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Hybrid work seen as instrumental during reopening of economy

TIRACHARDZ

HYBRID WORK arrangements will give employees the flexibility to adjust to changing office expectations as quarantine settings ease to Alert Level 1 this month, JobStreet Philippines said.

JobStreet Philippines Country Manager Philip A. Gioca said in a virtual briefing this week that his company, a site for job postings, supports flexible work arrangements.

“We advocate hybrid work. Hybrid work is the best way forward because it gives us the flexibility to be at home when needed and to be in the office when there is a need,” Mr. Gioca said.

“The other thing about hybrid work is that in the Philippines, it’s not just the pandemic, when it comes to rainy season, during a volcanic eruption or any disaster, that’s already your business continuity plan. That’s why hybrid work is really something that we advocate,” he added.

On March 1, the National Capital Region and 38 other areas were placed under Alert Level 1 for 15 days. Under Alert Level 1, business establishments and public transport are allowed to operate at 100% capacity. The Trade department has been encouraging workers and companies to expand onsite work to aid the economic recovery.

Mr. Gioca added that it is important for jobseekers in this market to upgrade their skills, which will allow them to adapt as digitalization gains momentum.

“Majority of the jobs that will be relevant in the future, and when I say future, this is five to 10 years from now, will all be about digital. It is important for us to upskill to be digital-savvy,” Mr. Gioca said.

Mr. Gioca also mentioned the Filipino experience of social media and videoconferencing can be an avenue for improving digital skills.

“It doesn’t mean that we need to learn programming or information technology (IT)… What we need to do is upskill to a level where we are not afraid to experiment on using various platforms… (and) to be able to communicate using face-to-face and virtually,” he added.

Mr. Gioca said he expects over 80,000 jobs in Southeast Asia will be offered by more than 200 companies at the company’s “Hire the Future” virtual career fair scheduled for March 9-11.

The career fair will be a partnership between JobStreet and technology news website Tech in Asia. It will involve 900 hirers from Singapore, Hong Kong, Indonesia, Malaysia, Thailand, and the Philippines.

According to JobStreet, the virtual career fair will have a mobile-first interface allowing employers and candidates to participate virtually, with on-the-spot recruitment opportunities available via chat and online interviews.

“Filipino jobseekers can access more than 80,000 opportunities within the platform — with over 2,000 tech jobs. These jobs are being offered by more than 200 various notable local companies such as Globe, ePLDT, BDO Unibank, Cognizant, ING Bank, and more,” JobStreet said. — Revin Mikhael D. Ochave 

PSC’s Rise Up! Shape Up! goes back to back for Women’s Month

THE Philippine Sports Commission’s (PSC) Rise Up! Shape Up! web series tackles the vital role of women in sports and society as it joins the celebration of Women’s Month in its episodes this coming Saturday and Sunday.

On March 5, the spotlight will be on the hardworking people behind successful sports programs, projects, and activities, particularly its Gintong Gawad 2021 “Babaeng Lider ng Isport sa Komunidad” awardee, Ma. Janelyn T. Fundal.

Ms. Fundal is a veteran in sports education and management. Through hard work and dedication, she became an Education Supervisor for Physical Education and School Sports in La Paz, Iloilo City. She also served as the Provincial Government Department Head for Iloilo Sports Development and Management Office in 2017.

“With women sports administrators comprising only a minority, their representation is all the more impactful. Their presence is a statement that women can break gender bias as sports is a male-dominated area, and women often have to deal with the glass ceiling,” PSC Women in Sports Oversight Commissioner Celia H. Kiram said.

What to See this Week (03/04/22)

The Batman — WARNER BROS. PICTURES

The Batman

MORE than a year of stalking the streets as the Batman has led Bruce Wayne deep into the shadows of Gotham City.  With only a few trusted allies — his butler Alfred, and Lt. James Gordon — while surrounded by the city’s corrupt network of officials and high-profile figures. When a killer targets Gotham’s elite, Batman encounters such characters as Selina Kyle, The Penguin, Carmine Falcone, and The Riddler, and he must forge new relationships and bring justice. Directed by Matt Reeves, the film stars Robert Pattinson, Zoë Kravitz, Paul Dano, Jeffrey Wright, John Turturro, and Colin Farrell. Variety’s Peter Debruge writes, “As the Batman or Vengeance or whatever he’s called, Pattinson is the most sullen of the actors to have played the character, which reads as a kind of daredevil nihilism whenever he’s in costume: He doesn’t seem fearless so much as ambivalent about whether he lives or dies. Once the cowl comes off, however, Pattinson’s interpretation gets more intriguing: Brooding and withdrawn, he’s a damaged loner with unresolved daddy issues, saddled with all kinds of complicated emotional trauma.” Review aggregate site Rotten Tomatoes’ Tomatometer gives the film a score of 87%.

MTRCB Rating: R-13

Globe 5G roaming now in Netherlands, Bahrain, New Zealand

GLOBE Telecom, Inc. on Thursday said its fifth-generation (5G) roaming service is now available in the Netherlands, Bahrain, and New Zealand.

Globe is looking to partner with more telcos in Europe, the Middle East, and Asia Pacific, the listed company said in an e-mailed statement.

“As more smart cities emerge worldwide, we want our customers to experience new ways to connect and engage as they travel,” it noted.

Globe has partnered with Zain in Bahrain, Vodafone in New Zealand, and KPN in the Netherlands.

The company said it spent P92.8 billion in capital expenditures last year to prepare its network for the post-pandemic era.

“Aside from building 1,407 new cell sites and installing over 1.4 million fiber-to-the-home lines, Globe also fired up over 2,000 5G outdoor sites and in-building solutions,” it noted.

Globe’s consolidated service revenues for 2021 grew by 4% to P151.5 billion from the P146.4 billion reported in 2020.

The company attributed its growth to the “sustained outstanding performance of home broadband as well as corporate data.”

Broken down, mobile revenue for the year slightly increased to P104.4 billion from P103.7 billion in 2020, while home broadband revenue grew by 10% to P29.4 billion from P26.8 billion previously.

Corporate data revenue increased by 12% to P14.2 billion in 2021 from P12.6 billion in 2020, while revenue from fixed-line voice fell by 13% to P2.3 billion from P2.6 billion a year earlier.

Globe Telecom shares closed 0.62% lower at P2,560 apiece on Thursday. — Arjay L. Balinbin

Hitting the road

“THE world is a book, and those who do not travel read only one page.” — St. Augustine

I enjoy traveling and planned a series of trips after my early retirement in 2020. Most of these went away because of the travel restrictions forced upon us by the pandemic. This week, however, I finally found the courage to travel if only to greet my mother in celebrating her 86th and have a short reunion with my siblings.  As always, there were many takeaways from the eyes of a curious development observer.

The US is famous for its national system of interstate highways. California is well known for its freeways which are considered as cultural touchtone. Built in the 1940s and early 1950s, California’s vast highway system shows how the car is indeed king. The State spends millions on improvements yearly, like carpool lanes and shoring up the infrastructure to withstand earthquakes.

But what catches the Filipino’s eyes as much as the vast network of roads is how driving discipline is imposed. My brother lived in Los Angeles for more than 20 years and I witness how comfortable he drives through the system, following the lane rules and in fact moving fast but in accordance with the speed limits.

In contrast, when in the Philippines, he abhors driving not just because of the traffic but mostly because nobody sticks to the lane. In fact, some lanes in Manila, when followed strictly can lead to road mishap. Why? Because the lanes are not well defined and when a new construction or road repair is at hand, authorities don’t even bother to correct the lane designation. And he’s amazed at the big increase of motorcycle drivers who weave in and out of the lanes. In Manila, driving is notoriously impaired by absence of road discipline and poor enforcement. Parking spaces in malls and public places are also generous in the US, with enough space in between cars. Comparatively, mall parking areas in the Philippines are just enough to fit vehicles as mall owners try to maximize space use.

Somehow, management of our road system and the driving discipline is symptomatic of the way the country is run. “My way or the highway” is an expression that speaks of a leadership style that is autocratic or, at worst, dictatorial. It is managing with the illusion of infallibility. If the leadership is not willing to listen, the arrogance will eventually backfire. Discipline is imagined because of fear, but this narrow-minded style will not engender the respect that will bring out the best of the governed.

On another front, the Los Angeles County no longer requires people to wear masks at indoor public places if they can show proof of vaccination.  Masks are still required in public transit and transportation hubs, such as trains, airplanes, rideshares, airports and bus terminals. Americans are learning to live with the pandemic and are eager to return to normalcy. Most of the onerous pandemic restrictions like shutdowns or remote schooling for children have largely come to an end.

These developments in the US are happening despite covid deaths of around 10,000 per week. The Biden administration has faced a few setbacks in its pandemic program. According to a New York Times article, “the administration has gotten much right, but its response has been hampered by confusing messaging, a lack of focus on testing, fear of political blowback and the coronavirus unpredictability”. Nonetheless, Pres. Biden continues to project a sense of optimism, even as he calls the development towards a “new normal,” a job not yet finished. The biggest accomplishment of the administration is getting at least one dose of vaccine into nearly 85% of Americans 12 years and older.  Pres. Biden has however rejected lockdowns, school closes and other extreme measures.

America is indeed nearing the next normal. Just watch NBA games on TV and you’ll see coliseums packed with people, with or without masks. The Philippines is too far off. We should aim to hit our vaccination target and get back to normal soonest. On a personal note and as a part time university faculty, I am concerned about the continued exclusive reliance on the virtual mode of teaching. If it is an issue at the collegiate level, it is more of a potential catastrophe for grade school students. The country’s average age is supposed to be our sweet spot in terms of development and progress. But if we are not able to educate our youth well early on, especially during their formative years, we will pay a big price for this mistake with the quality of our future talent pool.

It is unfortunate that the pandemic has restricted our ability to travel and read the world “book”.  When things improve, those with the opportunity should expand their mind by observing what goes on elsewhere as there is so much to learn that can benefit the way we do things. There is no need to reinvent development models. Most of the innovations and best practices that deserve emulation have probably been done elsewhere. We just need to open our eyes.

 

Benel Dela Paz Lagua was previously executive vice-president and Chief Development Officer at the Development Bank of the Philippines. He is an active FINEX member and an advocate of risk-based lending for SMEs. The views expressed herein are his own and does not necessarily reflect the opinion of his office as well as FINEX.

Types of employee commendation that matter to all

I’m the human resources (HR) manager of a medium-sized bank. I find that writing letters or memoranda commending employees is a lost art. Sometimes, when incompetent managers must write letters of praise, they miss out on important details that make the process insincere, if not worthless to the recipient. Could you help me come up with a better approach? — White Lily.

A man tells his wife that her mother was throwing pebbles at him from the second floor. Asked how he could be sure, he replied, “I would recognize her laugh anywhere.”

Harboring a sense of suspicion is normal. However, we can make things easier by focusing on the issues, rather than concluding that some managers are “incompetent” — the equivalent of suspecting them as pebble-throwers. Of course, there are managers who may have risen to their level of incompetence. It is possible that they don’t understand how to motivate people; many of the theories for doing so are confusing or complicated.

The trouble with applying theory to writing commendation letters is that real life is complex. So here are a few more straightforward approaches for commending and motivating workers effectively.

SIX APPROACHES
Workers whose best efforts go unnoticed and remain unappreciated could entertain negative thoughts at some point. This may cause them to become demotivated, leading to a feeling of career stagnation. Bosses may also be reluctant to convey their appreciation to workers out of an unwillingness to be “corny,” or out of fear their words will be misinterpreted.

Without hearing appreciative words from the boss, and in the absence of opportunities to shine, employees are bound to lose self-confidence and develop a negative self-image. Here are some steps you can take to prevent this from happening:

One, be clear about your performance expectations. A job description may not define all your expectations because they’re written in broad, general terms. Even if they carry a shotgun provision like “all things necessary to perform the above-stated job functions,” workers may still be confused about your expectations. This is one good reason why managers should ensure that all work standards are crystal clear.

Two, catch people doing something right. You can discover many good things about your workers. Start by focusing on their small wins. Assign them low-hanging fruit to build their confidence. If they do well, write encouraging e-mails or reply to their e-mails with positive feedback. Their personal growth will start showing in due time.

Three, build on their strengths. Don’t highlight any weakness or mistakes, and not in front of other people. If a person is good at data collection, give them additional responsibilities related to analyzing the results. Challenge them with something new or valuable insights from the reports they collected.

Four, be specific about worker achievements. Don’t just say: “Congratulations! You did a good job on Project X.” Instead, cite pertinent details on how a worker satisfied your expectations. Here is an example: “With your dedication in completing the project two weeks before deadline, we avoided a potential $5,000 penalty for delay and maintain our goodwill with an important client.”

Five, maintain a consistent management style. Don’t confuse employees with an erratic style. They’re often suspicious of managers who are stingy in complimenting people who suddenly start showering them with flowery words. Consistency is key. If you don’t have it in your record, the people will know it right away and dismiss your new approach.

Last, figure out the employees’ aspirations. Find out from the individual and not from the boss or elsewhere in the company. Intrinsic rewards generate positive feelings regardless of the absence of extrinsic factors. Be sure to ask the following questions: “What are your career ambitions? What is making you stay in this company? What are you trying to achieve?”

ALL FOR ONE
Writing effective commendation letters is key to motivating workers. You shouldn’t avoid them and deliver verbal praise instead. The important thing is to understand the dynamics of rewarding a single person and how others might react.

Singling out a person of one group for compliments while ignoring colleagues can be awkward. It is often best to commend an entire team rather than one person, unless it emerges from the team itself that they credit one person for a successful outcome.

Without a cohesive and well-oiled team, praise of one person can lead those left out to undermine their colleague and keep them from helping one another. If you don’t know how to handle such a situation, no reward and recognition will retrieve the situation.

 

Have a chat with Rey Elbo via Facebook, LinkedIn or Twitter or send your workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting

Alex Eala advances to Round of 16 of W25 Joue les Tours

ALEX EALA — ALEX EALA FB PAGE

STREAKING Alex M. Eala zoomed to the Round of 16 of W25 Joue les Tours in France after running away with a 6-1, 6-4 victory over home bet Jenny Lim on Thursday.

Ms. Eala, who bullied her way into the main draw, sustained her fine strokes with a near-sweep of the first frame that set the tone in her another straight-set victory.

The 16-year-old Filipina is yet to surrender a set in the prestigious $25,000 tilt after making short work of Germany’s Fabienne Gettwart, 6-2, 6-0, and Latvia’s Anna Ozerova, 6-0, 6-1, in the qualifying round.

In the next round scheduled at 1 a.m. today, Ms. Eala faces a tall order against former partner Oksana Selekhmeteva of Russia for a seat in the quarterfinals.

Ms. Selekhmeteva took a 6-2, 2-1 victory over Italy’s Cristiana Ferrando in the first round by virtue of the latter’s retirement.

Mses. Eala and Selekhmeteva teamed up in the conquest of the 2021 French Open girls’ doubles title last June after a runner-up finish in the W25 Platja D’Aro in Spain.

In France anew, the good pals will be on different sides for only the second time in their career with the 19-year-old Ms. Selekhmeteva getting the better of Ms. Eala, 6-2, 6-3, in the W15 Manacor last year.

Ms. Selekhmeteva is the WTA No. 207 compared to Ms. Eala, who is at No. 580 only in her second season in the women’s professional circuit. — John Bryan Ulanday

How PSEi member stocks performed — March 3, 2022

Here’s a quick glance at how PSEi stocks fared on Thursday, March 3, 2022.


Ultra-rich Filipinos seen to grow by 41.2% by 2026

Ultra-rich Filipinos seen to grow by 41.2% by 2026

Peso weakens further versus the dollar on Fed chief’s remarks, higher oil prices

BW FILE PHOTO

THE PESO depreciated versus the greenback on Thursday amid higher oil prices and as the US Federal Reserve chief made fresh signals regarding their planned rate hike.

The local unit closed at P51.50 versus the dollar on Thursday, weaker by eight centavos from its P51.42 finish on Wednesday, data from the Bankers Association of the Philippines showed.

The peso opened Thursday’s session at P51.43 per dollar. Its weakest showing was at its close of P51.50, while its intraday best is at P51.42 against the greenback.

Dollars exchanged declined to $789.38 million on Thursday from $1.032 billion on Wednesday.

The peso weakened after the Fed chief signaled anew that a rate increase is coming soon, a trader said in an e-mail.

Fed Chairman Jerome H. Powell said he will back a quarter point increase in interest rates at the Federal Open Market Committee’s meeting from March 15 to 16, Reuters reported.

“There are events yet to come and we don’t know what the real effect on the US economy will be,” he said at a monetary policy hearing at the House Financial Services Committee.

Mr. Powell said they will be ready to move more aggressively in a scenario when inflation does not subside as quickly as expected.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the weaker peso to concerns over the sustained increase in oil prices.

Oil prices edged higher on Thursday amid the US sanctions targeting Russian refineries and the fall in US crude stocks which caused market worries over fuel supply.

The Brent crude futures reached $119.84 a barrel by 0752 GMT, its highest since 2012. Meanwhile, the US West Texas Intermediate crude reached $116.57 per barrel, its highest since 2008.

For Friday, Mr. Ricafort gave a forecast range of P51.40 to P51.55 per dollar, while the trader expects the local unit to move within P51.40 to P51.60. — L.W.T. Noble with Reuters

PSEi rebounds on bargain hunting, lower cases

SHARES recovered on Thursday on bargain hunting and as new coronavirus disease 2019 (COVID-19) cases in the country hit a low for the year so far.

The benchmark Philippine Stock Exchange index (PSEi) gained 84.07 points or 1.15% to close at 7,388.09 on Thursday, while the broader all shares went up by 37.68 points or 0.97% to end at 3,918.42.

“The local bourse bounced back this Thursday as investors hunted for bargains from the preceding day’s decline,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The continuous improvement in our country’s COVID-19 situation, with additional cases hitting 866 this past Wednesday, the lowest for the year so far, gave sentiment a boost,” he added.

The Health department reported 866 new COVID-19 infections on Wednesday, the lowest daily tally so far this year. On Thursday, 989 new cases were announced.

“Philippine shares rebounded sharply despite a continued surge in oil prices amid the intensifying conflict between Russia and Ukraine,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Mr. Limlingan said US Federal Reserve Chair Jerome Powell’s statement that he is inclined to propose and support a 25-basis-point rate hike at the Federal Open Market Committee’s (FOMC) March meeting also affected trading.

“He stated that FOMC participants have an expectation that inflation will peak and begin to come down this year, but said that to the extent inflation comes in higher or is more persistently high than that then we would be prepared to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings,” he said.

Mr. Powell called the Russian invasion of Ukraine “a game changer” that could have unpredictable consequences, Reuters reported.

The Fed chief said to balance high US inflation against the impact of the Ukraine-Russia crisis, the central bank would begin “carefully” raising interest rates at its upcoming March meeting but be ready to move more aggressively if inflation does not cool as quickly as expected.

Back home, all sectoral indices ended in the green on Thursday. Mining and oil climbed 611.76 points or 4.83% to 12,273.44; services rose 45.39 points or 2.35% to 1,968.49; holding firms went up by 77.70 points or 1.09% to 7,150; property advanced by 36.35 points or 1.05% to 3,494.63; industrials gained 88.46 points or 0.87% to 10,181.41; and financials added 3.48 points or 0.20% to 1,691.68.

Value turnover increased to P8.26 million on Thursday with 1.82 million shares changing hands from the P7.78 million with 1.43 billion issues recorded on Wednesday,

Advancers outnumbered decliners, 121 versus 76, while 41 names closed unchanged.

Foreigners turned buyers on Thursday with P489.15 million in net purchases from the P295.42 million in net selling seen the previous day. — L.M.J.C. Jocson with Reuters

PHL to seek ADB loan for Bataan-Cavite bridge

DPWH

THE Department of Public Works and Highways (DPWH) said on Thursday that it will seek financing from the Asian Development Bank (ADB) to fund the civil works of the P175.7-billion Bataan-Cavite Interlink Bridge.

The project’s detailed engineering design is now 34% complete, the DPWH said in a statement.

The DPWH has “already requested the Department of Finance (DoF) to initiate the application process for the loan from the Asian Development Bank to fund the civil works,” it added.

The DPWH told BusinessWorld by phone that the DoF will negotiate the loan terms with the ADB.

Public Works Secretary Roger G. Mercado said the project has been delayed by the pandemic, but is expected to be continued by the next administration.

“The project is hugely transformative for the Philippines, transformative for Bataan and Cavite because it will improve connectivity and open up economic opportunities for these provinces,” the DPWH said.

The contract for the detailed engineering design, which is expected to be completed next year, was signed in 2020.

The 32-kilometer bridge across the mouth of Manila Bay is expected to cut travel time between Cavite and Bataan to 20 to 30 minutes from the current five hours.

The four-lane bridge will start from Barangay Alas-asin in Mariveles, Bataan, and land in Barangay Timalan, Naic, Cavite. — Arjay L. Balinbin