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In Apple’s shadow, Google takes new route to face recognition on Pixel phones

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Facial recognition returned to the latest Google Pixel phones on Thursday after a short hiatus due to challenges on cost and performance, according to three former employees at the Alphabet Inc unit knowledgeable about the efforts.

The feature on the new Pixel 7 is not as good as Apple Inc.’s Face ID unlocking mechanism, as it can struggle in low light and is more vulnerable to being spoofed. In addition, Google has said it is not secure enough to enable signing into apps or making payments.

The return comes after Google became stricter about launching products with facial recognition, in part due to questions about its performance on darker skin.

The company took time to review its approach to training and testing facial recognition since the previous Pixel with the capability launched in 2019, one of the sources said.

Google declined to comment on several specific questions about its history with face unlock. It said generally, “Thanks to advanced machine learning models for face recognition, Pixel 7 and Pixel 7 Pro feature Face Unlock, but we’re doing it a little differently.” It added, “We achieve good facial accuracy performance with the front-facing camera.”

Google’s pursuit of face unlock for Android smartphones spans at least a decade, but it came under greater pressure when Apple released Face ID in September 2017, the sources said.

To that point, Google struggled to devise a system that both performed quickly and was impervious to spoofing, or the use of photos or hyper-realistic costumes to fool someone else’s phone into unlocking, one of the sources said. Engineers toyed with requiring a smile or a blink — proving a person’s “liveness” — to combat spoofing but it was awkward and slow, the source said.

Another source noted that after the arrival of Apple’s Face ID, which uses a depth-sensing and infrared camera called TrueDepth to map a face, Google executives signed off on a comparable technology. Google’s Pixel 4, released in 2019, called its infrared depth-sensing setup uDepth.

It performed well, including in dark conditions, with no more than a 1-in-50,000 chance that it would unlock a phone for an unauthorized face, according to Google.

But the gear was expensive. And while Apple sells 240 million iPhones annually, Google has topped out at a few million, preventing it from buying parts at the volume discounts Apple does.

Google dropped uDepth in the Pixel 5 in 2020 due to costs, the sources said.

Face masking because of the pandemic gave Google reason to exclude the feature from last year’s Pixel 6 and additional research time, two sources said.

Face unlock on the new phones relies on a typical front camera. But unlike the previous system, it cannot securely unlock apps and payments because Google says spoofing chances — such as by holding up a user’s photo — are greater than 20%, above the 7% threshold it requires to be considered most “secure.”

Low light and sunglasses also can cause trouble, Google says, noting fingerprint unlock remains an alternative. — Reuters

As China party congress looms, signals sought on easing COVID policy

REUTERS

BEIJING — The mounting economic toll of China’s zero-COVID policy is raising investor hopes that Beijing may finally begin laying the groundwork for the tricky epidemiological and political task of shifting course following this month’s Communist Party congress.

It is not clear whether the ruling party congress from Oct. 16 will shed any light on easing strict measures to extinguish all domestic coronavirus disease 2019 (COVID-19) outbreaks, rather than seek to live with the pandemic. Any change, economists and investors predict, would entail gradual steps for a reopening from the first half of 2023 at the earliest.

Tackling the challenges of reversing one of the world’s toughest COVID regimes would require a clear timeline and strategy for booster shots in a nation of 1.4 billion people that has gone its own way on inoculations, say infectious-disease and vaccine experts.

The approach has all but shut its borders for travel and led to unpredictable lockdowns of huge cities, stifling the world’s second-largest economy and stoking anger and frustration among many citizens.

Xi Jinping, expected to secure a precedent-breaking third leadership term at the congress held every five years, reiterated that the zero-COVID policy is “correct and effective” during a June visit to Wuhan, the central Chinese city where COVID emerged in 2019.

“In every conversation that we have had on Asia’s macro outlook, the number one question that investors have is on when China will reopen and what the roadmap would look like,” Morgan Stanley economists wrote in a research note last week.

“We think a reopening will happen, because the strict COVID management approach has led to challenges of significantly weaker income growth and a sharp rise in youth unemployment — outcomes which are at odds with the policy goal of common prosperity.”

Goldman Sachs analysts predict China will start relaxing the policy in the April–June quarter.

China has repeatedly tweaked implementation of zero-COVID but not described an exit from a policy that seeks to contain every outbreak, which state media touts as showing the superiority of Chinese governance to that in the West.

LOCAL SHOTS

Zero-COVID, while disruptive, has kept death and infection rates minimal, which could reassure the public that preparation for a gradual reopening would allow China to balance economic concerns and COVID risks.

But China’s population, the world’s largest, has little natural immunity given the rigorous containment policy.

Before exposing China’s people to new COVID risk, authorities must prepare a healthcare system with wide inequality in the geographical distribution of resources for a surge in infections and adjust its messaging to people accustomed to the extremes of zero-COVID.

China boasts nine domestically developed COVID vaccines approved for use, more than any other country. But none has been updated to target the highly infections Omicron variant, as Pfizer-BioNTech and Moderna have for boosters in many developed countries.

The authorities have not approved any foreign-made COVID shots. A recent study showed the most widely used shots in China were effective in preventing severe cases and deaths but showed lower effectiveness against the Omicron variant.

Homegrown mRNA vaccines in development have not been green-lighted domestically, but Indonesia said last week it had approved emergency use of an mRNA vaccine developed by China’s Walvax Biotechnology Co Ltd.

Executives at three Chinese vaccine makers told Reuters a key uncertainty is whether regulators will allow fast-track opportunities for new vaccines as China did in 2020 by authorizing emergency use before efficacy data from large clinical trials was generated.

Without fast-tracking, candidates that started clinical trials this year would lack the data to seek approval by year’s end, said one executive, who, like others, asked not to be named given the sensitivity of the issue.

TIMING MATTERS

For latecomers whose vaccines face the unpredictability of future virus mutation while navigating a lengthy regulatory pathway, “chances are high that you will never keep up with variants or regulatory process,” said another executive.

Two executives expressed skepticism whether regulators would let new candidates skip early-stage trials in unvaccinated people, a group increasingly difficult to gather, even though such shots are more likely to be used as a booster.

The National Health Commission and the National Medical Products Administration did not respond to Reuters requests for comment.

The timing of any booster rollout is also crucial.

“If you boost everyone now but you don’t have to exit for many months, that’s possibly too early. You want to have the booster at the right time,” said Benjamin Cowling, an epidemiologist at the University of Hong Kong.

“What I haven’t seen in the mainland is that overall plan and the overall timeline.”

Many countries offer second booster shots. China’s CDC said in September a well-timed second booster is needed to safely exit the pandemic. The government allows only one booster.

Some experts recommend importing Western-made shots and accelerating development of home-grown alternatives including Omicron-targeting shots.

“China should … import or develop a highly effective vaccine as soon as possible,” said Zuofeng Zhang, an epidemiology professor at the University of California, Los Angeles.

Mr. Cowling said Western-made shots and China-developed candidates showing promising data would also provide more options and help alleviate vaccine hesitancy, a major reason vaccination rates for the elderly remain below China’s national average. — Reuters

Europe’s new 44-nation club underlines Russia’s isolation

President.az/CC BY 4.0/Wikimedia Commons

PRAGUE — Leaders of the European Union (EU) and neighbors from Britain to Turkey met on Thursday to discuss security and energy emergencies plaguing them all since Russia’s invasion of Ukraine, a symbolic summit that underlined Moscow’s isolation.

The gathering in Prague was the inaugural meeting of the European Political Community (EPC), a brainchild of French President Emmanuel Macron, bringing together on an equal footing the EU’s 27 member states and 17 other European countries.

Some of the countries are waiting to join the EU while another, Britain, is the only one ever to leave it.

Danish Prime Minister Mette Frederiksen was tied up with a crucial parliamentary debate at home, bringing the number of leaders down to 43 from the originally envisaged 44.

The meeting at the ancient compound of Prague Castle was a grand show of solidarity for a continent mired in multiple crises — from the security fallout of the war in Ukraine to an energy crunch and a looming recession that has dashed hopes of robust recovery from the coronavirus disease 2019 (COVID-19) pandemic downturn.

“We have very clearly displayed the unity of 44 European leaders in condemning Russian aggression and expressing support for Ukraine,” Mr. Macron told a news conference after the summit.

Polish Prime Minister Mateusz Morawiecki said: “This summit confirms that Russia is in complete isolation.”

Ukrainian President Volodymyr Zelenskyy, addressing the meeting via video link, urged leaders to turn the new political community into a “European community of peace.”

“Let today be the starting point. The point from which Europe and the entire free world will move to guaranteed peace for all of us. It is possible,” he said, calling on the leaders to “direct all possible powers of Europe to end the war.”

A special spotlight in Prague was on British Prime Minister Liz Truss, who — under pressure at home after only a few weeks in office — joined the stage with leaders of the EU.

Her decision to attend left some hoping for a reset in relations between Brussels and London, building on a warmer tone in recent weeks in a standoff between the two sides over post-Brexit trading arrangements for Northern Ireland.

Ms. Truss, who declared earlier this year while campaigning to become prime minister that the jury was out on whether Mr. Macron was a friend or foe, told reporters in Prague that the French president was indeed a friend of Britain.

The two leaders met for talks in Prague, and Mr. Macron added to the reconciliatory mood later, declaring: “I really hope this is the beginning of the day after.”

A TALK SHOP?

Russia’s war in Ukraine is certain to remain a focus of the new club as leaders of the embryonic EPC will meet next time in Moldova, Ukraine’s small and troubled neighbour.

Still, it is far from clear that a forum some have already dismissed as just another talk shop has a robust future.

Its sheer size will be a major obstacle to delivering concrete policy, as will its political and cultural diversity and traditional rivalries between many of its members, from Armenia and Azerbaijan to Greece and Turkey.

In a blog before the summit, EU foreign policy chief Josep Borrell said clarity was still needed on the EPC’s core rationale, its relationship with the EU, how it should take decisions and even whether it should have a budget of its own.

Turkish President Tayyip Erdogan said the summit was “a very timely initiative” to discuss problems of the European continent and find common solutions, but he cautioned that the EPC should not become an alternative for countries hoping to join the EU.

Ankara opened membership negotiations with the EU in 2005.

On Friday, leaders of the EU’s 27 countries will meet on their own in Prague. Tensions will play out over Germany’s 200 billion euro ($197.50 billion) energy support package that many of its peers see as damaging competition in the bloc’s single market.

EU countries will also try to work through differences over how to cap gas prices to contain soaring energy costs that are turbocharging inflation across the bloc.

Separately, the EU’s member states gave final approval to an eighth batch of sanctions against Moscow over the invasion of Ukraine, but said implementing a price cap on Russian seaborne oil included in the package required more work. ($1 = 1.0127 euros) — Reuters

Thailand mourns after over 34 die in daycare centre attack targeting children

NA KLANG, Thailand — Thai government buildings flew flags at half-mast on Friday to mourn the death of more than 30 people, including 23 children, after an ex-policeman burst into a daycare center in a knife and gun rampage that left the nation shocked and seeking answers.

Most of the children who died at the daycare center in Uthai Sawan, a town 500 kilometers northeast of Bangkok, on Thursday were stabbed to death, police said, marking one of the worst child death tolls in a massacre by a single killer in recent history.

Police identified the attacker as a former member of the force who was discharged over drug allegations and who was facing trial on a drugs charge. After the attack, he went home and shot dead his wife and child before turning his weapon on himself.

The age range of children at the daycare center ranged from two to five years, a local official said.

“It’s a scene that nobody wants to see. From the first step when I went in, it felt harrowing,” Piyalak Kingkaew, an emergency worker heading the first responder team, told Reuters.

“We’ve been through it before, but this incident is most harrowing because they are little kids.”

The former policeman had been in court earlier in the day and had then gone to the daycare center to collect his child, police spokesperson Paisal Luesomboon told broadcaster ThaiPBS.

When he did not find his child there, he began the killing spree, Paisal said. “He started shooting, slashing, killing children.”

‘I BEGGED HIM FOR MERCY’

Late on Thursday, a Reuters photographer saw the body of the shooter, Panya Khamrapm, being moved in a bodybag from a van to a police station in the province.

“I don’t know (why he did this), but he was under a lot of pressure,” Panya’s mother told Nation TV, citing debt the former policeman had clocked up and his drug taking.

Photographs taken at the daycare center by the rescue team and shared with Reuters showed the tiny bodies of those killed laid out on blankets. Abandoned juice boxes were scattered across the floor.

“He was heading towards me and I begged him for mercy, I didn’t know what to do,” one distraught woman told ThaiPBS, fighting back tears. “He didn’t say anything, he shot at the door while the kids were sleeping,” another woman said, becoming distraught.

About 30 children were at the facility — a pink, one-storey building surrounded by a lawn and small palm trees — when the attacker arrived. That was fewer than usual, as heavy rain had kept many people away, said district official Jidapa Boonsom.

The attacker forced his way into a locked room where the children were sleeping, Jidapa said. Three boys and a girl who survived the attack were being treated in hospital, police said.

The massacre is among the worst involving children killed by one person. Anders Breivik killed 69 people, mostly teenagers, at a summer camp in Norway in 2011, while the death toll in other cases include 20 children at Sandy Hook Elementary School in Newtown Connecticut in 2012, 16 at Dunblane in Scotland in 1996 and 19 at a school in Uvalde, Texas, this year.

Gun laws are strict in Thailand, but ownership is high compared with some other countries in Southeast Asia. Illegal weapons, many brought in from strife-torn neighboring countries, are common. — Reuters

Expert advice on building a sustainable business

The past two and a half years have been challenging for most businesses, especially for micro, small, and medium enterprises (MSMEs). With the global pandemic affecting everything — from operations to service delivery, some companies had to downsize or, worse, shut down.

But while there were enterprises that collapsed, new businesses also cropped up. Those who survived found new avenues to thrive. For aspiring entrepreneurs, however, the question remains: How can I establish a business that will last for the long term?

Insular Life (InLife), which has been in the industry for more than 112 years, has been through two world wars and other crises and has remained strong to this day. To help people enjoy the good in life by pursuing their goal of establishing a business, the Company hosted a webinar on how to build a sustainable business.

Go Negosyo Mentor and Car Magic Auto Painting Owner Butch Salvador, Rags2Riches Owner and Co-founder Reese Fernandez-Ruiz, and Truelogic Managing Partner Bernard San Juan discussed the challenges entrepreneurs face. From changing one’s mindset to creating the right message — they shared their experiences, insights, and knowledge on how to start and make a business last.

Set Specific Goals and Take Action

“Napakahalaga ng mindset pagdating sa pagnenegosyo at sa ating buhay (Mindset is important both in business and life),” Salvador reminded the audience who attended the Zoom event. “It determines kung ano ang kalalabasan ng buhay natin (It determines the outcome of our lives).”

Salvador got into business in 1997 with only P10 as his “puhunan.” Through well thought-of investments and hard work, he was able to make it grow. With his earnings, he established more companies and now generously shares what he has learned through the years. He provided the following insights and advice:

  • Have a positive mindset to encourage you to take action.
  • In setting goals, make sure that you are specific in what you want to achieve.
  • Have goals to give you direction and help you in creating a plan to reach it.
  • Once you have a plan, start taking action.
  • Invest on things that will earn you money in return.

Let Your Values and Purpose Guide You

Ruiz shared that they started their social enterprise in Payatas, Quezon City, with the goal of being a life and livelihood partner for artisans in the Philippines. For the past 15 years, the enterprise has provided artisans with fair and regular livelihood and training.

“Pwedeng kumita at gumawa ng kabutihan para sa iba (You may earn and do good deeds for others at the same time). Our why made our how and what easier,” she said.

Their purpose guided them throughout the pandemic, and they even saw new opportunities for their people and business.

“May mga panahon sa buhay natin na akala natin yun na ang pinaka-challenging, pero yun pala pwede siyang blessing in disguise (There are moments in our lives when we think we are dealing with the most challenging thing, but it turns out to be a blessing in disguise),” said Ruiz, who is a 2021 Young InLife Shero Circle of Excellence member.

When the pandemic hit, they had to adjust and pivot while maintaining their values and purpose. Below are some of the insights she shared during the webinar.

  • Have the capacity for innovation. During the pandemic, Rags2Riches re-purposed its assets to create essential and relevant products for the new normal. “In the new normal, people are more conscious about the effects of their actions in the world,” Ruiz said.
  • Strengthen e-commerce, social media community, and digital presence.
  • Have a compelling story. “Storytelling sets brands apart. Storytelling is essential,” said Ruiz.
  • Give importance to learning and knowledge. “Hindi lang kita ang mahalaga; mahalaga din ang kaalaman (Profit is not the only important thing. Knowledge, is, too),” Ruiz stressed.

Make Your Story Matter to the Right People

San Juan also underlined the importance of good storytelling. At the same time, he emphasized that it should reach the right audience.

In the storytelling process, he said, one should answer the following: What are you solving? For whom are you solving it?

“There is no such thing as a product that is meant for everyone. The biggest waste of money in marketing is the fact that when you market, you try to talk to everybody,” San Juan said. “What we miss a lot is the real decision maker — the personal need. Why should the person buy from you?”

He noted that people don’t care about a product or brand until a product or brand cares about their problems first.

In his presentation, San Juan shared key figures that could help guide entrepreneurs who want to take their business online.

  • There are 68 million Filipinos online
  • 90% of online Filipinos are on Facebook with 79 million accounts; 40 million are on TikTok, and there are 45 million viewers on YouTube.
  • There are 1.05 billion searches per month. Top searches include recipes, personal care, RPG (role-playing games,) and programs.

“Don’t underestimate how much Filipinos have adapted to being online. The trick to marketing is for your message to be present where your audience is. You put it where there’s a lot of eyeballs and traffic,” San Juan said, adding that Filipinos do not go online, they live online.

He said that in 2021, there were 19 million new smartphone users and 1.3 million new social media users — all of which can be potential customers. San Juan, however, cautioned that there is no product that is meant for everyone and that the biggest waste of money in marketing is spent on trying to talk to everyone.

“If your story is going to matter to the people who are listening to you, it has to be because you are talking to the right people,” he stressed.

When creating your own website, meanwhile, consider not just your storytelling and messaging but your budget as well. San Juan said that a website build alone costs around P50,000 to P100,000, and its upkeep (name, hosting, and SNL) can cost P1,000 a month.

Protect Your Employees and Business

Business owners should consider mitigating the risk of financial losses. One way to achieve this, is by having group life and health insurance.

“A group insurance enables employees to have their own insurance at a lower premium. They can even enroll their dependents,” said InLife Customer Relationship and Management Unit Head Mia Gonzales.

She noted that the pandemic has made companies realize the importance of providing health, security, and protection to their employees.

“For as low as P200, an employee can be insured for around P50,000. This already covers basic life, accident, and total and permanent disability benefits. For P4,400, the employee can enjoy a coverage of up to P1.1 million,” Gonzales explained.

She pointed out that group insurance plans are not only meant for big companies. Even a team of five may apply for an insurance coverage for as low as P5,000. InLife’s group insurance plans may be customized according to the needs of the business.

“Getting a group insurance for your employees is not an expense. Mas marami kayong makukuha kesa sa ibabayad ninyong premium (The benefits you will receive outweigh the amount of premiums you will pay for),” Gonzales said.

Establishing a business is not easy. But with the right mindset and a specific goal in mind, you can start making a plan, take action and craft a compelling story for your target audience. Keep in mind your values and purpose as you move forward. Most of all, make sure that you take care of one of your most important assets — your employees.

Get in touch with an InLife financial advisor to learn more about the Company’s group insurance plans. You may also visit https://www.insularlife.com.ph/ for more information on InLife’s insurance products.

 

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Harnessing the power of national teamwork

President Marcos welcomes members of the Private Sector Advisory Council (PSAC) in Malacañang led by PSAC Convenor & Aboitiz Group President and CEO Sabin M. Aboitiz (fourth from right).

In its first 100 days, the new Marcos administration has hit the ground running. The President’s campaign promise to transform the lives of Filipinos by transforming the Philippine economy is now being vigorously pursued by his economic team through a focused development agenda that appears to combine the inherent powers of both business and politics to move things forward faster, smarter, and stronger.

One of the things the President made clear from the very beginning is that his administration’s critical economic objectives can be fully and successfully achieved through collaboration with the private sector, as they have the expertise and more importantly, the resources needed to implement the solutions required by Marcos’ economic plan.

From left to right: Aboitiz InfraCapital President and CEO Cosette V. Canilao, Local Water Utilities Administration (LWUA) Acting Deputy Administrator Financial Service Maria Rosan D. Perez, former Metropolitan Waterworks and Sewerage System Deputy administrator Leonor C. Cleofas, LWUA Officer-in-Charge Eileen L. Dela Vega, Robinsons Land Corp. President and CEO Frederick D. Go, PBBM, PSAC convenor and Aboitiz Group CEO Sabin Aboitiz, International Container Terminal Services, Inc. Chairman and President Enrique K. Razon, Metro Pacific Investments Corp.Chairman and President Manuel V. Pangilinan, Atok-Big Wedge Co., Inc. President Eric Ramon O. Recto, Gie Polanco and Ginggay Hontiveros-Malvar of the Aboitiz Group

And so the first action step initiated by the administration in this regard was to immediately call for the formation of a Private Sector Advisory Council (PSAC) composed of a wide selection of the country’s top CEOs from all critical industries. As the CEO of a trusted, reputable, and highly capable conglomerate, Sabin Aboitiz was chosen to convene the council and oversee its mandate, which is as follows:

Through advisory, recommendation, and potential collaborative implementation, PSAC will help and support the Marcos administration in meeting its objectives of economic growth, job generation, improved government service through digitization, universal health care, food security, and the improvement of Philippine tourism and infrastructure. PSAC would also offer advice on best practices in terms of accelerating economic activity, encouraging investments, reducing red tape, and promoting ease of doing business.

President Marcos meets with the Digital Infrastructure group of the Private Sector Advisory Council in Malacañang on Aug. 3 to discuss nationwide internet connectivity and digitalization initiatives. This sector is headed by Henry Aguda, the Chief Technology & Operations Officer of UnionBank. With members Alfredo Panlilio of PLDT, Ernest Cu of Globe Telecom, Ramon Jocson of BPI, and Dennis Uy of Converge ICT.

The council is divided into six sectoral groups with their own teams of CEOs and top industry captains focused on addressing challenges in infrastructure, tourism, job generation, healthcare, digital infrastructure, and agriculture, respectively. The groups and council regularly and directly report to the President on the challenges and opportunities of the business sector, and the candid discussions that take place among its members are geared towards consistently adding significant value to the administration and its goals.

The Healthcare group of the Private Sector Advisory Council meets with President Marcos in Malacañang on how Public-Private Partnership will help address the country’s most pressing health concerns. Paolo Borromeo, President and CEO of Ayala Healthcare Holdings, Inc. leads the group. With members Clinton Campos-Hess of United Laboratories, Dr. Nicanor Montoya of MediCard Philippines, Fr. Nicanor Austriaco, Jr. of UST, and Dr. Harish Pillai of Metro Pacific Hospital Holdings.

The groups work closely and cooperatively with their counterpart government departments and agencies to identify vetted and implementable policies and projects that support the government’s priorities.

In photo (from left to right): Robinsons Land Corp. Business Development Officer Leslie Vanessa Lim, PSAC Communications
Lead Ginggay Hontiveros-Malvar, PSAC Secretariat Lead Gie Polanco, President Marcos, PSAC Tourism Sector Lead and Robinsons Land Corp. President and CEO Frederick D. Go, Hertz Philippines CEO Rene Limcaoco, and International Relations Philippine Retailers Association Vice-Chairman Roberto Claudio, Sr.

The formation of PSAC could be an initiative of the Marcos administration to form a governance structure that maximizes the benefits of inclusivity, generating the best ideas, practices, and information from all worlds in order to come up with the best solutions. Now that he’s got a super congress behind his back to make the passage of much-needed legislation a less encumbered and politicized process, it would only make sense to get a consensus of top conglomerates to further unify the country towards decisive action that would benefit the people immediately.

The Jobs Sectoral group of the Private Sector Advisory Council with President Marcos: (from left to right) Kevin Tan of Alliance Global Group, Joey Concepcion of RFM, Rizalina Mantaring of Ayala Corp., Tessie Sy Coson of SM Investments, PBBM, Doris Ho of the Magsaysay Group, Lance Gokongwei of JG Summit, Sabin Aboitiz together with Gie Polanco and Ginggay Hontiveros of the Aboitiz Group

“While we remain competitive as required by a functional capitalist system, we believe in the President’s call for unity in the private sector, so that business can step up, join forces, and combine all our unique strengths under one organized group, and use that resulting synergy to help the administration steer our country to where it needs to go, and where it actually can go. In an underdeveloped economy like ours, this is the most logical course of action,” said Aboitiz. “You’re going to need a few giants if you want to move mountains.”

 

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Singlife launches ‘Cash for Goals (Education)’ a better way to fund your child’s ambitions

Start investing with just Php 2,500

Filipino Parents understand that quality education is the best way to pave a better life for their children. However, college tuition fees are expensive and continue to increase annually. To make sure there is money when it’s needed, they need to start building an education fund as early as possible. Singlife Philippines developed Cash for Goals (Education) to help parents prepare for education expenses.

Helping parents provide for their children

Cash for Goals (Education) helps parents save and grow their money so they can afford their child’s college tuition fees. Singlife makes this hassle-free by making the product available on GCash, which is accessible anytime, anywhere through any mobile device. The purchase experience is designed to be informative, user-friendly, and transparent so that parents can learn how the product works and make a purchase in just a few minutes.

Singlife has made investing for a child’s college fund budget-friendly. Initial investment starts low at only Php 2,500 and additional investments can be as low as Php 500/month. And it’s easy to stay consistent with monthly investing as funds are automatically deducted from the parent’s GCash account for convenience.

Through Cash for Goals, the parent’s money is invested in the Singlife Smart Investment Fund – a peso-denominated investment-linked fund that aims to earn more than traditional savings accounts by primarily investing in a mix of Philippine fixed-income and equity classes. The fund is managed by ATRAM, one of the country’s leading asset management companies.

On top of helping parents save and grow their money, Cash for Goals (Education) also ensures that the child has money for college in case anything unfortunate happens to his/her parents. If the parent investing in the child’s college fund passes away, Singlife will ensure that the target amount is available for the child by the time he/she enters college.

Singlife provides a better way 

What makes Cash for Goals (Education) better than the run-of-the-mill investment-linked insurance product is that 100% of the parents’ money is invested, as compared to other products that charge very high entry fees. For parents, this translates to their investments earning more than 50% versus other products in the market, especially during the early years.

The product’s low cash out makes saving for education budget-friendly for every-Juan (and Maria). Cash for Goals (education) is available for as low as Php 500/month after a one-time initial investment of just Php 2,500. And when things get tight and parents need to withdraw funds for emergencies, they can do so without any fees or charges at any given time.

“As parents, we want to provide all we can for our children to help them reach their big ambitions and education is key to that. It is better to start as early as possible to avoid being confronted with the high cost of education when the need is already there and when our budgets might be constrained. To help parents be ready, we created ‘Cash for Goals (Education)’ and give them a better way to plan, save and grow funds for their child’s education,” says Rien Hermans, Singlife’s CEO.

Cash for Goals (Education) is the first unit-linked investment product offered by Singlife Philippines. The company develops products that help customers plan, save, and invest for their financial future.

To learn more about Singlife’s Cash for Goals product, visit http://singlife.com.ph/cash-for-goals/ or go to GCash.

 

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PHL raises $2B from dollar bonds

REUTERS

THE MARCOS administration raised $2 billion (P118 billion) from its first dollar bond issuance, the Bureau of the Treasury (BTr) said.

The BTr sold $500 million worth of five-year bonds priced at 5.17% or US Treasuries plus 120 basis points (bps). It also sold $750 million worth of 10.5-year bonds with a yield of 5.609% or US Treasuries plus 185 bps.

This is “35 bps tighter than an initial pricing guidance of US Treasury plus 155 and 220 bps area, respectively,” it said in a statement.

The BTr also raised $750 million from the issuance of 25-year sustainability bonds, priced at 6.1%.

“Despite the ongoing weakness in global credit markets amid high inflation and rising US interest rates, the republic was able to navigate volatile market conditions and successfully price the global bonds,” the Treasury said.

It noted the bond issuance, which is expected to be settled on Oct. 13, reflected “strong investor appetite globally for the republic.”

“The strong demand for our first international bond offering under President Marcos’ administration demonstrates investor confidence in the new government and the administration’s six-year plan of economic transformation to a more inclusive, resilient, and prosperous economy,” Finance Secretary Benjamin E. Diokno said in the statement.

The dollar bonds were rated “Baa2” by Moody’s Investors Service, “BBB+” by S&P Global Ratings, and “BBB” by Fitch Ratings.

Proceeds of the bonds will be used for general budget financing, as well as the financing/refinancing of assets in line with the Philippines’ sustainable finance framework.

“The success of this transaction is an indication of the Philippines’ readiness to brave choppy waters in pursuit of excellent results,” National Treasurer Rosalia V. de Leon said in the same statement.

BofA Securities, Goldman Sachs, HSBC (B&D), JPMorgan, Morgan Stanley, SMBC Nikko, Standard Chartered Bank, and UBS were tapped as joint bookrunners. The latter two were designated as sustainability structuring banks.

Earlier this year, the government raised $559 million from a yen-denominated Samurai bond issue in April, and sold $2.25 billion worth of dollar-denominated notes in March.

The Philippine government will borrow from local and external sources, at 75-25 mix favoring the former. This will help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of the gross domestic product (GDP).

The National Government’s outstanding debt rose to a record P13.02 trillion at the end of August due to additional domestic borrowings and a weak peso.

As of the second quarter, the Philippines’ debt-to-GDP ratio was at 62.1%, above the 60% threshold deemed sustainable for developing countries. Still, the government intends to bring it down to 52.5% by 2028 by letting growth outpace debt. — D.G.C.Robles

AMRO slashes Philippine growth outlook for 2023

Shoppers are seen at an open-air market in Manila. — PHILIPPINE STAR/EDD GUMBAN

THE ASEAN+3 Macroeconomic Research Office (AMRO) kept its growth projection for the Philippines this year, but cut its gross domestic product (GDP) forecast for 2023 amid inflationary pressures and the threat of a global recession.

In the AMRO Regional Economic Outlook Update released on Thursday, the think tank said it kept the estimate at 6.9% this year, within the government’s 6.5-7.5% target.

However, AMRO slashed the Philippines’ GDP forecast to 6.3% for 2023, from the 6.5% projection given in July, as the global growth outlook dims.

“All the countries are facing stronger headwinds going forward because of the slowdown. We expect a slowdown in the US and maybe a recession in Europe. Because of that, the external demand is much weaker,” AMRO Chief Economist Hoe Ee Khor said at a virtual press conference, adding this may affect remittances from overseas Filipinos.   

He also noted the impact of high inflation on consumer demand in the country. Inflation surged to 6.9% in September, as prices of food, transport and utilities continue to rise.

“And the inflation rate in the Philippines is quite high. We think it’s going to peak this month or next month and begin to come off. But its dampening demand in the Philippine as well,” Mr. Khor said.

AMRO raised its average inflation forecast for the Philippines to 5.1% this year from the 4.4% estimate made in July. This is above the Bangko Sentral ng Pilipinas’ (BSP) 2-4% inflation target band, but lower than the BSP’s 5.6% average inflation forecast for the full year.

For 2023, AMRO raised its inflation forecast to 4%, from 3.8%. 

“Inflationary pressures are very high. Global financial conditions have tightened considerably. Aggressive tightening of the Fed policy has put pressure on regional currencies,” Mr. Khor said.   

The Monetary Board has key rates raised by 225 bps since May as it sought to tame inflation.

“I know the peso has depreciated quite a bit but even so, the depreciation is pretty much lower than Thailand, Korea and Japan,” Mr. he said, adding that the widening current account deficit affecting the local currency.   

The Philippine peso closed at a record-low of P59 against the US dollar on Monday. Year to date, the peso has weakened by P8 or 15.6% from its Dec. 31, 2021 close of P51. 

“But at the same time, the currency is depreciating in line with most of the countries in the region. And so, I don’t think the 15% depreciation is excessive in a sense. It’s also helping the Philippines because it’s actually attracting more remittances and supporting the export sector,” Mr. Khor added.   

REGIONAL OUTLOOK
Meanwhile, AMRO also downgraded its growth projection for the ASEAN+3 region to 3.7% from 4.3%, which reflected the impact of the prolonged Russia-Ukraine war and tighter global financial conditions. It also lowered the growth outlook for 2023 to 4.6% from 4.9%.

The region is composed of the 10-member Association of Southeast Asian Nations (ASEAN), China, Japan and South Korea. 

“Although the region is rebounding, they are facing stronger headwinds, and the headwinds are going to get stronger as we enter into the new year,” Mr. Khor said.   

The think tank raised the ASEAN+3 inflation forecast to 6.2% for this year from 5.2% “due to persistent cost-push factors, weaker exchange rates, and the more robust recovery in domestic demand, especially in ASEAN.”

AMRO also hiked its inflation projection for ASEAN+3 next year to 3.4% from 2.8%.

“Price pressures are expected to ebb across the region next year, as global oil and agricultural commodity prices continue to moderate and supply chain bottlenecks continue to unwind,” AMRO said.

For the ASEAN region, AMRO raised the GDP outlook to 5.3% this year, from 5.1%. It lowered its GDP projection for ASEAN to 4.9% next year from 5.2% previously.

AMRO raised the inflation forecast for the ASEAN region to 7.6% this year from 6.2%. It also raised the inflation projection for 2023 to 4%, from 7.6%. — Keisha B. Ta-asan

ADB calls for vigilance as Philippines signs $1.87-B contracts for rail project

The South Commuter Railway is part of the 147-km North-South Commuter Railway network. — BW FILE PHOTO

THE ASIAN Development Bank (ADB) called for vigilance on the implementation of the South Commuter Railway Project, which is being funded by a $4.3-billion loan to the Philippine government.

The government, represented by Transportation Secretary Jaime J. Bautista, signed on Thursday the first four civil work contracts worth $1.87 billion for the 54.6-kilometer South Commuter Railway that will connect Manila to Calamba, Laguna.

“My final message is a call for vigilance. Great quantities of money come with great responsibility. Today, we are signing almost $2 billion worth of contracts. It’s just the first phase of the $4.3-billion project,” Winfried F. Wicklein, deputy director-general for Southeast Asia at the ADB, said during the signing ceremony witnessed by President Ferdinand R. Marcos, Jr. in Calamba.

“While it will, in the first instance, be the responsibility of the contractors to deliver the project, it is also our collective responsibility to ensure that this really happens,” he added.

The South Commuter Railway is part of the 147-km North-South Commuter Railway network, which the ADB described as the “largest infrastructure project in the history of ADB financing” in Asia-Pacific.

The four civil work contracts signed on Thursday involve the construction of 31.5 kilometers of railway viaducts, nine elevated stations, and a railway depot covering the Muntinlupa to Calamba segment of the rail system.

The South Korean joint venture of Hyundai Engineering & Construction Co. Ltd. and Dong-Ah Geological Engineering Co. Ltd. inked three contracts for an 8.5-km railway viaduct, including elevated stations in Alabang, Muntinlupa; a 12.8-km railway viaduct structure, including elevated stations in San Pedro, Pacita, Biñan and Santa Rosa; and a 10.28-km railway viaduct as well as elevated stations in Cabuyao, Banlic and Calamba.

The joint venture of South Korea’s Lotte Engineering & Construction Co. Ltd., Turkey’s Gulermak Agir Sanayi Insaat ve Taahhut AS and the Philippines’ EEI Corp signed the contract to build a depot and 0.5-km road.

The South Commuter Railway, which will run from Blumentritt in Manila to Calamba City in Laguna, will include 18 stations.

Once completed, the railway will accommodate 340,000 passengers daily, helping ease traffic congestion in Metro Manila and reduce greenhouse gas emissions.

The entire rail system, which will run from Clark International Airport to Calamba, is expected to be completed by March 2029, the DoTr said. The project is co-financed by the ADB and Japan International Cooperation Agency.

The Clark International Airport-Valenzuela portion is now being built, while the Muntinlupa-Calamba portion will start this year, the DoTr said.  

“We must deliver this project with high quality, within budget, and — like the trains themselves — arriving at our destination on schedule,” ADB’s Mr. Wicklein said.

In his speech, Mr. Marcos called on the Department of Transportation (DoTr) and concerned agencies “to ensure the smooth and faithful implementation” of the railway project.

The DoTr said the remaining ADB-financed civil works contract packages, which covers the Manila to Muntinlupa portion of the NSCR, will be awarded “soon.” — Arjay L. Balinbin

Living a fantasy

Drag Race Philippines judge Jiggly Caliente talks about being judged and the joys of drag

SINCE the premiere of Drag Race Philippines, viewers have witnessed the competing queens in a beauty pageant, serving twinning looks on the runaway with their loved ones, and becoming an OPM icon for a day. Every week they are critiqued by a panel of judges, and one is dropped until there is one last queen standing.

Drag Race Philippines judge Jiggly Caliente talked to BusinesssWorld about the art of drag and how she hopes to continue contributing to the queens in the show.

Born in Laguna, Ms. Caliente is a drag performer who moved to the United States with her mother and brother in 1991. She began performing drag in 2004 at the age 24. Ms. Caliente got her drag name from the Pokemon Jigglypuff. She competed at the fourth season of Ru Paul’s Drag Race in 2011.

ON BEING A DRAG ARTIST
Prior to competing in Ru Paul’s Drag Race, Ms. Caliente took part in and won many contests and pageants. But joining the TV competition humbled her.

“I wanted to win too. I got the commentary of the world. And it really humbled me. And then I also grew up. I had to grow up…,” she said. “I think now I’m just, I don’t want to say the peak, but the upward mobility of my drag career is really, really starting now.”

As a drag artist, Ms. Caliente said that the looks she prepares depend on the type of project she is working on, along with her designer Angel Ayala.

“My brand is urban glam,” she said. “I love sparkles, or sequins. Rhinestones are a huge thing for me. I like it to look rich and opulent as well now. Because back then I didn’t really care for things like rhinestones and all that. But now as my drag is evolving, I’m getting more into glamor.”

Ms. Caliente recalled that she was doing laundry when she received the offer to be a permanent judge on the Philippine franchise of the show.

“Naglalaba ako. Bigla na lang nakakuha ako ng phone call from Los Angeles (I was doing laundry. I suddenly got a phone call from Los Angeles). I originally thought that they were joking. Bigla na lang (All of a sudden), no, this is real. And I was like, ‘Oh, okay.’ So, then I just started to get in the process of getting all the looks together,” Ms. Caliente wrote in an e-mail to BusinessWorld.

YOUR ART IS YOUR BABY
As a former contestant of Drag Race, Ms. Caliente said that sharing your drag to be critiqued is the biggest challenge.

“Your art is your baby. So basically, you’re letting other people, as a contestant, judge your baby. And we are very sensitive to that — art is subjective. We are also very sensitive because you’ve curated your art for years, and now you’re letting other people judge it. It’s not easy,” she said. “Because I’m a former contestant, it’s easier for me to critique, and not be malicious.”

The first season of Drag Race Philippines has the top four queens in competition for next week’s episode.

“I wanted to be a role model for these queens because I want them to know that even though I didn’t win Drag Race, I was still able to make a career for myself,” said Ms. Caliente, who has continued on to perform internationally in countries like in the United Kingdom, Australia, and Guam, after the competition.

“What I like to tell all the girls is, ‘Look at me. Try to do what I’m doing and if not surpass what I’ve done,’” she said.

FREEDOM AND FANTASY
Having performed drag for 18 years now, Ms. Caliente said it is the art’s sense of freedom and fantasy fulfillment that she is happiest about.

“I’ve been able to perform in some of the most beautiful gowns that my designer has made for me, and there’s one gown special to me. He recreated the Michael Cinco gown that Pia Wurtzbach wore for Miss Universe [in 2015]. And I got to perform in that gown and do a song from Moana. So that to me is special… I get to live out a fantasy at that moment, at least at that specific moment,” she said.

Drag Race Philippines’ new episodes drop every Wednesday, and the spin-off and after-show, Drag Race Philippines: Untucked, has new episodes every Friday.  The show streams on discovery+, HBO GO, and WOW Presents Plus.  — Michelle Anne P. Soliman

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