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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

The Seasons Residences to add ‘winter’ tower

FEDERAL Land, Inc. is launching the fourth and final tower of Japanese-inspired The Seasons Residences in Bonifacio Global City (BGC).

The fourth tower is called Fuyu, which means winter in Japanese. This follows the first three towers of The Seasons Residences, namely, Haru (spring), Natsu (summer), and Aki (autumn).

“Aside from Japan’s trailblazing technologies, world-famous cuisine, and its four seasons, Filipinos are drawn to Japanese architecture for its functionality and elegance that lies in its simplicity. The Seasons Residences, the country’s first Japanese-inspired residential project, is a case in point,” Federal Land Sales Group Head Margarita Saenz-Resurreccion said in a statement.

The Seasons Residences is a mixed-use development by Federal Land in collaboration with its partners Nomura Real Estate Development Co. Ltd. and Isetan Mitsukoshi Holdings Ltd.

The Fuyu tower will feature “innovative spaces and curated amenities reminiscent of Japan’s winters,” the company said. Units will reflect the Japanese lifestyle from the design efficiency of its unique storage systems, below-floor drainage system for easier pipe maintenance and repairs, to the damping technology that can withstand earthquakes and typhoons experienced by both the Philippines and Japan.

The Seasons Residences is within Grand Central Park, Federal Land’s master planned community in BGC.

How PSEi member stocks performed — July 3, 2023

Here’s a quick glance at how PSEi stocks fared on Monday, July 3, 2023.


Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, June 2023

PHILIPPINE FACTORY ACTIVITY lost momentum in June, with output expanding to its slowest pace in 11 months, S&P Global said on Monday. Read the full story.

EV charging station accreditation assigned to bureau of Energy dep’t

The Shell Recharge bay at Shell Mamplasan — PHOTO BY KAP MACEDA AGUILA

THE Department of Energy (DoE) said on Monday that it placed one of its bureaus in charge of registering electric vehicle charging stations (EVCS) and accrediting suppliers.

In an advisory dated June 23, the Energy department said EVCS provider accreditation and equipment registration applications will be taken by the Energy Utilization Management Bureau. 

The registration rules require that the EVCS be “interconnected with the same electrical branch circuit system, located in the same unit building/floor and bounded by the same building, (otherwise) separate applications will be required,” the DoE said.

It said multiple EVCS points will be considered one registration if on the same floor; within the same facility and connected to one electrical branch circuit.

However, the DoE said that only DoE-accredited “own-use charging stations” and “commercial-use charging stations” will be allowed to register.

The DoE said the accreditation of EVCS suppliers will help accelerate the adoption of EVs.

The DoE has set an EV rollout target of 10% of all vehicle fleets, double the 5% required by Republic Act No. 11697, or the Electric Vehicle Industry Development Act.

It said that for 2023-2028, the EV fleet target is 2.45 million cars, tricycles, motorcycles, and buses, and 65,000 EV charging stations.

For the 2029-2034 period, the DoE said it will target an additional 1.85 million EVs and 42,000 charging stations.

At the end of 2021, the DoE had registered about 9,000 EVs, of which 378 were public utility vehicles, as well as 327 charging stations. — Ashley Erika O. Jose

Ground broken on final three commuter rail projects

PHILIPPINE STAR/EDD GUMBAN

THE Department of Transportation (DoTr) said on Monday that initial work has started on the last three segments of the South Commuter Railway (SCR), with the segments valued at P73.25 billion.

“This groundbreaking for three contract packages of the South Commuter Railway is another major milestone of the mother project, the North South Commuter Railway (NSCR),” Transport Secretary Jaime J. Bautista said at the groundbreaking ceremony.

“We hope these three contract packages of the SCR will (lead to) the timely completion of the NSCR and open the gates for the renaissance of the railway industry in the Philippines,” he added.

The last three segments traversing Alabang to Calamba, Laguna, are part of a 146.26-kilometer line that will link Clark in Central Luzon to Calamba.

The three civil contract packages consist of railway viaduct structures and elevated stations.

Contract packages S-04, S-05, and S-06 had been awarded to the joint venture of Hyundai Engineering & Construction Co. Ltd. and Dong-Ah Geological Engineering Co. Ltd.

Contract package S-04 covers works in Alabang and Muntinlupa, S-05 the San Pedro, Pacita, Biñan, and Sta. Rosa, Laguna stations, and S-06 the Cabuyao, Banlic and Calamba, Laguna stations.

The SCR project aims to reduce travel time from Metro Manila to neighboring provinces to less than two hours from up to four and a half hours, transforming transportation in the Southern Tagalog region.

The full line will ultimately have 35 stations and be serviced by 51 commuter train sets and seven express train sets. It is expected to serve 600,000 passengers daily when full operations commence.

According to Ahn Meg Adonis, project manager of the NSCR, the entire line is expected to be fully operational by the second quarter of 2029.

“The project that commenced officially on June 30 in the segment Cabuyao to Calamba with a total length of 8.75 kilometers will be open by the second quarter of 2028 and the entire NSCR system is expected to be fully operational by the second quarter of 2029,” Ms. Adonis said.

On June 9, the DoTr awarded CP S-03a of the NSCR project to the joint venture of Leighton Contractors (Asia) Ltd. and First Balfour, Inc. It awarded CP S-03c to the joint venture of PT Adhi Karya (Persero) Tbk. and PT PP (Persero) Tbk.

CP S-03a, which has a total contract price of P21.39 billion and $19.42 million, covers the civil engineering works for the 7.9-kilometer at grade and viaduct railway track structure at Buendia, EDSA and Senate stations.

Meanwhile, CP S-03c, which has a total contract price of P15.75 billion and $49.52 million, covers the civil engineering works for the 5.8-kilometer at grade and viaduct railway track structure at Bicutan and Sucat. — Justine Irish D. Tabile

NGCP grid plan aligns with gov’t RE targets

PHILIPPINE STAR/MICHAEL VARCAS

THE National Grid Corp. of the Philippines (NGCP) said its Transmission Development Plan (TDP) is compliant with the Department of Energy’s (DoE) renewable energy (RE) target of 50% RE integrated with the grid by 2040.

In a statement on Monday, the NGCP said its TDP incorporates developments in the variable renewable energy (VRE) industry, in anticipation of committed renewable energy plants which are due to be connected to the grid in the next few years.

“The annual TDP prepared by NGCP and presented to stakeholders in public consultations is aligned with the Department of Energy’s National Renewable Energy Program 2020-2040. This targets 50% integration of renewables in the grid’s installed capacity by 2040,” the NGCP said.

The NGCP added that integrating additional RE into the grid will also require “reinforcement in both policy and support infrastructure.”

“The entry of more conventional, nonvariable generation and energy storage systems to support VRE installations must be planned simultaneously,” the NGCP said.

The company said the State Grid Corp. of China (SGCC) which owns a 40% stake in NGCP, can deploy grid technologies that can support green and sustainable power grids.

“With its access to SGCC’s technology, NGCP is more than capable of accommodating increasing integration of renewable energy into the grid for a more sustainable energy mix,” the NGCP said.

NGCP capital expenditure (capex) requires the approval of the Energy Regulatory Commission (ERC) under Republic Act No. 9136, or the Electric Power Industry Reform Act.

“The ERC, among all agencies, will be centrally crucial to the success of all this. The DoE itself has recognized that transmission projects to support their recent offshore wind projects have not been included in NGCP’s 5th regulatory period application with the ERC,” it added.

ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said the Commission defers to the DoE for the design and implementation of offshore wind (OSW) projects.

“Once the DoE clears the plan and tasks of the building of transmission projects for OSW projects, we shall evaluate the applications filed for such network enhancements without delay,” Ms. Dimalanta said in a Viber message. 

The NGCP said access to funding was not an issue. However, it cited regulatory constraints like capex approvals, the protracted permit process at local government unit level, and right-of-way issues as the “main roadblocks” to completing the company’s projects.

“If the ERC will allow us to spend the capital needed to support this laudable push towards green energy, we are very confident that NGCP will be able to deliver,” the NGCP said.

“We hope for the government and regulator’s support in drafting policies and allowing NGCP to have enough capex to fund the required projects to support RE. This move towards a greener and more sustainable grid requires a holistic approach and we hope for synergy among all the energy players to ensure the fruition of these efforts,” it added. — Ashley Erika O. Jose

Few takers for second round of Green Energy Auction

REUTERS

THE Department of Energy (DoE) said the second round of the Green Energy Auction (GEA) resulted in successful applications amounting to less than a third of the 11,600 megawatts (MW) in renewable energy (RE) capacity on offer.

The successful bids were equivalent to 3,580.76 MW of RE capacity, or 30.9% of the capacity up for grabs.

“We will review, and we will also have discussions with the auction participants. We will decide on the unsubscribed capacity after our discussions with the auction participants,” Energy Undersecretary Rowena Cristina L. Guevara said in a Viber message.

The DoE said the GEA second round resulted in successful applications for 1,968.98 MW worth of ground-mounted solar for the 2024 to 2026 period.

About 9.39 MW was committed in the rooftop solar industry for 2024 and 2025, while 90 MW was committed in the floating solar segment in 2026. Some 1,512.38 MW was committed in the onshore wind segment between 2025 and 2026. 

Biomass and waste-to-energy projects attracted no commitments, the DoE said.

In June the Energy Regulatory Commission (ERC) issued the final green energy auction reserve (GEAR) price for the second round at P4.40 per kilowatt-hour (kWh) for ground-mounted solar; P4.87 per KWh for rooftop solar; P5.39 per kWh for floating solar; P5.85 per kWh for onshore wind; P5.40 for biomass and P6.27 per kWh for biomass waste-to-energy.

The Philippine Solar and Storage Energy Alliance had asked the ERC to raise the GEAR price for floating solar to P7.37 per kWh, considering differences in the segment’s “ecosystem” compared to ground-mounted solar.

The DoE will release the list of winning bidders on July 12.

“These winning bids were ranked based on offers from the lowest to highest bid prices and stacked corresponding to the respective RE technology per grid,” the DoE said.

The notice of award will also be issued on July 12, while the certificate of award will be released to the winning bidders upon the submission of post-auction requirements within a 60-day period. These include a performance bond; affidavit of undertaking to deliver the committed capacity; and a statement that the RE contract has been executed for non-holders of contracts prior to GEA-2 registration.

Failure to comply with the requirements set for GEA-2 will result in forfeiture of the award and of the bid bond, the DoE said.

The GEA program aims to promote RE as a primary source of energy through competitive selection.

“As the GEA will be conducted on a yearly basis, the DoE encourages RE developers that were not able to win in the 2nd auction round, and those that were not able to submit offers, to participate in subsequent auction rounds,” the DoE said. — Ashley Erika O. Jose

Price growth for farm products slows in Q1

TIM MOSSHOLDER-UNSPLASH

PRICE GROWTH in farm produce and fisheries products slowed in the first quarter, according to indices released by the Philippine Statistics Authority (PSA).

In a report, the PSA said that the producer price index (PPI) for agriculture rose 21.7% in the three months to March, retreating from the 24.7% posted in the fourth quarter of 2022. On a year-on-year basis, the growth rate in the fourth quarter remains significantly higher than the 5.6% reported for year-earlier period.

The PPI for crops showed a deceleration in price growth to 28.5% from 32.3% a quarter earlier.

Slower year-on-year price increases were noted in cereals (7% from 9%), root crops (12.1% from 18.1%), fruit vegetables (3.3% from 3.5%), leafy vegetables (26.5% from 29.4%) and commercial crops (51.6% from 60.4%).

On the other hand, growth rates accelerated in beans and legumes (23.6% from 17%) and fruit (7.1% from 3.9%).

Condiments posted year-on-year price growth of 52.2%, reversing a 24.9% decline in the fourth quarter.

The PSA said growth in fisheries prices was 12.6%, accelerating from 5.4% previously, led by aquaculture products and commercial fish where price growth was 20% and 21.1%, respectively.

Slower year-on-year growth rates was noted in marine municipal fisheries (1.5%), while prices declined 1.6% for inland municipal fisheries. — Sheldeen Joy Talavera

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