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Flexibility seen as key for future workplaces

THE WORKPLACE of the post-pandemic era needs to adapt with hybrid, flexible personnel policies tailored to the organization’s needs, according to speakers appearing at a Jan. 19 webinar organized by BusinessWorld.

Regardless of where employees work, Ellen C. Fullido, president-elect and annual conference chair of the People Management Association of the Philippines, said adaptability to changing circumstances is the first response to a disruptive event like the pandemic.

The FJ Elizalde Group of Companies, for which she serves as vice-president for human resources and administrative services, transitioned to flexible work arrangements because of the pandemic.

“We learned how to use (videoconferencing apps like) Webex, and we allowed people to bring home their computers from work,” said Ms. Fullido, while allowing those onsite to log in and out daily via a human resources information system.

Those working remotely are monitored based on their output, with overtime pay determined by work volume.

Apart from resilience, “agility in dealing with the challenges within organizations is key to sustaining business operations,” Ms. Fullido said. “Ensure employees’ health and safety above all.”

HYBRID SETUP
As many as 91% of individuals want to work from home more often, according to a 2020 global survey by recruitment firm Robert Walters. In its 2021 Philippine-specific survey, Robert Walters also found that 33% of respondents preferred a hybrid work setup, with 52% saying they’d decline a job offer which requires 100% office attendance in the office.

A work-from-home setup is not without downsides, however.

Company culture is affected when workers don’t spend time together in the office, according to Kimberlyn Lu, managing director of Robert Walters Malaysia and the Philippines. For many, she added, a hybrid model — which helps employees spend time with both their families and co-workers — is best.

“Leaders need to make sure that the outcomes are clear,” Ms. Lu said. “They need to present the key focus areas at the start of the year… and (regularly) reiterate what the goals are and how workers can get there.”

Burnout also happen with work from home, she said at the webinar.

“Companies that wish to promote sustainability and long-term productivity need to promote physical and mental well-being, speak openly about it, and (have their) leaders model it,” Ms. Lu added.

OFFICE EXPERIENCE
Remote work may be gaining steam — but the office is not dead, according to Morgan McGilvray, a senior director of occupier services and commercial agency at Santos Knight Frank, a real estate services company.

“What’s dead is the idea that all employees must be in the office Mondays to Fridays from 8 to 5,” he said.

What companies need to figure out, he said, is not only which employees need to be in and when, but also how to make office space a place that people want to go to.

Mr. McGilvray added: “Firms have to get that right if they want to bring people back in the office.”

This process includes selecting where offices are placed.

A hub-and-spoke office model, for example, involves locating headquarters at a core location, with smaller spoke offices geographically distributed based on talent and client needs.

“If you have a great office, but your employees have to commute two hours to get to it, that detracts from the experience,” Mr. McGilvray said. “If your (employees) don’t have to be in the headquarters, maybe give them a (spoke) office they can check into every day… That something firms can do to help the office experience that doesn’t actually involve interior office design.” — Patricia B. Mirasol

What to See this Week (01/21/22)

Lady Gaga in House of Gucci (2021) — IMDB.COM

House of Gucci 

INSPIRED by the true story of the family behind the Italian fashion empire, the films follows socialite Patrizia Reggiani (Lady Gaga) who marries into the Gucci family and later was charged of arranging the murder of her husband, Maurizio (Adam Driver). Directed by Riddley Scott, the film also stars Jared Leto, Al Pacino, Salma Hayek, and Jeremy Irons. IndieWire’s David Erhlich writes, “Some moviegoers may be disappointed to find that Scott’s film isn’t quite the unapologetic romp that its trailers promised; that it’s less fun than it is fascinating, despite the arena-sized bigness of Lady Gaga’s lead performance and Jared Leto’s very welcome decision to play Maurizio’s failson cousin like a commedia dell’arte cross between Fredo Corleone and Waluigi (no last name given). But this is hardly a case of a movie that can’t decide on its tone. On the contrary, House of Gucci is best enjoyed as a movie about the blood-feud over its tone.” The “Tomatometer” of film review aggregate site Rotten Tomatoes gives the film a score of 63%, while its audience score is 83%.

MTRCB Rating: R-13

The King’s Man 

THE FILM, a prequel to the popular Kingsman franchise, focuses on one man who has to stop some of history’s worst tyrants and criminal masterminds from starting a war and wiping out millions of people. Directed by Matthew Vaughn, the film stars Ralph Fiennes, Harris Dickinson, and Gemma Arterton. Brian Tallerico of www.rogerebert.com writes, “It’s a film that is too often trying to be a serious study of politics, warfare, and pacifism until it slaps you in the face with a reminder that this is all set-up to one of the broader, goofier action franchises of the modern era.” The “Tomatometer” of film review aggregate site Rotten Tomatoes gives the film a low score of 42%, while its audience score is 80%.

MTRCB Rating: PG

Inspiring market confidence

A NEW era has begun in the Financial Executives Institute of the Philippines (FINEX) with the inauguration of Michael H. Guarin as FINEX President for 2022 and the youngest leader since the start of the millennium for the country’s premier organization of finance professionals.

Mr. Guarin belongs to the Xennial micro-generation, referring to those born at the cusp between Generation X and the millennials. Last Jan. 18, he was inducted into office by Socioeconomic Planning Secretary Karl Kendrick Chua, another Xennial, during a virtual ceremony with the theme of “Inspiring Market Confidence, Empowering Positive Change.”

FINEX’s first major activity this year is “Meet the Presidentiables: Economic Reforms in the New Frontier” which will be held today (Jan. 21) via Zoom at 1 p.m. with Vice- President Ma. Leonor G. Robredo as the featured candidate. This is a continuation of the “Presidentiables Forum” series that FINEX started last year in collaboration with the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc.

Co-sponsors are the Investment House Association of the Philippines, Judicial Review Initiative, Makati Business Club, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, Philippine Women’s Economic Network, Shareholders’ Association of the Philippines, W Group of Companies, United Auctioneers, and Grab Philippines. The forum will be simulcast on Cignal’s One News and CignalPlay, with replays on Jan. 23 at OnePH free TV channel and Radyo5 92.3FM.

CIO OF THE YEAR
International Data Group, Inc. (IDG), a US-based media and research company focused on the tech landscape, has bestowed on a Filipino IT executive three awards over the past two years through its wholly owned subsidiaries, International Data Corp. (IDC) and IDG Communications.

Recently, IDC Philippines recognized Dr. Richard Parcia as the Chief Information Officer (CIO) and Chief Digital Officer (CDO) of the Year during the 2021 IDC Future Enterprise Awards. He was named CIO/CDO of the Year based on the successful implementation of digital initiatives that address new customer requirements, development of new capabilities, deployment of new critical infrastructure, and pursuit of new industry ecosystems.

Dr. Parcia is the Group CIO of Concepcion Industrial Corp., a listed firm in the Philippine Stock Exchange. A seasoned IT and shared services executive who has extensive experience in senior leadership and functional roles around the globe, he previously served in such top-tier companies as Intel, LafargeHolcim, and United Health Group.

IDC said the winners asserted their leadership amid a pandemic and distinguished themselves from more than a thousand nominees across the Asia-Pacific region. According to Angela Medez of IDC Philippines, the nominations this year attest to how business leaders have embraced the urgent need for digital transformation in order to survive and grow during these turbulent times.

Meanwhile, Dr. Parcia was cited among the Top 75 Tech Leaders of Southeast Asia for 2021 awarded by IDG Communications last December. This is the second consecutive year that he won the prestigious citation, also known as the CIO75 Awards covering the ASEAN region and Hong Kong.

The CIO75 ASEAN awardees were judged on the core pillars of innovation and leadership. They are honored for being transformational, inspiring, and enduring CIOs at both the national and regional levels in Southeast Asia. These awardees have been featured in the CIO magazine, published by IDG Communications worldwide with the highest concentration of readership among business technology executives and enterprise CIOs.

 

J. Albert Gamboa is the chief finance officer of Asian Center for Legal Excellence and chairman of the FINEX Media Affairs Committee. The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld. #FinexPhils www.finex.org.ph

MORE’s expansion seen to hike power prices in Iloilo areas

THE PROPOSED expansion of the franchise of MORE Electric and Power Corp. in two cities and 15 municipalities is expected to increase the cost of electricity for customers in areas still covered by the competing distribution utility.

During Thursday’s public services hearing to discuss House Bill 10306, Energy Regulatory Commission (ERC) Director of Legal Service Maria Corazon C. Gines estimated that around 50% of Iloilo 1 Electric Cooperative, Inc.’s (Ileco) consumers would transfer to and avail power from MORE as its prices per kilowatt-hour (kwh) is at P6, or nearly half of the cooperative’s P11.

“It’s the price that makes the customer want to choose another distribution utility,” she said.

If consumers transfer to MORE, the base or the billing determinant — the basis for the computation of the rate — for the remaining Ileco consumers will be reduced, thus increasing the cost per kwh, Ms. Gines said.

Minority Leader Franklin M. Drilon during the same hearing said: “In other words, what you’re saying, if presented with … better service and a more competitive rate, you estimate that 50% of the cooperative consumers will migrate to MORE and the remaining 50% would have to pay higher charges to the cooperative because their coverage will be reduced by 50%.”

Senator Mary Grace Natividad S. Poe-Llamanzares, who chaired the hearing, described the situation as a quandary “because what we want to provide is better service and more affordable, more efficient, so for the people that will be absorbed by MORE, that’s exactly their outcry. They want cheaper power and better service.”

“But those who are being provided by Ileco that will not be absorbed by MORE, they will bear the brunt of this possible change. Now, are we supposed to hamper the possible improvement of service and cost for the other half of the population just so we can keep costs lower for the other group that is being provided power by Ileco?” she added. “That’s the moral dilemma.”

Ms. Gines said that if Ileco is able to compete with the rates of MORE, it is highly likely that its current customers will not transfer to a different distribution utility.

Based on data presented by ERC, under the bill, the coverage area will affect 40% of the current sales of Ileco I, 55% of Ileco II, and 13% of Ileco III, as six municipalities under Ileco I, seven municipalities and one city under Ileco II, and two municipalities under Ileco III will be affected by MORE’s proposed franchise.

In defense, Ileco II General Manager Jose Redmond Eric Roquios, who was speaking for all three electric cooperatives, during the same hearing pointed out that the low electricity rates of MORE are only temporary.

He said MORE’s low rates starting July 2021 were the result of sourcing temporarily all power supply requirements from Power Sector Assets and Liabilities Management Corp. (PSALM), which has a subsidized generation cost of about P4 to P5 per kwh, or lower than that of commercial power plants.

He added that an additional discount of 30 centavos per kwh under the law further lowers the rate.

But Mr. Roquios said the arrangement “is only up to July 25, 2022 and the true cost will be reflected afterwards.”

MORE President and Chief Operating Officer Roel Z. Castro confirmed Mr. Roquios’ statement.

Mr. Castro said that the company’s competitive selection process had been finished last year, where it awarded contracts to two power plants whose levelized cost of power at P3 per kwh is even lower than the rate of PSALM.

“This is almost like a natural selection process, wherein those that are more adapted will survive,” said Ms. Poe.

Ms. Poe said she would sponsor the measure to hear the opinion of the Senate chamber at the plenary, “so when I sponsor it, it does not mean we already favor MORE, not necessarily, this is to open the discussion in the Senate.”

She added that in the interest of competition, lawmakers might consider the franchise. — Alyssa Nicole O. Tan

Mark Striegl clashes with Chas Skelly in UFC

SOUTHEAST Asian (SEA) Games gold medalist Mark Striegl tries his luck anew in the Ultimate Fighting Championship (UFC) as he clashes with American Chas Skelly in a featherweight showdown in “UFC Fight Night: Dos Anjos vs. Fiziev” on Feb. 20 in Las Vegas, Nevada.

Mr. Striegl, who took the Sambo gold in the 2019 SEA Games in Angeles, Pampanga, is out to redeem himself from a painful debut on Oct. 17, 2020 when he lost via first-round stoppage to Russian Said Nurmagomedov.

Intriguingly, both Mr. Striegl and Mr. Skelly possess identical 18-3 records.

“I’m super excited about this fight,” said Mr. Striegl. Oddly enough, Chas and I have the same pro fight record. I am definitely excited and gunning for my first win (in UFC),” said Mr. Striegl, who is also a subject of a recent documentary produced by the Philippines’ newest sports channel Tap Digital Media Ventures.

Mr. Striegl went to training as early as three weeks back at George Castro’s MMA Lab in Peoria, Arizona to get himself primed up for the fight.

“This is a huge advantage coming in early to the United States where I get to train in one place as opposed to moving around in Manila because of the pandemic protocols,” said Mr. Striegl. “Plus, I got to train under a former MMA (mixed marital arts) fighter in Mr. George himself.”

Mr. Striegl also mentioned refining his ground game.

“Another plus is I work out and train with Bryce Meredith, who is a four-time US NCAA All-American in wrestling. When you work with high level training partners, it really increases your learning and confidence,” he said.

Mr. Striegl’s fight will be televised on Feb. 20 over Premier Sports channel on SkyCable and Cignal as well as TapGo streaming applications. — Joey Villar

Some options before demoting a manager

An employee who admits he’s not yet ready to assume a manager’s job was promoted after some prodding and promise of support by top management. After more than two years of poor performance, management has decided to return him to his old post with a corresponding reduction in pay and perks. Management has told the human resource (HR) department to require the employee to resign and be rehired under a new employment contract with no loss of seniority rights. Is this an appropriate action? — Jelly Face.

Your story reminds me of a poster in a businessman’s room, which read: “My decision is maybe… and that’s final!” Forcing a person to resign and rehiring them is beyond the sphere of rationality. Your current problem has proven once again what I’ve been harping on in this space: that problem workers are created by problem managers.

This time, your company has leveled up to a different dimension that prompted me to revise that thought to “problem managers are created by their bosses.”

Your management succeeded in convincing a reluctant person to perform the job of a manager. Why it took your management that long to change course is beyond my understanding. You could have figured out the result in about six months, if top management had been clear about expectations, given the promised resources.

If anything is lacking in the manager’s performance, then your top management should have delivered on its promise of support. That brings us to issue of what kind of support was promised.

And so we go to your question about requiring the employee to resign and be rehired under a new employment contract. The answer is “no.”

It’s not appropriate, even if there’s no loss of seniority rights.

Explore other options and come up with better solutions to save face for both the disgraced manager and inept management.

FACE-SAVING MECHANISMS
It is important to consider options other than what you’re preparing to do, to avoid tarnishing reputations but also to deflect any course of action that might magnify your management’s incompetence. Whatever you end up doing may have serious implications, among them the risk of setting a bad precedent.

There are other options to requiring the manager to resign and be rehired. Here are a few:

One, implement a performance improvement plan. This means subject the manager to six months of close monitoring, though I worry about the effectivity of this option given the incapacity of your top management. You can’t give what you don’t have. If your management is incompetent, then how is it possible for it to teach good governance? 

Two, consider a lateral transfer. If not possible, then make it happen by creating a new job for the manager in question. You may also want to consider assigning the person to another geographical location, where a new environment could offer change.

Three, assign a senior manager as a mentor. If the immediate boss of the manager in question doesn’t have what it takes to train, it is always possible to assign another manager from another department who can work behind the scenes to help train and elevate skills. If not, you can choose to hire a mentor from outside the company who may be willing to do it for free, or for a small professional fee.

Last, require the manager to learn new skills every day. This could mean attending free seminars, like those offered by Coursera or other similar institutions. If not, assign the manager to read at least one management book a week, and distill which lessons can be applied right away.

PROMOTION FROM WITHIN
I’ve criticized your top management for being incompetent and slow to correct a problem like this. But if there’s one thing good about your style, it is the fact that you believe in promoting people from within. That’s a good sign. And I hope you are not disappointed by the results and reward those who deserve it in the future.

There’s no better option but to recognize people, but only those who have shown the capacity and willingness to do an excellent job. You can do this by coming up with a formal policy or review the existing system to incorporate the lessons you’ve learned from this issue.

This one problem should not distract you from making progress. Otherwise, it would be unfair to those who might have a promising career in your organization. Continue to trust the system and the capacity of other workers to do a good job. But don’t be reluctant to change your ways the moment you see trouble. Don’t wait for more than two years.

 

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.

Entertainment News (01/21/22)

MONEY HEIST: KOREA

Netflix confirms Korean version of Money Heist

NETFLIX has confirmed that it will be releasing a Korean adaptation of the Spanish global hit La Casa de Papel (Money Heist). Called Money Heist: Korea – Joint Economic Area, the series revolves around a genius strategist and his crew of top-class thieves who are attempting to pull off an unprecedented heist in the Korean Peninsula. Written by Ryu Yong-jae, Kim Hwan-chae, and Choe Sung-jun, and directed by Kim Hong-sun, it stars Yoo Ji-tae (Professor), Kim Yunjin (Seon Woojin), Park Hae-soo (Berlin), Jun Jong-seo (Tokyo), Lee Won-jong (Moscow), Park Myung-hoon (Cho Youngmin), Kim Sung-o (Cha Moohyuk), Kim Ji-hun (Denver), Jang Yoon-ju (Nairobi), Lee Joobeen (Yun Misun), Lee Hyun-woo (Rio), Kim Ji-hoon (Helsinki), and Lee Kyu-ho (Oslo). A special teaser was released with the announcement. Money Heist: Korea – Joint Economic Area will be released later this year.

F9 arriving at PHL theaters on Jan. 26

CATCH Vin Diesel and crew when Fast and Furious 9, aka F9, opens in local cinemas on Jan. 26. The limited engagement theatrical release presents “the highly successful franchise’s latest jaw-dropping innovative stunts which are best viewed in theaters for that ultimate adrenaline boost we all need to break the monotony from being cooped up inside our homes,” says a Universal Pictures International release. Joining Vin Deisel are, Michelle Rodriguez, Nathalie Emmanuel, Tyrese Gibson, Chris “Ludacris” Bridges, Kurt Russell, and Charlize Theron.

South Park returns for 25th Season

COMEDY Central has announced that the 25th Season of South Park returns on Feb. 2 in the US, with fans in Asia able to watch the new season on Paramount Network, starting April 6. The celebration of 25 seasons kicks off with six brand new episodes. “For the past 25 years, multiple generations of fans have grown up enchanted by the outlandishly funny and subversive world that Matt (Stone) and Trey (Parker) have created with South Park,” said Chris McCarthy, President and CEO of ViacomCBS Media Networks and MTV Entertainment Studios. “As part of our expansive new deal, we are thrilled to continue our partnership with them for many more seasons of South Park on Comedy Central and many more made-for-streaming South Park exclusive events on Paramount+.” MTV Entertainment Studios’ expansive deal with Mr. Parker and Mr. Stone includes extending South Park on Comedy Central through 2027 and taking cable’s longest-running scripted series — Aug. 13, 2022 marks the franchise’s 25th anniversary — through an unprecedented 30th season. In addition to the series extension, the new deal includes 14 South Park original made-for-streaming events exclusively for Paramount+, including this year’s South Park: Post COVID and South Park: Post COVID: The Return Of COVID. The series has earned five Emmy Awards, to date, and a George Foster Peabody Award.

GMA’s Sparkle introduces inaugural artists

GMA Network’s newly renamed talent management arm, Sparkle (formerly the GMA Artist Center) has announced its inaugural lineup of artists. They are: Sanya Lopez who will perform in teleseryes like Agimat ng Agila and First Lady; Bianca Umali who stars in the series Mano Po 2 and also performs on All-Out Sundays; Gabbi Garcia who headlins All-Out Sundays, and will soon star in a primetime series opposite Khalil Ramos; Ysabel Ortega, who will soon star in What We Could Be and Voltes V: Legacy; Miguel Tanfelix, also in Voltes V: Legacy; Khalil Ramos, who is currently in the series Love on Air; Ruru Madrid who will join the political-fantasy drama Lolong; and, Derrick Monasterio who will soon star in a drama series.

Christian Bautista, Julie Anne San Jose release collab single

CHRISTIAN Bautista and Julie Anne San Jose have released their second collaborative track, “Everybody Hurts,” under Universal Records. “Everybody Hurts” features the theme of perseverance and positivity. Mr. Bautista describes the song as a process of pain. “It’s like reminding your friend or partner that you cannot avoid getting hurt even if you are doing your best and trying to change things,” he said at the online press launch on Jan. 19. “It’s a reassurance that we feel hurt and down sometimes, but for sure there are better days…,” Ms. San Jose said at the same press launch. Back in 2015, the two singers teamed up for their rendition of “Cruisin’. Both artists also worked together on a major concert, The Sweetheart and The Balladeer (2019) and starred in an online musical narrative series called Still last year. “Everybody Hurts” is now available for streaming on all digital platforms.

Hikaru Utada releases 8th digital studio album

J-POP singer Hikaru Utada returns with the digital release of her eighth studio album, Bad Mode. Utada’s new record contains four bonus tracks and three new songs, including self-titled “BAD MODE,” “Kibunja Naino (Not In The Mood),” and “Somewhere Near Marseilles.” The new studio album will also be available on CD format on Feb. 23 and on vinyl on April 27. Following its release, the singer-songwriter and producer will be reissuing all her classic albums on limited-edition vinyl: First Love, Distance, and DEEP RIVER will drop on March 10, while ULTRA BLUE, HEART STATION and Fantôme will be available on April 27. There will also be an encore pressing of the “Hatsukoi” vinyl. Bad Mode was introduced last month with lead single “Kimini Muchuu,” which was recorded with frequent collaborator and producer A.G. Cook — a renowned PC Music producer who has worked with international stars Charli XCX, Hannah Diamond, and SOPHIE. Bad Mode is available on all digital music platforms worldwide via Sony Music.

Lullaboy releases new album

SINGAPORE-based Indonesian-American artist lullaboy rings in the new year with his debut compilation album, chapters of you — released independently and available now on all major digital streaming platforms. The record comes with two new songs: “deja vu” and “open up.” After being rejected by countless labels, Lullaboy decided to take matters into his own hands across 2021, releasing a song every month for the whole year. This persistent approach garnered him tens of millions of streams and grew his following to 1.5 million monthly listeners by the end of the year. “From songs about crushes to self-worth, from regret to filial and spiritual needs, chapters of you represents a photobook that I’m showing a significant other, but I also hope it represents every single fan’s own experience,” the artist said in a statement. “I hope that listening to the album will be like looking into a mirror and realizing that true love is found in every chapter of your life.” The lead single off of the album is “deja vu,” which will be accompanied by a music video filmed in Malibu, California. The track was created together with longtime collaborator Nacho Larrazza. It will be released at 2 p.m. (SGT) on Jan. 24. To listen to the album, visit https://spacebtwn.disco.ac/playlist-new/9223017?date=20211116&user_id=966863&signature=BhQ5ZLAhPlUY0N4t5bviXBc4Oo8%3Ay2HqnP4r.

Philippines ranks 51st in military strength list

Philippines ranks 51<sup>st</sup> in military strength list

How PSEi member stocks performed — January 20, 2022

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

American Chamber urges Senate to ratify RCEP trade deal treaty

REUTERS

THE American Chamber of Commerce of the Philippines (AmCham) said the Senate needs to immediately accede to the Regional Comprehensive Economic Partnership (RCEP) treaty after the trade deal came into force on Jan. 1.

In a statement on Thursday, AmCham Executive Director Ebb Hinchliffe said Senate concurrence to the RCEP deal needs to happen soon to allow Philippine businesses and American businesses based in the Philippines to maximize RCEP’s benefits.  

“We already know that we are behind as the agreement was implemented on Jan. 1, 2022. We hope to see the country implement the agreement by early 2022,” Mr. Hinchliffe said.

According to Mr. Hinchliffe, the Philippines cannot afford to shun RCEP, as doing so would send a negative message to foreign investors and ASEAN partners.

RCEP is a free trade agreement among ASEAN, Australia, China, Japan, South Korea, and New Zealand.

“We see RCEP as a platform for our members to source cheaper local goods for production and manufacturing, as well as benefit the country’s vital sectors such as the creative sectors, financial services, research and development, information technology and business process management (IT-BPM), professional services, and energy, given the transparent, stable and predictable rules that the agreement provides,” Mr. Hinchliffe said.

Mr. Hinchliffe added that joining RCEP complements the programs and policies of the Philippines such as lower corporate income taxes under Republic Act No. 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.   

“Such initiatives are very much what our members look for when investing in the country. The recent passage also of the amendment to the Retail Trade Liberalization Act is a good signal that the Philippines is working towards a more open, transparent and stable market in the region,” Mr. Hinchliffe said.

Separately, the Department of Trade and Industry (DTI) said the digital economy and business process outsourcing (BPO) sector are expected to receive a boost from RCEP.

Trade Assistant Secretary Allan B. Gepty said in a statement on Thursday that RCEP specifically addresses e-commerce, and will create a conducive environment for electronic transactions, promote cross border trade online, and raise cooperation and capacity-building in the Asia-Pacific.

The DTI said RCEP guarantees that covered businesses will not be required to transfer or relocate computing facilities as a pre-condition for establishing a presence in the region, and that the cross-border transfer of information via electronic means will remain unhampered.

“While this rule is not absolute as it is subject to certain exceptions such as essential security interests and legitimate public policy objectives, having this kind of stability will encourage more investments in the country particularly in the BPO sector whose transactions are mostly cross border and require an enabling environment to provide digital services,” Mr. Gepty said.

The DTI said RCEP also has transparent and effective consumer protection measures for e-commerce and other measures for the development of consumer confidence.

“The RCEP requires parties to adopt or maintain laws or regulations to ensure protection of consumers against fraudulent and misleading practices that cause harm or potential harm to such consumers. The chapter also requires parties to ensure protection of personal information of e-commerce users including through online consumer protection,” the DTI said.  

The DTI added that RCEP takes a balanced and inclusive approach to protecting intellectual property rights.

“The commitments and obligations include harmonizing the protections and enforcement of intellectual property rights including provisions relating to technological protection measures and enforcement in the digital environment,” the DTI said. — Revin Mikhael D. Ochave 

ANZ Research sees wider Philippine BoP deficit in 2022

BW FILE PHOTO

THE BALANCE of payments (BoP) deficit will likely widen this year on the back of increased imports, which will also blow out the trade deficit, according to ANZ Research.

“This trend will likely persist in 2022 as well. The upcoming Presidential elections and the attendant emphasis on infrastructure spending, along with high oil prices, will likely keep the import bill heavy,” ANZ Research said in a note.

ANZ Research expects a BoP deficit of $6.7 billion in 2022, equivalent to 1.6% of gross domestic product (GDP). It estimates that the BoP deficit was equivalent to 0.9% of GDP last year.

The ANZ Research estimates are far more negative than those made by the Bangko Sentral ng Pilipinas (BSP), which expects the BoP to be in surplus by $700 million, equivalent to 0.2% of GDP, this year. The BSP estimates that the BoP was in surplus by $1.7 billion, or 0.4% of GDP in 2021.

“The strength in imports looks anomalous at the current stage of the business cycle recovery but it has widened the trade deficit,” ANZ Research said.

The import bill rose 36.8% year on year to a record $10.98 billion in November, while exports rose at a much slower rate of 6.6% to $6.27 billion, according to the Philippine Statistics Authority.

This brought the trade deficit to $4.71 billion in November, wider than the year-earlier $2.14 billion.

ANZ Research said the services trade balance could improve assuming relaxed border controls, which could yield higher tourism receipts.

“Foreign tourism recovery will become discernible from the second quarter if the government’s plan to allow fully vaccinated travelers to enter the country materializes in February,” it said.

In addition, ANZ Research expects further improvement in cash remittance inflows from overseas Filipino workers.

“We expect smaller portfolio outflows in 2022, as foreign investors are already considerably underweight on Philippine assets. Foreign direct investment has remained robust in 2021, and is expected to remain steady in 2022,” it said.

In November, the BoP position was a $123-million deficit, reversing the $1.473-billion surplus posted a year earlier. This brought the year-to-date BoP position to a surplus of $353 million, much smaller than the $11.786 billion from the same period of 2020. — Luz Wendy T. Noble

PHL seeking Chinese bidders for PNR Bicol’s train sets

PHILSTAR

THE Transportation department said it is seeking Chinese bidders for the rolling stock package of the Philippine National Railways (PNR) Bicol project.

The Department of Transportation (DoTr) is working on four more contract packages of the PNR Bicol line, also known as the South Long Haul Project. The first contract for the design and construction of a 380-kilometer railway from Banlic in Calamba, Laguna to Daraga, Albay was signed on Jan. 17.

“’Yung Package 5 po para sa rolling stock ay nakapag-request na tayo ng shortlist na manggagaling sa China at hinihintay na lang natin ’yan (We have requested a shortlist from China for Package 5, which is for the rolling stock, and we are waiting for a reply),” Transportation Undersecretary Timothy John R. Batan said during a virtual briefing on Thursday.

The department is also preparing to bid out the other remaining contract packages.

“Ito namang packages 2, 3 and 4 natin ay kasalukuyan pong ongoing ’yung design works at preparation ng bidding documents ng ating project management consultant (The project consultant is doing the design work for packages 2, 3 and 4),” Mr. Batan said, referring to China Railway Design Corp.

“Ang procurement ng (packages) 2, 3, 4 and 5 ay (hopefully) maumpisahan by the end of this year (We hope to start procuring those packages by the end of this year),” he added.

According to the DoTr, projects funded by China’s official development assistance, or ODA, go through six stages before they are implemented.

First, the DoTr will request the Department of Finance (DoF) to obtain a shortlist of qualified contractors from China. The DoF will then request the Chinese government to provide the shortlist.

Once the shortlist is provided, the DoTr, through the Procurement Service of the Department of Budget and Management, will initiate the procurement.

After procurement, the DoTr will sign a contract with the winning bidder, followed by a notice to the DoF to apply for a loan from China to finance the signed contract.

The P142-billion design-build contract was awarded to the Joint Venture of China Railway Group Ltd., China Railway No. 3 Engineering Group Co., Ltd., and China Railway Engineering Consulting Group Co., Ltd.

The DoTr said the first 380 kilometers of the PNR Bicol project will span 39 cities and municipalities, four provinces, and two regions. It will feature 23 stations, 230 bridges, 10 passenger tunnels, and a 70-hectare depot in San Pablo, Laguna.

The entire PNR Bicol project consists of a 560-kilometer long-haul rail line connecting Metro Manila to provinces in Southern Luzon.

“Once fully operational, it will cut travel time between Metro Manila and Bicol from the current 12 hours by road to as little as four hours,” the DoTr said.

“Passenger trains will run at a speed of up to 160 kilometers per hour, while freight trains will run at a speed of up to 100 kilometers per hour,” it added. — Arjay L. Balinbin

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