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Stories from BusinessWorld’s most loyal employees

PHOTO SHOWS BusinessWorld President and Chief Executive Officer Miguel G. Belmonte (left) and Chief Financial Officer Carlos R. Dizon (right) with 30 years in service awardees (second from left) Editor-in-Chief Wilfredo G. Reyes, Associate Editor Alicia A. Herrera, and Production Coordinator Hilario T. Matundan, during BusinessWorld’s 35th Anniversary party last Aug. 5 in Hilton Manila.

In standing tall for 35 years now and surpassing various challenges, including global crises, the secret to BusinessWorld’s resilience is its employees, most especially the ones who have been with the company through thick and thin, and have greatly contributed to BusinessWorld’s continued success as the country’s most trusted business newspaper and multimedia content provider today.

As BusinessWorld marks its 35th anniversary, we put the spotlight on some of its most loyal employees who have been serving the publication for 25 to 34 years now. They share with us a glimpse of their own journey in the company — how they started, the roles they have played, memories with BusinessWorld Founder Raul L. Locsin, unforgettable experiences and lessons learned, their reasons for choosing to stay, and wishes for the company they have come to love.


Marlon A. Serrano
Officer-in-Charge, General Services Department

I started working at BusinessWorld in 1988. I joined the company because of its good management, especially under Mr. Locsin. I began as a janitor then a messenger through the years. Mr. Locsin was like a father to me. He was very easy to approach. Overall, working with all the people here is easy. For me, BusinessWorld is my second home. I wish it will be forever.


Hilario T. Matundan
Production Coordinator

My Sunday to Thursday work routine with BusinessWorld has been going on for almost 32 years now. Way back in 1990, I was still single. I was just a small-town boy from Batangas excited to work in the city. Back then, I was looking for a company that is committed to the well-being and professional development of its employees. So, I thought that joining a startup company (BusinessWorld) would be best to have career growth as the company and I could develop further together. I witnessed and experienced the changes from the original management up to the present management and I am still here because I love my job.

Way back in 1990, I worked in the bindery on which the BusinessWorld office was still located in Greenhills, San Juan. In August 1991, I got transferred to the Production Stripping Section of the Editorial Department. At that time, there was still no computer so layouts were done manually using white paper and stripping knife, and we were even using a dark room to produce negative and positive films, then sent them to the plant (printing press) via company service vehicles. When technology was slowly innovating, the system upgraded and we started using computers. We began using a different PageMaker application, saved the layouts to a CD or a flash drive, and then sent them to the plant. Technology continued to evolve until film utilization is no longer practiced and InDesign app is now mainly used.

I always remember what Mr. Raul Locsin said when it comes to deadline. He always reminded us, “Aanhin mo ang magandang dyaryo kung pambalot na lang yan ng tinapa at mangga (What is the use of a good newspaper if it will just end up to be a wrapper for smoked fish and mangoes).” For him, deadlines shall always be prioritized to make sure the newspapers are delivered to the readers on time.

There was an incident before wherein the two different ad materials overlapped and appeared on the same page due to the camera process. All of us in the production paid for the production cost through salary deduction. Because of that incident, we learned to be keener and more cautious in our tasks, and to be more efficient and effective at work. This kind of incident should be kept from recurrence. You have to learn from every mistake you experience because if you don’t, it’s not a mistake anymore, it’s a sin.

I remember there was a time when I received an offer as a Production Manager from a different company with double compensation because someone recommended me for the said position. Obviously, I did not accept the offer. I chose to stay with BusinessWorld. For me, work is not all about ‘the money.’ I am loyal to BusinessWorld because I think I share the same values with the company. The company trusted me when I was just starting my career.

BusinessWorld also continued to be strong and thriving even amid challenges. I have experienced the highs and lows of working in this company and we have endured so much together to be where we are right now. I wish BusinessWorld more success and many more anniversaries to come. I hope BusinessWorld will continue to be part of other people’s growth and success.


Wilfredo G. Reyes
Editor-in-Chief

I started working in BusinessWorld in March 1992. The position of reporter was the closest job at that time to my experience in government and a think tank before that. But I had a very vague idea of what exactly the job entailed. I would read BusinessWorld in my previous jobs, and the motto beneath the masthead “A newspaper is a public trust” struck me because I have always made it a point to form part of principled organizations. I started as a reporter, then senior reporter, then sub-editor, then managing editor for online services, then news editor, then managing editor then editor-in-chief.

Since I did not take up journalism, communication or any related course in the university, I had to learn the ropes from scratch from Mr. Locsin and his chief editors then who employed a sink-or-swim training method. Hence, the first two years were quite tough for me and there were not a few times that I wanted to quit. Basically, the core principles inculcated in us from the beginning, plus the struggle of applying them in specific real-world situations I think helped me become wiser, tougher, and at the same time more considerate.

I know of only very few jobs that are directly intertwined with public service. Everyday, all these decades, has been a learning experience for me, with new inputs from the top, my peers and the rest of the staff, both old and new. I look forward to seeing BusinessWorld, under ever-younger generations, hone its ability to promptly serve its markets — especially in fast-changing settings — using the latest available appropriate technologies.


Alicia A. Herrera
Associate Editor

I started working at BusinessWorld in 1992. Honestly, I had no idea what BusinessWorld was beyond the fact that it was a business newspaper. I just really needed a job, any job, that paid regularly. I did not expect to work in a paper — I had been freelancing in entertainment and theater — but at that point, because of all the coup attempts in the years after the EDSA Revolution, that work had dried up. I had majored in Communication Arts and had worked with the school paper for years so I was familiar with the basics of what was needed. I applied for proofreader and not reporter (which they were also hiring), figuring I would have a better chance of getting in that way.

I started out as a proofreader, then was promoted to copy-editor — a role that had not existed in BusinessWorld before that, and not again since — where I basically cleaned up reporters’ stories before the editors got them. Then they promoted me to reporter. That was actually a rather short stint in the field before I found myself back in the office as a sub-editor, then an associate editor. I was also managing editor of High Life magazine for a few years. I had always been connected with the Arts & Leisure section, editing the regular pages, then, for several years, I also edited the Weekender section that would come out on Fridays. Through the years, I have handled the Arts & Leisure pages, World, Sports, Health, Marketing, Travel, and Environment. I am currently in charge of the Arts & Leisure and Opinion pages.

We all looked up to Mr. Locsin. He was such an urbane, intelligent man. I remember sitting at the canteen one day during our lunch break with Jepe (Ronnie Romero) and Mr. Locsin and exchanging lines of poetry with him! He made you want to do your utmost best. He made us proud that we worked in BusinessWorld. He was truly dedicated to the paper — first one in, last one out. He would be sitting up at the front door of the office smoking a cigar when the carriers would arrive before dawn to load the papers for delivery.

But I have one Raul Locsin story that I like best. I was A&L sub-editor and he approached me one day as I was closing the Art page. He looked very reluctant and embarrassed — very un-Locsin-like. Then he handed over a press release — a watercolor artist that he liked was having an exhibit, would I be willing to come out with the announcement? It was not an order. It was a request presented with the most sheepish look on his face that I had ever seen. This was the publisher of the paper, the editor-in-chief, the most powerful man in the company, the big boss, asking me, a lowly sub-editor, if I was willing to do him a favor. He was deferring to me because as the editor of the page, I was supposed to have full control over its contents. Of course, I came out with it. I even arranged to have the photos come out in color (this was rare back in the day). But I realized that I could have said “No” and he would have been OK with it.

I had written a story about the musical Les Miserables and Mr. Locsin pointed out a mistake and said that my mistake had “made the paper look stupid!” After bawling in the ladies’ room for a while, I resolved to never make such a mistake, the result of lack of research, again. I look up everything now before setting it down on paper or a Word document. Another time, having written about a new restaurant, a senior editor, Mike Marasigan, approached me, to say that he had really enjoyed my story and that he wanted to try the restaurant out — if only he knew where it was! I had forgotten to write down the address! I resolved to always make sure that all the details are in a story. I guess you learn from your mistakes best.

I think BusinessWorld has treated me well through the years. And I think it is rare to find a company that you are proud to work in. I wish the BusinessWorld many more years of presenting the news, always following its motto: A newspaper is a public trust.


Marissa B. Diana
Senior Research Assistant

I joined the company last Sept. 19, 1994 for its 17th month remunerations with profit sharing, midyear, anniversary and Christmas bonuses! I was a Librarian before my current position. I helped develop the Library System database/archive of books, magazines and other library collections for easier storage and borrowing. I also updated the Alchemy database of our newspaper articles for online clients incorporated into our CODEX apps then. I was responsible for sending daily BusinessWorld stories by means of file transfer protocol (FTP) direct to the database of our foreign clients. When I transferred to the Research Department as senior research assistant, I collect audited financial statements for The Top 1000 Corporations in the Philippines. I also do the tickmarking of financial statements of each company and call/verify each company’s addresses and contact numbers. During Quarterly Banking Report season, I collect published balance sheets of commercial banks from newspapers and record it in Excel format for table generation.

I remember Sir Locsin always being prompt at work, he was sitting on the bench beside the main door before seven in the morning. He liked to prank us by playing with remote controlled toys at work to our amazement. Minsan mayroon kang nakakasalubong manok, car sa sahig ng editorial. (Sometimes you pass by a toy chicken and car on the editorial room’s floors). Working with Sir Locsin was a privilege.

Because of BusinessWorld, I was able to purchase a house near the office. I skip the hustle and bustle of commuting to work so I always arrive fresh in the office so I work happily. Sana, lumago pa ang ating kumpanya, dumami pa ibang platforms natin sa print at online, ituloy lang ang pag-publish ng makabuluhang Top 1000 Corporations in the Philippines at Quarterly Banking Report kasi tayo lang ang mayroon nito. (I wish that the company will grow further, have additional platforms for print and online, continue publishing the valuable Top 1000 Corporations in the Philippines and Quarterly Banking Report because it is only BusinessWorld who have these.)


Arlet S. Laurente
Senior Editorial Assistant

I started working at BusinessWorld in June 1997. I joined BusinessWorld because I want to know what it feels like working on a business newspaper; how it differs from the other dailies. And of course, getting a job in a leading newspaper is an achievement for me. I started as an encoder — typing press releases and stories of reporters submitted via fax. Throughout the years, I have provided administrative support to the department making sure that the company communications are disseminated effectively among the team. I also help the World Markets editor do the layouting for the page.

Boss Raul was a good mentor; he will motivate you to work at your best. But aside from that, Boss also had his funny side. I remember, every time he sees me, he’ll go to my desk with his talking toy parrot calling out “Ang taba mo, ang taba mo (You’re fat, you’re fat).”

One morning, a subscriber called pointing out a mistake in one of the tables on the front page. I texted Sir Arnold (Belleza), who was the executive editor or page 1 editor then. I remember my text was, “Good morning, Sir Arnold. Sir, ‘wag n’yo po ako pagagalitan ha. Meron pong mali sa table sa Page 1. Sorry po (Sir, please don’t be mad. There’s an error in the table on Page 1. I’m sorry).” Ready to be scolded, his only reply was “OK, remind me later, maglalabas tayo ng erratum (we’ll publish an erratum).” From then on, I always double-check the figures. I even ask the proofreaders to double-check it too. Admitting one’s mistake is one way of improving oneself.

Why not (stay in BusinessWorld), especially if you feel your works are being appreciated, recognized, and valued. We have a nice working environment, and a management who does not only look after the welfare of the company but also of the people.

Testimonials from BusinessWorld partners and clients

Asia Society Philippines

Asia Society Philippines congratulates BusinessWorld on its 35th year at the forefront of business journalism in the Philippines.

It has been our honor to partner with BusinessWorld in various events over the years, sharing as we do the same values and objectives to foster greater people-to-people understanding within and among nations, and generating conversations that will allow everyone to navigate our shared futures.

We are grateful to the BusinessWorld team and are ever excited for our lasting and enduring partnership, especially as we move and look forward to better days.

Once again, from Asia Society Philippines, congratulations and Mabuhay, BusinessWorld!


Bank Marketing Association of the Philippines

The Bank Marketing Association of the Philippines (BMAP) extends its warmest congratulations to BusinessWorld on its 35th Anniversary!

Thirty five years ago, BusinessWorld was founded as a pioneering business newspaper. Fast-forward to today, the publication remains committed and dedicated to upholding competent and responsible reporting of the country’s daily top news stories and historical milestones.

As a progressive publication, looking back at its historic past likewise propels its drive and passion to move forward, faster. In a time of unprecedented global challenges, we move forward to tackle important lessons of innovation, not only to encourage deeper data sharing and understanding, but also to further strengthen the principles of press freedom, balanced and unbiased reporting in pursuit of nation-building.

BusinessWorld has been a long-time and staunch partner of BMAP and the banking industry in promoting and advancing bank marketing practices, cooperation and exchange of information. It provides meaningful and well-thought contents, discourse platforms that are very relevant to the association and our members. We look forward to being part of BusinessWorld’s continued growth and future worthy initiatives.

Once again, congratulations and more power!


European Chamber of Commerce of the Philippines

On behalf of the European Chamber of Commerce of the Philippines (ECCP), I would like to express our sincere congratulations to BusinessWorld as it marks its 35th anniversary.

We recognize the role of BusinessWorld as a reputable and well-respected news outlet. Over these years, BusinessWorld has done commendable work in bringing to its readers timely and relevant information, reports, and opinions.

The ECCP thanks the BusinessWorld team for the long-standing cooperation, and wishes the outlet continued success for many years ahead!

Florian Gottein
Executive Director


Makati Business Club

MBC congratulates its trusted source and valuable business partner, BusinessWorld, on its 35th birthday! Through booms, busts, and political change, BusinessWorld has been both the ear and the voice of the business sector, helping spur investment, expansion, and job creation. As the Philippines navigates these new and challenging times, we wish BusinessWorld continued success in our united effort to move forward faster.


Management Association of the Philippines

On behalf of the Board of Governors and the more than 1,000 members of the Management Association of the Philippines (MAP), I would like to congratulate BusinessWorld on its 35th founding anniversary. We in the MAP fully recognize BusinessWorld’s contributions to the country through decades of professional economic journalism. Collaboration with BusinessWorld over the past several years has been highly beneficial to us in carrying out MAP’s mission of promoting management excellence for nation-building. We take this opportunity to thank BusinessWorld for the consistent support for MAP’s key programs and activities, notably our “MAP Insights” weekly column in BusinessWorld which started in 2007, the MAP International CEO Conference, the MAP Golf Cup for CSR, and the various webinars and fora. We look forward to maintaining a productive partnership between MAP and BusinessWorld in the coming years. Mabuhay ang BusinessWorld!

Rogelio L. Singson
President


Philippine Chamber of Commerce and Industry

On behalf of the Philippine Chamber of Commerce and Industry (PCCI), my sincerest greetings and congratulations to the men and women of the BusinessWorld Publishing Corp. on your 35th Founding Anniversary celebration.

Media plays a major role in shaping a healthy democracy and political landscape. Its wide reach and influence undoubtedly create a huge impact on one’s social, political, business, and personal views.

As technology continues to evolve so is the news media. In recent times, we have witnessed how social media challenged the traditional and mainstream media. Getting information nowadays has become faster and easier, but disinformation and misinformation have also become more pervasive than ever. Fake news, biases, inaccuracies, and misleading content, are something that news media should not lose sight of.

BusinessWorld has lived up to the challenge of this rapidly changing digital landscape. Venturing into the digital space to maximize your reach through the various platforms such as BusinessWorld Insights, One-on-One Interview Series, and the virtual Economic Forum during the height of a pandemic is a testament of your commitment and dedication to provide the general public with an accurate, fair and balanced gathering of information.

We are happy and honored for considering PCCI as your institutional partner in organizing a relevant and informative webinar series on business and economy and we hope for more fruitful and meaningful years of collaboration.

Again, congratulations and mabuhay tayong lahat.

George T. Barcelon
President


Philippines Franchise Association

Together with the board of trustees, officers and members of the Philippines Franchise Association (PFA), we greet BusinessWorld with a resounding applause as it celebrates its 35th anniversary! We commend you for your service to the business community through your informative and insightful news and feature articles anchored on journalistic integrity and commitment to truth.

We are confident that you will remain a trusted news source for the world of business and continue to be instrumental in helping the business community in anticipating disruptions and challenges so that it can move forward faster just as your anniversary theme succinctly proclaims. We are happy that BusinessWorld is a reliable partner of PFA in our activities and we hope to further strengthen our partnership as we intensify efforts to bring Philippine franchising to new frontiers.

Again, our heartfelt congratulations!

Sherill Quintana, CFE
Chairman

Chris Lim, CFE
President


Philippine Retailers Association

On behalf of the Philippine Retailers Association (PRA), I send my warmest greetings and congratulations to BusinessWorld for your 35th Anniversary. We celebrate this milestone with you!

BusinessWorld has been a constant ally for the private sector and industries, including retail, therefore making it one of the Philippines’ top media and publishing companies that provide quality and professional economic journalism.

For the longest time now, PRA and BusinessWorld have been staunch partners that support campaigns, projects, and events, that contribute to industry growth, development, and nation-building. That is why we are with you as you celebrate 35 years of excellence in your field.

Again, happy anniversary! And we wish you more power and steadfast journalism in the many years to come! God speed!

Rosemarie B. Ong
President, SEVP-COO, Wilcon Depot, Inc.


Ardent Communications, Inc.

Congratulations, BusinessWorld, on 35 years of providing a reliable, credible and trustworthy news and information platform for Filipinos everywhere. For more than three decades, you have consistently served the country and our people by delivering timely news, in particular business news, that enables Filipinos from industry leaders and movers to workers and younger readers to gain deeper insights into economic and market developments and make intelligent decisions for their business or work. These decisions affect not only companies but also, and more importantly, the lives of many ordinary Filipinos. We at Ardent Communications, Inc. are proud and grateful for the many years of partnership that we have shared. Since we started working together many years ago, BusinessWorld has always been ready to support us and our clients share the latest news and reach more people, be that through print or online. Even when our queries and concerns already take up BusinessWorld staff’s personal time and even actual emergencies such as when one of your senior account managers addressed our questions while about to go into labor. Truly, you have all been about service. We hope that through our collaborations over the years, we have contributed to providing your readership — Filipinos all over the world and other international readers — with only truthful and correct information, and in so doing help serve as a forum to discuss issues that shape the nation and empower and encourage everyone to work together for a better Philippines. Your anniversary theme of Forward Faster indeed reflects what we know to be your vision for the publication and your readership. That is, to keep forging ahead, even pick up the pace, to effect positive change and contribute to making our nation and by extension the world a better place. In these times of misinformation and disinformation, it is even more paramount to be a platform for factual and reliable information. Indeed, from pioneering business news delivery and being Southeast Asia’s first daily business newspaper decades back, you have made a huge impact in this nation, and only better things lie ahead for you. We’ve always looked forward to working with BusinessWorld and we will continue doing so. Again, congratulations. We wish you only the best in the next 35 years!


IPG Mediabrands Philippines

Congratulations BusinessWorld!

For 35 years, BusinessWorld has been one of the few constants in Philippine business news reporting. In a world that’s always evolving and changing, it has been a consistent source of quality, well-written business news and views, keeping businesses and industries updated and helping them decide on crucial matters with accurate, actionable information. Quality is that one word which best describes BusinessWorld. Quality they hold themselves accountable to, consistently; from the way they report the news to the way they work with media partners and advertisers. As one of the country’s leading marketing communications and media companies, we — IPG Mediabrands Philippines — are guided by our own Media Responsibility Principles, our guardrails in our conduct of business for ourselves and with our clients. Working with an organization like BusinessWorld speaks to this. And as we safeguard our clients’ brands at a time that brand safety is non-negotiable, we look forward to more productive collaborations with the BW team. Happy Anniversary, BusinessWorld. Carry on!

Tricia Camarillo-Quiambao
Chief Executive Officer
Mediabrands Philippines

Taiwan security officials want Foxconn to drop stake in Chinese chipmaker – FT

XANDREASWORK-UNSPLASH

Taiwan‘s national security officials want to persuade Apple Inc’s supplier Foxconn to unwind an $800 million investment in Chinese chipmaker Tsinghua Unigroup, the Financial Times reported on Wednesday.

The deal will definitely not go through, the report said, citing a senior Taiwanese government official involved in national security issues.

Taiwan, the world’s largest contract electronics maker, has become increasingly cautious about China’s ambition to boost its semiconductor sector. It has proposed new laws to prevent what it says is China stealing its chip technology, amid rising concerns in Taipei that Beijing is stepping up its economic espionage. Read full story

The island’s government prohibits companies from building their most advanced foundries in China to ensure they do not offshore their best technology.

Taiwan faces mounting pressure from China, which considers the democratically governed island its own territory.

Taiwan‘s cabinet commission has yet to formally review the investments, the FT report on Wednesday quoted an unnamed person who was briefed on the matter as saying, adding that officials from the National Security Council and the Mainland Affairs Council believe the deal needs to be blocked.

Foxconn said in a statement it has submitted reports to Taiwan authorities about the investment and will continue to talk to government officials. It did not elaborate.

Tsinghua Unigroup did not immediately respond to a Reuters request for comment.

It is clear that they have elevated this to the national security level and the prospects are getting dimmed, the FT report cited one person close to the company as saying and added that the deal looks more difficult to pass through with increasing tensions in the Taiwan Strait.

Tensions have escalated in the Taiwan Strait after US House of Representatives Speaker Nancy Pelosi visited the Chinese-claimed self-ruled island last week, a move that Beijing condemned as a threat to peace and stability. Read full story

Last month, Foxconn said it was a shareholder in embattled chip conglomerate Tsinghua Unigroup via a $798 million investment by a subsidiary. Read full story – Reuters

Ukraine suggests partisans behind blasts at Russian airbase in Crimea

Army soldier figurines are displayed in front of the Ukrainian and Russian flag colors background in this illustration taken, Feb. 13, 2022. — REUTERS/DADO RUVIC/ILLUSTRATION

A senior Ukrainian official suggested a series of explosions at a Russian air base in Crimea could have been the work of partisan saboteurs, as Kyiv denied any responsibility for the incident deep inside Russian-occupied territory.

The adviser to President Volodymyr Zelenskiy also suggested Russian incompetence as a possible cause of Tuesday’s blasts. They killed one civilian and injured eight, according to the health department in Russia-annexed Crimea.

Huge plumes of smoke could be seen in videos posted on social media from Crimea, a holiday destination for many Russians. Russia annexed the Crimean peninsula from Ukraine in 2014 and used it in February as one of the launchpads for its invasion.

Mykhailo Podolyak, asked by the Dozhd online television channel whether Kyiv was responsible, replied: “Of course not. What do we have to do with this?”

“People who are living under occupation understand that the occupation is coming to an end,” Mr. Podolyak said. Read full story

Moscow said the explosions, at least 12 according to witnesses, were detonations of stored ammunition, not the result of any attack.

Mr. Zelenskiy did not directly mention the blasts in his daily video address on Tuesday but said it was right that people were focusing on Crimea.

“We will never give it up … the Black Sea region cannot be safe while Crimea is occupied,” he said, repeating his government’s position that Crimea would have to be returned to Ukraine.

 

NUCLEAR RISK

There were lingering concerns about the situation at the Russian-occupied Zaporizhzhia nuclear power plant in southern Ukraine after each side accused the other of shelling in recent days.

It was vital for the Kyiv government to regain control of the plant in time for winter, Petro Kotin, head of Ukraine‘s state nuclear power firm Energoatom said in an interview with Reuters. Read full story

Last week’s Russian shelling had damaged three lines that connect the plant to the Ukrainian grid, he said. Russia wanted to connect the facility to its grid, Kotin said.

He said “the risk is very high” of shelling hitting containers storing radioactive material.

Both Ukraine and Russia have said they want technicians from the U.N.’s nuclear watchdog, the International Atomic Energy Agency (IAEA), to visit Zaporizhzhia, the biggest nuclear power plant in Europe.

Russia has asked for IAEA chief Rafael Grossi to brief the U.N. Security Council on Thursday on Moscow’s accusation of attacks by “the Ukrainian armed forces on the Zaporizhzhia nuclear power plant and their potential catastrophic consequences,” diplomats said.

Ukraine has denied the Russian assertion that its forces attacked the plant.

In the northern town of Bucha, 15 bodies were buried on Tuesday after they were found four months after Russian forces withdrew from the area.

“All the people who were shot and exhumed from a mass grave have torture marks on them,” Bucha Deputy Mayor Mykhailyna Skoryk told reporters.

Ukraine and its allies accuse Russian forces of committing atrocities in Bucha, a satellite town of the capital Kyiv, after beginning its invasion on Feb. 24. Russia denied the allegation.Read full story

What Moscow calls a “special military operation,” Ukraine and its allies say is an unprovoked imperial-style war of aggression and it is banking on sophisticated Western-supplied rocket and artillery systems to degrade Russian supply lines and logistics.

US President Joe Biden on Tuesday signed documents of Washington’s support for Finland and Sweden joining NATO, the most significant expansion of the military alliance since the 1990s and prompted by Russia’s invasion of Ukraine. Read full storyReuters

Democrats, Republicans sponsor bill to give thousands of Afghans path to citizenship

STOCK PHOTO | Image by Ally Thomas from Pixabay

Bipartisan legislation has been introduced in both houses of U.S. Congress to establish a path to American citizenship for thousands of Afghan evacuees admitted to the United States on temporary immigration status, the sponsors announced on Tuesday.

The bill also would expand eligibility for Special Immigration Visas (SIVs) beyond Afghans who worked for the U.S. government to those who fought alongside U.S. forces as commandos and air force personnel, and to women who served in special counter-terrorism teams.

Identical versions of the bill were introduced days before the first anniversary of the final U.S. troop withdrawal and the chaotic evacuation operation that ended America’s longest war and saw the Taliban overrun Kabul.

“We must keep our commitment to provide safe, legal refuge to those who willingly put their lives on the line to support the U.S. mission in Afghanistan,” Democratic Representative Earl Blumenauer, co-sponsor of the House bill with Republican Peter Meijer, said in a statement.

Three minority Republicans, including Senator Lindsey Graham, joined three majority Democrats in introducing an identical version of the Afghanistan Adjustment Act in the thinly divided Senate, enhancing its chances of passage.

Even so, a congressional aide, speaking on condition of anonymity, said the measure likely will face “resistance” from anti-immigration Republicans.

Many of the 76,000 Afghans flown out in last year’s evacuation operation entered the United States on humanitarian parole, a temporary immigration status that typically only lasts up to two years.

The legislation would allow those evacuees to apply for permanent legal status if they submit to additional background checks.

Generally, those Afghans only can gain permanent legal status in the United States by applying for asylum or through SIVs, programs beset by major backlogs. – Reuters

Former Twitter employee is convicted in Saudi spy case

A former Twitter Inc. manager accused of spying for Saudi Arabia was convicted on Tuesday on six criminal counts, including acting as an agent for the country and trying to disguise a payment from an official tied to Saudi‘s royal family.

Ahmad Abouammo, a dual US-Lebanese citizen who at Twitter helped oversee relationships with journalists and celebrities in the Middle East and North Africa, was found guilty after a 2-1/2 week trial in San Francisco federal court.

Jurors acquitted him on five of the 11 counts he faced.

Federal public defenders representing Mr. Abouammo did not immediately respond to requests for comment. Twitter declined to comment.

Prosecutors said Bader Al-Asaker, a close adviser to Saudi Arabia’s Crown Prince Mohammed bin Salman, recruited Mr. Abouammo to use his insider knowledge to access Twitter accounts and dig up personal information about Saudi dissidents.

Those accounts allegedly included @mujtahidd, a pseudonym for a political agitator who gained millions of Twitter followers in the Arab Spring uprisings by accusing the Saudi royal family of corruption and other misdeeds.

Prosecutors said Mr. Abouammo received at least $300,000 and a $20,000 luxury watch from Mr. Al-Asaker, and concealed the money by depositing it in a relative’s account in Lebanon and having it wired to his own account in the United States.

Defense lawyers argued that the work Mr. Abouammo did at Twitter was simply part of his job.

Mr. Abouammo was also convicted of wire fraud and honest services fraud, money laundering and a conspiracy charge.

“The government demonstrated, and the jury found, that Mr. Abouammo violated a sacred trust to keep private personal information from Twitter‘s customers and sold private customer information to a foreign government,” US Attorney Stephanie Hinds in San Francisco said in a statement.

Ali Alzabarah, a former colleague of Mr. Abouammo also accused of accessing Twitter accounts on behalf of Saudi Arabia, left the United States before being charged. Mr. Al-Asaker, Saudi‘s crown prince and Twitter are not among the defendants. – Reuters

Colombia has detected $20 bln likely tied to money laundering -official

STOCK PHOTO | Image by PublicDomainPictures from Pixabay

Colombia‘s financial crimes unit, intensifying efforts to catch fraud, has detected some $20 billion in financial operations potentially tied to money laundering over the last 3-1/2 years, the unit’s director said.

The figure is equivalent to more than 6% of Colombia‘s annual gross domestic product.

Money laundering occurs when funds earned from illegal activities like drug trafficking are invested in front businesses which integrate illicit money into the legitimate financial system.

The funds were detected through more than 20,000 suspicious activity reports flagged each year by the Financial Information and Analysis Unit (UIAF).

“In the last few years we’ve hit the accelerator and the learning curve in terms of interception of illicit funds,” UIAF director Javier Gutierrez told Reuters.

The $20 billion was detected between 2019 and mid-2022, he said.

The United Nations Office on Drugs and Crime estimates that 2% to 5% of the world’s GDP – between $800 billion and $2 trillion – is laundered annually, though by its nature money laundering is hard to trace.

Laundering can cause inflation and create unfair competition when front businesses offer products and services at artificially low prices.

The UIAf has found some 570 channels through which money is laundered – including fake or inflated invoices, currency trading, exports and crypto-currencies, Mr. Gutierrez said.

Colombia‘s penal code outlines 66 types of crimes tied to money laundering including drugs and arms trafficking, customs fraud and people smuggling.

The Andean country is a top producer of cocaine and home to rebel groups and crime gangs involved in drug trafficking, illegal mining and other crimes.

“In importance drug trafficking is the one that generates the most resources and corruption is second for the harm it does to public investment and social programs,” said Mr. Gutierrez.

Fighting money laundering is potentially more effective for combating crime than arrests, Mr. Gutierrez said.

“Being detected matters very little to criminals, it matters much more to be captured, but what hurts them most is the chance resources will be taken away,” said Mr. Gutierrez. “If you bankrupt them economically it is much harder for them to be resilient.” – Reuters

Meralco empowers corporate customers to utilize automatic payment with partner banks

The Manila Electric Co. (Meralco) urges customers to utilize automatic payment schemes when settling their electricity bills as part of its efforts to push for their safety and convenience, while promoting ease in doing business.

Through a webinar held on July 20, Meralco provided an avenue where corporate customers and Meralco’s bank partners were able to discuss the processes and benefits of auto-payment arrangements (APA) offered to businesses.

Under the APA, corporate customers — or those with electricity consumption of 500 kilowatts and above — may enter into an automatic debit arrangement with accredited banks, or an automatic charge setup with credit card companies.

Customers only need to coordinate with their bank and must have no outstanding bill at the time of enrollment. On or before the due date, the bank will automatically debit or charge the total amount. When payment is successful, it will then be posted on the customers’ Meralco account.

“We evolve because the needs of our customers continue to change, adapting to the times. And as an end-to-end energy solutions partner, we want to continue creating value and innovating, to enable our customers to operate or expand their businesses as quickly as possible — as well as simplifying means of doing business,” said Meralco Customer Payments Manager Wilson V. Manzano.

“We are opening this up to our customers to help ease the burden of paying bills. Simply put, customers can link up their existing bank account to partner banks who are participating in the automatic payment arrangement program. This way, the monthly payment of dues is seamless. Apart from keeping the lights on, we are striving to give our customers a convenient user experience,” said Engineer Ma. Cecilia M. Domingo, vice-president and head of Meralco Corporate Partners.

Customers may also contact their dedicated Relationship Manager for their inquiries on bills consumption and history, paperless billing subscription, request for authorized withholding agent (AWA) tagging, submission of creditable withholding tax (CWT) forms, report of a power outage or incident, and application for additional service.

When the pandemic hit the country two years ago, Meralco found the need to leverage on online platforms to offer hassle-free solutions to its customers. Besides APA, Meralco also introduced the Online Customer Appointment, Virtual Customer Assistant, as well as SMS reminders of bills, payment confirmation, and service bulletins, among others.

 


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PayMaya Enterprise is now Maya Business

Making Big Moves Toward the Digital Transformation of Enterprises: Maya, the Department of Trade and Industry (DTI), and the Bangko Sentral ng Pilipinas (BSP) join forces to accelerate the digital transformation of businesses across the country. In this photo, during the Maya Business Launch event, are (L to R): PayMaya Philippines Group President and Maya Co-Founder Shailesh Baidwan, DTI Assistant Secretary Mary Jean Pacheco, BSP Deputy Governor Bernadette Romulo-Puyat, BSP Deputy Governor Chuchi Fonacier, PayMaya Founder-CEO and Maya Bank Co-Founder Orlando B. Vea, BSP Governor Felipe Medalla, DTI Secretary Alfredo Pascual, Voyager and PayMaya Chairman and Maya Bank Chairman Emeritus Manny V. Pangilinan, and Maya Bank President Angelo Madrid.

PayMaya, the country’s largest processor of merchant payments, has relaunched its enterprise brand as Maya Business.

The new Maya Business seamlessly integrates omnichannel payment acceptance solutions, business-to-business (B2B), and business-to-government (B2G) payments, with digital banking services powered by Maya Bank, including a high-interest business deposit account and a range of credit products for enterprises and their customers.

The transformation comes on the heels of the successful launch of the new Maya brand and consumer app in late April this year which saw an accelerated uptake for wallet and digital banking services.

“With the new Maya Business, we’re creating the future of the enterprise, unleashing digital at a faster speed and on a broader scale,” said Manuel V. Pangilinan, chairman of Voyager and PayMaya, and chairman emeritus of Maya Bank.

Accelerating the digital transformation of businesses

During the event, keynote speakers Department of Trade and Industry Secretary (DTI) Alfredo Pascual and Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla emphasized the need to accelerate the digital transformation of businesses as critical components of sustainable economic growth and inclusion.

“The BSP welcomes the rollout of new digital financial services that bring the benefits of digitalization to Filipino businesses and end-users. We are creating the right environment, but without enterprises like Maya, it means nothing if the private sector does not find a way of utilizing the opportunities. These efforts contribute to our push to expand financing options for our MSMEs and bring them into the mantle of the formal financial system,” said Mr. Medalla.

For his part, DTI’s Mr. Pascual underscored the crucial role of the private sector in helping the Philippines achieve its digital transformation goals.

“The private sector, with its agile mindset and disposition, has to play a key role, particularly in implementing the digital transformation of large and small enterprises as well as the government itself. Congratulations to Maya for providing a fast and secure financial transaction platform for businesses and consumers,” Mr. Pascual said.

According to the BSP 2021 E-Payments Measurement, business payments account for 24.1% of total monthly retail payments. Supplier payments make up almost 90% of total business payments, but most of these still use non-digital channels.

Maya Business is committed to accelerating digital transformation among enterprises and consumers in line with the national targets under the Digital Payments Transformation Roadmap 2023 and eCommerce Philippines Roadmap 2022.

“As a growth and transformation enabler, we are embedding our digital Maya solutions into the operating systems of our merchants, big or small, online or physical,” Orlando B. Vea, PayMaya founder-CEO and Maya Bank co-founder, commented.

From payments to digital financial services

“From being a payments partner for enterprises, we’re now an all-in-one growth partner for businesses,” said Shailesh Baidwan, PayMaya Philippines Group president and Maya Bank co-founder. “Beyond leadership in payment acceptance, we’re enabling our customers with new digital financial services like business deposit, payroll disbursements, working capital loans, and buy-now-pay-later products.”

Maya Business offers merchants the broadest range of payment acceptance solutions, allowing businesses to accept any credit, debit, and prepaid card, scan-to-pay via QR, or via Maya wallet, whether online or on-ground. Solutions include Maya Checkout for online payments, Maya Payment Links for digital invoicing, Maya QR enabled by QR Ph Person-to-Merchant (P2M) payments — the national standard promoted by the BSP, and Maya Terminal, the country’s first android point-of-sale device.

Business owners and corporations can fast-track their business growth with a fully digital bank account that offers free PesoNet transfers and a 1.5% interest rate, four times higher than traditional banks. This feature is currently available for existing Maya Business clients.

On top of payment acceptance, Maya Business also offers a disbursement platform that enables organizations to efficiently distribute funds to their employees, suppliers, or citizen beneficiaries.

Maya Business is powered by the country’s only end-to-end digital payments company, PayMaya Philippines, and Maya Bank for digital banking services. To know more about Maya Business, visit maya.ph/business and follow @MayaBusinessPh on Facebook.

 


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SM’s strong retail growth boosts consumer outlook

Consumers are back to safe shopping in SM stores.

SM Investments Corp. sees a brighter consumer outlook, fueled by sustained confidence in retailing

Increased shopping activity, which was unleashed by the loosening of mobility restrictions, buoyed retail growth for SM Investments Corp., the country’s leading conglomerate.

The company’s financial performance was led by strong consumer spending across all of its categories and formats in retail, and the return of crowds in malls, said SM Investments Corp. President and Chief Executive Officer Frederic C. DyBuncio.

SM Investments Corp. reported its consolidated net income grew 27% to P25.5 billion in the first six months while consolidated revenues rose 23% to P238.5 billion.

The strong performance came on the back of accelerating inflation that averaged 4.4% in the January to June period.

“Despite rising inflation, we are encouraged to see shoppers’ robust spending in the first half. This is a bright spot in the Philippines and in the region amid global headwinds,” said Mr. DyBuncio.

Sustained retail growth

In the second quarter of 2022, SM Retail, Inc., which has a nationwide portfolio of department stores, groceries and specialty stores, posted revenues of P163.7 billion, higher by 18% from P138.2 billion in the same period last year.

Retail net income was higher by 91% to P7.0 billion from P3.6 billion in the previous period, benefitting from cost reductions and efficiencies across all formats.

“This consumer-driven momentum brings more optimism moving forward as we keep innovating on our retail offerings,” Mr. DyBuncio said.

This revenue growth was driven by higher foot traffic in retail stores and malls as well as renewed vigor in shopping for fashion-related items in the department stores.

A two-year break from shopping has unleashed retail demand. With kids having growth spurts, people emerging from the lockdowns badly in need of wardrobe upgrades and the resumption of face-to-face schooling, there was stronger demand for fashion items.

In food retail, the larger food for- mats also benefitted from higher mall traffic. Food retail formats continued to provide a wide assortment of essentials to all markets as momentum for spend- ing increased.

Taking shopping forward

Consumers are returning to shopping safely in SM stores and rediscovering the joy of shopping.

To allow customers to shop safely, safety protocols are constantly observed by The SM Store in all of its branches with thermal checks at entry points, wearing of masks by all staff, constant disinfection and sanitation and installation of UV sterilizers in escalators.

SM Green Finds at The SM Store makes shopping for sustainable products more accessible to customers.

SM too continues to evolve and share the consumer journey as it innovates on offerings for every Filipino shopper. This includes providing options for eco-friendly products through SM Green Finds at the SM Store. This line showcases local suppliers and artisans with their resourcefully made products, supporting communities while reducing the impacts on the environment.

Through this pioneering initiative, SM offers various green finds through its Home, Fashion, and Beauty departments, such as kitchenware made from high-quality bamboo or tableware from acacia wood, fashion pieces from recycled materials, and clean beauty products free from harmful chemicals. Its retail affiliates also offer eco-friendly options, made of natural ingredients or produced by social enterprises. Kultura showcases handcrafted products made by artisans and social enterprises that use locally sourced materials such as abaca, bamboo, and rattan.

The initiative aims to bring both suppliers and consumers to adopt a green way of living in the practice of responsible consumption to protect their respective communities.

SM Supermalls is also making sure shopping is safe for mallgoers. There are temperature checks, disinfection and safe distancing in all malls. Navigating through the ‘new normal’, SM Supermalls, in collaboration with its tenant partners, has also introduced new dining experiences using touch-free, cashless payment services.

Bringing back the fun in dining while safe distancing, SM Supermalls transformed its event centers, atriums, and open-air parks into designated dining spaces where customers can order from their favorite restaurants and dine in cathedral-height spaces, decorated in fun themes that are unique per mall.

“We have observed strong recovery in mall traffic driven by increased vaccination levels and relaxed mobility restrictions. There is so much pent- up demand and revenge shopping. To support this, we at SM Supermalls make sure we practice safe malling and constantly innovate on tenancy mix and mall features to provide our customers with a new, exciting and excellent shopping experience,” said Steven T. Tan, SM Supermalls President.

As families return to SM malls with the lifting of quarantine restrictions, there is an array of new and familiar experiences, ushering another evolution of the iconic community centers.

SM Supermalls’ transformation has incorporated the lessons of the global health crisis to feature open spaces and a welcoming atmosphere with an emphasis on health, wellness, and sustainable offerings.

A weekend visit to an SM mall at present includes al fresco dining spots for families and your barkada, pet parks, bicycle facilities and walk- ways, plant hubs for eco-enthusiasts, co-working spaces, experiential retail, and blockbuster and larger-than-life cinema escapades. These promote a healthier approach to alternative activities spent in malls.

Just recently, SM City North EDSA opened the very first all-electric indoor go cart racing experience in the country. The Ekart Raceway’s over 300-meter track is one of the many unique attractions of SM Supermalls promising a safe and serious fun for the whole family and gearheads alike.

All these will further give Filipinos a safe community space for shopping, meeting, getting basic services and enjoying wide spaces for every member of their family.

 


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Filinvest Land revenues, housing and condo sales rise in H1 2022

Named after a picturesque Italian resort-town, Sanremo Oasis is a mid-rise condo community set amid verdant greens and spacious environs located at City di Mare in Cebu.

By Chelsey Keith P. Ignacio

Filinvest Land, Inc. (FLI) registered an increase in its revenues as well as housing and condominium sales in the first half of 2022.

The property developer saw its consolidated revenues and other income grow to P9.1 billion in the first half of the year, up by 7% from the same period in 2021. FLI attributed this rise in revenue to the strong performance of its residential and retail businesses.

Somerset Lane is a 10-hectare residential subdivision in Tarlac City which offers a refreshing abode with an American-New England theme.

Revenues from its residential segment increased by 10% to P5.8 billion, while its retail rental revenues upped by 53% compared to the same period last year. FLI’s residential and retail rental revenues accounted for 72% of its consolidated revenue performance during the first half of the year.

Office leasing and the sale of industrial projects generated the remaining 28% of the developer’s consolidated revenues and other income.

According to FLI, behind the growth of its residential revenues were the accelerated construction progress and strong performance of its housing projects in Cavite, Laguna, and Rizal, and its medium-rise condo projects in Metro Manila and Davao. Meanwhile, the improved occupancy in its malls and the gradual removal of rental concessions increased its retail rental revenues.

Fora Mall found along the iconic Tagaytay rotunda is making its mark as a preferred destination.

FLI’s consolidated earnings before interest and taxes also rose by 5% in the first half of 2022 compared to the same period in the year prior.

With regards to the sales of its housing and condominium units, FLI saw a 30% growth during the first half of the year, recording P9.1 billion in total option sales as of the end of June.

“We are happy to see our sales volume increase to pre-pandemic performance and, happier, to see sales growth recorded in almost all the provinces where we operate,” Filinvest Land President Tristan Las Marias said. “We have invested to build bigger distribution channels both locally and abroad to reach more customers and support our expansion activities, and it is paying dividends for us.”

FLI also announced that it has launched new condominium projects in Dagupan City and Zamboanga City as well as new condo buildings in existing condo communities in Davao City, Cagayan De Oro, Cebu City, and Metro Manila. It also opened expansion phases in its housing and subdivision projects in Pampanga, Rizal, and Cavite.

The developer estimates to roll out new launches and expansion projects worth P14 billion for the rest of 2022.

Il Corso Mall at City di Mare is a redefined lifestyle destination right along South Road Properties in Cebu.

“Our economy is vibrant once again and our OFW remittance has never been stronger. We are seeing strong recovery from all our business segments, and we aim to take advantage of our extensive geographic presence to catch unserved and emerging property demands as businesses further open in the country,” Mr. Las Marias said.

Filinvest Land is one of the leading full-range property developers in the Philippines, having built a diverse project portfolio that comprises residential, office, mall, townscape, and mixed-use developments across the country.

 


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What makes San Vicente, Palawan the next best investment destination

Paragua Coastown will offer an opportunity for those who want to live the island life and grow their business within a sustainable beachside development.

A master-planned community anchored on wellness, sustainability, and business growth awaits those wanting to enjoy the ‘island life’ in Megaworld’s Paragua Coastown

By Jules Matabuena

San Vicente in Palawan exudes a unique charm compared to the more popular destinations in this world-class island destination. A first class, coastal municipality of over 33,000 residents located on the northwestern side of Palawan, San Vicente is steadily gaining buzz as one of the island’s hidden gems, not only for leisure travel but even for business as well.

A short flight from Manila brings you to this beachside paradise that some have been calling “heaven on Earth.” Here, well-paved roads, hospitable locals, a pleasant climate, a unique mountain-meets-the-sea terrain, and the country’s longest beach line — the town’s most popular tourist draw — greets you to lend the warmth of home and the excitement of Palawan’s best-kept secret.

The soon-to-rise Porto Hotel District will just be a mere walking distance away from the beach area in Kemdeng.

Boasting of a huge tourism upside that can easily rival some of the best coastal destinations in Asia, this picturesque destination is also home to property giant Megaworld’s first-ever ecotourism township development, the 462-hectare Paragua Coastown. To be developed in the next 10 to 15 years, this township straddles several barangays, including Kemdeng where the project’s first pair of developments will rise soon: the Mercato Shophouse District and the Porto Hotel District.

“San Vicente appeals to us in so many ways, primarily because of its laid-back charm and the fact that it has the longest beach line in the entire Philippines, which is actually five times longer than that of Boracay. What makes San Vicente an ideal destination for us and for those wanting to enjoy the island life is because it’s also home to Port Barton, one of the most popular tourist attractions in northern Palawan, and the fact that it has its own domestic airport that hosts regular flights to and from Manila,” says Javier Romeo Abustan, head of sales and marketing, Megaworld Palawan.

Nurturing a master-planned, sustainable community

The Mercato Shophouse District is envisioned to be a hive for business activity in San Vicente in a few years’ time.

As Megaworld continues to grow its portfolio of sustainable developments, Paragua Coastown will be created to become a sprawling “eco-tourism community” that will showcase the best of sustainable tourism and green living.

More than just championing sustainable tourism, Megaworld’s vision for Paragua Coastown is to be able to provide an opportunity to those who want to enjoy living amidst the gifts of nature and even raise their families or invest and expand their businesses in this part of Palawan. Paragua Coastown will be highlighted by hotels and resorts, health and wellness sanctuaries, cultural center, educational institutions, as well as residential developments such as private villas, serviced apartments, themed residential villages, and a mangrove reserve park.

“While we transform it into a world-class development, we also commit to the preservation of the island’s biodiversity. We envision to start building a cross-generational community in Paragua Coastown that will thrive and appeal to people and families with varied lifestyles,” adds Abustan.

Investing in sustainable architecture

While the company transforms this piece of San Vicente into a world-class development, Megaworld also commits to the preservation of the island’s biodiversity. “Our vision for Paragua Coastown is to be able to provide an opportunity to those who want to enjoy everything that San Vicente has to offer, or even raise their families or grow their businesses in this part of Palawan. We envision to start building a cross-generational community in Paragua Coastown that will thrive and appeal to people and families with varied lifestyles,” explains Abustan.

Attracting tourists from various parts of the country and the world, San Vicente’s famous Long Beach Area can easily rival the best beach locations in Southeast Asia.

In fact, San Vicente’s Long Beach Area has already been designated as a Flagship Tourism Enterprise Zone (TEZ) by the Tourism Infrastructure and Enterprise Zone Authority (TIEZA). This means those within TEZs enjoy special incentives for tourism-related businesses, such as tax holidays, which, essentially, allow such ventures to thrive.

Through Paragua Coastown, Megaworld envisions delivering long- term value to San Vicente as it attracts more tourists and generates income and jobs, particularly for the locals of the beachside town. This initiative is perfectly aligned with Megaworld’s overall vision of uplifting lives, impacting society, and helping shape the nation.

“What we are building here in Paragua Coastown will hopefully help San Vicente become the most popular eco-tourism spot in Palawan and the entire country. We give utmost importance to sustainable real estate because this is what everyone will be looking for when they decide to live or invest in Palawan,” Abustan shares.

 


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