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Biden eyes AI dangers, says tech companies must make sure products are safe

US PRESIDENT JOE BIDEN/FACEBOOK

WASHINGTON – US President Joe Biden said on Tuesday it remains to be seen whether artificial intelligence (AI) is dangerous, but underscored that technology companies had a responsibility to ensure their products were safe before making them public.

Biden told science and technology advisers that AI could help in addressing disease and climate change, but it was also important to address potential risks to society, national security and the economy.

“Tech companies have a responsibility, in my view, to make sure their products are safe before making them public,” he said at the start of a meeting of the President’s Council of Advisors on Science and Technology (PCAST). When asked if AI was dangerous, he said, “It remains to be seen. It could be.”

He spoke on the same day his predecessor, former President Donald Trump, surrendered in New York over charges stemming from a probe into hush money paid to a porn star.

Biden declined to comment on Trump’s legal woes, and Democratic strategists say his focus on governing will create a politically advantageous split screen of sorts as his former rival, a Republican, deals with his legal challenges.

The president said social media had already illustrated the harm that powerful technologies can do without the right safeguards.

“Absent safeguards, we see the impact on the mental health and self-images and feelings and hopelessness, especially among young people,” Biden said.

He reiterated a call for Congress to pass bipartisan privacy legislation to put limits on personal data that technology companies collect, ban advertising targeted at children, and to prioritize health and safety in product development.

Shares of companies that employ AI dropped sharply before Biden’s meeting, although the broader market was also selling off on Tuesday.

Shares of AI software company C3.ai Inc were down 24%, more than halving a four-session winning streak of nearly 40% through Monday. Thailand security firm Guardforce AI fell 29%, data analytics firm BigBear.ai was down 16% and conversation intelligence company SoundHound AI was down 13% late on Tuesday.

AI is becoming a hot topic for policy makers.

The tech ethics group Center for Artificial Intelligence and Digital Policy has asked the US Federal Trade Commission to stop OpenAI from issuing new commercial releases of GPT-4, which has wowed and appalled users with its human-like abilities to generate written responses to requests.

Democratic US Senator Chris Murphy has urged society to pause as it considers the ramifications of AI.

Last year the Biden administration released a blueprint “Bill of Rights” to help ensure users’ rights are protected as technology companies design and develop AI systems. — Reuters

ANALYSIS-China, Taiwan, US share interest in avoiding crisis over California visit

A globe is seen in front of Chinese and Taiwanese flags in this illustration, Aug. 6, 2022. — REUTERS/DADO RUVIC/ILLUSTRATION

LOS ANGELES – China, Taiwan, and the United States all share a common interest in ensuring this week’s California stopover by Taiwan’s president gets the focus each thinks it deserves, but without setting off a new crisis.

Taiwanese President Tsai Ing-wen is due in Los Angeles on Wednesday when she will meet US House of Representatives Speaker Kevin McCarthy, the first such meeting on US soil.

It is sure to elicit a forceful reaction from Beijing, which considers Taiwan part of its territory. China’s military conducted large-scale exercises, fired missiles over Taiwan and cut military contacts with Washington after McCarthy’s predecessor Nancy Pelosi visited the self-governed island last August.

But China’s response this time may be less extreme. The US side and Taiwan have both taken steps to make the trip less provocative for China’s leaders, sources familiar with the planning say. These include holding the Tsai-McCarthy meeting in California rather than closer to Washington or in Taiwan itself, and setting up an agenda for Tsai with few public appearances.

China has a strong incentive to temper its reaction at a moment when it is trying to rebuild ties with Europe and as Taiwan prepares for an early 2024 presidential election, analysts say.

McCarthy, as House speaker, is third in line to the US leadership and he has said publicly that he does not rule out a future visit to Taiwan.

Xu Xueyuan, charge d’affaires at China’s Washington embassy, said last week that McCarthy meeting Tsai “could lead to another serious confrontation in the China-US relationship.” On Tuesday China’s foreign ministry said it would “closely monitor” the meeting and “resolutely defend” Chinese sovereignty.

Jacob Stokes of Washington’s Center for a New American Security think tank said it was “clear that Taipei and Washington — as well as Beijing to some extent — are trying to carefully manage both the substance and optics of President Tsai’s transit.”

Washington has no formal diplomatic relations with Taiwan, but is bound by law to provide it with the means to defend itself. Beijing has never renounced using force to bring Taiwan under its control and Western officials fear a conflict over the island is increasingly likely.

Tsai’s Los Angeles stop comes after a 48-hour stopover in New York last week en route to Central America to visit two of Taiwan’s few remaining diplomatic allies.

LOW PROFILE

A US official told Reuters the State Department had negotiated the US portions of Tsai’s trip carefully with her team to ensure, among other things, that the New York stop would be low profile and do little to provoke Beijing.

There was a similar discussion for the California leg, according to a person familiar with the planning for the McCarthy meeting.

“The Taiwanese said ‘Let’s go low-key,’ said the person, adding that Tsai and her ruling Democratic Progressive Party are concerned about the impact on next year’s presidential election in Taiwan.

Taiwan’s opposition Kuomintang party (KMT) favors stable relations with China and some analysts believe soaring tensions between Taipei and Beijing would favor the KMT.

Tsai’s New York activities were largely closed to the media and in press briefings US officials have sought to portray her stopovers as routine.

Asked about the planning, a State Department spokesperson said Tsai’s transit was “consistent with longstanding US practice, consistent with the unofficial nature of our relations with Taiwan,” and China should “not use it as a pretext to overreact.”

The Taipei Economic and Cultural Representative Office, which represents Taiwan’s interests in the United States, also did not comment on trip details but said the transit was “in line with long standing practice.”

BEIJING’S CALCULATION

China’s ruling Communist Party has its own considerations that could moderate its reaction.

With an eye the Taiwan election, China invited former Taiwanese President Ma Ying-jeou of the KMT party for a visit coinciding with Tsai’s US stopovers.

And this week Beijing also hosts French President Emmanuel Macron and European Commission President Ursula von der Leyen as China seeks to improve its strained relations with Europe.

A European official said the European visits may temper Beijing’s reaction given Chinese President Xi Jinping is trying to present itself as a peacemaker in Ukraine.

“It would look very bad for Xi in European eyes if he staged more war games around Taiwan,” the official said, while a Taipei-based Asian diplomat said Beijing would also not want to embarrass Ma with war games.

“Beijing does indeed have multiple audiences to consider,” said Douglas Paal, a former US representative in Taiwan.

“The tough calibration will be for China to find something that signals displeasure with Tsai meeting a (House) Speaker for the first time on American soil, while not looking insane in reacting as strongly as when Pelosi became the first speaker to travel to Taiwan.”

Ivan Kanapathy, a former US National Security Council staffer for Asia, said Beijing would hope with Ma’s visit to convince Taiwanese that closer ties with China would bring stability and prosperity and that it was also trying to resuscitate European foreign investment.

“Taken together, this means that further retaliation will likely be relatively mild,” he said. — Reuters

Philippine inflation eases for 2nd month, backs case for rate hike pause

Marketgoers purchase fresh vegetables at the Marikina Public Market, Oct. 10, 2022. — PHILIPPINE STAR/WALTER BOLLOZOS

MANILA – Philippine annual inflation eased for a second consecutive month in March on slower rises in food and transport costs, data showed on Wednesday, supporting the case for the central bank to consider a pause in its monetary tightening cycle.

The consumer price index rose 7.6% in March, the statistics agency said, below an 8.0% forecast in a Reuters poll and marking the slowest pace of price increases in six months.

However, confusing the picture core inflation accelerated to 8.0% in March from February’s 7.8%, the fastest pace since 1999.

“While inflation is beginning to slow down, it remains the most pressing issue that the government must monitor and urgently address,” Economic Planning Secretary Arsenio Baliscan said in a statement.

To tackle inflation, the Bangko Sentral ng Pilipinas (BSP) has raised its benchmark interest rate by a total 425 basis points since May last year to 6.25%, and its governor, Felipe Medalla has said future policy moves would be data-dependent.

“The BSP will continue to adjust its monetary policy stance as necessary to prevent the further broadening of price pressures,” the BSP said in a statement, calling for “timely and effective” implementation of non-monetary measures to keep prices in check.

Nicholas Mapa, an economist at ING bank, said a sustained downtrend in inflation could make the BSP consider hitting the pause button on its most aggressive interest rate hiking cycle for years.

“Today’s inflation reading could be one additional data point that could convince Governor Medalla that inflation is finally moderating,” Mr. Mapa told Reuters.

“We expect inflation to moderate further in April which could open up the door for a BSP pause at the May meeting.”

Finance Secretary Benjamin Diokno, who is one of the seven members of the central bank’s policy making monetary board, said on Tuesday, the central bank has probably done enough to address inflation. — Reuters

Superheroes unite this Easter at Sheraton Manila Hotel

Easter Egg Hunt with the superheroes awaits you at S Kitchen.

Looking for ways to spend the Easter holiday in the city? The World’s Gathering Place, Sheraton Manila Hotel, is offering an egg-citing treat perfect for the long holiday.

Sheraton Family Escape, a staycation offer perfect for your well-deserved respite.

Perfectly situated in Pasay City, across Terminal 3 of Ninoy Aquino International Airport, Sheraton Manila Hotel is the right venue for a well-deserved family escape. The special room package gives guests reasons to have new moments together with a relaxing overnight stay in a deluxe room complete with breakfast for two at S Kitchen. Kids will never be left out as free breakfast buffet are extended for ages 12 years old and below. The whole family can also explore more of what Sheraton Manila has to offer with an exclusive 30% food and beverage discount in Oori and S Kitchen. To make the experience more fun and exciting, a special art kit for the kids is included in the package. To have your own Sheraton Family Escape, visit www.sheratonmanila.com/sheraton-family-escape.

Fun and egg-citing activities await for the kids.

Easter hunters are in for an escapade as the superheroes unite for a special Easter fun at S Kitchen. For only P3,888 nett, kids and the kids at heart can enjoy an afternoon with the mighty ones over a sumptuous lunch buffet, amusing games and activities like pastry painting, and the classic egg hunt, and more. There will also be special loot bags from generous partners: Vibelle Manufacturing, Nestle Chuckie, Werdenberg, Pik Nik, JC Lucas Digital Print Services, and Emperador Distillers. Kids ages 6 to 12 are 50% off, while 5 years old and below are free of charge. For ticket reservations, please call (02) 7902-1800 or log on to https://www.skitchenmanila.com/.

For guilt-free indulgences this Lenten season, the hotel’s authentic Korean restaurant, Oori, offers an exquisite seafood platter for P3,600 nett for 2 persons. This includes a scrumptious combination of king prawn, squid, scallops, and seabass, delicately grilled with seasonal greens and special sauces. A fresh sustainable seafood spread also awaits you in S Kitchen’s Lenten Seafood Buffet this Good Friday for P3,500 nett.

Sheraton Manila Hotel

To know more of Sheraton Manila Hotel’s offers, call (02) 7902 1800 or visit www.sheratonmanila.com and follow the social media accounts on Facebook, Instagram, and Twitter at @sheratonmanila. Join the Viber community to be updated with the latest offers at Make It Marriott.

 

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Doc Yappy: Breaking barriers through the years

Dr. Eric “Yappy” Yapjuangco

The road to Dr. Eric “Yappy” Yapjuangco’s success is not paved with gilded bricks as some may think. His reputation, built from years of the consistent pursuit of excellence, was neither given to him on a silver platter or a result of some happy accident. The founder of The Icon Clinic, still very young though he may look, has years and years of experience in the field of Plastic Surgery, and achievements a lot of us could only dream of.

It is easy to assume that he did not work hard for what he built, because nowadays, personalities whose successes are a result of either their connections or the depth of their family’s pockets, are a dime a dozen. Doc Yappy, is a breed all his own. After graduating with a degree in Medical Technology from the University of Santo Tomas, he pursued medicine at the University of the East Ramon Magsaysay.

Not content with practicing General Medicine, he trained in general surgery at the Makati Medical Center, where he started honing his skills as a surgeon. Wanting to specialize in Plastic Surgery, he started training under the Consortium Programme of the Philippine Association of Plastic, Reconstructive and Aesthetic Surgeons (PAPRAS).

In 2011, he founded The Icon Clinic, which today still stands in the heart of San Juan in Metro Manila, over a decade later. A David among many Goliaths, The Icon Clinic may not be an empire but it truly is a powerhouse where every patient, regardless of their backgrounds, benefits from the meticulous care and expertise of Doc Yappy and his team.

Doc Yappy admitted that because of a limited marketing budget, paying for celebrity endorsers was not possible when he first founded The Icon Clinic. However, this proved to be a positive thing because it gave birth to the promise with which The Icon Clinic is now known for — Real people. Real results. It is not only a brilliant marketing strategy, but a philosophy that is right at the core of The Icon Clinic, and which drives every member of Doc Yappy’s team.

After over two decades, The Icon Clinic remains top-of-mind among more discerning clients, a testament to Doc Yappy and his team’s impeccable reputation and unshakeable resolve in providing the highest quality healthcare in the field of Plastic surgery. One thing about Doc Yappy is he never forgets his core: he is a doctor whose priority is assuring the well-being of his clients, and this he has instilled in every member of his team.

The Icon Clinic is located at Unit G3 BTTC CENTRE 288 Ortigas Ave., corner Roosevelt, San Juan, Metro Manila, with contact number 0920-947-6202.

For more information about the services and procedures offered by The Icon Clinic, please visit www.theiconclinic.com.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Flaunt your best aura with #TheAuraPortraitMaster vivo V27 5G for P24,999

Gather all your artsy friends and schedule a photo walk in the city or backyard photoshoot with the #TheAuraPortraitMaster vivo V27, the latest premium smartphone from vivo.

Arm yourself with vivo’s latest offering as you dive into the magical world of smartphone photography! Have the power of a studio-quality camera for professionally looking photoshoots any time of the day plus all the benefits of an efficient and reliable digital and life tool for P24,999! Starting April 11, the vivo V27 5G may now be purchased in vivo’s online and offline stores nationwide!

Let the Aura Light match your vibe

Pose as the model or be the creative director and let your imagination run wild as vivo takes the usual camera flash and turns it into the innovative ring light powered by the Aura Portrait Algorithm and the SONY IMX766V sensor. Now, every photograph taken during the day and at night will look like they have been done in a professional studio.

Celebrate life in all of its forms and don’t forget to document them as you go along! Maximize the power of the vivo V27’s EIS+OIS Dual Stabilization, and make sure that all of last night’s memories are intact, no matter how carefree or impromptu they may be.

Turn your random ideas into cinematic or meme-worthy content pieces using the vivo V27’s 50MP Eye Auto Focus (AF) vlogging camera. Casually zoom in and out for a dramatic effect, and worry not about pixelated footage. Just let your imagination and this phone’s wide range of enhancement tools guide you.

Sleek and reliable – that sure sounds like you!

For those who want to be perceived as understated yet commanding, the vivo V27 is the perfect digital tool and accessory for you. As most brands go bigger, vivo is going the other way with its slim and smooth 3D curved design which is just 7.36mm thin. That’s a silky-smooth feel at the palm of your hand without  display and screen edges compromised.

Your eyes are not fooling you, the vivo V27 is actually changing its colors when placed under the sun. Seamlessly witness as your light green phone turns into the precious emerald green color powered by another vivo-exclusive, the Photochromic technology.

Personal entertainment system however YOU like it

Yes, your vivo V27 is also a personal entertainment system. It’s a cinema, gaming and music streaming tool wrapped in one stylish build.

At 120Hz refresh rate, watching films becomes an event on its own instead of a background activity as you eat your lunch or dinner. With its Game Boost Mode, who can’t say you’re not running away from the fire with battle-wretched soldiers or fighting brain-hungry zombies? Powered by Extended RAM 3.0, you get up to 12GB RAM with 8GB Extended RAM and 256GB ROM for a continuous session with no lags to interrupt your immersive experience.

Power through long hours of intensive game or movie marathon and trust that the vivo V27 can keep up! Equipped with 66W FastCharge technology with doubled battery lifespan of 4600mAh, you can go from 1 to 50 percent of power in just 19 minutes, so you can continue your movie or games session with ease.

Don’t pass up on this amazing offering! Be #TheAuraPortraitmaster and experience the difference yourself.  Visit any of vivo’s offline stores or vivo’s official website, Shopee, Lazada  and TikTok shops to get yours.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Exemplifying the best of the Philippine accounting profession

From left: PRBOA Vice-Chairman Samuel Padilla, member Gloria Baysa, Chairman Noe Quiñanola, RT&Co. Managing Partner and Chief Operating Officer Protacio T. Tacandong — Accountancy Centenary Award of Excellence Awardee, and PRBOA members Thelma Ciudadano, Ma. Teresita Dimaculangan and Gervacio Piator

Though relatively new to the Philippine accountancy scene, Reyes Tacandong & Co. (RT&Co.) has been blazing a trail in the industry for its commitment to pushing the boundaries of Filipino talent.

RT&Co. was founded on simple idea that is core to its entire business — to be the best in the accounting profession, whether here in the Philippines or abroad. And the firm in just over a decade has been largely living up to its promises.

RT&Co. Managing Partner and Chief Operating Officer Protacio T. Tacandong poses with the Accountancy Centenary Award of Excellence that was given by the Professional Regulatory Board of Accountancy (PRBOA).

In time with RT&Co’s 13th anniversary, Protacio “Cocoy” Tacandong, one of the firm’s co-founders and its managing partner and chief operating officer, was recently named one of the Top 100 certified public accountants in the country and awarded the Accountancy Centenary Award of Excellence.

Not that this was particularly unexpected for anybody who knew him. From 2008 to 2009, Mr. Tacandong presided over the Philippine Institute of Certified Public Accountants (PICPA) as its national president. He’s been involved also in various community and nongovernment organizations like the Chamber of Commerce and Industry, Philippine Business for Social Progress, Rotary, and the likes. He was a professor in Finance at Ateneo de Davao University MBA Program and also served as an independent director of Philippine Deposit Insurance Corp. In addition, he received recognition as an exceptional leader and professional from PICPA, Chamber of Commerce, a number of organizations and government agencies.

Mr. Tacandong has broad experience in the accounting profession from client servicing to handling several leadership positions both in the firm and in several organizations. He has provided audit, tax, and advisory services to different companies engaged in agri-business, utilities, financial institutions, real estate and construction, manufacturing, cooperatives, port services, educational institutions, mining, and others.

Mr. Tacandong has a bachelor’s degree in commerce from the University of San Carlos in Cebu City, with a focus in accounting. He went to the Asian Institute of Management and graduated with a master in management degree.

In his achievements, Mr. Tacandong exemplifies the core promise that RT&Co. makes to its clients: that they are receiving the best talent that the accounting profession has to offer. The firm invests heavily in its people.

Companies that hire RT&Co. to audit and consult benefit from the firm’s over 300 years of combined experience in the field, which translates to sound advice on how to best navigate the constant challenges of a changing world.

Through proper training and by providing everyone at RT&Co. with the tools to execute their chosen profession, the firm hopes to cultivate people who imbibe the values it stands for and all the qualities Mr. Tacandong aims to be a role model for — unwavering principles and unparalleled skill.

RT&Co. Partners and Principals (from left) Glenn William Alcala, Dreo B. Guieb, Alberto P. Pilot, Jr., Atty. Rommel T. Geocaniga, Pamela Ann P. Escuadro, Darwin R. Josue, Christina A. Jose, Michelle M. Cruz, Atty. William Benson S. Gan, Mary Josephine D. Tesalona, Belinda B. Fernando, Mildred R. Ramos, Protacio T. Tacandong, Roman Felipe S. Reyes, Chona Benedicta A. Mendoza, former partner Atty. Rafael Ma. C. Vinzon, Wilson P. Teo, Arthur Vinson U. Ong, Karl Joseph N. Malvas, Darryll Reese Q. Salangad, Haydee M. Reyes-Arcenas, Daphne A. Jamotillo, Atty. Arvin Stephen L. Molina, and Atty. Eleanor M. Montenegro.

RT&Co. prioritizes the professional advancement of its young graduates, giving them more reasons to stay with the firm.

“It is our aim to expose them to various industries,” Mr. Tacandong said. “We partner with schools to provide internships for their aspiring accountants and some of our people have been enrolled for special courses locally and abroad, while others have been sent for month-long assignments in Australia, Singapore, and Malaysia — exposing them to the international sphere and how global companies are run.”

It is no surprise then that RT&Co. attributes its successes to its people, given that the firm places a premium on them in its quest to become the best in the industry. Gaining the confidence of recent college grads so early in the firm’s history has been instrumental in RT&Co. The growth of the firm has been predicated on retaining talented young employees and providing them with a platform for professional and personal growth.

He added that nurturing the people at RT&Co. means creating an environment where people can safely be vulnerable, comfortable in making mistakes, receptive to hearing and providing feedback. It is only by having an authentic sense of compassion and empathy where people can bring their whole selves to work — trust and connect to their workplace wholeheartedly because they genuinely feel that they are being supported and cared about, he explained.

RT&Co. Partners and Principals that attended the Accountancy Centenary Celebration last March 17, 2023, at the Manila Hotel. From top left: Alberto P. Pilot, Jr., Karl Joseph N. Malvas, Mark Christian M. Ababa, Dreo B. Guieb, Manuel P. Buencuseso, Darwin R. Josue, Atty. Eleanor M. Montenegro, Chona Benedicta A. Mendoza, Joseph C. Bilangbilin, Christina A. Jose, Accountancy Centenary Award of Excellence Awardee Protacio T. Tacandong, Mr. Tacandong’s wife Fe Baradi Tacandong, Glenn William Alcala, Mildred R. Ramos, Pamela Ann P. Escuadro, Atty. William Benson S. Gan, Darryll Reese Q. Salangad. From bottom left: Belinda B. Fernando, Haydee M. Reyes-Arcenas, Michelle M. Cruz, Carolina P. Angeles, and Mary Josephine D. Tesalona.

Part of the reason for this focus on building talent is to leave an effective, lasting legacy for the firm’s founding partners.

“We nurture our people to be good managers and leaders,” Mr. Tacandong said. “That even when they decide to pursue a different field, they will become good managers, good accountants, CFOs, or internal auditors.”

Every partner has this unwavering belief that he or she needs to set stellar examples for the next batch of leaders at RT&Co. and mold the minds of those who will lead the firm and its people into the future, he added.

RT&Co. is on its 13th year with over 900 professionals, 36 partners and 5 offices nationwide across offices in Makati, Davao, Cebu, Iloilo, & Clark. The firm is a member firm of RSM network, the sixth-largest accountancy professional services network in the world.

Happy 100th year, CPA Philippines

Photo from Professional Regulation Commission Facebook page

By Joel L. Tan-Torres, CPA

Former Chairman, Professional Regulatory Board of Accountancy

The luminaries and the stakeholders of the Philippine accountancy profession trooped to the Manila Hotel to hold the grand celebration of the centenary, or 100 years, of the profession in the Philippines. A century ago on March 17, 1923, Republic Act 3105 was promulgated to create the Board of Accountancy (BoA), and the beginning of the professionalization of the profession with BoA tasked to administer the Certified Public Accountants (CPA) licensure examinations. The theme for the centenary celebration is “Celebrating the Past, Transforming the Present, Shaping the Future.” This is a very apt message that the leaders and stakeholders of the profession should heed since a serious look at the present state of affairs and the imperatives of the future is a must to have a truly meaningful 100th-year celebration.

As part of the celebration, the BoA, together with the various professional accounting organizations, conferred on March 17, the “Accountancy Centenary Award of Excellence” to 100 CPAs who “have proven themselves worthy of honor and emulation.” According to the BoA, these individuals are “the Filipino CPAs who demonstrated unquestionable integrity, contributed immensely in the advancement of the accountancy profession, and participated remarkably in national development.” I was informed that 48 of these Filipino CPAs will be awarded posthumously, while 52 will join their fellow CPAs and loved ones in the conferment ceremonies in Manila Hotel.

I am one of the awardees. I am extremely thankful for this honor bestowed by my colleagues in the profession. This recognition by my peers is a tribute to their appreciation of my contribution to my profession. I have exerted all my efforts in making a difference in my various roles and engagements in the past. It is a blessing that I was and am still involved in the various sectors of the accountancy discipline, including government, commerce and industry, public professional practice, education, and even global engagements. My appreciation extends to our All Mighty, my family, mentors, and all of you out there who one way or another was a part of my journey in the accountancy landscape. A big thank you to all of you.

PRC Chairperson Atty. Charito A. Zamora with Securities and Exchange Commission Chairman Hon. Emilio B. Aquino and Dr. Jose Y. Cueto, Jr. — photo from Professional Regulation Commission Facebook page

I will continue my advocacies to make CPA Philippines a recognized global brand. I reiterate my call for action. As a professional, the Filipino CPA should be concerned with the pressing needs of the times. These include, among others, the effective role of the various professional accounting organizations, the need for lifelong learning or continuing professional development and training, the enhancement of accounting education, and the evolution of the licensure examinations. These should also include the consolidation of small audit practices, the eradication of the “notarial CPAs,” the use of modern technology tools, and data analytics in the profession. There should be attention to the full implementation of the Quality Review mandate and the continued improvement of the regulatory and business ecosystem involving accountancy. There should be a focus on ESG and Sustainability Reporting, the amendment of the Accountancy Law that was long passed in 2004, and the not-so-talked-about nurturing of a prominent CPA Philippines brand. The last suggestion brings to mind the initiative of institutionalizing the professional title “Acct” for CPAs, which I started when I was the chairman of the BoA from 2014 to 2018.

I also think that the centennial period should be an excellent time to build an Accounting Museum that will gather important memorabilia and curated articles and information about the Philippine accounting profession and its many achievements and personalities.

Overall, the stakeholders and leaders of the profession must convene a summit to critically assess the imperatives for the accountancy profession today and moving forward. This is essential with the onset of radical technologies, such as artificial intelligence, that may imperil the future of the Filipino CPA and the profession.

In the meantime, we can set these somber thoughts aside and have the grand centenary celebration that we all deserve.

Mabuhay and happy 100th year, CPA Philippines.

Joel L. Tan-Torres was the former Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. He is now back to his tax and consultancy practice and can be contacted at joeltantorress@yahoo.com and his firm JL2T Consultancy.

Export opportunities and obstacles

In photo during this BusinessWorld Insights forum (clockwise, from top left) are moderator Arjay L. Balinbin of BusinessWorld, and panelists Clifford Academia, vice-president for operations of Aboitiz InfraCapital Economic Estates; Ruben Carlo O. Asuncion, chief economist of Union Bank of the Philippines, Inc.; and Senen M. Perlada, executive vice-president and chief operating officer of Philippine Exporters Confederation, Inc.

BusinessWorld Insights probes into what lies ahead for Philippine trade

By Chelsey Keith P. Ignacio, Special Features and Content Senior Writer

Various opportunities are perceived to boost and diversify the exports from the country, but taking advantage of these is hampered by challenges concerning regulations and costs. These are the observations noted during the BusinessWorld Insights online forum on “The Philippines’ Trade Opportunities in 2023” last March 29.

Exports can be an impetus for economic activity and growth. But in the past years, the country’s imports have been surpassing exports, with the trade deficit broadening. The trade deficit widened by 38% to $58.24 billion in 2022, according to data released by the Philippine Statistics Authority this April.

“Despite the efforts to improve trade, the Philippines’ monthly trade deficit has been increasing at average between $3-6 billion since 2021. The main themes include stagnating exports due to the lack of a robust manufacturing sector and continued reliance again and again on imports,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

But the previous year is “not all dark and gloomy” as exports and imports both registered a double-digit growth of 10.7% and 13.1%, respectively.

“We look to different issues, probably regulatory issues, supply chain disruptions, and infrastructure challenges remain to be the barriers in boosting trade in the country,” Mr. Asuncion said.

This year, amid the global recessionary environment, Mr. Asuncion projected a softer, single-digit growth for exports and imports.

Looking as far back as 2013, Senen M. Perlada, executive vice-president and chief operating officer of the Philippine Exporters Confederation, Inc. (PHILEXPORT), observed that the country’s trade performance did not improve from then to 2022, with the broadening trade deficit for the past 10 years.

Citing the International Trade Centre, Mr. Perlada shared the country has an unrealized export potential of $49 billion. He added that there are opportunities for the country to provide more complex products. However, he noted that the composition of the country’s top 10 export markets has barely changed in the past decade.

“So, what ails Philippine trade, particularly export trade? Do we really lack the opportunities that we need to propel our exports? I argue that no, we do not lack opportunities. In fact, we are very rich in trade opportunities. What we really need to address are the challenges behind our borders,” he said.

Barriers behind the border

Regulation and the cost of doing business are seen to be the challenges in the country.

“A lot of the constraints and challenges we have are actually behind the border, not market access obstacles,” Mr. Perlada further stressed.

He addressed the continuing regulatory burden on imports and inputs for export products.

“The government wants to monitor each and every container that is moving in our streets, whether it’s import or export, not realizing that is not really the container that you need to monitor but what’s inside the container. We have to have a better system in order for us to be able to do this,” he said.

Additionally, if the value-added tax on supplies to exporters would push through, Mr. Perlada considered that would make the country’s exports uncompetitive. “Which country in the world will in effect penalize the exporters by sourcing for products that are actually sourced locally?” he expressed.

“There’s already a bias against our exports because we are in effect penalizing our local suppliers from supplying our exporters,” he added. “And, guess what, it’s a lot easier to import our inputs to supply to our exporters.”

Such challenge being unable to supply to exporters could be seen during the trade war between the United States and China, and how many manufacturing firms were expected to move into different countries in the ASEAN (Association of Southeast Asian Nations), said UnionBank’s Mr. Asuncion. And it was Vietnam that was able to get the large share of these firms.

“They would rather go to countries or spaces where, when they go there, the suppliers are already there. And they’re just basically going to do what they need to do… Unfortunately, we have not been able to demonstrate that,” he said.

Opportunities, diversification

The Philippines has several opportunities that it could leverage for exports, and much of these are seen in agriculture.

“When it comes to exports, producing and exporting products that have higher local content really provides us with a lot of opportunities. And these are agri-based,” Mr. Perlada said.

The country’s purple yam and chocolate, for instance, could be opportunities, though considering a problem in production capacity to serve large orders required by the market.

There is also a potential in furniture, but this is also faced with regulation. He noted that exporting wooden furniture stipulates a CITES (Convention on International Trade in Endangered Species) certificate from the Department of Environment and Natural Resources (DENR) and a fee of 3% of the FOB (Free On Board) value that exporters have to pay. “To me, that sounds more like a tax,” he commented. “What reason will you have to charge that amount?”

Mr. Perlada also mentioned later on that the country, in theory, should be able to leverage digital trade, since the Philippines has one of the highest average daily time spent on using the Internet.

“I have to mention e-commerce and digital trade because this is going to be the wave of the future. And this is where I think the Philippines will be able to have this opportunity to address this sort of imbalance against export trade coming from the Philippines,” he said.

Diversification and innovation of products are also important, Mr. Perlada considered. “We have commodities that can actually go into the higher and more complex products,” he said, which the country was able to do with coconut, but has yet to do the same for others such as bananas.

“Basically anything food and agri-marine would be good opportunities for us. It will kind of really help us address a lot of the trade deficit and all of that,” he added.

Echoing Mr. Perlada, UnionBank’s Mr. Asuncion similarly saw potential in agriculture, noting that technology and innovation could come in and both expand production so the country could export, especially products that are unique to the Philippines, as well as support food security.

A space for exporters

Being in the industrial estate business, Clifford Academia, vice-president for operations at Aboitiz InfraCapital Economic Estates, talked about their role of providing real estate solutions to exporters that want to locate in the Philippines.

“Naturally, we have a direct role in the expansion of these companies; and, therefore, we have a direct impact on the increase of exports because Special Economic Zones are our locations for export-oriented companies,” he said.

“Industrial parks and industrial estates play a big role in making these opportunities a reality for foreign companies that want to do manufacturing export here,” he added.

For the part of Aboitiz InfraCapital, Mr. Academia said their business has been to transform industrial estates into “future-ready and smart economic centers” for the past three decades.

“We are also committed to putting sustainability, resilience, and smart technology adoption at the forefront of everything that we do. Doing so will ensure our economic estates adhere to the requirements of an increasingly sophisticated and discerning market and help establish the Philippines as a preferred investment destination in the region,” he added.

Meanwhile, although he asserted that the country was able to benefit from the US-China trade war in terms of investments, Mr. Academia also agreed with Mr. Perlada that the country should work on the regulation, making it easier to open a business here, and the cost of doing business, among others.

“We in the industrial park business believe that we have what it takes. We just really need to find our way through the headwinds,” he said.

This session of BusinessWorld Insights was in partnership with Aboitiz InfraCapital and supported by the Asia Society-Philippines, British Chamber of Commerce of the Philippines, Bank Marketing Association of the Philippines, French Chamber of Commerce and Industry in the Philippines, Management Association of the Philippines, Philippine Franchise Association, Philippine Retailers Association, and The Philippine STAR.

ADB keeps 6% PHL growth outlook

PHILIPPINE STAR/WALTER BOLLOZOS

THE Asian Development Bank (ADB) kept its 6% growth forecast for the Philippines this year, although it expects global headwinds, elevated inflation and tighter monetary policy to weigh on the outlook.

In its Asian Development Outlook (ADO) April 2023 Update, the ADB maintained its Philippine gross domestic product (GDP) growth forecast at 6%, which would make it the second fastest-growing economy in Southeast Asia. This is within the government’s 6-7% full-year target.   

“The Philippines will grow at its potential this year and next year and is on track toward its goal to become an upper middle-income country,” ADB Philippines Country Director Kelly Bird said in a briefing on Tuesday.   

Mr. Bird noted there is still strong growth momentum coming in from 2022, when the economy grew by 7.6%.

“It is also one of the highest growth rates in Asia-Pacific (as) domestic demand continues to remain strong,” he said.

The ADB’s growth forecast for the Philippines is second only to Vietnam (6.5%), and also above the 4.7% growth outlook for the Southeast Asia region.

For 2024, the ADB sees the country to expand by 6.2%. This is below the government’s 6.5-8% target for next year.

The ADB’s 6.2% forecast for the Philippines in 2024 is also the second-fastest among Southeast Asian economies, following Vietnam’s 6.8%. This is above the ADB’s 5% outlook for Southeast Asia next year as well.   

“Growth is expected to remain strong, albeit slowed by global headwinds, high inflation, and tighter monetary policy… Household spending will be buoyed by rising employment and steady remittances from Philippine workers overseas,” the ADB said in its ADO update.

The unemployment rate improved to 4.8% in January from 6.4% a year ago. Also in January, cash remittances from overseas Filipinos rose by 3.5% to $2.76 billion in January.

“Key to sustaining a strong growth momentum is keeping public infrastructure spending at levels above 5% of GDP, as the government has planned for this year and in the medium term,” Mr. Bird said.   

He said infrastructure projects will improve connectivity in the country, as well as create jobs and boost livelihoods.

RISKS TO OUTLOOK
Elevated inflation and a sharper-than-expected global slowdown are two downside risks to growth, Mr. Bird said.

The ADB now expects Philippine inflation to average 6.2% this year, higher than its 4.3% estimate given in December. Inflation is projected to ease to 4% in 2024.

Both inflation forecasts are above the Bangko Sentral ng Pilipinas’ (BSP) projections of 6% for 2023 and 2.9% for 2024.   

“Inflation is projected to decelerate in the second half of 2023 and through 2024 as monetary tightening takes hold and global commodity prices moderate,” the ADB said.

To tame inflation, the BSP’s Monetary Board has hiked policy rates by 425 basis points (bps) since May 2022, bringing the policy rate to a near 17-year high of 6.25%.   

At the sidelines of the briefing, Mr. Bird told reporters that the impact of high interest rates will be evident in 12-18 months. Since the BSP started tightening in May last year, the impact on inflation may be felt around June or July.   

“So, in June or July, we might see a drop, because we’re still coming up at a low base last year. So we will probably see a sharper drop in the second half of this year towards 4%. But on average, maybe about 6% this year,” Mr. Bird said.   

“Once the central bank is confident that inflation is falling back within its 2-4% target, then they may start adjusting interest rates down,” he said.   

He added that the BSP may start to lower rates by early 2024.

DEVELOPING ASIA
Meanwhile, developing Asia will grow faster than previously thought this year, underpinned by a stronger-than-projected rebound in China, but risks from global banking turmoil could weigh on the outlook, the ADB said on Tuesday.

Developing Asia, which groups together 46 economies in the Asia-Pacific, is forecast to grow 4.8% in 2023, the ADB said in its ADO report, more than its previous estimate of 4.6% in December, and following 4.2% growth in 2022.

Driving the region’s growth this year is China’s recovery after it ended its zero-COVID policy in December, with the world’s second-biggest economy seen expanding 5.0% this year, the ADB said, above its earlier estimate of 4.3%. 

China’s reopening “is really going to create the strongest kind of support for growth in the region this year,” ADB Chief Economist Albert Park told Reuters.

And while China’s embattled property sector “remains a point of concern,” Mr. Park said the upside risks to China’s growth outlook outweigh downside risks.

“If life really returns to normal quickly and confidence comes back, growth could even be higher than 5%, which would be obviously even better for the region,” Mr. Park said.

Excluding China, the region is expected to grow 4.6% this year, slower than the previous year’s 5.4% pace.

By subregion, South Asia is expected to record the fastest expansion of 5.5% this year, buoyed by India’s projected growth of 6.4% this year, followed by Southeast Asia, which is forecast to grow 4.7% this year.

Even as growth in developing Asia gathers pace, the ADB warned challenges remain, including turbulence in the global banking sector and an escalation in the Ukraine war, which could cause a surge in commodity prices.

But for now, turmoil in the global banking sector, triggered by the collapse of two mid-sized US lenders, will not turn into “a bigger crisis of the financial system in the US,” Mr. Park said even as he urged policymakers to stay vigilant.

Working in the region’s favor is the expected easing in inflation, which would reduce the need for frequent and sizeable interest rate hikes that could dampen consumption.

From 4.4% in 2022, inflation is forecast to decelerate to 4.2% this year and 3.3% next year, the ADB said, but it warned that core inflation remained high in some economies and required close monitoring. — Keisha B. Ta-asan and Reuters

Gov’t downplays impact of OPEC+ cuts

A gasoline attendant fills up a motorcycle with gasoline at a gas station in Tondo, Manila, June 13, 2022. — PHILIPPINE STAR/KRIZ JOHN ROSALES

FINANCE Secretary Benjamin E. Diokno said on Tuesday it is too early to assess the impact of the surprise output cut by the world’s largest oil exporting countries on Philippine inflation.

“I think the OPEC countries are kind of anticipating that oil prices, if they do not do anything, will go lower than what it is right now… I assume this was done to anticipate that reduction…  It’s also because of some forecasts for a global slowdown. So the demand for oil can slow down while there’s a cutback,” he said during a press briefing on Tuesday.

The Organization of the Petroleum Exporting Countries and their allies including Russia (OPEC+)on Sunday announced further output targets  cuts of around 1.16 million barrels per day (bpd) from May through the rest of the year.

Analysts warned these OPEC+ production cuts may drive global oil prices to above $100 per barrel this year.

“So we don’t know yet the impact on Philippine inflation…  As far as I know, (based on) the NEDA (National Economic and Development Authority) and BSP (Bangko Sentral ng Pilipinas (BSP) forecasts, the threshold for oil is $90 per barrel,” Mr. Diokno said.

The Finance chief made the statement ahead of the release of March inflation today (April 5).  The BSP earlier said inflation likely eased to between 7.4-8.2% in March, from 8.6% in February, although this is still above the 2-4% target range.

The BSP projects average inflation to settle above the 2-4% target range at 6% this year.

Mr. Diokno said as an oil-importing country, the Philippine can only manage the demand for oil.

“There are many moves to conserve the use of energy. Like we’re shifting now to EVs (electric vehicles). That’s what I mean by there’s many moving parts. It’s hard to forecast what will happen next,” he added.

Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc. said that the global oil output cut is an “inflation risk” moving forward.

“The impact of this event will not be seen in March’s inflation print. It will be felt, however, in the April round of CPI (consumer price index) print release. Hopefully, this will just be a one-off since prices seemed to have steadied already after the OPEC+’s announcement a few days ago,” Mr. Asuncion said in a Viber message.

He said the OPEC+’s move is not likely to lift crude oil prices to above $100 per barrel, but should still be closely monitored.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said the OPEC+ cut could also have an impact on transport and utility prices in the Philippines.

“We had expected base effects for energy prices to help bring down headline and core inflation in the Philippines. For now, this will remain our base case however the extent to which transport and utility prices will slip may need to be adjusted,” Mr. Mapa said in an e-mail.

“All in all, we will still likely see inflation moderate but the phenomenon of prices remaining sticky will be more pronounced due to the supply side shock,” he added.

PUMP PRICE HIKES?
At the same time, the Department of Energy (DoE) downplayed the impact of OPEC+ production cuts, saying it won’t necessarily mean a steady rise in pump prices.

“(The OPEC+) oil production cut appears to affect around 3-4% of the global supply. However, this does not categorically translate to a sustained increase in prices but any possible increase in price should be monitored in the next two weeks,” Rino E. Abad, director of the Oil Industry Management Bureau at the DoE, said in a message to BusinessWorld.

However, Mr. Abad said pump prices remain volatile, which means “a mix of increase or decrease by weekly basis could ultimately be expected.”

Fuel retailers on Tuesday increased gasoline prices by P1.40 per liter, diesel by P0.50 per liter and kerosene by P0.20 per liter. This brought the year-to-date net increase for gasoline at P6.05 per liter; net decrease for diesel at P3.65 per liter; and net decrease for kerosene at P5.30 per liter.

Senator Sherwin T. Gatchalian, vice-chairperson of the Senate Committee on Energy, called on the DoE to prepare measures that would cushion the impact of the oil production cuts on the economy, as this would intensify inflationary pressures.

“Rising oil prices could mean inflation remains higher for longer, which will add more pressure to several industries relying heavily on industrial oil,” Gerry C. Arances, executive director of Center for Energy, Ecology, and Development (CEED) said in a message to BusinessWorld.

Mr. Arances said higher oil prices would also affect consumers in off-grid areas. The National Power Corp. (Napocor) through its Small Power Utilities Group (SPUG), serves remote areas not connected to the grid, many of which are reliant on generator power.

“It will also disproportionately affect consumers in SPUG who rely on diesel-based electricity, and are already reeling from reduced electricity services due to the high cost of diesel, even without this announcement from OPEC,” he said. — Ashley Erika O. Jose with inputs from Aaron Michael C. Sy

Charter change may not be needed if PSA law is implemented — experts

REUTERS

By Kyle Aristophere T. Atienza and John Victor D. Ordoñez, Reporters

ECONOMISTS and policy experts urged the Marcos administration to fully implement and harness the potential of the amended Public Service Act (PSA), which opens up the economy without changing the current Constitution.

“If Cha-cha (charter change) is off the table, then there must be a concerted effort to implement the Public Service Act to the fullest. On this score, it’s not really opening up new sectors to foreign investors,” Michael Henry Ll. Yusingco, a policy analyst, said in a Facebook Messenger chat.

“It’s really more about doing the required work to ensure the PSA is implemented properly.”

The amended PSA, signed by then-President Rodrigo R. Duterte in March 2022, allows full foreign ownership in telecommunications, domestic shipping, railways and subways, airlines, expressways and tollways, and airports.

The sectors were previously subjected to the 40% foreign ownership cap for public utilities under the Constitution.

It took almost a year for the National Economic and Development Authority to release the implementing rules and regulations of the amended PSA, which took effect on April 4.

“The PSA shows a potential way of expanding our economic opportunities without revising or amending the 1987 Constitution,” Emy Ruth D. Gianan, who teaches economics at the Polytechnic University of the Philippines, said via Facebook Messenger chat.

Amending or revising the Constitution requires “a tricky balance between political and economic incentives,” she said. “Lack of support from the supposed main stakeholders of the amendments on key economic provisions in the constitution should signal to Congress not to overwork the proposal.”

The constitution can be modified either through amendments or revisions.  Amendments would not affect the overall structure and basic principles of the Constitution, while revisions would alter the structure.

President Ferdinand R. Marcos, Jr. has not included Cha-cha in his list of legislative priorities, but some of his allies in Congress continue to push for it.

The House of Representatives last month passed a resolution calling for a constitutional convention (con-con) that would propose amendments to the economic provisions of the Constitution.

Senate committee on constitutional amendments Chair Robinhood Ferdinand “Robin” C. Padilla, on the other hand, wants to amend the charter through a constituent assembly.

With a constituent assembly, Congress itself would enact amendments or revisions to the constitution with a three-fourths vote of all its members.

At present, only three out of the 24 senators support the Cha-cha proposal.

“Congress is powerful enough to introduce economic measures without taking the more complex route of Cha-cha,” Ms. Gianan said.

Leonardo A. Lanzona, an economics professor at the Ateneo de Manila University, said there have already been laws that circumvented the foreign ownership restrictions.

“It seems that these restrictions no longer pose as binding constraints for foreign investments,” he said via Messenger chat.

Aside from the PSA amendments, Mr. Duterte signed into law the Foreign Investments Act, which relaxed restrictions on foreign companies, and the Retail Trade Liberalization Act, which lowered the required paid-up capital for foreign retail enterprises.

‘HUGE MISTAKE’
Lack of public trust is a major hurdle in the push for an economic Cha-cha, with lawmakers being accused of using this to introduce political amendments.

“The current move made a huge mistake, employing the same strategy used in the past failed attempts. That is to just railroad the process. To skip the hard part of earning the public’s trust first,” Mr. Yusingco said.

He noted that Mr. Padilla had not presented any new arguments that would change the mind of other senators, who currently do not support the measure.

Mr. Yusingco, who believes the charter needs to be updated, asked lawmakers to “reconsider the FDI (foreign direct investment) angle” in convincing the public to support Cha-cha.

“Simply removing foreign ownership restrictions would not bring in more FDI to the country because there are other obstacles that must be addressed as well.”

Ms. Gianan said there must be a “more inclusive” discourse about foreign ownership.

“There are pros and cons to foreign ownership, but because we’re only able to listen to extremely against or supportive views to this measure, the public tends to hold polarized views,” she said.

Mr. Lanzona said there is no convincing argument that opening the economy to foreign investments would have a negative impact.

“But the main concern is the political changes that can be made with Cha-cha,” he added.

On April 1, Mr. Padilla released a list of his committee’s proposed amendments to the charter, including full foreign ownership of land.

He asked Congress to pass a law allowing foreign nationals to acquire private land not exceeding 1,000 square meters and allowing foreign corporations to acquire rural land not exceeding five hectares.

“Owning lands is not the only way foreigners can invest,” Antonio A. Ligon, a law and business professor at De La Salle University, said in a text message when asked to comment on the proposal.

“A good and stable economic, social and political climate in fact is more important in making a decision to invest in the country.”

Bernardo M. Villegas, a member of the convention that wrote the 1987 Constitution, earlier told BusinessWorld that allowing full foreign ownership of land isn’t a prerequisite for improving farm productivity.

He noted that “foreigners are not interested in owning land for agriculture,” adding they are content with leasing land for their large-scale plantation projects.

Instead of pushing for full foreign ownership of land, lawmakers should focus on passing laws that would boost the country’s manufacturing sector and overall employment, said Jose Enrique A. Africa, executive director of think tank IBON Foundation.

“Allowing foreign ownership will put pressure on land prices, distort land and property markets, and worsen inequalities in ownership against Filipinos,” he said in a Viber message.

“The underlying premise that foreign direct investment is some kind of magic bullet for development is so wrong and should be much more critically looked at, especially because it’s being used to justify misguided economic policies.”

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