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Jollibee’s Tanmantiong is MAP Management Person of 2023

ERNESTO TANMANTIONG, the top official of Jollibee Foods Corp., has been named “Management Person of the Year 2023” by the Management Association of the Philippines (MAP).

He was chosen for “being able to accelerate Jollibee’s globalization and transform it into one of the world’s largest, fastest-growing restaurants,” according to Lilia B. de Lima, the award’s judging committee vice-chairperson.

The selection of Mr. Tanmantiong, who is the president and chief executive officer of Jollibee, was announced during MAP’s general membership meeting on Wednesday.

The businessman was commended for being able to lead Jollibee to book record-breaking system-wide sales and revenues despite just coming out of the pandemic.

He was also commended for his role in job creation and for hiring seniors and persons with disabilities in Jollibee establishments.

This year, MAP renamed the award to Management Person of the Year from Management Man of the Year.

Ms. De Lima said the award is given by MAP to individuals in business or government who have attained distinction in management and have made valuable contributions to the country.

During its almost six-decade history, the award was given only 47 times as the search for the MAP Management Person of the Year involves “a tedious process.”

According to Ms. de Lima, the award’s criteria include integrity, prestige and distinction in the business community; exceptional ability in performing management functions; and tangible contributions nationwide, among others.

She said MAP “has been at the forefront of promoting management excellence.”

“MAP has presented [this award] for almost six decades to recognize outstanding achievements of any individual in the private sector or in the government whether a MAP member or not who has exceptionally distinguished himself or herself in the practice of management,” she said. 

This year’s judging committee is composed of awardees in previous years, namely: Edgar O. Chua in 2013, Jose L. Cuisia, Jr. in 2007, Jesus P. Tambunting in 2003, Ramon R. del Rosario, Jr. in 2010, Cesar E.A. Virata in 1981, and Jesus P. Estanislao in 2009. — Justine Irish D. Tabile

Dining In/Out (10/12/23)


Coca-Cola PHL hosts their biggest salu-salo

COCA-COLA Philippines gathered over 3,000 Filipinos for a salu-salo or party, the #CokeKAINation, which transformed the Mall of Asia open grounds into a huge picnic area. Coca-Cola Philippines placed hundreds of picnic tables filled with classic and new Pinoy favorite meals and of course, glasses and glasses of the ice-cold Coca-Cola for people to enjoy. The partygoers were entertained by singers Darren Espanto, Sam Concepcion, and P-Pop girl group BINI. The event is also both a milestone and celebration of 111 years of Coca-Cola. The #CokeKAINation is part of the “Coke is Cooking” meals experience platform being rolled out globally by the beverage brand. Aiming to celebrate the rich food culture in every market and enhance people’s dining experience in different parts of the world, the global meals platform — called in the Philippines as #CokeKAINation — leverages the different passion points of consumers which includes food, music, and entertainment.


Brownies Unlimited offers anniversary promo

Brownies Unlimited marks its 35th anniversary this month by offering a box of 10 or 12 brownies for P35 off from Oct. 16 to 22.


Taco Tuesday every day in October at Taco Bell

THIS MONTH, it’s “Taco Tuesday, Every Day” at Taco Bell. Until the end of the month, Taco Bell is giving a free taco with every order of its Tex-Mex-inspired dishes. Order a single-receipt purchase worth at least P399 and get one Crunchy Taco for free. This applies to both a la carte and combo orders. This offer is available for dine-in, take-out, and delivery until Oct. 31.


Estancia opens new restaurants

ESTANCIA opened a slew of new dining outlets in May and June of this year including Locavore, ALC Bistro Paper Moon, Modern Shang, and Yalo.  Locavore Kitchen & Drinks has made a name for itself for locally grown, locally crafted, and locally produced food. Locavore serves elevated Pinoy comfort food, like their Sizzling Sinigang and Kimchinigang. The restaurant also serves dishes exclusive to Estancia, such as savory Inasalitos, a Yakitori Platter, and Bulalo Pintxos that are great for sharing over drinks, and crunchy Bagnet Chips. Locavore is located at GF East Wing. Meanwhile, ALC Bistro offers home-style meals such as its Signature Lasagna and Garden Fresh Pizza, with a side of coffee and dessert plates, like its Blueberry Cheesecake and sugar-free Frozen Brazo de Mercedes. It also hosts live music performances and open mic nights. Located at GF East Wing. Paper Moon Café is known for its mille crêpe, a French cake made of many crêpe layers. Cake flavors include salted caramel, ube, mango, mango chocolate, tiramisu, blueberry, strawberry pistachio, chocolate, matcha, red velvet and rainbow. Paper Moon also offers assorted tarts packaged in a box of three. Complementing the mille crêpes are a selection of coffee and pasta, salad, and rice bowls topped with caramelized miso salmon and chicken teriyaki among others. Paper Moon Café is located at GL East Wing. Modern Shanghai is founded on Shanghai’s most original, traditional home-cooked recipes, serving heritage cuisine in authentic but modern fashion. The restaurant’s signature bundles include the six-course Emperor’s Feast that comes with egg rice, string beans, sweet and sour fish fillet, xiao long bao, and water spinach with minced pork. One can also order the seafood hotpot, Shanghai chicken and mushroom, sweet and sour fish, beef sirloin, kung pao or orange chicken, and braised fish in black sauce. Located at GL East Wing. From the same company that brought you Razon’s of Guagua, Yalo serves a new set of cold comfort with its icy treats. They have soft serve ice cream with toppings, Rush On Halo-Halo that can be sipped through a straw, and Screamers or slushies in flavors like Benguet, Luzon, and Palawan. Yalo is located at LG East Wing.


The Bistro Group expands further

THE BISTRO Group pursues its expansion program with the opening of new stores in various locations in the metropolis. Opening this October are Texas Roadhouse branches at Venice Grand Canal, Mckinley Hill, Taguig; Glorietta in Makati; Circuit Mall, Makati; and SM BF. Meanwhile, Italianni’s will launch branches at Circuit Mall and SM BF this October. Its Chinese restaurant concept, Modern Shang, just opened a branch at Eastwood Mall. More branches will be introduced this year at SM BF, Ayala North Exchange, Vista Mall Dasmariñas, and Malolos. Meanwhile El Pollo Loco branches will open soon at Trinoma Mall this October and another at The Shops Ayala Triangle Gardens in December while The Bistro Group’s Spanish restaurant, Tomatito, will open at Estancia Mall side by side with Buffalo Wild Wings this November. Randy’s donuts will roll out in more locations. One recently opened at UP Town Center bringing the total number of branches in the country to 12. It has also secured two new locations at NAIA Terminal 2 and Arcovia in Pasig City that are set to open soon. The Bistro Group’s Japanese concept, Watami, will launch new stores at Vista Mall Dasmarinas and Malolos. For more information, follow @thebistrogroup.


M Bakery focuses on New York cheesecakes, classic pies

M BAKERY, best known for its banana pudding and cupcakes, turns the spotlight on their cheesecakes and hand-baked pies. It adds a Filipino twist to its popular Key Lime Cheesecake by using calamansi instead of the traditional key lime. Then there is the Caramel Pecan Cheesecake, a vanilla bean cheesecake atop a graham cracker crust, draped with homemade caramel sauce and toasted pecans. M Bakery takes Red Velvet Cake but makes it cheesecake. It is a rich, chocolatey, and subtly tart cheesecake resting on a chocolate cookie crumb crust, topped with a dollop of whipped cream and chocolate shavings. The three cheesecakes are available in three sizes: Individual for ₱295, six-inches for ₱1,350, and nine-inches for ₱2,800. Its traditional Blueberry Cheesecake sees its vanilla bean-infused cheesecake topped with fresh (not canned) blueberries, finished with a graham cracker crust. It’s available in three sizes: Individual (₱345), six-inches (₱1,350), and nine-inches (₱3,250). Then there is the Lotus Biscoff Cheesecake, made with Lotus Speculoos spread on a Lotus Biscoff cookie crumb crust, then finished off with yet another layer of Lotus spread and sprinkles of Lotus Biscoff crumbs. Available in three sizes: Individual (₱295), six-inches (₱1,775), and nine-inches (₱3,725). Then there are the pies. M Bakery’s Apple Crumb Pie is a single-crust pie filled with golden apples and topped with a crumbly, butter topping. It also has its iconic banana pudding remixed into Banana Cream Pie: filled with fresh bananas and vanilla pudding atop a vanilla wafer crust and piled with whipped cream. Both are available in two sizes: Mini Pie (₱450) and nine-inch pie (₱1,350). M Bakery’s Pecan Pie is loaded with pecans and enveloped in a brown sugar syrup mixture. Available in two sizes: Mini Pie (₱450) and nine-inch pie (₱1,950). The Blueberry Jamboree features a pecan shortbread crust layered with whipped cream and cream cheese filling and finished with a crown of juicy fresh blueberries (not canned blueberries). It is available in two sizes: Mini Pie (₱595) and nine-inch pie (₱2,300). These desserts are available all year long at the flagship store at Lower Ground of One Bonifacio High Street Mall, Bonifacio Global City, or call 847-9829 or 0917-633-1718 to place advance orders. M Bakery’s other stores are in Power Plant Mall in Rockwell, Makati City; SM Megamall; and Mitsukoshi BGC.


Kaminung Bakery giving away 100,000 free pan de sal

QUEZON CITY’s Kamuning Bakery marks the annual World Pandesal Day celebration on Oct. 16, starting at 10 a.m., by giving away for free 100,000 pan de sal rolls, along with cheese, sardines, hams, juices and other food. The 84-year-old Kamuning Bakery Cafe is located at Judge Jimenez St. corner K-1st St., Barangay Kamuning, Quezon City. Oct. 16 is also the United Nations’ “World Food Day” to highlight global problems of hunger and food security. The public is also invited on the eve of World Pandesal Day, Oct. 15, when a free medical and dental mission will be held at the Kamuning Bakery Cafe from 8 a.m. to noon. This free medical and dental mission is undertaken with volunteer doctors, dentists, nurses and staff of the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. and the Chinese General Hospital. The goals of World Pandesal Day are to honor the humble pan de sal as the national bread of the Philippines and to highlight the need to solve the age-old problems of hunger and poverty.


Iconic food stores at Palenque at New Gateway Mall 2

THE ARANETA GROUP signed a contract with some of the Philippines’ most sought-after chefs and restaurateurs who will showcase their local specialties at Palenque, a new food destination that will celebrate the diversity of Pinoy cuisine at the New Gateway Mall 2. Present during the contract signing on Oct. 4 were chef Nico Bailon of Bale Datung, Miguel Moreno of Palm Grill, Albert Uy of Chicken Fandian, chef Myke “Tatung” Sarthou of Tindeli, and Araneta City VP for Leasing Lorna Fabian. Palenque is a Filipino theme-food arena with stalls that will feature iconic regional dishes courtesy of well-known restaurants across the country. Seasonal food festivities from different parts of the country will be promoted in Palenque through bazaars and fairs. Several stores will also be dedicated to regional specialties, produce, and handicrafts. Palenque will be opening soon at the Upper Ground B level of the New Gateway Mall 2 in Cubao, Quezon City.

Waterfront Manila’s initial reconstruction set for 2024

THE first phase reconstruction of the Waterfront Manila Hotel and Casino complex is projected to be done by the middle of next year, according to the property’s listed operator Acesite (Phils.) Hotel Corp. 

In a regulatory filing on Wednesday, Acesite said the tentative completion date for the initial rebuilding process is by May 2024, about six years after the complex was damaged by fire.

Acesite also disclosed that the second and third phases of the reconstruction plan are expected to be done by January 2025 and May 2025, respectively. 

Waterfront Manila, previously known as Manila Pavilion, is in UN Ave., Manila City.

In March 2018, a fire broke out at the hotel-casino complex, leaving five people dead and 20 others injured. 

Acesite is engaged in the hotel operations business. In 2004, Waterfront Philippines Inc. established its ownership and majority control over Acesite.

Waterfront Manila is part of the Waterfront chain of hotel facilities, which has a presence in Cebu City, Mactan Island, and Davao City. 

On Wednesday, Acesite shares at the local bourse increased by five centavos or 2.78% to P1.85 each. — Revin Mikhael D. Ochave

Teaching more people to fish

MAX LAROCHELLE-UNSPLASH

Not everybody can afford to go to college or university. Many cannot even go to high school. At the very least, the government should help equip people with skills good enough to land them a job even if they lack any formal education. There should be more programs for giving people employable skills to help them become productive.

I went to a technical high school. During our time, we finished high school with two diplomas: one for academic, and another for technical. The technical “diploma” was the equivalent of a TESDA (Technical Education and Skills Development Authority) certificate now, and would have allowed me or any of my fellow graduates to seek employment as a “technician” or a tradesman right after high school.

For those who cannot afford school, some form of sanctioned apprenticeship program should be made available, like those in the UK. Those aged 16 and above can get paid jobs while learning a trade or skill. They get on-the-job training and experience while learning. Meantime, they dedicate at least 20% of their working hours completing classroom-based learning with a college, university, or training provider to earn a nationally recognized qualification.

In short, rather than having to first complete a TESDA certification prior to working, they can complete training and gain experience while on the job, then secure certification when they reach a certain level of competence. This will allow particularly disadvantaged youth to start working earlier, and start contributing to the family income even while attending trade school or completing a certificate program.

More people need a variety of employable skills, rather than a university degree, to get ahead in life. There are many “unschooled” entrepreneurs particularly in the service industry — providing services such as welding and machining, air-conditioning, automotive repair, computer repair, electronics repair, electrical rewinding, etc.

On the other hand, there are many university or college graduates without jobs because they lack “skills” for jobs that are available. They are unable to find “office” work, getting left behind by their peers now working abroad as “skilled workers” and getting paid handsomely for their training, competence, and experience. IT is another industry that requires more skills and experience rather than formal education.

At the same time, a skilled worker specializing in a particular trade should not be restricted to just manual work. They can also develop design and art skills, and become artisans or craftspersons that “create” rather than just “build.” An example is sculpting, which in a sense, is mostly “manual” work. But design and artistic sense turn the “work” into a “work of art.”

However, it appears that to date, many skills training programs are still catering mainly to menfolk, as they emphasize more the “manual labor” aspect of work rather than competency in a particular skill. For instance, there seems to be a bias in favor of training and employing a male welder or a male operator of heavy equipment, when such work can be just as competently handled by women — or members of the LGBTQ community, for that matter.

Anyone can be a carpenter, mason, plumber, electrician, welder, or machine operator. Young, old, men, women, or any of the LGBTQ. And forget white collar vs blue collar. One is not better than the other. It is just a difference in skills sets. What matters is that people work, get paid fairly, and become productive members of their community.

Also, skills, more than formal education or a degree, allow the marginalized and disadvantaged sectors to access more opportunities. Older women, for instance, can still be equipped with skills that will allow them to do output-based work or offer services, or even run small businesses. It is a matter of encouraging more programs that do precisely that: identify the poor, marginalized, and most disadvantaged sectors and equipping them with “productive” skills.

Not too long, such a program just ended, but not without first benefitting over 58,000 Filipinos — including youth, women, indigenous peoples, and persons with disabilities. The program was the Skills for Prosperity Programme in the Philippines run by the International Labour Organization (ILO) and funded by the United Kingdom government from 2019 to 2023.

The program was said to have helped improve equity, quality, and relevance in the Philippines’ technical and vocational education and training (TVET) and skills systems. In its four-year run, the program was estimated to have directly benefited over 7,000 people and indirectly supported over 51,000 individuals, majority of them women.

A statement from ILO said that by collaborating with government agencies, industries, social partners, TVET institutions, and workers, the Skills for Prosperity Programme “successfully elevated their caliber, rendering the country’s TVET and skills systems more inclusive, relevant, and future-ready.”

The skills program also conducted pilot initiatives aimed at enhancing the skills of trainers, students, and workers in provinces of the Visayas. “If adopted on a larger scale, this could lead to a trickle-down effect, positively impacting the lives of more Filipinos, particularly those from vulnerable demographics,” ILO said.

Khalid Hassan, Director of the ILO Country Office for the Philippines, added, “We need to ensure that national TVET and skills systems are inclusive and responsive to industry needs. We need to equip workers with the right skills set so they can enjoy better job prospects.”

Beneficiaries of the program include abaca farmers and processors from Aklan, and root crop farmers from Iloilo. In Samar, women tikog and buri weavers and dyers were trained, while in Cebu, Lapu-Lapu, and Mandaue, construction workers were mentored by the Cebu Contractors’ Association. The skills program was made possible by funding from the UK government, which went a step further by also supporting a new ASEAN program for women and girls’ education.

Given the UK-ILO skills development program’s success, perhaps it can be studied and replicated to also benefit regions outside the Visayas. And, other than the UK, maybe other governments from Europe, the Americas, and Asia can perhaps be called on to lend a helping hand in funding more skills-training programs. After all, many skilled Filipinos workers end up doing work in their countries as well.

Local government also have a role to play in this, by identifying areas and people in need of skills training opportunities, and by offering to make maybe small but meaningful investments in improving the lot of these people. LGUs can then work with NGOs and groups like the ILO in identifying suitable development partners.

Having witnessed how the UK-ILO program benefitted over 58,000 people, perhaps the government can reach out to more foreign development partners to support a wider and far-reaching effort to upgrade the skills of Filipinos. As they say, if you give people fish, then you feed them for the day. But if you teach them how to fish, then you feed them for a lifetime.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

What is the OMAD diet? Is one meal a day actually good for weight loss? And is it safe?

PIXABAY

WHAT do British Prime Minister Rishi Sunak and singer Bruce Springsteen have in common?

They’re among an ever-growing group of public figures touting the benefits of eating just one meal a day.

As a result, the one meal a day (OMAD) diet is the latest attention-grabbing weight loss trend. Advocates claim it leads to fast, long-term weight loss success and better health, including delaying the ageing process.

Like most weight-loss programs, the OMAD diet makes big and bold promises. Here’s what you need to know about eating one meal a day and what it means for weight loss.

THE OMAD DIET EXPLAINED
Essentially, the OMAD diet is a type of intermittent fasting, where you fast for 23 hours and consume all your daily calories in one meal eaten within one hour.

The OMAD diet rules are presented as simple and easy to follow:

You can eat whatever you want, provided it fits on a standard dinner plate, with no calorie restrictions or nutritional guidelines to follow.

You can drink calorie-free drinks throughout the day (water, black tea, and coffee).

You must follow a consistent meal schedule, eating your one meal around the same time each day.

Along with creating a calorie deficit, resulting in weight loss, advocates believe the OMAD diet’s extended fasting period leads to physiological changes in the body that promote better health, including boosting your metabolism by triggering a process called ketosis, where your body burns stored fat for energy instead of glucose.

WHAT DOES THE EVIDENCE SAY?
Unfortunately, research into the OMAD diet is limited. Most studies have examined its impact on animals, and the primary study with humans involved 11 lean, young people following the OMAD diet for a mere 11 days.

Claims about the OMAD diet typically rely on research into intermittent fasting, rather than on the OMAD diet itself. There is evidence backing the efficacy of intermittent fasting to achieve weight loss. However, most studies have focused on short-term results only, typically considering the results achieved across 12 weeks or less.

One longer-term study from 2022 randomly assigned 139 patients with obesity to either a calorie-restricted diet with time-restricted eating between 8 a.m. and 4 p.m. daily, or to a diet with daily calorie restriction alone for 12 months.

After 12 months, both groups had lost around the same weight and experienced similar changes in body fat, blood sugar, cholesterol, and blood pressure. This indicates long-term weight loss achieved with intermittent fasting is not superior and on a par with that achieved by traditional dieting approaches (daily calorie restriction).

SO WHAT ARE THE PROBLEMS WITH THE OMAD DIET?
1. It can cause nutritional deficiencies and health issues.

The OMAD diet’s lack of nutritional guidance on what to eat for that one meal a day raises many red flags.

The meals we eat every day should include a source of protein balanced with wholegrain carbs, vegetables, fruits, protein and good fats to support optimum health, disease prevention and weight management.

Not eating a balanced diet will result in nutritional deficiencies that can result in poor immune function, fatigue, and a decrease in bone density, leading to osteoporosis.

Fasting for 23 hours a day is also likely to lead to extreme feelings of hunger and uncontrollable cravings, which may mean you consistently eat foods that are not good for you when it’s time to eat.

2. It’s unlikely to be sustainable.

You might be able to stick with the OMAD diet initially, but it will wear thin over time.

Extreme diets — especially ones prescribing extended periods of fasting — aren’t enjoyable, leading to feelings of deprivation and social isolation during mealtimes. It’s hard enough to refuse a piece of office birthday cake at the best of times, imagine how this would feel when you haven’t eaten for 23 hours!

Restrictive eating can also lead to an unhealthy relationship with food, making it even harder to achieve and maintain a healthy weight.

3. Quick fixes don’t work.

Like other popular intermittent fasting methods, the OMAD diet appeals because it’s easy to digest, and the results appear fast.

But the OMAD diet is just another fancy way of cutting calories to achieve a quick drop on the scales.

As your weight falls, things will quickly go downhill when your body activates its defense mechanisms to defend your weight loss. In fact, it will regain weight — a response that stems from our hunter-gatherer ancestors’ need to survive periods of deprivation when food was scarce.

THE BOTTOM LINE
Despite the hype, the OMAD diet is unsustainable, and it doesn’t result in better weight-loss outcomes than its predecessors. Our old habits creep back in and we find ourselves fighting a cascade of physiological changes to ensure we regain the weight we lost.

Successfully losing weight long-term comes down to:

losing weight in small manageable chunks you can sustain, specifically periods of weight loss, followed by periods of weight maintenance, and so on, until you achieve your goal weight making gradual changes to your lifestyle to ensure you form habits that last a lifetime.

Dr. Nick Fuller is the Charles Perkins Centre Research Program Leader at the University of Sydney. He has received external funding for projects relating to the treatment of overweight and obesity. He is the author and founder of the Interval Weight Loss program.

Alternergy shareholders approve preferred shares to raise capital

ALTERNERGY HOLDINGS Corp. has obtained shareholder approval for the reclassification of its preferred shares in a move aimed at raising capital for various projects.

In a stock market disclosure on Wednesday, the listed energy company said the reclassification of about 1.48 billion preferred shares with a par value of P0.10 had been approved during a special stockholders’ meeting on Tuesday.

The shares will be subdivided into two classifications, namely: “Perpetual Preferred Shares 1” amounting to about 1.18 billion; and nonvoting “Perpetual Preferred Shares 2” for the remaining 300 million.

The 300 million shares are broken down into Series A, B, and C of 100 million perpetual preferred shares per series.

“The reclassification of [Alternergy’s] perpetual preferred shares is in anticipation of our next capital raising exercise to fund our renewable projects,” Alternergy President Gerry P. Magbanua said.

“Our Green Perpetual Preferred Shares Program will allow Alternergy to access a wider base of institutional investors to broaden our sources of capital,” he added.

At the same meeting, an increase in the number of board seats — to nine directors from seven previously — was also approved

“The increase in the number of independent directors will broaden the diversity and breadth of expertise of our Board,” Alternergy Chairman Vicente S. Pérez, Jr. said.

“Alternergy espouses a culture of diversity in terms of experience, expertise, culture, age, gender and orientation. We believe diversity creates greater value to our company’s growth,” he added.

Last week, the company announced that it had tapped three investment banks to lead in raising the P12-billion project financing for its two wind power projects.

The two projects for debt financing are Alternergy’s 55-megawatt (MW) Alabat Island wind power project in Quezon province and its 86-MW Tanay wind power project in Rizal province, which are expected to be completed by 2025.

At the local bourse on Monday, shares of the company went up by one centavo or 1.2% to P0.84 apiece. — Sheldeen Joy Talavera

Artificial intelligence, data analytics to boost financial firms’ cybersecurity

STOCK PHOTO | Image by Gerd Altmann from Pixabay

INTEGRATING artificial intelligence (AI) and data analytics in banks’ cybersecurity measures could help them better detect and combat potential threats.

“These technologies power vital cybersecurity capabilities, such as attack surface risk management (ASRM) and extended detection and response (XDR),” Trend Micro Philippines Country Manager Ian Felipe said in an e-mail to BusinessWorld.

“Real-time threat intelligence would make fraudulent and suspicious activities easier to detect while allowing organizations to respond to threats immediately, all from one consolidated platform. This would empower BFSI organizations to proactively combat cybercrime and contribute towards enhancing the overall safety of the sector,” Mr. Felipe said.

ASRM provides continuous attack surface discovery and real-time risk assessment, while XDR enables endpoint controls and organization-wide data collection and correlation across the whole information technology infrastructure, he added.   

“By combining ASRM and XDR in a unified cybersecurity platform like Trend Vision One, BFSI (banking, financial services and insurance) organizations can gain increased visibility and detailed insights into potential threats,” Mr. Felipe said.

Trend Vision One is Trend Micro Philippines’ real-time threat intelligence platform that BFSI organizations can use to mitigate risks, protect assets, and enhance security to help address some of the top risks these firms face.

These risks include negligent insiders, shortage of qualified personnel and organizational misalignment and complexity according to Trend Micro’s Cyber Risk Index study for the second half of 2022.

The study showed that 80% of respondents said they are “somewhat to very likely”to experience a breach in customer data (82%), intellectual property (82%), or a successful cyberattack (87%) in the next 12 months.

Among the cyber threats expected by the respondents are ransomware, business e-mail compromise, botnets, watering hole attacks, and denial of service.

Addressing the Philippines’ ongoing cybersecurity talent shortage could also help improve cybersecurity in the country, he added.

“Currently, the Philippines only has around 200 cybersecurity experts in the country and this number is insufficient to address even just the needs of the BFSI sector alone. Therefore, more needs to be done to upskill talent — both fresh graduates and mid-career professionals. Encourage them to take on the mantle of cybersecurity personnel,” Mr. Felipe said. — A.M.C. Sy

Yields on central bank’s term deposits inch lower

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits dropped on Wednesday following less hawkish signals from central banks.

Demand for the BSP’s term deposit facility (TDF) amounted to P375.538 billion on Wednesday, below the P400-billion offer as well as the P443.4 billion in tenders seen a week earlier for a P380-billion offering.

Broken down, the seven-day term deposits fetched bids amounting to P218.879 billion, short of the P220 billion auctioned off by the BSP. It was also lower than the P241.415 billion in tenders logged the previous week for a P210-billion offer.

Accepted rates for the tenor ranged from 6.4% to 6.465%, a tad narrower than the 6.4% to 6.469% band logged a week ago. This caused the average rate of the one-week deposits to slip by 0.7 basis point (bp) to 6.4312% from 6.4382% previously.

Meanwhile, demand for the two-week deposits amounted to P156.659 billion, below the P180-billion offer and the P201.985 billion seen in the previous auction.

Banks asked for yields from 6.4% to 6.478%, a tad higher than the 6.4% to 6.475% range seen last week. This caused the average rate of the paper to dip by 0.85 bp to 6.4458% from the 6.4543% quoted on Oct. 4.

The BSP has not auctioned off 28-day term deposits for three years to give way to its weekly offerings of securities with the same tenor.

The term deposits and the 28-day bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

“The TDF auction yields were marginally lower week on week, partly due to reduced hawkish signals from the BSP and monetary officials recently,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Mr. Ricafort said some officials from the US Federal Reserve have signaled a possible pause in monetary tightening, while the BSP chief said the Monetary Board may fire off a 25-bp rate hike in their November meeting, a tad less hawkish than his earlier hints about an off-cycle increase being on the table.

BSP Governor Eli M. Remolona, Jr. on Wednesday said the Monetary Board is open to hike borrowing costs by 25 bps on their Nov. 16 review following the release of data showing faster-than-expected September inflation.

Headline inflation accelerated for a second straight month to 6.1% in September from 5.3% in August. This brought the nine-month inflation average to 6.6%, still higher than the BSP’s 5.8% forecast and 2-4% target.

The Monetary Board has kept the benchmark interest rate at 6.25% for four straight meetings after it hiked borrowing costs by 425 bps from May 2022 to March 2023 to help tame inflation.

“The Israel-Hamas war led to some fund shifts to the safest assets such as US or local government bonds, as is the tendency whenever there are geopolitical uncertainties or risks,” Mr. Ricafort said. — K.B. Ta-asan

More bloodshed will never resolve the Israel-Palestine conflict

THERE is no justification for violence against civilians — not by militants and not by governments. The surprise attack by Hamas, as its fighters surged across the border with Gaza and into Israelis’ homes and neighborhoods, taking hostages and leaving more than 1,000 dead, has shaken the nation to its core, and shocked the world.

On the other side of that border fence? That’s where families are trapped in a tiny coastal enclave by a land, sea, and air blockade enforced by Israel and Egypt since 2007. They are now experiencing the terrifying but familiar thunder of thousands of airstrikes from the powerful Israeli military. At least 750 Palestinians have also died since Tel Aviv began its retaliation. So why is the world not as shocked by their plight?

There are at least two million people in Gaza — most of them civilians — yet the West risks seeing only Hamas. Israel must of course defend its citizens and borders. But as depraved and savage as Hamas’ attacks have been, the response must not be to further devastate innocent Palestinians. One set of war crimes does not justify committing another against an already long-suffering people.

In Gaza’s thin strip of land you will find doctors and nurses, physiotherapists and cancer specialists. Academics and their students. Artists, archaeologists, poets and journalists, with no end of material to fuel them, and schoolteachers whose classrooms have been struck multiple times with missiles launched from Israeli warplanes and drones, their young pupils living with unimaginable intergenerational trauma. Those born since 2008 are now living through their fourth all-out war.

Israeli Defense Minister Yoav Gallant ordered a “complete siege” on Gaza, saying authorities would cut electricity and prevent the entry of food and fuel. “We are fighting human animals and we are acting accordingly,” Gallant said. When you block these essentials, hospitals cannot operate, an already poorly nourished population is weakened, and many people die. What Gallant is ordering amounts to the war crime of collective punishment.

For their part, Hamas militants have followed suit — threatening to kill non-combatant hostages if Israel keeps bombing civilian areas in Gaza without warning. Prime Minister Benjamin Netanyahu’s response: “What we will do to our enemies in the coming days will reverberate with them for generations.” I have covered two wars in Gaza — 2012 and 2014 — and Netanyahu’s words can mean only one thing: The use of extreme military force in densely populated areas to target militants, as if the inevitable deaths of thousands of civilians is acceptable collateral damage. It is not. There is no safe place to evacuate to, despite what the Israeli military tells Gazans. The bombs are falling everywhere.

Even before this latest outbreak of violence more than 200 Palestinians and nearly 30 Israelis have been killed so far this year. As the UN Middle East envoy Tor Wennesland told the Security Council on Aug. 21, that makes 2023 the deadliest year since 2005. “The lack of progress towards a political horizon that addresses the core issues driving the conflict has left a dangerous and volatile vacuum, filled by extremists on both sides.” Given what unfolded over the last few days, Israel and its allies would have done well to heed his warning.

It is not just Gaza. Israel has maintained a military occupation of the West Bank, where some three million Palestinians live, since 1967 — an act that is viewed as illegal under international law. In July alone, the Israeli Defense Forces launched a sustained attack on the Jenin refugee camp, killing at least 12 Palestinians and wounding 100 more. That assault may constitute a war crime, according to UN experts, including Francesca Albanese, special rapporteur on human rights in the Palestinian Territory.

So often, these outbreaks of violence between Israel and militants in the West Bank and Gaza are written about as if they came out of nowhere. All evidence points to the contrary. Since 2021, three respected human rights groups — Human Rights Watch, the Israeli-run B’Tselem, and Amnesty International — have described Israel’s actions as meeting the legal test of apartheid: the widely recognized system of institutionalized racial segregation enforced in South Africa from 1948 to the early 1990s. Each of their reports lays out in deeply researched detail Israel’s system of oppression and domination over Palestinians, including territorial fragmentation, segregation and control, dispossession of land and property and denial of economic and social rights.

Israel has rejected all these claims. Its foreign ministry released a response on Jan. 31 last year to the Amnesty report, calling it antisemitic and saying it “denies the state of Israel’s right to exist.”

Yet anyone who has traveled on “sterile roads” in the West Bank, walked down Al-Shudada Street in Hebron where Israeli settlers can drive without restrictions and Palestinian residents can only enter on foot to access their homes, or watched Palestinians forced to line up for hours in narrow walkways to pass through Israel’s military checkpoints, knows what racial segregation looks like.

As do the Palestinians of Gaza, hemmed into what has been called the world’s largest open-air prison — 41 kilometers long and between six to 12 kilometers wide — and able to access medical care or travel for work or academic opportunities only through a cruel and arbitrary permit system.

There is only one way to end this violence, and it is not with more bloodshed. Indeed, the more severe Israel’s military response, the more it will stoke the fires of vengeance, retard hopes of a rapprochement between Israel and its neighbors, and turn global public opinion against it — all goals that Hamas would applaud. Instead, Israel’s allies and enablers — starting with the US — need to convince Netanyahu to end the military occupation and enter negotiations for a lasting peace that gives Palestinians a real homeland and Israel a secure future. Anything else is just history repeating. And failing.

 

BLOOMBERG OPINION

The best places to drink if you can’t get into the World’s 50 Best Bars

LUWADLIN BOSMAN—UNSPLASH

LET’S SAY you can’t get to Licorería Limantour in Mexico City or Double Chicken Please in New York — two of the top 50 bars in the world.

Don’t worry. The World’s 50 Best Bars has made a second, less vaunted list with other bars in those cities. Despite its name, the organization also ranks the top 51-100 drinking holes in the world, based on votes from 680 experts in the field.

New entries on the 2023 list of 51-100 best bars list include Martiny’s in New York City, which ranked No. 68, and Rayo (No. 72) and Kaito del Valle in Mexico City, as well as 11 other additions this year.

A bar from Albania made the list for the first time: Nouvelle Vague in the capital city of Tirana.

The list, owned by UK publisher William Reed Business Media, is closely watched in the industry. On one hand, it’s an honor — and a marketing bump — just to be listed. But if an establishment appears on this half of the list, it also means it’s not in the top half.

Such a fate befell Manhattan, a Singapore bar that has been slowly slipping down the list. It was No. 11 in 2019, No. 33 in 2021, and this year slipped to No. 63. It probably suffered particularly this year because the hotel that houses it was closed for a time for refurbishing. Attaboy in New York and Kumiko in Chicago also slipped off the top 50 list to take spots on the 51-100 ranking.

Critics say that such lists can be influenced by establishments that spend time and money getting voters in the door. (Even though the voter rolls are supposed to be anonymous, bar owners and chefs say they think they can figure out which influencers, journalists, or bartenders might be voting.)

Others say that these lists encourage innovation and ensure that bars don’t rest on their laurels. — Bloomberg

Here’s the full 51-100 list for 2023:
51. Danico, Paris
52. Lady Bee, Lima
53. The Bellwood, Tokyo
54. Lyaness, London
55. Vesper, Bangkok
56. Tan Tan, São Paulo
57. Attaboy, New York
58. SubAstor, São Paulo
59. 28 HongKong Street, Singapore
60. Arca, Tulum, Mexico
61. Byrdi, Melbourne
62. Hero Bar, Nairobi
63. Manhattan, Singapore
64. Nutmeg & Clove, Singapore
65. El Gallo Altanero, Guadalajara, Mexico
66. Tropic City, Bangkok
67. Sidecar, New Delhi
68. Martiny’s, New York
69. Ergo, Dubai
70. Barro Negro, Athens
71. Penicillin, Hong Kong
72. Rayo, Mexico City
73. Civil Liberties, Toronto
74. Hope & Sesame, Guangzhou, China
75. Bar Cham, Seoul
76. Swift, London
77. Velvet, Berlin
78. Analogue Initiative, Singapore
79. High Five, Tokyo
80. La Sala de Laura, Bogotá
81. Kaito del Valle, Mexico City
82. Kumiko, Chicago
83. Native, Singapore
84. Svanen, Oslo
85. Camparino in Galleria, Milan
86. Nouvelle Vague, Tirana, Albania
87. Ruby, Copenhagen
88. Red Frog, Lisbon
89. Thunderbolt, Los Angeles
90. Mirror Bar, Bratislava, Slovakia
91. Maison Premiere, New York
92. Donovan Bar, London
93. Tjoget, Stockholm
94. Sin + Tax, Johannesburg
95. Schofield’s, Manchester, UK
96. Lost & Found, Nicosia, Cyprus
97. Darkside, Hong Kong
98. The Bar in Front of the Bar, Athens
99. Employees Only, New York
100. Artesian, London

BSP gets P98.8M in coins through deposit machines

Bangko Sentral ng Plipinas Governor Felipe M. Medalla (left) and Robinsons Retail Holdings, Inc. President and Chief Executive Officer Robina Gokongwei-Pe (right) inspect the coin deposit machine located in Robinsons Place Ermita in Manila. — KEISHA B. TA-ASAN

CONSUMERS have deposited P98.8 million worth of currency into the Bangko Sentral ng Pilipinas’ (BSP) coin deposit machines (CoDMs) as of end-September or just three months after their rollout in June.

This is equivalent to 37.2 million pieces of coins from over 37,000 transactions, the BSP said in a statement. The highest single transaction recorded on the machines so far was worth P100,260.

“With more CoDMs installed in various retail establishments, the BSP expects wider public use that will lead to more efficient coin recirculation in the country,” the central bank said.

The BSP has completed its goal of deploying 25 coin deposit machine units across Metro Manila and other nearby provinces. The central bank began deploying CoDM units in June in partnership with Filinvest Lifemalls Corp., Robinsons Supermarket Corp., and SM Retail, Inc.

BSP Deputy Governor Bernadette Romulo-Puyat told reporters on Wednesday that the central bank is looking to roll out more machines across the country, adding that the BSP has been asked to set up some in Cebu, Davao, Pampanga, and Baguio.   

“Right now, we are just assessing [the existing machines]. We’re talking to the provider how to make the machines better because the machines are usually jammed,” she said in mixed English and Filipino.

The machines can get stuck if the coins deposited are taped or bundled or if a consumer deposits foreign objects such as nails, tokens, and screws, she said.

“The ideal is when we deploy coin deposit machines, it would be stand-alone,” Ms. Romulo-Puyat said. “Now, the machines need technical assistance all the time.”

The demand for coin deposit machines has been higher than expected, with people lining up to deposit coins, she added.

“People have warmed up to it. The mere fact that people are asking when the BSP will deploy units in their area means people are looking for it,” she added.

The BSP has installed coin deposit machines in SM Megamall in Mandaluyong City, SM City Grand Central in Caloocan, SM City Marilao in Bulacan, SM City Taytay Rizal, SM Hypermarket FTI in Taguig City, SM Southmall in Las Piñas City, SM City Sucat in Parañaque, SM City Calamba, SM City Marikina, SM City San Mateo Rizal, SM City Valenzuela, Robinsons Place Metro East in Pasig City, Robinsons Place Antipolo City, Rizal, Robinsons Place Novaliches and Robinsons Place Magnolia, Quezon City.

The value of coins deposited in CoDMs may be credited to the depositor’s e-wallet account or converted into a shopping voucher for over-the-counter transactions. Customers depositing coins can credit the equivalent amount to their GCash or Maya e-wallets.

All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDM. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machine and returned to the depositor. — Keisha B. Ta-asan

Southeast Asia eyes hands-off AI rules, defying EU ambitions

TRUSTPAIR.COM

SINGAPORE/STOCKHOLM — Southeast Asian countries are taking a business-friendly approach to artificial intelligence (AI) regulation in a setback to the European Union’s (EU) push for globally harmonized rules that align with its own stringent framework.

Reuters reviewed a confidential draft of the 10-member Association of Southeast Asian Nations’ (ASEAN) “guide to AI ethics and governance,” whose content has not previously been reported.

Three sources told Reuters the draft is being circulated to technology companies for feedback and is expected to be finalized at the end of January 2024 during the ASEAN Digital Ministers Meeting. Companies that have received it include Meta, IBM, and Google.

EU officials earlier this year toured Asian countries in a bid to convince governments in the region to follow its lead in adopting new AI rules for tech firms that include disclosure of copyrighted and AI-generated content.

In contrast to the EU’s AI Act, the ASEAN “AI guide” asks companies to take countries’ cultural differences into consideration and doesn’t prescribe unacceptable risk categories, according to the current version reviewed. Like all ASEAN policies, it is voluntary and is meant to guide domestic regulations.

With almost 700 million people and over a thousand ethnic groups and cultures, Southeast Asian countries have widely divergent rules governing censorship, misinformation, public content, and hate speech that would likely affect AI regulation. Thailand, for example, has laws against criticizing its monarchy.

Technology executives say ASEAN’s relatively hands-off approach is more business friendly as it limits the compliance burden in a region where existing local laws are already complex and allows for more innovation.

“We are also pleased to see this guide aligns closely with other leading AI frameworks, such as the United States’ NIST AI Risk Management Framework,” IBM Asia’s vice-president of government affairs Stephen Braim said, referring to voluntary guidelines developed by the US Department of Commerce’s National Institute of Standards and Technology.

Meta and Google did not respond to request for comment.

BENEFITS VS HARM
The guide, which is meant to be periodically reviewed, urges governments to aid companies through research and development funding and sets up an ASEAN digital ministers working group on AI implementation.

Senior officials in three ASEAN countries said they are bullish on the potential of AI for Southeast Asia and believe the EU has been too quick to push for regulation before the harms and benefits of the technology are fully understood.

The ASEAN guide advises companies to put in place an AI risk assessment structure and AI governance training, but leaves specifics to companies and local regulators.

“We see it as putting ‘guardrails’ for safer AI,” one official told Reuters. “We still want innovation.”

The guide warns of the risks of AI being used for misinformation, “deepfakes,” and impersonation, but leaves it to individual countries to work out the best way to respond.

Other Asian nations such as Japan and South Korea have flagged similarly relaxed approaches to AI regulation, casting doubts over the EU’s ambition to establish a global standard for AI governance based on the rules that would apply to its 27 member states.

Driving the EU push are concerns in Brussels about the rapid pace of AI development and its effect on civil rights and security, which have put risk controls and enforcement at the center of the proposed legislation.

While ASEAN does not have any powers to make laws, its preference for member states to make their own policy determinations puts those countries on a distinctly different track to the EU.

The EU’s struggles to create global consensus on AI regulation contrast with its mostly successful campaign last decade to establish data protection laws that have become a template for other major economies around the world. 

“What we think is important is to have similar principles,” a European Commission spokesperson told Reuters. “We are not seeking full harmonization, as we are mindful of cultural differences, however, we regard the underlying principles as important.”

EU officials and lawmakers told Reuters that the bloc would continue to hold talks with Southeast Asian states to align over broader principles.

“If we want AI to be used for good, we need to come together on the basic principles of human rights,” Dutch minister for digitalization Alexandra van Huffelen told Reuters. “I don’t think we are very far off from that we couldn’t bridge the differences.” Reuters

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