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SEC approves DragonFi as PERA administrator

ALL COVERED companies should present fee-related information in a two-year comparative format as a supplement to their annual financial statements. — BW FILE PHOTO

THE SECURITIES and Exchange Commission (SEC) has approved the application of DragonFi Securities, Inc. as a personal equity and retirement accounts (PERA) administrator, expanding the number of accredited entities.

The application was approved during the commission en banc meeting on Dec. 18, subject to compliance with remaining requirements, the SEC said in an e-mailed statement on Thursday.

DragonFi Securities is the stock brokerage arm of Sia and Caktiong-led property developer DoubleDragon Corp.

It is the first PERA administrator application approved by the SEC following the issuance of SEC Memorandum Circular (MC) No. 14 on Sept. 19 last year, which contained guidelines on the accreditation of PERA market participants.

“This approval is a significant step towards empowering Filipinos to secure their financial future while easing fiscal pressures on the government in the long run,” SEC Chairperson Emilio B. Aquino said.

“We issued MC 14 last September, recognizing the potential of our pension system to broaden public participation in corporate value creation and strengthen the capital market,” he added.

PERA refers to a voluntary retirement saving program on top of existing retirement benefits from the Social Security System, Government Service Insurance System, and employer-sponsored plans.

Created under Republic Act No. 9505 or the PERA Act, the program offers tax benefits not provided in other retirement investment products, urging more Filipinos to save.

The SEC guidelines provide that a PERA administrator should keep at least P100 million in net worth at all times; adopt and comply with a corporate governance manual; and have an organizational plan for personnel involved in PERA administration functions.

A PERA administrator should also have adequate systems and technological capabilities, technical expertise, and personnel to administer all PERA investment products.

“The PERA administrator must also have sufficient personnel who have undergone the requisite training prescribed or approved by the commission to educate PERA contributors on the nature of a PERA and the requirements, risks, and benefits of the investment product, among others,” the SEC said. — Revin Mikhael D. Ochave

Sandiganbayan junks quo warranto petition vs PCGG’s seat in 1994-1995 SMC board

PHILSTAR FILE PHOTO

THE anti-graft court has dismissed a petition challenging the authority of government representatives to vote and sit on San Miguel Corp.’s (SMC) board for the year 1994-1995 under the shares acquired by an alleged Marcos Sr. crony, citing the case as no longer relevant.

In an eight-page resolution, the Sandiganbayan Second Division dismissed the quo warranto petition filed by Eduardo M. Cojuangco, Jr. and his cohorts, challenging the Presidential Commission on Good Governance (PCGG) authority over the sequestered shares connected with the coco levy fund scam.

The petition sought to remove PCGG representatives from SMC’s board, to be replaced by Mr. Cojuangco and his other petitioners.

They argued that PCGG had no “legal right to vote the sequestered shares.”

The anti-graft court stated that the asset recovery agency has the right over the sequestered shares, citing jurisprudence.

“As for the removal of the respondents as members of the board, and their replacement with the petitioners, the time for granting such relief has long passed,” penned by Associate Justice Geraldine Faith A. Econg in the Dec. 23, 2024 resolution.

“This prayer of the petitioners had become impossible as early as April 14, 1995, when the subsequent SMC annual stockholders’ meeting was held and the succeeding board of directors was elected,” she added.

SMC did not immediately respond to a Viber message seeking comment. — Kenneth Christiane L. Basilio

Stuff to Do (01/10/25)


Biggest annual dog event returns

ASIA’S BIGGEST annual dog event has returned to the Smart Araneta Coliseum in Quezon City. Ongoing until Jan. 13, the Philippine Circuit 2025 presents some of the cutest and most talented dogs in the world. It will also serve as the debut of the first-ever National Grooming Team Competition. The event aims to elevate the Philippines’ status in the global grooming arena. Alongside this competition, 17 world-class judges will oversee the All-Breed Championship Dog Shows, featuring 96 breeds and 7,560 entries across 12 shows. Visit Philippines Circuit Dog Shows for more details and updates.


SEVENTEEN fan bazaar at Gateway Mall 2

ON Jan. 11, a week before SEVENTEEN’s concert in Manila, Big Mama Productions and Carat Land Philippines are mounting Countdown Right Here: A Pre-Concert Celebration. Fans of the K-pop group will be able to mingle at the bazaar and purchase fan merchandise at affordable prices. There will also be games with lots of prizes. The celebration takes place at Quantum Skyview, Upper Ground B, Gateway Mall 2 in Quezon City’s Araneta City starting at 4 p.m.


Anne Labesores mounts first solo show in Gateway

VISUAL artist Anne Labesores is putting up her first solo exhibition, La Geometrica, from Jan. 11 to 17 at the Gateway Gallery. Her creations aim to “speak volumes about the fragments of daily life,” using a geometric painting style. The gallery is located on the fifth level of Gateway Mall Tower, Gateway Mall, Araneta City in Quezon City.


CAST PH’s staged reading fest every Sunday

TO KICK OFF 2025, CAST PH is bringing back its annual staged reading festival, this year with the theme of “Theoria Omnium” (Theory of Everything). The four unnamed plays — the name of the play is announced just before the performance — for this edition will be scientific dramas, each to be shown on a Sunday at 3 and 8 p.m., starting Jan. 12. Play No. 1 is directed by Jaime Del Mundo; Play No. 2 by Sarah Facuri; Play No. 3 by Nelsito Gomez; and Play No. 4 by Topper Fabregas. Among the performers this season are Cathy Azanza-Dy, Dean Daniel Rosen, Jenny Jamora, Ron Capinding, Roselyn Perez, and Dolly de Leon. All performances will be at the WHYNoT Culture Hub at Karrivin Studios, 2316 Chino Roces Ave., Makati.


K-pop concert in Ayala Cinemas

THE FIRST-EVER immersive concert film of popular K-pop group Tomorrow X Together (TXT), titled Tomorrow X Together: Hyperfocus, will have a limited seven-day run — in 4DX — exclusively at Ayala Malls Cinemas. TXT’s concert film opens on Jan. 15 in the following Ayala Malls Cinemas with 4DX technology: Greenbelt, UP Town Center, and Bonifacio High Street, and will be available on the big screen until Jan. 21.  The concert film will transport fans to the concert featuring performances by the group’s members, Soobin, Yeonjun, Beomgyu, Taehyun and Hueningkai. With the widescreen and realistic 4DX effects, such as seats moving to the beat, and wind and water effects when applicable, audiences will feel like they’re truly in the front row of an exclusive VIP concert. Tickets can be booked now through www.sureseats.com or any of the participating cinemas. Ticket buyers will get a free TXT photocard.


The Walking Dead: The Ones Who Live now on Disney+

THE miniseries which serves as a new chapter in the popular The Walking Dead saga blends hope, terror, and an epic love story. Titled The Ones Who Live, it follows Rick Grimes (Andrew Lincoln) and Michonne (Danai Gurira), forever changed by a world in ruins. They find themselves separated by distance and an unrelenting force that tests their resolve. It is now available on Disney+.


Celeste Legaspi, Odette Quesada tribute concert in BGC

THE Pinoy Playlist Music Festival 2024 Ryan Cayabyab Awards will pay tribute to two of the most iconic voices in Filipino music: Celeste Legaspi and Odette Quesada. The concert is set for Jan. 16, 8 p.m., at The Globe Auditorium, Maybank Performing Arts Theater, BGC Arts Center, Taguig. In celebration of the two icons’ timeless legacy, there will be performances by Bituin Escalante, Arman Ferrer, Rachelle Gerodias, Zia Quizon, Aicelle Santos, Mike Shimamoto, Mitch Valdes, and other surprise guests. The celebration night is free and open to the public.


PPO concert features violinist Aylen Pritchin

The Philippine Philharmonic Orchestra (PPO) kickstarts the new year with the fourth installment of its 40th concert season, dubbed Europa, on Jan. 17, 7:30 p.m., at the Samsung Performing Arts Theater in Circuit, Makati City. The concert features world-class violinist Aylen Pritchin. Under the baton of PPO music director and principal conductor Grzegorz Nowak, the concert will open with Kodály’s Dances of Galánta. Mr. Pritchin will also perform Tchaikovsky’s Violin Concerto No. 1. The concert concludes with Dvořák’s Symphony No. 8. The PPO’s concert season runs until April. Tickets for PPO concerts range in price from P1,500 to P3,000, and are available at TicketWorld.


Jed Madela performs at City of Dream’s Centerplay

International singing champion and power belter Jed Madela is this year’s first featured artist at City of Dreams Manila’s Original Pilipino Music (OPM) Concert Series at CenterPlay, the contemporary entertainment lounge situated at the focal point of the resort’s main gaming floor. The singer-songwriter, actor, and singing competition judge and mentor is set to hold the one-night-only concert on Jan. 16, 9 p.m. The upcoming concert also features alternating performances of DJs, and bands including Higher Ground and Part 3 from 7 p.m. to 2 a.m. Guests can reserve a seat or a table with consumables starting at P3,000, comprising of bar snacks, burgers, fries, and beverages. VIP couch seats for a party of eight for P24,000 and VIP Small Tables for a group of four for P12,000 are also available, inclusive of consumables. For reservations and information on upcoming performances at CenterPlay, call 8800-8080 or e-mail guestservices@cod-manila.com, or visit www.cityofdreamsmanila.com.

Partisan politics undermine national security

PHILIPPINE STAR/NOEL B. PABALATE

EXECUTIVE ORDER NO. 81 series of 2024 issued by President Ferdinand “Bongbong” Marcos, Jr. is causing a stir because it removed the Vice-President (VP) and past presidents from the National Security Council (NSC). According to Executive Secretary Lucas Bersamin, “at the moment, the VP is not considered relevant to the responsibilities of membership in the NSC.”

This view seems to ignore presidential succession. The VP must be ready to assume the presidency at any given moment. This readiness is most crucial with regards to national security affairs. Therefore, it is only logical for the VP to be part of the NSC. Obviously, the scenario where the President and the VP are at opposite ends of politics is always possible. Still, national security is probably the single issue where they are expected to rise above partisanship.

While reorganizing the NSC is certainly part of executive power, public interest demands that the President exercise this authority with only the nation’s security in mind. Therefore, revamping the NSC must not be motivated by political considerations. Indeed, the only acceptable reason to exclude anyone from the NSC is if that person is determined to be a national security threat. Pertinently, a case can be made that the current VP, Sara Duterte, already fits this frame.

VP Duterte’s public threats against the life of President Marcos and his family can certainly be treated as a verified threat to the nation’s security. Some pundits would even consider her silence over Chinese aggression in the West Philippine Sea as enough reason not to trust her when it comes to defense and security matters. But arguably, it is her family’s overt attempts to undermine the loyalty of the military to the commander-in-chief that makes her presence in the NSC so untenable.

But neither President Marcos nor any of his official surrogates have categorically pronounced VP Duterte as a national security threat. For this reason, it is hard to dismiss the view that this move merely “reflects the intensifying power struggle between the country’s dominant political dynasties ahead of the midterm elections.” The administration’s caginess in this regard suggests that the removal of the VP from the NSC could really be politically motivated.

Admittedly, it is extremely challenging to keep politicking out of the national security discourse. Even critics of the administration are guilty of politicizing defense and security concerns. In some instances, they do it recklessly as well. Like suggesting that the NSC revamp is a sign of a rift within the security sector. To express such a ludicrous theory is borderline treasonous. It gets the proponent clicks and likes, but it only worsens the politicization of national security.

Of course, the brouhaha caused by EO No. 81 demonstrates once again the centrality of the President’s role in national security. According to the Supreme Court in Saguisag vs Executive Secretary (G.R. No. 212426, Jan. 12, 2016):

“The duty to protect the State and its people must be carried out earnestly and effectively throughout the whole territory of the Philippines in accordance with the constitutional provision on national territory. Hence, the President of the Philippines, as the sole repository of executive power, is the guardian of the Philippine archipelago, including all the islands and waters embraced therein and all other territories over which it has sovereignty or jurisdiction.”

The President being the “sole repository of executive power” and the “guardian of the Philippine archipelago” very clearly means that the buck stops with him. The President makes the final decision on national security matters. Therefore, it is vital that he gets timely and accurate information as well as sound counsel from his Cabinet and national security experts. Simply put, the President cannot perform this constitutional duty alone. Hence, the creation of the NSC as an advisory body.

The Cabinet provides the President with the nitty-gritty details that are necessary for policy-formation. But the NSC is the institution where multiple defense and security concerns are ventilated to help the President see the bigger picture. Opposing views are not necessarily wrong or counterproductive. All angles of an issue need to be considered. Such robustness in deliberation can only happen if the NSC is not filled with Yes-men and sycophants or blood relations. Independent minded public officials, indeed, even contrarian voices, will ultimately be beneficial to the President.

However, the President must ensure national security policy decisions and actions do not fall victim to partisan politics. There are many ways which this can be accomplished. And each President will proceed with this effort in his or her own way. But it starts with an unwavering commitment to keep national security a partisanship-free zone. This is easier said than done and most presidents have failed to do it. The removal of the VP from the NSC is the most recent example of this failure.

Finally, it is quite disturbing to hear public officials, journalists, and political commentators rationalize that EO No. 81 as merely an exercise of presidential prerogative as if executive power is akin to monarchical absolutism. In light of the impeachment drama in South Korea, this passage from the decision of the Constitutional Court of Korea in the Impeachment of the President Roh Moo-hyun is offered as a counterpoint, to wit:

“However, the President is not an institution that implements the policies of the ruling party, but instead, the President is the constitutional institution that is obligated to serve and realize the public interest as the head of the executive branch. The President is not the President merely for part of the population or a certain particular political faction that supported him or her at the past election, but he or she is the President of the entire community organized as the state and is the President for the entire constituents. The President is obligated to unify the social community by serving the entire population beyond that segment of the population supporting him or her.”

South Korea has influenced the Philippines in so many ways. This lesson on how Filipinos should relate to the President would indeed be a welcome addition.

 

Michael Henry Yusingco is a law lecturer, constitutionalist, and a senior research fellow at the Ateneo Policy Center.

Wicked, A Complete Unknown lead Hollywood’s SAG award nominees

LOS ANGELES — Box office smash Wicked, the musical prequel to The Wizard of Oz, topped the list of film nominees unveiled on Wednesday for Hollywood’s Screen Actors Guild (SAG) Awards, a key indicator of support for movies heading into the Academy Awards.

Wicked earned five nominations, ahead of four for Bob Dylan biopic A Complete Unknown.

Both films will compete for the SAG honor of best movie cast. Their competitors are Golden Globe winner Emilia Pérez, papal selection drama Conclave, and Anora, the story of a sex worker who marries the son of a Russian oligarch.

The SAG Awards are closely watched because they are selected by members of the Screen Actors Guild – American Federation of Television and Radio Artists actors union and actors form the largest group of voters for the Oscars, the film industry’s top prizes that will be bestowed in March.

Nominated SAG actors include Wicked stars Ariana Grande, Cynthia Erivo, and Jonathan Bailey, Timothée Chalamet for his portrayal of Dylan and Karla Sofia Gascon, who stars as a Mexican drug lord who transitions to a woman in Emilia Pérez.

Demi Moore, who just won a Golden Globe for her performance as a fading actress in The Substance, also was nominated, as was Pamela Anderson for The Last Showgirl.

The Brutalist, winner of the Golden Globe for best movie drama on Sunday, was left out of SAG’s cast category. Star Adrien Brody, who plays a Holocaust survivor and architect chasing the American dream, was nominated for best actor.

Organizers of the SAG Awards canceled a planned live announcement of the SAG nominees because of wildfires in Los Angeles. Nominations were announced online instead.

In SAG’s TV categories, historical epic Shogun piled up five nominations including one for best TV drama cast. It will compete with Bridgerton, The Day of the Jackal, The Diplomat, and Slow Horses.

Winners of the SAG Awards will be announced on Feb. 23 at a ceremony that will stream live on Netflix. — Reuters

The Asian Dream is waking up to reality

FREEPIK

HOW QUICKLY is Asia’s middle class growing? Not as fast as it needs to keep pace with aspirations. Policymakers need to focus on boosting livelihoods — but also on improving the quality of lives — for citizens to achieve the “Asian Dream.” Until that happens, it will be more myth than reality.

There is no concrete definition of what such a dream with Asian characteristics means, but inspiration could come from the American Dream, a term coined by writer James Truslow Adams in 1931, when he wrote that it “is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement.”

Asia is nowhere near those lofty ambitions yet. Fifty years ago, most of the region was wretchedly poor, agrarian, and misruled. The improvements in most countries have since been breathtaking, as industrialization, education, and better governance led to higher quality of life and living standards.

The last decade has been particularly strong — between 2015 and 2021, the region accounted for 57% of global gross domestic product (GDP) growth, and in 2021 contributed almost half of the world’s GDP (at purchasing power parity), more than any other region. But momentum is now stagnating.

Indonesia, an emerging economy with more than 270 million people, is the canary in the coal mine. Recent data from the Central Bureau of Statistics showed that the number of people classified as middle class declined by close to 9.5 million in the past five years.  The pandemic was cited as mostly responsible, but Southeast Asia’s largest economy wasn’t alone. Then-President Joko Widodo reflected: “This issue exists in almost all countries.”

Those may be the words of a leader trying to defend his legacy, but he wasn’t entirely wrong. China is seeing an erosion in household wealth because of a collapse in real estate prices. Middle-class families are being forced to rethink their money priorities, with some pulling away from investing, or selling assets to free up liquidity. India paints a similarly worrying picture. Growth is slowing, urban salaries — particularly in the largest cities — are contracting, and spending is declining.

The middle class often plays an important role in political and economic development, as a 2021 report from the OECD Development Centre notes. Wealthier societies tend to push for higher democratic participation and less corruption, leading to better governance. Good policies depend on the support of public opinion, and are likely to be stronger among the large middle classes that are typical of stable democracies.

Still, there’s evidence to suggest that most Asians are feeling confident about their prospects, despite the slowdown. A study of over 12,000 people from across 12 markets in Asia, conducted by the McCann Worldgroup, an advertising agency network, showed that two-thirds of those surveyed believed they did not have to leave Asia for a better life, indicating that they think their aspirations will eventually be met at home.

Shilpa Sinha, McCann’s APAC chief strategy officer, told me: “What surprised me was how tied these people feel to the idea that their futures belong in the region, with many saying that they are more hopeful about their futures in Asia rather than in places like the West.”

For Asians to continue to feel that optimistic about their prospects, governments have their work cut out. Increasing the tax base in countries like Indonesia could help add much-needed revenue to education and healthcare budgets, both priorities. In China, policymakers are attempting to address the malaise through bouts of stimulus, but it may be too little, too late to shift household moods toward spending.

There’s a lot at stake. Oxford Economics predicts that emerging-market middle classes will double in the next decade — expanding from 354 million households in 2024 to 687 million by 2034. Even if China no longer posts the world’s fastest rate of middle-class growth, it will remain the biggest consumer market. By 2029, two in every three middle-class consumers are expected to be from Asia. The biggest increases will come from China, India, Indonesia, the Philippines, and Vietnam.

All of this requires effective government policies to attract increasingly discerning foreign investment, as well as to harness the potential of the existing middle class. Asia’s growth era may be showing some cracks, but the Dream still has plenty of wind behind it. The wake-up call may be in realizing, as citizens in mature economies have discovered, that while reaching the middle class is one thing, it can be more challenging to stay there.

BLOOMBERG OPINION

Laguna hydro plant auction set for April — DoE

CBKPOWER.COM

By Sheldeen Joy Talavera, Reporter

THE AUCTION for the privatization of the 796.64-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant (HEPP) complex in Laguna is scheduled for April, according to the Department of Energy (DoE).

Initially planned as a major privatization project by the state-run Power Sector Assets and Liabilities Management Corp. (PSALM) last year, the auction for the asset will now proceed in April, Energy Undersecretary Rowena Cristina L. Guevara announced during a briefing on Wednesday.

“The only reason why it has been delayed is that the price determination methodology was supposed to have already been acted upon by ERC (Energy Regulatory Commission) in October, but Chairman [Monalisa C. Dimalanta] was suspended by the Ombudsman and that cascaded in all the delays and therefore that’s why we could not proceed with it,” DoE Secretary Raphael P.M. Lotilla said.

Mr. Lotilla was referring to the pricing determination methodology for the third round of green energy auction (GEA-3) set in February, which will also offer pumped-storage hydro capacities.

The government waited for the pricing scheme for GEA-3 so as not to affect the value of the CBK hydropower plant complex.

“The pricing [of the CBK plants] could be affected that’s why [the auction] will be held in April instead of November [2023],” Ms. Guevara said.

The ERC was only able to issue the pricing mechanism for GEA-3 late last year.

“The concern that had to be addressed was how to maximize the value of CBK, so it’s not PSALM’s fault. PSALM would have been able to privatize that even without GEA-3 but the concern of the Department of Finance was to enhance the privatization value of CBK and that’s why it got delayed,” Mr. Lotilla said.

Finance Secretary Ralph G. Recto has said that the government is likely to raise between P50 billion to P100 billion from the privatization of the CBK power plants.

The CBK hydro facilities are under a 25-year build-rehabilitate-operate-transfer and power purchase agreement between independent power producer CBK Power Co. Ltd. and National Power Corp. (NPC), which will expire in 2026. These facilities are composed of the 39.37-MW Caliraya HEPP in Lumban, 22.91-MW Botocan HEPP in Majayjay, and 366-MW Kalayaan I and 368.36-MW Kalayaan II pump storage power plants in Laguna.

PSALM is tasked to lead the privatization of the remaining generation and transmission assets of the NPC and the National Transmission Corp., which includes the CBK plants.

The state-run firm has identified six qualified bidders for the asset’s auction.

“We are finalizing our documents, subject to the comments that we received from the various bidders. We hope to have a successful bidding by next year, and turnover also next year,” PSALM President and Chief Executive Officer Dennis Edward A. Dela Serna told a Senate hearing in October last year.

Mr. Dela Serna said that the company is targeting to determine the indicative price for the CBK hydropower complex one to two months prior to the bidding date.

In 2023, PSALM turned over the ownership and operation of the 165-MW Casecnan Hydroelectric Power Plant to Fresh River Lakes Corp. (FLRC), a subsidiary of First Gen Corp. FLRC offered the highest bid at a price of $526 million, way above the minimum bid price of $227.27 million.

The Casecnan hydro is a run-of-river type of power facility that generates energy by diverting water from the Casecnan and Taan Rivers through a 26-kilometer-long tunnel.

WEF: PHL should fix educational shortcomings

FREEPIK

THE Philippines is well-positioned to capitalize on demographic changes reshaping economies given its burgeoning working-age population, but it should address critical shortcomings in education and job preparation according to a World Economic Forum (WEF) report.

While many high-income countries have aging populations and shrinking labor forces, the Philippines continues to enjoy an expanding working-age demographic, which is an advantage as industries worldwide get transformed by technology, climate change and economic shifts, the WEF said in its Future of Jobs Report 2025.

“Many economies’ actual ability to leverage demographic dividends will depend on their accompanying success or otherwise, in inclusive job creation,” it said in the Jan. 8 report.

This potential can only be unlocked if investments are made in education and skill development to enhance talent availability.

Employers around the world in the WEF survey identified the top five public policy priorities to enhance talent availability in the Philippines. At the top is flexibility in hiring and firing practices (57%), followed by provision of reskilling and upskilling (52%), funding for reskilling and upskilling (48%), improvements in public education systems (48%) and changes to immigration laws (44%).

Two-thirds of employers in the Philippines identified skill gaps as a significant barrier to business growth in the next five years, prompting many to scale up reskilling initiatives.

The upskilling and reskilling outlook showed that 32 of 100 Filipino workers would not need training by 2030, 28 will be upskilled in their present roles, 29 will be upskilled and redeployed and 10 were unlikely to upskill.

“Employers operating in the Philippines anticipate that almost three in 10 workers will be upskilled and then redeployed to new roles,” it added.

The study also showed the top core skills in 2025 and the skills expected to grow the most by 2030 in the Philippines. These are skills in artificial intelligence (AI) and big data at 85%, followed by resilience, flexibility and agility (77%), creative thinking (76%), networks and cybersecurity (73%) and technological literacy (65%).

It said technology-related roles are the fastest-growing jobs in percentage terms.

These include professionals such as big data specialists, fintech engineers, AI and machine learning specialists and software and application developers. 

In the next decade, about 1.2 billion young people in emerging economies would become working-age adults, the WEF said, citing the World Bank. The job market in these economies is only expected to create 420 million new jobs, leaving nearly 800 million young people in economic uncertainty.

Aging and expanding working-age populations are the two demographic shifts seen transforming global economies and labor markets, according to the report.

Higher-income economies predominantly have aging working-age populations, while lower-income economies like the Philippines are experiencing expanding working-age populations.

“These trends drive an increase in demand for skills in talent management, teaching and mentoring, and motivation and self-awareness,” it said.

“Aging populations drive growth in healthcare jobs such as nursing professionals, while growing working-age populations fuel growth in education-related professions, such as higher education teachers,” it added.

The report gathered insights from more than 1,000 global employers, representing more than 14 million workers across 22 industries and 55 economies.

It explored how macroeconomic trends will affect jobs and skills, and outlined workforce transformation strategies employers plan to implement from 2025 to 2030. — Chloe Mari A. Hufana

Netflix and WWE aim to fuel wrestling fervor worldwide

LOS ANGELES — Netflix’s next venture into live programming started on Monday when the company streams its first episode of Raw, the weekly World Wrestling Entertainment (WWE) spectacle that has been a staple of US television for three decades.

WWE executives are moving their flagship show from Comcast’s USA Network to the new streaming home with hopes that they can bring in more fans of all ages around the world.

“When you look at Netflix and its global reach and the power of its brand, it was time that our brand met up with theirs,” said WWE President Nick Khan.

Netflix agreed to pay more than $5 billion for rights to show Raw and other WWE programming including Smackdown and Wrestlemania over 10 years, part of the streaming service’s move into live events that are attractive to advertisers.

WWE rose to popularity with colorful characters such as Hulk Hogan and future movie star Dwayne “The Rock” Johnson in ongoing storylines that hooked viewers.

One fan was Bela Bejaria, now the chief content officer at Netflix. She recalled watching outsized personalities such as Hogan, Randy Savage, and Andre the Giant with her grandfather after her family moved to Los Angeles when she was nine.

“It turns out that my experience of watching wrestling with my family isn’t that unusual,” Ms. Bejaria said. “They have a huge multi-generational fan base with a roster of stars and exciting drama.”

Today, the WWE has more than 1 billion followers across social media, Ms. Bejaria said. “Combining the intensity of WWE fans with the fandom and reach of Netflix just made sense,” she said.

Raw will stream live every Monday exclusively on Netflix in the United States, Canada, Latin America, and other territories. It will arrive on Netflix in some countries later this year, including India in April.

In 2025, WWE will stage more Raw and Smackdown events in international markets and aims to find superstars around the world.

“We can’t just be an American company, piping out American content, hoping that people will show up and tune in,” Mr. Khan said. “We have to be boots on the ground.”

Raw will air 52 weeks per year, a significant jump from Netflix’s handful of live events to date.

In November, Netflix reported 65 million concurrent streams for a boxing match between 58-year-old Mike Tyson and 27-year-old YouTube personality Jake Paul. Some users reported buffering issues during the fight.

Netflix attributed the glitches to the large number of viewers and said it had since shored up its technology. On Christmas Day, Netflix’s streams of two National Football League games went smoothly and drew more than 30 million viewers each. — Reuters

Chinabank to raise P100 billion via bonds, commercial papers

BW FILE PHOTO

CHINA BANKING Corp. (Chinabank) is looking to return to the debt market to raise P100 billion in fresh funds via bonds or commercial papers over the next three years.

Chinabank’s board of directors approved the three-year P100-billion fundraising program at its regular meeting on Jan. 8 (Wednesday), it said in a disclosure to the stock exchange on Thursday.

The total amount will be raised in several tranches via issuances of retail bonds, commercial papers, or a combination of both.

“The proceeds shall be used to support the bank’s strategic initiatives and expansion programs,” Chinabank said.

The program will mark Chinabank’s return to the debt market after nearly four years.

The listed bank last tapped the domestic debt market in February 2021, raising P20 billion from the issuance of three-year peso bonds, four times the minimum target amount of P5 billion.

The notes, which matured in 2024, were priced at 2.5% per annum, payable monthly.

Chinabank Capital Corp. was the issue coordinator, structuring advisor, joint lead arranger and joint bookrunner for the offering.

The lender also appointed Philippine Commercial Capital, Inc. and HSBC as the joint lead arrangers, joint bookrunners, and selling agents for the issue.

The bonds were issued under its P45-billion bond and commercial paper program that was approved in September 2020.

Chinabank’s net income rose by 29.43% year on year to P6.93 billion in the third quarter of 2024 on the back of continued core business growth.

This brought its nine-month net profit to a record P18.4 billion, up by 13% year on year.

Chinabank’s shares went down by 30 centavos or 0.43% to close at P69 apiece on Thursday. — A.M.C. Sy

Bossjob AI resume tool makes hiring easier

PHILIPPINE STAR/EDD GUMBAN

RECRUITMENT platform Bossjob on Thursday said its latest artificial intelligence (AI) Resume Analysis tool is expected to help simplify companies’ hiring process.

“The AI Resume Analysis tool offers a dual advantage for employers and jobseekers by using cutting-edge AI technology to review, evaluate and optimize resumes, ensuring alignment with job requirements,” it said in a statement.

The tool uses AI to evaluate resumes and provide tailored recommendations for both jobseekers and employers, it said. “The goal is to streamline the recruitment process for employers, while providing jobseekers with actionable insights to improve their chances of landing their dream jobs.”

About 89% of Filipino leaders think their organizations must leverage AI to remain competitive, according to the 2024 Work Trend Index from Microsoft Corp. and LinkedIn.

The AI Resume Analysis tool lets employers scan and assess resumes, cutting down the time spent on manually checking applications, Bossjob said. The tool highlights top candidates by matching resumes to specific job descriptions.

It also focuses on qualifications and skills to eliminate human biases and promote fairness in hiring. Recruiters gain all these valuable insights in just one click, it added.

The tool also gives jobseekers personalized feedback to help them refine their resumes. It highlights their key skills and experiences to attract hirers.

Through keyword-optimized resumes, jobseekers have an increased chance of matching their qualification with suitable job roles, Bossjob said.

“Our AI Resume Analysis is designed to empower both jobseekers and employers, bridging the gap between talent and opportunity in today’s competitive job market,” Bossjob Country Manager Kimberly Chen said in the statement.

“For jobseekers, it’s a real game-changer, providing insights that make their applications stand out. For employers, it’s about making smarter, faster, and fairer hiring decisions.”

“With this feature, the platform simplifies hiring processes, reduces inefficiencies, and empowers users to navigate the job market confidently,” it added. — Beatriz Marie D. Cruz

Nowhere to go but Net Zero

FREEPIK

(Part 2)

BEYOND CREATING a future-ready energy system, our being among the top five countries in the world’s climate vulnerability list necessitates that we prepare Philippine cities, communities, and infrastructure for resilience in a climate-changed world. The impacts of the climate crisis as well as climate action that will be demanded of everyone are among the forces in history that are in no way linear.

These are forces that will transpire “gradually and then suddenly.” If we’re not prepared and conveniently ignore it, we’ll be overwhelmed and not recognize the world around us in the coming 30 years.

The science tells us we no longer have a choice. We need to act in a systematic and collaborative way if we want to succeed and make serious headway in tackling other issues like hunger, poverty, and the other pressing Sustainable Development Goals of our time. Trying to solve those will be futile if we don’t build for the resilience we need, and if we don’t ultimately solve the climate crisis.

We also need to be cognizant of the changing demands of consumers. According to the UNDP-Oxford University “Peoples’ Climate Vote 2024” survey, 80% of people globally want their governments to take stronger climate action to tackle the climate crisis. A higher 86% want to see their countries set aside geopolitical differences and work together on climate change. The Peoples’ Climate Vote 2024, which is the biggest global standalone survey on climate change, offers undeniable evidence that people everywhere support bold climate action.

All these beliefs are embedding themselves into consumer buying habits; the companies that people now choose to work for; global supply chains; the availability of financing and insurance for assets and projects; and even social acceptability, to name a few. The combined effects of all these forces are being seen in how companies and brands are reorienting around decarbonization goals.

Many governments are also strengthening their climate policies and targets while more countries are introducing carbon pricing instruments like emissions trading system, carbon taxes, and carbon trading.

For the Philippines, we see our government’s efforts for a more systematic and comprehensive approach to climate action through the Department of Environment and Natural Resources and the Climate Change Commission. Following the submission of our country’s Nationally Determined Contribution (NDC) in April 2021, the National Greenhouse Gas Inventories for 2015 and 2020 were completed. With stakeholder support, the NDC Implementation Plan and the National Climate Change Action Plan were developed with a focus on food security, water sufficiency, ecosystem and environmental stability, and human security.

Complementing the government blueprint are planned regulations to align the private sector to this course, given that businesses contribute a large portion to the national greenhouse gas (GHG) footprint.

It’s evident that decarbonizing and scaling up a green electricity grid over the next 25 years is the greatest energy transition in the history of mankind. It’s not just changing the electricity system but building a new global energy system with components we have never built before and at a massive scale. This will need nothing short of collaborative action among various players and well-coordinated and timely action on the part of regulators, who must ensure energy security and be well-versed on the elements that make for a successful and just energy transition.

We recognize though that it takes more than energy security and the energy transition to stabilize the distressing state of the climate.

While addressing the climate crisis feels like such a daunting task, we remain optimistic as we see a myriad of sectors coming together and taking collective action. Our Mission, “to forge collaborative pathways to a decarbonized and regenerative future,” continues to guide our path. It reaffirms our commitment to work together with all stakeholders, including the Net Zero Carbon Alliance, to rally more businesses and organizations across all sectors to achieve our Net Zero ambition.

(See Part 1 here: https://tinyurl.com/2dzzte3d)

 

Federico R. Lopez is the chairman and chief executive officer of First Gen Corp. and its parent firm First Philippine Holdings Corp. He is also the chairman of the First Gen subsidiary Energy Development Corp. This commentary was lifted from the keynote speech that Mr. Lopez delivered during the Net Zero Carbon Alliance 2024 Conference held at The Fifth at Rockwell in Makati City.