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Timely notes on managing crises and bracing for new periods

By Adrian Paul B. Conoza, Special Features Assistant Editor

Earlier in the first months of the coronavirus pandemic, business owners, executives, and teams were in search of guidance for managing and surviving the massive impacts and disruptions brought or exacerbated by the said crisis. BusinessWorld, as it kept a close eye on the country’s economic narrative amid the pandemic, has endeavored to get insights from top executives and experts that will greatly help the business community at such a challenging time.

While the award-winning BusinessWorld Insights and BusinessWorld Virtual Economic Forum have primarily fulfilled these objectives, it was the media outfit’s one-on-one interviews with top movers in business where inspiring learnings on moving forward amid the pandemic were mined. And as the Philippines has opened a new chapter with a new administration taking over around a month ago, BusinessWorld also gleaned firsthand views of the potential makeup of the country’s economic policy.

Launched in July 2020 as part of its 33rd anniversary multimedia report, BusinessWorld One-on-One has served as an exclusive venue for top business people to be interviewed by BusinessWorld Editor-in-Chief Wilfredo G. Reyes.

Mr. Reyes noted how the interviews help audiences take notes from executives on what they have learned during the pandemic, which perhaps can be appended to their organizations’ respective playbooks.

“There’s been a wealth of information on best practices built in the past two years on crisis management, taking better care of talent, and developing new revenue streams,” Mr. Reyes shared.

“Every One-on-One interview is an opportunity to learn from the experiences of other sectors. Many times, you get great tips that can be adapted to one’s situation, so these interviews contribute to our continuing accumulation of knowledge,” he added.

The first iteration of the interview series was themed “A Time for Leadership and Resilience,” which featured business leaders sharing their defining moments in the midst of the global pandemic, as well as learnings on surviving and performing amid economic shocks.

First to be featured in the week-long series was Joo-Ok Lee, head of regional agenda, Asia-Pacific at the World Economic Forum. He shared that holistic and systematic approaches are much needed in dealing with challenges as complex as the pandemic. “Increasingly, challenges that we will see are going to be more interconnected. They will be more complicated, and unless there is a holistic approach, unless there is a systematic and systems-driven approach, these issues will be very, very difficult to resolve,” he was quoted as saying.

In the following episode, Emmanuel P. Maceda, worldwide managing partner at Bain & Company, talked about a “micro-battle” means of balancing companies’ investment strategies. “The idea of a micro-battle concept is to define units of strategic choice in smaller terms, in micro-terms so that you can see the results faster, then you can build the second micro-battle and the second micro-battle after that,” he said.

Looking after employees, meanwhile, was a highlight of the interview with Nina D. Aguas, executive chairman of Insular Life Assurance Co. Ltd. “Really look out for the people within your organization because they will carry it through the very difficult times,” Ms. Aguas advised.

MVP Group of Companies Chairman Manuel V. Pangilinan, in another episode, shared that the pandemic could bring out the “next big idea,” and the person with such an idea “will probably win.”

Completing the series, Globe Telecom President and Chief Executive Officer (CEO) Ernest L. Cu shared that their company conditioned themselves on the notion that recovery will take time — something other businesses must have also kept in mind in the past months.

“We have to make this a working condition and the given that we have to get around with, just like any other business constraint that we are used to,” he said.

The following year, in conjunction with a joint special report with The Philippine STAR titled “Philippine Business Outlook 2021: Towards a More Resilient and Sustainable Economy,” BusinessWorld held a One-on-One interview with Benjamin E. Diokno, formerly Bangko Sentral ng Pilipinas (BSP) Governor and now Department of Finance Secretary.

In that interview, Mr. Diokno expressed optimism regarding the recovery of the Philippine economy in terms of gross domestic product growth, remittances from overseas Filipino workers, and employment rate amid a “young population.” The previous BSP governor also noted there that the country’s push for a ‘cash-lite’ society is bound to continue, and it might go as far as going coinless by 2025.

Three months after, BusinessWorld’s motoring sectionVelocity, in celebration of its anniversary, held a two-part One-On-One interview with the country’s automotive industry leaders. Velocity editor, Kap Maceda Aguila, had virtual exchanges with Atty. Rommel Gutierrez, president of the Chamber of Automotive Manufacturers of the Philippines, Inc., on his perspectives about the Philippine automotive industry; and with Maria Fe Perez-Agudo, president of the Association of Vehicle Importers and Distributors, Inc., about future innovations paving the industry’s future track.

The following April, BusinessWorld One-on-One put the spotlight on Yasuyuki Sawada, then chief economist of the Asian Development Bank, as he and Mr. Reyes took a deep dive into the multilateral lender’s 202 1 Asian Development Outlook.

Five months later, as BusinessWorld marks its 34th anniversary in September, another weeklong One-on-One series was held, this time with four Philippine business tycoons. Each shared their experiences and realizations out of the pandemic, as well as their company’s resilience stories and updated visions.

Kevin L. Tan, chief executive officer of the Alliance Global Group, Inc., shared in the first episode that the township concept of the company’s real estate arm Megaworld Corp. became “ideal and quite compelling” amid the pandemic, and so he believes this concept “can be a catalyst for economic development in other cities.” Grounded on this belief, Megaworld announced its plans to launch three townships within Luzon that year.

Meanwhile, moving to a digital and omnichannel strategy is seen to drive a leading retail company forward even beyond the pandemic. Robina Y. Gokongwei-Pe, president and CEO of Robinsons Retail Holdings, Inc. (RRHI), shared in the second installment that as their company pivoted to e-commerce fast, “the percentage contribution of e-commerce to total sales is growing very fast.” So, while brick-and-mortar stores have made up for a big part of total sales, RRHI has planned on working on its presence both offline and online.

Health and sustainability were the highlight of the One-on-One with Monde Nissin Corp. President and Director Betty T. Ang as she shared that the company saw “significant progress” in several of its long-term growth plans in production capacity, new product developments, and brand awareness initiatives. “Our ramped-up research and development is focused on new product development that is aligned with our aspirations for sustainability and health for customers and for the planet,” she was quoted as saying.

Dennis Anthony H. Uy, founder & CEO of Converge ICT Solutions, Inc., completed the series by sharing his company’s target up to P26 billion in gross revenue by end-2021 and 55% nationwide household coverage by 2025 as demand for connectivity increases. He stressed that fiber broadband technology, which Converge delivers, can best deliver a minimum of 500 gigabytes for every individual home.

In line with its 35th anniversary celebration, another engaging BusinessWorld One-on-One series, with the theme “Innovations Reshaping the Future of Key Industries,” is shown live and free in BusinessWorld’s Facebook page this month.

Mr. Reyes conversed with Dr. Diana Edralin, president of Pharmaceutical and Healthcare Assocation of the Philippines and general manager of Roche Philippines, and Subra Ramakrishnan, chief business transformation officer of Sun Life Philippines, last Aug. 15 and 16, respectively.

These will be followed by interviews with Jose Maria M. Atienza, senior vice-president of Toyota Motor Philippines Corp., on Aug. 22; and with Jericho P. Go, president and chief executive officer of RL Commercial REIT, Inc., on Aug. 23.

Roundtables

This year, a few weeks before the new administration started taking office, BusinessWorld brought to the online public two roundtables of BusinessWorld editors with some of the key people making up the administration’s economic team.

Themed “The View from the Starting Line,” BusinessWorld Roundtable featured BSP Governor Felipe M. Medalla and Socioeconmic Planning Secretary Arsenio M. Balisacan last June 20 and June 27, respectively.

Mr. Medalla told BusinessWorld editors that the BSP is likely to raise its key interest rate at its next two meetings to curb inflation, while the pace of subsequent tightening will be gradual. He also shared that “2022 will be a high-growth year, simply because of the huge pent-up demand.”

Mr. Balisacan, meanwhile, shared that new taxes may have to be introduced to fund priority projects, but they should be carefully timed. “If you want more public services, if you want to invest a lot into our health and education, and social sector, and to our farmers, you must have sources of money for that. Obviously, you can only go so far with an improved tax administration,” he was quoted as saying.

The current National Economic and Development Authority chief also shared during the roundtable that he seeks better coordination with the 19th Congress on priority bills and the 2023 national budget, and so he considers frequent meetings with legislators through the Legislative-Executive Development Advisory Council.

Behind the development of Top 1000 Corporations

By Chelsey Keith P. Ignacio, Special Features Writer

BusinessWorld has been providing information on the performance of the Philippine corporate sector for 35 years now. And this is not merely on the stories about the current affairs in the business scene. The BusinessWorld Top 1000 Corporations in the Philippines is produced annually to show how the country’s leading firms performed based on their financial statements.

Given that a lot of financial information have to be gathered and examined to come up with the Top 1000, how does BusinessWorld ensure the exhaustiveness and accuracy in doing and presenting the rankings for the magazine?

The Top 1000 uses private and public stock entities’ gross revenues from their most recent available full-year audited financial statements (AFS) as its basis for ranking. The main top 1,000 list only consists of parent and standalone companies.

“Our main ranking using gross revenues — the sum of net sales and other non-operating income — of the parent companies dated back to when a similar list was published by the BusinessWorld’s predecessor, Business Day, in 1968 (it was only top 200 corporations back then). It was expanded to a full 1,000 companies in 1970,” shared Mark A. Amoguis, research head of BusinessWorld.

The publication provides a separate table ranking of the conglomerates, since BusinessWorld uses consolidated financial statements.

“By comparing only parent companies, BusinessWorld provides an accurate picture of individual companies (or segmented units of a conglomerate) in the country. Comparing parent or standalone companies and conglomerates side by side in one single ranking may result in double-counting, or worse: a distorted comparison between apples and a truckload of apples and oranges,” Mr. Amoguis explained.

Firms could also get a view of their performance or market position alongside their competitors through the Top 1000’s “How Competitors Compare.” The table clustered parent companies as per business activity and ranked them based on gross revenue. The grouping is sorted in line with the 2009 edition of the Philippine Standard Industrial Classification by the Philippine Statistics Authority.

The Top 1000 magazine also presents several other income statement and balance sheet items, among which are net sales, net income (or loss), assets, and payables.

To collate the needed financial data to come up with the Top 1000, BusinessWorld’s research team gather the AFS that private firms submitted to the Securities and Exchange Commission (SEC), annual reports disclosed by publicly listed companies to the Philippine Stock Exchange (PSE), and the government-owned and -controlled stock corporations’ AFS from the Commission on Audit (CoA).

“In case the parent AFS of a company is not available in the SEC, we personally contact it to get it,” Mr. Amoguis said.

“We also have to verify if a company is a stock corporation by also getting its latest General Information Statement from the SEC as we have to exclude partnerships, foundations, and other nonstick entities from our list,” he added.

Researchers collect only the AFS covering the fiscal year ending between May and December of the year prior as well as between January and April of the current year. For these AFS become available in the SEC, PSE, and CoA beginning in May up to as late as November of the present year, shared Mr. Amoguis.

The research head of BusinessWorld assured that their team painstakingly produces the Top 1000. “Rigorous analysis has been put into each and every company included in the magazine. Individual data points are checked and rechecked again down to the last centavo,” he said. “Our methodology and computations have been vetted by the leading auditing firms in the country.”

A GLIMPSE OF TOP 1000
The most recent Top 1000 that BusinessWorld released last year showed the impact of the COVID-19 crisis on the corporate sector in 2020.

The top 1,000 corporations’ aggregate gross revenue totaled P10.796 trillion that year, a 13.2% fall from the recorded P12.439 trillion in 2019.

Placing first among the recent edition of the top 1,000 was Manila Electric Co. (Meralco), with gross revenue of P266.055 billion in 2020. BDO Unibank, Inc. came in second with its P186.951-billion gross revenue, followed by Petron Corp. with P179.452 billion.

Looking at the performance of conglomerates in 2020, the recent top 200 ‘consolidated’ corporations saw their aggregate gross revenue drop by a fifth to P9.46 trillion from their P11.87 trillion in 2019.

Top Frontier Investment Holdings, Inc. and its subsidiaries took the first spot in the list with P774.294 billion in gross revenue. San Miguel Corp. and its subsidiaries ranked second with a gross earning of P773.569 billion, and SM Investments Corp. placed third with P396.751 billion.

Currently, BusinessWorld’s production of the upcoming Top 1000 is in progress.

“As the next edition of the Top is now under way, we are hopeful that our collection process will go smoothly barring any disruptive events (like the strict lockdowns imposed at the height of the coronavirus pandemic in 2020 that severely affected the companies’ submission of their AFS),” Mr. Amoguis said.

The next Top 1000 will cover the AFS of companies in 2021. This will give readers a picture of how the COVID-19 crisis continued affecting the business sector, according to Mr. Amoguis.

Furthermore, BusinessWorld will soon launch the Top 1000 Premium, a web app development that will provide users a digital and more interactive way to access the Top 1000 data.

BusinessWorld and brands: Evolving synergies grounded on solid trust

By Adrian Paul B. Conoza, Special Features Assistant Editor

Along with the reputation BusinessWorld has established with the business community and the general public, another contributing factor to the paper’s continuing success for 35 years is the trust it has built with top brands and advertisers.

Through the years, brands have not only regularly kept in touch with BusinessWorld for the placement of their advertisements in print and for sponsorships for in events. More recently, brands have also collaborated on projects where their messages have been amplified on BusinessWorld’s various platforms.

This growing synergy BusinessWorld has had with brands, for Executive Vice-President Lucien C. Dy Tioco, is generally built on the long-stand trust the media and content company has built for its excellence and quality in economic journalism.

“It boils down to three factors: our credibility that we have established over the years, our clout and influence over the business community, and the quality of content that we produce which is very attuned to the needs of the business community,” Mr. Dy Tioco said.

“I think one of the reasons why advertisers choose to work with us for their content over and over again is because we have managed to maintain our integrity despite the changing times. They know, respect, and value our journalism standards and editorial guidelines. There’s no need to sacrifice our own brand of integrity to better serve our advertisers,” BusinessWorld Special Features Editor Josielyn Luna-Manuel added.

These defining trademarks of BusinessWorld have been the solid convictions for Cocolife, one of the paper’s top advertisers, to let their messages be amplified through BusinessWorld’s features and platforms, as the insurer’s president Atty. Martin B. Loon, shared.

Sharing the same vision with BusinessWorld has been a solid factor for another top advertiser, Toyota Motor Philippines (TMP).

“Over the years, BusinessWorld has been one of our trusted partners in delivering information about our products and services to our customers. This partnership with BusinessWorld over 3 decades has made us achieve our common vision of helping build and transform the industry for the better,” TMP First Vice-President for Vehicle Services Operations Sherwin Chualim said in an e-mail.

“As the first Filipino-owned and ISO-certified Life Insurance company, it has been our mission to help Filipinos reach their goals, financial or otherwise, in any way that we could assist them. Needless to say, BusinessWorld shares the same sentiment as us, and they too ‘Believe in the Filipino’ as much as we do,” he said.

In addition, Jay R. Sarmiento, BusinessWorld’s sales and marketing director, credited the people in her department for making the brand partnerships and advertising deals productive for both ends.

“We have the best Sales and Marketing team who deliver what we promise to advertisers. The Sales and Marketing team, as well as the Special Features team, are organized and consistent when it comes to servicing the needs of the clients,” Ms. Sarmiento said.

Ms. Manuel described how close collaboration with advertisers has made it possible for the whole BusinessWorld Sales and Marketing department, which includes the Special Features team, to come up with projects that “help brands effectively reach out to their target market and our audience, and achieve their desired communication goals.”

“I believe that the success of the many projects we’ve done for and with the advertisers were really a result of great collaboration — from ideation to actual production and publication — between BusinessWorld and clients,” Ms. Manuel said.

“From our end, every time we get on board a client’s project, we always think that their project is our project, and their success is our success. Hence, we strive to offer them the best inputs and outputs given the time and resources that we have,” she added.

Among special projects that brands have embarked on with BusinessWorld include special editions of BusinessWorld Insights, notable of which, for Ms. Sarmiento, are those with nonprofit organization Habitat For Humanity on a “BAHAYnihan” forum; with Parkway Cancer Centre Singapore for webinars on diagnosing and treating various cancers; and a three-part Fintech Series held in partnership with the recently-rebranded Maya.

Such online fora gave the brands, through their representatives or experts, an opportunity to share information that would be relevant to BusinessWorld’s audience and even those who chance upon the webinars.

Aside from online webinars, special editions of the “BusinessWorld B-Side” podcast have been an area of collaboration for some brands like Tata Consultancy Services (TCS).

“TCS is delighted to have found a partner in an equally established and trusted brand that is BusinessWorld. It has been a joy collaborating with the different teams at BusinessWorld to share our story and guide the way for Philippine businesses to innovate for greater futures,” Michelle Bautista, marketing manager at TCS Philippines, shared.

More notably, nonetheless, brands have also tapped the capabilities of BusinessWorld for creating quality commemorative special projects.

“Personally, my favorites are the false cover we did for Asian Development Bank’s 50th Anniversary in BusinessWorld and the special 35th Anniversary Magazine of the Makati Business Club,” Ms. Manuel shared. “Our team’s hard work paid off because it’s an honor for us to be part of these two well-respected organizations’ milestones and to help them put on paper their stories about building a better future for our country.”

More recently, Mr. Dy Tioco noted that BusinessWorld plays a very important role in the PhilSTAR Media Group’s (PMG) advocacy program “Nakakalocal: Love Local, Grow Global.” The initiative, launched earlier this year, aims to promote and encourage consumers to buy local and support local businesses, particularly small and medium enterprises (SMEs), that produce great products.

“Nakakalocal” maximizes PMG’s assets, including BusinessWorld, for a noteworthy advocacy. Moreover, the initiative is supported by the country’s biggest corporate institutions, which paves the way for creating a vast support ecosystem for Filipino SMEs.

“Our newest advocacy is very well-received by brands. They see several areas of collaboration that we can do together. And the wonderful thing about those collaborations is that there’s really a common goal. It’s not just serving one brand or the other, but it’s really about serving a common goal of trying to uplift the economy by helping our SMEs and inspiring people to really start their own business,” Mr. Dy Tioco, who also serves as PMG’s executive vice-president, shared.

For the years ahead, as new platforms for informing and engaging the business community have been productively explored, BusinessWorld looks forward to further collaborating with brands and help get their messages across meaningfully.

“We are open for collaboration; we can create content for them online and offline. We can explore a lot of possibilities,” Ms. Sarmiento said.

Thanking partners for the trust and confidence they have given to BusinessWorld, Mr. Dy Tioco said that the trusted media company will continue to be with them as they move forward, step by step, to the continuous transformations they are embarking on.

“Whatever crisis or success that you are going through, BusinessWorld will always be there for you,” Mr. Dy Tioco said.

BusinessWorld to find future home in PhilSTAR Media Group’s new building

ARTIST'S PERSPECTIVE of the new PhilSTAR Media Group building.

By Chelsey Keith P. Ignacio, Special Features Writer

A new, modern office building will rise next year in Sucat Road, Parañaque City, where BusinessWorld will find its future home.

From its present home in Quezon City, BusinessWorld’s office and printing facilities will move to the new PhilSTAR Media Group building, now joining its sister publications in one facility.

BusinessWorld currently resides at Raul L. Locsin Building in New Manila, its office named after the newspaper’s founder.

“There’s nothing wrong with our present office,” BusinessWorld President and Chief Executive Officer Miguel G. Belmonte said in an interview. “In fact, the office was designed by National Artist [for Architecture] Leandro Locsin. So, our office in Quezon City is actually very nice.”

Nonetheless, the company’s move with some other newspapers under PhilSTAR Media Group to a single building could also bring further benefits to the group.

According to Mr. Belmonte, the main reasons behind the idea of housing PhilSTAR Media Group offices and printing facilities in one place are “efficiency, synergy, integration, and practical purposes.”

“The biggest benefit of all of our media outfits being in just one building is number one, synergy. There are so many areas that there’s some level of duplication, and nowadays, we have to try to be as efficient as we possibly can because the more efficient you are, the less costly also to operate,” he explained.

Joining BusinessWorld in the new building are The Philippine STAR, Pilipino Star Ngayon, Pang Masa, and the different digital properties of the PhilSTAR Media Group. The Freeman and Banat News offices, and printing facilities will continue operating in Cebu.

By having the PhilSTAR Media Group work together in one home, Mr. Belmonte expects collaboration to become easier and camaraderie to be cultivated among the group.

“When we’re all in the same facility, it’s going to be so easy for editors to communicate with each other and help each other out if necessary. And it goes the same for all departments,” he said. “So, being in one office building will make our working together so much easier.”

“And, of course, I’m hoping that it also gives us a better opportunity to develop our camaraderie amongst each other,” he continued. “It would be nice if our employees at the STAR, Pilipino Star Ngayon also get to know our staff members in BusinessWorld and vice versa. So, you try to develop a ‘one big, happy family’ kind of atmosphere. There’s a better chance of us achieving that if we’re all together in one facility.”

THE DESIGN IN MIND
The new PhilSTAR Media Group Building is designed to provide a relaxing work environment for the employees and reflect the STAR’s past and principles.

The construction of the four-storey office building started in March last year, according to Mr. Belmonte. It was initially about to begin in 2020 but got delayed due to the COVID-19 lockdown.

Since the design of the building was already done before the pandemic, the concept of working from home was not yet thought of at that time and thus designed for the staff to be based in the office, said Mr. Belmonte. “Although even back then, we had already come up with a design where there’s a lot of areas for relaxation, leisure, [and] interaction,” he said.

“Now that the pandemic did hit us and we’ve learned a lot of things since then, the setup is going to be even more relaxed. We’ll still be continuing with certain work-from-home arrangements,” he added. “Our desire for all our staff to have a more healthy and more less strenuous and stressful work-and-life balance, we want to promote that as much as we can, especially when we move into our new office. So we’re looking forward for it to be a more homey, more comfortable, and less stressful environment for everybody.”

One of the features of the building is the 13th Street Café, which got its name from the STAR’s old address in the Port Area. This reference is also merely one of the new buildings’ features that is inspired by the STAR’s story.

“We see interior design as a form of storytelling. We celebrate the STAR’s history with nostalgic references in the details,” Disenyo Espasio’s Catherine Pascual, lead interior designer, told the STAR. “We also injected the personality and character of the STAR through raw and industrial elements, a subtle nod to where it all started — the printing press.”

As they design the interiors of the new office, the designers have the image of Old Manila in mind, seeing that the old PhilSTAR offices reside in the Port Area.

Ms. Pascual also shared that their work was influenced by National Artists Jose Maria Zaragoza and Leandro Locsin with their modern and brutalist influences.

The new building also honors STAR founder Betty Go-Belmonte by naming the library of the paper’s archives after her.

“We worked closely with the building architects in telling Philippine STAR’s story. We were inspired by what the paper stands for: truth, transparency, and transcendence. We wanted to reflect these values as design tenets. We wanted to give the people of Philippine STAR an environment that can truly inspire them,” Ms. Pascual added.

The new PhilSTAR Media Group building is more than 50% done, according to Mr. Belmonte. And if all goes in line with the schedule from now on, BusinessWorld and its sister publications are expected to be able to move into their new offices by the middle of 2023.

“Based on my last visit, [the office building] looks very promising,” shared Mr. Belmonte. “I can already envision how it will look in the future.”

Stories from BusinessWorld’s most loyal employees

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

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

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

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

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

Hilario T. Matundan
Production Coordinator

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

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

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

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

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

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

Wilfredo G. Reyes
Editor-in-Chief

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

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

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

Alicia A. Herrera
Associate Editor

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

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

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

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

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

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

Marissa B. Diana
Senior Research Assistant

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

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

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

Arlet S. Laurente
Senior Editorial Assistant

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

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

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

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

Testimonials from BusinessWorld partners and clients

Asia Society Philippines

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

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

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

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

Bank Marketing Association of the Philippines

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

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

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

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

Once again, congratulations and more power!

European Chamber of Commerce of the Philippines

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

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

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

Florian Gottein
Executive Director

Makati Business Club

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

Management Association of the Philippines

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

Rogelio L. Singson
President

Philippine Chamber of Commerce and Industry

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

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

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

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

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

Again, congratulations and mabuhay tayong lahat.

George T. Barcelon
President

Philippines Franchise Association

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

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

Again, our heartfelt congratulations!

Sherill Quintana, CFE
Chairman

Chris Lim, CFE
President

Philippine Retailers Association

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

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

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

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

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

Ardent Communications, Inc.

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

IPG Mediabrands Philippines

Congratulations BusinessWorld!

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

Tricia Camarillo-Quiambao
Chief Executive Officer
Mediabrands Philippines

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

XANDREASWORK-UNSPLASH

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

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

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

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

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

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

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

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

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

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

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

Ukraine suggests partisans behind blasts at Russian airbase in Crimea

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

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

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

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

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

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

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

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

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

 

NUCLEAR RISK

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

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

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

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

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

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

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

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

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

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

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

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

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

STOCK PHOTO | Image by Ally Thomas from Pixabay

WASHINGTON, Aug 9 (Reuters) – Bipartisan legislation has been introduced in both houses of U.S. Congress to establish a path to American citizenship for thousands of Afghan evacuees admitted to the United States on temporary immigration status, the sponsors announced on Tuesday.

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

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

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

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

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

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

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

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

Former Twitter employee is convicted in Saudi spy case

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

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

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

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

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

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

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

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

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

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

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

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

STOCK PHOTO | Image by PublicDomainPictures from Pixabay

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Meralco empowers corporate customers to utilize automatic payment with partner banks

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

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

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

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

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

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

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

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

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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