Facebook Instagram Linkedin X Youtube
Home Blog Page 5603

Style (11/21/22)

MUJI Christmas bundles available until Dec. 26

AVAILABLE until Dec. 26, MUJI is offering Christmas bundles to celebrate the holiday season. The Christmas bundles are specially put together gift sets that loved ones can use for the new year and daily, from stationery and office items to household products. These Christmas bundles also come in a promotional price that will give customers extra savings. The Christmas bundles start at P500. In MUJI’s holiday collection is the best-selling Jute My Bag which has been a crowd favorite among customers, and this holiday season, it will be offered with a 20% discount when purchased with Christmas Bundles. Meanwhile MUJI Members have activities and promos to make Christmas shopping more enjoyable. (To become a MUJI member, sign-up online or when visiting any of its stores.) Until Dec. 26, MUJI members can get an additional discount on their shopping basket by joining MUJI’s Christmas Bingo. The bingo card is composed of easy activities that customers need to complete to get a P100 discount. The Bingo cards are available in the store. MUJI also has a Christmas raffle for MUJI members running until Dec. 20. Five lucky winners from each MUJI store will win a special gift. MUJI members may join the Christmas raffle and win special prizes worth P1,500. Until Dec. 20, MUJI is holding an Online Art Contest #MyMUJIHoliday. Using MUJI gel ink pens, participants are asked to design or draw their answer to the question “What does Christmas mean to me?” Three winners will receive a P2,000 worth of MUJI stationery gifts and a chance to get featured on MUJI pages. For the full mechanics of all the promos, visit facebook.com/muji.ph or follow @muji_ph on Instagram. In the Philippines, MUJI has stores at Greenbelt 3, Central Square in BGC, Power Plant Mall at Rockwell, Shangri-La Plaza East Wing, and SM Mall of Asia.

Tommy Jeans-Martine Rose capsule collection

TOMMY Hilfiger announced its collaboration with British designer Martine Rose and launched the Fall 2022 Tommy Jeans X Martine Rose capsule collection. The 35-piece gender-inclusive collection is inspired by archival Tommy Hilfiger icons from the 1990s and updated through Martine Rose’s lens. A powerful play of color and graphics on exaggerated proportions are seen throughout the collection, bringing a streetwear vibe with a touch of tongue-in-cheek irony. Key items include the varsity jacket, hoodie, puffer and robe-coat, and are remixed with pop details, over-dye finishes and Martine’s signature patterns. The collection is now available at select Tommy Jeans stores and tommy.com.

Neighborhood x Harley-Davidson limited collection

LEGENDARY motorcycle maker Harley-Davidson and renowned streetwear brand Neighborhood have teamed up for a limited collaboration which launched on Nov. 19. Neighborhood, started in 1994 in Tokyo, Japan, was originally conceived as part of founder Shinsuke Takizawa’s motorcycle enthusiast interests. Neighborhood’s mix of luxury construction standards, and classic utilitarian and subculture aesthetics made the brand a cornerstone of modern streetwear. The Neighborhood x Harley-Davidson collaboration fuses the heritage logos of both brands in motorcycle culture-inspired style with a touch of streetwear ease and comfort. Comprised of sweatshirts, long-sleeve and short-sleeve T-shirts, a lightweight racing jacket and a handful of accessories (hats, mug and sticker pack), each style features both brands’ logos with lightening graphic details and skeletons. The Neighborhood x Harley-Davidson collection is available at neighborhood.jp and h-d.com/neighborhood, as well as at ComplexCon in Long Beach, CA where the brands will have a collaborative space.

A|X Armani Exchange’s fall/winter collection

MODULARITY is the defining characteristic of A|X Armani Exchange: garments with minimal and decisive shapes, easily combinable colors, graphic designs and melting patterns. For its Fall/winter collection, the men’s selections include down jackets, zipped anoraks, shirts, pullovers and trousers in neutral shades of grey and dense blue, with touches of red and shiny textures. Nuanced check motifs flourish on down jackets and oversized shirts alongside iridescent logo prints. The womenswear selection includes blazers, down jackets, trousers, miniskirts, shorts, and tops in natural colors, broken up by metallic accents. Graphic check motifs characterize small padded jackets, trousers, skirts, and dresses with movement created by pleats. Materials include cotton corduroy and satin, flannel, as well as viscose crepe and satin, velvet, chiffon, printed eco-leather, and vintage-effect leather. The collection is completed with a selection dedicated to the world of nightlife and music. Black mixes with denim to capture the nocturnal vibes of a minimal men’s wardrobe, consisting of a leather jacket, bomber jacket, blazer, and pea coat, as well as a shirt, a T-shirt, and five-pocket trousers. For women, these include a fitted dress, a pullover, leggings, high-heeled boots, and a shoulder bag.  In the Philippines, Armani Exchange is exclusively distributed by Stores Specialists, Inc. It has stores at Glorietta, Alabang Town Center, Greenbelt, Power Plant Mall, Shangri-La Plaza and online at Trunc.ph, Rustans.com, and Zalora.

Ortigas Malls ready for holiday shopping

WHIP out your shopping list as Ortigas Malls has shopping options for everyone in Greenhills, Tiendesitas, Estancia, and Industria. It also rewards shoppers with perks and privileges with the Ortigas Community Card, which gives members exclusive discounts. The digital card also allows members to participate in Community Card-exclusive events. Here are some shops to check out. At Greenhills, a mix of tiangge and boutiques is a good way to go through one’s Christmas list. Greenhills has over 2,000 stores offering clothing, shoes, gadgets, jewelry and so much more. Among these are AfterMarket Philippines which specializes in sneakers and all kinds of footwear and casual clothing for the urbanite. Check out their collectible basketball shoes like the Nike Kobe Protro and classic models like the Jordan 1. For the Funko, Twice, Marvel and Star Wars fans on the list, CO Collectible Store is sure to have something. Products range from Panini Stickers, Third Culture, Monster Pulls and Pop.ph, from Frozen to FIFA to Fortnite. The pearl shops at Greenhills have made the mall a destination for jewelry buyers. The Philippines is a rich source of South Sea Pearls and Greenhills has made it convenient for shoppers by putting various sellers from all over the country under one roof. Meanwhile, Tiendesitas puts the spotlight on Philippine products like native food, fashion wear and accessories, furniture, antiques, handicrafts, personal care, and novelty items. You can also find pet products, plants and garden supplies on your one-stop shopping weekend.For pet owners, check out FUR Ever Happy Pet Accessories. For the plantitos and plantitas who want to expand their brood, the Urban Gardening Shop provides services and eco-friendly products. Too, Tiendesitas is the home of the only branch of Decathlon in the northern metro area. Decathlon is the largest sporting goods retailer that carries products for 70 sports. Estancia — Ortigas Malls’ flagship mall for upscale shopping, dining, and entertainment — is a great place to pick gifts and to have a good time without hurry or stress. For example, the multi-brand Retail Lab is the boutique for when you’re not sure what kind of gift to buy but you’re sure you want it made by young designers and independent labels. Originally by the SoFA Design Institute, Retail Lab houses Soak Swimwear, Neon Island, Eighth Mermaid, ANMA Lifestyle, I Love Koi, and Jean & Rosz. Then there is Maristela Fine Jewelry which offers diamond pieces like earrings, necklaces, bracelets and rings. Those who can’t find the time to go shopping, can shop online at Your Daily Store, the online portal of Ortigas Malls tenants that showcases their products. Download the Ortigas Malls app and register for an Ortigas Community Card. Get the latest updates by visiting Ortigas Malls on Facebook, and follow @greenhillsph, @tiendesitasph, @estanciaph on Instagram.

Philippines ranks 105th in corruption index

THE PHILIPPINES slipped three places in a corruption index released by Global Risk Profile (GRP), which noted that financial aid programs during the pandemic created opportunities for corruption and bribery. Read the full story.

Philippines ranks 105<sup>th</sup> in corruption ndex

How PSEi member stocks performed — November 18, 2022

Here’s a quick glance at how PSEi stocks fared on Friday, November 18, 2022.

Peso may climb on Fed minutes

BW FILE PHOTO

THE PESO may continue to strengthen against the dollar this week ahead of the release of the minutes of the US Federal Reserve’s November meeting, which could provide hints on its next move.

The local unit closed at P57.26 on Friday, appreciating by 10 centavos from its P57.36 finish on Thursday, Bankers Association of the Philippines data showed.

However, week on week, the local unit was down by three centavos from its P57.23 close on Nov. 11.

The peso opened Friday’s trading session at P57.44 per dollar. Its weakest showing was at P57.45, while its intraday best was at P57.23 against the greenback.

Dollars exchanged decreased to $650.18 million on Friday from $661.88 million on Thursday.

The peso strengthened on Friday after the release of the latest balance of payments (BoP) data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The country recorded a $711-million BoP surplus last month, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. This was lower than the $1.1-billion surplus seen in the same month last year but was an improvement from the $2.34-billion deficit logged in September. 

This was also the country’s biggest BoP surplus in seven months or since the $754 million in March and was the first time it posted a surfeit since April.

“The dollar/peso exchange rate also eased after the recent decline in global commodity prices, especially as crude oil prices at new 1.5-month lows and also near 10-month lows that could help reduce the country’s import bills/trade deficit, going forward,” Mr. Ricafort said.

Brent crude settled at $87.62 a barrel, falling $2.16 or 2.4%. US West Texas Intermediate (WTI) crude settled at $80.08 a barrel, losing $1.56, or 1.9%. Both posted weekly losses, with Brent down around 9% and WTI roughly 10%.

The peso strengthened as lower-than-expected US consumer price index (CPI) resulted in the dollar’s depreciation, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

US CPI rose to 7.7% year on year in October, slower than the 8.2% print in September.

The slower-than-expected inflation print may mean the Fed can begin to scale down its rate hikes as early as its Dec. 13-14 meeting. The Fed has already increased rates by 375 basis points (bps) since March.

For this week, industry players will watch out for the minutes of the Federal Open Market Committee (FOMC) and to look for hints on the US central bank’s next move, Mr. Asuncion said. 

Any hawkish surprise in the FOMC minutes could be mitigated by the BSP’s recent policy tightening, he added.

The BSP last week increased the overnight reverse repurchase rate by 75 bps to 5%, the highest in nearly 14 years. Rates on the overnight deposit and lending facilities were also increased to 4.5% and 5.5%, respectively.

The Monetary Board has so far raised policy rates by 300 bps since May to curb inflation and support the peso.

In an interview with Reuters on Friday, BSP Governor Felipe M. Medalla said the BSP will have to continue raising interest rates if the Fed tightens further next month.

“If the Fed does 50 (bps), we cannot have zero, right? So, the question is whether it’s 25 (bps) or 50 (bps),” Mr. Medalla said, pertaining to both central banks’ policy meetings in December.

For this week, Mr. Ricafort gave a forecast range of P57.10 to P57.50, while Mr. Asuncion expects the local unit to move within a wider range of P56.80 to P57.50 a dollar. — K.B. Ta-asan

Profit taking seen this week amid lack of leads

BW FILE PHOTO

PHILIPPINE SHARES may move sideways this week as investors could pocket profits from the market’s recent rise amid a lack of leads.

The bellwether Philippine Stock Exchange index (PSEi) gained 33.64 points or 0.52% to end at 6,437.38 on Friday, while the broader all shares index went up by 8.03 points or 0.23% to 3,396.63. 

Week on week, the PSEi rose by 150.61 points or 2.4% from its close of 6,286.77 on Nov. 11.

Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message that the PSEi went up on Friday as investors digested the third-quarter financial reports of companies that came out last week and after the policy decision of the Bangko Sentral ng Pilipinas (BSP).

Ms. Alviar added that foreign buying continued to lift the market. On Friday, net foreign buying stood at P652.19 million versus the P1.23 billion in net selling recorded the day prior.

“The market ended in green, maintaining its bullish sentiment after the widely expected 75-basis-point (bp) rate hike from the BSP, which is already priced in,” AP Securities, Inc. Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message on Friday.

“Another factor that we see is the significant drop in oil prices, which is a key driver of inflation at home,” Mr. Temporal said.

The BSP on Thursday delivered an outsized rate hike to rein in rising prices as it sees inflation continuing to overshoot its target until next year.

The Monetary Board increased the overnight reverse repurchase or policy rate by 75 bps to 5%, the highest in nearly 14 years. The rates on the central bank’s overnight deposit and lending facilities were also increased to 4.5% and 5.5%, respectively.

The central bank has now hiked rates by 300 bps since May.

For this week, Mr. Temporal said the market may continue its rally, but profit taking could ensue as investors look for leads.

“We see some continuation in its rally but could be short-lived on potential profit taking as the market awaits further catalysts, prompting investors to take cues from US market sentiment in the meantime,” Mr. Temporal said.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the market will look to continue last week’s earnings-driven rally.

“Aside from this, investors are also expected to look for cues with respect to the monetary policy outlook of the Bangko Sentral ng Pilipinas and the Federal Reserve. Cues that would point to a slowdown in their monetary tightening may lift sentiment, while cues that would point to a continuation of their aggressive policy path may lead to otherwise,” he added.

Mr. Tantiangco said the index may retest the 6,400 resistance level this week.

Meanwhile, 2TradeAsia.com put the PSEi’s support at 6,300 and resistance at 6,500-6,600, while AP Securities’ Mr. Temporal placed support and resistance at 6,300 and 6,500, respectively. — Ashley Erika O. Jose

Mindanao WESM targeted for launch in early 2023

PSALM.GOV.PH

THE INDEPENDENT Electricity Market Operator of the Philippines (IEMOP) said it hopes to launch Mindanao’s wholesale electricity spot market (WESM) by the first quarter of next year.

In a virtual briefing, Isidro E. Cacho, Jr., IEMOP’s head of Corporate Strategy and Communications, said the launch could precede the energization of the Mindanao-Visayas Interconnection Project (MVIP).

“We are also working with the DoE (Department of Energy), ERC (Energy Regulatory Commission), PSALM (Power Sector Assets and Liabilities Management Corp.), Mindanao electric cooperatives and stakeholders, hopefully we can launch WESM before MVIP,” Mr. Cacho said in a briefing last week.

Mr. Cacho said WESM Mindanao needs to launch before the MVIP is completed.

“Hopefully we can launch the WESM before the completion of Visayas interconnection,” he said.

The P52-billion MVIP aims to connect the three main grids to ensure the sharing of energy across the network.

The project, which was certified in 2018 as an Energy Project of National Significance, was initially targeted for completion by December 2020. The NGCP then said the project is expected to be completed in 2022 due to delays caused by the pandemic.

“If the MVIP is completed first and we do not have a market yet, the question is, who would pay for the power flowing in the interconnection?” Mr. Cacho said.

According to a joint application of IEMOP and Philippine Electricity Market Corp. (PEMC) to the ERC, approval is being sought for market fees for Calendar Year (CY) 2023.

Market fees are determined under Section 30 of Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001 (EPIRA), authorizing the market operator to recover the cost of administering and operating the wholesale electricity spot market.   

The joint application seeks provisional authority for IEMOP to impose a market fee of P0.0093 per kilowatt hour (kWh) on all power supply registered with the WESM, based on actual generation. It estimated that the proposed market fees for CY 2023 will generate P1.16 billion.

IEMOP is a non-profit operator of WESM.

WESM is the venue for generators to sell excess power not committed to long-term contracts. — Ashley Erika O. Jose

P250-M startup fund expected to be launched next year

AUSTIN DISTEL-UNSPLASH

THE DEPARTMENT of Trade and Industry (DTI) said it hopes to roll out a P250-million startup fund by early next year.

Trade Undersecretary Rafaelita M. Aldaba said the Startup Venture Fund (SVF) had been delayed by the change in administration.

“We’re just finalizing the guidelines and then it will be implemented. We hope that by the beginning of 2023, we will be able to do that. We had a change in administration,” Ms. Aldaba told BusinessWorld on the sidelines of a briefing in Taguig City last week.

“The new sets of leaders are still reviewing the pending projects for implementation. We are just trying to complete that process. Definitely, we are going to implement the project,” she added.

On Nov. 19, the DTI collaborated with the National Development Co. (NDC) and partnership platform for startups QBO Innovation Hub to launch the SVF.

The SVF’s P250-million budget is from the NDC and is targeted at startups in the seed to series B stage.

In a statement, Ms. Aldaba said that the startup ecosystem has grown to over 1,000 active startups.

“Looking back, the Philippine startup ecosystem has grown so much since we first got together in 2015. Back then, only 100 Philippine startups were reported to be active, with $40M in investment and funding. Today, we see individual startups raising $30M in one round alone and growing the ecosystem to more than 1,000 active startups,” Ms. Aldaba said.

Ms. Aldaba proposed that schools and universities review their curriculum to guide students into a technology entrepreneurship track.

She added that investors and industry should collaborate to develop local talent, with the government’s role seen as creating an enabling environment for startups to grow and innovate.

“While the Philippine startup ecosystem has yet to reach its full potential, we Filipinos are not lacking in talent or mindset. What we need are concrete actions to build ecosystems for startups to innovate and disrupt the status quo, building new solutions which will be our anchor in driving our future economy forward,” Ms. Aldaba said. — Revin Mikhael D. Ochave

Israel water industry sees Cebu as potential market for desalination technology

REUTERS

By Alyssa Nicole O. Tan, Reporter

ISRAEL’s water industry considers Cebu as a potential market for desalination technology to address its inadequate water supply, Israel’s economic attache to Manila said.

“Cebu has a shortage of water… and one of the (solutions) for that can be desalinated water… Israel has a lot of experience here. We have five desalination plants… we think that this experience can be very relevant to a place like Cebu,” Economic Attaché and Head of the Manila embassy’s Economic Mission Tomer Heyvi told BusinessWorld on the sidelines of the Israeli Water Technologies Roadshow.

Global water solutions provider Global Environmental Solutions and Aqwise Vice President for Business Development and Sales Harel Rauch said at the same event that the Philippines is viewed as a “very attractive market.”

He said it was “one of the markets where we want to develop operations… We find that it’s really suitable for (Israeli) technologies, and will be one of the countries that will be part of our strategy for the next few years.”

“We’ll start with partnerships with local companies, and after that, based on the operations, we’ll see if we want to open an office or not, but we truly believe it’s a country we should focus on,” he added.

Mr. Heyvi said Israel’s Foreign Trade Administration is planning to bring in a Philippine delegation in July to demonstrate its various water management technologies, with a view towards possibly forming partnerships with Philippine businesses.

“We plan to bring a big delegation from the Philippines to Israel to see with their own eyes desalination plants, treatment plants, and how water is managed in Israel,”

He described the plan to tour the delegation as a major project for next year.

“In Israel, we look at the Philippines as a potential market and a potential partner for collaboration in water,” he added. “I think that this delegation will command the attention of their Israeli counterparts.”

“Every municipality has its own operations in case of a water shortage,” he said, noting that one of the highlights of the tour could be a visit to “the second largest desalination plant in the world.”

He also touted “the efficiency of water management at the municipal level.”

Being invited to participate are Maynilad Water Services, Inc. and Manila Water Co.

“At the end of the day, we want to make sure that you are well-equipped to achieve water efficiency,” Mr. Heyvi said, noting that Israel can offer cost-efficient solutions for detecting water leaks, among others.

Last week Israel brought to the Manila its first water delegation since the beginning of the pandemic. Seven leading Israeli water technology companies met with their Philippine counterparts during their week-long stay.

“We know that some (Philippine water companies) are already using Israeli technologies like control valves, pressure valves, and water meters,” he said.

Collaboration is “already happening, but looking at the future, we brought this delegation from Israel because we think that there are certain areas that we can definitely tap,” he added. “One of them is desalination.”

Mr. Rauch said the Philippines will have to develop its wastewater treatment capabilities.

“You’re not treating all of the wastewater,” he said. “You need to increase your wastewater treatment that enable you to have, let’s say, less expensive desalination. Usually wastewater treatment requires energy, but today with new technology, new processes, you can shift (to an energy-positive stance).”

“I think this is something that may also be relevant here because of increasing energy costs and all of that,” he added. “That may be something we need to see implemented in the Philippines.”

Desalinated sea water is the second-largest source of potable water in Israel, whose five plants source water from the Mediterranean sea, with the capacity to supplying 660 million cubic meters of fresh water per year, Mr. Heyvi said.

Israel also claims global leadership in water reclamation, he added, with 87% of its water treated and reused. Reused water is the main water source for Israeli agriculture, which accounts for 55% of water consumption.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

Increasing RE should take priority over going nuclear, think tank says

PNRI.DOST.GOV.PH

INCREASING the share of renewable energy (RE) in the power mix should take priority over the Department of Energy’s (DoE’s) plans to introduce nuclear power, an energy think tank said.

Gerry C. Arances, executive director of Center for Energy, Ecology, and Development (CEED) said in an e-mail on Friday that the lack of attention paid to renewables “condemns Filipinos to decades more of pollution, high energy prices, and permanently chaotic climate systems.”

The Institute for Climate and Sustainable Cities (ICSC) has called nuclear power inconsistent with the DoE’s goal of modernizing the power sector and called for the establishment of competitive power industry conditions before nuclear power is introduced.

“Nuclear power remains far more expensive than intermittent unreliable coal. The more government insists on welcoming all power generation technologies, the more it must ensure genuine competition,” it said.

On Friday, Energy Secretary Raphael P.M. Lotilla urged the National Power Corp. (Napocor) to consider tapping modular nuclear reactors to supply electricity to remote areas.

“As we go down the road and consider new opportunities in modular nuclear or even the future of fusion as a source of power, these are the opportunities that we may look into,” Mr. Lotilla said.

Napocor has asked Congress to augment its 2023 budget to ensure the continued operation of the small power utilities group (SPUG), which manages 278 facilities in remote areas.

Napocor cited the volatility of fuel prices, which will require a doubling of the originally budgeted funds at current price levels. Fuel accounted for almost 70% of Napocor’s operating costs for SPUG plants as well as for power provider subsidies.

Napocor focuses on providing power to islands and communities not connected to the main grid.

President Ferdinand R. Marcos, Jr. said in his State of the Nation Address that is time to examine the need for adding nuclear power to the energy mix.

FTA with US seen expanding investment in PHL

PHILSTAR FILE PHOTO

A FREE TRADE agreement (FTA) with the US remains a Philippine priority, the Department of Trade and Industry (DTI) said, citing such a deal’s potential for increasing investment in the Philippines.

“We continue to look forward to an FTA with the US which will serve as a more permanent mechanism to lock in market access interests and other binding commitments to expand bilateral trade and investment,” Trade Secretary Alfredo E. Pascual said during the US-Asia Pacific Economic Cooperation (APEC) Business Coalition Meeting in Bangkok on Nov. 18.

“We hope to build on the momentum of our previous dialogues on agriculture and intellectual property in moving towards possible FTA negotiations,” he added.

The DTI has described the US as among the Philippines’ targets for initiating FTA negotiations.

Mr. Pascual said that the Philippines is also awaiting the reauthorization of the US Generalized System of Preferences (GSP) scheme for the Philippines. The Philippines’ GSP eligibility expired in 2020 and is currently awaiting renewal.

Under the GSP, the Philippines can ship to the US free of duty more than 5,000 products, including electronics and agricultural goods.

In 2020, the Philippine GSP utilization rate was 74% and GSP shipments were valued at $1.56 billion, the DTI estimates.

“We are looking forward to the GSP’s immediate reauthorization to spur tangible benefits including investments and job creation and skills development for our workers. We continue to fulfill our commitments to all GSP statutes, including respecting workers’ rights and protecting US intellectual property,” Mr. Pascual said.

“The Philippines has consistently been a top beneficiary of the GSP and a top supplier of affordable imports for American manufacturers and consumers. The high utilization demonstrates that there are substantial savings by US importers in sourcing products from the Philippines. This also indicates a growing awareness and demand for GSP-listed Philippine exports by US manufacturers and consumers,” he added.

Mr. Pascual said that the Philippines will join the first negotiating meeting of the US-led Indo-Pacific Economic Framework (IPEF) in Brisbane, Australia in December.

The IPEF, launched in May, counts as participants the US, Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.

He said that the Philippines is interested in securing grants, support, or procurement opportunities to support its industrial development.

“We also continue to seek sustainable investments from US and global companies, especially those that will strengthen the country’s position within the largest global value chains of critical sectors, such as semiconductors,” Mr. Pascual said.

“Through the Working Group on Economics, Development and Prosperity under the Philippines-US Bilateral Strategic Dialogue, we are also seeking cooperation on green metals to address the supply of critical minerals. We also support establishing a bilateral strategic partnership on metal processing for battery application and moving up from upstream to midstream in the battery supply chain,” he added. — Revin Mikhael D. Ochave

Undaunted and unstoppable in the face of uncertainty

Throughout history, we have seen how times of great uncertainty and disruption have triggered sudden leaps and progress despite the problems and challenges they bring. The COVID-19 pandemic is no exception, it being the greatest global disruption the world has seen in many decades. Yet while the pandemic practically brought the world to a halt, it is also heartening to see how this period brought with it immense opportunities amidst many challenges. While is it true that many businesses suffered because of it, with many forced to close down, we have also seen numerous businesses accelerate their transformation and evolved to survive and then thrive as the world moved closer to post-pandemic recovery, pivoting their own business models and creating new ones.

When the pandemic disrupted business strategies and challenged continuity, companies were forced to place a renewed focus on people, purpose and technology. Crisis, after all, inspires innovation, and this holds especially true for entrepreneurs.

ENTREPRENEURSHIP AND INNOVATION DURING THE PANDEMIC
Though the pandemic caused many to lose their jobs, it also served as a catalyst for many others to enter the business landscape as entrepreneurs. According to a survey by Sales Force, the pandemic created a unique batch of startups that saw new opportunities to create new markets and attract new customers during a period of heightened uncertainty. As much as 56% of the survey respondents share that starting a business now was easier than before the pandemic. Most of the new startup founders embraced technology from the beginning, using digital tools and searching for more technology-based solutions to fuel business growth.

NBC News reveals that entrepreneurs opened their own businesses at more than twice the rate seen in pre-pandemic times, aided by improved remote technology previously unavailable during other economic downturns like the Great Recession. Data from the US Census Bureau also shows that business applications nearly doubled during the first few months of the pandemic, remaining elevated and well above pre-pandemic levels. Economist Leila Bengali from the UCLA Anderson Forecast identifies lower fixed costs as one of the reasons for this, with the availability of the internet and a deeper familiarity with technology making it all the easier for innovative individuals to get their business online.

In an interview, Christy Wyskiel, Senior Advisor to the President of Johns Hopkins University for Innovation and Entrepreneurship, said that the essence of entrepreneurship is identifying an unmet need and moving as fast as possible to get a meaningful product to market — which is exactly what society needs during a crisis. The pandemic dramatically accelerated productive collaboration in the service of society, and the paradigm has now changed, particularly in this period of post-pandemic recovery. Entrepreneurs should not be paralyzed by uncertainty, but instead should seek long-term value and success by continuing to serve their existing customers while being ready to pivot when needed to address potential opportunities.

The pandemic also created a massive push towards digital transformation. In the Philippines, we now find almost every product or service available on online shopping platforms. Almost every brand in the country rapidly transitioned to existing online selling platforms or invested in developing their own online sales mechanisms. In the micro-sized enterprise space, people have gotten more used to the idea of starting their own businesses using digital tools and leveraging social media to take advantage of existing conditions — for example, during the lockdowns, the number of home-based online food sellers mushroomed like never before. Many found surprising success and were able to cultivate regular customers due to people being unable to go out and dine. The pandemic also gave rise to new business opportunities in logistics, entertainment, personal care and many other areas.

CELEBRATING THE SPIRIT OF ENTREPRENEURSHIP
Analysts predict that the rate of growth of entrepreneurship will remain high in the post-COVID-19 economy, as shared by Forbes. Because of the massive increase in startups caused by the pandemic, developments on an individual entrepreneurship level will likely aid numerous economies.

As Gaston Taratuta, EY World Entrepreneur Of The Year 2022, said in his acceptance speech in Monaco, “Being an entrepreneur is more than just building a successful business. It’s about creating and seizing opportunities where ones don’t readily exist or aren’t easily attainable.” This has never been truer than in the stories of 18 indomitable Filipino entrepreneurs that we are celebrating in the Entrepreneur Of The Year 2022 Philippines program. The program recently concluded its search for the country’s most successful and inspiring entrepreneurs with the theme of Undaunted. Unstoppable. And will be holding its awards gala tonight.

Guided by their purpose, motivated by their aspirations and fueled by their relentless determination, these Filipino entrepreneurs helped empower communities and uplift the nation. Their stories have been published in BusinessWorld over the past few weeks with the hope that in sharing them, present and future entrepreneurs can be further inspired by their struggles and successes.

Entrepreneurs showed us that a single idea can spark positive change and disrupt the status quo. According to a 2023 study, “Entrepreneurship during a pandemic,” entrepreneurs have been known to act as focal points during a time of crisis, playing a critical role in the context of post-disaster recovery by providing leadership and signaling that their communities are likely to survive. This same spirit burns strong within Filipino entrepreneurs who lead as Undaunted visionaries, equipped with Unstoppable resilience and the ability to adapt.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinion expressed above are those of the author and do not necessarily represent the views of SGV & Co.

 

Henry M. Tan is a Partner and the Entrepreneur Of The Year Philippines Program Director of SGV & Co.

Philippines to keep US as its top security ally — political analysts

UNITED States Vice-President Kamala Harris at Camp Pendleton — OFFICE OF KAMALA HARRIS

By Kyle Aristophere T. Atienza, Reporter

THE UNITED States would likely remain as the Philippines No. 1 security ally under President Ferdinand R. Marcos, Jr., analysts said on Sunday, as the US vice-president is set to visit the country this week.

“In just a few months in office, the implementation of a key defense agreement between the two countries is in full swing,” said Robin Michael R. Garcia, who teaches political economy at the University of Asia and the Pacific.

“The Enhanced Defense Cooperation Agreement is one of the pillars of the US-Philippine alliance and its implementation was stalled during ex-President Rodrigo R. Duterte’s time,” he said in a Facebook Messenger chat. “The fact that it is being implemented and perhaps expanded tells us that President Marcos is charting a different direction from the previous administration.”

Mr. Garcia said infrastructure development for five military bases is under way.

US Vice-President Kamala Harris, who will be in the Philippines for the first time on Nov. 20 to 22, is expected to meet with Mr. Marcos and Vice-President Sara Duterte-Carpio.

Ms. Harris, the highest-ranking US official to visit the country since Mr. Marcos took office in June, is set to visit the island province of Palawan near the South China Sea.

“The Philippines has taken a different route toward the United States under President Marcos,” Mr. Garcia said. “This was also previously seen in the president’s “charm offensive” in his recent talk with the US business community.

Ms. Harris’ visit to the Philippines follows the meeting between Mr. Marcos and US President Joseph R. Biden in New York, said Victor Andres Manhit, president of think tank Albert del Rosario Institute for Strategic and International Studies.

“The September meeting in the US demonstrates the Marcos administration’s openness and intent to further strengthen and explore more partnerships with the United States as a long-time ally,” he said in a Messenger chat.

Mr. Manhit, citing a June 2022 poll by his group, said the US was the most trusted country by Filipinos at 89%.

In the past five years, the US has committed more than $625 million in military assistance to the Armed Forces of the Philippines, he pointed out.

Mr. Manhit said the two countries are also expected to boost their maritime patrols, which is viewed as essential amid the escalating tension in the region.

He said the Marcos government’s engagements with both the US and China show its “eagerness to redirect the country’s foreign policy away from the US-China strategic competition.”

The presidential palace earlier said the Philippine leader had accepted Chinese President Xi Jinping’s invitation to visit China in January.

“His statements and meetings with President Joe Biden and President Xi Jinping demonstrate his commitment to maintaining a hard balance between the two,” Mr. Manhit said.

“While China is looking at us closely and may perhaps see the Harris visit as a concerning development, it is still trying to woo President Marcos,” Mr. Garcia said. “The outcome of the state visit is something to watch out for.”

Mr. Marcos had a bilateral meeting with Mr. Xi for the first time on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Thailand last week, where the two tackled the South China Sea dispute.

Mr. Marcos reiterated his position that the sea dispute is not the totality of the two countries’ relations, China’s Ministry of Foreign Affairs said in a statement on Friday.

“Marcos Jr. stressed his consistent view that relations between the two countries should not be defined by maritime issues and that both sides may further enhance communication in this regard,” it added.

The agency said the Philippines wants to find ways to advance joint exploration of oil and gas in the disputed waterway.

“Multilateral cooperation with big and small states should be the direction that the Marcos administration should take in order to secure a better roadmap for the future direction of the country’s foreign policy,” Mr. Manhit said. “This also applies in the context of the global economic recovery from the pandemic.”

1...5,6025,6035,604...14,237Page 5,603 of 14,237
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube