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Competitive Philippine property landscape

MPTC PHOTO HANDOUT

By Joey Roi Bondoc

Editor’s note: This is the first of a two-part column on the Philippines’ competitive property landscape.

OVER THE YEARS, Colliers has seen the proliferation of more office and residential hubs outside Metro Manila. In our view, this bodes well for the Philippine economy as more economic centers rise. This means that economic development also spreads outside of Metro Manila and indicates that property sector growth is broad-based and not just focused on a single location.

Colliers believes that this pace of progress has been facilitated by an improving infrastructure and overall local government competitiveness, as measured by economic dynamism, innovation, quality of manpower, resiliency, among other factors.

Major property firms are expanding their options as they see a strong revival of the country’s property market post-COVID-19. Undeniably, Metro Manila remains a major investment destination, but developers are setting their sights on other urban areas.

In our view, this decentralization thrust is likely to be supported by the continued implementation of public projects outside Metro Manila. These include airports, bus rapid transits, cargo and passenger railways. Overall, the country’s infrastructure push should guide the expansion plans of developers around the country.

The infrastructure projects implemented by previous administrations have dictated developer strategies. The implementation of key infrastructure projects nationwide has provided access to properties that could be redeveloped into mixed commercial, residential, hotel/leisure and industrial estates. These projects also helped the government bring economic opportunities to areas outside the Philippine capital.

Due to road projects, for instance, business opportunities have spilled over to nearby areas such as Cavite, Laguna, Bulacan, Tarlac, and Pampanga in Luzon.

In the Visayas region, Cebu remains the primary property investment hub, but other locations are starting to catch up with the likes of Iloilo and Bacolod cornering substantial investments from national and homegrown developers.

In Mindanao, Davao remains the most attractive property investment destination.

Overall, Colliers Philippines believes that developers will continue to venture into residential projects in second-tier and third-tier cities all over the country, where demand comes from end-user buyers. The markets may be smaller compared to Metro Manila but more stable in terms of end-user housing demand.

With a thriving property landscape post-pandemic, Colliers also projects the development of offices, malls, hotels, and industrial parks outside of the capital region.

Moving forward, we see local government units competing for more investments and this competitive landscape should result in a more diverse Philippine property market, eventually benefiting investors and end-users.

POST-PANDEMIC ‘CEBOOM’
Cebu remains one of the most attractive and largest residential hubs outside of Metro Manila. The launch of higher-priced condominium units outside of Cebu City such as Mandaue also indicates property firms’ confidence in the purchasing power and rising affluence of Cebuano investors.

Colliers is starting to see the proliferation of upscale to luxury condominium units in major residential hubs outside Metro Manila, especially Metro Cebu. In our view, demand for these projects will partly be sustained by the recovery of the tourism sector which should propel renewed interest in leisure-oriented properties.

Cebu’s improving infrastructure also plays an important role in retaining the locale’s stature as a residential investment destination. The recently-completed Cebu–Cordova Link Expressway (CCLEX) should raise the attractiveness of fringe locations such as Talisay, Liloan and Consolacion for residential developments. Other upcoming infrastructure projects include the Metro Cebu Expressway and Cebu Bus Rapid Transit, both of which are due for completion in 2025.

DAVAO: MINDANAO’S MAJOR PROPERTY HUB
Colliers Philippines believes that the entry of national players in Davao has paved the way for substantial development of integrated communities. Hence, developers should continue with their land banking initiatives and capitalize on the city’s improving infrastructure backbone.

The National Government has lined up vital infrastructure projects in the city which, once completed, should further solidify the city’s attractiveness as a residential investment hub. These include the Davao Coastal Road, Davao City Bypass and the expansion of the Davao Airport.

Residential developers should further test the market and even diversify, especially with the rising viability of upscale and luxury projects amongst investors and end-users. In our view, Davao’s competitiveness and stature as an outsourcing hub in Mindanao, backed by regional economic growth, should retain the city’s attractiveness for more residential projects.

BACOLOD: A PROPERTY SWEET SPOT
Bacolod City is attracting national players and we see this resulting in the development of more township developments and a further expansion of the city’s residential stock. The entry of national developers is also raising the prices of vertical projects, reflecting property firms’ confidence in the purchasing power of Bacolod city’s investors and end-users.

Developers should further assess Bacolod market’s reception towards luxury projects, especially in light of newly launched residential towers by national developers.

In our view, property firms are likely to further test the upscale and luxury segments over the next 12 to 24 months. Colliers believes that residential demand will also be supported by the development of integrated communities in the city. Bacolod should also benefit from the upcoming Panay-Guimaras-Negros Link Bridge. Construction for the project will begin in 2025.

ILOILO RISING
Iloilo’s thriving business landscape is partly buoyed by a continuously expanding outsourcing sector which continues to attract national developers to launch more residential projects in the city.

While residential condominium developments are concentrated in Mandurriao, Iloilo’s main business district, some developers are beginning to explore other districts for upscale and luxury residential developments. We encourage national players to take advantage of the city’s growing investor and end-user market.

Developers should also maximize their projects’ proximity to infrastructure. Major public projects in the city include the Ungka II Flyover which will traverse Pavia, Hibao-an and Buhang. The flyover is expected to reduce travel time from Iloilo City to Iloilo International Airport from 45 minutes to 20 minutes. The flyover is set to be completed in 2025.

Iloilo is one of the most competitive cities in the Philippines backed by skilled workforce and quality infrastructure backbone. Hence, we see Iloilo attracting major local and foreign investments in the near to medium term.

(To be continued next week)

 

Joey Roi Bondoc is the research director at Colliers Philippines.

Harrison Ford is back as an 80-year-old Indiana Jones — and a 40-something Indy.

HARRISON FORD in Indiana Jones and the Dial of Destiny

The highs (and lows) of returning to iconic roles

SADDLE UP, don the fedora and crack that whip: Harrison Ford is back as the intrepid archaeologist in Indiana Jones and the Dial of Destiny. The film premiered at Cannes, where Ford was awarded an Honorary Palme d’Or in recognition of his life’s work.

Reviews for the fifth film in the franchise have been mixed, and it is the first Indy film not to be directed by Steven Spielberg (this time, it’s James Mangold, best known for his motor-racing drama Ford v Ferrari).

But this is “event” cinema that combines nostalgia, old-school special effects and John Williams’ iconic score.

So, Ford is back, aged 80. What draws actors back after all this time?

Ford first played Indy in 1981 and last played him in 2008. That is a full 15 years since the most recent film in the series, and 42 years since his first outing in Raiders of the Lost Ark.

Ford has form in returning to celebrated characters. One of the great pleasures of watching The Force Awakens back in 2015 was seeing Ford play Han Solo again for the first time in over 30 years.

Actors return to roles for numerous reasons:

Financial (Ford was reportedly paid $25 million for Dial of Destiny)

Protection of their brand, image and star persona (Michael Keaton returning to play Batman after three decades and three other actors who have embodied the role)

Professional (Tom Cruise admitted over the 36 years between Top Gun films he wanted to make sure the sequel could live up to the original)

Personal (once-huge stars are working less and less, and only feel the need to return to a built-in fan base every few years — Bill Murray in the 2021 Ghostbusters sequel springs to mind).

It’s not always a successful endeavor.

Arnold Schwarzenegger and Sylvester Stallone — two of the biggest action stars of the 1980s off the back of iconic roles as The Terminator, Rocky Balboa, and John Rambo — have repeatedly returned to those roles, and critics have been particularly harsh.

It did not work for Sigourney Weaver in Alien: Resurrection in 1997, 18 years after her first time as Ripley; nor for Keanu Reeves in The Matrix Resurrections in 2021, 23 years after the original.

And still, I’m intrigued to see what Michael Mann could do with his long-rumored sequel to Heat, his definitive 1995 crime film. Ever since Mann published his novel Heat 2 last year — a kind of origin story for Heat’s key protagonists — fans have been hoping a de-aged Al Pacino (now aged 83) might return as LA cop Vincent Hanna.

“Digital de-ageing” first entered the Hollywood mainstream in 2019 with The Irishman and Captain Marvel.

Via this process, older actors (Robert De Niro, Al Pacino, and Samuel L. Jackson have all been subject to the technology) move back and forwards in time without younger actors having to play them.

Films still tend to cast two actors to play older and younger versions of the same character, a choice that dates back at least to 1974’s The Godfather Part II, in which a young Robert de Niro plays Vito Corleone, portrayed by the much older Marlon Brando in the first film.

In 1989, Indiana Jones and the Last Crusade features a delightful opening scene where River Phoenix plays the young version of Indiana Jones, before Ford takes over for the rest of the film.

Actors used to just play characters of their own age when reprising earlier roles. Paul Newman finally won a Best Actor Oscar for his role as “Fast Eddie” Felson in The Color of Money (1986), a quarter of a century after first playing him in The Hustler.

The sequel plays on Newman’s age, and his role as a mentor to an upcoming Tom Cruise, and bathes viewers in nostalgia and memories of a younger Newman.

But actors no longer have to exclusively play their age.

The first part of Dial of Destiny is an extended flashback, set in 1944, in which Ford has been digitally de-aged to appear in his 40s. This process used an artificial intelligence (AI) system that scanned used and unused reels of footage of Ford from the first three Indy films to match his present-day performance.

Here, it is as if we are getting two Fords for the price of one: the “younger,” fitter Indy and the older, more world-weary version. It makes for a powerfully emotional connection on screen.

Yet there are some pitfalls to de-ageing. Some viewers complain that the whole process is distracting and that the hyper-real visual look of de-aged scenes resembles a video game.

Even so, de-ageing in Hollywood cinema is here to stay. Tom Hanks’s next film is using AI-based generative technology to digitally de-age him.

Given its reduced cost, speed, and reduced human input, AI-driven innovation might have industry-changing ramifications.

Harrison Ford remains a bona fide “movie star” in an industry profoundly buffeted by COVID, the rise of streaming platforms, the demise of the monoculture, and the changing nature of who constitutes a star.

In the midst of all this industry uncertainty, it seems there is no longer a statute of limitations on actors returning to much-loved characters.

The next big ethical issue for the film industry as it further embraces AI is whether to resurrect deceased actors and cast them in new movies.

Still, I’m looking forward to seeing more actors de-aged as the technology improves and audiences acclimatize to watching older actors “playing” younger versions of themselves. We are only at the start of Hollywood’s next big adventure. — The Conversation via Reuters Connect

Ben McCann is an Associate Professor of French Studies at the University of Adelaide.

Gov’t partially awards T-bills as rates rise

BW FILE PHOTO

THE GOVERNMENT made a partial award of the Treasury bills (T-bills) it offered on Monday as rates climbed due to hawkish remarks from the US Federal Reserve chief.

The Bureau of the Treasury (BTr) raised just P9.219 billion via the T-bills it auctioned off on Monday versus the P15-billion program, even as total bids reached P17.419 billion.

Broken down, the Treasury raised only P2.954 billion via the 91-day T-bills out of the planned P5 billion, even as tenders for the tenor reached P6.584 billion. The average rate of the three-month papers went up by 6.4 basis points (bps) to 6.15% from the 6.086% quoted for the tenor last week, with accepted rates ranging from 6.044% to 6.198%.

The government also made a partial P2.67-billion award of the 182-day securities versus the P5-billion program as bids reached just P4.63 billion. The six-month T-bill was quoted at an average rate of 6.266%, up by 12.2 bps from 6.144% the previous week, with accepted rates from 6.11% to 6.293%.

Lastly, the BTr raised just P3.595 billion via the 364-day debt papers out of the P5 billion on the auction block, even as demand for the tenor reached P6.205 billion. The average rate of the one-year T-bill rose by 6.7 bps to 6.286% from the 6.219% fetched last week. Accepted yields were from 6.18% to 6.375%.

At the secondary market before Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 6.1113%, 6.1815%, and 6.2175%, respectively, based on PHP Bloomberg Valuation Reference Rates data provided by the Treasury.

“The awarded T-bill rates [rose] this week as market participants reacted from the strong hawkish policy remarks by the US Federal Reserve and the European Central Bank (ECB) during the ECB forum in Sintra, Portugal last week,” a trader said in a Viber message.

Rates rose on expectations that the Fed could increase rates at its next two meetings, which could be matched locally, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message.

Leaders of the world’s top central banks reaffirmed on Wednesday they see further policy tightening as needed to tame stubbornly high inflation but still believe they can achieve that without triggering outright recessions, Reuters reported.

US Federal Reserve Chairman Jerome H. Powell did not rule out further hikes at consecutive Fed meetings, while European Central Bank President Christine Lagarde confirmed expectations the bank will raise rates in July, saying such a move was “likely.”

“Policy hasn’t been restrictive enough for long enough,” Mr. Powell told an annual gathering of central bankers hosted by the ECB in the Portuguese mountain resort of Sintra.

“I wouldn’t take moving in consecutive meetings off the table at all,” he said. The next rate-setting Federal Open Market Committee meeting is scheduled for July 25-26.

The US central bank last month paused its tightening cycle after hiking rates for 10 straight meetings by a total of 500 bps to a range between 5% and 5.25%.

Meanwhile, the Bangko Sentral ng Pilipinas (BSP) last month kept benchmark interest rates unchanged for a second straight meeting on expectations of easing inflation.

The BSP raised borrowing costs by 425 bps from May 2022 to March 2023. Its next policy review is on Aug. 17.

On Tuesday, the BTr will auction off P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and two months.

The BTr wants to raise P180 billion from the domestic market this month, or P60 billion via T-bills and P120 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — A.M.C. Sy with Reuters

BSP cancels licenses of two money service firms

BW FILE PHOTO

THE MONETARY BOARD has revoked the operating licenses of two money service firms, the central bank said.

The policy-setting body of the Bangko Sentral ng Pilipinas (BSP) has canceled the registration of Jane Money Changer and Efinancing, Inc., according to a circular letter signed by BSP Deputy Governor Chuchi G. Fonacier on June 26.

The two firms violated the provisions and requirements of section 901-N of the Manual of Regulations for Non-Bank Financial Institutions, the BSP said.

“The non-registration with the Anti-Money Laundering Council and violation of the duly executed Deed of Undertaking with the BSP are among the grounds for the cancellation of the BSP registration of Jane Money Changer,” the central bank said.

Pawnshops, along with foreign exchange dealers, money changers, and remittance agents, are considered as money service businesses (MSBs) by the BSP.

Last week, the Monetary Board also disqualified six money service firms from securing a license with the BSP for operating unregistered businesses.

Pawnshops and MSBs are seen by the BSP as access points for the financially unserved and underserved areas in the country.

As of end-December 2022, BSP-registered money service businesses had 7,584 head offices and branches nationwide. — KBT

Españo joins Alternergy as board advisor 

ALTERNERGY Holdings Corp. on Monday said the former chairperson of Punongbayan & Araullo Grant Thornton has joined the renewable energy company as an advisor to the board.

In a stock exchange disclosure, Alternergy announced the appointment of Maria Victoria C. Españo as an independent advisor to the board effective July 1.

“We look forward to working closely with Marivic Españo and learning from her experience. We believe her background would be an excellent complement to the expertise of Alternergy’s non-executive board in banking, government, law, and sustainable finance,” Vicente S. Perez, Jr., chairman of Alternergy, said in a separate media release.

The company’s independent directors are Maria Theresa Dela Peña Marcial and Gregory L. Domingo.

“I was most interested in being able to contribute my experience to a growing company like Alternergy in a very relevant industry. As a renewable power pioneer, Alternergy has strong prospects for growth. I look forward to working with the Alternergy board,” Ms. Españo said.

Punongbayan & Araullo Grant Thornton, which offers professional services, is a Philippine member firm of Grant Thornton International Ltd.

Ms. Españo joined Punongbayan & Araullo Grant Thornton in 1997 and was appointed as its chief operating officer in 2009 before becoming chairperson and chief executive officer in 2011 until June 2023.

Alternergy aims to develop up to 1,370 megawatts of renewable energy sources such as onshore and offshore wind, solar, and run-of-river hydropower projects.

At the local bourse on Monday, shares in the company fell by four centavos or 3.67% to close at P1.05 each. — Ashley Erika O. Jose

Celebrating milestones as friends, partners, allies

STOCK PHOTO | Image from Pixabay

THIS JULY 4, Americans all over the world are celebrating the 247th anniversary of US independence. Here in the Philippines, we are also commemorating the 69th Philippine-American Friendship Day, making July 4 doubly special — a time to celebrate all that the Philippines and the United States have accomplished together as steadfast friends, partners in prosperity, and ironclad allies.

Since I arrived in July last year, I’ve had the opportunity to see the deep, multifaceted US-Philippine relationship at work. During a recent trip to Cebu, I met talented new friends from the vibrant network of US exchange alumni in the Visayas. In Ilocos Norte, I learned how our development efforts are improving energy efficiency standards, a key part of the Philippines’ clean energy transition. Last October, I had the honor to share the stage with President Ferdinand R. Marcos, Jr. in Tacloban to commemorate the Leyte Gulf landing, honoring our shared history; while during a recent visit to Isabela province, I witnessed how US and Philippine troops are working together today to modernize our alliance — training at Camp Melchor Dela Cruz. These trips and the many other milestones mark strong momentum in US-Philippine relations.

This year’s highlight in our bilateral ties was the resoundingly successful visit to Washington, DC by President Marcos Jr. During President Marcos’ Oval Office meeting with President Joe Biden, our leaders discussed the full spectrum of our relationship as friends, partners, and allies. President Biden reaffirmed our ironclad commitment to the Alliance and announced a first-of-its-kind Presidential Trade and Investment Mission to the Philippines. Our leaders also discussed new efforts to promote clean energy, expand science and technology cooperation, and protect the environment. President Marcos also met with multiple US cabinet members. I was particularly struck by the lively, substantive discussion President Marcos had with Secretary of Agriculture Tom Vilsack, resulting in innovative programs to tackle food and nutrition insecurity.

This year, we also saw the successful conclusion of the largest, most complex iteration of Exercise Balikatan. Over 17,000 troops from the United States and the Philippines, as well as a contingent from Australia, trained shoulder-to-shoulder on land, at sea, in the air, and — for the first time — in cyberspace. Together, we announced four new locations where our countries will make investments to improve Philippine military infrastructure and capabilities under the Enhanced Defense Cooperation Agreement, or EDCA. Projects implemented at these EDCA locations will advance the Philippine Armed Forces’ modernization goals and bring tangible economic benefits to local communities, creating jobs and opportunities for local businesses. The Philippines is the largest recipient of US security assistance in the Indo-Pacific. Strengthening our Alliance helps secure peace and prosperity for our peoples.

US-Philippine economic partnerships are flourishing. In May, I visited two top-tier US businesses in Cebu — Timex and Teradyne. Like many US companies operating in the Philippines, Timex and Teradyne provide thousands of Filipinos with high-quality, high-paying jobs — including as managers and executives. US businesses value the talent of the Filipino workforce and, more and more, are looking to the Philippines as an attractive place to trade and invest. For example, Moderna has chosen the Philippines as its first-ever operational hub in Asia. We look forward to building on this momentum as partners in prosperity.

The United States is committed to supporting the Philippines’ growth and development goals. Through USAID, the United States recently invested P1 billion to help small- and medium-sized enterprises compete in the country’s e-commerce ecosystem. This investment helps build a robust, inclusive, secure, and resilient digital economy. USAID is also supporting the Philippine government and private sector to increase access to fast and reliable internet across the archipelago, train Filipino workers to meet the evolving requirements of the high-tech manufacturing sector, and help youth develop the skills they need to succeed.

This Fourth of July, I hope you’ll agree we have much to celebrate!

 

MaryKay Carlson is the US ambassador to the Philippines.

Rogers: The Musical, first Marvel musical at Disneyland, opens

ROGERS: The Musical

ANAHEIM, California -— For the first time ever, Marvel fans will be able to watch heroic super soldier Steve Rogers sing and dance on stage in Disneyland Resort’s one-act musical theater production Rogers: The Musical.

As part of Walt Disney’s 100th anniversary celebration, Disneyland opened the 30-minute musical on Friday at the Hyperion Theater in Disney California Adventure Park. It runs until Aug. 31.

ROGERS: The Musical

Rogers: The Musical was introduced as a fictional Broadway musical in the first episode of the Disney+ miniseries Hawkeye, a show about the superhero Clint Barton, an archer who uses high-tech weaponry.

“From the moment we saw that first episode of the Hawkeye series, we started to imagine ‘What if? What if we could turn Rogers: The Musical into a real show?’,” Dan Fields, executive creative director for Disney Live Entertainment, told Reuters.

“And clearly the fans online were wondering the same thing — practically demanding it!”

The musical follows the life of Steve Rogers, otherwise known as the patriotic American superhero Captain America, and includes the musical number, “Save the City,” from Hawkeye along with five new songs with music by Grammy-winning composer Christopher Lennertz.

Marvel introduced the first live performance of “Save the City” during the Disney Convention, D23, last year, which helped launch the new production.

“When Kevin Feige and the studio brought ‘Save the City’ to D23 Expo, that sparked the conversations that led to the show guests will enjoy this summer at Disney California Adventure Park,” Mr. Fields said.

In addition to Steve Rogers, audiences can expect to see characters Peggy Carter, Nick Fury, and some of the Avengers members as they go from Steve’s origin story into the future.

Rogers: The Musical will perform multiple times per day, Tuesday through Saturday most weeks.

Disney is also offering themed food and beverage options and merchandise around the musical. — Reuters

Discovery Hospitality opens five-star resort hotel in Davao

DISCOVERY Hospitality Corp. is opening a new five-star resort hotel in the Island Garden City of Samal, Davao this month.

“The launch of Discovery Samal Resort under the newly rebranded Discovery Resorts marks a significant step forward for Discovery Hospitality,” Jose Parreño, Jr., chief operating officer of Discovery Hospitality and president of Discovery World Corp., said in a statement.

“This is a testament to our commitment to continually provide the highest level of hospitality service across the country. With the introduction of this magnificent resort in Samal, we are further strengthening our portfolio and emphasizing our dedication to making the Philippines a world-class destination.”

Located 5 minutes away from Davao City, the resort features nine private villas each with their own dipping pool. It also offers 128 hotel suites, 15 executive suites, and the Grand Signature Suite.

Discovery Samal features the biggest stretch of resort beach in Samal Island, as well as an infinity pool.

The resort has several restaurants Morning Catch, Haribar, The Shoreline and Garden City Cafe. Another specialty restaurant is expected to open soon.

Discovery Samal is the first and only Discovery Resort brand in Mindanao with the biggest resort convention facilities in Davao. Its facilities can accommodate up to 1,200, which can be used for corporate events as well as weddings.

Manulife Philippines appoints new officials

THE MANUFACTURERS LIFE Insurance Co. (Phils.), Inc. (Manulife Philippines) has appointed a new chief financial officer (CFO) and chief risk officer (CRO), it said on Monday.

Manulife Philippines has appointed former Manulife Cambodia Chief Executive Officer (CEO) Justin Helferich as its new CFO and is expected to optimize the company’s financial strategy, strength, and performance, including revenue generation and capital management, it said in a statement.

Since 2010, Mr. Helferich has senior roles in the company, both in the United States and in Asia.

Meanwhile, Katerina V. Suarez was appointed as Manulife Philippines’ new CRO and will oversee action plans on compliance, operational, reputational, and strategic risk management, and ensure proper identification and mitigation of company risks.

“She joined Manulife Philippines as CFO in 2017 before moving to a regional role, leading In-Force and Expense Management for Manulife’s Emerging Markets team in 2021,” the insurer said.

“To respond to the rising consumer demand, Manulife Philippines continues to strengthen its leadership team by appointing industry veterans who will lead the company in pursuing growth opportunities and navigating market and industry risks, while serving our customers with excellence,” Manulife Philippines President and CEO Rahul Hora said. — AMCS

Apple cuts Vision Pro goals after production issues, says FT report

APPLE, Inc. is slashing production targets for its Vision Pro because manufacturers are struggling with the novel gadget’s complex design, the Financial Times (FT) reported.

Apple is now preparing to make fewer than 400,000 units of the $3,499 headset in 2024, it said, citing unidentified people close to Apple and Luxshare Precision Industry Co., the Chinese firm that’s initially assembling the device.

Two China-based suppliers of components said Apple was only asking for enough parts for 130,000 to 150,000 units in the first year, while plans for a cheaper version have been pushed back, the newspaper reported.

Luxshare stock pared earlier gains but was still up about 3.8% Monday afternoon in Shenzhen. Apple shares were little changed in premarket trading before New York exchanges opened on Monday.

Apple made Wall Street history after its market value climbed past $3 trillion, as investors continued to pile into big tech firms.

The Vision Pro, unveiled last month, is its latest move to sustain sales momentum and try to propel a mixed-reality industry that for years has struggled to make it into the mainstream. The device, which resembles high-tech ski goggles, will have its own operating system, visionOS, and a dedicated App Store. It’s slated to arrive early next year in the US, followed by other regions later.

But the new projections are down sharply from a previous internal sales target of one million units in the first 12 months, according to the Financial Times.

A major hurdle is the creation of high-resolution inward displays, while projecting the wearer’s eyes to the outside world, the paper said. Apple is also working on a more affordable version of the headset with Korean display makers, the paper said, citing two people with direct knowledge.

An Apple spokesperson didn’t have immediate comment, while representatives for Luxshare didn’t respond to a request for comment. — Bloomberg

EntertainmentNews (07/04/23)

Sandara Park joins The Super Stage By K-pop concert

OctoArts Entertainment has announced that Sandara Park has joined the roster of performers in The Super Stage by K-POP in Manila concert. The 2NE1 star, known for her musical talent, stage presence, and personality, has garnered a massive following in the international K-Pop scene. She has left a mark on her Filipino fans since she had a successful showbiz career here before going back home to South Korea in 2007 and debuting as a member of the girl group 2NE1 in 2009. She now joins the all-female ensemble of Mamamoo+, KEP1ER, and Lapillus on The Super Stage show at the Mall of Asia Arena on Aug. 11, 7 p.m. This also marks Sandara Park’s first gig in the country in a long time, and will also celebrate the release of her solo mini-album,  Sandara Park, which will be out on July 12. Tickets for the concert range in price from P2,750 to P11,800and are available via SM Tickets Outlets nationwide or through www.smtickets.com.

Kyla and Jay R celebrate 20-year musical partnership

Filipino musicians Kyla and Jay R are gearing up for their anticipated return to the big stage with Back In Time: Kyla and Jay R The Reunion Concert, happening on Sept. 2 at the New Frontier Theatre in Cubao, Quezon City. The concert celebrates a 20-year partnership that paved the way for the local R&B/soul/hip-hop to flourish in the mainstream music scene in the Philippines. The concert is presented and produced by GNN Pop, a subsidiary of the Manila-based events, PR, and multimedia outfit GNN Entertainment Productions. Tickets are on sale via Ticketnet Online.

Pinoy Pop Convention Manila this month

The 2023 Pinoy Pop Convention Manila (Ppopcon Manila) will be held this July at Araneta City in Quezon City. The Ppopcon is back in its second year to showcase Filipino pop culture and music. This year the gathering is a three-day event from July 14 to 16. The convention will include interactive fan engagement activities, fan booth exhibitions, fan signing events, and other activities at the Quantum Skyview at the newly opened Gateway Mall 2. Among the participants are Josh Cullen, 1st.One, Alamat, Kaia, and G22 who will have fan signing activities. Dione, R Rules, Daydream, Mona, V Times New Roman alfer, Ver5us, Yara, Yes My Love, Z2Z, SMS, Blvck Flowers, Eclipse, 6Sense, and Skouts will perform for free at the convention. The festivities will culminate with the Ppopcon Manila concert on July 16, 6 p.m., at the Smart Araneta Coliseum. The concert will feature Calista, SB19, Bgyo, Bini, MNL48, 1ST.ONE, Alamat, Josh Cullen, Felip, Sheki, Kaia, G22, Press Hit Play, Vxon, Ppopgen, Dione, Yes My Love, and Hori7on. For convention passes and concert tickets, visit www.ticketnet.com.ph or https://ppopcon.ph/.

Super Junior coming back to Manila for fan party

Seven months after the successful Super Show 9 last December, Super Junior will return to Manila on July 21 at the Araneta Coliseum for their Fan Party in Manila. Super Junior has created this fan party for its fans — called collectively as E.L.F.s — to enjoy a concert party in a more intimate and relaxed atmosphere. There will be 10 songs, along with games, talk segments and a surprise encore. The two-hour performance will include new stage performances of the songs that were never seen in Super Show. Tickets to 2023 Super Junior — Fan Party In Manila are now available at TicketNet.com.ph and all TicketNet outlets nationwide. For more information, check out Applewood and Wilbros Live on social media.

K-pop boy group TAN returns to PHL

The South Korean boy group TAN is set to return to the Philippines in September. It has also been officially announced that TAN, signed under Think Entertainment, will also join the artist roster of Universal Records Philippines in order to achieve a broader reach in the Philippine music market. The boy group consists of Changsun, Jiseong, Sunghyuk, Taehoon, Hyunyeop, Jooan, and Jaejun. They debuted with their first mini album 1TAN on March 10, 2022 featuring their single “DU DU DU” and the three-track TAN 1st Anniversary Special Album last March.

Isn’t it personal, anyway?

ARLINGTON-RESEARCH-UNSPLASH

Within the workplace, there is a familiar and oft-repeated Filipino expression: Walang personalan, trabaho lang (nothing personal, it’s just the job). It has been used to emphasize that workplace — business and management — decisions are all objective and intended for the betterment of the enterprise and that there was no intention to hurt the people who fall as collateral damage. Its sister saying would be, Huwag dalhin sa opisina ang problema sa bahay (Don’t bring household problems to work). On the other hand, this suggests that one should not let personal and home issues affect the quality of one’s work and deliverables. These statements are deeply entrenched in workplace cultures; one can almost not help but accept them as management wisdom. But is it?

Last month, I had the privilege of facilitating an important corporate communication: cascading and translating a large distribution company’s recently revisited vision, mission, and core values (VMV). This was one of the initial steps in a strategic business planning process the organization was embarking on, particularly in the aftermath of the COVID-19 pandemic. In the workshops, the CEO described the kind of business and organization he hopes to create within the next three to seven years. He extended the invitation to the different layers of management, offering the opportunity and seeking their commitment to helping him make the future a reality.

The entire premise of the session was inspired in some part by the Drexler-Sibbet Team Performance Model. We argued that in as much as members have their sense of purpose, meaning, and direction, each of them will only be able to commit to a team or organization — and achieve and sustain a superior level of performance — if and only if they find that doing so fulfills their own personal aspirations.

This was an important cornerstone of the entire workshop. One cannot argue that employees must divest themselves of personal concerns and issues before coming to work when for all practical purposes, most of their waking hours are spent because of work. On a regular day, waking up early directly results from the need to come to work. They endure an hour or two of traffic to get to work, spend eight to 10 hours in the office, warehouse, or plant, and endure another hour or two to get home. Some are even expected to be on call at night and on weekends.

No one goes to work and leaves a “personal” version of themselves by their threshold. We all bring to the workplace our complete selves: our talents, motivations, passions, problems, subconscious issues, competencies, attitudes, feelings, values, and faith. Overworked and exposed to risk, one does not wear down or kill an “employee.” One wears down and kills a person.

Work is personal, and is perhaps a very deeply personal dimension of our human existence: it is an expression of everything we are good and poor at, of our genius and our folly, and we get compensated for it to sustain our human existence — not only materially, but in its entirety.

The implication of our collective reflection during those sessions was clear: leadership matters. It matters because it is that function of management that seeks to influence, inspire, empower, and engage. For all that to happen, it behooves the leader to seek to know, understand, and align their team members’ aspirations with the organization’s. The leader can no longer be completely utilitarian — to pay to be served. You do that, and you find your team members working only for money and willing to be sold out to the next highest bidder, especially — and it often is — when the work and the workplace are no longer a happy and growth place.

So, yes, work is personal, and working for you — whoever you are — is a personal choice with personal implications.

As a postscript, I found this true for them when I shared these thoughts with some young — millennial, if you will — friends. If all that matters is financial performance, they will give you the money if you show them the money. But if what matters is a greater purpose, and the work has their name on it, they will give you more.

 

Denver Bingski Daradar is an assistant professorial lecturer and doctoral candidate at the Ramon V. Del Rosario College of Business of De La Salle University.

denver.darada@dlsu.edu.ph

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