MUMBAI — Indian celebrities from the world of Bollywood and cricket are increasingly launching digital memorabilia through non-fungible tokens (NFT), hoping to rake in thousands of dollars by cashing in on growing interest in such assets.
NFTs are a type of digital asset which use blockchain to record the ownership of items such as images, videos and other collectibles. Their roaring popularity has baffled many but the explosive growth shows no sign of abating.
Bollywood superstars such as Amitabh Bachchan and Salman Khan are planning to launch NFTs soon. While Mr. Bachchan’s NFTs will include autographed posters of his movies, Mr. Khan has been building excitement on his Twitter account by telling his 43 million followers about the planned NFT launch.
“NFTs are right now alien to Bollywood but I am sure they [film stars] will see this as another platform where they can use their existing content and generate revenue,” said Ayaan Agnihotri of Bollycoin, an NFT marketplace for Bollywood assets.
Mr. Agnihotri said that within days of launch this month, his platform sold 8 million of the 20 million available so-called “BollyCoins,” crypto tokens that can be used to buy NFTs when they are launched. One BollyCoin is worth 10 US cents.
But it’s still early days for celebrity NFTs in India.
Indian cricketer Dinesh Karthik is auctioning a digital art reel from a cricket match where he hit a match-winning six on the last ball for around 5 ethereums, a digital currency, worth around $20,000. But he has yet to receive any bids.
“NFT has picked up a lot in the West in the last one year with now iconic moments from basketball being bought by fans digitally, which gave us the idea,” Mr. Karthik told Reuters.
Others have had success. One of India’s top fashion designers, Manish Malhotra, recently sold NFTs of digital sketches of some of his most famous creations for $4,000 a piece. Mr. Malhotra’s website shows one can purchase some of his bridal wear outfits at a lower price range of $2,500–$3,500.
The rise of NFTs has baffled many who say it makes little sense to spend large sums of money on items that don’t physically exist and can simply be viewed online.
Still, global sales volumes of NFTs have galloped to $10.7 billion in the third quarter of 2021, making an eightfold increase from the previous quarter, data from market tracker DappRadar showed.
Vishakha Singh, vice president for NFTs at Indian crypto exchange WazirX, said celebrity participation in the segment is set to create excitement in the space.
This, she said, “is great for the ecosystem. This will help us in garnering more awareness towards this new game-changing world of digital assets,” Ms. Singh said. — Nupur Anand and Shilpa Jamkhandikar/Reuters
A medical expert has sounded the alarm on early and proper detection of dementia in the Philippines which is often misinterpreted as an aging problem or being ulyanin and malilimutin in Filipino terms.
In the first episode of a webinar series called “Malilimutin: Dahil nga ba sa katandaan?“, Neurologist and dementia specialist Dr. Jacqueline Dominguez shared her knowledge on dementia and how to differentiate it from mere forgetfulness on the part of the patient.
HI-Eisai sponsored the webinar to raise awareness on dementia and related types of diseases.
“Dementia is a collection of symptoms with decline in cognition, change in behavior, and impairment of daily function,” Dominguez said in the live webinar held last Sept. 9.
She enumerated the types of dementia, including the most common one, Alzheimer’s disease. Other types are fronto-temporal, Parkinson’s dementia, dementia due to traumatic brain injury, and dementia due to depression and other medical conditions.
For her part, digital influencer Nina Rayos acknowledged that there is still a lack of awareness when it comes to dealing with dementia.
Rayos is known in the social media through her vlogs featuring her mother, Donya Toyang, who has been clinically diagnosed with Alzheimer’s disease.
She shared how it took seven years before her family learned that Donya Toyang was forgetful not due to old age, but was inflicted with the disease.
“My mother started to show early symptoms of [Alzheimer’s disease] in 2012, but we only just had her diagnosed in 2019. We didn’t really think about it so much back then, thinking that maybe she’s just simply getting old. She forgets a lot of things, and she always misplaces house keys and money,” Rayos said.
What triggered her to finally bring her mother to the hospital was when the latter was hallucinating.
Rayos recalled how Donya Toyang started to become confused on basic day-to-day activities such as cooking, and began to forget important details in her life such as the name of her children and granddaughter and the fact that her parents and other loved ones already passed away.
Dominguez said disorientation or hallucination is one way to differentiate mere forgetfulness from dementia. She said that is most likely dementia when someone’s moment of disorientation already makes it hard for her to go back to reality and determine what’s real or not.
“Early diagnosis prevents the disease from progressing. Elders suffering from dementia are treated badly because the family doesn’t really understand their situation,” Dominguez explained.
Dominguez then highlighted the importance of the role of family and relatives in spotting the aforementioned symptoms. She said it’s the patients’ loved ones that can help direct them to appropriate medical responses to their condition.
Meanwhile, Dominguez said other symptoms to watch out for are extreme cases of memory loss wherein the potential patient could no longer remember a lot of things; when the person is already having difficulty in performing tasks that she or he is used to doing; when the person is already having poor judgment.
Early diagnosis and treatment are important to help slow down the progression of Dementia. Visit your doctor at the earliest sign/symptom to give you or your loved one the best treatment possible.
The “Malilimutin: Dahil nga ba sa katandaan?” Facebook Live last September 9 and 23, 2021 webinars are available at the HI-Eisai Pharmaceutical, Inc. Facebook page.
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Thrice-a-week Zoom meetings birthed Winning Still: Essays from the Philippine Sports Landscape during the Pandemic, an anthology of essays written by accomplished Filipino sports stakeholders and personalities.
In this B-Side episode, Ateneo de Davao University athletics director and Winning Still project coordinator Emmanuel Rene “Noli” S. Ayo tells BusinessWorld senior reporter Michael Angelo S. Murillo the lessons he learned from wrangling a group of alpha individuals — including Olympic gold medalist and weightlifter Hidilyn F. Diaz — into achieving a “compelling common goal.”
TAKEAWAYS
‘Sink or adapt.’
“In this pandemic, you either sink or adapt. The book is about adapting, evolving amid the prevailing conditions,” Mr. Ayo said. “The pandemic has affected us but it also gave the invitation to change. Many are still struggling but there are also others who have moved forward. [Things may look impossible right now] but the thing about impossibility is it only takes one person [or moment] to remove the impossible.”
Break down silos.
Winning Still highlights the value of a compelling common goal and shared experience.
“Throughout the meetings we gathered a lot of interesting insights. We felt that we had to share what we were discussing to more people,” said Mr. Ayo. “We like gathering people but sometimes we operate in silos. We have to come together. It is easier if you have someone with you on this journey.”
‘You cannot share from an empty cup.’
The knee-jerk reaction among coaches at the start of the pandemic was to put the welfare of their athletes before their own. Mr. Ayo reminded these coaches to take care of themselves and their families first. “There is wisdom in intentional nurturing,” he said. “You have to nurture yourself and think about how you nurture yourself. … You cannot share from an empty cup.”
Cocolife stands out as a Filipino leader in the insurance industry
Cocolife leads through the current crisis with a dedicated mission to serve. The efforts made by management during the COVID-19 pandemic, under the leadership of Cocolife’s President and CEO, Atty. Martin Loon, have propelled the business to become among the top companies in the insurance industry.
Cocolife’s efforts have gained recognition by major international awarding bodies. In this year’s International Business Magazine Awards, Cocolife was awarded the “Most Outstanding Life Insurance Company” and the “Most Outstanding Healthcare Provider” in the Philippines. Atty. Loon was also among the awardees of the Young Leader of the Year Circle of Excellence at the 12th Asia CEO Awards.
Cocolife’s leadership as the preferred insurance provider is shown with its commitment to excellent corporate governance and the company’s mission to serve.
In less than two years, under the guidance of Atty. Loon, Cocolife has recorded its two highest net incomes in the company’s 43-year history.
While working on the success of Cocolife as a business, the president and CEO prioritized the development and growth of his employees.
“I always believed in trusting my people and bringing out the best in my team. I place them in positions that allow them to excel and grow in their respective duties and responsibilities. They continue to answer the call and the effect is that they bring out the best results. I continue to challenge them to be daring and explore other innovative ways to improve the business,” Atty. Loon told BusinessWorld.
Additionally, even amidst the increased unemployment rate due to the economic fallout from the pandemic, all employees of Cocolife retained their jobs, salaries and benefits.
“The people behind the management of Cocolife are some of the best in their fields who share the same drive in becoming an instrument of change and service to our clients,” Atty. Loon said. “More than anything, the recent international awards are a reflection of the hard work and commitment of the employees of Cocolife.”
The company’s range of insurance products, services and its commitment to serve the Filipino people during the COVID-19 pandemic are among the criteria evaluated for the international awards given to Cocolife.
“The products and services offered by Cocolife speak volumes in itself. These are high-quality insurance products that are tailored to the specific needs of our clients. However, more than our products, I believe that if my team and I are focused on our mission, then collateral success will follow,” Atty. Loon said.
Atty. Loon considered that his notable efforts for Cocolife’s employees and clients made him among the top young leaders in the country, as recognized by the Asia CEO Awards, which received 514 nominations this 2021.
As early as 2019, he instructed management to gradually adopt a work from home setup which was made possible by updating the company’s IT systems.
At the time, Atty. Loon was merely thinking of ways to cut the travel time and fuel costs without presumptions of a looming pandemic a year thereafter. Thus, when COVID-19 hit the country, Cocolife had already prepared to operate and even improve customer service to its clients in a remote arrangement.
Atty. Loon also assured that Cocolife would address the needs of its clients even with the demands created by the pandemic.
When COVID-19 started and affected some of its clients, the business was faced with the question of how to address the needs of its clients because claims related to a pandemic were considered an exclusion in the policies of Cocolife at the time.
But Atty. Loon made a fateful decision to accept those COVID-19 related claims, making him one of the first leaders to act on this call. Now, Cocolife has covered almost P1 billion in such claims in both healthcare and life insurance coverage.
“I made that decision as a Filipino, more than anything else. It is something we can look back and be proud of,” Atty. Loon said. “I always tell my team — how we respond to this pandemic will define who we are to the generations to come. This is our moment to create positive change in the lives of our countrymen.”
He also shared how Cocolife improved the delivery of its products and services to extend its reach to more clients.
The insurer’s mobile app is in the process of development in order to digress from physical transactions. The company grasped this opportunity to further innovate the digitalization of the business, especially amid the restrictions brought about by the pandemic.
Further, as the public health crisis continues, Atty. Loon assured that company hotlines are to be accessible 24/7 for a more efficient way to approve medical requests or address concerns of Cocolife’s clients.
Aside from serving Filipinos through life and health insurance, Cocolife also led humanitarian efforts by donating to institutions including the Tanging Yaman Foundation and the UP National Institute of Health. For Atty. Loon, these initiatives before and during the crisis led him to the acknowledgment he received from this year’s Asia CEO Awards as one of its Young Leader awardees.
“When I was appointed as the youngest president and CEO of Cocolife, I vowed to lead the company with excellence, integrity, and service,” he said. “In every decision made and every action taken, I lead with these kept in mind.”
Visionaries in service
Being led by a young management team with a handful of millennials, Cocolife seems to have an edge with its ability to be ready and prosper in a rapidly changing world without overlooking its people-centric values.
Such aptitude and qualities are further nourished under the leadership of Atty. Martin Loon, Cocolife’s President and CEO and one of the Young Leader awardees at the 12th Asia CEO Awards in 2021.
“Atty. Martin always challenges us to think outside the box and to look at things from a different perspective,” said Elmore Ornelas, Chief Communications Officer of Cocolife. “The work environment is filled with so much energy and excitement. There is never a dull moment during meetings and the team is never scared to try new things.”
Mark Arbis, Vice-President and Head of Operations Division of Cocolife, similarly considered the capacity and courage to make difficult changes as an advantage from having a young management team. “Change is usually more challenging for the ones executing the change, but we stood firm in pushing for the developments needed by the organization,” he said.
“The management team has already placed the systems that were not existing before,” Mr. Arbis added. “What this management did and achieved in the last three years are the best-recorded milestones in our organization’s history.”
In addition to eagerness for a better change, Cocolife can relate more to today’s Filipinos with a management committee that consists mostly of young leaders.
“Cocolife has become more in touch with the needs of the current generation. From how we conduct meetings to how we strategize, the millennial touch is evident in everything we do,” Mr. Ornelas observed.
(From left to right) Mark Arbis, Vice-President and Head of Operations Division; Elmore Ornelas, Chief Communications Officer; and Atty. John Nowell Cruz, First Vice-President of Human Resources and Administrative Services
This is also true for Atty. John Nowell Cruz, First Vice-President of Human Resources and Administrative Services of Cocolife. “With respect to our human resources, a youthful and driven management committee helps us connect with our people. We make it to a point to keep ourselves attuned to their needs to enable all of us to achieve the overarching mission — to serve with utmost integrity,” he shared.
Having a young management team that is ready to make changes and developments with the Filipino people in mind has prepared and improved Cocolife’s services even before the pandemic started.
“It was fortunate that the management, through the leadership of Atty. Loon, had the foresight to prioritize digital readiness even before the pandemic. With the IT infrastructure revamped and in place, Cocolife is well-equipped to efficiently cater to the needs of our people and customers even remotely in our work-from-home setup,” shared Atty. Cruz.
“We’re lucky to have a visionary for a CEO who has guided the team to be ready for what’s to come like the pandemic,” added Mr. Arbis.
Also aware about the impact of offering efficient processes and seamless customer experience, the management team of Cocolife did just that taking over. “We built development based on strategies that make a lasting positive effect. We focused on strengthening the Customer Experience team by acquiring systems and talents, and developing them further,” according to Mr. Arbis.
“During unprecedented times, every employee of Cocolife works to be of service to our clients — our customers always come first,” Mr. Ornelas added. “This is the message and vision that new management wants to get across to our clients.”
Just as much as they have primed the company even before the pandemic, Cocolife’s management team expressed their readiness to thrive at present and beyond. Mr. Arbis noted that they have already rebuilt the imperative foundational direction and processes that would serve as their guide in the following years.
“We are pandemic-tested and more than ready for the next wave of challenges. In the months to come, our management is excited to launch more initiatives that will yet again alter and improve the way we serve,” Mr. Arbis said. “Just like what we have offered the Filipinos, we are ready for tomorrow yesterday.”
Leading believers in Filipinos’ dreams
As an insurance business, Cocolife puts great value in the dreams of every Filipino, as evoked in its motto, “Believing in the Filipino.”
Cocolife believes in empowering Filipinos in order to reach their goals and aspirations as its array of financial protection products and services can support them in achieving their dreams and ultimately improving their lives.
“Our brand ambassador, basketball pro Kiefer Ravena, has always been focused on his goals — on the court and as a young man. He tells us that he earnestly believes in the importance of investing in one’s health, education, savings, and retirement. As successful as he is now, Kiefer’s dreams are the same as yours and ours,” said Cocolife’s President and CEO Atty. Martin Loon.
During the packing and distribution of Christmas donation goods with President Atty. Martin Loon and Brand Ambassador Kiefer Ravena
Simply put, everything one would need to ensure the well-being of their financial future and that of their loved ones, Cocolife has it.
Cocolife’s comprehensive suite of products and services addresses the different financial needs of individuals and organizational clients with products ranging from traditional life, variable life, group life, healthcare, and investments. Such products are made to support its clients, whatever their needs may be.
Among its notable insurance offering is the FLEXI series, a line of variable life insurance products that allows clients to design their investment and insurance plans to complement their needs.
Recently, it also launched the Cocolife Protect and Protect Plus. These affordable protection plans will support clients in the event of accidents that result in injury, disability, or death.
These products were internationally recognized, as Cocolife was awarded as the outstanding life insurance company and outstanding healthcare provider in the Philippines by the International Business Magazine Awards this year.
Moreover, Cocolife has consistently ranked no. 1 in the group business category, while its health insurance arm is one of the leading healthcare program providers in the country and the first to be ISO-certified and regulated by the Insurance Commission.
Ranging from HMO program, daily hospitalization benefit program, medical reimbursement program, to third-party administration program, these different health protection products are customizable as well as accessible to a vast network of accredited service providers and facilities across the country.
Cocolife’s leading group insurance products, meanwhile, present flexible coverage options for organizational clients that cater to the needs of their employees and members.
The company also provides insurance products to special markets like the Filipino migrant workers, making it among the few companies accredited to offer such protection.
Cocolife’s various retail distribution channels — agencies, mall operations, bancassurance partnerships, and digital platforms — make financial protection easily accessible to more Filipinos.
“The products and services offered by Cocolife speak volumes in itself. These are high-quality insurance products that are tailored to the specific needs of our clients,” said Atty. Loon.
Flexibility in addressing the client’s needs coupled with Cocolife’s robust performance and steadfast commitment to Filipinos make the products and services of the company a worthwhile choice for individuals and organizations.
“For Cocolife, it is our duty to serve our clients with the best insurance products, together with the highest standards of customer servicing especially during these most trying times,” Atty. Loon emphasized.
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The health and economic crisis last year has pushed Philippine domestic banks to be better and innovate on their services, being one of the essential sectors that people depend on these times. But as the crisis continues, domestic banks experienced a different impact on their market performance.
The industry had seen stability towards and during the beginning of 2021 with the sustained growth in assets, strong capital position, adequate liquidity buffers, ample loan loss reserves, and profitable operations, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno shared in a speech at the 31st Bankers Institute of the Philippines, Inc. Virtual Convention held last May.
“We are optimistic that the Philippine financial system is capable of withstanding the risks and challenges of the COVID-19 (coronavirus disease 2019) pandemic,” Mr. Diokno said. “Yet, as considerable economic uncertainty remains, the BSP continues to monitor relevant risks and vulnerabilities arising from banks’ activities through enhanced surveillance mechanism.”
Mr. Diokno maintained the observation by June for the domestic systematically important banks (D-SIBs). As reported by BusinessWorld in the said month, The BSP governor deemed that these banks remained strong despite the crisis, which was able to support the overall stability of the financial system.
However, by July, outlooks on six Philippine banks went from “stable” to “negative” as reported by Fitch Ratings. The credit rating agency nonetheless kept the country’s “BBB” rating.
Fitch covers the government-owned Land Bank of the Philippines (LBP) and Development Bank of the Philippines (DBP) and four commercial banks including the Bank of the Philippine Islands (BPI), Philippine National Bank (PNB), BDO Unibank, Inc. (BDO), and Metropolitan Bank & Trust Co. (Metrobank).
According to Fitch, the outlook revision to negative “reflects increasing risks to the credit profile from the impact of the pandemic and its aftermath on policy-making as well as on economic and fiscal out-turns.”
The agency added that the sluggish economic recovery would likely persist to weigh on the asset quality and financial performance of the banking system in the near term. It also expected the industry non-performing loan (NPL) ratio to increase and the revenue headwinds to probably continue with lower market-related income and compressed margins.
“However, we believe the majority of the banks continue to be sufficiently capitalized to withstand further stress in the system, while a recently enacted Financial Institutions Strategic Transfer Act (FIST), which allows banks to sell impaired assets to SPVs (special purpose vehicles) and amortize any losses from sale by up to five years, could facilitate faster NPL resolution and allow the system to embark on a speedier recovery,” Fitch said on its commentary.
BusinessWorld further reported in its 2nd Quarterly Banking Report that reimpositions of COVID-19 lockdown and renewed concerns on the virus have clouded the outlook on the country’s financial markets.
“In [the second quarter], domestic financial markets showed mixed trends with investor sentiment influenced by COVID-19-related developments alongside mixed economic data releases that impacted the economic outlook,” BSP was quoted as saying.
Given the volatilities, the central bank expected financial market participants to be watchful of the indicators dealing with virus containment as well as key economic trends and policy responses in the country and overseas.
S&P Global Ratings reported last year that the Philippine banking industry might recover to its pre-pandemic financial strength beyond 2022, but the credit rating agency added that this would be determined by the degree of economic damage from the crisis.
Banks’ performance
Despite the headwinds experienced due to such global health and economic crisis, several domestic banks have managed to perform well in providing financial services. This has been shown with the accolades that some Philippine banks obtained from international publications.
For Asiamoney, a division of global media group Euromoney Institutional Investor, the best domestic bank in the Philippines is Metrobank during its Best Bank Awards for 2021. The company’s “sheer resilience” amid the difficult time made it stand out, according to Asiamoney’s editor Rashmi Kumar in a press release by Metrobank.
The bank said in the same statement that its resilience is credited to the lessons learned from surviving the 1997 Asian Financial Crisis. It also practiced a prudent and proactive approach in managing its portfolio to protect asset quality as well as maintain long-term profitability and capital strength. Such an approach, for Metrobank, has contributed to its strong start this year with a 28% growth of net income to P11.7 billion in the first half.
BDO Capital & Investment Corp., a wholly-owned subsidiary of BDO, meanwhile received a nod from Asiamoney for being the country’s best corporate and investment bank this year.
According to the publication, BDO Capital has participated in at least 180.5 billion dollars of equity and debt issues since 2000. Additionally, the bank had performed leading roles in initial public offerings, government and corporate bond issues, preferred share sales, term loans, and project finance deals.
BDO is the largest bank in the Philippines with its P323,253,896,842.67 total assets as of June, as recorded in the data of BSP.
In providing digital banking services, the Rizal Commercial Banking Corporation (RCBC) reigned in the Philippines with several recognitions from international organizations.
RCBC received the Asiamoney award for “Best Digital Bank in the Philippines” in 2020 and 2021. Last year, the bank was also recognized as the country’s “Most Innovative Internet Banking Service Provider” by London-based financial publication The Global Economics and the “Best Digital Bank in the Philippines” by Hong Kong-based institutional investment magazine Annual Alpha Southeast Asia Best FI Awards.
RCBC’s innovations during the lockdown have helped the country in accessing financial services. Among which are its ATM Go which helped in distributing social amelioration funds to remote areas and its DiskarTech that give the country its first financial inclusion app.
Union Bank of the Philippines (UnionBank) likewise garnered multiple honors from international publications for performing best in banking support for small and medium enterprises (SMEs). The country’s tenth largest bank in terms of assets is Asiamoney’s back-to-back “Best Bank for SMEs in the Philippines” and Asian Banking & Finance’s “SME Bank of the Year Philippines 2021.”
UnionBank has been addressing the challenges faced by SMEs even before the pandemic with its MSME Banking Hub. Last year, its timely release of the UnionBank SME Business Banking app has attended to the shifting needs of SMEs with various digital options and functionalities to manage their financial transactions. The platform saw growth with 71% new SME Business and Personal accounts from 2020 until June of this year.
Among the other helpful platforms for SMEs that UnionBank has made are the UnionBank Business Loan and UnionBank GlobalLinker. Aside from financial services, the bank has also organized webinars to expand SME’s learning opportunities.
UnionBank President and CEO Edwin R. Bautista assured that “we will continue to support MSMEs so they can be globally competitive in this new digital age as we continue our efforts to ‘Tech Up Pilipinas’ while pioneering innovations for a better world.” — Chelsey Keith P. Ignacio
While it has largely shown resilience with the help of observed strong economic fundamentals, banking in the Philippines has nonetheless felt the impacts of the coronavirus disease 2019 (COVID-19) pandemic and is moving forward at pace with the transitions and accelerations occurring in the ‘now normal’.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno noted that three core strengths of the Philippine banking system contributed to the sustained strength and resilience of the country’s banking sector.
Mr. Diokno first noted the banking industry’s strong capital position. “It posted stable capital adequacy ratios (CAR) at about 15.0% in the past 10 years, which is well above the 10.0% minimum threshold set by the BSP and 8.0% minimum set by the Bank for International Settlements,” he said in a keynote in a webinar of the Joint Foreign Chambers of the Philippines earlier in March.
As of end-September 2020, Mr. Diokno noted, the risk-based capital adequacy ratio of the universal and commercial banking (U/KBs) industry stood at 17.2% on a consolidated basis.
Another strength Mr. Diokno noted is the banks’ ample liquidity buffers, which enable banks to withstand short-term liquidity shocks and to provide adequate stable funding in the medium term.
Stability in the liquidity position of U/KBs was shown as of end-November 2020, with a liquidity coverage ratio (LCR) of 201.0%, double the regulatory minimum of 100.0%. Meanwhile, the minimum liquidity ratios (MLR) of stand-alone thrift, rural and cooperative banks continued to exceed the regulatory minimum requirement.
Completing those core strengths are the expanding assets of banks on the back of increasing deposit liabilities, with a recorded growth of 6.1% year-on-year to ₱19.4 trillion as of end-December 2020.
Alongside such resilience, nonetheless, Philippine banks felt several impacts from the pandemic and are embracing the concerns it has accelerated.
A book recently published by the central bank, titled BSP Unbound: Central Banking and the COVID-19 Pandemic in the Philippines, noted the following impacts of the pandemic on banks: banks adjusting their daily operations alongside intensified off-site surveillance and monitoring of risks and vulnerabilities; bank deposits growth remaining relatively firm and funding cost declining following reduction in reserve requirements; banks becoming “shock absorbers” as loans slowly expanded; loan quality across banking groups manageably weakening as allowance for credit losses picked up; financial assets taking a hit due to additional loan provisioning; net income diving as additional provisioning rises; and liquidity and capital buffers remaining intact.
Within these impacts, a large role has been taken by digitalization as a reshapers for banks. “Majority of the banks’ board members and senior managers continued their oversight function and addressed emerging concerns through the use of technology. The survey also shows that the top priorities of BSFIs are the pursuit of digitization initiatives and management of possible deterioration in asset quality,” BSP’s book noted.
Moreover, the firm growth of bank deposits was attributed to consumers’ shift to digital payments.
“[A]n apparent shift in the use of digital financial platforms was observed following the [quarantine] From the third week of March 2020 to end-April 2020, FSS data showed that around 4.1 million digital accounts were opened among banks and non-bank electronic money issuers while the volume and value of check payments and ATM withdrawals significantly declined.”
Mr. Diokno also noted a dramatic surge in the volume and value of digital payment platforms such as PESONet and InstaPay. “The volume of PESONet transactions surged by 1,582% while the value of transactions increased to P366.6 billion as of end-2020,” the BSP governor shared in his keynote.
“Similarly, the volume of InstaPay transactions rose exponentially to 30.6 million as of end-December 2020 from just 1,740 in April 2018. The total value of InstaPay transactions reached P176.5 billion in December 2020 from P20 million in April 2018,” he added.
Another notable way in which banks are being reshaped by the pandemic is the accelerated bend towards sustainability, especially that climate change has reportedly worsened.
Back in April last year, the central bank released a sustainable finance framework that directed banks to adopt sustainability principles through environmental and social risk management systems as well as in their governance frameworks, strategies, and operations. A three-year transition period is given for banks to adopt.
In a BusinessWorld report last July, BSP Managing Director for Policy and Specialized Supervision Lyn I. Javier said the framework reminds banks of the financial losses they could incur due to climate change-related factors.
“It’s like managing any ordinary risk that they have. For instance, the frequent and more serious typhoons that we are experiencing could affect their credit and operational risks,” Ms. Javier was quoted as saying.
Mr. Diokno, meanwhile, said that banks can further take advantage of the opportunity offered by green or sustainable projects by offering other sustainable finance instruments like green deposits, green and social loans, and sustainability-linked bonds. — Adrian Paul B. Conoza
In photo during the BusinessWorld Insights, in partnership with SM Foundation, are (clockwise, from top left) moderator Patricia Mirasol of BusinessWorld; and panelists Gregory H. Banzon, Century Food Pacific, Inc. executive vice-president and chief operating officer; Arlene Tan-Bantoto, Nestlé Philippines head for corporate affairs; and Dr. Erasmus "Mark" Paderes, Bounty Agro Ventures, Inc. senior vice-president for animal health and field mill operations.
By Chelsey Keith P. Ignacio, Special Features Writer
As wellness and sustainability have increased their value among many people nowadays, the foods available and to be consumed also matter more.
In a BusinessWorld Insights held on Oct. 20, leaders from large food companies in the Philippines showed their endeavors to produce healthier food options for Filipinos. The online forum, titled “Enabling Sustainable Food Choices and Consumption,” also called for affordability and education about nutritious foods.
Gregory H. Banzon, executive vice-president and chief operating officer at Century Food Pacific, Inc., shared that they currently work on enhancing the nutritional value of their products, given that they are probably among the main sources of Omega-3 and DHA and that three of their core categories are part of the six key critical household items defined by the Department of Social Welfare and Development.
“Realizing the importance of our brands and products in food security, we will endeavor to improve the nutritional values of the products that we are serving,” Mr. Banzon said.
“We not only measure our performance in terms of revenue, volume, and profit. One of the key measures that we are also looking at is delivery of key nutritional requirements of the country.”
The food company’s market leader brands, Century and Argentina, are continuously being improved in terms of nutritional quality like reducing sodium.
It also works on going into categories that provide health and wellness benefits to the consumers through its dairy and coconut product brand entries.
Mr. Banzon also presented Century Pacific Food’s recently launched unMEAT, its entry to the plant-based category.
“It is good all-around in terms of [being] better for you, given the many benefits in terms of nutritional value — high in fiber, a high source of protein, and cholesterol-free,” he shared. “But it’s not only good for you; it’s also good for the planet.”
Nestlé Philippines also works on improving the nutrition of its food products, as shared by Arlene Tan-Bantoto, the food and beverage company’s head for corporate affairs, communication, and sustainability.
“We aim to ensure that we provide our consumers with nutritious, delicious, and healthier options that are grown and produced responsibly,” Ms.Tan-Bantoto said.
The food and beverage company continuously enhances its products through micronutrient fortification and reduction of sugar.
According to Ms. Tan-Bantoto, they have served 25 billion fortified products in 2020 alone, with the help of partnerships including Nestlé Research in Switzerland and the Food and Nutrition Research Institute in addressing iron deficiency anemia.
Nestlé’s Milo also has its sugar amount deducted. The company now also offers Milo Zero Added Sugar Ready and Milo with less than one gram of sugar.
The company is pursuing plant-based options in the country as well through its Harvest Gourmet, which provides an array of vegan and vegetarian options, especially for out-of-home consumption.
“As a global leader in food and beverage, we will champion the pursuit of sustainable food choices and consumption. We do not have all the answers and solutions today. And that is why we look forward to finding the solutions together,” Ms. Tan-Bantoto said.
Bounty Agro Ventures, Inc. (BAVI), meanwhile, seeks to produce affordable and healthy broiler meat for consumers.
“BAVI is consistently looking for ways to innovate and give Filipinos healthier and more sustainable food choices,” said Dr. Erasmus “Mark” Paderes, its senior vice-president for animal health and field mill operations.
Dr. Paderes stressed the importance of cautious antibiotics usage for chickens. He reminded Alexander Fleming’s warning 76 years ago that it is not difficult to make microbes resistant to penicillin. He also cited a 2016 study projecting 10 million deaths by 2050 could be a result of failing to address the problem of antibiotic resistance.
“Anti-microbial resistance or AMR is a global crisis,” he said. “All sectors must work together to address this challenge.”
In 2017, BAVI became the pioneer of the no antibiotic ever chicken production system in the Philippines. The company has been able to cut the use of antibiotics by 84%.
“We only use antibiotics prudently. That is when the flock or the broilers have bacterial diseases, which the veterinarians diagnose. If it is due to bacterial disease, then we will have to use antibiotics. Our veterinarians are using prescriptions to monitor and track its usage and effect,” Dr. Paderes explained.
“We also follow proper withdrawal period to ensure that all the treated birds from farms that were affected by a disease will not go to the consumer with antibiotic residue.”
“Those products go to our unbranded market segment. Because in live operation, broiler farming, there will always be an exception. Some farms will have a bacterial disease and we have to treat them for animal welfare.”
“Good animal husbandry practices, animal welfare, hazard analysis and critical control points, and prudent use of anti-microbials are very important for responsible and sustainable food production,” Dr. Paderes also noted.
Affordability and education
While producing healthier food options are vital responsibility of food companies, making nutritious products affordable and educating consumers about good consumption are also imperative.
Given that majority of the Filipino population is at the base of the socio-economic pyramid, Mr. Banzon of Century Pacific Foods underlined the need to provide affordable nutrition.
“As food companies, we need to be able to do more and better for the consumer by way of enhancing the nutritional value of our products, but keeping them affordable,” he said.
In this duty, Mr. Banzon believed that a partnership between the private sector and government was needed to figure out how to incentivize companies making ‘better for you, better for the planet’ products.
Mr. Banzon also highlighted the need for educating consumers, especially kids, on healthier products and being conscious about waste. Because if kids see food companies doing their part on plastic neutrality and enhancing their manufacturing output, it can be ingrained in their practices.
“You really need to educate consumers and kids over the long term to be very conscious about food waste and quality of nutrition,” he said.
Ms. Tan-Bantoto of Nestlé Philippines likewise emphasized the significance of educating the people about proper nutrition and consumption.
“When you are two years old and your mom decides to add sugar to your milk or juice, the taste palette goes on. And it takes a while [for] the mindset to say, ‘I want to live a healthier life because I know it is not good to keep on adding sugar,'” she said.
Educating consumers about segregation is also a must, according to Ms. Tan-Bantoto, to properly handle single-use plastic packages.
“We know that 80% of the consumers really cannot afford more expensive or big or upsize [products]. That is why they only go to a sari-sari store. But [what] they can do to save is start segregating,” she said.
“Education again plays a very critical role and also government and private collaboration to teach our consumers to segregate.”
Nestlé Philippines has been pushing for a circular economy and helping educate children, parents, and teachers on the value of nutrition, health, and wellness, shared by Ms. Tan-Bantoto. “We are committed to making sustainable and healthier food choices accessible to Filipino and will continue to promote responsible consumption for the health of the people and the environment. We will do so by helping to generate knowledge and understanding and by educating consumers.”
This session of #BUSINESSWORLDINSIGHTS was presented by SM Foundation and was supported by British Chamber of Commerce of the Philippines, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, and The Philippine STAR.
THE ANTI-MONEY Laundering Council (AMLC) expressed confidence the Philippines will be removed from the Financial Action Task Force’s (FATF) “gray list” by January 2023, as it works with other government agencies to plug gaps in implementing measures against “dirty money” and terrorism financing.
The FATF on Friday kept the Philippines on its gray list, although it acknowledged the country’s progress in preventing money-laundering and other financial crimes.
“The January 2023 deadline allows for some slack, knowing that we are facing national and local elections in May 2022 which might result in major changes in the bureaucracy. That is the rationale for the January 2023 deadline,” AMLC Chairman and Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said in a Viber message.
The global dirty money watchdog noted the Philippines has developed and implemented guidance on delisting and the unfreezing of assets for targeted financial sanctions related to proliferation financing, reducing the action plan items to 17 from 18 that need to be addressed.
“There is progress… We’re down to 17 deficiencies. Getting off the list is an all of government undertaking. The responsibility for satisfying the deficiencies rest not only with AMLC but also with other government institutions,” Mr. Diokno said.
Jurisdictions that are under increased monitoring of the FATF like the Philippines are required to submit reports every January, May and September to show the progress done in implementing anti-money laundering (AML) and counter-terrorism financing (CTF) measures.
“We do not have a deliverable item for the January [2022] reporting cycle because we already submitted our compliance in the September reporting cycle,” AMLC Executive Director Mel Georgie B. Racela said in a Viber message, noting they are now working on deliverable items for the May 2022 reporting cycle.
These items, he said, include increasing the employees of the AMLC’s Financial Intelligence Analysis Group and proving an improvement in the timeline of sharing intelligence information with law enforcement agencies. More terrorist financing investigators will be needed, Mr. Racela added.
The government will also have to tighten measures to ensure that foreign currency declarations are followed in major sea and airports. The country is looking to prove to the FATF that it has increased the number of foreign currency declarations, as well as confiscations when the Customs rules are violated, Mr. Racela said.
“We are exerting best efforts to submit compliance to these items by January 2022,” he said.
To accomplish these deliverables, he said the AMLC is working with the Bureau of Customs, the Philippine National Police, and the Armed Forces of the Philippines, among others.
Mr. Diokno said no legislation is needed for the Philippines to be able to exit from the FATF’s gray list.
“Remember we have to demonstrate effective implementation of existing laws. None of the 17 remaining deficiencies require passing new laws. We just have to remain focused and work unceasingly to satisfy the remaining deficiencies. We are doing all these amid the ongoing pandemic,” he said.
Republic Act 11479 or the Anti-Terror Act of 2020 was signed into law in July 2020, while Republic Act 11521, which strengthened country’s Anti-Money Laundering Law was enacted on Jan. 29, 2021.
The FATF set a Feb. 1 deadline for the Philippines to show tangible progress in measures against financial crimes related to money laundering. It included the Philippines in its gray list in June. — Luz Wendy T. Noble
MORE THAN P13 billion has been collected in the government’s tax amnesty programs so far, the Department of Finance (DoF) said.
The estate tax amnesty program has yielded P5.17 billion from 67,823 individuals as of Sept. 7, Finance Assistant Secretary Dakila E. Napao said at a virtual press briefing.
The government has also collected P7.89 billion from the tax amnesty program for delinquency accounts. Collections are based on 6,099 individuals who availed of the program.
The Bureau of Internal Revenue ended the tax amnesty for delinquencies after it expired in June this year. Implemented in April 2019, the program was extended four times in 2020 from the original April 23 deadline.
The tax amnesty programs were authorized by Republic Act No. 11213 or the Tax Amnesty Act signed in February 2019. The programs allow individuals to settle delinquent accounts and unpaid estate taxes up to 2017.
Part of the Duterte administration’s comprehensive tax reform program, the tax amnesty gave errant taxpayers a chance to “affordably settle their outstanding tax liabilities, allowing for a fresh start, while also providing the government with additional revenues for its priority infrastructure and social programs.”
President Rodrigo R. Duterte in June signed a law amending the Tax Amnesty Act to move the deadline for estate amnesty applications to June 14, 2023 after it was set to end this year. The program started in May 2019.
Senator Pilar Juliana S. Cayetano, chair of the Ways and Means Committee, had said that mobility restrictions during the pandemic affected the tax amnesty filing process.
The two programs are revenue-generating measures authorized by the comprehensive tax reform program. — Jenina P. Ibañez
Patricia M. Marasigan, 46, sells grapes and oranges outside the Batangas City Public Market.
By Luz Wendy T. Noble, Reporter
MARY GRACE T. CANGMAONG, 48, lost her job as a saleslady at the Chinatown Gold Center in downtown Manila after it was closed in mid-March 2020 amid a coronavirus pandemic.
Her salary was below the P537 daily minimum wage when adjusted for inflation, but it did help pay the rent and in feeding their four children, she said by telephone. “I only finished high school so it’s difficult to find a good job,” Ms. Cangmaong, whose husband is a security guard, said in Filipino.
Women and girls face distinct hardships amid the pandemic that has run for almost two years now, and the fallout exposed how deeply gender inequality remained embedded in the world’s political, social and economic systems, according to the United Nations.
Nowhere is this more evident than in the Philippines, where women face challenges such as economic insecurity, access to healthcare services, gender-based violence and other human rights violations.
“If you are an employer, your instinct would be to let go of the women first because they’re not primary breadwinners,” Nathalie Lourdes A. Verceles, director of the University of the Philippines Center for Women’s and Gender Studies, said in a Zoom Cloud Meetings interview. “You assume that there will be a primary breadwinner, anyway. You feel less guilty.”
Filipino women are mostly seen as primary homemakers while men are viewed as breadwinners, she pointed out.
About 5% of women worldwide lost their jobs during the pandemic, compared with 3.9% for men, according to a study by the International Labour Organization (ILO) published in January.
The Philippine jobless rate hit 8.1% in August, but it was worse for women (8.3%) than for men (7.9%), according to data from the local statistics agency.
It didn’t help that contact-intensive sectors such as tourism, hospitality and sales, where many women are employed, were among the worst hit by the pandemic, said Eylla Laire M. Gutierrez, a research manager from the Asian Institute of Management (AIM).
Women also play a big part in the country’s informal economy, making the losses disproportionately bigger for them, she said in a Viber message.
“As a member of the informal sector, Filipino women have a lower earning capacity, hence lower savings,” Ms. Gutierrez said. “This also means that women have little to no access to labor protection such as vacation and sick leaves.”
A study by McKinsey and Co. showed that even for couples who are both employed, mothers are twice as likely as fathers to spend five extra hours a day on house chores during the global health crisis.
Aside from house chores, Ms. Cangmaong also tries to teach her childrenat home lessons that she finds are becoming more difficult. She also must ensure that the family keeps its spending within the budget.
Because women have the burden of taking care of their families, they often suffer from stress and anxiety caused by the current work-from-home setup, Ms. Gutierrez said. “Women during this pandemic are forced to balance work with housework and care.”
“The mother is in charge of making sure the budget is spent wisely,” Ms. Cangmaong said. “It’s stressful when the money is simply not enough. Sometimes, you can’t buy things you want because there’s no money. And it’s difficult for people my age to find a job.”
BLEAK PROSPECT Some women have been forced to quit their jobs so they can take care of their family better.
“It’s possible that women are voluntarily opting out of the labor force because of increased household chores,” Ms. Verceles said. This, as some women are part of the so-called sandwich generation — middle-aged people who support their aging parents and children whether financially, physically or emotionally, she added.
Some women who left their work temporarily face bleak job prospects, Ms. Gutierrez said. Many of them might have to return to lower skilled and lower paid jobs, she added.
On the bright side, the pandemic showcased women’s contribution in fighting the pandemic, particularly healthcare frontliners and workers in the retail industry, Ms. Verceles said.
“We need to recognize that women are playing significant roles in responding to the pandemic, including as frontliners and elected officials,” she said. “They are overworked and underpaid and they are still waiting for their hazard pay.”
Ms. Verceles also noted how women in the family are tapping their cooking and baking skills to help augment the family income.
On the leadership front, she noted how some economies with female leaders demonstrated good pandemic management including Taiwan and New Zealand, which are led by Tsai Ing-Wen and Jacinda Ardern.
“Societal institutions train us women to be caring, sensitive, empathetic, understanding, emotionally open, patient, intuitive, creative and organized,” Ms. Verceles said. “What is considered feminine are values that all, regardless of gender, ideally should have during a pandemic.”
The government should ensure inclusive recovery by taking into account the fact that men and women are affected differently by the pandemic, Ms. Gutierrez said. Policy makers should craft recovery plans that are gender-sensitive, including support for childcare facilities, she added.
More women in government could help address the gender gap, Marikina Rep. Stella Luz A. Quimbo said in a Viber message. The lawmaker, who is a member of the House of Representatives Committee on Women and Gender Equality, said only 28% of House lawmakers and only seven of 24 senators are women.
“Sadly, both houses of Congress still fall short of having that 30% critical mass mentioned by some scholars, much less equal, 50-50 representation,” she said.
The House is discussing a bill on gender responsive and inclusive pandemic management, which seeks to ensure mechanisms are in place to help women deal with job loss and business closures, reproductive health, economic empowerment and security against gender violence.
“It’s high time to consider subsidizing childcare facilities in ensuring women’s continued participation in the workforce and in adapting to the needs of this pandemic,” Ms. Gutierrez said.
Women should also be given wider access to capital to help them set up their own small businesses, Ms. Verceles said.
“We want to pull women out of that rut where they only do work and earn enough to meet their daily needs, and not to save,” she said.
In the end, mothers can only dream of better days ahead not just for themselves but also for their children.
“My wish is for this crisis to finally end,” Patricia M. Marasigan, a 46-year-old fruit vendor from Batangas City, said in an interview. “I can barely earn because I have fewer customers. I want our life to be normal again.”
ANALYST estimates for Asia’s corporate profits have fallen to more than a decade low relative to global peers, and further downgrades are on the horizon as China’s economic growth slows and global supply constraints remain.
After soaring past pre-pandemic levels on vaccine and reopening optimism, the 12-month forward earnings-per-share forecasts for MSCI Asia Pacific Index members began to drop in mid-September, led by cuts in Australia, South Korea and some Southeast Asian countries such as Malaysia, according to data compiled by Bloomberg.
Businesses and share prices in the region have suffered as economies have remained closed for longer than in the West, with China maintaining a COVID Zero policy and also cracking down on private enterprises. As supply chain bottlenecks add to worries about monetary policy tightening and energy shortages-fueled inflation, traders see earnings projections taking a further hit before climbing back up next year.
“Several indicators suggest an earnings revision downcycle is emerging,” Goldman Sachs Group, Inc. strategists including Alvin So wrote in a report on Wednesday.
Goldman cut its projections for earnings-per share growth of MSCI Asia Pacific excluding Japan Index members to 32% for this year and 9% for the next, down from previous forecasts of 34% and 11%. Its estimates for mainland China, Hong Kong and the Philippines are below the consensus.
A key concern for Asia investors is that China’s regulatory clampdown and its property sector curbs haven’t been fully included in earnings revisions yet, and travel restrictions may be kept in place to ensure the Beijing 2022 Olympics are a success. Chinese stocks are the region’s worst performers this year, a key reason for Asia’s underperformance versus global peers.
“China will be quite closed particularly provincially until the Olympics and that could damp growth,” Sean Taylor, Asia Pacific chief investment officer at DWS told Bloomberg Television.
The MSCI Asia Pacific Index is little changed for the year, versus a gain of at least 18% for its US and European counterparts. China’s CSI 300 Index is down almost 5%.
Meanwhile, South Korean forecasts are struggling as profit growth at heavyweight chipmakers such as SK Hynix, Inc. and Samsung Electronics Ltd. is expected to slow as memory chip prices appear to be peaking. Also, the economy started reopening earlier than many others in the region, meaning that previous earnings figures start at a higher base.
Still, as regional equities fall behind, the accompanying decline in valuations is luring some investors, particularly into battered Southeast Asian markets that are seen getting a new lease on life from recent easing of movement curbs in their economies.
DWS is backing Japanese shares following the end of the state of emergency and potential for a large fiscal stimulus, while Taiwan’s tech-heavy market is among the top picks at Goldman Sachs, Invesco Ltd. and Pictet Asset Management.
But for Asia’s overall earnings outlook to improve, things need to get better in the region’s biggest market China.
A combination of raw material inflation and weak consumer spending has made the third quarter a brutal period for China’s biggest firms, with property, agriculture and power generation sectors set to show the worst plunges in profit.
While pessimistic earnings estimates may lead to positive surprises for Asia, “we may not be past the inflation heatwave just yet, especially as supply chain pressures e.g. production and shipping bottlenecks show little signs of abating,” said Marcella Chow, global market strategist at JPMorgan Asset Management. — Bloomberg
LUXURY stores are reopening in Greenbelt 3 including Louis Vuitton, Fendi, Dior, Thom Browne, Bvlgari, and Kenzo.
Things are looking up for name brands post-COVID
WHILE things might still look gloomy in the retail arena as the COVID-19 (coronavirus disease 2019) pandemic keeps stretching out, things are actually looking up, especially for luxury brands.
FAME+ Market Days, a reconfigured online version of the capital’s biggest design fair, brought over Vogue Business Head of Advisory Anusha Couttigane for a webinar called “PH Fashion: The Leap to Global.” The webinar was streamed via Hopin on Oct. 20.
Ms. Couttigane concentrated on the effects of the COVID-19 pandemic on world markets, and post-pandemic recovery strategies. “The luxury industry is expected to grow considerably, according to data by BCG (Boston Consulting Group),” said Ms. Couttigane. “In the context of COVID-19, a full recovery is expected between the end of 2021 and 2022. When we look at that on a segment level, the luxury personal goods industry, although expected to grow significantly by 2025, it is actually going to account for a smaller proportion of the overall luxury industry.”
“I don’t want this to ring any alarm bells, because that segment is going to be expanding from an estimated value of $340 billion today to around $390 billion by 2025, with the potential for that segment to grow to $440 billion by next year,” she said.
“That really depends on different economic scenarios. Of course, there are still a lot of uncertainty in the world today.”
She points that the search for experiences (a known preference by millennials and the succeeding generations) have changed how we consume: “It’s actually experiences that are driving development and expected to expand further,” she says. “That suggests that there could be opportunities to collaborate or extend into sectors such as homewares or hospitality and leisure, perhaps by collaborating with hotels, for example, to really further commercial success.”
An article from BCG titled “A New Era and a New Look for Luxury” by Sarah Willersdorf, Joël Hazan, Guia Ricci, Alexandre Prénaud, Filippo Bianchi, Javier Seara, and Veronique Yang says “Brands must create online experiences that feel exclusive and beyond what nonluxury retailers offer. Experiences should take into account not just shopping and purchase transactions but also related activities such as fashion shows, private showings, personal shoppers, white-glove delivery, and other customized services.”
KEY CITIES Ms. Couttigane also points to the differing rates of post-pandemic recoveries in cities. “When we look at this at a regional level, it’s really important to know that the post-COVID-19 recovery is taking place at a different pace depending on the city you’re in.” She says that while London “is heading in the right direction,” its pace is slower than capitals such as Paris, Tokyo, and Amsterdam.
“There’s a much bigger recovery and progress in cities such as Rome, Stockholm… and New York. When you’re considering which cities to either expand in or grow your footprint, or where you might have physical retail stock, it’s very important to note where the faster pace of recovery is taking place,” she said.
“Be prepared [for] the perhaps slower returns on investment in these cities that are taking a slower trajectory towards recovery.”
GOING ONLINE Ms. Couttigane acknowledges the switch to online sales during the pandemic, which arguably has made the world even smaller and more accessible.
“We know that online has had a huge moment over the course of the pandemic. It’s been the primary way in which consumers have been accessing fashion goods,” she said. “There’s a real focus on commercial performance online, especially amongst smaller brands and businesses that are currently seeing a revenue of under 100 million euros. If you are one of these businesses that are operating around a hundred million euros or less, then it’s really important to be aware that your rivals in that revenue segment are going to be investing heavily in digital, and that’s where you’re going to see more fierce competition.” — Joseph L. Garcia
Cocolife’s leadership as the preferred insurance provider is shown with its commitment to excellent corporate governance and the company’s mission to serve.
As early as 2019, he instructed management to gradually adopt a work from home setup which was made possible by updating the company’s IT systems.
Nowhere is this more evident than in the Philippines, where women face challenges such as economic insecurity, access to healthcare services, gender-based violence and other human rights violations.
