Dollar surge brings ‘pseudo tightening’ to Southeast Asia

September 29, 2023 | 12:02 am

SOUTHEAST ASIAN central banks are using tools other than rate hikes to defend their currencies against the surging dollar as bets on higher-for-longer US Federal Reserve rates take hold.

Indonesia is keeping a tight leash on liquidity by selling bills while Malaysia’s interbank rate has risen to the highest since July. The shift comes despite earlier calls for peak rates in Southeast Asia as the threat of food and energy-related inflation pressures as well as elevated Fed rates spur caution.

“We expect central banks across the region to continue using a combination of liquidity tightening and intervention to lean against further depreciation in their currencies against the dollar,” said Abhay Gupta, strategist at Bank of America in Singapore. Southeast Asian central banks are becoming more tolerant of “pseudo tightening,” he added.

The rate differential between benchmarks from Southeast Asia and the US has continued to widen as central banks in Indonesia, the Philippines and Malaysia paused rate increases in the first half of the year. Malaysia’s benchmark rate is now at a 250-basis point discount to the upper bound of the Fed fund rate, which is a record gap. It is also 2.3 standard deviations below the five-year rate differential. The same gauge for Indonesia, the Philippines and Thailand stands at -2.2, -1.8 and -1.7, respectively.

Despite the wide rate gap, Bank Indonesia has so far refrained from signaling rate hikes. It has instead started selling so-called SRBI securities or notes with tenors of 6-, 9- and 12-months to attract foreign inflows and reduce the reliance on the benchmark rate, which if tightened too much may hurt the economy.

It’s not just Indonesia, central banks in Malaysia and the Philippines are also using bill sales to tighten liquidity and drive rates higher, said Mr. Gupta. The three-month Kuala Lumpur Interbank Rate has risen to 3.57%, the highest since July 13. Bangko Sentral ng Pilipinas’ (BSP) 56-day bill received an average yield of 6.7191% on Sept. 22, the highest since the Aug. 25 sale.

The BSP governor said on Tuesday if risks from energy and transport prices materialize, the central bank may increase borrowing costs by 25 basis points (bps) at the Nov. 16 meeting or earlier. The Thai central bank hiked its key rate by 25 bps to a 10-year high of 2.5% on Wednesday while signaling upside risk to inflation. — Bloomberg

PLDT, Smart move to boost internet quality

September 29, 2023 | 12:02 am

PLDT Inc. together with its wireless subsidiary Smart Communications, Inc. have committed to further enhance its networks to help accelerate the internet quality in the Philippines.

“We continue to optimize and fortify our network as we strive to keep families connected, enable businesses of all sizes, power the government’s e-governance initiatives, and ultimately narrow the digital divide,” PLDT and Smart Network Head Eric Santiago said in a statement on Thursday.

In a media release, PLDT said it would continue to improve its integrated fixed and wireless networks, which it said is in line with the government’s digitalization goal.

The listed telecommunications company said earlier that private companies would play an important role in bridging the digital gap in the country.

It said that it would continue to push for solutions to help narrow this gap while also supporting the Philippines’ target of e-governance.

Meanwhile, PLDT and Smart have said that they will explore the use of artificial intelligence (AI) technology to capacitate network operations more efficiently.

At the local bourse on Thursday, shares in PLDT gained P38 or 3.19% to end at P1,228 apiece.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Candy Crush Saga hits $20-billion revenue milestone, maker King says

September 29, 2023 | 12:02 am

LONDON — Candy Crush Saga, the matching game played by millions on their commute, has reached $20 billion in revenue since its 2012 launch, maker King said, adding that it would soon release levels up to 15,000 for the most dedicated players.

First appearing on a website, it shifted to Facebook and then mobile, where it took off and has now been downloaded 5 billion times.

It pioneered the “freemium” model, in which the game is free but players can spend money to boost their performance or can watch ads to gain moves.

King President Tjodolf Sommestad said Candy Crush Saga and its other titles like Farm Heroes Saga showed that mobile games could have enduring appeal.

“We’ve proven to ourselves and to the industry that it is possible to reignite games that are years old and keep them relevant for a decade or longer, and break records even a decade in,” Mr. Sommestad said in an interview.

Todd Green, Candy Crush general manager, said the game was constantly updated to make it more satisfying, from optimizing the tiny bounce when candies land in the grid to adding new levels, including the 15,000 milestone.

Candy Crush has been the top-grossing franchise in US app stores for the last six years, a fact Mr. Sommestad said underlined both the success of King’s strategy and the challenge for new game developers.

“We do have an effort to build new games, but the bar is very high and it takes a lot to launch a new game nowadays,” he said. “Candy Crush took us a few months to build but we added 10 years of development after that.”

King has been owned since 2016 by Activision Blizzard, the US company behind Call of Duty that has agreed a $69-billion takeover by Microsoft. King contributed $747 million in net revenue in the second quarter, 31% of Activision’s total. — Reuters

Ako Para Sa Bata conference tackles children’s mental health

September 29, 2023 | 12:02 am

The global fallout caused by the COVID-19 pandemic caused disastrous upheavals that affected the world in countless ways. People have been basically concerned about survival, the health of the community, the economy, business, education, environment, and the general quality of life.

One essential aspect that needs urgent attention is the mental health of the children.

“The Child Protection Network Foundation is celebrating 15 years of the Ako Para Sa Bata (I am for the Child) Conference with the theme “Usapang Lusog! Mental Health Para sa Bata” (Health Talk! Mental Health for Children) which will focus on the mental health concerns of children as well as of the caregivers and professionals working for the protection of the children,” said Dr. Bernadette J. Madrid, Executive Director of the Child Protection Network Foundation, Inc. (CPNF) and conference president of Ako Para Sa Bata 2023 (APSB), in a statement.

“The number of patients with high suicide risk served by the Philippine General Hospital – Child Protection Unit (PGH-CPU) started to increase in 2020, during the COVID-19 pandemic and these complex cases continue to be seen by PGH-CPU. The mental health needs of children should be addressed, and suicidal ideations should be managed,” she said.

The APSB conference objectives are:

1.) The status of mental health in the country;

2.) Explaining the role of Adverse Childhood Experiences (ACEs) and other risk factors in the development of mental health conditions;

3.) Discussing the impact of stigma and discrimination around mental health conditions;

4.) Responding appropriately to the signs and symptoms of anxiety, depression, and suicide;

5.) Describing effective, evidence-based prevention, and interventions at different levels of care and settings;

6.) Reviewing online resources for patient education, self-care, and referrals;

7.) Discussing current capacity of the social service workforce to address the increasing mental health needs of children; and,

8.) Practicing self-care strategies that can be implemented in their own organizations.

“Ako Para Sa Bata is a continuing education for individuals and professionals in the frontline of child protection work,” said Katrina Legarda, Director of the National Network of Women and Children Protection Units of CPNF, said in a statement.

“With the support from UNICEF and Australian Aid, we are happy to offer it to everyone for free. We prepared seven sessions starting Oct. 5 until Nov. 22, 2023. We invite everyone to register at bit.ly/akoparasabata2023 and to join us on Zoom and Facebook, Kumu. The virtual gifts that the audience will be giving on the Kumu platform during the webinars will be donated by Kumu to the Child Protection Network Foundation,” Ms. Legarda explained.

“We have prepared seven sessions which will focus on mental health issues and concerns,” said Sandra S. Hernandez, Conference Chair of APSB 2023 and CPNF Research Director. “We will also share self-care strategies that can be implemented by the attendees in their own organizations.”

“Treatment of children seen at the PGH-Child Protection Unit who have experienced trauma has been very challenging during the pandemic,” said Dr. Norieta C. Balderrama, who is the conference’s Scientific Committee Chair and Head of Mental Health and Wellness at PGH-CPU.

“We had to utilize telepsychiatry aside from face-to-face therapies in the community. We have noted an increase in the children experiencing adverse childhood experiences in the home, school, and environment suffering from depressive disorders, post-traumatic stress disorder, and related disorders. So, it is imperative that children, families, and communities are educated about the importance of mental health wellness during these difficult times. We must all join hands in addressing the mental health conditions of this generation,” said Dr. Balderrama.

The conference will have the following sessions:

1.) Mental Wellness of the Filipino Child;

2.) Addressing the Gaps in the Mental Health of the Filipino Child;

3.) Current Mental Health Concerns of the Filipino Child;

4.) Understanding Children’s Stress and Trauma;

5.) Understanding Anxiety in Children and Teens; and,

6.) Strengthening Systems of Care: Enhancing wellness for Youth and Caregivers.

Among the conference highlights are:

• “Mental Health and the Developing Brain,” a lecture by the distinguished Dr. Cornelio G. Banaag, who is considered the Father of Child and Adolescent Psychiatry in the Philippines. He is a Professor Emeritus at the UP College of Medicine. The lecture will tackle the current state of mental health of the Filipino youth with statistics, the factors affecting youth mental health using the biopsychospiritual model, the mental health services that are currently available and government programs from the national to the barangay level, and help-seeking behaviors.

• “Addressing the Gaps in the Mental Health of the Filipino Child,” sessions that will focus on the gaps in the recognition and management of Mental, Neurologic and Substance Abuse (MNS) disorders. Among the learning outcomes of these sessions would be the knowledge of common mental illnesses of Filipino youth, the awareness of stigma and discrimination, and the management of mental health disorders.

• “The Epidemic of Loneliness in Children and Teens” and “Building Psycho Emotional Resilience among Children and Teens.”

• “Understanding Anxiety in Children and Teens,” which focuses on complex trauma in situations of abuse, exploitation, and armed conflict; the protection of children from online exploitation; identification of anxiety disorders: depression, self-injury, suicidality and substance abuse. A lecturer in this session is Ma. Lourdes “Honey” Carandang, PhD, Founder/Clinical Psychologist of the MLAC Institute for Psychological Services, Inc.

At the final session, UNICEF Country representative Oyunsaikhan Dendevnorov and Faye Balanon, a child protection specialist, will speak.

Congratulations to all the dedicated organizers, lecturers, participants, partners and sponsors of Ako Para Sa Bata 2023 and the Child Protection Network Foundation for this very important and timely conference!

Interested parties can register online at bit.ly/akoparasabata2023.

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

Nonverbal keys to a successful job interview

September 29, 2023 | 12:01 am

I’m a factory supervisor with 15 years of experience with no clear expectations of getting a promotion in a family-owned business. I report directly to the operations manager who is the son of the owner. It’s about time to move to another organization. With my wealth of experience, I’m confident that I can answer almost any question pertaining to the job of a production manager in another factory. — September Morn.

Having self-confidence is only half of the equation. Even if you answer all the killer questions in a job interview, you need to be conscious of the other requirements in order to nail down the job. Most people understand that oral and written communication are major components in securing a job.

Per my experience and the experience of other job applicants who consulted me, communication skills are often not enough. You may not believe this, but what you may be communicating to other people, including to a prospective employer, can unmake you even if you possess strong credentials.

I’m referring to nonverbal behavior. If you have a rough personality buoyed by your self-confidence, the same coarse behavior can bring you down.

For example, the tone of your voice can make or unmake your chances of career advancement. This may not be apparent in your current job as your boss and colleagues may have been accustomed to your style. But what if you’re applying for a job? Chances are, because of your self-confidence, your answers to every interview question can bring you down when you appear overly smart, making the job interviewer feel stupid in the process.

NONVERBAL ELEMENTS
Aside from giving intelligent answers in a job interview, what are other considerations that employers are seeking? Punctuality counts, as does self-control, particularly over nerves; even how they deal with the security guards, receptionists and secretaries.

All these contribute to the overall impression, which a prospective employer may find very important. Here are other non-verbal impressions that could help your cause:

One, a winning personality. Appearance is everything. It’s the first non-verbal message that you’ll given off even before saying “good morning” or “good afternoon.”

A lot depends on the culture of a prospective employer. You must do your homework by visiting the office if you have friends there. If you don’t, check the company website to learn about their culture. Whatever information you can dig up should give you clues on what to wear during the interview.

You can’t go wrong by dressing professionally. There’s no such thing as being overdressed even if the interview is done online.

Two, sit properly and relax. Lean slightly towards the interviewer to communicate your interest. But don’t overdo it because leaning too close could suggest being hard of hearing. Establish eye contact with the interviewer. This suggests to the interviewer that you are honest and trustworthy.

Project warmth in your facial expression. This helps you convey a positive image. Practice your facial expressions with a spouse, family member or close friend. Your tone of voice can also betray you even without you knowing it.

Three, project class and competence. Aside from sitting, the way you stand, walk and offer a handshake will tell them more about yourself. I know how difficult it is to correct posture when you’re used to slouching or walking with head down looking at the floor. But you can always try, for the sake of a job interview.

The appearance of having class and competence conveys much about yourself. This should be easy for someone with 15 years’ experience. One caveat though: you’ll appear more likeable if you act naturally.

In conclusion, pay close attention to the interviewer’s actions and questions. You’d be surprised to learn the importance of reducing your apprehension and projecting eagerness to have an intelligent exchange of information. It’s something to remember while you are making a critical decision on possibly leaving your current employer.

Don’t forget to objectively assess your current work performance. It may give you a hint of what’s in store for you when you join another company, only to be told that you’re not the right fit for them after months of employment.

Bring Rey Elbo’s leadership program called “Superior Subordinate Supervision” as an exclusive event for your supervisors and managers. For details, chat with him via Facebook, LinkedIn, X (Twitter) or e-mail elbonomics@gmail.com or via https://reyelbo.com

Handling cyberattacks

September 29, 2023 | 12:01 am

They say what happens in Las Vegas stays in Las Vegas. But the lessons of ransomware and cyberattacks need to be digested so that businesses learn to handle these issues moving forward. We must learn from Las Vegas.

On a family reunion trip in this city, we were welcomed by a cyberattack in MGM Resorts International, the largest casino company in this city. Computer systems at its properties across US had been shut down. Based on news reports, reservations and casino floors were affected with customers unable to make credit card transactions, obtain money from cash machines or enter hotel rooms.

As this piece is written 10 days from the attack, the estimate is MGM has been losing around $80 million, with more pain still piling up. It has yet to fully recover its IT systems, with continuing disruptions as multiple virtual machines were encrypted in the cyberattack.

So how was the attack executed? Allegedly, an organized group of hackers used SMS text phishing and phone calls to help desks to obtain the password resets or multifactor bypass codes. The latest trend in cyber hacking is through social engineering.

Social engineering is explained as a broad range of malicious activities accomplished through human interaction. Human behavior is one vulnerability threat actors exploit through psychological manipulation. After background information gathering on points of entry and weak protocols, the attacker seeks the victim’s trust. Deception leads to asking the victim to reveal sensitive information or grant access to critical resources.

Here are some common forms of social engineering attacks. Baiting uses a false premise to pique a victim’s greed or curiosity. Scareware bombards victims with false alarms and fictitious threats. Pretexting is obtaining information through cleverly crafted lies such as pretending to need sensitive information for a critical task. Phishing scams are e-mail and text campaigns that create urgency, curiosity, or fear. Spear phishing is more targeted where the attacker impersonates, for example, a trusted personality or provider of the organization.

Ransomware attacks happen where a malicious software blocks access to a computer system until a sum of money is paid. The operator issues a ransom demand to the victim with a threat to delete the victim’s encrypted file. Today’s ransomware attacks have evolved. Experts now discuss multi-extortion ransomware labeled up to quadruple extensions.

Single extortion involves the encryption described earlier. Double extortion steals data and threatens to leak it to the public or sell it in the black market. In addition, triple extortion adds another threat to critical operation such as service disruption. A quadruple extension adds an additional layer where the attacker contacts third-party associates with ransom demands or other underhanded tactics.

While MGM bears its losses, Caesars Entertainment, a Reno-based publicly traded company quietly reported being hit by a similar cyberattack, but its casino and online operations were not disrupted. It disclosed to the SEC that while it could not fully guarantee the safety of information about its customers, it remained confident there is no evidence of intruder breach.

An Associated Press report from Brent Callow, threat analyst for a cybersecurity firm, alluded to plausible reports that Caesar’s Entertainment was asked to pay $30 million for a promise to secure its data and may have paid $15 million. The disclosure indicates the attackers accessed the casino’s loyalty program database and agreed to not make it public in return for a ransom payment.

Most experts will say that paying a ransom will do more harm than good. But this episode showed that in the choice for the lesser pain, companies will make a business decision to pay out to protect the business itself, but more importantly to protect customers, employees, and other stakeholders. It is the proverbial damn if you do and damn if you don’t. But sometimes, a difficult decision is necessary based on a risk-based analysis of costs and benefits as a defensive measure provided some offense is initiated to prevent recurrence.

A nephew cybersecurity expert told this writer that in the ransomware business, the attacker must show proof of trustworthiness, that they will keep their word at least in the near term and will not play around with the data they have captured to be considered for ransom payment. Even in the dark side of the world, there must be honor by thieves for them to get the appropriate reward. Apparently, the identified hackers in this episode have a reputation of honoring their promises and at least one casino company chose the lesser evil.

To pay or not to pay is very tricky. The best cure is prevention and pro-active, negating the opportunity to give in to a ransomware attack. Companies must continuously study the evolving strategies of the bad guys and adapt preventive measures. Having a business contingency and continuity plan helps. Combine it with aggressive training on security matters. But when already facing the problem, a good cost-benefit model should be on hand.

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.

SMPC to appeal court order on damages

September 29, 2023 | 12:01 am

SEMIRARA MINING and Power Corp. (SMPC) said on Thursday that it intends to ask a regional trial court (RTC) to reconsider an order for the listed company to pay P3 million to HGL Development Corp. for temperate damages.

“SMPC intends to file a motion for reconsideration before the RTC-Antique or avail of other remedies provided under the law and shall advise the [Securities and Exchange] Commission and the [Philippine Stock] Exchange of further developments of the case,” the company told the local bourse.

SMPC said it had received the resolution dated Aug. 24 issued by RTC-Culasi, Antique, Branch 13 ordering the company to pay P3 million to HGL, as well as P3.52 million in attorney’s fees “while the claim for moral damages was denied for lack of basis.”

According to the company, the resolution stemmed from the civil case filed by HGL against Semirara Mining Corp., now SMPC, on Nov. 17, 2003 to recover possession of a parcel of a 367-hectare land.

The said land is the subject of Forest Land Grazing Lease Agreement No. 184 issued by the Department of Environment and Natural Resources in favor of HGL located in Semirara Island, Antique with a prayer for the issuance of a writ of preliminary mandatory injunction.

“On June 6, 2016, the Supreme Court partially granted HGL’s petition and reinstated Civil Case No. C-146 and remands it to RTC-Antique to determine the damages to be awarded to HGL for the non-enforcement of the writ of preliminary mandatory injunction dated October 6, 2004,” SMPC said.

The company said the legal proceedings do not have any effect on its business or operations.

On Thursday, shares of the company rose by five centavos or 0.14% to close at P35.45 apiece. — Sheldeen Joy Talavera

Skin-a-Max? Full-frontal nude dating show Naked Attraction premieres on Max

September 29, 2023 | 12:01 am

A NEW addition to streaming service Max strips the reality dating show genre down to its bare essentials.

Naked Attraction features six nude contestants in glass booths whose body parts are gradually revealed, “bit by lovely bit,” until a single contestant is chosen for a date. The show promises, in its introduction, to start “where a good date … often ends.”

Casey Bloys, chairman of HBO and Max content, said on Wednesday the dating show adds to the streaming service’s breadth of programming.

“I will remind you that HBO is the home of Real Sex and Cathouse,” Mr. Bloys said at the Vox Media’s Code 2023 conference, referring to other explicit shows. “You need an entire mix of programming.”

Discovery+ acquired all seasons of Naked Attraction, in a 2021 deal with Britain-based distributor All3Media. The series was quietly added a week ago to Max, a re-launched version of Warner Bros Discovery’s streaming service that combines HBO’s premium scripted shows, reality programming from Discovery, and, as of Wednesday, news from CNN Max.

Naked Attraction debuted in 2016 on Channel 4 in the UK and has been adapted for other markets, including Italy, Sweden, and Singapore, though it is new to North American audiences.

A warning alerts the uninitiated that the show features full-frontal nudity and graphic discussions of the human body. That hasn’t scared viewers away. As of Wednesday, the show was the most popular series on the streaming service, a week after its launch.

The show’s unabashed embrace of the human form has sparked controversy in the US, where full nudity is prohibited on broadcast television. Streaming and cable services like Max have latitude to show explicit content.

Ana Navarro, co-host of ABC’s morning talk show The View, said the program was “even worse” than Naked and Afraid, a US reality series that follows nude pairs who try to survive three weeks in the wilderness. “It’s Naked and Well Lit,” she joked earlier this week.

One online commenter compared it to Skin-a-max, a joking moniker given to HBO’s sister network Cinemax for its explicit content.

A person close to the situation said the streaming service was re-named Max, dropping the prestige HBO brand from its name, in part to encompass wider programming that stands apart from is Emmy-winning dramas. — Reuters

Three-peat: Torre Lorenzo wins Best Boutique Developer at Property Guru’s Philippines Property Awards for the third time

September 29, 2023 | 12:01 am

Torre Lorenzo's awards were received by TLDC Chief Executive Officer Tomas Lorenzo (5th from left), TLDC Chief Operations Officer Cathy Casares-Ko (6th from left), TLDC Chief Finance Officer Jennifer Umali (2nd from left), and TLDC Chief Human Resources Officer Cecilia Casas (3rd from left). Also present at the awarding ceremony were (L-R) Ramon Sumulong, General Manager of Property Management; Monica Lorenzo, Business Development Manager; Architect Tricia Orbeta, Technical Planning Head; Alyssa Salang, Corporate Communications Manager; and Dan Dela Pasion, Sales Head.

For the third time, and the second year in a row, Torre Lorenzo Development Corporation (TLDC) was hailed as the Best Boutique Developer at the 11^th PropertyGuru Philippines Property Awards.

As the Best Boutique Developer, TLDC also took home major awards for its projects:

3Torre Lorenzo –Best Integrated Work From Home Development
lyf Malate Manila –Best Co-living Space
lyf Malate Manila –Best Alternative Accommodation Development

The Company bested other contenders in the above categories for its outstanding design and amenities, location, value for money, use of space, construction and materials, unique selling points, state of completion, and sales success.

“We at Torre Lorenzo do our best to innovate and come up with new projects for the emerging Philippine market, because we see so much potential,” says TLDC Chief Executive Officer Tomas Lorenzo. “We hope to expand in more areas in the country because it is our goal to bring new ideas and products to more communities.”

Pioneering new experiences

lyf offers studio up to 4-bedroom units with efficient space planning that blends function and aesthetic. lyf’s room configurations have business partners and project teams in mind aside from the usual solo travelers or traveling couples and families. It mirrors Malate’s vibrancy and cultural richness. Each space is lively and colorful and meant to celebrate local elements and visuals in its walls.

Named as the Best Co-living Space and Best Alternative Accommodation, lyf Malate Manila showcases a unique co-living experience aimed at new-generation social travelers. The property is managed by international lodging operator, The Ascott Limited.

As the first lyf property in the Philippines, it allows digital nomads, technopreneurs, creatives and self-starters to “live your freedom” in a dynamic environment for living, work, and play. With curated experiences and social programs, lyfis also designed for residents to plug into the local community and form connections with one another through its shared spaces.

The murals on lyf’s walls were inspired by the rich character and culture of its location, Manila City. These murals that highlight everyday sights were done in collaboration with the local community as these were designed by student artists from the De La Salle-College of Saint Benilde.

It has Connect Pods for those wanting private work time, the Wash and Hang area where travelers can socialize in a ball pit while waiting for their laundry, the Burn Gym for fitness buffs, a coffee kiosk for those who need their daily caffeine fix, and the Collab & Meet areas for group discussions or social gatherings.

Integrating modern lifestyles

Armed with an innovative mindset, TLDC designed 3Torre Lorenzo to cater to the changing needs and lifestyle of its residents. It offers workspaces to do individual work or for when they want to work together.

Attuned to the new lifestyle of residents, 3Torre Lorenzo, on the other hand, won Best Integrated Work From Home Development for its work from home features that cater to both university students in the Taft area, and professionals who go to work in various business centers in Manila, Pasay, and Makati. It has a resident’s lounge and five meeting rooms that support both individual productivity and co-working.

Access to generous spaces for health and relaxation are part of 3Torre Lorenzo’s design. Apart from the 2-level fitness center with a fully-equipped gym and dance studio, there’s also a 25-meter lap pool where residents can unwind after a busy day.

There are spaces for health and relaxation such as the Sky Deck, Sky Lounge, 25-meter lap pool, 2-level fitness center, yoga/dance studio, and a separate 3-level retail center to cater to the needs of its residents and the general public.

The PropertyGuru Philippines Property Awards is the most respected and most sought-after real estate industry awards programme. With a professionally run and supervised judging system, the Asia Property Awards is the gold standard in real estate. Torre Lorenzo was named as the Best Boutique Developer in 2019, 2022, and 2023.

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A faltering China: An opportunity for the Philippines or a red flag?

September 29, 2023 | 12:01 am

August, the so-called Ghost Month (if you believe in that sort of thing), would be a good place to start: A World Trade Organization (WTO) panel ruled to uphold a US Section 232 restriction on steel and aluminum imports, classifying such as valid security measures and thus making China’s act of imposing retaliatory “safeguard tariffs” illegal.

And then other news trickled in. It’s not that such information are all coming out suddenly, but news media have seemingly found it impossible to hide the fact that China — one of the world’s largest consumers and supposed economic power — is in deep trouble.

Thus, The Guardian opined: “A spate of recent statistics shows that the Chinese economy is faring poorly. The country was supposed to rebound after ditching its draconian ‘zero COVID’ policies, but, after an initial revival, things have gone awry. Earlier this month it slipped into deflation. Key indicators, including industrial production, investment and retail sales, came in well below expectations.

“The most concerning figure, however, is the one that we can’t see. The youth unemployment rate was suspended from the monthly economic data release, having reached a record 21.3% in June — suggesting not only that July was grimmer, but that improvement is not expected soon. The government has stopped publishing swathes of statistics in recent years. While there are many reasons for that, and while some may still be released to data firms, it has probably helped to bury some bad news, and makes it harder to cross-reference information. Chinese economists are also under pressure to avoid discussing negative indicators.” (“The Guardian view on the Chinese economy: it looks bad. What we can’t see may be worse,” The Guardian, Aug. 21, 2023)

Youth unemployment has become so bad that publishing related data has been suspended by the Chinese government, under the “guise that it needed to review the methodology behind the closely watched benchmark, which has hit record highs in one of many warning signs for the world’s second-largest economy,” says a Reuters story carried on BusinessWorld in August. “The decision announced shortly after the release of weaker-than-expected factory and retail sales data sparked rare backlash on social media amid growing frustration about employment prospects in the country. It also marks the latest move by Chinese authorities to restrict access to key data and information, a trend that is unnerving overseas investors,” said the story.

The bet that plugging China into the world trading system will encourage it to be a more democratized, rule of law- and human rights-respecting country has been lost. Instead, Xi Jinping’s one-man rule has enclosed the country deeper into itself and, despite massive loans and investments made with other countries, remains treated with wariness and suspicion.

And this was at a time that China’s economic dominance seemed inevitable. As it stands, “economists now believe China is entering an era of much slower growth, made worse by unfavorable demographics and a widening divide with the US and its allies, which is jeopardizing foreign investment and trade,” says a piece in the Wall Street Journal. “Rather than just a period of economic weakness, this could be the dimming of a long era. ‘We’re witnessing a gearshift in what has been the most dramatic trajectory in economic history,’ said Adam Tooze, a Columbia University history professor who specializes in economic crises. What will the future look like? The International Monetary Fund puts China’s GDP growth at below 4% in the coming years, less than half of its tally for most of the past four decades. Capital Economics, a London-based research firm, figures China’s trend growth has slowed to 3% from 5% in 2019, and will fall to around 2% in 2030.” (“China’s 40-year boom is over. What comes next?,” Wall Street Journal, August 2023)

Commentators point to Japan and how the latter survived even profound dips in its economy. Such comparisons may not be helpful: “Unlike Japan, however, China would be entering such a period before reaching rich-world status, with per capita incomes far below more advanced economies. China’s national income per person reached about $12,850 last year, below the current threshold of $13,845 that the World Bank classifies as the minimum for a ‘high-income’ country. Japan’s per capita national income in 2022 was about $42,440, and the US’s was about $76,400.”

The gloomiest numbers, however, come from China’s demographics: if trends continue it will see its population halved by 48% by the end of this century. It has already seen its birthrate drop by 70% in the last five years, the most drastic in history. By 2050, it is expected that its population’s average age will be 50 years old (in contrast, the Philippines’ average age is forecast at 31.8). This is a population that will have tremendous problems in terms of productivity and consumption, not to mention a possible disintegration due to simple lack of people.

Which should, policy-wise, make the Philippines even more vigilant vis-à-vis its giant neighbor, particularly for this decade.

Jemy Gatdula is a senior fellow of the Philippine Council for Foreign Relations and a Philippine Judicial Academy law lecturer for constitutional philosophy and jurisprudence

https://www.facebook.com/jigatdula/

Twitter @jemygatdula

How PSEi member stocks performed — September 28, 2023

September 29, 2023 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Thursday, September 28, 2023.

Cebu Pacific expects ‘green’ fuel cost to drop as suppliers scale up

September 28, 2023 | 9:14 pm

By Ashley Erika O. Jose, Reporter

DEMAND for sustainable aviation fuel (SAF) is expected to grow in the coming years as it becomes cheaper when fuel companies scale up production, a Cebu Pacific Air official said.

Alex B. Reyes, chief strategy officer of Cebu Pacific, said the industry remains positive about adopting SAF, though prices remain high for the time being with SAF production still low.

“As more investment goes in… as you put technology behind it, you scale up, prices will go down over time,” Mr. Reyes told reporters on the sidelines of the 2023 Aviation Summit in Pasay City.

SAF can help reduce emissions from air transportation and is made from non-petroleum feedstock like agricultural waste and used vegetable oil.

“We are seeing high prices today because actual production is tiny and most of the plants built are small scale, eventually it will come down, overtime. It takes you three to five years to build an SAF plant… it will take a while before (the additional scale is) will be reflected in pricing,” he added.

The Department of Energy (DoE) has said it hopes to draft regulations on SAF to accelerate industry adoption.

“These are steps in the right direction. We want more, ideally a lot more engagement from the DoE, from all of the stakeholders. It is a very complicated supply chain,” he added.

The airline’s short-term target is to incorporate more SAF in regular operations, Mr. Reyes said, adding that for this year almost all of the company’s flights have been fueled with a blend of SAF.

He said that the airline will not set a specific target for SAF blends to hit by a certain year.

“We have seen other airlines doing so, but our circumstances in the Philippines are different. SAF industries are more developed in the US and Europe. In the Philippines there are no plants producing SAF,” Mr. Reyes said.

Instead of setting a minimum SAF blend like most countries do, Mr. Reyes proposed that the government offer incentives to encourage airlines to use more SAF.

“Our view is, let’s develop all of the policies and incentives to make sure that there is a response from the market rather than mandate it, it should really come from the producers. There is nothing like the profit incentive to drive that kind of growth and investments,” Mr. Reyes said.