Continuity as Marcos gives key posts to pro-admin people

June 17, 2022 | 1:53 pm

FORMER SENATE president Juan F. Ponce Enrile

By Kyle Aristophere T. Atienza, Reporter

Philippine President-elect Ferdinand R. Marcos, Jr., has named more Cabinet members, including a former defense chief who helped organize a mutiny that ousted Mr. Marcos’s father, the late dictator Ferdinand E. Marcos, in 1986.

Former senate president Juan Ponce F. Enrile, 98, will serve as Mr. Marcos’ presidential legal counsel, the latter’s camp said in a press release.

Mr. Enrile, a lawyer, was the defense chief of the older Marcos from 1972 to 1986.

The supposed ambush on Mr. Enrile’s convoy in 1972 was among the reasons cited by the older Marcos for his declaration of Martial Law, which enabled the arrests and deaths of thousands of activists and citizens.

He also served as Finance chief from 1966 to 1968 and Justice chief from 1968 to 1970.

“I will devote my time and knowledge for the republic and for BBM because I want him to succeed,” said Mr. Enrile, who has backtracked on his stance on Martial Law years after it was scrapped by a popular uprising.

Mr. Marcos has also tapped outgoing Justice Secretary Menardo I. Guevarra to head the Office of the Solicitor General, whose main task is to defend the state in the legal arena.

Mr. Guevarra, who started practicing law as early as 1986, was appointed Justice chief by President Rodrigo R. Duterte in 2018. Before holding his current post, he was Mr. Duterte’s deputy executive secretary.

Mr. Guevarra was among the few Duterte officials who openly rejected the practice of tagging activists and ordinary people as communists.

Meanwhile, the Marcos camp said Retired General Jose Faustino Jr. will serve at the Department of National Defense as senior undersecretary and officer-in-charge until he becomes its secretary in November.

“Faustino is being tapped as Senior Undersecretary and Officer-In-Charge of DND, a post he would later assume as Secretary on Nov. 13, 2022, in compliance with the one-year ban on the appointment of retired military officers,” the press release read.

As Defense chief, Mr. Faustino will play key roles in defending Philippine-claimed areas in the South China Sea.

Mr. Marcos is widely seen as a continuity president, picking up from where Mr. Duterte left off.

Mr. Guevarra and Mr. Faustino were appointed to key posts under the current administration, while Mr. Enrile has openly backed some of the key policies of Mr. Duterte.

Mr. Marcos will take his oath as the 17th President of the Philippines on June 30.

On that day, activists and victims of his father’s martial rule are expected to march on major streets in the capital Manila.

Blown off course again, Fed policymakers see near-record uncertainty

June 17, 2022 | 1:34 pm

Federal Reserve policymakers are less confident than at any time since the height of the pandemic about what will happen with the economy, data published alongside their forecasts and the Fed’s hefty three-quarters-of-a-point rate hike this week show.

The last time they were this worried they could be underestimating the coming deterioration in the labor market was in the depths of the Great Recession. But they are even more worried they are overestimating a hoped-for decline in inflation, documents charting confidence and risks seen in their forecasts show.

The data helps underscore why policymakers are so focused on raising interest rates fast even if doing so causes a bigger dent to growth and unemployment than previously hoped, and why it is clarity on the inflation outlook that will drive policy.

“It is clear that path of inflation continues to be the key consideration in how quickly the Fed gets to, and how far it moves past, the range of neutral in order to bring inflation down ‘clearly and convincingly,’” wrote Morgan Stanley economists, referring to the standard Fed Chair Jerome Powell has set for declaring victory on price pressures and slowing up on rate hikes.

All 18 Fed policymakers are more-than-usually uncertain about their inflation and economic growth forecasts, and all but one note the same about their unemployment rate projections, the data shows. The same documents also show that no policymaker believes their forecasts are too pessimistic, and most believe they could be underestimating the risks.

That means that though Fed forecasts embody the “softish” landing to which they aspire — inflation dropping to 2.2% by 2024, with the economy motoring along at 1.9% and unemployment rising just half a point to 4.1% — they are worried things could be worse, particularly for inflation.

It also means, as with this week’s last-minute decision to deliver a hefty 75 basis point move after worse-than-expected inflation readings, that what Mr. Powell calls this “extraordinarily challenging and uncertain time” is sure to leave investors hanging.

RAPID PACE OF RATE INCREASES

Unquestionably, interest rates will rise, and rise fast: 17 of the 18 Fed policymakers see the target rate at least at 3.6% by next year, two full percentage points higher than today, and five see it above 4%.

But is that where they will end up? Not even Fed Chair Powell knows. “I think we’ll know when we get there,” Mr. Powell told reporters Wednesday.

“With the FOMC looking to remain nimble amid heightened uncertainty, guidance set out by communications should not be regarded as written in stone,” Barclays economists said in a note to clients following this week’s Federal Open Market Committee meeting.

It’s a warning that investors may need to keep in mind as Mr. Powell’s colleagues start Friday to make their first public statements after this week’s policy meeting, and when Powell gives testimony next week before lawmakers on Capitol Hill. — Ann Saphir and Lindsay Dunsmuir/Reuters

Investors say Asia a safe place as Fed hikes but premature to jump in

June 17, 2022 | 1:24 pm

Singapore-central business district skyline — REUTERS

SINGAPORE/HONG KONG — Asia’s emerging economies are better placed than most other regions to weather a bout of turbo-charged US policy tightening, analysts say, but with a health warning that investors shouldn’t rush in.

The Federal Reserve raised interest rates by 75 basis points on Wednesday, the largest hike in more than a quarter century, and flagged further steep increases for the rest of the year to curb surging inflation.

In contrast, only hours earlier China’s central bank kept rates unchanged in the world’s second-largest economy for a fifth straight month.

Expectations of aggressive US tightening had already caused a violent selloff in global stock, bond, and even cryptocurrency markets, though Asian currencies and stocks rallied on Thursday.

Foreign investors have pulled money out of emerging Asia, excluding China, for five straight months, worried about inflation and a reluctance in the region to raise rates in the face of slowing global growth.

Now Asia is under pressure to tighten.

Galvin Chia, an emerging markets strategist at NatWest Markets, cautions against reading too much into Thursday’s rally, warning the next few weeks could be volatile.

“There’s still a little bit of room for wiggle about what the Fed will do next,” he said. “I would say investors wouldn’t be jumping on with any sort of bigger, longer-term investment decisions at this point in time. It’s still going to be a little bit choppy.”

Kerry Craig, a global market strategist at J.P. Morgan Asset Management, said Asian economies have more support from current-account surpluses and stable currencies than in previous periods when Fed rate hikes sucked money out of emerging markets.

Local markets have sold off this year, though the moves have been far gentler than the violent capital outflows seen in US tightening cycles in 2016 and 2004.

“But we’re still very cautious and neutral in terms of asset allocations, we’re not saying, ‘Run out and by these things now,’” Mr. Craig said.

“We’re just saying that they are becoming more appealing, with thinking about where to find growth in portfolios,” and investors can wait to see what happens to growth and inflation.

WATCHING CHINA

China remains a wild card.

The authorities in the communist economy have eased regulatory crackdowns and coronavirus disease 2019 (COVID-19) lockdowns this month, but questions remain about how fast the economy will recover.

Economists say the People’s Bank of China (PBOC) now has only limited room to ease, given the aggressive Fed and Beijing’s wariness of debt bubbles.

Divergent Sino-US policies have wiped out China’s yield advantage, triggering a record monthly tumble in the yuan in April as capital left. The Chinese currency has since stabilized.

Investors pulled $4.9 billion out of emerging markets last month, extending a third month of outflows, according to the Institute of International Finance.

Foreigners reversed in the last week of May and bought Chinese equities, even as they reduced holdings of Chinese bonds for a fourth month.

“The word with China is stability and control,” Mr. Craig said. “They want to see there’s a lot more control and stability being factored in, in terms of currency, bond and equity markets while they focus on the economy.”

Underscoring this caution, China’s cabinet said on Wednesday it will act decisively in ramping up support for the economy, but such efforts should not lead to excessive money issuance and an “overdraft of the future.”

How other Asia central banks react to their domestic inflationary stresses is key. NatWest’s Mr. Chia points to a selloff in Indonesian bonds this month as evidence investors want to see the dovish central bank change its stance.

An aggressive Fed will put pressure on Asia to “raise rates, partially because of increased risk of capital outflows and weaker currencies,” said Rob Subbaraman, head of global macro research at Nomura.

“But also I think many of the Asian economies are now facing their own inflation pressures irrespective of the Fed.”

Mr. Subbaraman has changed his view on the Bank of Thailand staying on hold, now forecasting it will raise rates at the next two meetings. He also expects “aggressive” rate hikes in India in the second half. — Rae Wee and Alun John/Reuters

How to stay happy, healthy and vibrant

June 17, 2022 | 1:16 pm

Get complete health protection with FWD Vibrant Critical Illness Plan.

You worked hard for years to get ahead in your professional career, you mustered the courage to become an entrepreneur and succeeded in growing your business, you put in countless long hours and made sacrifices to create a stable life for yourself and your family.

Now you’re at the stage where you have earned enough money and want to celebrate life, live more—and worry less about the future. In short, you want to be happy! You can do all this when you know your health, physical wellness, and finances are secured with a health plan that goes beyond the ordinary.

If there’s one thing we’ve learned during this pandemic, it’s that a healthy life is a happy life. A healthy life starts with preventing illness with proper nutrition, exercise, healthy habits, and screening for illnesses. Remember that life should be about spending time with your loved ones or being productive. Or discovering new passions that make you feel even more alive, or enjoying your well-deserved retirement.

Ensuring that your life is made up of moments that bring you joy means worrying less about things that may come. Having a health insurance plan that fully understands what you want and need out of life is key.

If you’re shopping for health insurance or looking to upgrade your current one, try FWD Life Insurance’s Vibrant Critical Illness Plan. Here are FWD Vibrant’s features that will convince you that this complete health plan is the one you need to stay happy, healthy, and vibrant!

You’re covered from screening to treatment to recovery.

Protecting your health goes beyond covering and treating illnesses. For FWD, protecting your health means getting you covered from screening to treatment to recovery. And because you want to live a life creating and collecting happy experiences and memories, it’s only sensible to find a policy that gives you complete health protection.

You can monitor your health and wellbeing.

Most experts agree that if you are under the age of 50 and in good health, you’re supposed to get a health screening once every three years. However, you can do your body better by getting into the habit of scheduling checkups even while you’re young. Because the best way to reduce health risks is to monitor your health and get an actual lab work done.

FWD’s plan includes a cash incentive so you can monitor your health and wellbeing every two years! To be more specific, you get 0.2% of your benefit amount every two years, starting on your second policy year, spend on medical tests and checkups. The best part is you can get this up to your 10th policy year!

You can claim up to 6x when diagnosed with major critical illnesses.

With more protection, you can focus on getting back into shape. This plan offers up to 6x claims for 57 critical illnesses (3x times for cancer-related sicknesses, 3x for non-cancer sicknesses, including three times for heart attack and stroke).

You also get 25% of the benefit amount up to a maximum of Php 1,000,000 if diagnosed with a covered minor critical illness.

You can focus on your health with less worries.

Receiving a diagnosis of critical illness can be a difficult time. Paying your insurance premium might be the last thing on your mind. FWD understands this, which is why this plan waives all future premiums after the diagnosis and approval of the first major critical illness or disability claim.

You get extra care so you can live life to the fullest.

If you’re diagnosed with a critical illness, a physician will prescribe maintenance medicine to help you continue living your life to the fullest. Sadly, maintenance meds do not come cheap, and they can put a dent in your savings account. A 2019 Pulse Asia Survey published on the Department of Health’s website even reveals that 99% of Filipinos do not buy all their prescription medications because they find medicines expensive.

Fortunately, FWD’s Vibrant Critical Illness Plan has Health Supplement Benefit that gives you 2% of your benefit amount (that’s the amount you were covered for) every month for six months upon your first major critical illness claim to help you with your recovery.

You can celebrate your life and milestones.

You will receive a maturity benefit that is 100% of your benefit amount on your policy anniversary when you reach 100 years old without making any major critical illness claims. Or should you pass away and never made any major critical illness claim, your beneficiary will receive 100% of the benefit amount as a death benefit.

You’re free to boost your benefits.

Most traditional health insurance plans have a definite, concrete set of benefits that don’t allow much room for adjustments. FWD, however, understands that everyone’s situation varies. You may need additional benefits as you grow older or as your health condition changes.

FWD is one step ahead! The Vibrant Critical Illness Plan allows you to “boost” it with additional benefits:

RecoveryPro: A booster that helps with medical expenses. You’ll receive PHP 1,000 to PHP 10,000 for each day of hospital confinement and double that if you’re in intensive care unit (ICU).

SafetyPro: Your family will get 2x the benefit amount if you die from an accident. Your beneficiaries will receive 3x if the accident happens on an official Philippine holiday.

LifePro: This is an add-on that gives your family additional cash benefit when you die. It also provides an additional 20% of the benefit amount if death happens abroad.

No other health plan combines wellness, screening, treatment, and recovery like FWD’s Vibrant Critical Illness Plan.

Check out FWD Vibrant Critical Illness Plan or book an appointment with an FWD financial advisor to find out more about this complete health insurance product, and discover how you can stay healthy, happy, and vibrant and celebrate living!

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DECRYPT: Escaping the Marketing Gamespace of Mediocrity

June 17, 2022 | 11:00 am

The AU2NTIC Productions is a nonprofit academic organization composed of students taking up Bachelor of Science in Marketing Management (BSBA-MM) Section 4-2N in Polytechnic University of the Philippines (PUP) — Sta. Mesa, Manila. It aims to deliver the latest and authentic marketing contents that will inform, entertain, and uplift marketing students.

Its upcoming event entitled, “DECRYPT: Escaping the Marketing Gamespace of Mediocrity,” aims to focus on interconnecting marketing and analytics in the present-day state of pandemic and post-pandemic.

DECRYPT is a free admission webinar of The AU2NTIC Productions to be held online via Zoom and Facebook Live on July 2, 2022 from 1:00 p.m. to 5:00 p.m. It will cater to Marketing students from PUP, including PUP SHS and OUS, as well as partner schools. It has a three-part discussion consisting of three topics with respective subtopics and real-life case studies.

The event will have high-caliber and top-of-the-line speakers, to be called as the gamemasters, to discuss the chosen topics:

1) The Emerging Importance of Value Creation Process for Startup Businesses in the New Normal;

2) Identifying Brand DNA to Develop a Killer Brand Strategy; and

3) Utilizing Marketing Analytics and Data Science in Creating Trends

The topics are bound to represent the life of a business — from creating a value for a startup business, to creating a brand identity and developing a killer brand strategy, up to reaching the end result of being the best-in-class by creating data-driven trends. While value creation and brand identity are strong needs of a business, life does not end from being known and differentiated from competitors. Businesses’ blood is customers — the paying ones. Hence, they will want to create a campaign trend that is important in conversion that can be done through marketing data science. The topics and theme of this webinar are formed in the aim of delivering the message of ‘escaping the mediocrity in the current state of the market’ and dare to be a brand that stands out.

Other much-awaited things for this event are the guest performers, freebies to every student from brand partners, and competitions where the students can join and share their skills and creativity, be recognized for their wits, and win exciting prizes as they attend and participate.

Line up with the bravest players by filling out this pre-registration form: https://forms.gle/ryMpP4GkueX4i5zh7.

Get ready to fearlessly play your own game!

HIGHLIGHTS OF THE EVENT: High-caliber speakers, upskill in marketing and analytics, real-life cases and application of topics, learning at their own convenience, e-certificates, guest performers, pre-event competitions, the announcement of games and raffle winners, freebies, and vouchers

Revlon files for bankruptcy, blames supply chain snags

June 17, 2022 | 10:57 am

Cosmetics maker Revlon Inc. has filed for bankruptcy, falling victim to global supply chain disruptions that pushed up raw material costs and prompted vendors to demand upfront payments.

Known for its nail polishes and lipsticks, the 90-year-old company in recent years has lost shelf space and sales to startups backed by celebrities such as Kylie Jenner’s Kylie Cosmetics and Rihanna’s Fenty Beauty.

In its bankruptcy filing, Revlon said supply chain disruptions in the spring prompted intense competition for ingredients used to make its products. At the same time, vendors that traditionally offered up to 75 days for payment began demanding cash in advance of new orders, while labor shortages and inflation added to its troubles, it said.

“For example, one tube of Revlon lipstick requires 35 to 40 raw materials and component parts, each of which is critical to bringing the product to market,” Robert Caruso, who was hired as Revlon’s chief restructuring officer, wrote in a court filing.

“With shortages of necessary ingredients across the company’s portfolio, competition for any available materials is steep.”

The coronavirus disease 2019 (COVID-19) pandemic has lengthened ship delivery times since 2020, pushing up freight costs, while the Russia-Ukraine conflict and lockdowns in Shanghai have added to supply chain disruptions this year.

Shares in Revlon fell as much as 44% on Thursday on the bankruptcy filing before closing down 13%.

The shares had halved in market value between last Thursday and close of trading on Wednesday. Media reports of a potential bankruptcy filing emerged on Friday.

DEBTS MOUNTED

Revlon, which was formed in 1932 by brothers Charles and Joseph Revson and Charles Lachman, started off selling nail enamel. It was sold in 1985 to MacAndrews & Forbes – which remains the controlling shareholder and is owned by Ron Perelman — and went public 11 years later.

Revlon bought Elizabeth Arden in an $870 million skincare bet in 2016 to fend off competition. It houses brands including Britney Spears Fragrances and Christina Aguilera Fragrances.

But the company’s sales lagged over the years and in 2021 fell 22% from its 2017 levels. In contrast, competitors like CoverGirl, owned by Coty Inc., have gained market share by investing heavily to improve supplies.

The company also made headlines two years ago when Citigroup Inc. accidentally sent nearly $900 million of its own money to Revlon’s lenders.

Revlon asked its bankruptcy judge to confirm that the Chapter 11 filing would not stop Citibank’s ongoing appeal over the $504 million it is still trying to recover from Revlon lenders. A quick prompt resolution of the dispute would help its bankruptcy case move forward, it said in court papers.

The mistaken payment is part of a complex battle between Revlon’s pre-bankruptcy lenders, who have jockeyed for control during Revlon’s attempts to defer debt payments.

An attorney representing junior creditors, Clark Whitmore, said in court that the senior lenders’ “feeding frenzy” would destroy value for stakeholders that are lower on the food chain.

Revlon plans to fund its bankruptcy case with $575 million in debtor-in-possession financing from its existing lender base. It listed more than $3.54 billion in liabilities in its court filing late on Wednesday.

The company said none of its international units, except Canada and the United Kingdom, are part of the Chapter 11 bankruptcy proceedings.

Mittleman Brothers Investment Management, which holds about 3% of the company’s stock, expressed hope equity holders would manage a decent payout despite the bankruptcy.

That could happen if Revlon manages higher sales that allow it to overcome supply chain issues, Chris Mittleman said in an email to Reuters. — Reuters

Human capital development should be a central pillar of incoming Marcos admin — ADB

June 17, 2022 | 10:01 am

By Revin Mikhael D. Ochave, Reporter

LOCAL human capital development should be a central pillar for the incoming Marcos administration to improve the country’s competitiveness ranking, according to the Asian Development Bank (ADB).

Sameer Khatiwada, ADB Southeast Asia Department social sector specialist, said during the webinar of the Asian Institute of Management Rizalino S. Navarro Policy Center for Competitiveness on Thursday that the Philippines needs to address the learning loss incurred due to the closure of schools caused by the coronavirus disease 2019 (COVID-19) pandemic.

President-elect Ferdinand R. Marcos, Jr., is set to take office on June 30.

“As the new administration comes in, the human capital development agenda has to be a central pillar of increasing/enhancing Philippines’ competitiveness,” Mr. Khatiwada said.

“Infrastructure and human capital are the two basic ingredients for growth in investments. The learning loss that we saw because of school closures, I think we have to take this seriously and come up with concentrated efforts in reversing that,” he added.

Further, Mr. Khatiwada said that the long closure of schools due to the COVID-19 pandemic will have a “huge impact” on the country’s human capital development, noting the Philippines’ ranking in the Programme for International Student Assessment (PISA).

“The Philippines was among the few countries where the schools were closed for almost two years. This is likely to have a huge impact. We ought to really be serious about this,” Mr. Khatiwada said.

“If we want to talk about competitiveness of the Philippine economy going forward, unless we invest in human capital development, unless some of these learning losses are reversed or addressed with some targeted measures, I think it will be very difficult to catch up,” he added.

In the 2018 PISA, the Philippines ranked last among 79 participating countries and economies in terms of reading comprehension, and placed second to the last in science and mathematics. The Education department in March announced that it will participate in the 2022 cycle of the PISA, which is conducted by the Organisation for Economic Co-operation and Development (OECD).

Based on the recently released 2022 World Competitiveness Report by the International Institute for Management Development (IMD), the Philippines climbed four spots to 48th out of 63 countries, the highest it had in two years after securing the 45th place in 2020.

The report looked at a country’s competitiveness based on economic performance, government efficiency, business efficiency, and infrastructure.

In 2022, the Philippines improved its economic performance to 53rd, while its infrastructure ranking also increased to 57th. However, the country’s business efficiency fell to 39th while its government efficiency also declined to 48th.

Meanwhile, American Chamber of Commerce of the Philippines Senior Adviser John D. Forbes said that the government should be more flexible on hybrid work arrangements and the tax incentives of registered business enterprises.

“The government doesn’t recognize what’s happening in the world. The workers do not want to go back into the office. They have gone home. They realized that it is nicer to work-from-home (WFH). They don’t have to commute. The government has to be more flexible on this,” Mr. Forbes said.

The government has previously mandated registered business enterprises, including information technology and business process management (IT-BPM) firms, located in economic zones to return to 100% on-site work or risk losing tax perks in a bid to help economic recovery.

Starting a smart education business opportunity

June 17, 2022 | 10:00 am

Main Photo — Kumon Philippines, Inc. (KPI), one of the leading education franchises in the country and abroad, provides a rewarding career and profitable business to its Franchisee-Instructors.

The global business arena has seen strong franchises make their mark in their respective industries. As these enterprises show steady growth and expand overseas, they appeal to discerning local entrepreneurs who are on the lookout for profitable and worthwhile franchise opportunities.

In the field of education franchising, one of the most well-established franchises in the Philippines and across the world is Kumon. Kumon was able to establish its name in the franchise arena as they have provided and continue to provide top-notch and consistent support needed to build a rewarding career and profitable education business.

A leading franchise

Before being one of the top global education franchises, Kumon began with its founder, Toru Kumon, a gifted math teacher, who hoped to improve his son’s math abilities, devising what is now distinctively known as the Kumon Method of Learning. He eventually sought to develop the potential of more children in a similar way, leading him to establish the first Kumon Center in Osaka, Japan, in 1958.

Since then, the Kumon Method has evolved and grown with millions of Franchisee-Instructors in different regions of the world. The Kumon franchise now extends to 65 countries, including Australia, India, United Arab Emirates, Singapore, South Africa, Switzerland, Canada, Mexico, and more. Kumon reached the Philippines in 1996, where its franchise has grown with over 300 Kumon Centers across the country.

The Kumon Franchise advantage

Kumon Franchisee-Instructors are guaranteed support even before the start of operations, to the setting up of the business, until Centers are operational, and beyond.

Helping assure that franchisees can earn from their education business, Kumon provides a well-researched List of Open Areas, showing ideal locations with growth potential.

Would-be Kumon Franchisee-Instructors undergo hands-on training under Kumon Philippines, Inc.’s (KPI) Franchise arm to maintain the top-notch quality of the Kumon Method of Learning. The online training also includes business strategies for owning and operating a Kumon Center. The training is conducted online for the safety and convenience of prospective franchisees.

Thriving amidst the pandemic, KPI ensures the safety of its Franchisee-Instructors by providing hands-on online training on center management, instruction, and other continuous online learning opportunities.

Further ensuring the steady growth of Centers, Kumon Associates and Area Development Managers also provide consistent support in administering the Kumon Programs and managing the Centers.

While Kumon Franchisees can capitalize on Kumon being a successful global brand and a household name in the education business, KPI couples this by providing consistent and aggressive communication and marketing support.

The uniqueness of the Kumon Method itself makes the franchise a promising opportunity. Unlike competitors, whose services are seasonal, the demand for Kumon and its enrollment is year-round, and its programs are long-term. Students stay long-term as they improve and work through the program levels. This uniqueness poses financial stability, builds strong customer loyalty, and stirs a sense of fulfillment for the Franchisee-Instructor.

As a franchisor placing the highest respect for Kumon Instructors, the Kumon group enhances franchisees’ personal and professional growth and development by exposing them to different learning opportunities in the Philippines and abroad. They are given the opportunity to join continuing training, meetings, and seminars and build a network with Kumon franchisees from all over the globe.

Kumon continues to establish itself as the leading afterschool program and education franchise in the Philippines and abroad. The company’s steady growth can be attributed to its reputation in the industry and solid partnership with stakeholders, particularly its current and potential Franchisee-Instructors.

Franchising with Kumon provides support and an opportunity to be part and grow with a renowned global brand — all while helping children discover and develop their potential, which could empower them to reach their dreams and goals.

Build a profitable and fulfilling education business venture with Kumon now: https://ph.kumonglobal.com/franchise-enquiry/

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PCC hematologists share advancements in blood cancer treatments

June 17, 2022 | 9:00 am

Singapore faces a stable increase in blood cancer patients. Promisingly, a chance of better treatment for such incidents emerges from the developments in cancer research and technology.

In a virtual open dialogue, senior consultants specializing in hematology at Parkway Cancer Centre (PCC) in Singapore highlighted the progress in blood cancer treatments, particularly the possibilities of making them individualized.

Most blood cancer patients during the mid-1960s to mid-1990s experienced poor outcomes with the treatments. But from the mid-1990s up to now, “there’s been a lot of exciting and revolutionary advances,” said Dr. Teo Cheng Peng.

Dr. Colin Phipps Diong talked about leukemia and introduced the Chimeric Antigen Receptor T-cell (CAR T-cell) therapy which involves taking a patient’s T-cells and modifying the cells in the laboratory to make them recognize certain targets on certain cancers. Those cells would be given back to the patient through an infusion.

While effective, such a therapy is expensive. Early clinical trials also saw the therapy “killed so many leukemia cells all at once; when [the leukemia cells] died in the body, they release a lot of the toxic stuff inside the cells, and that overwhelmed certain patients,” Dr. Diong said.

“Thankfully, we now know how to deal with these complications, and how to preemptively — or you can say preventively — treat so that these severe complications that cause death are minimized,” he said.

Moreover, CAR T-cell is a targeted therapy which means it cannot be used for all cancer types.

“The two approved indications for CAR T-cell therapy in Singapore at this point [are] against the B-cell acute lymphoblastic leukemia and large B-cell lymphoma,” Dr. Diong said.

“As yet, we do not know what is the best way to target acute myeloid leukemia or T-cell lymphoma with CAR T-cells. There is still a lot of development that needs to happen in the CAR T-cell therapy,” he added.

Dr. Dawn Mya discussed multiple myeloma, a cancer originating from plasma cells. Since multiple myeloma remains incurable, she said that they concentrate on achieving remission with treatment.

“Our treatment is mainly focusing on symptom control, at the same time trying to improve the quality of life; together with prolonged remission as much as possible while trying to delay the time to relapse,” said Dr. Mya.

She divided the treatment into definitive treatment (usually combination therapy) and supportive care.

Dr. Mya also shared new advancements in multiple myeloma treatments like several classes of drugs for medical therapy. There are also immunotherapy and other specific therapies such as bispecific T-cell engagers and cell therapy like the CAR T-cells, which are in clinical trials and may be available soon.

As for lymphoma or the type of blood cancer involving the lymphatic system, Dr. Lee Yuh Shan said that its various subtypes have a different treatment approach.

Developments on lymphoma treatments are also on the horizon, said Dr. Shan. These are immunochemotherapy and BCL-2 inhibitor, new bispecific antibody, and the CAR T-cells.

“Treatment outcomes [are] improving over the years with the new agents, which are more effective,” Dr. Shan observed.

“Personalized treatment is very important,” he added. “We have to take into consideration the tumor type, the disease status, the mutation of the tumor, as well as the fitness of the patient to improve the outcome of this patient with lymphoma.”

For inquiries, please contact Parkway Hospitals Singapore – Manila office located at G/F-B, Marco Polo Hotel, Meralco Avenue and Sapphire Street, Ortigas Center, Pasig City 1600; email
manila.ph@parkwaypantai.com; or call 0917-526-7576. Visit parkwaycancercentre.com/ph/home and CanHope Manila’s Facebook page for more information.

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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9 essential power tools in building your home

June 17, 2022 | 9:00 am

When constructing a home, every builder knows that efficiency and precision is vital in establishing a sturdy and stable structure. Aside from the structure, every homeowner and builder must also pay attention to the details of furnishing to achieve the home’s complete and refined look. Get the best home building partner using power tools from Hills!

Hills power tools are equipped with suppression capacitors that suppress interferences that enter the device from the outside and protect the device. Hills power tools are also designed with efficient ventilation and cooling to guarantee that heat is effectively dissipated, extending the machine’s service life. Check out these 9 handy power tools from Wilcon Depot to help you get the job quicker and safer:

1. Orbital Sander

Orbital sanders are often used to polish rough surfaces of wood, remove rust and paint on metal, and create a smooth, fine finish on plastic. This handy power tool can be effectively used in making furniture, re-doing your car paint, or refining hardwood floors. Use this square-shaped sander to smoothen corners and edges and capture every inch of the surface project.

2. Jigsaw

Jigsaws are a DIY-er’s must-have tool. This power tool offers precision and efficiency in cutting intricate shapes of wood. It is perfect for handling curved edges that require a fine cut for a more professional-looking project. This portable tool comes with a hex wrench, blade adjust block, jigsaw blade, and carbon brushes.

3. Drills

Depending on the amount of work needed to complete the task, drills are an essential tool in cutting the work time in half. Hills carries a variety of drills to meet your home building and renovating needs. For smaller and quicker projects, you may opt for cordless drills for better portability. In addition, if you’re on a tight schedule, you can trust impact drills to get the job done in no time. However, if precision is a must, stick to your regular drills for better handling.

4. Electric Planer

If you’re looking for a tool that will provide a smooth and seamless finish for your wooden DIY project, then get yourself an electric planer. This hand tool shaves off excess wood and flattens the material allowing it to have a much better form. It is easy to navigate through with its ergonomic handle and adjustable power.

5. Electric Mixer

This electric mixer is the ultimate time and energy saver. Whether you’re mixing paint, cement, plaster, adhesive, grout, or even large amounts of food, you can trust this electric mixer to get the job done, no sweat! It comes with an ergonomic double handle that serves as a steering wheel-like shape for easier control.

6. Electric Blower

Ideal for a quicker clean-up job, this electric blower is a useful tool for deeper cleaning at home and construction areas. This electric tool can blow away dust and unwanted particles from every corner of your home with its dynamic air pressure while handling it conveniently with its easy grip handle.

7. Demolition Hammer

The demolition hammer is specifically designed for faster structure demolition, like concrete walls and tiled flooring. It is a multifunctional power tool for heavy-duty tasks including rilling, hammer drilling, and chiseling. It comes with a durable and long-lasting cellular battery pack structure for longer service life.

8. Electric and Manual Sprayer

These large-capacity sprayers are built with a handy hose and spray nozzle, ideal for keeping your garden space fresh. You can get these handy sprayers in three varieties; electric, manual, and electric-manual–a top-notch everyday tool at home.

9. Safety Helmet

When doing home building and repair, it is essential to wear complete and proper gear to remain safe and avoid unwanted accidents. Prioritize your safety and wear a sturdy helmet to protect your head, neck, and face from injuries caused by falling debris and electrical exposure. Made from high-grade material with an adjustable lock to secure it in place, ensuring better safety in the workplace.

Cut your working time in half and double the efficiency and precision with power tools from Hills, the newest addition to the high-quality house brands at Wilcon Depot. Shop now at any Wilcon store nationwide or shop conveniently at Wilcon Online Store by visiting shop.wilcon.com.ph.

Wilcon Depot has been serving Filipino homeowners and builders nationwide with high-quality home building and improvement needs and excellent customer experience over the years now. Celebrate 45 years of building big ideas with Wilcon Depot and explore their limitless product selections ranging from Tiles, Sanitarywares, Plumbing, Furniture, Home Interior, Building Materials, Hardware, Electrical, Appliances, and other DIY items.

For more information about Wilcon, you can log on to www.wilcon.com.ph or follow their social media accounts on Facebook, Instagram, and Tiktok. Subscribe and connect with them on Viber Community, LinkedIn, and YouTube.

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P&A Grant Thornton holds 23rd Search for Outstanding Accounting Students of the Philippines competition

June 17, 2022 | 8:30 am

SOASP Top 25 Finalists with Panel of Judges and P&A Grant Thornton Partners

Aspiring certified public accountants showcased their knowledge and skills in accounting once more during the 23^rd Search for Outstanding Accounting Students of the Philippines (SOASP), an annual competition which aims to shine the spotlight on the country’s top accountancy students through qualifying examinations and interviews.

The nationwide competition, organized by P&A Foundation Inc., Philippine Institute of Certified Public Accountants (PICPA), and the Association of Certified Public Accountants in Commerce and Industry (ACPACI), was held virtually on May 28, 2022.

Two hundred fifty-four (254) accountancy students, hailing from sixty-eight (68) universities and colleges across the country, and who are candidates for graduation by the end of academic year 2022, went head-to-head in a battle of knowledge, skills, and wits, all with one goal in mind – to be named this year’s SOASP Champion.

Questions and exams were based on different subjects including auditing, management advisory, taxation, and regulatory frameworks for business transactions. An essay exam was conducted as part of the competition.

During the event, participants hurdled a series of exams during the qualifying round, where 25 finalists were chosen to proceed to the next stage of the competition. The Top 25 battled it out during the Quiz Bee round. Only five participants then advanced to the final interview round.

For her solid mastery and application of topics and principles in accounting, Kyra Shane Buhia from the University of San Carlos took home the crown and was named the 2022 SOASP Champion. Tailing closely were Jenzel John Longno, Rica Mae Albiso, Leonelle Lambo, and Filna Quiňo who placed second, third, fourth, and fifth, respectively.

Kyra received a plaque of recognition and P50,000. The Top 25 each received plaques and cash prizes, while the Top 5 were given additional cash prizes as part of their awards.

Present during the competition were Managing Partner and COO and Trustee of P&A Foundation Leonardo D. Cuaresma, Jr., Practice Leader for Business Process Solutions/Outsourcing and Treasurer of P&A Foundation Ma. Paz V. Malubay, Partner for Business Process Solutions/Outsourcing and Chairperson of ACPACI for SOASP Elano C. Marcelo, and Partner for Tax Advisory and Compliance and SOASP Project Head Edward D. Roguel. Meg Punay, Partner and Head of the P&A Davao Office, hosted the auspicious event.

Board of Accountancy Chairman Noe Quiñanola gave an inspirational talk during the event. The panel of judges were P&A Grant Thornton Principal for Tax Advisory and Compliance and Corporate Secretary of P&A Foundation Atty. Lea Roque, National President for ACPACI Teodoro Josephat Martinez, and PICPA Sectoral Director for Education Asser Tamayo.

Former SOASP winners also graced the program, including Vhinson Jay Garcia (17th SOASP 1st Placer) who delivered a short message, and Francis Matthew Obligacion (22nd SOASP 2nd Placer) who led the invocation.

This year’s SOASP competition marked the second time that the event was held virtually since the onset of the COVID-19 pandemic.

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Stagflation not a risk to economy — BSP

June 17, 2022 | 12:34 am

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

“STAGFLATION” is unlikely to pose an immediate risk to the Philippine economy, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

“The BSP does not view ‘stagflation’ — an economic condition characterized by slow growth, high unemployment, and rising inflation — as an immediate risk to the Philippine economy,” he said in a statement on Thursday.

The central bank is optimistic the Philippine economy’s recovery will be sustained, Mr. Diokno said, citing the 8.3% gross domestic product (GDP) growth in the first quarter.

He noted the steady rise in credit activity, ample domestic liquidity, improved jobs market, and higher foreign direct investments will help boost the economy’s rebound.

Economic managers are targeting a 7-8% GDP growth this year.

However, inflation quickened to 5.4% in May, the highest in three and a half years and above the BSP’s 2-4% target range.

The BSP last month raised its average inflation estimate to 4.6% this year, higher than the previous estimate of 4.3%.

“While domestic inflation is seen to remain elevated in the near term, as a result of supply-side factors linked to volatile global commodity prices, inflation is expected to revert to the government’s target range of 2-4% by 2023. In the meantime, the balance of risks to the inflation outlook now leans toward the upside for both 2022 and 2023,” Mr. Diokno said.

The central bank repeated its support for “urgent and coordinated efforts” of government agencies to ensure there is enough domestic food supply, as well as direct and targeted interventions for vulnerable sectors.

“The BSP will remain vigilant over emerging price and output conditions and will undertake necessary action to ensure that monetary policy settings remain appropriately calibrated, consistent with the BSP’s price and financial stability mandates,” Mr. Diokno said.

The BSP has already signaled another policy rate hike at its June 23 policy meeting.

The Monetary Board kicked off its tightening cycle by raising the policy rate, the yield on the BSP’s overnight reverse repurchase facility, by 25 basis points (bps) to 2.25% during its May 19 meeting to temper rising inflation. Interest rates on the overnight deposit and lending facilities were also hiked to 1.75% and 2.75%, respectively.

This was the first increase in borrowing costs since 2018 and followed cuts worth 200 bps in 2020 as the BSP moved to support the economy amid the coronavirus pandemic.

The World Bank earlier this month warned of the rising risk of stagflation, an economic condition characterized by weak growth and high inflation that was last seen in the 1970s.

“Just over two years after COVID-19 (coronavirus disease 2019) caused the deepest global recession since World War II, the world economy is again in danger,” World Bank Group President David Malpass said in the Global Economic Prospects report released earlier this month.

“This time it is facing high inflation and slow growth at the same time. Even if a global recession is averted, the pain of stagflation could persist for several years — unless major supply increases are set in motion.”

Mr. Malpass noted that global growth will likely be subdued throughout the decade due to weak investment, and there is a risk that inflation will remain higher for longer than anticipated.

The World Bank estimated global growth at 2.1% in 2022 and 1.5% in 2023, reflecting the impact of the pandemic and the Russia-Ukraine war.

The multilateral lender expects the Philippine economy to grow by 5.7% for 2022, and 5.6% on average in 2023 and 2024.