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Infosec leaders decode the new workspace and revolutionize opportunities in the Metaverse at ISOG’s 2nd Cybersecurity Forum 2022

True to its vision of ensuring cybersecurity in the Philippines, the Information Security Officers Group (ISOG) conducted the second installment of its 2022 virtual Metaverse forum series on June 23.

Anchored on the overall theme of “Traversing Beyond the Realm of Cyberspace”, the 2nd Metaverse forum focused on the discussions of the adjustment of each enterprise in the new norm and the measures being done in the integration of the metaverse in their operations. The virtual forum presented diverse and radical insights and significant business opportunities and solutions from great minds.

“This forum underscores our initiative and effort to design, create, and sustain a unified solution in the undertaking of metaverse in the banking industry. We continue to collaborate with our partner institutions and stakeholders to address concerns and promote safe and effective use of the metaverse for business,” said Archie Tolentino, ISOG President and Landbank of the Philippines’ Chief Information Technology Security Officer.

Joining this virtual forum are distinguished field experts, decision-makers, and cyber leaders including banking Metaverse pioneer in the Philippines, Union Bank Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Rhoel Aguda.

Cybersecurity professionals also gained insights about the Data Reliability & Accessibility within the Security Framework delivered by Arnie Alvarez, the Chief Technology Officer and IT Director of the Enterprise Business Group of Huawei Technologies Philippines. They also gained perspectives on the Bangko Sentral ng Pilipinas (BSP) ‘Financial Services Cyber Resilience Plan presented by Mhel Plabasan, chief person for the agency’s supervision of technology and cybersecurity risk including emerging technologies.

Forum delegates were imparted a knowledge of the concept and implications of the Metaverse and the significance of artificial intelligence in ensuring cyber security through the presentation of Tony Jarvis, Director of Enterprise Security (APJ) of Darktrace. Meanwhile, Palo Alto Network’s Field Chief Security Officer Ian Lim tackled Zero Trust as a guiding principle in securing an organization’s journey into the Metaverse. More exciting Metaverse topics were presented by Exceture’s Chief Information Security Officer and Head of Information Technology Consulting & Software Engineering Mario Demarillas, and BlueVoyant’s Chief Operating Officer Tal Blaustein.

Forum delegates were also engaged with a comprehensive panel discussion entitled “Decoding the New Workspace in the Metaverse”. It was an avenue where industry experts addressed concerns and queries about the virtual presentations. Joining the first panel were Unionbank’s Henry Aguda, Darktrace’s Tony Jarvis, BSP’s Mhel Plabasan, and Huawei Technologies Philippines’ Arnie Alvarez. The second panel discussion with the topic “The Metaverse: Revolutionizing Opportunities” was headlined by Palo Alto’s Ian Lim and Exceture’s Mario Demarillas. Both panels we’re moderated by SQrity Consulting CEO & President, Ricson Singson Que.

“To make the most of the opportunities in the Metaverse without sacrificing any aspect of the business, it is crucial for information security professionals to be equipped with the right knowledge of this new digital ecosystem. Rest assured that ISOG will support them as they continue protecting the cyberspace,” said ISOG’s Vice President Chito Jacinto.

The second installment of the virtual cybersecurity forum was supported by the Bangko Sentral ng Pilipinas, Bankers Association of the Philippines, National Privacy Commission, and the Department of Information and Communications Technology. The last two virtual forums of this series are slated on July 21 and September 1.

Since 2015, ISOG has been organizing programs and events to strengthen cybersecurity awareness and secure network infrastructure in the Philippines. For more details about ISOG and their campaigns, visit ISOG’s official website at www.isog-org.ph and socials at LinkedIn: ISOG (Information Security Officers Group), Facebook: ISOGPH, and YouTube Channel: ISOG SUMMIT.

 

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[B-SIDE Podcast] Upskilling for the digital job market

Follow us on Spotify BusinessWorld B-Side

The Filipino workforce is gradually adapting to a work environment that has been changed forever due to the pandemic. Career fairs and upskilling programs have emerged to address accelerated digitalization and automation.

In this B-Side episode, JobStreet Philippines country manager Philip A. Gioca talks to BusinessWorld reporter Brontë H. Lacsamana about how adapting to the ever-evolving employment landscape is a race against time that threatens to leave many behind.

“Early movers and fast movers are becoming the real deal nowadays,” he said.

TAKEAWAYS 

Benefits need to be adjusted to the changing economy.

Because work-from-home and hybrid set-ups have muddled the lines between one’s work space and personal space, stress from a job and accompanying mental health support (or lack thereof) are now extra considerations that jobseekers consider.

“Now, the benefits have changed to internet subsidy, working freely — meaning flexible in terms of working, in terms of shifts, in terms of timing. [Employees] would also like additional healthcare benefits not just to cover themselves but also to cover the family,” he said.

By understanding what’s worth the while and effort of employees, companies will be more able to attract talents due to an employee-centered work environment, he added.

Future-proof the workforce to withstand automation.

JobStreet’s 2021 study with Boston Consulting which decoded global talent found that customer service and administration roles may be obsolete in the next 3 to 5 years.

“You need to prepare for contingencies for your employees because, sooner or later because of digitalization and automation, those roles will diminish,” said Mr. Gioca.

Upskilling, reskilling, and digital learning must be pushed for the job market to keep up with the times, he said.

While industries like information technology (IT), healthcare, and science quickly did this, others are still struggling.

Jobseekers can also easily access platforms like YouTube, Go1, Coursera, and FutureLearn, due to companies and institutions being aware of the upskilling need.

Don’t forget soft skills.

Soft skills like teamwork are in demand due to limited face-to-face interactions, according to Mr. Gioca.

Critical thinking and active learning skills, for instance, help build an environment where teams easily learn new technologies and eventually better connect with others online.

“How do you now monitor just at home looking after your teams? How do you problem-solve? These are the things now that are very important,” Mr. Gioca said.

Recorded remotely in June 2022. Produced by Earl R. Lagundino and Sam L. Marcelo.

Follow us on Spotify BusinessWorld B-Side

Manila BAYani Awards 2022

The Department of Environment and Natural Resources (DENR) has given recognition to volunteers and partners who had significant contribution to the cleanup and rehabilitation of Manila Bay during the “Manila BAYani Awards” ceremony on June 14, 2022 at the Diamond Hotel in Manila. The signatories of the award are the International Council for Environmental Law (ICEL), the DENR, Normandy Chair for Peace, the Institute for Governance and Sustainable Development (IGSD), Asia Pacific Center for Environmental Law and Juliana Oposa.

DENR Acting Secretary Jim O. Sampulna led the recognition of local government units   (LGUs), private organizations, river rangers, and individuals in Metro Manila, Central Luzon and Southern Luzon for their active participation in the Manila Bay rehabilitation program. Acting Secretary Sampulna also attributed the success of the Manila Bay Rehabilitation Program to the “strong will” of President Rodrigo Roa Duterte to accomplish a monumental task. “We would not have accomplished our task without the people and organizations who helped us as we journey along our rehabilitation and cleanup efforts. We have a lot of heroes amid all this,” Sampulna added.

Senator Cynthia Villar was specially cited in gratitude by the DENR as one of the recipients of the “Manila BAYani Award” in recognition of her efforts as the Chair of the Senate Committee on Environment because of her persistence in strongly reminding the concerned agencies to do their job as mandated by the Supreme Court under the continuing mandamus to clean the Manila Bay issued on December 18, 2008. The continuing mandamus compels the DILG, DENR and 11 other national agencies (NGAs) to rehabilitate and preserve the Manila Bay to make it fit for swimming, skin diving, and other forms of contact recreation in its waters. Based on the Order, the government agencies were given 10 years to rehabilitate Manila Bay.

Senator Villar was also recognized for her efforts in physically initiating the cleaning of Baseco Compound, in Barangay 649, Gasangan, Zone 68, Port Area, Manila which she started in 2015 thereby boosting environmental awareness among Filipinos.

She did monthly clean up and tree-planting activities as well as the construction of toilets and establishment of various livelihood projects for the residents.

Senator Cynthia Villar in addressing the poor sanitary conditions of the people who have no access to toilet facilities in Baseco, she has tapped the help of the DOH, DSWD, the City of Manila and Maynilad together and launched the “Zero Open Defecation for Baseco Compound” project in May 2017. She initiated the paving of the street and built a communal septic tank. She also sought the commitment of authorities for the regular collection of garbage to prevent solid waste accumulation in Manila Bay. In a bid to turn the compound into a model community rehabilitation project and site for urban agriculture and aquaculture, she asked the help of the Bureau of Soils and Water Management (BSWM) to establish urban gardens which have been the source of vegetables for residents’ own consumption and livelihood. Recycling projects were also initiated in the area provided by the Pasig River Rehabilitation Commission.

Together with the residents of Baseco, mangroves were also planted in the area to serve as natural barriers that will protect the community in the event of storm surges. The Baseco compound is located near the sea wall of Manila Bay, making it vulnerable to flooding and storm surges during typhoon. Aquaculture was also introduced in the area with the help of Bureau of Fisheries and Aquatic Resources (BFAR) who provided the training and distribution of fishing boats and tri-bikes to the residents.

The Senator has always mobilized other sectors in helping Baseco such as partner-organizations namely Department of Health, Department of Social Welfare and Development, Department of Public Works and Highways, Department of Environment  and  Natural  Resources,  Bureau  of Fisheries  and  Aquatic  Resources,  Bureau of  Soils and Water Management, Department of Education, Metropolitan Manila Development Authority, Maynilad, Kabalikat sa Kaunlaran ng Baseco, MBC-DZRH, and Gasangan barangay officials.

It may be recalled that on Dec. 18, 2008, the Supreme Court issued a Continuing  Mandamus  on  Manila  Bay  (G.R. 171947-48)  directing  13  government agencies to clean up, rehabilitate, and preserve Manila Bay, and restore and maintain its waters to class “B” level to make them fit  for swimming, sky-driving and other forms  of  contact recreation.  The  13 agencies involved are:

  1. DENR
  2. DILG
  3. DepEd
  4. DOH
  5. DA
  6. DPWH
  7. DBM
  8. Philippine Coast Guard (PCG)
  9. Philippine National Police-Maritime Group
  10. Philippine Ports Authority (PPA)
  11. Metropolitan Manila Development Authority
  12. Metropolitan Waterworks and Sewerage System (MWSS
  13. Local Water Utilities Administration (LWUA)

Among those who also received the Manila Bay Awards were:

  1. Former DENR Secretary Roy A. Cimatu
  2. Former MMDA  Chair Danilo Lim
  3. Manila Mayor Francisco “Isko Moreno” Domagoso
  4. Cavite Gov. Jonvic Remulla
  5. Senator-elect and former DPWH Sec. Mark Villar
  6. NIA Senior Deputy Administrator and former DENR Undersecretary Benny D. Antiporda
  7. Environmental lawyer Antonio Oposa Jr.
  8. Atty. Rita Linda V. Jimeno
  9. Congressman – Elect Edward Hagedorn

Also recognized during the event are the: Villar SIPAG Foundation, Wild Bird Club, Asian Terminal Inc., Brgy. 412 in Sampaloc, Manila, environmental planner Jason Villeza, the “river rangers” of Bacoor City, Cavite City, and the municipalities of Naic, Kawit, and Noveleta in the province of Cavite.

Among the LGUs includes: Balanga Bataan; Palayan, Nueva Ecija; Sasmuan Pampanga; Marilao Bulacan and the Environment and Natural Resources Office of the Provincial Government of Pampanga.

 

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Axelum Resources Corp. to conduct annual stockholders’ meeting on July 29 via remote communication

 

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Planning for Canada – Philippines In-person Group Orientation (GO) sessions are now open for registration

Former client, Jennifer Pacquing on her experience with Planning for Canada services.

Planning for Canada – Planifier pour le Canada (PfC) is pleased to announce the resumption of its ‘In-person Group Orientation (GO) sessions’ starting July 4th, 2022 in Makati City. PfC’s pre-arrival services are free and are available to all economic class immigrants already selected by the Government of Canada (Immigration, Refugees and Citizenship Canada), including their spouse and adult dependents, as well family class immigrants.

Former Planning for Canada client, Jo Anne Ocampo shares her tip for future newcomers.

To register for our free pre-arrival services, visit https://2register.planningforcanada.ca/register/

In 2020, in response to the pandemic, all sessions were offered online. Starting July 4th 2022, our GO sessions will be available both in-person and online.

Planning for Canada helps immigrants who have been already selected by the Government of Canada prepare for the move, settlement, and employment in Canada through a three-step program:

Step 1: A Group Orientation (GO) session, provides key information on living and working in Canada;

Step 2: A Personalized Planning Session (PPS) to discuss main settlement and employment needs and assets. By the end of the PPS session, immigrants will have a personalized Action Plan based on the province of destination and intended occupation;

Step 3: Connections to our in-Canada advisors who will provide tailored pre-arrival settlement and career support based on the specific destination and occupation.

The live, interactive, and personalized services provide relevant and up-to-date information for Filipino immigrants to better prepare for life and work in Canada.

If you already have a permanent resident visa, Planning for Canada is here to help you and your family prepare for your move to Canada months or weeks before you leave the Philippines. Register with us today!

For more information on PfC, visit www.planningforcanada.ca or email us at philippines-info@planningforcanada.ca.

 

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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Full liberalization of RE market sought

A WIND FARM is seen in Pililia, Rizal, April 25, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

THE INCOMING Marcos administration should consider the full liberalization of the renewable energy (RE) sector as part of the government’s efforts on climate change mitigation, Socioeconomic Planning Secretary Karl Kendrick T. Chua said on Monday.

“We are trying to fully liberalize all renewable energies; tidal, solar, and wind. In fact, the Economic Development Cluster has a resolution pushing for that. That will, I think, create a better balance between the dirty sources of energy and the cleaner ones,” he said at a briefing on Monday.

Energy officials previously said new laws may be needed to relax the foreign ownership restrictions for wind and solar projects.

In 2020, the power generation mix in the Philippines was 57% from coal-fired facilities, 21% from renewable energy, 19% from natural gas, and 2% from oil.

Mr. Chua, who steps down from his post on June 30, also expressed support for the new law aimed at regulating and developing the country’s electric vehicle (EV) industry.

“(The) electric vehicle law which will help us shift to cleaner electric vehicles rather than gasoline or diesel ones,” the National Economic and Development Authority (NEDA) director-general said.

Mr. Chua also backed the imposition of a tax on single-use plastics.

The Department of Finance (DoF) had proposed a P20 excise tax per kilogram of single-use plastics under package 1 of the fiscal consolidation plan, which is aimed at generating fresh revenues amid the country’s record-high debt.

During the same briefing, NEDA Undersecretary of the Regional Development Group Mercedita A. Sombilla presented recommendations to accelerate climate action, such as ensuring new programs and policies “support climate-resilient and low-carbon development,” and boost awareness on climate change in local communities.

She also proposed scaling up mobilization of climate finance and strengthening institutional capacity to track these climate finance flows.

“The tight fiscal space does not preclude the government from implementing climate change adaptation and mitigation actions,” Ms. Sombilla said.

“While we’ve continued to make use of government’s limited resources to fund development projects including infrastructure, social protection, and agriculture, we can already make adjustments as early as the design phase to make the projects more climate and disaster resilient without incurring significant additional economic costs due to avoided losses and damage.”

Ms. Sombilla said the government can also maximize the benefits of these projects by reducing or eliminating any greenhouse gas emissions.

Under the Paris Agreement, the Philippines committed to reduce greenhouse gas emissions by 75% by 2030.

The Philippines is ranked fourth most affected by impacts of climate-related extreme weather events, according to the 2021 Climate Risk Index.

“There are many things that do not require money, but a change of behavior and a better understanding of the consequences of inaction,” Mr. Chua said.

Climate change and smart infrastructure are expected to be part of the next Philippine Development Plan, which will be crafted under the next Socioeconomic Planning Secretary Arsenio M. Balisacan.

“Secretary Balisacan really recognized this because he has been alluding to including climate change as a particular challenge in all the development activities that we will be doing,” Ms. Sombilla said.

NEDA’s climate change priorities also include helping local government units develop climate-risk informed local land use and development plans, and pushing for the passage of the National Land Use Act. — Diego Gabriel C. Robles

BSP may need to be more hawkish to curb inflation

Fuel retailers will roll back the pump prices of petroleum products on Tuesday. — PHILIPPINE STAR/ WALTER BOLLOZOS

THE PHILIPPINE central bank should deliver more aggressive rate hikes in order to curb inflation that is now expected to reach 5% this year, economists said.

The Bangko Sentral ng Pilipinas (BSP) on June 23 raised its benchmark rate by another 25 basis points (bps), bringing it to 2.50%. Interest rates on the overnight deposit and lending facilities were also hiked by 25 bps to 2% and 3%, respectively.

“A more aggressive stance from BSP may help allay concerns about runaway inflation expectations. Monetary policy adjustments operate with a lag and thus we believe front-loaded action would be more beneficial than gradual rate increases,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

The BSP can also help combat demand-side pressures and mitigate the impact from second-round effects such as wage and transport fare hikes, he added.

“Lastly, an aggressive rate hike could help calm frayed nerves and mitigate inflation expectations,” Mr. Mapa said.

In a note, Fitch Solutions said it expects the central bank to raise its policy rate to 3.25% by the end of the year, up from its previous forecast of 2.75%.

“Over the coming months, mounting inflationary pressure and rising global interest rates will prompt the BSP to adopt a more hawkish stance in our view,” it said on Monday.

Fitch Solutions also noted the “ongoing robust economic recovery,” as seen in the first quarter, gives the BSP more room to tighten its monetary policy.

Inflation averaged 4.1% in the first five months of the year, exceeding the BSP’s 2%-4% target after quickening to a three-and-a-half-year high of 5.4% in May.

The BSP raised its average inflation forecast for this year to 5%, from 4.6% previously, to reflect the continued rise in oil and commodity prices.

For 2023, the inflation forecast was adjusted to 4.2% from 3.9% previously. Average inflation is expected to decline to 3.3% in 2024.

Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message that he now sees inflation averaging higher, around 5.1%, this year due to the wage hikes, sugar shortage and more expensive rice production.

“So faster inflation, and non-aggressive response, authorities may be seeing a long transitory inflation view and an aggressive fiscal response is underway. There also seems to be a bias for a weak PHP (Philippine peso),” Mr. Roces said.

“So there is scope for more aggressive hikes should the inflation situation get more tenuous,” he added.

Fitch Solutions also revised its inflation forecast to 5% this year, from 4.5% previously, due to supply-side problems and higher commodity prices.

“Over the coming months, we expect inflation to remain elevated relative to historical levels owing to high energy and grains prices as well as a weaker Philippine peso exchange rate, which will drive imported inflation,” Fitch Solutions said.

The local unit closed at P54.78 against the US dollar on Monday, gaining 20.5 centavos from its P54.985 finish on Friday, data from the Bankers Association of the Philippines showed.

During Monday’s trading, the peso sank to as low as P55.15, the weakest since Oct. 27, 2005.

“The tightening of global monetary conditions has exerted significant downside pressure on PHP and this will also likely prompt the BSP to hike interest rates to prevent the currency from weakening too much,” Fitch Solutions said.

The peso’s decline in the past weeks was due to a stronger dollar as a result of a more aggressive tightening by the US Federal Reserve.

“As long as market feels assured that the (Federal Open Market Committee) will continue tightening more aggressively than the BSP, PHP depreciation pressure will likely persist to keep imported inflation, not just from food, elevated,” Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said in a Viber message.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the BSP may not need to be aggressive at this time.

“At a 3.5% (minimum expectation), the BSP is still within our expectation and may not need to be “more aggressive” (not also to take its sweet time), but to stay the course to adhere to its main mandate of price stability,” Mr. Asuncion said.

The BSP will have its next policy review on Aug. 18. — Keisha B. Ta-asan

How Filipinos are tightening their belts amid soaring prices

COMMUTERS pay for their ride at a jeepney terminal along Visayas Ave. in Quezon City, March 16. — PHILIPPINE STAR/ MICHAEL VARCAS

By Arjay L. Balinbin, Senior Reporter

FILIPINOS are now experiencing a sharp and sustained rise in prices of food, fuel, electricity and almost everything else.

As inflation hits Filipinos’ wallets, many are now looking for ways to stretch their hard-earned peso as far as they can.

Mayzel D. Revuelto, a 33-year-old call center agent, was shocked to see her electricity bill hit P1,200 in May — a 50% increase from the previous month’s P800 bill.

“It seems that everything has become even more expensive,” the resident of San Mateo, Rizal said in Filipino in a phone interview. “The price of the 2.7-kilogram (liquefied petroleum gas) we buy every month has gone up to P270 from P190. Our P1,500 budget for groceries for two weeks before is now just enough for one week.”

Inflation hit a three-and-a-half-year high of 5.4% in May, breaching the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target band.

Inflation is expected to continue to accelerate amid higher forecasts for global oil and commodity prices, and the approved provisional jeepney fare hike. The BSP raised its average inflation projection for this year to 5% (from 4.6%) and for 2023 to 4.2% (from 3.9%).

A small family with an eight-year-old child, Ms. Revuelto and her husband, who works part-time, are now looking for other sources of income.

“We have no choice but to tighten our belts during these hard times,” she said, adding that she had to dip into her savings to make ends meet.

Reynald B. Imperial, a 26-year-old salesman at an electronics store in Marikina City, said he decided to leave his apartment in February and move in with his uncle’s family to save on rent.

Mr. Imperial, who benefited from the recent increase in daily minimum wage, said he noticed a “slight” increase in electricity and water bills to P900 (from P800) and P500 (from P300), respectively.

To cope with the soaring prices, Mr. Imperial said he stopped buying clothes from pricey online stores and instead, orders on Shopee. He also walks to work, allowing him to save P20 per day on jeepney fare.

“I expect — but not too much — another wage increase so I can save more for the future,” he said.

WAGE HIKE NOT ENOUGH
Laban Konsyumer, Inc. President Victorio Mario A. Dimagiba offers pragmatic advice for consumers during these hard times.

“What will consumers do to cope with these price increases? I believe consumers just need to use their inner gut feel… If the consumers cannot afford to buy the item, then don’t buy it,” he said in a statement.

He said the P33 hike in daily wages in Metro Manila was not felt by the laborers due to the “big-time” fuel price hikes. Commuters also had to pay a peso more for jeepney fares.

Oil companies on Monday announced another round of hikes, P0.50 per liter for gasoline and P1.65 per liter for diesel.

Since the start of 2022, per-liter prices of gasoline, diesel, and kerosene have gone up by P28.70, P41.15, and P37.95, respectively, as of June 14.

Ding Q. Antonio, a 39-year-old Quezon City resident, drives a jeepney at night but the soaring price of diesel has made it difficult to earn enough for his family’s daily needs. He used to earn around P700-P800 a night, but this has now fallen to around P400-P500 a night.

So, he started working as a construction worker during the day, earning P500 per day or P3,000 per week.

“I have no choice but to do two jobs every day, because I can’t support my family just by driving a jeepney,” he said in Filipino.

Mar S. Valbuena, president of the Samahang Manibela Mananakay at Nagkaisang Terminal ng Transportasyon, said the minimum jeepney fare should have been raised to P15 instead of P10. 

“Not all of us benefited from the service contracting program. It would have been a big help for all transport workers if they raised the fares for all modes of public transportation,” he said in a phone interview.

CHANGING JOBS
Anicito Z. Lagos, 46, quit his job as a taxi driver and will start a new one as a family driver on July 1. As a taxi driver, he typically spends P1,800 on fuel and P850 for the operator per day, so he takes only around P600, less than half of the P1,400 he would earn before the pandemic.

A breadwinner, Mr. Lagos said daily survival requires “diskarte” since he sends money to his wife and four children in Bohol.

“I told them that we need to tighten our belts because it’s now very difficult to earn money in Manila. I used to send home at least P700 a day, now I’m happy if I’m able to send P350 to P400, but most of the time P250,” he added.

Mr. Lagos said working as a family driver is his best option, as he will have a fixed salary, meals and accommodation.

For now, he asks for tips from his passengers. “I think they understand my situation.”

The Philippine National Taxi Operators Association has been asking the government to increase the flag-down rate to P60 from the current P40.

“Many fleet operators sold their units already due to pandemic restrictions and driver shortage,” Jesus Manuel C. Suntay, president of the association, said in a phone interview.

‘BAWAS-DAGDAG’
Wealth coach and book author Chinkee Tan said there are two ways for Filipinos to cope with the higher cost of living.

“It’s through using the ‘bawas-dagdag’ (reduce-add) method,” he said in a phone interview. This involves cutting back on unnecessary expenses and prioritizing what one really needs.

Mr. Tan said it is important right now to be more practical. “Rather than looking for branded things, you might look for alternatives that are less expensive… Look for cheaper ways to do things,” he noted.

Filipinos also need to save more, especially for emergency funds that cover at least six months of their living expenses.

“Because of the pandemic, we may never know, hopefully not, that there will be another surge… Once it persists, there will be some limitations again and, at the same time, some people will have a problem earning on a daily basis,” Mr. Tan said.

Filipinos should also consider other ways to augment their income, such as online gigs such as writing, graphic design or video editing, he said.

For people who are entrepreneurial, he recommended getting into the food business.

“They can start cooking at home and sell it. They can also look at the health and wellness industry, because health and wellness products are among the easiest products to sell right now due to the pandemic,” Mr. Tan said.

MPIC enters agribusiness, takes 51% of dairy firm

By Arjay L. Balinbin, Senior Reporter

LISTED conglomerate Metro Pacific Investments Corp. (MPIC) announced on Monday that it signed an agreement with the Magsaysay-led Carmen’s Best Group, with the former acquiring a 51% stake in the dairy company.

MPIC seeks to help the country reduce its reliance on imports, including dairy products, said Manuel V. Pangilinan, MPIC chairman, president, and chief executive officer, during a press briefing.

“Carmen’s Best concept has always been to start from the farm all the way to consumers. That’s the kind of model we would like to see,” he added.

MPIC entered into a partnership with the Carmen’s Best Group, which consists of Carmen’s Best Dairy Products, Inc., Carmen’s Best International Dairy Co., Inc., Real Fresh Dairy Farms, Inc., and The Laguna Creamery, Inc., as it hopes to “further develop and expand the operations of its dairy farm and dairy products manufacturing facilities,” the company said in a statement.

The group is the maker of Carmen’s Best Ice Cream and the Philippines’ only locally pasteurized and homogenized fresh milk, Holly’s Milk.

“Under the partnership, the Carmen’s Best Group will integrate its assets and operations into The Laguna Creamery, Inc. (TLCI), with MPIC owning a 51% equity interest in TLCI and the Carmen’s Best Group retaining a 49% equity interest,” MPIC added.

June Cheryl A. Cabal-Revilla, MPIC’s chief finance, risk, and sustainability officer, said at the briefing that the listed company will be investing P198 million in TLCI. The transaction values Carmen’s Best at P288 million.

“The agricultural sector presents a wide range of possibilities that can help us achieve several goals — to strengthen the food supply chain and augment the accessibility of resources for all Filipinos as well as provide more opportunities for growth in an otherwise underserved business,” Mr. Pangilinan said.

“Ultimately, the country should aim for substantial independence in food. And we must feed our people first,” he added.

MPIC and Carmen’s Best intend to transform TLCI into a fully integrated dairy business.

TLCI will serve local demand and eventually compete globally, according to MPIC.

“Carmen’s Best has always had family at the heart of its brand — from the humble beginnings of my father and his friend’s dairy farming project, to the touch of creativity I added to turn it into a modest ice cream business,” said Francisco Delgado Magsaysay, Carmen’s Best’s chief executive officer.

“This union makes us appreciative that MPIC sees the value of what we already built, while also elevating Carmen’s Best to a level beyond what we envisioned,” he added.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT Inc.

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

PXP Energy needs protection in exploring WPS — Pangilinan 

PXP Energy Corp. will need protection from the government if it resumes oil and gas exploration in the disputed waters of the West Philippine Sea (WPS), its chairman said on Monday.

“Even with the best of intentions on our part, because we want to continue with our work program precisely to determine once and for all if there’s gas in the area, eh kung pipigilan ka naman ng outside forces, anong magagawa namin? (if outside forces stop us, what can we do?),” Manuel V. Pangilinan told reporters on Monday.

“Who will protect us? We are a private sector company. Those boats are leased by us, those are not Filipino-registered boats,” he added.

PXP Energy and its subsidiary Forum (GSEC 101) Ltd. have put on hold activities for two petroleum exploration service contracts as directed by the Energy department until the issuance of the “necessary clearance to proceed.”

PXP Energy is the operator under Service Contract (SC) 75 and Forum is the operator under SC 72.

Foreign Affairs Secretary Teodoro L. Locsin, Jr. last week announced the termination of joint oil and gas negotiations with China.

“We need to determine whether there’s gas in the area because it’s very important to the country especially because of what’s happening in the country if we really mean to attain some degree of energy independence,” Mr. Pangilinan said.

SC 75 was awarded by the Department of Energy (DoE) on Dec. 27, 2013 and covers an area of 6,160 square kilometers in the offshore northwest Palawan basin.

On Sept. 9, 2015, the department granted force majeure to SC 75’s work commitments effective December of that year until the DoE notifies PXP Energy to resume its petroleum exploration-related activities.

“If there’s no gas there, maybe the degree of difficulty will be lessened. Kung walang pag-aawayan, eh di (If there’s nothing to dispute about then) we assert. If China wishes to assert, eh di ganon na lang. Pero kung may energy doon, dapat pag-usapan, (then that’s it. But if there’s energy there, then we need to talk) whoever with — foreign partners, China,” Mr. Pangilinan said.

“As recent as April this year, we have several boats out there. Non-combatant boats doing survey works, principally with ecological objectives in mind to determine where to drill, where to work on, and identify suitable site to work on,” he added.

Mr. Locsin noted that despite attempts to reconcile issues in the disputed sea, not much has changed.

“I tried for three years to come to an agreement to facilitate exploration for and exploitation of oil and gas in the West Philippine Sea,” he said in a speech, referring to areas of the waterway within the country’s exclusive economic zone. “We got as far as it is constitutionally possible to go.” — Arjay L. Balinbin

GCash to further expand financial services

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MYNT (Globe Fintech Innovations, Inc.) announced on Monday that it will be introducing four more insurance packages in the third quarter.

GCash, which is operated by Mynt, aims to expand its financial services, especially for young professionals and micro, small, and medium enterprises (MSMEs), GCash officials said during a press briefing.

Set to be launched in the third quarter are education, variable universal life (VUL), travel, and business insurance products, the company said.

“Most Filipinos realized they need insurance when it is too late. Now, a recent study by the Philippine Life Insurance Association in April 2022 showed that more and more Filipinos are open to availing of insurance. In fact, 67% of the Filipinos surveyed are open to buying health insurance products because of the pandemic,” GCash Vice-President and Head of New Business Neil Trinidad said.

“Coming very soon, we’ll be having GInsure for business. This is our way to enable and empower MSMEs to now finally avail of insurance for their employees at a fraction of the cost with all the different plans and policies from our different partners,” he added.

GCash financial services include savings, loans, and even investment.

“GSave, a digital savings account, offers a higher savings rate of up to 2.6% per annum than traditional banks, and that lets users access their money 24/7 anytime, anywhere,” the company said.

Currently, its GInsure offers insurance products for personal accidents, medical services, car insurance, income loss, online shopping, bills, cars, and pets.

It also enables individuals and MSMEs to have access to credit.

“GGives is an easy pay-later option that allows users to purchase gadgets, appliances, furniture and even plane tickets, among others worth up to P50,000 from 85,000 partner stores nationwide and pay for them later up to 24 gives over 12 months,” the company said.

It also has GLoan, which offers fast cash loans for up to P50,000 repayable over 12 months. The company said this product is suitable for digital entrepreneurs with growing online businesses. — Arjay L. Balinbin

Century Properties aims to sustain expansion, launch new in-city projects

CENTURY Properties Group, Inc. (CPG) plans to sustain its expansion efforts and introduce new projects in urban areas this year as part of its growth strategy.

During the company’s annual stockholders meeting on Monday, CPG President and Chief Executive Officer Jose Marco R. Antonio said that there is interest in house-and-lot offerings and vertical communities across business and growth areas across the Philippines.

“As industry watchers, we have reported shifts in the property preferences of the market post-pandemic, one finding is that we have seen a sustained interest in house and lot options and thoughtfully planned vertical communities in key business and growth areas around the country. New standards in living and lifestyle inclinations have developed that we wish to serve via resuming launches of our in-city products,” Mr. Antonio said.

Monica L. Trajano, CPG’s in-city product line lead, said that the company seeks to tap into new markets which have sprung up in recent years.

CPG’s in-city product line aims to deliver unique products such as the integration of mid- to high-end horizontal and vertical homes, commercial spaces, and curated amenities.

“Our goal is to become the market-maker in key growth areas, but we will veer away from cookie-cutter development. We are not just filling the gap but enhancing the communities where we go into,” Ms. Trajano said.

Further, CPG said its affordable housing unit and joint venture with Mitsubishi Corp., PHirst Park Homes, Inc. (PPHI), aims to launch four new developments this 2022. By end-2021, it completed 3,500 housing units and turned over more than 2,400 units.

It said the four new developments will have projected combined revenue of P13.2 billion and a total of close to 7,100 units. Before these, PPHI opened 10 master-planned communities, covering seven provinces across Central Luzon and Calabarzon, with over 18,000 housing units and a P33.3 billion sales value, it added.

CPG said PPHI is one of the chief beneficiaries of the proceeds of its five-year, P3-billion bond offering earlier this year. Up to P1 billion has been earmarked for the company’s expansion, it added.

“The company recently launched its 11th and 12th sites in Naic, Cavite, and Balanga City, Bataan, respectively. The two other projects, both in Central Luzon will be announced soon,” it said.

Meanwhile, CPG said that PPHI’s revenue contribution amounted to P3.90 billion in 2021, up 73% from the P2.26 billion logged in 2020. This brought CPG’s consolidated revenues to P9.4 billion in 2021, while its net income increased 10% to P1.27 billion.

CPG Executive Chairman Jose E.B. Antonio said that with rising interest rates, inflation, and the peso’s depreciation against the dollar, “real estate has historically proven to be [the] best hedge against inflation.”

He said the company “is poised to take advantage of this by delivering great products in great locations.” He added that it has no dollar-denominated debt, thus not exposed to risks associated with the peso’s depreciation.

On Monday, CPG shares at the local bourse rose 1.32% or P0.005 to close at P0.385 apiece. — Revin Mikhael D. Ochave

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