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Americans set to spend more than Brits at UK hotels for coronation

KING CHARLES III is set to be crowned on May 6 at Westminster Abbey. — BLOOMBERG

WHEN King Charles III is crowned May 6 at Westminster Abbey, royal-watching analysts say American tourists will celebrate by outspending his British subjects at London’s top hotels.

According to research conducted by AI hotel booking platform Allora.ai, US-based travelers will account for 32% of all booking revenue in four- and five-star hotels, more than usual for this time of year. Americans typically make up 24% of revenue and domestic travelers 34%, according to the platform.

“The fact that the coronation has really caught the imagination of visitors from the US is a real added bonus for London hoteliers, as they are far more likely to make use of the hotel’s facilities, such as the restaurant or spa,” says Michael De Jongh, chief commercial officer of Allora.ai. “US guests spend a good deal more than domestic ones.”

There will be plenty of opportunities for visitors who have traveled across the pond to splash cash at luxury hotels on everything from coronation-themed high teas and cocktails to Michelin-starred dinners and a $25,000 whisky for the occasion.

Some of the more exciting recent announcements include 5-star hotel The Londoner opening a pop-up royal martini bar. The Dorchester is reopening its rooftop on coronation day to let guests watch the Red Arrows pass overhead while enjoying a three-course lunch, starting at £165 per person ($205). But hotels in all corners of London are cashing in on the occasion.

Patricia Yates, chief executive officer of VisitBritain, the UK’s national tourism agency, told Bloomberg last month that the coronation has global appeal, especially for Americans, who are the key drivers behind the country’s tourism recovery after pandemic restrictions lifted. Americans shelled out $5.2 billion in the UK in 2019, and spending so far this year is already up 40%, according to VisitBritain.

This all comes after a YouGov poll said that most Brits just don’t care much about the coronation. Apathy is highest among younger people, with 75% of 18- to 24-year-olds who were polled saying they care “not very much” or “not at all” about the king’s big day.

Many Brits said they are looking to get out of town entirely during the festivities. Expedia search data showed that British travelers have been searching for flights to Amsterdam, Paris and even New York, while the top hotels in London are being booked by Americans. — Bloomberg

China, Singapore plan military drills as Beijing forges defense ties

REUTERS

BEIJING — China and Singapore will hold a joint military exercise as soon as this week, their first combined drills since 2021, as Beijing deepens its defense and security ties with Southeast Asia, a region with strong existing US alliances.

The Chinese navy will deploy a missile-bearing frigate, the Yulin, and a mine-hunting ship, the Chibi, to the joint maritime exercise which will last from late April to early May, the Chinese defense ministry said in a statement on its website on Monday, without specifying the location.

Two years ago, China and Singapore held a combined military drill in international waters at the southern tip of the South China Sea, following the upgrade of a bilateral defense pact in 2019 to include bigger-scale exercises among their army, navy and air force.

The deeper China-Singapore military cooperation comes as a time of heightened tensions in the South China Sea, an area spanning 3.5 million square km (1.4 million square miles) that is often traversed by Western navies including US vessels conducting freedom of navigation operations. Such passages annoy China, which lays claims to nearly all of the South China Sea despite an international ruling to the contrary.

In August last year, the US military conducted an expanded Super Garuda Shield exercise with Indonesia that saw the participation of Singapore, Japan and Australia for the first time.

Around the same time, China sent fighter-bombers to Thailand in joint air force drills code named Falcon Strike 2022. Both countries say the exercises, in northeast Thailand near the border with Laos, were defensive in nature.

The drills last summer also took place against the backdrop of elevated tensions in the Taiwan Strait following the visit of former US House Speaker Nancy Pelosi to the democratically governed Taiwan, which China claims as its own.

China’s increased military engagement in Southeast Asia is widely expected to challenge the influence that the United States has shaped with countries including Singapore and Indonesia in coming years. — Reuters

Pag-IBIG home loan releases reach record-high P27.57B in Q1 2023, up 14%

Pag-IBIG Fund released a record-high P27.57 billion in home loans during the first quarter of 2023, an increase of P3.36B or 14% compared to the P24.21 billion released during the same period in 2022, its top officials announced on April 24.

“We are happy to report that we have started the year strong by posting a new record-high in home loan releases for the first three months of 2023. This means that more Filipino workers have been helped by Pag-IBIG Fund in acquiring their own homes. All these are part of our efforts under President Marcos’ Pambansang Pabahay para sa Pilipino Housing or 4PH Program to move forward in solving the housing backlog of our country,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.

Acuzar added that the amount of home loans released by the agency during the first quarter enabled 21,870 members to acquire their own homes. He further noted that out of this total number, 2,968 or 14% are Pag-IBIG Fund members from the minimum-wage and low-income sectors who were able to secure a total of P1.26 billion in socialized home loans.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta noted that the agency’s performance at the start of the year shows that it has sustained the momentum of its record-high achievement in 2022, when it released a record-high P117.85 billion in home loans for the year and surpassed the one-trillion peso level in total home loan releases since its inception.

“After coming off our best-performing year in 2022, we have yet again set another record-high in housing loan takeout for the first quarter of 2023. Our strong performance in the housing loan front is an indication of the trust of our members in our programs. More importantly, our record-high numbers reflect the increasing number of Filipino workers we have enabled to gain new or better homes. Our members can rest assured that we shall do our best to make our housing loan programs, as well as all our other services, continuously accessible so that they may fully enjoy their benefits as Pag-IBIG Fund members,” Acosta said.

 

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[B-SIDE Podcast] Shoppertainment: The rise of livestreaming commerce

https://open.spotify.com/episode/09yeiRi4DovT17Z0NhzhUj?si=rpQ7-VV5QT2GpnfbCUvmVA

Follow us on Spotify BusinessWorld B-Side

Shoppertainment is seen as a more authentic form of advertising, as it provides a personal touch and allows businesses to interact with consumers in real time, according to an expert.

In this B-Side episode, Pierre Faucher, country manager of Intrepid Philippines, talks to reporter Patricia Mirasol about the opportunities in shoppertainment.

This trend originated with a change in consumer behavior, Mr. Faucher said. “The consumers are fed up with TV (television) commercials; they prefer storytelling.”

Shoppertainment is a convergence of content and commerce that offers a $1 trillion opportunity in the Asia Pacific by 2025, according to the Boston Consulting Group.

“It is (content that) provides entertainment…,” Mr. Faucher noted. “What counts is that the shopper feels entertained.”

Examples include the use of augmented reality, such as when people use an app to check what a couch looks like in their living room before buying it, or the use of gamification elements, such as when people are rewarded for achieving their fitness milestones through leaderboard rankings and physical prizes.

It also includes livestreaming shopping, where products are promoted by brand representatives through a livestream event.

Each platform plays a different role, Mr. Faucher said. The social networking site Facebook is for product discovery, whereas Shopee is for product awareness within the shops on its e-commerce website.

In the Philippines, microvlogging platform TikTok has by far gained the most interest for shoppertainment purposes, Mr. Faucher said.

“One best practice is to not go for scripted livestreaming, so people can feel the host is authentic…You don’t want to script your influencer,” he added.

Recorded remotely on April 18, 2023.

Follow us on Spotify BusinessWorld B-Side

South Koreans tap cash-giving apps to help offset rising living costs

STOCK PHOTO | Image by Pexels from Pixabay

SEOUL – Throngs of people have been milling seemingly aimlessly around the forecourt of a museum in central Seoul, brushing silently past each other with heads bent toward smartphones while fingers frantically tap screens – in the latest money-making trend.

Walking 10,000 steps, completing tasks such as subscribing to social media, or just tapping the screen when other users are nearby can generate up to 10 cents a time for users of financial services app Toss from South Korean startup Viva Republica.

The viral campaign has seen Toss become a frontrunner in a trend where businesses win users through cash– and points-offering loyalty apps, which have risen in popularity in an economy with high youth unemployment and surging inflation.

As many as three in four adults earn cash through such applications, showed a recent survey by job portal Incruit.

“I’ve only made 150 won ($0.11) so far, but I plan to continue so I can buy coffee or pay for something using the app,” said 27-year-old office worker Baek Na-young.

Some 4.4 million users have used Toss’ cash–giving in-app feature since its January launch, and the number of times people open the app on handsets has increased 30%, Viva Republica said.

Retiree Han Sun-jae, 77, said he had made some 50,000 won ($37.91) so far through the Toss app.

“My daughter works nearby and told me many people were gathering here, and that I could make more money here,” he said outside the Seoul Museum of Art, where office workers gathered at lunchtime based on rumour and grapevine chitchat.

The trend shows people are going the extra mile to help overcome an increasingly dire economic situation, experts said.

The consumer inflation rate hit 5.1% in 2022, the highest since 1998, with food and transport prices up 5.9% and 9.7% respectively.

Some 497,000 people aged 15 to 29 in February said they were on a break from employment and not actively seeking work, showed Statistics Korea data, the most since records began in 2003.

Some experts cautioned that exchanging data for the opportunity to earn pennies could involve sensitive personal information being shared with third parties.

“While the effort to make pocket money is commendable, it could also leave people vulnerable to personal data use,” said Lee Eun-hee, a consumer studies professor at Inha University. “It would be wise to consider both sides of the coin.” – Reuters

Flu or COVID? You can now test for both at home with a single swab. Here’s what you need to know

STOCK PHOTO | Image by Willgard Krause from Pixabay

Source: The Conversation

If you have respiratory symptoms as we head towards winter and flu season, could it be COVID or the flu? Or something else entirely?

Now, we have a range of home tests that can distinguish between flu and COVID with one swab. They use technology you might be used to. They’re rapid antigen tests or RATs.

Here’s what you need to know about the tests, why they might be useful, and what they don’t tell us.

Most people were introduced to RATs while testing at home for COVID.

But RATs to detect the flu have been available for years, albeit used by health workers to test patients.

The latest RATs are different for two reasons. One, they detect both COVID and flu with one swab (a “combo” test). Two, they can be used at home.

The first of these combo home tests for flu/COVID was approved in September 2022. Now several are on the market.

These tests let you check, with one test kit, if you are infected with two types of flu (influenza A and B) and SARS-CoV-2 (the virus that causes COVID).

These RATs contain antibodies that can detect influenza A, influenza B, and SARS-CoV-2.

Some kits have a test cassette with one well to add drops to and one window labelled: C (control), A (influenza A), B (influenza B) and T (test for COVID).

Some tests have two wells and two test windows. You view the influenza results in one window and the COVID results in the other.

In the influenza window you will see markings C, A and B. If a line becomes visible at A (and C), you have tested positive for influenza A. If a line becomes visible at B (and C), you are positive for influenza B. If lines are visible at A, B and C you have tested positive for both influenza A and B.

If either A or B has a line but not C, or if none of them do, the test is invalid and you will need to take a new one.

The COVID window works the same way as in a standard RAT for COVID. If a line becomes visible at C and T, you are COVID-positive. If there is a line at C but not T, you are COVID-negative. If there is no line at C the test is invalid.

If you have respiratory symptoms, there are some practical reasons for knowing whether you are positive for COVID or flu.

One, if you know you have COVID, this will affect the timing of your booster vaccine. The Australian Technical Advisory Group on Immunisation recommends adults wait six months after a COVID infection to get a booster to increase the time you have protective immunity. So it helps to know if you have been infected.

Two, if you need antiviral treatment, the medications differ depending on whether you have flu or COVID.

Three, knowing you have flu or COVID means you can take steps to protect others. This could mean working at home, avoiding contact with vulnerable people, and wearing a mask in company.

The Therapeutic Goods Administration (TGA) lists approved tests on its website. Type the term “combination” in the search box. All combo tests currently listed use nasal swabs to collect the sample.

Most are listed as “very high sensitivity”. This means they get the same result in detecting positive cases as the gold standard PCR test 95% of the time. The others have “high sensitivity” (90% agreement with a PCR).

The best time to take the test is within four days of developing symptoms, as this is when it is easiest to detect both flu and COVID. The tests are more reliable if you have symptoms.

One possibility is that your viral load was not high enough to be detected. You could take another test a day or so later to check again.

Another is you may have a different virus. Viruses that cause respiratory symptoms include rhinoviruses, adenoviruses, respiratory syncytial virus and common cold coronaviruses.

Other pathogens (disease-causing microorganisms) or health conditions can also cause respiratory symptoms. If you are concerned, consult your doctor for medical advice.

As each test differs, make sure you follow the instructions for that specific test.

The price of combo kits advertised online varies from A$8.95 to $59 (excluding delivery) so it pays to shop around. – Reuters

Foreign states evacuate citizens from Sudan

The Republic of Sudan as seen in a screenshot from Google Maps.

KHARTOUM – Sudan‘s sudden slide into conflict between the army and a paramilitary group called Rapid Support Forces (RSF) has stranded thousands of foreigners, including diplomats and aid workers, and countries are working to evacuate their nationals.

Several evacuations are by air. Others are via Port Sudan on the Red Sea, which is about 650 km (400 miles) northeast of Khartoum, but is about 800 km (500 miles) by road.

This is the status of some evacuations:

 

UNITED STATES

US special forces evacuated all US government personnel and their dependents, along with a few diplomats from other countries, from the embassy on Saturday using helicopters that flew from a base in Djibouti and refueled in Ethiopia. They were not fired on during the evacuation.

Washington does not plan to coordinate an evacuation of other Americans but is looking at options to help them leave.

 

BRITAIN

British armed forces staged a “complex and rapid evacuation” of all diplomatic staff and their families from Sudan, Prime Minister Rishi Sunak said on Sunday.

He said the government was pursuing every avenue to end the bloodshed and ensure the safety of British nationals there. The Foreign Office urged nationals to shelter in place and let it know where they were.

The defense minister said British troops undertook the operation alongside the United States, France, and other allies.

 

FRANCE

A French plane carrying about 100 people left Khartoum on Sunday for Djibouti with a second plane carrying a similar number preparing to take off, France said, adding that operations would resume on Monday.

The plane also carried the European Union delegation along with some other nationalities.

Earlier, the warring army and RSF each accused the other of attacking a French convoy. The army said the RSF had fired on the convoy, wounding a French national.

The RSF said it had been attacked by aircraft during the evacuation, leading to a French national being wounded, and it had returned the convoy to its starting point.

France’s Foreign Ministry has not commented on the reported attack or injury.

 

GERMANY

Germany said a first military plane evacuated 101 citizens to Jordan, with two more aircraft still in Sudan. Germany had earlier said it had roughly 200 citizens in the country.

 

ITALY

Italy said its nationals would be taken out of Sudan on Sunday night along with some people from Switzerland, Vatican City and other European countries.

Italy’s foreign minister said some 140 Italians would be evacuated, plus around 60 people from other countries.

 

EGYPT

Egypt said it evacuated 436 of its nationals out of about 10,000 in neighbouring Sudan.

It said one of its diplomats had been wounded by gunfire, without giving details.

 

SAUDI ARABIA AND GULF STATES

Saudi Arabia on Saturday took 91 Saudis and about 66 people from other countries out from Port Sudan by naval ship to Jeddah, across the Red Sea.

Kuwait said all citizens wishing to return home had arrived in Jeddah.

Qatar thanked Saudi Arabia for helping evacuate Qatari citizens. Sudan‘s army accused the RSF of attacking and looting a Qatari embassy convoy heading to Port Sudan. Neither the RSF nor Qatar have commented on that and it was not clear if it was the same group that left for Saudi Arabia.

 

RUSSIA

Moscow’s ambassador in Khartoum told Russian state media that 140 out of roughly 300 Russians in Sudan had said they wanted to leave. Evacuation plans were made but were still impossible to implement because they involve crossing frontlines, the ambassador said. He added there were about 15 people, including a woman and child, stuck in a Russian Orthodox church close to heavy fighting in Khartoum.

 

OTHER COUNTRIES

Jordan said four planes carrying 343 people, including Jordanian nationals and residents of Palestine, Iraq, Syria and Germany, had departed Sudan.

Libya’s embassy in Khartoum said 83 Libyans including diplomats and their families, students and airline and bank employees had reached Port Sudan for onward travel home.

Spain said it evacuated diplomatic personnel and citizens, as well as others from Europe and Latin America. Five Mexicans and two family members were aboard that flight, according to Mexican Foreign Minister Marcelo Ebrard.

India said it had sent a naval ship to Port Sudan and two military planes to Jeddah as part of its preparations and was telling citizens to avoid unnecessary risks.

Tunisia said it would start evacuating citizens on Monday from Khartoum.

Lebanon said it was working to evacuate 51 citizens from Port Sudan.

South Korea said on Friday it was sending a military aircraft to evacuate its 25 citizens in Sudan.

Japan said three planes had arrived in Djibouti to transport Japanese nationals.

Canada said it was suspending operations in Sudan and had extracted its diplomats.

Ghana and Kenya said they were working to help their nationals get out.

Nigeria said had asked for a safe corridor to evacuate 5,500 nationals, mostly students.

Sweden, Norway and Ireland also each said they were involved in efforts to evacuate citizens. The Netherlands said a handful of its 150 nationals in Sudan had left on the French plane.

Ukraine war spurs record global spending on military, Stockholm think tank says

STOCK PHOTO | Image by Daniel Hadman from Pixabay

STOCKHOLM – Global military spending rose to a record last year as Russia’s war in Ukraine drove the biggest annual increase in expenditure in Europe since the end of the Cold War three decades ago, a leading conflict and armaments think tank said on Monday.

World military expenditure rose by 3.7% in real terms in 2022 to $2.24 trillion, the Stockholm International Peace Research Institute (SIPRI) said in a statement.

Russia’s invasion of Ukraine, which began in February last year following years of growing tensions, has prompted European countries to rush to bolster their defenses.

Moscow says its “special military operation” was necessary to safeguard it against what it sees as a hostile and aggressive West. Ukraine and its Western allies say Russia is waging an unprovoked war aimed at grabbing territory.

European military spending shot up 13% last year, primarily due to increases by Russia and Ukraine, but with many countries across the continent also ramping up military budgets and planning for more amid the surging tensions.

“This included multi-year plans to boost spending from several governments,” SIPRI Senior Researcher Diego Lopes da Silva said. “As a result, we can reasonably expect military expenditure in Central and Western Europe to keep rising in the years ahead.”

Ukraine‘s military spending rose 640% in 2022, the largest annual increase recorded in SIPRI data going back to 1949, with that total not including the vast amounts of financial military aid provided by the West.

SIPRI estimated that military aid to Ukraine from the United States accounted for 2.3% of total U.S. military spending in 2022. Though the United States was the world’s top spender by far its overall expenditure rose only marginally in real terms.

Meanwhile, Russia’s military spending grew by an estimated 9.2%, though SIPRI acknowledged figures were “highly uncertain given the increasing opaqueness of financial authorities” since its war in Ukraine began.

“The difference between Russia’s budgetary plans and its actual military spending in 2022 suggests the invasion of Ukraine has cost Russia far more than it anticipated,” said Lucie Beraud-Sudreau, Director of SIPRI’s Military Expenditure and Arms Production Programme. – Reuters

Gary Valenciano and Chito Miranda partner with AIA Philippines and BPI AIA to put spotlight on Pinoy expressions of love in ‘It’s Real Love’ video

Chito Miranda and Gary Valenciano sing their latest single, 'It's Real Love.'

While Filipinos may say the words “I love you” every day, they are still very expressive in the ways that they show their concern and care for their loved ones.

Popular artists and celebrity dads Gary Valenciano and Chito Miranda partnered with AIA Philippines (formerly AIA Philam Life) and BPI AIA (formerly BPI Philam Life) to launch a campaign about expressing love in a more meaningful way by making sure that loved ones are protected from life’s uncertainties. The centerpiece of the campaign was the song “It’s Real Love”, sung by Gary and Chito, written by noted composer Jonathan Manalo in collaboration with the two singer-songwriters.

For the video launch of “It’s Real Love”, Gary and Chito held a special serenade for AIA Philippines and BPI AIA customers, whose personal stories inspired the lyrics. Tin Manalaysay and her mom Marissa, Arnold Damian and his sister Hernalyn, Alfredo and his sister Charilyn, and Ivanna dela Torre and her husband Chino are giving back for all the love they received through the years by making sure their loved ones feel safe and secure, knowing that they have the protection they need.

Heartfelt lyrics

Chito explains, “The song is about love, in all forms. We wanted to come up with something that talks about love, not just the romantic kind, but love for your mom, your brother or sister, or your children, and how unselfish it is and how it makes you care about someone else, more than yourself.”

While the song was based on the personal stories of others, both say the lyrics also resonated with them. Gary says, “I have two favorite lines in the song. One is ‘choose to show love in a special way’ and “lagi kang meron time sa pamilya.” My family means the world to me so these lines were very real to me.” Chito adds, “We made sure the lyrics were super specific and personal, and still relatable to everyone. I think the line ‘Lahat ng hirap, dugo’t pawis alay, babawi kahit papaano’ is perfect for showing appreciation for one’s mom or dad.”

Chito dedicates the song to his family, who he refers to as his greatest love. “With my family, I make sure that their health, safety, security, and overall wellness come first — even before mine.” He adds, “Writing the song and performing it was really exciting because it gave me a chance to inspire other people to do the same, and give them options when it comes to securing their loved ones’ future. It was a heart-warming experience when the people we sang to realized that we were actually singing about them.”

As for Gary, he says it is his tribute to people who have thought of others first before thinking of themselves and who have sacrificed so much for the people who mean the most to them.

Better future for loved ones

There are many ways one can show love to others, Gary says. “It can be verbally, or physically expressed. In fact, even by doing simple acts of prayers for loved ones bring the showing of love to a spiritual level. I try and put all these into action. I am a husband, a dad, a brother, and a friend, and I think the most important and perhaps most challenging way of showing love is to do it consistently by making time for them.” He adds that showing love can be done in the simplest of ways. “The world is already so complicated and there’s no need to complicate it further by expressing love in ways that are hard to interpret. Learn from those that have extended their acts of love to you, then in your own creative way, do the same for someone else. There are various love languages and I would suggest using the most effective way, through actions like sending gifts, hugging them or simply praying for them.”

Another way to show love is to give them peace of mind, Gary says. “The future is always so uncertain and what everyone strives to reach assurance of security. The thing is, it’s what we do in the present that will play a major role on how the future is determined. By helping your loved ones through teaching them how to invest a portion of their incomes or even your own for your children or spouses, you are reassuring them the future will be better.”

Chito agrees: “I want to make sure their futures are secured and I totally have nothing to worry about. Our song shows how AIA Philippines and BPI AIA can help you achieve that. Their products are so personalized that it feel like they were custom made for you, depending on your specific needs.”

Click here to watch the official music video of It’s Real Love. To find out how AIA Philippines and BPI AIA can help you show your love by protecting your loved ones, visit www.aia.com.ph or www.bpi-aia.com.ph.

 

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Redefining a safe workplace culture for a better normal

Workplace in the new normal heightened the focus on employees’ health and safety to prevent sickness and help curb the coronavirus disease 2019 (COVID-19) pandemic. Employers adapt work-from-home or hybrid arrangements to minimize employees’ exposure outside, installed means such as alcohol or hand sanitizers to promote personal hygiene, implement regular cleaning and sanitation, and make more ventilation, among other measures, to make the workplace safe and healthy during a public health crisis.

But even as the new normal stipulated physical distance, the culture at work still has to be present by maintaining connections among employees to provide support, engagement, and empathy, especially as the pandemic did not only put physical health as a top priority but mental health as well. Several employers implemented programs focused on helping to deal with issues concerning their employees’ mental well-being.

Now, as many employees are coming back to the offices whether in full or hybrid, having a workplace culture that puts safety and health as an utmost priority should be maintained. After all, people’s well-being should have always been focused on, even before the pandemic.

But even as the world moves past the pandemic, occupational safety and health (OSH) are still faced with concerns. These include climate change and the rise in extreme weather events, which are already impacting OSH and would likely keep on growing in the future, according to the International Labor Organization (ILO).

Mental health at the workplace is further gaining significance as well, said ILO, as psychological well-being is seen to be undermined by unsafe or unhealthy conditions or environments at work.

For a better normal at the workplace moving forward, how should a safe and healthy work culture be cultivated? Just as the new normal has emphasized, physical and mental well-being are important. But more than that, fostering a work environment that is safe for everyone should also mind inclusiveness.

Prioritizing healthy and safety should already be given. But aside from that, a safe and healthy workplace is also good for the business and the work towards sustainable development, according to the Institution of Occupational Safety and Health. These could improve productivity in the workplace and attract customers, investors, and partnerships.

Employees are more likely to perceive their workplace culture as good if they have a sense of safety at work, as seen in a survey by the Society of Human Resource Management (SHRM) that was released in 2022.

Among the respondents from 12 countries that were studied, 86% said they feel physically safe at work. Additionally, since the pandemic started, more workers (88%) have suggested that safety in the workplace has gone better or stayed unchanged.

“Organizations must have critical elements in place for safety to become a reality, including buy-in from management, employee involvement, intra-organizational communication, analyses of potential hazards in the workplace, procedures to prevent and control those hazards, and organization-wide training,” SHRM noted in the report.

But safety goes beyond the physical. Employees also need to feel that the work culture is safe enough to air their side on matters at work. Companies, therefore, must cultivate a safe environment for communication, wherein employees are empowered to speak up, said SHRM. Of the workers surveyed by the organization, over four of five said they feel safe in conveying their opinions on work-related issues.

“Candidness and transparency — in good faith — breed a strong workplace culture. Workers need to feel comfortable with supervisors, and supervisors must be able to have tough conversations with their subordinates,” SHRM said.

Having a belief that one would not be humiliated or rejected for expressing their ideas, questions, or concerns is defined as psychological safety, as conceptualized by Professor Amy C. Edmondson of Harvard Business School.

Psychological safety is perceived as valuable for inclusion and diversity at work. And at the same time, the importance of diversity and inclusivity for employees’ well-being is also seen.

However, according to a survey from ILO’s Transforming Enterprises through Diversity and Inclusion report published in 2022, only half of the respondents said that diversity and inclusion were adequately recognized and resourced in the culture and strategy in their workplaces. Furthermore, one in four people does not sense being valued at work.

Why should organizations also have to consider inclusion in fostering a culture of safety in their workplaces? “Inclusion reduces stress induced by experiences of bias, harassment, and discrimination,” ILO said in the report. “It promotes high self-esteem and a positive sense of self through the experience of social connection and belonging with others at work and in an environment that is understanding and supportive of individual needs, whether they are linked to health, disability, religion, family or caring responsibilities.”

Aside from benefiting the well-being of the workforce, ILO considered that high levels of diversity, inclusion, and equality could also be related to greater innovation; productivity and performance; as well as talent recruitment and retention at work. — Chelsey Keith P. Ignacio

SkinStation celebrates 100th branch and inaugural luxe clinic with a glamorous gala

The Reyes family reflects on the company’s milestone achievement, future plans, and exclusive SkinStation Elite services at the gala event

SkinStation, one of the Philippines’ leading skin clinics, recently hosted a dazzling gala night to celebrate the opening of its 100th branch and first-ever luxe clinic in High Street South BGC, the SkinStation Elite. This exclusive event marked the culmination of the company’s milestone achievement and featured an array of esteemed guests, including business partners, loyal clients, and members of the media.

The gala also served as the launchpad for SkinStation Elite, an exclusive club offering members access to high-end treatments, state-of-the-art technologies, and exceptional customer service.

The SkinStation Elite branch offers its members first access to high-end and innovative procedures such as 4D Laser Hair Removal with 4 frequencies, Pico Laser   treatment for hyperpigmentation, RF Fractional Laser microneedling for rejuvenation, and Hip & Butt Lift with Rose Glam Filler and Tesslift.

During the gala, founder Fred Reyes took center stage to discuss SkinStation’s impressive growth, the vision for its luxe clinics, and the exciting benefits of the new SkinStation Elite club.

Fred Reyes shared his thoughts on SkinStation’s journey to 100 clinics, crediting three growth strategies for their success. “We have always advocated fairness in compensation, embraced innovations and new technologies, and aimed to be #1 at something,” he said. Fred also acknowledged the importance of faith in their success, revealing that they often opened clinics on Marian Feast Days or Saturdays, as his wife Carleen is a Marian devotee.

The success of SkinStation is a family affair, with each member of the Reyes family pitching in to support the company’s growth in their own way. Carleen, Fred’s wife, and their three sons, Gerard Cedric, Francis Carl, and Joseph Pio, all actively contribute to the business. Their commitment to the growth and success of SkinStation is evident in their dedication to the company.

The members only SkinStation Elite branch oh yeah, also offers  members the use of a Skin Analyzer, an advanced skin analysis device that assesses the skin’s condition in just a few minutes, a luxe lounge, fully enclosed rooms, and an exquisite customer service experience through handpicked and specially trained top doctors and staff.

The gala night was a testament to SkinStation’s commitment to excellence and a celebration of its remarkable achievements. The event was filled with captivating performances, exquisite cuisine, and a sense of camaraderie among attendees, who were all united by their passion for skincare.

As SkinStation looks forward to the future, the company remains dedicated to providing exceptional skincare services to Filipinos. With the opening of its 100th branch, first luxe clinic, the SkinStation Elite, the brand continues to solidify its position as a market leader in the skincare industry, ensuring its clients receive only the best in skincare treatments and solutions. The collective efforts of the Reyes family serve as a strong foundation for the company’s continued success and growth.

 

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Banks seen resilient vs emerging risks

The International Monetary Fund (IMF) headquarters is seen in Washington, D.C. — KEISHA B. TA-ASAN

By Keisha B. Ta-asan, Reporter

CREDIT GROWTH is expected to remain “healthy” this year, as the Philippine financial system is expected to manage any secondary effects stemming from the recent banking turmoil in the United States and Europe, analysts said. 

International Monetary Fund (IMF) Deputy Director of the Asia and Pacific Department Sanjaya Panth told BusinessWorld that the Philippine banking system will continue to prove its resilience against emerging risks this year. 

“The Philippine banking system has proved quite resilient through the pandemic and has remained strong. I think it has sufficient liquidity and capital buffers, and we expect credit growth to remain healthy, with growth broadly in line with the economy,” Mr. Panth said. 

The Philippines, he said, had very limited exposure to troubled banks in the US and Europe such as the Silicon Valley Bank and Credit Suisse.

“The banks are exposed to risk from the corporate sector, there is no question about that because it is a large share of bank lending in the Philippines. However, corporate leverage is less concentrated in the more vulnerable parts of the corporate sector. This is more of an issue for the rest of Asia and the Philippines is in a relatively better position in this respect,” Mr. Panth said.

Outstanding loans by big banks grew by 10% to P10.69 trillion in February from P9.72 trillion a year earlier, latest data from the Bangko Sentral ng Pilipinas (BSP) showed. However, loan growth in February was slightly slower than the 10.4% growth in January.  

Lending to residents jumped by 9.9% in February, while lending for production activities rose by 8.7%.    

Nikita Anand, associate director at S&P Global Ratings, said in an e-mail that Philippine banks will be able to manage any contagion effects from the global banking turmoil.

“Philippine banks’ assets are conventional with lending across commercial and retail segments. Investment portfolios form about 28% of total assets, with 70% of the exposure in safe government securities. Significant household deposits add stability to Philippine banks’ funding profile,” she said.

Data from the BSP showed Philippine banks’ total loan portfolio, net of allowance for credit losses, made up the largest share of the banking system’s total assets at 53% or at P11.9 trillion as of end-January. 

This was followed by investments (29.2% or at P6.57 trillion) and by cash and due from banks (12.2% or at P2.74 trillion). For the same period, only 27.5% or around P6.32 trillion of Philippine banks’ total assets were in portfolio investments.

Ms. Anand also said secondary effects from the global banking turmoil may increase investor risk aversion and would lead to higher funding costs for banks.

“Furthermore, additional Tier-1 (AT1) issuance in coming months is likely to be more costly, and for some will be outright difficult. Given the Philippine banking sector has limited reliance on AT1 capital, we don’t expect significant disruption to banks’ fund-raising plans,” she said.

Ms. Anand said that a strong deposit base and robust capitalization will help banks manage tough operating conditions.

However, banks and regulators in the country should continue to be vigilant against risks, as it could spread quickly and affect financial stability, IMF’s Mr. Panth said.

“[Banks and regulators should] continue to strengthen the efforts in assessing financial stability risks, wherever they come from, [and should have] the capacity to dissolve proper financial institutions, when institutions get into trouble,” he said.

Mr. Panth also said the central bank should efficiently share information with other banking regulators and ensure they have the right authority to intervene if trouble emerges.

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