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Ford PHL, Motolite, PBSP partner for Balik Baterya Program

PHOTO FROM FORD PHILIPPINES

FORD PHILIPPINES said in a release that “there is no safe level of lead exposure.” It is toxic and harmful not only to the environment but to the health of people and animals. Having said that, lead is still used for select products such as batteries. Ford Philippines shared that, according to the United Nations Environment Programme, “around 86% of the total global consumption of lead is for the production of lead-acid batteries.”

In view of this, and the fact that a large number of batteries are produced each year, their proper disposal and recycling is of utmost importance. “To help address this problem, Ford Philippines, together with Ford dealers nationwide, Motolite, and the Philippine Business for Social Progress (PBSP) forged a collaboration to recycle used lead-acid batteries (ULABs) through the Balik Baterya Program,” the company said in a release.

“Through the Balik Baterya Program, we are able to bring to life Ford’s global commitment on environmental sustainability in the Philippines, and work with our Ford dealers and like-minded partners such as Motolite and PBSP to reinforce this advocacy. At the same time, the program provides an opportunity for our dealer partners to create and even expand their corporate social responsibility (CSR) programs to support more beneficiaries,” said Ford Philippines President and Managing Director Michael Allen Breen.

One of Ford’s dealer partners, the Laus Group, has taken a step forward in being the pioneer dealer group to implement the Balik Baterya Program early this year. “Being in the business of automotive dealerships, we knew that the PBSP’s Balik Baterya Program was a great way for us to create a positive impact, as we push to incorporate sustainability in the way we do business. It is our hope that through this program, we are able to affect change in our communities by pioneering sustainable business practices, geared towards promoting progressive development not just in the countryside but nationwide that is now shared by all,” said Laus Group Dealer Principal Lisset Laus-Velasco.

Started in 2006, the Balik Baterya Program is Motolite’s flagship CSR initiative advocating for the proper disposal and “legitimate recycling” of ULABs to protect the environment from hazardous wastes. The used batteries are reprocessed and recycled for commercial use. Even better: The proceeds from the used batteries are then used to fund development projects for communities in need such as provision of new classrooms, school desks, books, and supplemental feeding for children.

“Around 5,825 tons of ULABs are what the Balik Baterya Program partnership with PBSP has been able to recycle. More so, these wastes transformed to the greater goal of advancing communities through funding social development programs,” said Corporate Citizenship and CSR Manager Khairon-Niza Magundacan. The recycling program has made around P147 million — supporting and funding 169 projects nationwide for 115 public schools and communities.

Style (11/01/21)

Furla Portagioia

Trunc marks 1st year with promos

MULTI-BRAND e-commerce site Trunc.ph, which launched on Nov. 6, 2020, has become known for its unique concepts, which bring together many of the SSI Group’s brands across four categories: Trunc for lifestyle brands; Trunc Show for luxury brands; PowderRoom for exclusive beauty collections; and Trunc at Home for fine furnishings, accessories, wine, and food. Today it has the most number of locally distributed luxury brands and is also the only retail site in the country that carries luxury, bridge, beauty, home, and food all in one platform. Trunc is spotlighting collections featuring new brand collaborations like Marc Jacobs x Peanuts and BOSS x Russell Athletic. Trunc’s newest brand additions also include DKNY and Longchamp. The digital stand-alone boutique is onboarding more European fashion brands in the coming months. It also offers easier access to sought-after runway pieces ranging from shoes, bags, and handbags at Salvatore Ferragamo’s Virtual Store. Beauty and skincare enthusiasts can find Fenty Beauty, Hourglass, Biotherm, Philosophy, SKII, and Nest at PowderRoom, with Juice Beauty, Huda Beauty, Kerastase, and Payot coming soon. To mark its first year, Trunc.ph offers Free Shipping on its birth date Nov. 6. The limited-time offer can be used multiple times and on top of other promos. Brand exclusions apply. From Nov. 3 to 7, all shoppers will receive a P500 voucher, which can be redeemed from Dec. 1 to 31 with a minimum spend of P1,500. The voucher is applicable on regular, sale, and even markdown items. Brand exclusions apply. In addition to the voucher, customers can avail 10% off on regular, sale, and markdown items by using the TRUNCBDAY promo code. The discount can be used multiple times within Nov. 3 to 7 and is applicable on top of other vouchers. Brand exclusions apply. With offers and discounts up to 70% off across Trunc.ph’s brands and concepts, select labels are headlining a series of flash sales from Nov. 3 to 7 at 9 to 10 a.m. and 8 to 9 p.m. This includes Banana Republic, Furla, Old Navy, BOSS, GAP, Polo Ralph Lauren, Calvin Klein, Marks & Spencer, Springfield, Charriol, and Nine West. Visit Trunc.ph to discover its birthday offerings.

Glorietta opens new flagship stores, retail concepts

GLORIETTA is now home to brands that highlight two pillars prevalent in the new normal lifestyle in the newly rejuvenated fitness and wellness zone. The largest Adidas store in the Philippines — 1,500 sqm — opened its doors at the 2nd level of Glorietta 3, a space that blends several features, including advocacies, innovations, and exclusive store features. Nike, meanwhile, moved to a new location with up to 900 sqm of retail space. Located on the 2nd floor of Glorietta 3, the store features a new concept known as Nike Rise, highlighting a more personalized shopping experience that connects clients with their sports and communities. One of the largest sports retail chains in Europe is coming to Glorietta in 2022: Go Sports. Featuring a unique store concept staffed by former athletes, it carries a full range of athletic equipment and necessities. Given the expertise of the store personnel, customers can be assured of proper equipment demonstration and guidance when looking for specific products. The space is also designed to provide an experiential shopping experience with multiple product displays that customers can try out. Glorietta is also launching its first-ever wellness specialty zone known as Wellness Place. This all-in-one self-care haven includes stores and merchants ranging from haircare to skincare, beauty salons, and boutiques. Those looking for a trim or a new hairstyle altogether can visit Headway Salon and T&J Salon. Meanwhile, Skin Station offers affordable skincare treatments like Painless Diode Laser Hair Removal, facials and peels, whitening and anti-aging treatments, and more. Waxing sessions are also available at LayBare for both men and women. Also opening is Surge Fitness, a 1,384-sqm gym with premium facilities, including a functional training area, indoor turf, free weights, machine area, virtual reality fitness, state-of-the-art group class studio, interactive spinning area, sauna room, and more. It also has a play zone for fun and interactive games shared with friends. It is managed by certified fitness coaches. Surge Fitness operates in compliance with the Department of Health (DoH) and the Inter-Agency Task Force (IAFT), thus observing mandatory safety protocols and operational hours. For more information on store openings, ongoing promos, mall events, and safety measures, visit Ayala Malls https://www.facebook.com/AyalaMalls360/ or through IG @iloveayalamalls.

Uniqlo opens Live Station

JAPANESE global brand Uniqlo brings more shopping convenience with the launch of Uniqlo Live Station. Available on Uniqlo’s Facebook, IGTV, and YouTube pages, this online event series aims to give customers a new and fun way of shopping for their LifeWear clothing essentials. Hosted by Justin Quirino and celebrity fashion stylist Bea Constantino, the first episode showcases the latest Uniqlo AIRism Collection. AIRism is clothing made with a fiber material that absorbs the water vapor more quickly than ordinary polyester and diffuses moisture using a quick-drying capillary effect. During the online event, the hosts demonstrate how AIRism works by showing how quickly it takes for the clothing pieces from the collection to absorb moisture. Viewers were also shown different ways to style the AIRism pieces based on various everyday activities. Customers can visit the official feature page for Uniqlo Live Station at https://www.uniqlo.com/ph/en/spl/live-station. This will house all succeeding Uniqlo Live Stations and will include the complete list of products worn by the host and stylist. They can rewatch the first episode at Uniqlo Philippines’ official Facebook page, Instagram Page and YouTube channel. Stay tuned for succeeding Uniqlo Live Station episodes and upcoming events for special offers and promotions, including the upcoming 11.11 Big Mega Sales Day. For more updates, visit Uniqlo Philippines’ website at uniqlo.com/ph and download the Uniqlo app via Google Play Store or Apple Store.

Boss and NBA launch 2nd co-branded capsule collection

BOSS has announced the launch of its 2nd co-branded capsule collection with the NBA, following the success of the first season, launched earlier this Spring. The Fall/Winter 2021 co-branded collection focuses on the merging of iconic NBA team logos with signature BOSS lettering. The new graphics are seen across 11 styles, including hoodies, T-shirts, sweatshirts, joggers, jackets and more. The logos of the Boston Celtics and Dallas Mavericks join last season’s line-up of the Brooklyn Nets, Chicago Bulls, Golden State Warriors, Houston Rockets, Los Angeles Lakers, Miami Heat, New York Knicks and Toronto Raptors along with the NBA Logoman. The collection is now available in select European, South East Asia and Asia Pacific countries. In celebration of the capsule collection, BOSS has released a special social media campaign featuring three-time NBA champion Klay Thompson and TikTok creators Cole Micek and Koby Lomax. The campaign showcases the three wearing designs from the latest capsule release. To celebrate the exclusive launch of the BOSS & NBA Fall/Winter 2021 collection in the Philippines, the items will be available at a two-Week Pop-up at Level 1, Central Square from Oct. 29 to Nov. 12. Customers will receive exclusive gifts with purchase. The collection will be available in BOSS stores afterwards.

Garnier Vitamin C Serum garners over 21,000 5-star reviews

GARNIER Vitamin C Serum has received over 21,000 five-star reviews on Shopee and Lazada, with over 100,000 Filipinos having tried the product. The Vitamin C serum contains 30 times the Vitamin C concentration of typical vitamin C serums, making it Garnier’s most concentrated formula and giving it the brightening power to fade and lighten dark spots and acne marks in just three days. The Garnier Vitamin C Serum is easy to add to existing skincare routines and it is best used between toner and moisturizer. The Garnier Vitamin C Serum comes in three sizes (7.5 ml sachet, 15 ml and 30 ml bottles) and in a twin-pack for extra savings. It can be found on the official Garnier stores on Shopee Mall, LazMall, Watsons drugstores, and all leading supermarkets nationwide.

Hender Scheme, Tod’s collaborate

TOD’S introduces the fourth installment of the Tod’s Factory project, a creative laboratory in which established and emerging designers are invited to offer their point of view on the Tod’s DNA and its iconographic heritage, by giving them access to Tod’s craftsmen in the Marche region of Italy. The result is a range of capsule collections and limited-edition pieces within the season, with a strong focus on experimentation. Hender Scheme, the Japanese brand founded in 2010 by Ryo Kashiwazaki, has been chosen for this fourth collaboration. Working alongside Tod’s creative director Walter Chiapponi, Mr. Kashiwazaki devised a capsule collection of shoes, bags and apparel that combines heritage and icons of Tod’s with Hender Scheme’s creative and experimental approach, creating a connection that draws a seamless line. The capsule collection was presented in September with an event during Milan Fashion Week and is now available in select Tod’s boutiques, on Tods.com, at 10 Corso Como in Milan and Seoul, Dover Street Market in Tokyo, Beijing and Singapore and Hender Scheme’s flagship store “sukima EBISU” and “sukima” official online store. In the Philippines, Tod’s is exclusively distributed by Stores Specialists, Inc., and is located at Greenbelt 4, Rustan’s Shangri-La, and Shangri-La Plaza and online at Trunc.ph, Rustans.com, Zalora, and Lazada.

How PSEi member stocks performed — October 29, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, October 29, 2021.

Analysts’ October 2021 inflation rate estimates

INFLATION likely quickened in October amid a continued rise in pump prices and a spike in food costs due to a severe tropical storm, analysts said. Read the full story.

Analysts’ October 2021 inflation rate estimates

Peso likely to weaken vs dollar on expectations of high inflation

BW FILE PHOTO

THE PESO is seen to weaken versus the greenback this week amid expectations of faster inflation in October.

The local unit closed at P50.415 per dollar on Friday, gaining 29.5 centavos from its P50.71 finish on Thursday, data from the Bankers Association of the Philippines showed.

It also appreciated by 37.1 centavos from its P50.786 finish a week earlier.

The peso appreciated on expectations of the resumption of oil exports from Iran, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Iran’s top negotiator said nuclear talks with six world powers could be renewed by the end of November, Reuters reported. A deal could lead to the lifting of sanctions on Iran’s oil exports.

The peso also strengthened on the back of the continued decline in coronavirus infections, as this could support further reopening of the economy, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

Active cases increased by 4,008 to 47,690 on Saturday, based on data from the Department of Health.

Metro Manila will remain under Alert Level 3 until Nov. 14, the Palace announced on Friday.

Presidential Spokesperson Herminio “Harry” L. Roque, Jr. said they have kept the restriction measures to prevent the infections from spiking. It will also buy time for the government as it continues assessing whether to further ease restrictions, he said.

For this week, Mr. Ricafort said the market will monitor the inflation outturn for October. The Philippine Statistics Authority will release the inflation data for the month on Nov. 5.

A BusinessWorld poll of 21 analysts held last week yielded a median estimate of 4.9% for the consumer price index last month, matching the midpoint of the 4.5% to 5.3% forecast given by the Bangko Sentral ng Pilipinas (BSP).

If realized, October inflation would be above the 2-4% BSP target for the third straight month. It will also be faster than the 4.8% in September and the 2.5% seen a year earlier.

Analysts said food prices likely inched higher last month due to low supply caused by weather disruption. Continued increase in global oil prices also likely pushed inflation higher, they added.

Meanwhile, Mr. Asuncion said the market will take cues from the US Federal Reserve’s meeting this week.

The market is widely expecting the Fed to announce details of asset purchase tapering at the Federal Open Market Committee’s policy review on Nov. 2-3. However, markets have not yet priced in a rate hike, at least in the next few months.

For this week, Mr. Ricafort gave a forecast range of P50.20 to P50.60, while Mr. Asuncion expects the local unit to move within P50.50 to P51 per dollar. — L.W.T. Noble with Reuters

PSEi gains 1.5% in Oct. on gradual reopening

THE stock market performed slightly better in October than in September with the decline of coronavirus disease 2019 (COVID-19) reproduction rates and reopening of the economy.

The 30-member Philippine Stock Exchange index (PSEi) dropped by 103.03 points or 1.43% to close at 7,054.70 on Friday, while the broader all shares index lost 34.06 points or 0.77% to end at 4,386.79.

Month on month, the PSEi gained 101.82 points or 1.5%, higher compared to its 1.4% gain in September.

The PSEi’s gains for the month was “largely brought about by the measures to further reopen the economy,” according to Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort in a Viber message on Sunday.

Mobility restrictions were gradually eased in the National Capital Region (NCR) last month as the government shifted to an alert level system in a bid to let more businesses operate and expand their capacity to boost economic activity. The capital was initially under Alert Level 4, which was downgraded to Level 3 on Oct. 16.

On Oct. 20, the government expanded the implementation of the alert level system to areas outside NCR.

The COVID-19 case count of 3,218 new infections on Oct. 27 was also the lowest in five months, while the highest daily count since the start of the pandemic was logged on Sept. 11 at 26,303.

“With the easing in restrictions together with the vaccine rollout, positive sentiment among investors was generated, such that the PSE index was able to break the psychological resistance of 7,000 level [last] month,” Diversified Securities, Inc. Equity Trader Ancient K. Pangan said in a text message.

“Gains were tempered, however, by concerns over the rising global oil prices” in the month of October according to Timson Securities, Inc. Trader Darren T. Pangan.

Oil prices in the world market have breached $80 per barrel, the highest levels since October 2018 when prices were a little less than $90.

In the Philippines, the prices of petroleum products have risen for nine straight weeks.

For this month, Mr. Pangan said the market “may continue to move upward, though volatility… will remain as global inflation heats up with the increase in oil prices plus continued supply disruptions due to the after effects of the pandemic virus on the global fronts.”

“Election-related developments would also be closely monitored by the markets for any new leads” in November, RCBC’s Mr. Ricafort added.

The last day for substitution of candidates for the May 2022 national elections is on Nov. 15.

Timson Securities’ Mr. Pangan said “6,900 seems to be the closest support level to watch, while the recent high at the 7,311 area seems to be the nearest resistance area to beat” in November. — B.A.D. Añago

PNOC calls off planned P1.4-B port project for larger vessels

THE Philippine National Oil Co. (PNOC) said its proposed port development project in Mabini, Batangas that would have accommodated larger-capacity vessels is no longer deemed viable due to the current economic conditions.

“In a special meeting held on Oct. 20, at which a quorum was present, the board of directors of the PNOC, exercised their right… to not award the contract for the Energy Supply Base Port Development Project as they have determined that the economic conditions have significantly changed as to render the project no longer economically feasible,” the PNOC said in a notice of non-award posted on its website last week.

In its invitation to bid, the firm had allotted P1.4 billion for the project.

PNOC has said it had plans of reclaiming and building a new pier in the area “to provide support and logistics for (its unit) PNOC-EC (Exploration Corp.) and other exploration service contract holders, as well as meet the growing demand for ports that can accommodate larger energy vessels with heavier cargoes.”

PNOC-EC used to operate the energy supply base in Mabini, Batangas, which provides berthing, cargo handling, storage, and warehousing facilities to its energy and commercial clients. But in 2018, PNOC took over the supply base’s operations.

PNOC has a mandate to provide access to facilities for companies engaged in onshore and offshore exploration.

The Batangas provincial council had cleared PNOC’s project and the reclamation activity that will come along with it, issuing a resolution of no objection on Oct. 11.

The Philippine Reclamation Authority requires such a resolution for reclamation works. — Angelica Y. Yang

Mindanao port upgrades needed to boost region’s standing as import hub

DAVAO CITY — Port development in Mindanao will stimulate the logistics industry and position the southern island as a viable hub for imports that will then be transshipped south to north as an alternative to importing through Manila, a Mindanao business leader said.

Ricardo F. Lagdameo, chairman of this year’s Davao Investment Conference (ICon 2021), said it is cheaper to import through Mindanao and from there distribute goods to the rest of the country, compared to landing the imports in Manila, which suffers from congestion. Additionally, shipping rates are more expensive going south.

“I would encourage importers to look at the reverse and we do have several of them that are doing that already. We have less congestion, domestic shipping is cheaper going the other way around,” Mr. Lagdameo, president of Davao-based Damosa Land, Inc., said on Oct. 27 during the third in a series of webinars leading up to the investment conference on Nov. 11-12.

“Davao gives you access to the Mindanao market and also access to the Visayas as well. It is something that I would encourage shipping lines, importers, and investors to consider,” he added.

Donna May Lina, executive board director at logistics conglomerate OneLGC or the Lina Group of Companies, said in the same forum that Mindanao is viable as an import hub given its current economic landscape, location, and human resources.

“One (factor) is lower cost of living and transactions; there’s also less congestion. There are also fewer typhoons going around in the Davao region, which means less disruption in moving goods. Of course, there’s also the great people who are highly trainable and warm,” Ms. Lina said.

One of the focus areas of this year’s Davao ICon is to promote and position Mindanao as a logistics hub in Southeast Asia.

Malou G. Monteverde, president of the Davao City business chamber, said making Mindanao a key logistics center requires government action on port upgrades.

Two seaports in Mindanao — Sasa Port in Davao City and the General Santos City Port — have pending unsolicited proposals under a private-public partnership scheme.

Original proponent status has been awarded to Chelsea Logistics Holdings Corp. for the P19.9-billion Sasa Port project, and to Davao-based Kudos Trucking Corp. for the P5.2-billion GenSan Port.

Ms. Monteverde said the upgrade of major ports should be complemented by the development of smaller ports that could serve as “smaller hubs.”

“Though, we have a main hub we can also have a smaller hub. In Mindanao, there are still a lot of smaller hubs that can be developed. So the PPA (Philippine Ports Authority) also has to do its share… That is something we should look forward to so that the cost of shipping and logistic will be lowered too,” she said.

Tony S. Peralta, chairman of the European Chamber of Commerce of the Philippines (ECCP)-Southern Mindanao Business Council, said Royal Cargo, Inc. recently commenced shipping from Davao City to the US West Coast.

The company’s Philippine-flagged MV Iris Paoay, left Davao on Oct. 24 bound for Long Beach, California.

Mr. Peralta said the vessel of Royal Cargo, an ECCP member, is carrying agricultural and industrial products.

“I hope this kind of development can spur more trade for Mindanao,” he said. — Maya M. Padillo

House panel weighing other tax relief options for print media industry

By Russell Louis C. Ku

LEGISLATORS are considering the print media industry’s request for tax relief and are studying alternative ways to provide incentives to the hard-pressed sector, Pangasinan Rep. Christopher V.P. de Venecia said.

Mr. De Venecia, who chairs the House Committee on the Creative Industry and Performing Arts, said further discussions are needed before a bill can be filed in response to the industry’s request to be exempt from Value-Added Tax (VAT) on printing materials like paper and ink, as well as on advertising sales.

He did not elaborate on what alternative incentives might be provided to the industry.

The United Print Media Group Philippines (UPMG), a trade association, has said the exemptions are needed for the survival of the print media industry, which has seen a years-long decline in advertising revenue amid pressure from new media such as the internet.

“We still need to conduct a separate discussion with UPMG on the tax-related proposals. We sympathize with the industry on its desire to get back on its feet,” he said in a statement to BusinessWorld via Viber.

UPMG, in its position paper, also proposed a lower corporate income tax rate of 15% for the industry, against the 25% called for under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.

It also proposed a tax holiday and refundable tax credits for print subscribers and advertisers along with implementation of a news and current affairs subject in the academic curriculum to help students value journalism and keep them from falling victim to fake news.

Mr. De Venecia said the proposed tax exemptions are likely to be a contentious issue with economic managers, who tend to oppose any erosion of government revenue.

“We also have to work within the new regime of tax incentives under CREATE Law which is performance-based, time-bound, and transparent,” he said.

He said however that any lost revenue will be offset by the social benefits of maintaining a robust industry.

“I believe that print media remains significant for our society… It is alive, enduring, and striving to become better, and to serve the people and the country in its full potential,” Mr. De Venecia added.

UPMG President Barbie L. Atienza said that the government will not lose much revenue from VAT exemptions, estimating the taxes generated from the print industry at around P300 million each year.

BusinessWorld is a member of the UPMG.

NGOs call for climate objectives to be hard-wired into project planning

ENVIRONMENTAL GROUPS said the Philippines’ climate objectives need to be considered at every stage of the planning process in order to maximize the resources available for climate-change mitigation, including foreign aid.

“Aid given to LGUs (local government units) for programs related to climate resilience is a good initiative, but we should consider that funding is just one intervention,” Greenpeace Campaigner Rhea Jane Pescador-Mallari said in a mobile message Sunday.

She was responding to a recently-announced program by the United States Agency for International Development (USAID) to help vulnerable countries adapt to climate change.

“If we integrate climate adaptation and mitigations and other related concepts in every decision-making process… we can use the resources of our nation effectively.”

USAID on Thursday launched the Climate Resilient Cities project, which helps vulnerable countries like the Philippines gain access to climate-mitigation financing and expertise.

In a statement issued by the US Embassy in Manila, USAID proposes to help local governments and other stakeholders to “better understand, use, and disseminate climate information to local communities.”

Institute for Climate and Sustainable Cities Executive Director Renato R. Constantino added that the Philippines needs “solid plans to maximize every peso for climate action.”

“It is vital we increase ambition for adaptation as a matter of priority even as we contribute what we can to the larger decarbonization effort globally.”

Mr. Constantino said the government must implement strategies with transparency and accountability to encourage the public to participate in the national effort against climate change.

In the 2020 World Risk Report, the Philippines ranked ninth out of 181 countries worldwide.

The most disaster-prone countries according to the report are Vanuatu, Tonga, Dominica, Antigua and Barbuda, and the Solomon Islands.

Qatar, Malta, St. Vincent and the Grenadines, Grenada, and Saudi Arabia were deemed least disaster-prone countries in the world, according to the report.

Mr. Constantino added that Southeast Asia “is facing losses of up to 37% of GDP by mid-century if countries such as the US fail to dramatically curb their emissions.” — Bianca Angelica D. Añago

Building a future-fit board

(First of two parts)

Accelerated by the pandemic and enabled by technology, businesses continue to explore new ways of working and business models outside of traditional capabilities. But to maintain momentum, boards will need to reimagine their roles to ensure they remain relevant, adaptive and responsive to the needs of this transformative age. The current pace makes it imperative for boards to continuously evolve and embrace transformation. Environmental, technological and geopolitical changes require them to guide their companies to better seize opportunities arising from disruption, manage risks and optimize for future performance.

Boards can become future-fit by employing a forward-thinking mindset, and being proactive in collecting perspectives which can impact the business. They must be outward-looking and lead in balancing long-term interests, as well as expand their view of risk with technology-enabled compliance, mitigation and monitoring. Future-fit boards are diverse by nature, inclusive, transparent, and responsive. They are capable of navigating the provocative and unexpected and are innovative in their oversight of culture and human capital to drive value.

As discussed in an EY article, Setting the pace or keeping up — is your board future-fit?, there are six key areas of action boards must consider in order for them to achieve future fitness. In the first part of this two-part article, we will look at how boards will need to revitalize board composition and dynamics, gather insights from fresh perspectives, and increase focus on the long-term.

REVITALIZE BOARD COMPOSITION AND DYNAMICS
To gain insight into what the boardroom of the future will look like, boards must consider their current composition in the context of long-term strategy coupled with the need for reinvention, adaptation, and challenge. They will also need to determine who will be necessary in the boardroom to optimize performance, not just for now, but also for years to come. By maintaining a diverse set of backgrounds, experience and cognitive styles, boards can plan for and ensure a balance that will be maintained even as new directors come and go.

However, even with a diverse, well-balanced board, it is still possible to disregard otherwise valuable input and underutilize assets. Future-fit boards can counter this by actively valuing diverse inputs, and by recognizing the importance of different opinions and disruptive ideas. They should also recognize the value of an age-diverse group, leveraging experience while valuing new directors, particularly with the rapid disruptions happening in the world today. Future-fit boards must be open to developing new knowledge and competencies — training and re-training its members as a whole rather than just relying on the expertise of a single director with the relevant skills.

To determine whether a board is future-fit in its dynamics, it must ask itself if it seeks and encourages unexpected and disruptive ideas, and if it can reach outside of traditional methods to analyze business challenges and issues from every angle. By keeping open to reinvention and transformation, boardrooms can discover new dimensions for long-term growth.

GATHER INSIGHTS FROM FRESH PERSPECTIVES
Simply gaining a different view on matters, such as understanding employee well-being or the quality of customer experience, is not enough to truly gather varied and quality perspectives with the breadth of insight needed in today’s environment. Future-fit boards must proactively gather new perspectives at a broad and strategic level, seeking input from more stakeholders such as investors, industry peers and others.

Future-fit boards need to be able to ask the right questions regarding strategic priorities, direction, and emerging risks. This also means they have to determine the right internal and external stakeholders to ask. They will need to review the kinds of information they receive and assess whether there are new data points they must find. This in turn can help facilitate dialogue that fosters trust and maximizes access to markets, talent, and customers.

Boards must also be strategic in their analysis of feedback and various forms of external data. While it is possible to be overwhelmed by large volumes of information and face challenges in sorting through that information to determine what is relevant, future-fit boards must take the initiative and determine what data and information is necessary before developing their knowledge on the right issues.

Finally, boards will also need to ensure they maximize the use of external data, stakeholder perspectives, and the relevant expertise to educate themselves on new areas of risks and gain further opportunities to hold the right conversations.

INCREASE FOCUS ON THE LONG-TERM
With uncertainty and disruption continuing to prevail in the current landscape, it is easy to understand why some boards narrow their views toward short-term survival. Based on another EY survey, over 40% of global board members believe that investors would prefer to focus on long-term decision-making and investments that will enhance the future prospects of the business even if this reduces short-term financial performance. Since there are no universally applied or disclosed metrics on value generated from customer loyalty, trust, human capital, innovation and culture, it can be challenging to communicate with investors consistently. However, future-fit boards must be focused on articulating long-term strategies clearly, determining what investments they make to sustain and protect the value drivers underpinning the business.

Boards also need to be cognizant of what “long-term” may look like. We are now in a time when business models are rapidly evolving, and traditional markets and industries are transforming and converging to create new models. Consider, for example, how fluidly enterprises are diversifying their services and offerings today — ride-hailing apps have added shopping and food-delivery features, telecommunications companies are venturing into banking and remittances, and online shopping platforms have become venues for insurance and financial products. Future-fit boards have to remain focused on transformation and create a culture of agile adaptation that reimagines what their business could become, using information from megatrends and stakeholder intelligence to boldly redefine and reinvent their own future.

In the next part of this article, we will discuss how boards must align and communicate purpose with action, align and monitor culture, and enhance risk and compliance oversight.

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

 

Leonardo J. Matignas is a business consulting partner of SGV & Co. and the EY ASEAN risk management leader.

Daily virus tally could fall to 500 by mid-November

PHILIPPINE STAR/ MICHAEL VARCAS

By Kyle Aristophere T. Atienza, Reporter

DAILY coronavirus infections in Manila, the capital and nearby cities would probably fall to 500 by mid-November, according to researchers from the country’s premier university.

“By Nov. 15, the National Capital Region could be at 500 cases per day, which is around the level last December,” Fredegusto P. David, a fellow from the OCTA Research Group from the University of the Philippines, said in a Facebook Messenger chat on Sunday.

Metro Manila is now under Alert Level 3, which allows 50% capacity for outdoor services and 30% capacity for indoor activities.

Mr. David said Metro Manila would probably be placed under Alert Level 2 before the holiday season. “We support a move to Alert Level 2. COVID-19 indicators are already low.”

“We will see if cases continue to decline,” Health Undersecretary Maria Rosario S. Vergeire said when asked if the lockdown in the capital region would be eased by December. “We use case trends such as the two-week growth rate and average daily attack rate, and healthcare utilization rate,” she said in a Viber message.

Mr. David said Metro Manila had a coronavirus infection rate of 5%, while its healthcare use rate was below 50%.

The virus reproduction rate in the region was below 0.9, lower than the critical cut-off of 1.4, Mr. David said. The average daily attack rate or the number of infected people for 100,000 people was below seven, he added.

The Department of Health (DoH) reported 3,410 coronavirus cases on Sunday, bringing the total to 2.8 million.

The death toll rose to 43,172 after 128 more patients died, while recoveries increased by 5,825 to 2.7 million, it said in a bulletin.

There were 45,233 active cases, 73.6% of which were mild, 4.9% did not show symptoms, 6.8% were severe, 11.83% were moderate and 2.9% were critical.

DoH said 30 duplicates had been removed from the tally, 25 of which were reclassified as recoveries, while 91 recoveries were relisted as deaths. Four laboratories failed to submit data on Oct. 29.

The agency said 46% of intensive care units in the Philippines were occupied, while the rate in Metro Manila was 39%.

OCTA earlier said Metro Manila posted only 953 infections per day from Oct. 20 to 26.

Presidential adviser for entrepreneurship Jose Maria “Joey” A. Conception III has been urging the government to place the region under Alert Level 2 to boost business recovery.

Under Alert Level 2, businesses may operate indoors at 50% capacity. They will get an additional 10% capacity if they have a so-called safety seal from the government. For outdoor operations, they may operate at 70% capacity.

“The public should continue to follow public health guidelines and avoid large gatherings for now,” Mr. David said. “Local government units should continue their good efforts in implementing granular lockdowns.”

Health authorities should enforce the alert level guidelines strictly, he added.

The presidential palace on Friday said Metro Manila would remain under Alert Level 3 until Nov. 14.

Presidential spokesman Herminio L. Roque, Jr. also said an inter-agency task force had approved a plan to increase passenger capacity in road- and rail-based public transportation in Metro Manila and nearby provinces from 70% to full capacity starting Nov. 4.

The government started enforcing granular lockdowns with five alert levels in the capital region after the country struggled to contain a fresh spike in infections triggered by a highly contagious Delta variant.

The Department of Transportation on Friday said it would gradually increase the passenger capacity of public transportation in Metro Manila starting this week.

Transportation Assistant Secretary Mark Steven C. Pastor said this, along with the P1-billion cash aid from the government, would help public utility vehicle drivers.

The agency cited greater demand for public transport after businesses were allowed to operate at increased capacity and as more Filipinos get vaccinated against the coronavirus.

It said it would issue guidelines on the gradual increase in passenger capacity while enforcing health and safety protocols to help contain the coronavirus.

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