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Pfizer boosts 2022 COVID vaccine forecast, looks to pivot with deals, new drugs

PHILIPPINE STAR/ MICHAEL VARCAS

Pfizer Inc. on Tuesday raised its forecast for 2022 sales of its coronavirus disease 2019 (COVID-19) vaccine by $2 billion to $34 billion, and said new deals and drugs in development should help replace future declining vaccine sales and lost revenue from patent expirations. 

The US drugmaker’s shares rose 2.7% to $47.84 as its third-quarter profit beat estimates, mainly due to higher-than-expected sales of the vaccine it shares with German partner BioNTech. 

The upbeat earnings also sent shares of rival COVID-19 vaccine makers higher. Novavax Inc. and Moderna Inc. were up roughly 2% each. 

Sales of the Pfizer/BioNTech COVID vaccine are down from pandemic highs as many countries have neared the end of their primary vaccination campaigns. There are also concerns about soft demand for newly updated booster shots. 

In response, Pfizer hopes to roughly quadruple the price of the vaccine in the United States once the government stops buying doses and sales shift to the private market. 

Chief Executive Albert Bourla said in an interview that the company is trying to showcase what a “post-COVID crisis” Pfizer will look like. 

COVID-19 treatments and vaccines will be multibillion-dollar franchises, he said, “but that will be stable, not with ups and downs. And the growth will be driven by the pipeline and the business development.” 

Pfizer is expected to face the loss of patent protections for some key drugs between 2025 and 2030. The company has turned to deals such as its recent $5.4 billion acquisition of Global Blood Therapeutics Inc. and its $11.6 billion purchase of Biohaven to beef up its pipeline of future products. 

Mr. Bourla said the company’s internal pipeline should help replace lost growth from COVID sales and patent expirations, pointing to 19 products the company hopes to launch over the next 18 months that he said could deliver some $20 billion in annual revenue. These include treatments for ulcerative colitis and migraines, as well as its vaccine for respiratory syncytial virus (RSV). 

The company said its experimental RSV vaccine was found to be effective in a late-stage study in preventing severe infections in infants when given to expectant mothers. 

BMO Capital Markets analyst Evan Seigerman said some investors will point to the massive COVID vaccine beat as unsustainable, however, “we’re not yet throwing in the towel given an emerging pipeline and significant balance sheet flexibility.” 

Third-quarter sales of the COVID vaccine came in at $4.40 billion, blowing past estimates of $2.60 billion. 

However, $7.51 billion in sales of Paxlovid, the company’s COVID-19 antiviral treatment, fell short of estimates of $7.66 billion. 

Pfizer reported adjusted earnings of $1.78 per share in the third quarter, beating analysts’ estimates by 39 cents. — Reuters

Ahead of COP27, researchers call for climate compensation fund

MOTORISTS drive through a flooded portion of Taft Avenue in Manila following a heavy downpour midnight of Aug. 9. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

BRUSSELS — Channeling climate compensation payments through existing funds will not work for vulnerable communities, a team of international researchers said on Tuesday, arguing that a new fund be created. 

“Loss and damage,” the contentious issue of how vulnerable nations affected by climate change could be compensated by rich countries, is set to dominate talks at next week’s United Nations (UN) climate summit in Egypt. 

Representatives of the nearly 200 countries attending COP27 will be weighing whether to create some form of compensation fund — a central demand by developing countries worldwide. 

In a report on Tuesday, researchers at the Stockholm Environment Institute backed the case for a new fund. 

While numerous funds exist to help countries cut CO2 emissions and prepare for floods, rising seas, and other climate impacts, they cannot readily help countries recover from losses and damages already being incurred from climate-fueled natural disasters, the researchers argue. That is because of chronic funding delays or because recipient communities have limited involvement in decision-making, they said. 

“There are significant gaps in existing climate finance mechanisms that make it important to create a dedicated loss and damage mechanism,” said Ines Bakhtaoui, a lead author of the report. 

For example, most climate finance takes the form of loans, rather than the small grants the researchers said would support vulnerable communities without burdening them with debt. The report suggested forming a UN fund with simplified rules for easier access to cash for those hit hardest, while temporarily channeling compensation through existing funds while the new scheme is launched. 

“Climate finance is currently largely inaccessible for recipient countries and communities due to stringent proposal and accreditation requirements and long lag times in delivery,” the report said. 

The researchers said that, in principle, those responsible for causing climate change should be on the hook for paying compensation — but acknowledged that the idea was politically contentious. 

The United States and 27-country European Union have opposed such a fund over concerns about their liabilities. — Reuters

ISOG honors outstanding Filipino Cyberleaders at the first I Am Secure Cybersecurity Excellence Awards 2022

Information Security Officers Group (ISOG) gave recognition to 20 outstanding Filipino cybersecurity experts at the first ISOG I Am Secure Cybersecurity Excellence Awards held on Oct. 27, 2022 at the Shangri-La at the Fort.

ISOG launched the I Am Secure Cybersecurity Excellence Awards to recognize exceptional Filipino cyberleaders who showed exceptional leadership and contributions in their respective roles as Chief Information Security Officer (CISO) or Senior Head of Security; Chief Risk Officer (CRO) or Risk Manager; Chief Information Officer (CIO), Chief Technology Officer (CTO) or Technology Head; and Data Privacy Officer (DPO).

For the CISO/Senior Head of Security category, the awardees are Jose Paolo Rufo, CISO and DPO of UnionBank of the Philippines (Banking and Finance); Jan Martin Encina, Associate Director/Head of Information Security Governance and Ops of MAYA (Fintech).Russell Hernandez, CISO of Insular HealthCare (Insurance); Ross Sherwin De Claro, Senior Manager II of Philippine Amusement and Gaming Corporation (Government and Public Sector); Charmaine Rose Valmonte, CISO of Aboitiz Equity Ventures, Inc. (Utilities); and Mario Demarillas, CISO of Exceture Inc. (Management and Services).

For the CRO/Risk Manager category, the winners are Ana Marie Acuña, Operational Risk Management Head of BDO Unibank, Inc. (Banking and Finance); Bayan Magallon, AVP and Senior Manager – Risk Management and Compliance Division of Cocolife (Insurance); and Kamille Ann Salva, Head of Business Analytics Continuity and Actuarial Risk Department of Public Safety Savings and Loan Association, Inc. (Other Financial Institutions).

For the CIO/CTO/Technology Head category, the awardees are Henry Rhoel Aguda, Senior Executive Vice President, Chief Technology and Operations Officer and Chief Transformation Officer of UnionBank of the Philippines (Commercial Bank); Alfred Punzalan, Information Technology (IT) Head of Northpoint Development Bank (Other Local Banks); Lloyd Alferez Sioson, Vice President for IT Department of Philippine Guarantee Corporation (Other Financial Institutions); Ken Sarmiento, OIC-ICT Branch Director of Department of Migrant Workers (Government and Public Sector); Reuben Thomas Nagtalon Jr., Consultant for Digital Transformation & Re-engineering of Chinese General Hospital and Medical Center (Healthcare); and Ricson Singson Que, Cybersecurity Program Coordinator/IS Consultant of De La Salle-College of Saint Benilde.

For the DPO category, the awardees are Jonathan John Paz, DPO & Enterprise IS Officer of Bank of the Philippine Islands (Banking and Finance); Jonathan Pineda, VP, CISO & DPO of Government Service Insurance System (Government and Public Sector); Jan Edward Cruz, Data Privacy & IT Manager of Chroma Hospitality Inc. (Management and Services); Michael Oliver C. Ignacio, Information Security and Data Privacy Vice President of Inspiro Relia, Inc. (Business Process Outsourcing); and Roselle Basa, DPO/Compliance Officer for Data Privacy of University of the East (Academe).

“In our mission to safeguard people and institutions in cyberspace, we find encouragement in the dedication and untiring efforts of our colleagues and partners in the field of cybersecurity. Through this ceremony, ISOG hopes that our awardees’ commitment and competence inspire a culture of excellence among cybersecurity professionals in the Philippines,” ISOG President and Land Bank Chief Information Technology Officer Archie Tolentino said.

All nominees were screened by ISOG core and its alliance and partner representatives from Department of Information and Communications Technology (DICT), ISACA Manila Chapter, IT Interaction Philippines (ITIP), and ROOTCON.

“The success of this first ISOG Cybersecurity Awards affirms that the Information Security Officers Group is in the right direction towards strengthening information security in the Philippines. Since the organization was founded in 2014, we’ve continuously equipped and empowered as many information security professionals through our awareness and education programs, as well as avenues for community and fellowship,” said ISOG Vice President and I Am Secure Cybersecurity Excellence Awards Chairman.

Organized by XMS, the ISOG I Am Secure Cybersecurity Excellence Awards is one of ISOG’s initiatives to strengthen information security in the Philippines. Titanium event sponsors are Microsoft, Huawei, Trends, Cycognito, DarkTrace, Crowdstrike with ITSDI, Trend Micro with Netsec and VST ECS. Platinum event sponsors are VMWAre; Checkmarx; Palo Alto with Westcon, Extrahop; Fortinet, Trellix with VST ECS, Mandiant with MDI Novare, and VST ECS; and Rubrik with Exclusive Networks. Gold event sponsors are BlueVoyant, Efficient IP, Gigamon, F5 with Westcon; and Silverfort and IPV Network. Exhibitors were G Core Labs; Arcon, Cybereason, Cyfirma with NextGen Group, KnowBe4, Yubico and Sophos with WSI.

Media partners for this event are the Philippine Daily Inquirer, BusinessWorld, DIGI.PH, Backend News, and the New Hue.

For more details about ISOG, visit ISOG’s official website at www.isog-org.ph and socials at LinkedIn: ISOG (Information Security Officers Group), Facebook: ISOGPH, YouTube Channel: ISOG SUMMIT.

 

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Dennis Uy’s Udenna weighs sale of Conti’s, Wendy’s restaurants businesses

CONTIS.PH/STORES

SINGAPORE/MANILA – Udenna Corp, controlled by a close associate of former Philippine president Rodrigo Duterte, is exploring the sale of its Conti’s Bakeshop and Restaurant and Wendy’s fast-food chain businesses in the country, five sources told Reuters.

The Philippine petroleum-to-education conglomerate is in talks with at least one financial adviser on potentially selling both businesses together, three of the sources with direct knowledge of the matter said.

The deal could fetch as much as $200 million for the two assets combined, two of the sources added.

The sources declined to be identified as they were not authorized to speak to the media. Udenna owns Wendy’s and Conti’s through its food subsidiary Eight-8-Ate Holdings, according to its website.

“We are always exploring opportunities available that would be beneficial for the group,” a Udenna spokesperson told Reuters on Wednesday.

The Philippines’ economy grew 7.4% in the second quarter from a year ago, the second fastest in Southeast Asia for the period trailing only Vietnam, following the easing of lengthy COVID-19 restrictions.

Tycoon Dennis Uy, a close associate and the top campaign donor of Duterte, founded Udenna in 2002.

It bought a 70% stake in Conti’s in 2018 for an undisclosed sum, according to its website.
A year later, it acquired all of Wendy’s restaurants in the Philippines, becoming the master franchisee of the fast-food chain in the country. It did not provide financial details on the purchase.

Conti’s owns 70 stores in the Philippines. Its founding owners hold a minority stake in the company.

Wendy’s has 52 stores in the Philippines, mainly in the capital.

Uy’s rapid, debt-fueled business expansion started when Duterte took office in 2016, but revenues declined significantly during the pandemic. The company has long insisted it received no preferential treatment under Duterte.

Amid deep losses, Uy had to resort to selling his assets, including a stake in the Philippines’ major gas field in the South China Sea. — Reuters

Investa Summit to be held online on Nov. 25-27

The Investa Summit is here, this time to help you weather the storm in the markets. Top financial and business experts from all around the world are gathered to share investment principles, strategies, and tactics with digital audiences at the Investa Summit.

This year, the theme is matched with how the markets have been faring over the year. As the global economy has been rocky, the audience will be provided the most value by setting the theme to finding opportunities within a crisis. Despite the gloomy investor sentiment throughout the year, opportunities will always be there. The Investa Summit serves as a way for traders and investors to learn how to prepare themselves to catch those opportunities.

Organized by Investagrams, the Investa Summit this year will be held online on Nov. 25 to 27. This year’s Investa Summit brings to you a star-studded lineup of speakers featuring:

Jack Schwager, author of Market Wizards

Jared Tendler, best-selling author and Mental Game coach

Tom Basso, Market Wizard

Mark Yusko, CEO & CIO of Morgan Creek, managing partner of Morgan Creek Digital

Akio Kashiwagi, founder of MoneyGrowersPH

Lawrence Lee, president and CEO of CTS Global

Edmund Lee, president and CEO of Caylum Trading Institute

Javi Medina, managing director and CIO of BIM, founder of Open Journal

Emmanuel Onuoha, founder of Openwaver

George Asibal, founder of ZFT

More speakers will soon be announced as Investagrams wants to bring the most value it can to its audience.

“Based on the performance of stocks and even cryptocurrencies over the year, it was obvious for us that the traders and investors of today need knowledge and wisdom that will help them get past hurdles in the markets,” said Joanne Marquez, Investagrams’ marketing head and project head for the Investa Summit.

Joanne also shared that bear markets are always where skilled traders truly shine. Spotting key opportunities during bear markets takes a lot of skill and discipline, which are honed through studying real-life experiences. Thus, she hopes that the wisdom to be shared by the speakers will allow the attendees to learn a thing or two and hopefully help them through the bear market we’re facing.

Investagrams, the leading social-financial platform and mobile app in the Philippines, is in charge of organizing the Investa Summit. The platform offers virtual stock market trading, analytical tools, market education, and a social network to empower traders and investors of all levels in order to help you keep on top of the global markets. The Investa Summit is another step in the company’s goal of increasing the number of Filipinos who invest in the Philippines to 10 million.

Continuing Investagrams’ mission to equip millions of Filipinos with strong financial education, the Investa Summit gives you all these quality lessons and insights.

Now only one question remains: Are you willing to learn how to spot opportunities in a crisis, and improve your trading system to flourish through bear markets?

Tickets for the virtual summit start at only P999. For more information, you can head over to https://www.investagrams.com/InvestaSummit/ to view all the details.

 

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Aggressive rate hikes may be needed

Jeepneys wait for passengers at the EDSA-Aurora Boulevard intersection in Quezon City, June 9. The minimum jeepney fare increased to P12 starting October, which likely fueled inflation. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

MORE AGGRESSIVE monetary tightening by the central bank may be needed if inflation continues to accelerate, economists said.

“To avoid de-anchoring inflationary expectations, more aggressive monetary tightening may be necessary to further slow exchange rate pass through to domestic prices,” Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said in a Viber message.

The Bangko Sentral ng Pilipinas (BSP) on Monday projected inflation to settle within the 7.1-7.9% range in October, well above the 2-4% target band.

A BusinessWorld poll of 14 analysts conducted last week yielded a median estimate of 7.2% for annual inflation in October. The statistics agency will release last month’s inflation data on Nov. 4.     

“There must be flexibility not just to match but to hike more than the US Federal Reserve to avoid inflation from staying elevated for a longer period. Persistent inflation can erode future growth prospects, after all,” Mr. Neri said.

Calixto V. Chikiamco, member of the board of Institute for Development and Econometric Analysis, told BusinessWorld Live on One News that the BSP will raise rates later this month to tame inflation and match the Fed’s tightening.

“The government said it will match the Fed point by point so that’s probably what we can expect…We will only see deceleration when the Fed stops increasing interest rates,” he said.   

The US Federal Reserve is widely expected to raise rates by three quarters of a percentage point at its policy meeting this week, bringing the target overnight lending rate to a 3.75%-4% range.

BSP Governor Felipe M. Medalla last week said the Monetary Board may raise benchmark interest rates by 75 basis points (bps) at its Nov. 17 meeting if the Fed delivers a hike of the same magnitude. The BSP has raised rates by 225 bps this year to tame inflation.

“What will happen is we’ll see a slowdown in the economy… We’re still very positive, with the 5-6% (gross domestic product) but probably in the lower range with interest rate hikes, as this will hit the interest rate sensitive sectors like car, houses, etc.,” Mr. Chikiamco said.   

The economy expanded by 7.8% in the first half, still within the government’s 6.5-7.5% full-year target. Third-quarter GDP data is set to be released on Nov. 10. 

NOT YET THE PEAK?
If the upper end of the BSP’s October inflation forecast is realized, this would be the fastest pace in over 14 years or since the 9.1% print in November 2008.   

However, the BSP said inflation is projected to “gradually decelerate” in the next months, as “cost-push shocks to inflation due to weather disturbances and transport fare adjustments dissipate.”

“My concern is we haven’t seen the peak yet cause we’re heading into the Christmas season,” Mr. Chikiamco said, adding that there is stronger demand for goods during the holidays.   

“Winter is coming; therefore, oil prices globally may see a spike again and of course this is the lean season for the fish catch, therefore this may also contribute to further inflation,” he added.

Mr. Neri said inflation may slow in the succeeding months, but remain above the BSP’s 2-4% target band.

“Inflation may slow a bit but remain well above target until well into 2024 if structural reforms to improve the supply side are not addressed and if demand factors causing currency weakness are not tempered,” he added.

Asian Institute of Management economist John Paolo R. Rivera said in a Viber message that inflation may continue to rise ahead of the holiday season.

“But inflation can be expected to slow down after the holidays or early 2023 due to reduced demand and impact of monetary tightening by BSP,” he added.   

At its Sept. 22 policy meeting, the central bank raised its average inflation forecast for this year to 5.6% from 5.4% previously, exceeding the 2-4% target.

For 2023, the BSP expects inflation to average 4.1% before easing to 3% in 2024. — Keisha B. Ta-asan

PHL companies expect growth in cashless payments to continue

By Arjay L. Balinbin, Senior Reporter

PAYMENT SOLUTION PROVIDERS said enterprises in the Philippines are increasingly accepting cashless payments, and this trend is expected to continue.

“More enterprises are now accepting cashless payments. For example, the number of our registered merchant touchpoints in end-September 2022 tripled year on year, and many of these are micro, small and medium enterprises (MSMEs),” Maya Group President and Maya Bank Co-Founder Shailesh Baidwan told BusinessWorld in an e-mail interview last week.

During the pandemic, Maya rolled out a digital transformation solution for enterprises, allowing them to accept digital payments as they earn additional income from other digital services such as remittance, cash-in and out, bills payment, and load transactions.

“At the height of the pandemic, going cashless was out of necessity. Today, more Filipinos are opting to use digital payments,” Mr. Baidwan said.

According to the Visa Consumer Payments Attitude Study 2022, nearly four of every five Filipino consumers (78%) plan to use digital payments more often, with three in four (79%) believing it is safer.

“This growing demand for digital payments continues — there’s no turning back from this rising tide,” Mr. Baidwan said, adding that everyday transactions such as airtime load, bill payment, money transfers and shopping are driving growth.

He noted that more digital banking services, such as savings and credit, are driving digital payment transactions.

“We’re seeing this in our Maya app — customers who have saving accounts, for example, are very active in using their wallets for everyday payments because the experience is conveniently seamless and intuitive,” Mr. Baidwan added.

GrabPay, also a payment solution provider in the Philippines, said it continued to see growth in cashless transactions despite the full reopening of the economy.

This is “driven by both online and offline merchants,” GrabPay said in a statement to BusinessWorld last week.

“We are seeing more retailers accepting payments via e-wallets. This is most particularly evident on offline merchants with the implementation of PH QR,” it added, referring to the national quick response (QR) code standard, which the Bangko Sentral ng Pilipinas and the Philippine Payments Management, Inc. launched in 2019.

GCash President and Chief Executive Officer Martha M. Sazon said the company saw higher user engagement “now that things have started to normalize.”

This is “further proof that GCash has become embedded in the everyday lives of Filipinos,” she said in an e-mailed statement.

GCash had 66 million users as of the second quarter of the year, while Maya, which rebranded from PayMaya in April, had 50 million registered users across its consumer platforms.

Mr. Baidwan said Maya has powered “over 700,000 registered merchant touchpoints with QR payments.”

According to GCash, it expanded its cash-in and cash-out outlets to 339,000 in the first half of the year.

“It just goes to show that the Filipinos’ shift to a more digital lifestyle is not limited to those during lockdowns. We continue to see the adoption increasing, and even the everyday use and use case diversity are growing. I think the adoption is here to stay and we’re not seeing it plateauing in the near future,” Ms. Sazon said.

According to London-based data analytics and consulting company GlobalData Plc, food and drink accounted for the largest share of the total e-commerce transaction value last year due to the popularity of online grocery sales and on-demand food delivery services amid the public health crisis. 

“This has somehow softened during the onset of the easing of lockdown restrictions, but it is picking up back again especially during the holidays,” GrabPay said.

Maya’s Mr. Baidwan said people are now enjoying more mobility amid the “early post-pandemic period. The return to normalcy translates to an upward trend for digital transactions in the travel, entertainment, food, and retail sectors, he added.

“The share of offline payment transactions for food and groceries posted double-digit year-on-year growths, even as consumers continued to order and shop online. Entertainment and travel-related transactions posted the highest growth in terms of volume, based on data from 2022. Travel-related transactions in May this year grew 10X year on year, while entertainment grew by 9X for the same period,” Mr. Baidwan said.

Shell completes exit from Malampaya

BW FILE PHOTO

SHELL PETROLEUM N.V. (Shell Petroleum) on Tuesday completed the sale of its stake in the operator of the Malampaya gas field to a unit of Razon-led Prime Infrastructure Capital, Inc. (Prime Infra). 

In a statement, the company said its 100% shareholding in Shell Philippines Exploration B.V. (SPEX) has been transferred to Malampaya Energy XE Pte. Ltd. (MEXP), subsidiary of Prime Infra, effective on Nov. 1.

SPEX will continue to operate the Malampaya gas field, where it still has a 45% operating interest.

Shell said SPEX staff will continue to be employed under the new ownership.

The other members of the Service Contract (SC) 38 consortium are a subsidiary of Dennis Uy’s Udenna Corp., and PNOC Exploration Corp., which own a 45% and 10% interest, respectively. The Malampaya concession is set to expire by 2024.

“Since operations began in 2002, the Malampaya gas field has supplied an important part of the Philippines’ energy demand through the dedicated work of our partners and staff, past and present. This sale supports our strategy to create a resilient and competitive upstream portfolio,” Shell’s Upstream Director Zoe Yujnovich said in a statement.

SPEX received its license to operate in the Philippines in 1990, and developed SC 38 offshore northwest of Palawan.

The Malampaya gas field, which began commercial operations in 2002, supplies up to 20% of Luzon’s total electricity requirements, according to the Department of Energy (DoE). However, it is expected to be depleted by 2027.

Shell said the deal has no impact on its other businesses in the Philippines. 

“Shell will continue to pursue opportunities in the Philippines where it can leverage its global expertise,” the company said.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message that investors will now be looking at Shell’s future prospects in the Philippines as it remains one of the market leaders in the energy sector.

Investors will also keep an eye on Prime Infra’s planned P28-billion initial public offering (IPO), which was postponed to the first quarter of 2023 due to unfavorable market conditions.

“Even without considering this deal, the Prime Infra is one of the most anticipated IPOs. It is just unfortunate that the global market weakness has postponed the listing,” Mr. Limlingan said.

The Philippines also has to prepare as Malampaya, the country’s only domestic commercial source of natural gas, runs out in the next few years.

“The country needs to prepare the possible reduction of natural gas flow from the facility estimated in the coming years, since natural gas has been one of the major sources of energy/electricity for the country,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. — A.E.O.Jose

Innovator, entrepreneur

The Entrepreneur Of The Year Philippines 2022 has concluded its search for the country’s most undaunted and unstoppable entrepreneurs. Entrepreneur Of The Year Philippines is a program of the SGV Foundation, Inc., with the participation of co-presenters the Asian Institute of Management, the Department of Trade and Industry, the Philippine Business for Social Progress, and the Philippine Stock Exchange. BusinessWorld will feature each finalist in the next few weeks.

Roberto J. Chan
Chairman and Chief Executive Officer
Atlanta Industries, Inc.

IT TAKES TIME to build something worthwhile. Undoubtedly, there will be bumps and challenges along the way but anything is possible if you work hard, persevere and believe in yourself. Such is the case for Roberto J. Chan, chairman and chief executive officer of Atlanta Industries, Inc.

No stranger to hard work, Mr. Chan was a working student who had to balance going to school in the mornings and then working at their family business in the afternoons. He wore many different hats at his job — manager, salesman, the person in-charge of production, delivery, dispatch, and others. Eventually, he had to quit his studies at the University of the Philippines after two years due to the challenges that came with being a working student.

At 20 years old, he started working full time. He began his entrepreneurial journey at a humble hardware store in Binondo, Manila. Finding his footing, he later ventured into wholesale hardware materials. As with any other fledgling business, the company’s early years had its share of challenges. Back then, his wife would stay in the office to take care of back-office concerns while he was out making sales.

At that time, there were a lot of new technologies and innovations emerging in the construction industry. Poly-vinyl chloride (PVC) was one of them. However, PVC was considered inferior to steel, which at that time dominated the piping and plumbing industry. But something about the technology touched the inventor in Mr. Chan and he felt there was much potential in PVC.

Through luck and timing, he was given the opportunity to become a distributor of a PVC pipe manufacturing company. After the manufacturer encountered problems and wanted to close, Mr. Chan was offered the chance to take over the business. Though he had no background in manufacturing, Mr. Chan accepted the offer, took out a loan and acquired the corporation. By 1986, it then formally became Atlanta Industries, Inc.

Everything seemed to be going his way in the years that followed. With Mr. Chan’s extraordinary ability to solve problems and provide solutions through his numerous inventions, Atlanta grew rapidly. When the 1997 Asian financial crisis hit, the company incurred huge foreign exchange losses from debt due to the sudden and significant peso depreciation against the dollar. Suddenly, the company’s debt was two to three times bigger. It was a tough time for everyone — companies and banks alike.

Fortunately, Mr. Chan was able to address his debt issues through loan restructuring. Because of that experience, he is now conservative when it comes to the company’s expansion. Eventually, Mr. Chan recovered from that roadblock, survived two more financial crises and other business challenges.

Today, Atlanta Industries is one of the Philippines’ leading manufacturers of high-grade PVC/CPVC/HDPE/PPR pipes, fittings and profiles. In addition, Atlanta has a highly diversified catalog of products that cater to various industries and sectors, from real estate developers to government contractors, utility companies and educational institutions. The company also produces PVC building components such as windows and doors, ceiling and wall materials, school chairs for the Department of Education, PVC toilets for the Department of Health, protective tubing for telecommunication companies, and agribusiness materials. It also developed PVC rescue boats for use during disaster relief operations.

Through it all, what helped Mr. Chan overcome the difficulties in his entrepreneurial journey was his growth mindset and his nature as an inventor who aims to make things better for others. His inventor side often comes to the fore during trying times. He is not one to back down from a challenge. He would do research on a certain need and do what it takes to provide a solution to address that need. This is one of the main reasons why he was able to survive financial crises, turn challenges into opportunities and produce world-class products.

Mr. Chan currently has 41 patents under his name — each an answer for a need. Despite not finishing university, he made the most of what he has and went above and beyond everyone’s expectations. He made not just ordinary products but high-quality ones that have a big, positive impact on many people. For example, he developed a strong, easy to install, recyclable, chemical and impact resistant, and UV resistant large structured wall HDPE pipe, called Durapipe. Durapipe is now being used in many cities’ underground drainage to divert water and prevent landslides — replacing the country’s decades-old concrete pipes. The product is said to help solve the problem of flooding and inadequate drainage system in the country. Durapipe is approved by the Department of Public Works and Highways.

During the pandemic, Mr. Chan was also one of the first batch of COVID-19 patients. He was intubated for 40 days. For him, this is his second life. Currently, he is preparing his sons to take over the company. He has high hopes for them, saying that they share his ideas and goals.

When asked about the secret to his success, Mr. Chan said: “You have to have faith. And you have to be honest, sincere, hardworking and humble. Sincerity and integrity are very important.”

The media sponsors of the Entrepreneur of the Year Philippines 2022 are BusinessWorld and the ABS-CBN News Channel. Gold Sponsors are SteelAsia Manufacturing Corp., Uratex, and Navegar. Silver Sponsors are Intellicare, OneWorld Alliance Logistics Corp., and Regan Industrial Sales, Inc.

The winners of the Entrepreneur Of The Year Philippines 2022 will be announced on Nov. 21 in an awards banquet at the Grand Hyatt Manila. The winner will represent the country in the World Entrepreneur Of The Year 2023 in Monte Carlo, Monaco in June 2023. The Entrepreneur Of The Year program is produced globally by Ernst & Young (EY).

Documentary highlights work of Filipina scientists over pandemic

SCREENSHOT VIA UNDP PHILIPPINES/YOUTUBE 

By Brontë H. Lacsamana, Reporter 

A DOCUMENTARY that highlights the work of Filipina data scientists over the pandemic shows how clear and accurate information can help solve public health crises. 

“The challenge was to build a team that will encompass the data pipeline, from the data source to analysis to visualization,” said Ma. Regina Justina E. Estuar, an information systems and computer science professor at Ateneo De Manila University and the team leader of FASSSTER (Feasibility Analysis of Syndromic Surveillance using Spatio-Temporal Epidemiological Modeler), a disease surveillance and modeling platform.   

One of the subjects of Pintig: Women, Data, and the Pandemic, the FASSSTER team — initially formed to address dengue, measles, and typhoid — was mobilized by the Department of Health (DoH) during the coronavirus disease 2019 (COVID-19) pandemic. 

“With very little data and calibration, we were uncertain with what we had produced initially,” said Ms. Estuar at the documentary’s Oct. 28 launch. “One thing that was helpful was that there was good scientific discussion among groups of data scientists. The questions were hard but it challenged us to make sure we’re doing the right thing.”  

Reinabelle C. Reyes, senior data scientist at Pintig Lab under the United Nations Development Program, added that data science and analytics should be applied to solve developmental problems.   

“If your fundamentals are there and your heart is in the right place and you are open to collaborating with the right people, together you can come up with something bigger and better,” she said.  

Pintig Lab monitors and tracks the COVID-19 pandemic and provides data-driven support to DoH and other agencies in their response and recovery efforts.  

AI4GOV, a social technology organization led by co-founder Lei Motilla, collaborated with data science groups to create an algorithm for triaging.  

“We scoured the internet for algorithms. We created one and then presented it to DoH and then soon after there was a memorandum. It all happened so fast,” Ms. Motilla said. “There were so many stakeholders and we felt maybe we’re too small for this.”  

After reflecting on the organization’s goal to improve public services, AI4GOV went full steam ahead to do their part in fighting the pandemic.  

Maria Rosario S. Vergeire, officer-in-charge at the DoH, said that the women in the Pintig documentary are just one part of the large population of women who helped the country through the health crisis. 

“In this time full of doubt, we had to show people that in these kinds of situations, women can make concrete actions and directions along with feeling the compassion and emotions that we have,” she said.

North Star to grow meat business ahead of IPO

AFTER its deferred market listing, North Star Meat Merchants, Inc. is focusing on growing the business using funds from partners while waiting for the right time to hold an initial public offering (IPO).

“Rather than focusing on an IPO, with us just waiting for the right time, [we will] just focus on the fundamentals of the business,” North Star Chief Executive Officer Anthony Ng said in a recent interview with BusinessWorld.

“So, rather, we would focus on improving right now the business itself, growing the business with the support of partners and banks, [since] the opportunity is there,” he added.

North Star, an end-to-end fresh frozen meat retailer, counts SM Markets, United Steak, Waltermart, and Alfamart as among its retail partners.

Mr. Ng said the company remains keen on an IPO possibly in 2023 or by early 2024. The maiden offering was supposed to run from June 13 to 17, 2022 from which the company expects to raise around P3.5 billion.

“If I had a magic genie, of course, we would like [the IPO] to be 2023, early 2024, but we cannot go against the situation. It’s global, it’s not even domestic,” he said.

In March, North Star filed the registration application for its IPO with 1.8 billion outstanding shares to be offered to investors. Days before the offer period, the company said that it was deferring the offering due to market volatility.

“Two days into pricing, we realized [that] it’s bound to enter a bear territory. All of the indications were moving toward that. In my head, it was [a] very obvious decision that had to be made,” Mr. Ng said.

He added that the company is waiting for an indication that the economy is beginning to bounce back.

“But obviously, no one knows, it’s as good as anybody’s guess,” he said. “So, until that indication comes, we will be in a standby mode.”

According to Mr. Ng, what the company is constantly trying to improve its revenues and profit.

“[It’s going to be] continuous projects, continuous expansions, continuous ways of finding creative avenues where we can enhance our topline and bottom line,” he said.

Mr. Ng also said that prices are increasing abroad and that there is a “supply crunch” locally, prompting North Star to stock up.

“All of our finances right now are directed towards securing stocks in the most efficient manner,” he said.

Meanwhile, Mr. Ng said the company is on track to reach its 2022 topline target by the end of this year.

“Our guidance was P9 billion to P9.5 billion. At least, so far, ‘wag lang may mangyari lang sa (as long as nothing’s going to happen in the) last quarter, which is an important part of the year. If we annualize our results, we will reach P9 billion to P9.5 billion,” he said.

According to the company’s website, North Star’s full-year sales last year reached P9.28 billion, up by 52.5% from P6.09 billion in 2020.

Its net income last year reached P610.47 million, more than twice the earlier year’s P238.83 million. — Justine Irish D. Tabile

Hats: an important part of Korean culture

DIFFERENT hats shown at the ‘Korea, A Land of Hats’ exhibition.

OFTEN worn as an accessory or as protective gear, hats add personality to the wearer’s overall look. In Korea, hats completed an outfit and were traditionally worn at social events and to symbolize social rank.

“Korea, A Land of Hats,” an exhibit presented by the Metropolitan Museum of Manila — now called The M — with support from the Traveling Korean Arts project of the Korean Foundation for International Cultural Exchange (KOFICE), and done in collaboration with the Korean Cultural Center in the Philippines (KCC) and Coreana Cosmetics Museum, features around 150 headpieces including heritage Korean traditional hats, and modern art works.

As creations of Korean National Intangible Cultural Heritage, Korean traditional hats exhibit both the beauty and the complexity of Korean craftsmanship.

The exhibition notes state that the hat, or moja, is more than a mere accessory. It is believed to be directly linked to one’s attitude, spirit, and life beyond serving practical and decorative functions. It was a unique piece of clothing culture that reflected the rich Korean history, the occasion, social values and status, and the wearer’s rank.

When Confucianism flourished in the Joseon Dynasty (1392-1897), decorum was of high value and people maintained themselves well-kept from head to toe. A hat held social significance as an indicator of class as well as serving a practical purpose as head protection. Headpieces matched clothing and were classified by use into daily, going out, or ceremonial gear. Unlike in Western culture where it is considered polite to remove one’s hat when inside the house, Koreans kept the hat on as it was against etiquette to reveal a bare head, even indoors.

The exhibit begins with the artifacts section, and includes accessories and headdresses for women, men, and children predating the 19th Century. Men’s hats were mostly blue while women’s hats were red. Men’s hats had more variety in design as men were engaged in more social activities.

Highlighted in the exhibit is the gat — the most notable hat in the Joseon Dynasty. It has become famous among K-drama fans for its appearance in the Korean zombie series, Kingdom. Normally in black, the heuklip (black hat) has a wide brim and was worn by high-ranking military officials. It is secured by tying strings under the chin. The long gat strings were decorated with bamboo, jade, amber, coral and other precious stones to indicate the wearer’s social standing.

The exhibition also showcases hats created by the Korean National Intangible Cultural Heritage artisan for Gannil (gat hat making) Park Chang Young and its certified trainee Park Hyung Park. The process of gannil involves three basic steps: making the cylindrical hat with horsehair or bamboo; making the broad brim, called yangtae, with thin-split bamboo; and combining the hat and brim, adding fabric, and applying lacquer to complete the gat.

Along with the actual hats, the exhibition also presents specially curated contemporary artworks — paintings, photos, books and installation work.

The exhibit ends with a display of traditional Korean costume dolls from Baehwa Women’s University. The dolls recreate Korean clothing worn in different seasons by a child until they become an adult. A bride doll displays the traditional wedding headdress of the North Korean region, which shows the glamour of a traditional Korean wedding.

Before leaving the exhibit, guests can also try wearing hats and take pictures with a traditional Korean street background.

Adjacent to the exhibit is its local counterpart titled “Hat of the Matter,” an exhibit which features Filipino hats and examines Filipino contemporary artists’ interpretations of Philippine head gear.

WHAT’S IN STORE FOR THE M
“Korea, A Land of Hats” is the second exhibition of The M’s soft opening at its new location, following one featuring Ronald Ventura’s sculptures and paintings in the building’s alley and ground floor.

Metropolitan Museum of Manila President Florentina “Tina” Colayco said that The M is set to officially open in February 2023.

“We are gradually opening the spaces as they become available, and also because we have been planning some of the shows for some time,” Ms. Colayco told BusinessWorld during the launch of “Korea, A Land of Hats” on Oct. 21.

Designed by New York-based Filipino architect Carlos Arnaiz, The M takes up three floors and occupies over 3,000 square meters at the Mariano K. Tan Center in Bonifacio Global City in Taguig. It houses exhibition spaces and the museum staff’s office. (Related story: https://www.bworldonline.com/arts-and-leisure/2021/12/01/414191/the-met-is-now-the-m/ ).

When other activities are viable, The M plans to host onsite workshops for teachers and students.

“Education has always been a big component of what we have always been doing. We plan to have teacher’s training for public school teachers, but we had to put a hold on that because school was out (because of the COVID-19 pandemic). But now that the museums are starting to open their spaces, we could probably continue holding workshops for teachers, kids, and viewings for the disabled,” Ms. Colayco said.

In December, The M will launch the “Elusive Edge,” an exhibition which will highlight the history of Philippine abstraction, curated by Patrick D. Flores. As a tribute, it will include works by National Artist for Visual Arts Arturo Luz who was the Metropolitan Museum of Manila’s first director.

“We really hope to be deeply engaged with the community because our philosophy from before was really ‘Art for All.’ I think museums now are more open and more inclusive — all the more because we are part of a new environment now,” Ms. Colayco said.

The original Metropolitan Museum of Manila building opened along Roxas Boulevard in Manila in 1975. It was initially a venue for international art exhibitions, showing works from the Brooklyn Museum and other American museums and galleries. In 1986, it shifted its focus towards local works, started offering bilingual exhibition texts, and developing outreach educational programs.

“Korea, A Land of Hats” if open to the public for free until Nov. 30. The M is open Tuesdays to Saturdays from 10 a.m. to 4 p.m. at the MK Tan Centre, 30th St., Bonifacio Global City in Taguig. Reservations are required and guests are advised to wait for a confirmation letter from The M. The visit will be by appointment and is opened to maximum of 20 people. One can book a visit at https://tinyurl.com/TheM-2022ScheduleYourVisit. —  Michelle Anne P. Soliman

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