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Hollywood’s Anna May Wong to become first Asian American on US currency

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THE US Mint will feature an Asian American on its currency for the first time when it issues a coin next week engraved with the image of actress Anna May Wong, who worked in Hollywood during a time of open racism and stereotyping.

A quarter-dollar coin featuring a profile of Ms. Wong with her signature bangs and long fingernails will begin circulating on Tuesday as part of the American Women Quarters Program, the US Mint said in a statement.

“Along with the hard work, determination and skill Anna May Wong brought to the profession of acting, I think it was her face and expressive gestures that really captivated movie audiences, so I included these elements,” said Mint designer Emily Damstra, who helped create the coin.

Wong was born in 1905 in Los Angeles as Wong Liu Tsong. She was cast in her first role as an extra in the film The Red Lantern in 1919 at age 14 and her first leading role in 1922 in the The Toll of the Sea.

She went on to appear in more than 60 films including one of the first movies made in Technicolor. She became the first Asian American lead actor in a US television show for her role in The Gallery of Madame Liu-Tsong in 1951.

Despite her success, Ms. Wong faced anti-Asian discrimination and racism in Hollywood where she was typecast, underpaid, and passed up for leading roles, forcing her to go to Europe to act in films, and to London and New York to perform in theater. Ms. Wong died in 1961.

“The fifth coin in our American Women Quarters Program honors Anna May Wong, a courageous advocate who championed for increased representation and more multi-dimensional roles for Asian American actors,” Mint Director Ventris Gibson said.

Author and civil rights champion Maya Angelou and astronaut Sally Ride, the first American woman to go into space, have also been honored with coins in the series. — Reuters

Mishandled resignations

I told my boss, the chief executive officer (CEO) that a major competitor is pirating me with a lucrative offer. He asked me, “Are you expecting a counteroffer?” I was shocked. I told him that I’m resigning with 30 days’ notice. To which the CEO replied: “The sooner, the better.” I left the room sadly. Please help me understand and manage my situation. — Lone Wolf.

Once upon a time, a young man consulted the Socrates to learn from the great philosopher. The moment he arrived, the young man began to speak, until interrupted by Socrates: “Young man, I regret I will have to charge you double fee for that.”

“Why is that?” the young man replied.

Socrates replied: “I will be teaching you two skills. First, how to hold your tongue. Second, how to use it at an appropriate time.”

I’m not sure about your motivation for disclosing that you’re being pirated by a competitor. It’s not advisable to tell your boss about a prospective employer. If you want to resign, then resign without making it appear that you wanted to negotiate a package. Therefore, the CEO was right in humiliating you.

Most CEOs would not be baited into making a counteroffer for many reasons. They’re too smart for that. If they do, you’ll feel indispensable, thereby setting a bad precedent that others could emulate.

If you’ve already made up your mind about your resignation, do it without hesitating. Be firm. But hold your tongue until you’ve filed a resignation letter. No amount of verbal preliminary notification will sway your boss into making a counter-offer, unless management is incompetent enough to neglect putting together a succession plan.

THE CURE
File your resignation right away. There’s no turning back. Retreating is the worst thing you can do. The CEO has already spoken: “The sooner, the better.” He’s telling you the company is ready to work without you. He may have somebody in mind as a temporary or permanent replacement which may come from within.

Therefore, you have no recourse but to file a professionally-written letter that includes the following elements:

One, give 30-day advance notice as required by law. This is to allow your employer to make preparations for a smooth turnover. This may be waived by management to protect the organization’s interests. One scenario that calls for immediate effectivity of resignations is to prevent a resigned person from accessing confidential files and other sensitive records.

Even if the CEO has allowed you to resign “the sooner, the better,” you must protect yourself against claims for damages resulting from lack of a formal, advance notice. Put the specific date of your last working day and be open to exhausting your remaining leave credits, subject to management approval.

Two, offer assistance towards ensuring a smooth turnover. Commit to train your replacement even if your boss may not be receptive. Even if your boss rejects your offer, ensure that you will be available physically according to a mutually-agreed schedule. Or else, leave your e-mail address for any questions that may arise.

Make a complete list of all documents and equipment and turn them all to your department second-in-command. Require that person to acknowledge receipt.

Three, request clearance and an employment certificate. Be specific about these requests in your letter. Also, ask the human resource (HR) department to return your basic documents, which may include the original copy of your transcript or anything that you may have been required to submit previously.

If this creates some difficulties with HR, then forget about it. At least you tried.

Four, ask the CEO’s secretary to sign upon receipt of your letter. This is your best proof that you’ve resigned in accordance with the dictates of the law. It’s not important that a resignation is approved by a boss even under normal circumstances. What’s important is that there is a formal document to prove that you’re no longer interested in continuing with your employment.

There’s also a chance the CEO’s secretary may ask to consult the boss. If the secretary refuses to sign, move on to the HR department head or a representative to sign your copy.

Last, express sincere gratitude to top management. Even under the most difficult circumstances, don’t forget to thank management for giving you the chance to work and be trained in that organization. Expressing gratitude is the professional move. You should be grateful even if you botched your initial attempt to resign.

Professionalism gives you a long-lasting sense of satisfaction that you’ve done the right thing with the people you met on your way up or down.

 

Chat your workplace questions with Rey Elbo on Facebook, LinkedIn, Twitter or e-mail elbonomics@gmail.com or go to https://reyelbo.com

Manila slips in financial center ranking

Manila slid three spots to 103rd out of 119 global financial centers in the biannual Global Financial Centers Index (GFCI) that assesses the competitiveness of financial centers around the world. The country’s total GFCI rating, however, went up 38 points to 584 from 546 previously. The Philippine capital lags behind its peers due to the “lack of quality infrastructure,” a financial technology (fintech) consultant said in the report. “Social and political problems remain. But it has improved and modernized significantly in the past 20 years into a massive megacity full of life and fun. It should work on its branding and how it markets itself,” the consultant said. A separate assessment on fintech ranks Manila at 77th out of 113 financial centers in terms of how respondents perceive the competitive environment and fintech offerings.

Manila slips in financial center ranking

How PSEi member stocks performed — October 20, 2022

Here’s a quick glance at how PSEi stocks fared on Thursday, October 20, 2022.

Peso moves sideways on hawkish Fed, profit taking after hitting record low

BW FILE PHOTO

THE PESO moved sideways on Wednesday on profit taking after it hit its record low of P59 intraday amid hawkish signals from a US Federal Reserve official.

The local unit closed at P58.94 per dollar on Thursday, inching up by 0.5 centavo from its P58.945 finish on Wednesday, based on Bankers Association of the Philippines data.

The peso opened Thursday’s trading session at P58.92 per dollar, which was also its intraday best. Its weakest showing was its current record low of P59 against the greenback.

Dollars exchanged rose to $707.45 million on Thursday from $654 million on Wednesday.

“The peso closed slightly stronger due to profit taking after hitting the 59-peso level intraday following hawkish remarks by Fed official Bullard,” a trader said in an e-mail.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the dollar was propped up against major global currencies by St. Louis Fed President James Bullard’s comments.

Mr. Bullard said he expects the “frontloading” of rate hikes to be done by early 2023 and shift to keeping policy restrictive with small adjustments as inflation cools.

The trader said the peso may weaken anew on Friday “as more Fed officials are expected to reiterate the US central bank’s plan to raise policy rates further.”

The trader expects the peso to trade between P58.90 and P59 per dollar on Friday, while Mr. Ricafort gave a forecast range of P58.80 to P59 versus the greenback. — KBT

PSE index declines on profit taking, BoP data

STOCKS dropped on Thursday on profit taking and fears that the country’s wider balance of payments (BoP) deficit may cause the peso to weaken further versus the dollar.

The benchmark Philippine Stock Exchange index (PSEi) declined by 92.32 points or 1.5% to finish at 6,055.99 on Thursday, while the broader all shares index went down by 43.01 points or 1.31% to 3,223.61.

Philstocks Financial, Inc. Research Analyst Claire T. Alviar said the market declined as investors pocketed gains from the PSEi’s rise.

“Moreover, a wider balance of payments deficit in September weighed on sentiment as this may adversely affect the peso,” Ms. Alviar said in a Viber message.

The country posted a $2.3-billion BoP deficit in September, bigger than the $572-million deficit the prior month. This was also wider than the $412-million deficit seen in September 2021 and is the biggest since the $2.696-billion gap recorded in September 2018.

In the first nine months, the country’s BoP gap widened to $7.83 billion from the $665-million deficit posted in the same period in 2021.

The central bank expects the country’s BoP position to end the year at an $8.4-billion deficit equivalent to -2% of gross domestic product amid weaker global demand.

Meanwhile, the local unit closed at P58.94 per dollar on Thursday, inching sideways from its P58.945 close on Wednesday.

“Philippine shares took a breather after successive sessions in the green as funds decided to trim positions following Wall Street’s struggles to extend its two-day winning streak amid a sharp rise in yields,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

US stocks closed lower on Wednesday. The Dow Jones Industrial Average declined by 99.99 points or 0.33%, to 30,423.81; the S&P 50 lost 24.82 points or 0.67% to 3,695.16; and the Nasdaq Composite went down by 91.89 points or 0.85%, to 10,680.51.

Back home, almost all sectoral indices ended lower on Thursday. Industrials slumped by 228.37 points or 2.58% to close at 8,606.01; holding firms went down by 151.71 points or 2.56% to 5,755.35; mining and oil lost 93.97 points or 0.87% to end at 10,669.25; property shed 18.17 points or 0.67% to close at 2,673.41; and services declined by 10.59 points or 0.66% to 1,576.36.

Meanwhile, financials gained 3.68 points or 0.23% to 1,545.21.

Value turnover went up to P8.23 billion on Thursday with 597.62 million shares changing hands from the P4.15 billion with 379.72 million issues traded on Wednesday.

Decliners outnumbered advancers, 107 versus 58, while 51 names closed unchanged.

Net foreign selling was recorded at P362.68 million on Thursday, a reversal from the P119.99 million in net buying seen on Wednesday. — Ashley Erika O. Jose

Manila to get choppers from US instead of Russia

RUSSIAN Air Force Mil Mi-17 — VITALY V. KUZMIN

THE PHILIPPINES will get military helicopters from the United States after canceling a contract with Russia, President Ferdinand R. Marcos, Jr. said on Thursday.

Mr. Marcos told reporters the termination of the contract would proceed. “Now, we have secured an alternative supply from the United States.”

He also said the government wanted to get “at least a percentage” of the downpayment to Russia.

Russia on Wednesday asked the Philippines to honor a P12.7-billion deal to buy 16 military helicopters, which former-President Rodrigo R. Duterte had canceled for fear of potential US sanctions after Russia invaded Ukraine in February.

Marat Pavlov, Russia’s ambassador in Manila, told reporters they had yet to get officially notified about the termination of the contract.

“We are ready to fulfill all our obligations as a reliable partner of the Philippine side in the field of technical and military cooperation and we consider that it will also be done by the Philippines,” he said, based on an e-mailed transcript.

“I’m not discussing how it should be done but I would like to reaffirm that the Russian side is continuing to fulfill all obligations regarding this contract and we consider this valid until now,” he added.

The Philippine Defense department had started formalizing the termination of the contract with Sovtechnoexport LLC, it said in August.

The government was also preparing to start a diplomatic dialogue with the Russian side regarding matters arising from the project’s cancellation.

But Mr. Pavlov said the chopper maker continues to assemble the helicopters since the Philippines had paid a downpayment. Filipino pilots had also been trained, he added.

“Because we received the amount of the money, therefore we’re fulfilling all the contractual obligations,” he added.

They envoy said one fully assembled helicopter, a free bonus from the deal, had been delivered to the Philippines in June but was rejected.

Mr. Pavlov said the deal was struck by the Duterte government “without any pressure from the Russian side, citing the Philippines’ independent foreign policy.

He also said Mr. Duterte had said then the Russian helicopters were robust and solid and that the choppers were to be used for humanitarian and transportation purposes.

“The current administration would like to continue the course of independent foreign policy, and I think it is in favor of independent foreign policy the fulfillment of this very important contract of the Russian Federation and the Philippines,” he added.

The US is willing to strike a deal for the amount the Philippines was set to spend on the 16 Russian Mi-17 choppers, Philippine Ambassador to the US Jose Manuel G. Romualdez said in August.

The Chinooks would replace existing hardware used for the movement of troops and in disaster preparedness in the Philippines, he added.

The Philippines is in talks with Russia to recover its $38-million downpayment for the helicopters, the delivery of which was supposed to start in November next year, or 24 months after the contract was signed.

The Philippines is at the tail-end of a five-year P300-billion modernization of its outdated military hardware that includes warships from World War II and helicopters used by the US in the Vietnam War.

Aside from military deals, the Philippines under President Ferdinand R. Marcos, Jr. also wants increased economic exchanges with the US including in manufacturing, digital infrastructure, clean energy and modular nuclear power, Mr. Romualdez said.

He also said the Philippines would ally itself with the US in case tensions with China regarding Taiwan lead to a war.

The envoy, a second cousin of the president, said the Mutual Defense Treaty with the US does not automatically tie Manila to all US conflicts. It is based more on the country’s area of responsibility that includes the South China Sea and surrounding waters, he said.

The treaty requires both sides to help each other in case of any external aggression.

US Ambassador to the Philippines Mary Kay L. Carlson on Monday said the US had given the Philippines a $100-million military grant for its defense modernization plan, which could offset the cancelation of the Russian contract.

Meanwhile, the Philippine Department of Foreign Affairs said its embassy in Warsaw and consulate in Kyiv, Ukraine was “constantly monitoring the conditions and circumstances of Filipinos who remain in Ukraine” after Russia declared martial law in some regions there.

Twenty-five Filipinos in Ukraine had been accounted for, most of them living in Kyiv, and none from the four regions where martial law was declared — Kherson, Zaporizhzhia, Donetsk and Luhansk, it said in a statement on Thursday.

“The department, embassy and the honorary consulate general stand ready to repatriate our kababayans should they request assistance for immediate return to the country,” DFA spokesperson Ma. Teresita C. Daza told reporters in a WhatsApp message.

DFA had helped about 400 Filipinos in Ukraine come home in the first half of the year, she said. — Alyssa Nicole O. Tan, Norman P. Aquino and Kyle Aristophere T. Atienza

Arrival window for imported sugar extended to Oct. 31

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THE Sugar Regulatory Administration (SRA) said the arrival period for sugar ordered overseas to supplement domestic supply has been extended to the end of October due to shipping delays.

Sugar Order (SO) No. 3 series of 2022-2023 issued by the SRA on Oct. 19 extended the arrival deadline for the 200,000 metric tons (MT) of foreign sugar authorized for import to Oct. 31.

“The deadline for application for SRA Clearance for release of imported sugar has been extended to Sept. 30, 2022 and the arrival date of any imported sugar for this program is also extended to Oct. 31, 2022,” according to the order.  

“The SRA received request(s) to change the arrival date of any imported sugar for the above-said importation program due to vessel delays and lack of availability of container vans being experienced not just regionally but also globally,” it added.

In February, the SRA issued SO No. 3 series of 2021-2022 allowing imports of 200,000 MT of sugar for crop year 2021-2022. Industrial users will also be allowed to transfer and sell part or all of their imported sugar allocation to other industrial users or assignees.

According to the SRA, import allocations for 9,194 MT of refined sugar have yet to apply for SRA clearance.

The industrial users inquiring about transferring their supply told the SRA that their shipments have arrived but are not immediately needed.

Meanwhile, “there are industrial users who… are still in urgent need to augment their sugar supply,” it added.

Asked to comment, United Sugar Producers Federation President Manuel R. Lamata said in a Viber message that the new order will benefit consumers and the industry.

The transfers “will bring down the very high retail prices. The industrials have agreed to this scheme to help the government and consumers. (SO No. 3) will not affect us farmers,” Mr. Lamata said.  

The Department of Agriculture (DA) estimates the price of refined sugar as of Oct. 20 at P100 per kilogram (/kg).

The DA has said it will sell refined sugar at P70/kg in Kadiwa outlets and SRA offices in Quezon City and Bacolod City. — Revin Mikhael D. Ochave 

Bus carousel, ports first in line for PPP

PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE Department of Transportation and the Department of Public Works and Highways said the EDSA bus carousel and seaports will be among the first projects to be offered up for public-private partnerships (PPPs).

“We plan to invite as much private sector participation in our infrastructure projects (as possible), such as for the EDSA Carousel, the operation of our seaports, the privatization of 10 provincial airports, the Cebu Bus Rapid Transit project and many more,” Transport Secretary Jaime J. Bautista said.

According to Mr. Bautista, the PPP scheme has been proven an effective route for injecting the private sector’s technical expertise and resources into government projects.

“By harnessing the expertise and capabilities of (private companies), we can confidently bring to completion these ambitious undertakings,” Mr. Bautista said in his address to a convention organized by the Philippine Chamber of Commerce and Industry.

“PPP remains one of the major platforms of this administration (for leveraging) the assets of the private sector, not only in terms of the funds but also in technology and innovation,” Public Works Undersecretary Maria Catalina E. Cabral said.

Ms. Cabral pointed however for the need to pass a new Build-Operate-Transfer (BOT) Law, even after revisions were made to the current law’s implementing rules and regulations.

“I think we should move towards enacting a new BOT Law,” Ms. Cabral said. “We are now actively pursuing the enactment of the new law that will (have under its umbrella) all other modes of private participation.”

He said joint venture arrangements are not adequately covered by the BOT Law.

She added that the government will push for a new law in a manner that will not disrupt the project and investment pipeline. — Justine Irish D. Tabile

Air21 calls for end-to-end digitization of supply chain

LOGISTICS company Air21 Holdings, Inc. said the government must cut down on the sources of friction hindering supply chains by digitizing the shipping process from end to end, and called for investment in the infrastructure that will enable such a transformation, such as data centers.

Air21 Holdings Chairman and President Alberto D. Lina said the government’s role in transforming the industry is to accelerate digitization, overhaul regulation, and build capacity in the workforce.

The goal is “unhampered movement of goods and to prepare such touch points along the supply chain,” Mr. Lina said at the 48th Philippine Business Conference and Expo, organized by the Philippine Chamber of Commerce and Industry.

“We need to push for the entire supply chain — from end to end — to be fully digitized and to have real time intelligence on the state of our industry,” Mr. Lina added.

Mr. Lina said the data industry must be built up to ensure that the data gathered in digitizing the logistics process is legally gathered, safely stored and processed, and properly disposed of.

Mr. Lina added that regulations should be harmonized for companies like this that have to deal with various jurisdictions such as ports and local governments.

He said truck bans and traffic number coding need to be implemented in a manner that does not hamper the flow of goods.

“We welcome the recent initiative of the DTI (Department of Trade and Industry), TESDA (Technical Education and Skills Development Authority) and PTTC (Philippine Trade Training Center) in tapping the logistics industry in drafting the Philippine skill framework for logistics,” Mr. Lina said. — Justine Irish D. Tabile

Recession by late 2023 tops list of PHL economic worries

PHILIPPINE STAR/EDD GUMBAN

MORE than two-thirds of Filipinos surveyed are expecting a recession by the end of 2023, according to a study conducted by TransUnion, a consumer credit reporting agency.

“Consumers were anticipating a potential recession in the near future. 76% of respondents agreed the economy is either already in a recession or will enter a recession at some point by the end of 2023,” according to the study, which surveyed 1,013 adults between Aug. 19 and Sept. 1.

During the survey period, 44% said inflation was their top concern, up from 35% a quarter earlier.

In September, headline inflation hit 6.9%, the highest level in 13 years, driven by rising food, transport, and energy costs.  

“This elevated inflation rate may serve as a trigger for the central bank to hike rates even further, pushing up borrowing costs for businesses and consumers. In addition, amid uncertainty about inflation, consumers started cutting back on discretionary spending and increasing savings,” the report read.

The Bangko Sentral ng Pilipinas will likely raise interest rates in its next policy-setting meeting in November to contain inflation. For the year so far, the Monetary Board has raised benchmark interest rates by a combined 225 basis points.

“As a precaution, consumers (have taken) action in response to a potential recession; 66% of respondents built up savings, while 69% of respondents reduced spending and 33% paid down debt,” the study found.

More than half of respondents chose to tap into their savings to pay down debt.

More consumers also expressed the intention to cut household spending, with around 54% focusing on areas of potential saving like dining out, travel, and entertainment in the last three months.

Some 79% of consumers said their income was stagnant, while respondents declaring confidence in their financial situation over the next 12 months fell to 81% from 83% a quarter earlier.

During the survey period, 27% of consumers said they turned to moneylenders in the past 12 months, up from 22% in the previous period, while 18% availed of payday loans, up from 14%.

Some 54% of respondents said they are planning to apply for personal loans while 41% were thinking of applying for a credit card. 

“The need for transport is back as the country is on track to return to full normalcy, evidenced by an increase in respondents who planned to apply for an auto loan,” the study found.

“There appeared to be a rush to refinance mortgages and home loans before the anticipated interest rate hike, as the percentage of respondents who planned to do so jumped by 5% from the second quarter,” it added. — Luisa Maria Jacinta C. Jocson

NGCP launches operations at Calamba substation

THE National Grid Corp. of the Philippines (NGCP) said it has started operating its 230-kiloVolt (kV) substation in Calamba to address the growing demand for power south of the capital region.

The project consists of the Calamba 230-kV Substation; the Calamba-Bay 230-kV Transmission Line 2; and the Calamba-Biñan 230-kV Transmission Line 2.

The Energy Regulatory Commission (ERC) has approved capital spending of P1.07 billion for the project.

The NGCP said that the substation is strategically located near industrial parks to accommodate demand in Laguna, Batangas and adjacent provinces.

It added that industrial customers, factories, and manufacturing plants are expected to benefit with the substation.

The Philippine Economic Zone Authority (PEZA) tallies 10 manufacturing economic zones in Batangas and 14 in Laguna.

The NGCP transmission development plan calls for the Calamba substation to step in for contingencies like overloading in drawdown substations in Sta. Rosa and Calauan and on the Calauan–Los Baños 115-kV distribution line.

“With many industrial and residential developments south of Metro Manila, NGCP’s new Calamba 230-kV Substation is a critical facility for South Luzon. The substation and its associated transmission lines will also serve as another highway to prevent overloading and other reliability issues,” the NGCP said in a statement. — Ashley Erika O. Jose

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