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Haus Talk income triples to P15M on property sales

HAUS TALK, Inc. reported that its attributable net income nearly tripled to P15.25 million in the second quarter from P5.37 million last year driven by a surge in its real estate sales.

Its topline for the April-June period jumped by more than seven times to P193.63 million from P26.42 million a year ago.

Real estate sales became its revenue driver after the company acquired properties in Biñan and Bacoor, and developed its Celestis 1 and 2, and Mariveles projects, which pushed inventories by 14.3% to P411.21 million.

Real estate sales accounted for P189.52 million of revenues, higher by eight times than the previous year’s P23.41 million.

However, costs jumped to P107 million, more than 16 times higher than P6.64 million last year. Operating expenses also quadrupled to P34.21 million from P8.46 million year on year.

Year to date, the company’s attributable net income rose to P16.56 million, more than twice the P6.99 million recorded a year ago.

In the first half, its topline rose to P385.72 million, more than four times of last year’s P88.77 million.

Haus Talk’s primary purpose is to acquire land, engage in land and housing development and participate in the government’s mass housing program.

It completed its initial public offering on Jan. 17. Its subsidiaries include Tradition Homes, Inc. and Lifestyle Development Corp.

On Thursday, shares in Haus Talk declined by 2.06% or P0.02 to 95 centavos apiece. — Justine Irish D. Tabile

DMW to rate recruiting agencies by compliance

PHILIPPINE STAR/EDD GUMBAN

THE Department of Migrant Workers (DMW) said on Thursday it plans to rate employers and recruiting agencies based on their track record of compliance with labor standards and treatment of overseas Filipino workers (OFWs).

In a statement, Migrant Workers Secretary Susan V. Ople said the scheme involves a “white list” of compliant recruiters and employers.

The DMW will also maintain a blacklist of foreign employers and recruiting agencies found to have committed violations, including exploitation and abuse of OFWs.

Ms. Ople said the DMW hopes to tailor employment contracts to each destination country’s labor laws and migration policy.

She also warned against fraudulent recruitment offers that could cause workers to be trafficked.

“We also appeal to our countrymen to be more discerning about such bogus offers, and to report illegal recruiters and human traffickers to the DMW,” said Ms. Ople.

On Monday, the DMW ordered the Philippine Overseas Employment Agency to suspend a department order that required rehired and directly hired OFWs to pay compulsory insurance premiums.

The Department of Labor and Employment (DoLE) had issued Department Order No. 228 requiring employers and migrant workers to pay for insurance coverage, subject to a full refund on the day of arrival at the destination.

DoLE said the measure was meant to serve as a “protective insurance mechanism against OFWs contracting the coronavirus.”

Ms. Ople cited the improving global health situation and the high vaccination rates among OFWs as a reason to suspend compulsory insurance coverage. — John Victor D. Ordoñez

What to see This Week (08/19/22)

A SCENE from the film Nope

Nope 

TWO siblings who run a California horse ranch discover something wonderful and sinister in the sky, and the owner of an adjacent theme park tries to profit from the mysterious, otherworldly phenomenon. Directed by Jordan Peele, the film stars Keke Palmer, Daniel Kaluuya, and Steven Yeun. Variety’s Owen Gleiberman writes, “Jordan Peele’s Nope is a tantalizingly creepy mixed bag of a sci-fi thriller. It’s a movie that taps into our fear and awe of UFOs, and for a while it holds us in a shivery spell. It picks the audience up and carries it along, feeding off spectral hints of the otherworldly.” Film review aggregate site Rotten Tomatoes’ Tomatometer gives it a score of 82% and an audience score of 68%. 

MTRCB Rating: R-13


Fall

FOR best friends Becky and Hunter, life is all about conquering their fears and pushing their limits. But after they climb 2,000 feet to the top of a remote, abandoned radio tower, they find themselves stranded with no way down. Now Becky and Hunter’s expert climbing skills will be put to the test as they desperately fight to survive the elements, and deal with a lack of supplies and vertigo-inducing heights. Directed by Scott Mann, the film stars Grace Caroline Currey, Virginia Gardner, Jeffrey Dean Morgan, Mason Gooding, Julia Pace Mitchell, and Jasper Cole Director. Rolling Stone’s K. Austin Collins writes, “Fall is a straightforward survival thriller with just enough personality to glue you to your seat. The situation is ridiculous. Friend wants to help friend grab life by the horns and figures only a free-climb up the innards of an abandoned tower, planted dead-center in the middle of a desert, with little in the way of fellow humans, or chances of aid, or phone reception, will get the job done. Hilarity necessarily ensues. Fall knows what we want to see. It gives us the quaking bolts as weight gets applied to the tower’s ladders for the first time since probably the Kennedy era, heightened bouts of wind, and aerial shots that make survival seem impossible.” Film review aggregate site Rotten Tomatoes’ Tomatometer gives it a score of 73% and an audience score of 77%.

MTRCB Rating: PG

Mastercard and Atome launch new credit card

ON THURSDAY, partners Mastercard, Inc. and Atome Philippines announced the launch of the Atome Card in the Philippines, with applications accessible via mobile with no minimum income needed.

“The Atome card provides cardholders with an Atome line of credit that can be used to pay online and in-store retailers by simply presenting their Atome Card during checkout,” the partners said in a press release said.

It noted that the credit card contains a credit line of P200,000 payable in 45 days. It will not charge annual fees, sign-up fees, or other hidden charges.

Using a virtual or physical Atome card, holders can shop in-store or online wherever a Mastercard is accepted.

“Mastercard is delighted to partner with Atome on this innovative product that will contribute to building a cash-lite society and drive financial inclusivity by serving more than 70% of Filipinos who are unbanked or underbanked, and do not qualify for credit cards,” Simon Javier Calasanz, country manager of Mastercard Philippines, was quoted as saying in the press release.

“For merchants, this also means increased sales and better conversion rates, extending the benefits of digital commerce to more consumers and businesses in the Philippines,” he added.

An application, available on the App Store and on Google Play, also makes it possible for holders to track consumption and payment schedule.

“The launch of the Atome Card marks an exciting new chapter for Atome, as it’s the first financial service we offer apart from Buy Now, Pay Later. With no annual fees and minimum income requirements, the Atome Card will give many underserved segments in the Philippines access to a flexible credit facility, the first such innovative solution across the region with more markets to come in the next few months,” said Atome Payment Partnerships Director Magic Tang.

Atome launched in the Philippines in October last year, with over 600 online and offline retail partners, which include SM Store, Zalora, Suyen Corp., Primer Group, Agoda, Converse, Giordano, Rustan’s, Timex, National Book Store, Time Depot, Anker, Garmin, Uratex, Fitness First, Skechers, Toby’s, Bayo, Pretty Looks, and Boozy.

In the region, it is also affiliated with over 15,000 online and offline retailers in nine other markets, namely: Singapore, Indonesia, Malaysia, Hong Kong, Taiwan, Vietnam, Thailand, China, and Japan. — Diego Gabriel C. Robles

EasyCall returns to profit as revenues soar

LISTED telecommunications company EasyCall Communications, Inc. returned to a net attributable profit in the second quarter of the year after losing P1.64 million in the same period last year.

The company reported an attributable net income of P1.9 million for the second quarter of 2022.

Revenues for the period soared 425.2% to P107.03 million from P20.38 million previously.

Expenses increased 566.2%to P86.6 million from P13 million in the same period a year earlier.

For the first half, the company’s attributable net income surged 498.4% to P11.37 million from P1.90 million previously.

Revenues for the first six months reached P239.08 million, up 457.3% from P42.90 million in the same period in 2022.

According to the company, its positive financial results are primarily due to its ongoing initiatives in managed connectivity, technology and data services, as well as the acquisition of Transnational E-Business Solutions Inc. (TESI) earlier this year.

“With TESI as part of EasyCall Group, we have been able to ramp up our digital transformation efforts, and we are really looking forward to continuing this journey of exploring new opportunities and elevating our service offerings in connectivity and technology solutions,” EasyCall President Zaki Khaled Antoni Delgado said in a statement. — Arjay L. Balinbin

How income inequality compared across regions in 2021

AROUND 2.3 million Filipinos have been plunged into poverty between 2018 and 2021, as the coronavirus pandemic left lasting scars on the Philippine economy, according to the Philippine Statistics Authority (PSA). Read the full story.

Home income inequality compared across regions in 2021

China Bank makes employees eligible for LinkedIn upskilling

BW FILE PHOTO

CHINA Banking Corp. (China Bank) said it has purchased licenses to use LinkedIn Learning for all its 9,800 employees, to help with their upskilling and reskilling via the professional networking platform.

Starting Aug. 16, all China Bank employees will have access to LinkedIn Learning, an online educational platform with more than 18,000 courses covering hard and soft skills.

“As we pursue our digital transformation, investing in new technologies to make China Bank an agile, modern organization, we are not forgetting that people are the catalysts of this transformation,” China Bank Chief Finance Officer Patrick D. Cheng said in a statement on Wednesday. 

“The business landscape is changing faster than ever; thus, it’s crucial that we continuously upskill China Bankers to stay competitive and relevant in this digital age,” Mr. Cheng said.

LinkedIn Learning makes those who complete its coursework eligible for certification and professional credit.

China Bank calls its program Learning EDGE (Empowered talents Driving Growth and Excellence), with the main benefit seen as the efficient upgrading of skills at scale.

“Ease of use and mobile capabilities are essential in training. Learning EDGE, available anytime on any device, will help us keep our people stay sharp with the skills needed for their roles now and in the future,” China Bank Human Resources Group Head Maria Rosanna Catherina L. Testa said. 

The bank conducted a trial run of the platform in July with over 500 employees.

“As the world recovers from the fallout of the pandemic and looks towards a skills-first economy, companies like China Bank are future-proofing their businesses and helping employees to be successful through continuous learning,” LinkedIn’s Head of Asia, Talent & Learning Solutions Frank Koo said.

“LinkedIn’s unique position as the world’s largest professional network allows us to quickly spot market trends and create relevant content for learners. By investing in its people, China Bank can effectively and efficiently plug any vital skill gaps, retain and attract top talent, and be at the forefront of navigating change in these fast-evolving times,” Mr. Koo added. — Keisha B. Ta-asan

Stuff to do (08/19/22)

MaArte Fair returns to The Pen

Manila welcomes back MaArte Fair, the fundraising bazaar that benefits the Museum Foundation of the Philippines, on Aug. 19 to 21. The foundation’s mission is to raise funds and awareness for the National Museum of the Philippines and its network. The overarching theme of MaArte at The Pen 2022 is to celebrate the Filipino creative soul. MaArte will recognize not just traditional Filipino craft and design but also bring to the fore contemporary Philippine design in the fields of fashion, furniture, and accessories. The fair’s highlights include apparel and accessories, contemporary furniture and home décor, and heirloom, jewelry, and traditional textiles. Part of MaArte is “SLIM at The Lobby: A Special Exhibition,” curated by Mark Lewis Higgins, which will be on view until Aug. 27. The exhibit features a vignette of ensembles by National Artist for Fashion Design Salvacion Lim Higgins (Slim), with dresses dating from 1952 to the early 1980s. Also, part of the fair are a number of talks which will be held at the hotel’s Salon de Ning. On Aug. 19 (2 p.m.) Sheryl Ebon-Martinez give talk titled “A Teapot’s Journey: A Brief History,” about her fascination with tea and how this led her to become a potter at the age of 40. On Aug. 20 (2 p.m.), Nazareno/Lichauco’s Rita Nazareno (Zacarias 1925) and Gabby Lichauco (Open Studio) will share their insights, experiences, and practices regarding today’s Philippine contemporary craft and design landscape in a talk titled “Philippine Design and Craft by Nazareno/Lichauco.” On Aug. 21 (2 p.m.), Mark Lewis Higgins will facilitate a talk titled “Paris and Manila: A Tale of Two Cities: The Golden Age of Haute Couture on the Opposite Sides.” Admission to the talks is free.


Pawchella: A Benefit Concert in honor of Animal Welfare

PAWSSION Project, a non-profit organization dedicated to the rescue, rehabilitation, and rehoming of rescued animals, is holding a benefit concert on Aug. 20 at Bonifacio Global City to raise funds for and awareness of stray animals in the country. The concert will be held at 5th Avenue, Bonifacio Global City in Taguig from 2-9 p.m. on Aug. 20. Sud, Orange and Lemons, and Bini among others, have agreed to perform for free in support of the cause. While the concert is free, patrons can register here at https://www.jotform.com/221738904606459 and pledge a month’s worth of food, shelter, and medicines for P1,500 and get access to the VIP area during Pawchella and a bottled coffee flask from Stay Up Espresso Bar. Founded in October 2018, Pawssion Project has since sheltered, rescued, spayed & neutered, and rehomed over 5,000 animals. The organization is now appealing for funding through various activities in celebration of International Homeless Animals Day (IHAD). Pawssion Project’s IHAD campaign and festivities began with a kick-off event on Aug. 14 in the BHS Central Amphitheater featuring, sunset yoga, acoustic sets, and demos of low-cost services, accompanied by a special IHAD Adoption Drive in Market! Market!. An Art Exhibit featuring the harsh realities of stray animals was set up in Bonifacio High Street on Aug. 15 and will run until Aug. 20. For more information on Pawchella and Pawssion Project, follow Pawssion Project on Facebook and Instagram.


Newport World Resorts hosts Star Wars exhibit

NEWPORT MALL’S latest exhibitionFar, Far Away” features a unique toy and art collection by Imagine Nation Studios (INS). Characters from the Star Wars films are reimagined as toys, decked out in street culture outfits. Among the figures are Trooper Boy, Vader Boy, Fett Boy, C-3PBoy, and Spray2-D2. The large figures are made of fiberglass, while their smaller counterparts are resin. Adding to the intergalactic experience are contemporary paintings inspired by the film franchise such as Trooper Money, Vader Money, and Dog Day After. TheFar, Far Away” exhibition is open until Sept. 4, at the GF Newport Mall. Selected pieces are available for purchase through the INS contact person at 0905-410-9411 or e-mail ins.designteam@gmail.com


Spending a day at Tiendesitas Pet Village

SINCE IT opened in 2005, the Tiendesitas Pet Village has earned a reputation as a pet paradise with its clusters of stores that cater to pet needs. It suggests one’s pet get a health check at Animal Care Specialists; then go pet shopping at Pet Co., which offers pet furniture, wet and dry food, starter kits for new puppies and kittens, pet accessories, diapers and clothing, health supplies, and grooming products. The Tiendesitas Pet Village also has an open space for pets called the Paw Park, where it hosts regular play dates like Pet Meetup events with dog trainer Lestre Zapanta. Pets can be groomed by professionals at the DivineLife where staff will trim their excess floof, cut their nails, detangle matted fur, clean their ears and sacs, and brush their teeth. There is also Petville by Purple Groom  where pets can have a nap while you shop. Petville will look after pets on an hourly basis, daily, or weekly.  Pets get perks when they become a member of the Ortigas Malls Elite Pet Society. Applicable in all Ortigas Malls — Tiendesitas, Greenhills and Estancia Mall — the membership gives pets their unique pet ID, exclusive freebies, pet shopping discounts, and a cake on their birthday when a stamp card is completed. Download the Ortigas Malls mobile app available on Apple App Store and Google Play Store to register.

Mondelez partners with Megaworld for waste collection drive

FOOD manufacturer Mondelez International has partnered with Megaworld Corp. for a waste collection initiative involving the latter’s malls.

The new partnership launched on Aug. 17 will involve a year-long waste collection drive in five Megaworld Lifestyle Malls, particularly Eastwood Mall, Lucky Chinatown Mall, McKinley Hall, Uptown Bonifacio, and Arcovia City. The collection drive began on Aug. 15 in Eastwood Mall.

“Our goal is to make snacks with better packaging, to make it easier to recycle; to use less packaging by optimizing our pack sizes; and supporting improved systems through the collection of as much plastic as we put into the environment,” Mondelez International Country Manager for Corporate and Government Affairs Joseph R. Fabul said in a statement on Thursday.

Further, Megaworld Lifestyle Malls Head Graham Coates said that the company is continuously looking for ways to incorporate environmental consciousness in its township and lifestyle properties.

“Sustainability is in one of our core thrusts as a company, we are always open to collaborating with organizations which promote the same values,” Mr. Coates said.

The new partnership is a continuation of the initiative started by Mondelez and social enterprise Plastic Flamingo (PLAF) in 2020.

Mondelez and PLAF have collected 43,000 kilograms of post-consumer plastic that were repurposed into upcycled products from 2020 to 2021.

“We have worked with the PLAF since 2020 to collect post-consumer plastic for reuse and recycling. Since then, the plastic we have collected has been turned into outdoor furniture which were donated to the City of Parañaque and into eco-boards which are sold by the PLAF to fund further collection activities,” Mr. Fabul said.

For 2022, the partnership is eyeing to collect and recycle another 20,000 kilograms and turn them into usable eco-boards.

“Our work at PLAF consists of collecting, segregating, transforming and designing plastic for reuse. We make practical construction materials out of plastic, like eco-lumber and eco-boards. This ensures that we are able to recycle plastic and at the same time help reduce the use of precious resources like wood or minerals to make furniture or even shelters,” PLAF Chief Operating Officer Erica A. Reyes said. — Revin Mikhael D. Ochave 

General retail price index in the National Capital Region

METRO MANILA’S retail price of goods in April grew at its fastest pace in three and a half years, preliminary data from the Philippine Statistics Authority (PSA) showed.  Read the full story.

General retail price index in the National Capital Region

What to do when workers issue death threats

This week, a janitor reported scribbling in a toilet cubicle which contained a death threat against the human resource (HR) department head. The threat, addressed to the department head, was worded as follows: “Your days are numbered. Beware!” As the manager in charge of janitorial services, I took a photo of the graffiti and instructed the janitor to keep it secret. We locked the cubicle until the completion of an investigation. Management has no clue who might have done it, but suspects the employees’ union, which could be playing mind games during the new collective bargaining agreement (CBA) negotiations, which have run to an eighth meeting. What would you advise our management? — Lone Ranger.

I wrote about this topic in this space on May 25, 2018 in a column, “Death threats from sacked workers? Here’s the cure.” That article is about 18 dismissed workers who were suspected of having issued threats. The situation mirrors your current predicament with a union that could be taking a hardball approach in CBA negotiations.

Read that article online and connect the dots with the advice I’m about to give here.

Closing the cubicle is a good step. But don’t be complacent. Even if the janitor has been told to keep the incident a secret, there’s no guarantee rumors won’t spread. You can’t count on his loyalty especially if he’s employed by a manpower agency or if he turns out to be a union sympathizer.

Regardless of the identity of the perpetrator or perpetrators, the HR head and the management members of the CBA panel must take the matter seriously. Your suspicions are based on sound logic. The union may be resorting to brinkmanship to unsettle management into fast-tracking the negotiations and extend a solid counter-offer.

MANAGEMENT SOLUTIONS
CBA negotiation is often described as a “love-hate” relationship between labor and management. When this relationship involves death threats, it becomes a far more complex issue. However, management need not to be intimidated. It must remain sober and consider the following steps:

One, take the matter seriously without being emotional. Don’t be fearful but be extra careful. Otherwise, management could turn paranoid and not exercise its best judgment during negotiations. It should still perform its daily tasks, while changing its routines, like reporting early to work coming in late. Management schedule must be unpredictable, with working remotely an option.

Two, inform top management and the security manager. They’re the best authority to decide on a safety and security protocol. The measures might include providing your HR head a security detail, an armored vehicle, and a bullet-proof vest. It may not be wise to issue firearms to people not used to them.

Three, inform the union representatives. Do this face-to-face and shortly before you adjourn a negotiation session. This should be the last item on the agenda. Be brief. Don’t accuse anyone. Simply let them know that management is implementing security measures within the office or factory premises and the vicinity. The union could come to realize that its threat has backfired.

Four, file a report with the police. Have it on a police blotter. Cite the circumstances surrounding the CBA negotiations. Get a police report for the company’s records, but keep the matter confidential. Think hard before reporting to the police the names of union negotiating panel members or any union official.

You don’t want to complicate the CBA negotiations should the union dig up a copy of the blotter which is a public record. Many union officials will not take it sitting down if they discover that management has linked them to death threats.

Last, negotiate with the union as if there is no death threat. You want management to present a brave front when negotiating. If you show any sign of weakness, chances are the union will know the threats got to you. Go ahead with management’s original proposal and take it from there.

GOOD-FAITH BARGAINING
A successful negotiation of a new CBA that mutually satisfies both labor and management requires good faith in bargaining. The trouble is that management can’t dictate terms to the union. The union can do almost anything short of filing a notice of strike. Just the same, even without an impending strike, management can only act on things it can control.

Good faith enhances management credibility, which includes a sincere desire to agree to a new CBA that is within the capacity of the organization to pay. While some trade unions can resort to dirty tactics, management shouldn’t do the same thing. Never leave home without good faith as it attracts positivity, even when other people are unwilling or incapable of doing good.

 

Have a chat with Rey Elbo via Facebook, LinkedIn or Twitter or send your questions to elbonomics@gmail.com or via https://reyelbo.com

Protecting domestic industries against dumping

THE controversy surrounding the importation of sugar amid soaring prices and a looming supply shortage has hogged the headlines these past two weeks. It has all the elements of high drama with characters from the top echelons of government getting embroiled in a series of plot twists and turns.

But the sugar industry is not alone in its predicament. Local cement producers have also been up in arms against the alleged dumping of imported cement from Vietnam that threatens to undermine the domestic manufacturing industry.

Cement Manufacturers Association of the Philippines (CEMAP) executive director Cirilo Pestaño said predatory pricing by Vietnamese exporters is jeopardizing the contributions of local industry players to the economy in terms of revenue generation, job creation, natural resources utilization, additional investments, and improving the balance of payments.

Last June, CEMAP member firms such as Apo Cement, Holcim Philippines, Republic Cement, and Solid Cement reportedly filed an anti-dumping case against certain cement importations from Vietnam. Even non-members like Eagle Cement and Northern Cement supported the petition lodged with the Tariff Commission.

According to the petitioners, “the continuing rise in volume of certain exported Vietnamese cement to the Philippine market at dumped prices puts at risk our domestic industry and adversely impacts our country’s economic recovery.”

Republic Act No. 8752 or the Anti-Dumping Act of 1999 protects domestic industries that are likely to be materially injured by the dumping of articles imported into or sold in the Philippines. Based on the Department of Trade and Industry’s guidelines on anti-dumping, an exporting company is said to be dumping when exporters sell their product to an importer in the Philippines at a price lower than its normal value and is causing material injury to the industry producing a similar product.

Mr. Pestaño noted that Vietnam accounted for 91% of the Philippines’ cement imports as of 2021, versus 61% in 2017 and almost zero in 2013. This rapid increase was higher than the growth rate of the local market, and the continued influx of cement imports has resulted in the domestic manufacturers’ loss of sales volumes.

“Like our peers in the sugar sector, we welcome President Ferdinand R. Marcos, Jr.’s action against the flood of imported products. We hope that the Marcos administration would extend this policy to other local industries that are facing equally serious threats from the influx of imports,” CEMAP’s statement implored.

GREEN OASIS EMERGING
The hilly municipality of Dupax del Sur in Nueva Viscaya province is fast becoming a travel destination for food and nature lovers, thanks to its beautiful sceneries and a new attraction called the Green Oasis of Dupax.

A unique dining concept that combines the freshness of the farm-to-table approach with Italian-inspired cuisine, Green Oasis is situated at an ancestral farm in the town known for its 18th-century church and the oldest acacia tree in Northern Luzon. The restaurant-cum-garden is managed by John Lacanlale Danao, whose Tagbanua ancestors hail from El Nido, Palawan. It features a shop for native goods and organic products as well as a reflexology walk and a children’s playground

This development is in line with Nueva Viscaya’s aim to become a premier ecotourism destination and not just a transit point to the Banaue Rice Terraces in neighboring Ifugao province. Blessed with a temperate climate and bountiful agricultural land, it is a major producer of high-value crops, vegetables, and cutflowers.

Also known as the “Citrus Capital of the Philippines” and the “Watershed Haven of Cagayan Valley,” Nueva Viscaya offers cascading mountains, unspoiled caves, historic churches, and a unique cultural experience with its multi-ethnic and indigenous people.

***

The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld.

 

J. Albert Gamboa is the chief finance officer of Asian Center for Legal Excellence and chairman of the FINEX Media Affairs Committee. #FinexPhils

www.finex.org.ph

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