit of greatness. The term originated from his nickname, “Black Mamba,” a symbol of focus, precision and lethal efficiency. “The mindset isn’t about seeking a result — its more about the process of getting to that result. It’s about the journey.”

In the book The Mamba Mentality: How I Play, Kobe reflects on his career, mindset, and the principles that drove his success. It provides insights not only into his basketball but also into how anyone can apply the philosophy to achieve excellence in their own lives. He documents who he learned from, how he played through pain and why he refused to accept losing as an option.

“If you really want to be great at something, you have to truly care about it. You have to obsess over it. Greatness isn’t easy to achieve. It requires a lot of time, a lot of sacrifices. It requires a lot of tough choices. It requires your loved ones to sacrifice, too, so you have to have an understanding circle of family and friends. There is a fine line between obsessing about your craft and being there for your family. You can’t achieve greatness by walking a straight line,” he said in the book.

Kobe’s commitment to hard work was unparalleled. He believed that consistent, discipled effort separates the good from the great. He often practiced before dawn and focused on refining every aspect of his game. “My midnight workouts have become a thing of legend. They were always purposeful,” he said. He also discussed playing while in pain and making adjustments, as long as the situation does not worsen.

Kobe was obsessed with the smallest details — whether it was footwork, understanding opponent’s tendencies, or improving his physical conditioning. He believed mastery came from perfecting the basics and paying attention to nuances others overlooked. Small improvements lead to significant gains.

Throughout his career, Kobe faced injuries, setbacks and criticism. Yet his mindset was to view challenges as opportunities for growth. He approached failures as learning experiences and never let them deter his ambition.

He constantly sought to improve by learning from others. He studied the game, learned from basketball legends, and applied lessons from other fields to enhance his performance. He set exceptionally high standards for himself and expected the same from his teammates. For Kobe, basketball was more than a game — it was a lifelong passion.

Whether in business, sports, or personal growth, adopting the Mamba Mentality means committing to continuous improvement, embracing hard work, resilience, leadership, and pushing through challenges. It’s a mindset that anyone can adopt to reach their full potential and inspire others along the way whether you’re an athlete, entrepreneur or leader. It is a blueprint for lasting success.

Examples of Mamba Mentality in practice are aplenty. The commitment to excellence is shown in Elon Musk’s dedication to Space X’s and Tesla’s innovations. Resilience in the face of failure is shown in Steve Jobs rebound after being ousted from Apple, founding NEXT and returning with the creation of the iPhone. Kobe seeking wisdom from sports legends reflect in CEO’s investment in lifelong learning like Warren Buffett’s propensity to read 500 pages a day to maintain his edge. Kobe pushed to teammates to their limits much like Jeff Bezos cultivated a demanding culture at Amazon.

Now, back to Luka. His ability to dominate under pressure and his commitment to improving year after year align with the Mamba ethics. However, critics point out that Luka’s conditioning and defensive consistency haven’t yet reached Kobe’s uncompromising level. It all depends on his capacity to adopt Kobe’s relentless work ethics and leadership style over time. Luka has the potential. Only time will tell if he can live up to expectations.

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

Benel Dela Paz Lagua was previously EVP and chief development officer at the Development Bank of the Philippines. He is an active FINEX member and an advocate of risk-based lending for SMEs. Today, he is independent director in progressive banks and in some NGOs.

Sony Music sues University of Southern California over social media ads

March 14, 2025 | 12:01 am

SONY MUSIC has sued the University of Southern California (USC) in New York federal court for allegedly using more than 170 of the label’s songs in videos promoting the school’s athletics program without permission.

The label’s lawsuit, filed on Tuesday, cited 283 videos with songs from musicians including Michael Jackson, Britney Spears, and AC/DC that USC’s sports teams supposedly used in TikTok and Instagram posts without licenses. Sony Music asked for statutory copyright damages of $150,000 per song, amounting to tens of millions of dollars in damages.

USC said in a statement that it “respects the intellectual property rights of others and will respond to these allegations in court.” Attorneys and spokespeople for Sony Music did not immediately respond to a request for comment on Wednesday.

Sony Music said in the lawsuit that it had warned the Los Angeles university about its unauthorized use of the label’s music since 2021. The label said USC uses its music to drive social media engagement and sell sports tickets and merchandise.

“Despite having been on notice of its infringing conduct, USC has repeatedly failed to obtain licenses for its use of Sony Music sound recordings on the USC Social Media Pages, although it has acknowledged that it needs music licenses, that music licenses must be paid for, that music licenses can be expensive, and that music license requests may be denied,” Sony Music said in its complaint.

Sony Music said it had discussed a potential settlement with USC until January.

The label has filed similar lawsuits against companies including Marriott, which it sued last year. Sony and the hotel chain ended their dispute later that year. — Reuters

Manila’s logistics rental costs up 1.6% in second half of 2024

March 14, 2025 | 12:00 am

Logistics rental rates in Manila rose 1.6% year on year in the second half of 2024 based on the latest edition of the Asia-Paciﬁc H2 Logistics Highlights by Knight Frank. Manila’s warehouse costs grew to P389 per square meter per month. The Philippine capital was the ninth-highest in the region among 17 cities and was higher than the Asia-Paciﬁc average growth rate of 0.2%.

How PSEi member stocks performed — March 13, 2025

March 14, 2025 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Thursday, March 13, 2025.

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