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Asians are more worried about inflation than the pandemic — survey

PHILIPPINE STAR/ WALTER BOLLOZOS

Inflation has overtaken the coronavirus pandemic as the top concern among Asians, according to a mental health survey.

Inflation (47%) caused more mental health challenges than post-pandemic adjustment (30%), according to a survey conducted across 16 international markets between June and July 2022 by FWD Group Holdings Limited (FWD Group), a multinational insurance company out of Hong Kong. 

Released today, the survey also said that people in Asia worry about their jobs (31%) and family-related concerns, such as the future of children and other family members (34%) and increasing responsibilities (32%).

Positive reframing may hold the key to bridging the gap between mental health concerns and seeking support for it, according to the study released in time for World Mental Health Day.

“Given we also know that people may not be comfortable seeking help externally as individuals, family assumes a particularly important role,” said Joanna Chu, head of product proposition at FWD Group, in an Oct. 10 press statement.   

Even if nearly 65% of respondents in Asia believe that mental health will be a critical issue in the coming year, only a third are open to seeking external support.

A third (31%) also said that renaming the traditional term “mental health” might encourage more people to open up. 

“Opening up and addressing these challenges as a family unit first instead of individually, can make a difference as people may feel more comfortable,” said Ms. Chu. 

Cost of treatment was identified as one of the most significant barriers to receiving care for mental health challenges in Asia, with 40% saying that the cost of treatment is the biggest impediment to seeking outside help for mental health care. 

Over three-quarters (76%) of respondents expressed their interest in exploring insurance options to address such challenges. 

“While it’s great that mental health is gaining more and more awareness, especially in Asia, the stigma and cost of treatment remain barriers for people to seek the help they need. … As an insurer, we also look forward to making mental health protection more inclusive and focused on building mind strength, to enable people to celebrate living,” said Sim Preston, managing director and group chief operating officer at FWD Group. 

The FWD Group survey was conducted in collaboration with Blackbox, an independent research company. It interviewed more than 10,000 people across 16 international markets between June and July 2022, including nine markets where FWD operates: Cambodia; Hong Kong; Indonesia; Japan; Malaysia; the Philippines; Singapore; Thailand; and Vietnam. — Patricia B. Mirasol

Explosions rock Kyiv after Putin accuses Ukraine of attack on bridge

Army soldier figurines are displayed in front of the Ukrainian and Russian flag colors background in this illustration taken, Feb. 13, 2022. — REUTERS/DADO RUVIC/ILLUSTRATION

KYIV — Explosions shook the Ukrainian capital on Monday after Russian President Vladimir Putin accused Ukraine of a terrorist attack on a bridge linking Russia and Crimea, sparking calls for reprisals from top officials in Moscow. 

Thick smoke rose from central Kyiv after the city was rocked by several loud blasts, witnesses said. It was not immediately clear what caused the explosions and there were no immediate reports of casualties. 

Mr. Putin said on Sunday that the blast a day earlier on the bridge over the Kerch Strait, a major supply route for Moscow’s forces in southern Ukraine, was “an act of terrorism aimed at destroying critically important civilian infrastructure.” 

“This was devised, carried out and ordered by the Ukrainian special services,” he said in a video on the Kremlin’s Telegram channel. 

Ukraine has not claimed responsibility for the blast but senior Russian officials demanded a swift response from the Kremlin ahead of a meeting of Putin’s security council on Monday. 

Security Council Deputy Chairman Dmitry Medvedev said ahead of the meeting that Russia should kill the “terrorists” responsible for the attack. 

“Russia can only respond to this crime by directly killing terrorists, as is the custom elsewhere in the world. This is what Russian citizens expect,” he was quoted as saying by state news agency Tass. 

The Kerch bridge is a vital artery for the port of Sevastopol, where the Russian Black Sea fleet is based, and an imposing symbol of Russia’s 2014 annexation of the Crimean peninsula. 

Mr. Putin opened the 19-kilometer road and rail span linking Crimea to Russia with great fanfare in 2018. 

The damage to the bridge came amid battlefield defeats for Russia and initial reports from Ukrainian officials of a mass burial site discovered in the recently liberated eastern town of Lyman. 

Mr. Putin’s anger over the suspected attack also coincided with growing concerns that Moscow could resort to nuclear weapons, after Mr. Putin repeatedly cautioned the West that any attack on Russia could provoke a nuclear response. 

Alexander Bastrykin, the head of Russia’s Investigative Committee, said on Sunday a vehicle had exploded on the bridge causing a fire. 

The vehicle had travelled through Bulgaria, Georgia, Armenia, North Ossetia, and Russia’s Krasnodar region before reaching the bridge, he said. Among those who helped Ukrainian special services prepare the attack were “citizens of Russia and foreign countries,” Mr. Bastrykin added in the video on the Kremlin’s Telegram channel. 

Oleksandr Kovalenko, a military analyst and head of the website Information Resistance, told Espreso TV website, a digital broadcaster well known in Ukraine, that Russia may intensify attacks on civilian targets after the explosion on the Crimea bridge. 

“This probably means missile attacks on border areas — Sumy and Chernihiv regions. It could also mean using missiles and (Iranian-made) Shahed-136 drones to hit even deeper into Ukrainian territory,” he said. 

Images showed part of the bridge’s road blown away, although rail services and partial road traffic resumed. 

The Russian transport ministry, quoted by RIA news agency, said nearly 1,500 people and 162 heavy cargoes had travelled by ferry across the Kerch Strait since the explosion. 

Russia’s defense ministry said on Saturday its forces in southern Ukraine could be “fully supplied” through existing land and sea routes. 

FRESH ATTACK ON ZAPORIZHZHIA
In southeastern Ukraine, Russian shelling overnight destroyed an apartment building in the city of Zaporizhzhia, regional Governor Oleksandr Starukh said early on Monday. At least one person died and five were injured in the attack, a city official said. 

The pre-dawn strikes were the third such attack against the region in four days. A strike on an apartment in the city on Sunday killed at least 13 people and injured 87 others, including 10 children, according to Ukrainian officials. 

Ukraine’s general staff said seven anti-aircraft guided missiles were used in the latest attack. 

Russian aircraft launched at least 12 missiles in Sunday’s attack, partially destroying a nine-storey apartment block, levelling five other residential buildings and damaging many more, Mr. Starukh said on state-run television. 

Ukrainian President Volodymyr Zelenskyy condemned Sunday’s attack as “absolute evil.” 

“This was a deliberate hit. Whoever gave the order and whoever carried it out knew what they were targeting,” he said in a video address. 

Zaporizhzhia city, about 52 km from a Russian-held nuclear power plant, has been under frequent shelling in recent weeks, with 19 people killed on Thursday. 

Russia denies targeting civilians and Vladimir Rogov, an official in the Russian-installed administration in Zaporizhzhia, said Ukrainian forces had shelled the city for “propaganda purposes.” 

Most of the Zaporizhzhia region, including the nuclear plant, have been under Russian control since the early days of Russia’s invasion in February. The capital of the region, Zaporizhzhia city, remains under Ukrainian control. 

Russian troops were continuing to focus their efforts on the strategically important eastern town of Bakhmut, having advanced up to 2 km toward the town over the last week, a British intelligence update said on Monday. Bakhmut sits on a main road in the industrial Donbas region, which Moscow says it intends to capture. 

US TO CONTINUE ARMING UKRAINE
The White House on Sunday declined to comment on the bridge blast but said the United States would continue to arm Ukraine. 

Kyiv demands that Russian forces leave the Black Sea peninsula of Crimea, as well as Ukrainian territory they have seized in the invasion Putin launched in February. 

Ukraine has recaptured more than 1,170 square kilometers of land in its southern Kherson region since launching its counterattack in late August, a military spokesperson said on Sunday. — Reuters

Philippines may ask banks for more documents to support FX deals

GIORGIO TROVATO-UNSPLASH

The Philippine central bank may require banks to provide more documents to support foreign-exchange transactions and to increase reporting frequency amid the local currency’s excessive volatility.

“The central bank may take action based on its assessment of market conditions and activities of the supervised institutions,” the bank said in an emailed response to questions Sunday. “These actions may include requiring banks to report more information or to increase reporting frequency.”

Bangko Sentral is stepping up efforts to curb the slump in the currency, which last week posted its longest run of weekly losses since 1999. The central bank has been “very active” in the FX market to curb excessive volatility and stem the peso’s depreciation, Governor Felipe Medalla said Friday.

Given current market conditions of higher FX volatility, officials may ask banks for additional supporting documents to show the underlying transactions of their dollar requirements, it said. — Bloomberg

Marcos encouraging most competitive energy sources including Russian fuel

PHILIPPINE STAR/ MICHAEL VARCAS

MANILA — Philippine President Ferdinand Marcos Jr is encouraging local energy firms to tap fuel supplies from “the most competitive sources”, including Russia, to mitigate the impact of high prices on consumers, Energy Secretary Raphael Lotilla said.

The Southeast Asian country might need to turn to Russia to fulfil its fuel needs, Marcos said last week, despite Western sanctions on Moscow following its invasion of Ukraine.

“As we have learned from Ukraine, there is always the threat of war breaking out somewhere in some parts of the world and this has to be taken into account as well by our downstream oil industry,” Lotilla said on Monday in a forum organised by the Economic Journalists Association of the Philippines.

But the final decision to buy Russian fuel lies with the oil companies themselves, which are operating in a deregulated environment, he said.

“As to the business decisions that have to be made…that also of course has to be balanced with the concern of the downstream oil players for their own stability of supply,” Lotilla said.

A number of local oil companies are currently locked into long-term supply contracts, which also need to be taken into account, he said. — Reuters

Companies lack targets for employee mental health, study shows

UNSPLASH

Only three companies out of 20 have published objectives for employee mental health management, a study from British charity investment manager CCLA revealed on Monday, despite “clear evidence” that such targets can save money. 

CCLA’s new investor benchmark, which assessed 100 of the world’s largest listed firms, showed a disconnect between their recognition of workers’ mental health as an important business issue and formalized public commitments and disclosure. 

“There may be no shortage of mental health initiatives in the international workplace, but when it comes to integrating mental health into formal management systems and processes, most global companies have much further to go,” Amy Browne, stewardship lead at CCLA, said in a statement. 

“There is clear evidence to show that improving the mental health of an organization saves money and that the financial ramifications of failing to improve corporate mental health are profound,” she added. 

According to David Atkin, head of the UN-supported Principles for Responsible Investment, the results of CCLA’s benchmark show that mental health is “still a relatively immature business issue.” 

Deloitte, one of the “Big Four” accounting firms, reported in 2020 that mental ill-health in the workplace cost companies on average 1,652 pounds, or $1,900 based on mid-September exchange rate, per private sector employee each year, CCLA cited. 

“If we consider that the 100 companies in the CCLA Corporate Mental Health Benchmark Global 100 employ almost 19 million people worldwide, between them, that translates to $36 billion lost, each year, to mental ill-health,” Ms. Browne said. 

CCLA noted, against a backdrop of surging inflation and an unfolding cost-of-living crisis across the world, that 82% of corporates had taken a clear stance on the relationship between good mental health and fair pay and financial wellbeing. 

Less than a third of them, however, have shared a formal policy that expressly recognizes this link. — Reuters

Canada’s economy has scope to slow with ‘exceptionally high’ vacant jobs — central bank gov

Bank of Canada/Flickr

TORONTO — Bank of Canada Governor Tiff Macklem said there is scope to slow the economy based on an “exceptionally high number” of job vacancies in the labor market.

In an interview aired on CBC Radio on Sunday, Mr. Macklem said the current inflation fight is the biggest test the central bank has faced since it started targeting inflation 30 years ago.

But he assured Canadians that monetary policy is working and he expected inflation to return to the central bank’s 2% target by 2024. Canada’s headline inflation rate dropped to 7.0% in August, with core inflation running at about 5%.

“We need to cool the economy, (but) we don’t want to over-cool the economy,” Mr. Macklem said.

“When we look at the economy right now, there is an exceptionally high number of vacant jobs … that’s a clear signal that there is scope to slow the economy, without a lot of people put out of work,” he added.

Canadian employers were actively looking to fill nearly 1 million jobs as of July, data released on Friday showed, while the job vacancy rate dropped to 5.4% in July, from a peak 6.0% in April 2022.

The Bank of Canada has raised its benchmark interest rate by 300 basis points since March, one of its steepest and fastest tightening cycles ever. Economists and money markets are leaning toward a 50-basis-point increase on Oct. 26.

Mr. Macklem said parts of the economy that are sensitive to interest rate increases are starting to slow.

“Let me be clear, what we don’t want is … inflation and wages to become unmoored to our 2% objective, because if that happens, then we are actually going to need to slow the economy a lot more to get the inflation back to 2%. That’s what we have been what we call front-loading our interest rate increases,” Mr. Macklem added. — Reuters

The 10th PropertyGuru Philippines Property Awards celebrates 2022 winners in landmark anniversary gala night

A decade of innovations and achievements honored during the highly anticipated black-tie gala celebration

PropertyGuru (NYSE: PGRU), Southeast Asia’s leading property technology company, tonight celebrated the milestone 10th edition of the PropertyGuru Philippines Property Awards, giving prominence to Filipino excellence in property development, architecture, and design.

The 2022 PropertyGuru Philippines Property Awards, presented by Kohler and supported by Boysen Paints, feted the country’s finest, most innovative real estate developers and projects in a historic return of the black-tie gala celebration in the country’s financial capital.

The 10th PropertyGuru Philippines Property Awards, held at the Fairmont Makati main ballroom and streamed live online, were awarded in a total of 62 categories. For the first time in the Awards’ history, Robinsons Land was named Best Developer, one of nine winning titles for the company. Robinsons Land also received the Best Developer (Luzon) award and the Special Recognition in ESG, as well as diverse awards for such projects as Bridgetowne Destination Estate, Forbes Estates Lipa, Montclair Industrial Park, and work.able Exxa-Zeta Center.

Cebu Landmasters, Inc., a former Best Developer winner, also garnered nine wins, including the titles of Best Developer (Visayas) and Best Developer (Mindanao). SM Development Corp. (SMDC), last year’s recipient of the Best Developer award, accumulated seven wins, including titles for projects such as Air Residences, Glam Residences, Gold City, Ice Tower Residential-Offices, Joy Residences, and Shore Residences.

Aboitiz InfraCapital Economic Estates earned five wins, including Best Industrial Developer. The company, named Best Industrial Developer (Asia) at last year’s PropertyGuru Asia Property Awards Grand Final, also gained wins for its projects LIMA Central Business District and LIMA Estate. AboitizLand, Inc., meanwhile, won Best Housing Development (Visayas) for its project Amoa.

Megaworld Corp. won the never-before-presented award of Best Operational Office Portfolio, in addition to the Best Hospitality Developer and Best Mixed Use Developer titles, as well as the Special Recognition in ESG. Megaworld Hotels & Resorts won Best Operational Hospitality Portfolio, another new honor, while Global-Estate Resorts, Inc. (GERI), a subsidiary of Megaworld Corp., won the Best Lifestyle Developer award.

Torre Lorenzo Development Corp. was named Best Boutique Developer, buoyed by a win for its project Dusit Thani Lubi Plantation Resort. PHINMA Property Holdings Corp. scored the coveted Best Housing Development  (Philippines) title for PHINMA Maayo San Jose in one of three wins for the company. The Best Condo Development  (Philippines) title went to The Seasons Residences by Sunshine Fort North Bonifacio Realty Development Corp.

Alveo Land also excelled during the night with wins for Best High End Condo Development (Metro Manila) for Callisto; Best High Rise Condo Development (Metro Cebu) for Palatine at Solinea; and Best Office Development for Tryne Enterprise Plaza.

Several awards were presented for the first time to developments throughout the archipelago. Among them were the titles of Best Branded Residential Development, awarded to The Residences at Sheraton Cebu Mactan Resort by AppleOne Mactan, Inc.; Best Completed Condo Development (Pixel Residences by Aseana Residential Holdings, Corp.); Best Connectivity Condo Development (Vertex Central by Priland Development Corp.); Best Eco Friendly Commercial Development (Site of the Future — Acienda Silang by Pilipinas Shell Petroleum Corp.); Best Eco Friendly Housing Development (Ameria by Damosa Land, Inc.); Best Health and Wellness Development (Forbes Estates Lipa by Robinsons Land); Best Integrated Work From Home Development [Ice Tower Residential-Offices by SM Development Corp. (SMDC)]; Best Memorial Park Landscape Architectural Design (Golden Haven Memorial Park — Cebu by Golden Haven Memorial Park, Inc.); and Best Waterfront Condo Development (Costa Mira Beachtown Mactan by Cebu Landmasters, Inc.).

Lourdes Josephine Gotianun Yap, president and CEO of Filinvest Development Corp., accepted the Philippines Real Estate Personality of the Year award, making her the first woman in the country to receive this special honor. The editorial team of PropertyGuru Property Report Magazine, who choose the recipient of this award every year, honored Gotianun Yap for helping Filinvest Development Corp. rank among the world’s top women-led firms, among many other achievements.

Hari V Krishnan, CEO and managing director of PropertyGuru Group, said: “I am proud to see how far the PropertyGuru Philippines Property Awards program has come, growing over the last decade from honoring Metro Manila’s finest real estate to celebrating the success of developers across this beautiful archipelago. The awards have become more diverse with accolades for eco-friendliness, connectivity, health, wellness, and other features desired by Filipinos around the world. The 10th edition of our awards program in the Philippines is a great occasion to elevate the achievements of Filipino developers and designers to the global stage.”

Jules Kay, general manager of PropertyGuru Asia Property Awards and Events, said: “We are happy to mark a decade of the PropertyGuru Philippines Property Awards by celebrating and recognizing the developers and design practices that have exemplified Filipino excellence, ingenuity and creativity in their portfolios and projects. In this, the 10th year of the Awards in the Philippines, we distinguish the islands’ world-class developments and showcase them not only to the local property market in all its segments but also to the Filipino diaspora worldwide. Congratulations to all our awardees.”

The shortlist of nominees was selected by an independent panel of judges comprising some of the country’s top real estate and design experts, namely Cyndy Tan Jarabata, chairperson of the Awards and president, TAJARA Leisure & Hospitality Group Inc.; Carlo Cordaro, president and CEO, Atelier A; Jaime A. Cura, Ph.D., vice-chairman, The RGV Group of Companies; Jean Jacquelyn Nathania A. de Castro, CEO, ESCA, Inc.; Kathleen P.  Obcemea, principal interior designer, KPO Beyond Designs Co.; Luis Enrique T. Mangosing, CEO, Metro Development Managers, Inc. (MDMI); Michelle Barretto, founder and CEO, Vitamin B, Inc.; Philip Mareschal, head of property & asset management, JLL Philippines; Raymond Rufino, CEO, NEO; and Richard Raymundo, BSc (Bus Econ), MRICS, managing director, Colliers Philippines.

The selection process was fair, transparent, and credible, and was supervised by the team of Diaz Murillo Dalupan and Company — HLB Philippines, led by Ofelia S. Barroga, Lloyd T. Tan, and Margaux Zarah Casihan.

Main winners of the Philippines Property Awards will now go on to compete for the ‘Best in Asia’ titles at the 17th PropertyGuru Asia Property Awards Grand Final in Bangkok, Thailand on Dec. 9 during ‘PropertyGuru Week,’ which will be preceded by the annual PropertyGuru Asia Real Estate Summit.

Established in 2005, the PropertyGuru Asia Property Awards continue to reward high-calibre work within the industry, encompassing property development, construction, architecture, interior design, and sustainable building practices. The series has expanded over the years to cover the region’s dynamic property markets, including Australia, the Chinese markets, Japan, India, and Sri Lanka.

Organized by PropertyGuru Group, the 10th PropertyGuru Philippines Property Awards program is supported by platinum sponsor Kohler; gold sponsor Boysen Paints; official channel partner History; official magazine PropertyGuru Property Report; official newspaper The Philippine Star; official PR partner FleishmanHillard Manila; media partners BusinessWorld, Esquire Philippines, People Asia Magazine, PhilStar Property Report PH, Real Estate News PH, Real Living, The Manila Times, and WheninManila.com; official ESG partner Baan Dek Foundation; supporting associations IFC — Building Resilience Index and IFC — Excellence in Design for Greater Efficiencies; and official supervisor HLB.

For more information, email awards@propertyguru.com or visit the official website: AsiaPropertyAwards.com.

FULL LIST OF WINNERS AND HIGHLY COMMENDED AWARDEES

10th PropertyGuru Philippines Property Awards 2022

DEVELOPER AWARDS

Best Developer 

WINNER: Robinsons Land

Best Developer (Luzon) 

WINNER: Robinsons Land

Best Developer (Visayas) 

WINNER: Cebu Landmasters, Inc.

Best Developer (Mindanao) 

WINNER: Cebu Landmasters, Inc.

Best Mixed Use Developer

WINNER: Megaworld Corp.                   

Best Industrial Developer

WINNER: Aboitiz InfraCapital Economic Estates

Best Hospitality Developer

WINNER: Megaworld Corp.                   

Best Lifestyle Developer

WINNER: Global-Estate Resorts, Inc. (GERI)

HIGHLY COMMENDED: SM Development Corp. (SMDC)

Best Boutique Developer

WINNER: Torre Lorenzo Development Corp.

HIGHLY COMMENDED: PHINMA Property Holdings Corp.

PORTFOLIO AWARDS

Best Operational Hospitality Portfolio

WINNER: Megaworld Hotels & Resorts

HIGHLY COMMENDED: Robinsons Hotels & Resorts

Best Operational Office Portfolio

WINNER: Megaworld Corp.

DEVELOPMENT AWARDS

Best Township Development

WINNER: Bridgetowne Destination Estate by Robinsons Land

Best Mixed Use Development 

WINNER: Gold City by SM Development Corp. (SMDC)

HIGHLY COMMENDED: Astra Centre by Cebu Landmasters, Inc.

HIGHLY COMMENDED: Bridgeport by Damosa Land, Inc.

HIGHLY COMMENDED: The Infinity by AC Beautiful Island Realty Development Corp.

Best Industrial Development

WINNER: LIMA Estate by Aboitiz InfraCapital Economic Estates

HIGHLY COMMENDED: Montclair Industrial Park by Robinsons Land

Best Hotel Development

WINNER: Admiral Hotel Manila — MGallery by Anchor Land Holdings, Inc.

HIGHLY COMMENDED: Sofitel Cebu City by Cebu Landmasters, Inc.

Best Luxury Resort Development 

WINNER: Sheraton Cebu Mactan Resort by AppleOne Mactan, Inc.

Best Resort Development (Cebu)

WINNER: Abaca Resort Mactan by Cebu Landmasters, Inc.

Best Resort Development (Davao)

WINNER: Dusit Thani Lubi Plantation Resort by Torre Lorenzo Development Corp.

Best Branded Residential Development

WINNER: The Residences at Sheraton Cebu Mactan Resort by AppleOne Mactan, Inc.

HIGHLY COMMENDED: The Suites at Torre Lorenzo Malate by Torre Lorenzo Development Corp.

Best Office Development  

WINNER: Tryne Enterprise Plaza by Alveo Land

Best Eco Friendly Commercial Development

WINNER: Site of the Future — Acienda Silang by Pilipinas Shell Petroleum Corp.

Best Central Business District

WINNER: LIMA Central Business District by Aboitiz InfraCapital Economic Estates

Best CBD Development 

WINNER: Air Residences by SM Development Corp. (SMDC)

HIGHLY COMMENDED: Vertex Central by Priland Development Corp.

Best Luxury Condo Development (Metro Manila)

WINNER: The Seasons Residences by Sunshine Fort North Bonifacio Realty Development Corp.

HIGHLY COMMENDED: Copeton Baysuites by Anchor Land Holdings, Inc.

Best High End Condo Development (Metro Manila) 

WINNER: Callisto by Alveo Land

HIGHLY COMMENDED: Orean Place by Alveo Land

HIGHLY COMMENDED: Sail Residences by SM Development Corp. (SMDC)

Best Mid End Condo Development (Metro Manila)

WINNER: Glam Residences by SM Development Corp. (SMDC)

Best Affordable Condo Development (Metro Manila)

WINNER: Metrotowne by PHINMA Property Holdings Corp.

HIGHLY COMMENDED: Charm Residences by SM Development Corp. (SMDC)

Best Affordable Condo Development (Luzon)

WINNER: Joy Residences by SM Development Corp. (SMDC)

Best High Rise Condo Development (Metro Cebu)

WINNER: Palatine at Solinea by Alveo Land

Best Affordable Condo Development (Metro Cebu)

WINNER: Primeworld District by Primeworld Land Holdings, Inc.

Best Condo Development (Visayas)

WINNER: Terranza Residences by Cebu Landmasters, Inc.

Best Condo Development (Metro Davao) 

WINNER: The Piazza by Grand Land, Inc.

HIGHLY COMMENDED: Patio Suites Abreeza by Alveo Land

Best Condo Development (Mindanao)

WINNER: The East Village at DGT by Cebu Landmasters, Inc.

Best Housing Development (Luzon)

WINNER: PHINMA Maayo San Jose by PHINMA Property Holdings Corp.

HIGHLY COMMENDED: Ajoya Cabanatuan by AboitizLand, Inc.

Best Housing Development (Visayas) 

WINNER: Amoa by AboitizLand, Inc.

HIGHLY COMMENDED: Lumina Bacolod by Prima Casa Land & Houses, Inc. (Lumina Homes)

Best Housing Development (Metro Davao)

WINNER: The Gardens at South Ridge by UrbanEast Developments, Inc.

Best Lifestyle Development

WINNER: Forbes Estates Lipa by Robinsons Land

HIGHLY COMMENDED: Crosswinds by Brittany Corp.

HIGHLY COMMENDED: Green 2 Residences by SM Development Corp. (SMDC)

HIGHLY COMMENDED: Metrotowne by PHINMA Property Holdings Corp.

Best Waterfront Condo Development

WINNER: Costa Mira Beachtown Mactan by Cebu Landmasters, Inc.

HIGHLY COMMENDED: Bridgeport Park by Damosa Land, Inc

HIGHLY COMMENDED: Seafront Villas by AboitizLand, Inc.

Best Connectivity Condo Development

WINNER: Vertex Central by Priland Development Corp.

HIGHLY COMMENDED: Light 2 Residences by SM Development Corp. (SMDC)

Best Completed Condo Development

WINNER: Pixel Residences by Aseana Residential Holdings Corp.

HIGHLY COMMENDED: Vine Residences by SM Development Corp. (SMDC)

Best Health and Wellness Development  

WINNER: Forbes Estates Lipa by Robinsons Land

HIGHLY COMMENDED: Bloom Residences by SM Development Corp. (SMDC)

Best Sub Division Development 

WINNER: Altierra Residences, Bataan by Asiawide Land Specialist Development Corp.

Best Eco Friendly Housing Development

WINNER: Ameria by Damosa Land, Inc.

HIGHLY COMMENDED: PHINMA Maayo San Jose by PHINMA Property Holdings Corp.

Best Integrated Work From Home Development

WINNER: Ice Tower Residential-Offices by SM Development Corp. (SMDC)

HIGHLY COMMENDED: Metrotowne by PHINMA Property Holdings Corp.

Best Green Development

WINNER: LIMA Estate by Aboitiz InfraCapital Economic Estates

DESIGN AWARDS

Best Township Masterplan Design

WINNER: Bridgetowne Destination Estate by Robinsons Land

HIGHLY COMMENDED: Capital Town Pampanga by Megaworld Corp.

HIGHLY COMMENDED: Maple Grove by Megaworld Corp.

Best Hotel Architectural Design

WINNER: Sofitel Cebu City by Cebu Landmasters, Inc.

Best Office Architectural Design

WINNER: Mega Tower by Arquitectonica

HIGHLY COMMENDED: 8912 Asean Ave. by Aseana Holdings, Inc.

Best Condo Architectural Design 

WINNER: The East Village at DGT by Cebu Landmasters, Inc.

HIGHLY COMMENDED: Balai by BE Residences Punta Engaño by Benedict Ventures, Inc.

HIGHLY COMMENDED: Light 2 Residences by SM Development Corp. (SMDC)

HIGHLY COMMENDED: Uptown Parksuites by Megaworld Corp.

Best Housing Architectural Design

WINNER: New York by Antel Land

HIGHLY COMMENDED: Amanda, Altierra de Tarlac by Asiawide Land Master, Inc.

HIGHLY COMMENDED: The Gardens at South Ridge by UrbanEast Developments, Inc.

Best Hotel Interior Design

WINNER: Sheraton Cebu Mactan Resort by AppleOne Mactan, Inc.              

Best Office Interior Design 

WINNER: Robinsons Offices Head Office by Robinsons Land

Best Condo Interior Design

WINNER: The Residences at Sheraton Cebu Mactan Resort by AppleOne Mactan, Inc.

HIGHLY COMMENDED: Gold Residences by SM Development Corp. (SMDC)

HIGHLY COMMENDED: The Albany Yorkshire by Megaworld Corp.

Best Condo Landscape Architectural Design

WINNER: Shore Residences by SM Development Corp. (SMDC)

HIGHLY COMMENDED: Primeworld District by Primeworld Land Holdings, Inc.

Best Memorial Park Landscape Architectural Design

WINNER: Golden Haven Memorial Park — Cebu by Golden Haven Memorial Park, Inc.

Best Co Working Space

WINNER: work.able Exxa-Zeta Center by Robinsons Land

BEST OF THE PHILIPPINES AWARDS

Best Condo Development  (Philippines)

WINNER: The Seasons Residences by Sunshine Fort North Bonifacio Realty Development Corp.

Best Housing Development  (Philippines)

WINNER: PHINMA Maayo San Jose by PHINMA Property Holdings Corp.

SPECIAL AWARDS

Special Recognition in ESG

WINNER: Cebu Landmasters, Inc.

WINNER: Megaworld Corp.                   

WINNER: Pilipinas Shell Petroleum Corp.

WINNER: Robinsons Land

WINNER: SM Development Corp. (SMDC)

Special Recognition in Sustainable Design and Construction

WINNER: Aboitiz InfraCapital Economic Estates

WINNER: Cebu Landmasters, Inc.

WINNER: Damosa Land, Inc.

Special Recognition For Public Facility

WINNER: New Clark City Sports Complex by Bases Conversion and Development Authority

PUBLISHER’S CHOICE

Philippines Real Estate Personality of the Year

WINNER: Lourdes Josephine Gotianun Yap, President and CEO, Filinvest Development Corp.

 

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Okada Manila’s awesome Halloween adventures

Okada Manila is set to bring some frightful fun this Halloween with spine-chilling activities and exciting offers for everyone. It is indeed a November to remember at Manila’s grand icon.

PLAY’s Trick-or-Treat Festival

PLAY Trick or Treat

Exciting Halloween adventures and awesome family-friendly activities await at PLAY’s Trick-or-Treat Fair on Oct. 29. Kids and their parents can play dress-up with their most magical and otherworldly costumes when they trick or treat for gifts, toys, or candies around the Crystal Pavilion.

The ultimate Halloween PLAY date also features a unique experience featuring the epic Human Claw Machine from Oct. 29 to Nov. 1. It’s the perfect activity for guests who are looking to win amazing prizes.

Spooky and sumptuous treats

Halloween cakes

The Lobby Lounge and Pastry Shop has prepared spine-chilling and scrumptious Halloween cakes ideal for gifts or even trick-or-treat candies. From Oct. 21 to Nov. 2, guests have the chance to score drool-worthy desserts like Pumpkin Deluxe, Mummy Field Rolls, and Frosty Ghosts.

Plus, Medley Buffet will be concocting a special Halloween menu on Oct. 31. Free face-painting services will be available all day to keep the fun going. Lunch and dinner rates are priced at P3,300 nett for adults and P1,600 nett for children.

Frights and delights for everyone

Guests will also be treated to a frightfully fun Halloween experience from Oct. 28 to Nov. 1 (1 p.m. to 9 p.m.) at the Coral Wing Activity Area.

Those who will take photos with the gigantic moon display in the MoonShot Zone and upload it on social media with the hashtags #HalloweenAtOkadaManila and #OnlyAtOkadaManila will get a yummy Halloween Cookie Treat.

Spooky Live Actors will also roam around the area to create an atmosphere that’s perfect for hair-raising photos. Caricature artists will also be there to hand-draw spooktacular pictures of guests.

2 for 1 staycation offer

A special 2 for 1 staycation offer will also be running from Oct. 14 to 20. Guests can get up to a 55% discount on Deluxe and Suite rooms for 2 consecutive nights. Stay dates are from Oct. 16 to March 31, 2023. To learn more about this offer, guests can go to okdmnl.ph/2for1.

For reservations and inquiries, guests can call +632 8888-0777 or email roomreservations@okadamanila.com. Visit www.okadamanila.com for more information.

 

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[B-SIDE Podcast] Building an esports empire

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In the future, esports players with handles like “Eric Eruption” and “Hypebits” could be as big as sports stars like Steph Curry, Rafael Nadal, or  Lionel Messi.

And esports itself, an empire that touches fashion, music, and lifestyle.

In this B-Side episode, Ferdinand M. Gutierrez, chief executive officer of esports company Ampverse, tells BusinessWorld Patricia B. Mirasol how mobile gaming lowered the barrier to entry for esports in Southeast Asia. 

Before founding Ampverse, Mr. Gutierrez was an advertising executive and, at one point, head of marketing at Twitch, an interactive livestreaming service.

This August, Ampverse announced that it would invest P100 million in its Philippine expansion.

TAKEAWAYS

Mobile gaming democratized esports in Southeast Asia (SEA). 

“In PC gaming, it depends on how good your PC and your connection is,” Mr. Gutierrez said. “In mobile gaming, [you] need less power, and more players can get involved with it.” 

“Mobile gaming’s democratized e-sports in a sense where there’s more people who can get involved versus just maybe the middle to upper class getting access to high-end equipment that cost a lot of money.”  

Brands that want to talk to Gen Z and Gen Alpha should get into esports.  

“We’re trying to build a culture around gaming, and that culture includes music and fashion. We have to build that engagement layer which I believe is important,” said Mr. Gutierrez of Ampverse.

“We understand how to take players and everybody around the teams to become marketing tools for the next generation of audience, which is Gen Z and Gen Alpha,” he added. 

Ampverse aims to build a gaming ecosystem that includes collaborations with Filipino celebrities who are esports enthusiasts and Philippine streetwear brands. 

This September, Filipino gaming creator Edgar “ChooxTV” Dumali became an investor and brand ambassador for Minana, Ampverse’s Philippine e-sports team and lifestyle brand. 

Esports is just like any other sport, it just so happens that it’s played on a screen instead of a field.

“It’s just as exciting as any other sports event I’ve been at, and I’ve been to some crazy ones. … It’s the same level or even higher,” said Mr. Gutierrez, a football and basketball fan who compared the “eletric atmosphere” of an esports world championship in Los Angeles to other sporting events he’s witnessed, among them a Liverpool match and a New York Knicks game at Madison Square Garden.

The esports market is expected to register a compound annual growth rate of 20% during the forecast period of 2021 to 2026, and countries that are supportive of esports will have a slice of that pie. 

Follow us on Spotify BusinessWorld B-Side

Musk’s acrimonious Twitter bid heads for business school case study immortalization

S7AKTI-PIXABAY

LONDON/NEW YORK — Elon Musk’s $44 billion Twitter takeover saga comes with all the drama necessary to be immortalized in case studies for future captains of industry, as the tycoon’s on-off pursuit of the social media platform and unique management style make for a union like no other.

The chief executive of electric car maker Tesla Inc. performed a U-turn by proposing to buy Twitter at the agreed price having spent months trying to get out of the deal, just as a Delaware Court was getting ready to rule on the standoff. 

“This is unique in many cases,” said Arturo Bris, Professor of Finance and Director of IMD World Competitiveness Center. “It is definitely a business school case study. Because it’s about poison pills, breakup fees, lawsuits, hostility.” 

While there are examples of acrimonious or hostile takeovers such as AOL-Time Warner and Sanofi-Aventis-Genzyme, here the world’s richest man — who has long used his own Twitter account to press for more freedom of speech — is working to impose his will on another corporation. 

Mr. Musk’s attempt to take over Twitter is “a gift to professors and students,” said Joshua White, a professor at Vanderbilt University, calling the situation “unprecedented.” 

UNIQUE STYLE 

“Frankly I hate doing mgmt stuff,” Mr. Musk wrote in a text message to Twitter Chief Executive Parag Agrawal in the run up to making an offer for the company, according to legal documents related to the battle. 

“I kinda don’t think anyone should be the boss of anyone,” he wrote, while another message noted he could “interface way better with engineers who are able to do hardcore programming than with program manager/MBA types.” 

While the messages reflect his unusual approach to running a business, taking control of Twitter will mean managing it, at least initially. Mr. Musk has said he would take the reins as CEO but only until he finds a new executive with expertise in the media industry. 

“What is to come is unclear,” said Donna Hitscherich, a Columbia Business School professor. 

Mr. Musk did not respond to a request for comment on the challenges of running the company after such a contentious deal. Twitter declined to comment. 

Academics and analysts say Mr. Musk should focus on restructuring the social media company’s business model after second-quarter revenue dropped amid the court battle and a weakening digital advertising market. 

Mr. Musk has hinted at wanting to turn Twitter into what he called an “everything app” like the wildly popular WeChat in China which offers everything from banking to chatting. That will be difficult, analysts said, especially in the United States where consumers are already well served by multiple services. 

Whether or how Mr. Musk pulls it off remains to be seen. What analysts and academics can agree on is that considerable energy and momentum could be sapped by what they forecast will be heavy turnover among Twitter’s staff and senior management. 

Mr. Musk spent months criticizing the company’s management and complaining about salaries, what he perceived as political bias and automated “bot accounts” — of which he thinks there are many more than Twitter estimates. 

Addressing employees directly in June, he said there needed to be “rationalization of headcount and expenses” while stressing that staff, who currently have relatively free rein to choose where they work, should lean towards working in an office. 

One thing is for sure: Mr. Musk is going to receive huge attention and scrutiny as he figures out how to run Twitter. Success or failure, it will be an instant business school classroom staple, experts say. 

“I’m really, really looking forward to the end,” said Mr. Bris. “So I can teach this case in class.” — Reuters

 

Dollar reserves slide to 2-year low

BW FILE PHOTO

THE COUNTRY’S dollar reserves declined to a two-year low as of end-September, as the Bangko Sentral ng Pilipinas (BSP) said it has been “active” in the foreign exchange market to curb the peso’s depreciation against the US dollar.

The gross international reserves (GIR) stood at $95.01 billion as of end-September, falling by 2.4% from the $97.44 billion as of end-August, data from the central bank showed.

“We’re active, but of course we sell strategically. There are times it is wiser to keep your powder dry and shoot later,” BSP Governor Felipe M. Medalla told reporters on the sidelines during the Annual Reception for the Banking Community.

The peso closed at P58.92 per dollar on Friday, losing 26.7 centavos from its P58.653 finish on Thursday, based on Bankers Association of the Philippines data. The peso hit a record low of P59 on Oct. 3.

So far, the local unit weakened by 15.5% or P7.92 from its P51-per-dollar finish on Dec. 31, 2021.

“There are so many things that are happening outside the Philippines right now that is actually causing the dollar to weaken. So, it’s very fluid. I cannot tell you what we will be doing, but we will not allow excessive appreciation (of the dollar),” Mr. Medalla said.

The foreign exchange buffer as of end-September was 10.7% lower from the $106.5-billion level a year ago, and marked the seventh consecutive month of decline since February. It was also the lowest since the $93.46 billion in gross reserves seen in June 2020.

The end-September GIR, which serves as a buffer for liquidity shocks, is enough to cover about 6.8 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity.

It is also equivalent to 7.6 months’ worth of imports of goods and payments of services and primary income.

“The GIR came under pressure recently as it is one of the tools being used to support the Philippine peso. However, in 2020 and 2021, the BSP built up its international reserves for a ‘rainy day,’ such as this year,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message.

The BSP built up the GIR during the pandemic, with dollar reserves hitting a record high of $110.12 billion in December 2020. 

The BSP is expecting a GIR of $99 billion for this year and $100 billion for next year.

Ms. Velasquez added the current GIR is still enough to cover the country’s imports and external debt, and that the drawdown of dollar reserves in the Philippines is aligned with what other central banks are experiencing globally.

RESPONSE
The BSP governor said monetary authorities will have to respond to the US Federal Reserve based on the data, adding that the Fed may do two more 75-basis-point (bp) increases and a 50-bp rate hike. 

Asked if the Monetary Board was going to deliver another surprise rate increase for the remainder of the year, Mr. Medalla said an off-cycle rate hike is unlikely.

“It’s impossible that we’d have zero response but it’s also not necessarily wise to respond 100% point by point,” he added.

The BSP has raised borrowing costs by 225 bps since May, including a back-to-back 75-bp hike in September and August, and a surprise 75-bp in July to curb inflation and stabilize the foreign exchange market. The benchmark policy rate is now at 4.25%.

Headline inflation continued to exceed the BSP’s 2-4% target range as it quickened to 6.9% in September, from 6.3% in August. Inflation averaged 5.1% in the first nine months of the year. 

The Monetary Board is scheduled to meet again on Nov. 17 and Dec. 15.

“Our forecast is inflation will fall close to 3% near the end of next year. When that happens, the current interest rates are not too low anymore,” Mr. Medalla said.

In a speech on Friday, the BSP governor said nobody would have predicted the US Fed would be very aggressive in raising policy rates six months ago.

“It turns out, this outlook was wrong. To make matters worse, we had the Ukraine war, which caused an increase in the price of our imports,” Mr. Medalla said.

The BSP expects a wider balance of payments gap this year as it sees a current account deficit of $20.6 billion (-5% of gross domestic product) from the earlier forecast of $19.1 billion (-4.6% of GDP). 

“This is, to say the least, probably the most difficult time since I joined the Monetary Board more than a decade ago,” Mr. Medalla said. “Yet, I’m confident that the economy should do well.”

The Philippine economy is expected to expand by 6.5-7.5% this year. — K.B.Ta-asan

Debt service bill declines in August

PHILIPPINE STAR/ WALTER BOLLOZOS

THE NATIONAL Government saw its debt service bill drop in August from a year ago, as a decline in amortization payments offset the higher interest payments. 

Preliminary data from the Bureau of the Treasury (BTr) showed the government paid P68.3 billion for debt servicing in August, down by 9.04% from P75.09 billion in the same month a year ago.

Month on month, debt payment fell by 56.28% from P156.2 billion in July.

In August, around 54.94% of debt repayments went to amortization, while the rest went to interest, the BTr said.

Overall amortization payments slumped by 26.65% to P37.52 billion in August from P51.15 billion in the same month last year.

The BTr settled P22.78 billion with domestic lenders, while principal payments to foreign creditors amounted to P14.75 billion.

Interest payments increased by 28.59% year on year to P30.77 billion in August, with interest paid on foreign debt jumping by 294.49% to P10.38 billion despite domestic debt slipping by 4.27% year on year to P20.39 billion.

Domestic debt consisted of P11.19 billion in Treasury bonds, P7.94 billion in retail Treasury bonds, and P1.08 billion in Treasury bills.

For the eight-month period, the debt service bill slid by 24.91% year on year to P682.85 billion, with around 50.2% going towards interest payments, and the rest to amortization.

Principal payments from January to August stood at P342.77 billion, dropping by 44.52% from a year earlier. This consisted of P279.61 billion in domestic debt and P63.16 billion in foreign obligations. 

Interest payments jumped by 16.67% to P340.08 billion in the eight months ending in August. These included P258.5 billion worth of payments to domestic creditors and P81.58 billion to external creditors.

The government borrows from foreign and local sources to fund its budget deficit as it spends more than the revenue it generates to support programs that would stimulate economic growth.

The government wants to borrow P2.47 trillion to help fund its budget deficit this year, with a goal of sourcing 75% domestically.

The National Government has taken on P1.314 trillion in gross borrowing as of end-August, down by 38.06% year on year, according to separate BTr data.

Outstanding debt is expected to rise to P13.43 trillion by the end of 2022. As of end-August, debt stood at P13.02 trillion.

The government plans to spend P1.298 trillion on debt payments this year, with P785.21 billion budgeted for principal and the remaining P512.59 billion for interest.

The Philippines registered a debt-to-gross domestic product (GDP) ratio of 62.1% as of the second quarter, above the 60% debt-to-GDP ratio considered manageable by multilateral lenders for developing economies.

The government estimates the debt-to-GDP ratio to drop to 61.8% at the end of the year. — Diego Gabriel C. Robles

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