Top experts share their insights on how the Philippines and businesses can speed up the country’s economic recovery, grow further, and build a more inclusive and sustainable future for all

Asian Development Bank

The pace of the Philippines’ economic recovery this year shows remarkable resilience, with the country’s growth among the fastest in the Asia-Pacific region. We expect the economy to reach its pre-pandemic level in the third quarter this year, and continue its solid expansionary phase going forward. We project growth for the Philippines of at least 6.5% in 2022, thereby returning to its ideal rate of growth over the medium term. Sustaining economic growth above 6% for the next six years requires maintaining infrastructure investments above 5% of gross domestic product, and continuing improvements in the investment framework to attract quality investments, both domestic and foreign.

New growth opportunities are emerging in information technology, renewable energy, logistics and in agriculture. Further investments in technical and vocational skills and education are critically important for preparing Filipinos to maximize the benefits from these opportunities. Climate change will pose major challenges to the Philippines’ growth trajectory, and therefore green investments in climate mitigation, adaptation and conservation are needed.

The government’s 8-point socioeconomic agenda recognizes these opportunities and the challenges ahead, and well places the Philippines to address them and sustain high and inclusive economic growth for the next six years and beyond.

Kelly Bird
Philippines Country Director
Asian Development Bank

Bangko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas (BSP), together with the national government, is committed to bringing the economy back to its pre-pandemic growth level.

On our part, BSP is determined to help sustain economic recovery by creating an appropriate, growth-enabling and growth-enhancing macroeconomic environment through its three pillars of price stability, financial stability, and safe and efficient payments and settlements system. By successfully fulfilling its three core mandates, the BSP can help create the conditions conducive to economic growth. Nurturing the economy, including addressing inequality and resource distribution, is not the direct mandate of the central bank but a by-product of doing its three duties — and doing these well. That said, we will endeavor to do so, mindful of the risks from developments both locally and globally.

As we remain vigilant against risks to the inflation outlook. We will also carefully coordinate with other government agencies in implementing non-monetary interventions, so as to mitigate the impact of persistent supply-side factors on inflation.

We will continue to craft banking policies and regulations that would help ensure that the Philippines’ financial system continues to be sound and stable. We are aware of the key role that MSMEs (micro, small and medium enterprises) play in propelling growth at the grassroots, so we will continue to develop policies that will address their needs, as the country continues to lift itself from the deep impact of the pandemic.

Financial inclusion and the digitalization of financial services are also important to our economy as they enable more Filipinos to reap the benefits of economic growth. As such, we will foster an environment where financial innovation would be safe and responsive to the needs across sectors of the economy.

Against this backdrop of creating a growth-enabling macro environment, the BSP believes the county will achieve a faster, sustainable and inclusive economic recovery as we focus on key areas including:

• Strengthening the health-care system. The government needs to craft long-term plans and strategies for the healthcare system so that it will emerge from the crisis stronger than before. It should foster closer public-private collaboration to bring about innovations in the health sector and further develop the country’s health-care infrastructure. In addition, it should increase investments in human capital, particularly in doctors, nurses, and other health-care professionals. The universal health-care system must be overhauled. The use of digital and IT systems must be promoted to make health services readily available, particularly in remote areas.
• Modernizing and boosting agriculture. Low labor productivity has plagued the agriculture sector due to inefficient production methods and low investments in the sector. Also, government funding to agriculture must be increased but should be well targeted to sub-sectors and goods that have comparative advantage. Modernizing agriculture will require upgrading R&D, investing in new and climate-smart technologies, and providing the right incentives for farmers and agricultural workers to increase productivity.
• Promoting manufacturing through sound industrial policy. Sound industrial policy focuses on innovation and new technologies at the national and regional levels. The government can promote manufacturing by supporting sectors that have strong backward and forward linkages. Manufacturers that have high labor absorption, especially those that can provide opportunities for less educated workers, must also be adequately supported. This industrial policy should also foster closer academe-private sector collaboration to maximize commercial returns to innovations resulting from R&D.
• Accelerating information technology and digitization. Faster adoption of technologies should increase productivity in the industrial sectors, including manufacturing, power, mining, oil and gas, and agriculture. These technologies exploit improvements in data collection, computing power, and connectivity. They include internet of things (IoT), advanced analytics, robotics, automation, and advanced engineering techniques like 3-D printing. Various programs can be implemented to help MSMEs benefit from these new technologies faster. One-stop platforms and training programs could also be created to ease the transformation of these businesses in areas like targeted marketing, consumer behavior insights, logistics, and procurement
• Preparing for a blended and hybrid educational system. Covid-19 derailed efforts to improve the quality of education. Significant investments in blended learning must be made such that the most essential learning competencies are highlighted. A curriculum review towards rationalizing and strengthening the K-12 and tertiary programs must also be done. Investment in teachers’ training and professional development must also be increased. Collaboration of community, school, parents, and learners in school improvement plans and governance must be fostered.

Dr. Felipe M. Medalla
Governor
Bangko Sentral ng Pilipinas

International Finance Corporation

The Philippines, like most countries in the region, is slowly starting to recover from the impacts of COVID-19. The latest estimates by the World Bank show the economy grew 8.3% in the first quarter. Despite favorable economic conditions ahead, the reality is the needs of the Philippines still greatly exceed the government’s financial capacity. Just as in other countries, billions of dollars in private finance will be needed to bridge the country’s gaps in infrastructure and connectivity and improve its resilience to climate change.

So, to move forward faster towards a better Philippines, the private sector can help create a digital economy far more accessible to people through improved infrastructure and digital platforms. The Philippines is home to over 73 million internet users. The country needs a significant number of new towers and data centers to keep up with rapidly increasing network capacity requirements. Shared infrastructure will be key in addressing this need. It can be done. IFC just partnered with a new tower company, CREI Phils. Inc. to build 600 new towers by next year to be shared on an open-access basis, a first for a telco company in the Philippines.

Let’s also make it easier for small businesses to access digital platforms. The pandemic has shown us digital tools are crucial for micro, small, and medium enterprises (MSMEs) to thrive and survive. Growsari, an IFC client, is part of this digital transformation by providing sari-sari stores with e-services including telco loads, bills pay, e-commerce and wifi, allowing store owners to maximize their capital and easily expand their business. GrowSari’s platform also generates crucial data and insights into the stores’ operations while providing affordable, on-demand inventory and working capital loans.

Clearly, the private sector will also be vital in helping move towards a better country by bringing in the financing needed to meet other challenges, such as with infrastructure and health.

But an overarching need is to work together to meet the financing needs to tackle climate change. It’s not just a job for government. The private sector and financial institutions play a crucial role in aligning and transitioning their business to support the country’s climate goals.

IFC has played a big role in creating a market for sustainable finance in the country, not only through the issuance of the first green bond, but also in helping the Bangko Sentral ng Pilipinas (BSP) become a member of the Sustainable Banking Network, to support the BSP in promoting good governance and effective risk management among Philippine banks. IFC also helped the country’s largest private bank, BDO Unibank, to issue its first blue bond, with proceeds  to tackle marine pollution and preserve clean water resources.

For securing the Philippines’ future, there’s clearly a need to keep up the momentum. Ahead of COP27, IFC will stage a climate finance forum in September, bringing together global and industry experts to promote green lending and climate investment opportunities. It’s part of an IFC initiative to encourage banks in the Philippines, Egypt, Mexico, and South Africa to boost climate lending.

There is a lot of ground to cover, with zero time to waste. But we know securing a more inclusive and sustainable future for the Philippines will only be possible by drawing on the innovation and financing of the private sector.

Jean-Marc Arbogast
Country Manager for the Philippines
International Finance Corporation

UNDP Philippines

The pandemic has reversed decades of progress made in the fight against poverty. It has also brought in a “new normal” that is detrimental to the poor: more difficult access to healthcare, setbacks in educating our children in a remote set-up, risks to our environment and, the limited access of families to clean water and sanitation. COVID-19 worsened inequalities and exposed the precarity being faced by millions of Filipinos in the fringes of society.

As we pave the way to sustainable recovery, it is vital that we align our collective actions with the Philippine Development Plan and the UN Agenda 2030 to achieve the 17 Sustainable Development Goals (SDGs).

The 17 SDGs are integrated — that is, action in one SDG will affect outcomes in others, and that development must balance social, economic and environmental sustainability. The 2030 Agenda puts forward targets to recreate a world where NO ONE lives in extreme poverty. Where there is no inequality. Where we use our resources wisely and sustainably. Where we do not continue to degrade our environment. Where our governments are accountable to the people and the people are accountable to the planet we live in. The SDGs are far more than inspirations or words of good intent. They provide a guide for action in the key areas where countries, including the Philippines, will have to invest in order to move forward better after years of battling a pandemic.

Government plays a critical role to set a clear polies that can create an enabling environment for the Global Goals. They play a major role in shaping where and how resources are used. It is possible to avoid the waste, inefficiency, and corruption that ambiguous and contradictory policies – such as fossil fuel subsidies – encourage today.

The private sector, undoubtedly, also makes a significant contribution towards pandemic recovery and achieving the SDGs. By being “greener,” they can create:

MORE JOBS: Approximately 380 million jobs can be created, 90% of these are in developing countries

MORE OPPORTUNITIES: $12 trillion worth of market opportunities can be opened with sustainable business models

MORE VALUE: 2-3x growth compared to average GDP growth over the next 10-15 years

Mobilizing investment and an action agenda towards delivering the Global Goals requires the alignment of interests, incentives and policies between the public and private sector. To deliver, all parties need to cooperate more than ever before and for that to happen, trust across them is crucial. Portfolios and investment decision-making need to be shifted to make SDGs, green finance, sustainable infrastructure and development become the norm. Businesses must make sure they create well-paid jobs and provide decent working conditions and training.

In order to get there, investors must adapt their strategies to deliver not only financial results, but positive social and environmental outcomes as well. We look forward to seeing more investors and business leaders commit to investing in innovative opportunities that deliver strong financial returns while reducing poverty and inequality, advancing health and education, and protecting the environment.

Dr. Selva Ramachandran
Resident Representative
United Nations Development Programme (UNDP) Philippines

Acumen Strategy Consultants

To speed up business recovery and grow faster, there are three major imperatives we are seeing based on all our researches and client engagements:

First, Customer Centricity. Reconnecting with customers to understand the needs and motivations behind their behaviors, decision making and purchasing patterns has never been a more pressing imperative given a lot of market shifts that we saw during the pandemic. This requires a deliberate effort and real discipline, not just lip-service. Identifying a core target segment of customers whose needs can be met by the business’ products and services in a relevant, differentiated, and credible way is the fundamental starting point. The rest of the task is to execute very well across the marketing and sales mix — pricing, distribution, customer service, communications, and logistics.

Second, Strategic Thinking coupled with Agile Execution. Market sizes have contracted, competitive heat is up and resources are limited — financial, time and organizational energy. Business leaders need to invest time in stepping back, assessing the situation as rigorously as possible and making hard, deliberate choices on where to play and how to win. Once there is a plan, be ready to execute but with an agile mindset of constantly learning, re-applying successes, and adjusting for wrong assumptions.

Third, Organizational Transformation.  This is the most challenging yet one of the most critical imperative C-leaders have told us in our pandemic research. The organization must be calibrated – its team structure, culture, as well as leadership approach – in order to meet changing customer needs and challenging market dynamics. Old ways of working must be unlearned (especially with digitalization), foundational skills must be re-learned and new skills must be learned and embedded. All these start with deep employee listening and organizational assessment.

Bottomline, businesses will go forward faster if they calibrate their business and organizational engines in response to changing landscapes. To do so, they’d benefit from external expertise to navigate through these steps who can provide objective, unbiased perspectives to enable them in making the tough decisions and adapting to change.

Pauline Fermin
President and CEO
Acumen Strategy Consultants

Bain & Company

We are excited to have established Bain & Company’s physical presence in Manila this year and look forward to helping businesses in the Philippines. With a more challenged and disrupted macro-economic environment (e.g., rising energy prices, supply chain turmoil, looming recession), our local leadership team together with our global experts have continued to help our clients work through their mitigation plans. The good news is that we have seen increased investment activity through COVID, attracted by the pace of consumer change, increased digitalization and a dynamic entrepreneurial environment.

Looking at 2022-2023, GDP (gross domestic product) forecasts have been revised downwards; however, we believe a couple of factors are helping to insulate Southeast Asian economies from broader macro turbulence resulting in a business outlook that is relatively more positive than the rest of world. Actions taken by companies today will be pivotal. Our research has found that companies gains and losses are significantly magnified in periods of economic downturns than during stable times. Businesses in the Philippines can position themselves for growth by carefully tweaking their strategies to adapt for a recession. These include actions such as (i) surgically restructuring costs before the downturn, (ii) diligently managing liquidity and the balance sheet, (iii) obsessively focusing on customers, and (iv) aggressively pursuing M&A opportunities.

The ‘new normal’ has become far more complex, with the now rising cost of capital, ambitious environmental, social, and corporate governance (ESG) commitments and material shortages in the global supply chain. These are critical nuances that will determine whether companies can ride out the recession and emerge from it more successful than when they began.

Patricia Buenaventura Nichol
Partner and Office Head
Bain & Company’s Manila office

Boston Consulting Group

When faced with the extraordinary challenge of a global pandemic in 2020, the business community and public sector came together and collaborated at an unprecedented speed and scale to meet the challenge. In adversity, new ways of collaborating have come to life and ‘symbiotic’ relationships have helped mitigate both health and economic damages. The new Presidency has clearly registered the value of close public-private collaboration with the set up of its Private Sector Advisory Council, as a way to actively address and sustain dialogue between sector groups.

Defining a bold ambition for the country across a set of national priorities (e.g.: healthcare, education, financial inclusion, competitiveness) should help crystalize the national change agenda and provide clarity to all stakeholders. Businesses should act with boldness and confidence to further unlock the Philippines growth potential for the next decade, with a specific focus on addressing the most acute pain points and challenges of more market segments. Accelerating financial inclusion, digital inclusion, and work force inclusion would specifically be among the priorities.

Anthony Oundjian
Managing Director & Senior Partner
Boston Consulting Group

Ipsos Philippines

We are in a period of continued change. In our recent Ipsos surveys, both local and global, we see signals of moving on from the COVID-19 pandemic (turning endemic) and consumers’ worries shifting towards the rising inflation rates. Are we still in an era of constant disruption? How can we move Forward Faster as businesses and as a nation? If we apply long-term foresight and map out our certainties, we will have better-informed strategies and decisions in the future as it occurs.

While it is too early to tell the full impact of our current realities, we can look at the macro forces shaping our Planet, People, Systems, and Technology. Let’s look at “People” as a macro force, one of Philippines’ strengths is having a young and dynamic population ready to drive growth. When businesses and government initiatives focus on supporting and empowering this segment through education, we can better equip them as the world shifts to a service and knowledge economy. Aside from this, improving connectivity by strengthening communication infrastructure creates an even more literate and globally connected society. Down the line, funneling resources to education allows for better opportunities for employment and livelihood creation.

In the Ipsos 2021 Global Trends Survey, 89% of Filipinos surveyed believe there is a climate emergency. This is evident with our new economy of disrupted [just-in-time] supply chains and growing concern for food and water insecurity due to agricultural issues. Considering these and looking at the macro forces “Planet” & “Technology”, we know that technological solutions can help lead to efficient management of resources to address agricultural issues. Should our Nation’s focus on modernizing the agri-business bear fruit, we can anticipate improvements or even recovery in our economy.

Overall, we know that growth is no longer a long-term given. Aiming to move Forward Faster and prioritize inclusivity and sustainability will be a great challenge. Despite this and knowing how polarizing situations may get, if we learn to transcend our differences and take on our respective roles & functions in society, we will be able to move as one — even as the shifting power dynamics lead to new and emergent ways of being.

Vicky V. Abad
Country Manager
Ipsos Philippines

Isla Lipana & Co.

The Philippines is poised to post strong economic growth, post pandemic, given its strong economic fundamentals.

There is a consensus that the country will grow somewhere between 6 and 7% this year despite the expected headwinds brought about by inflation, underpinned by rising domestic consumption and sustained government expenditure on critical infrastructure.

However, despite our expected economic growth, the poverty rate remains to be a problem for the country. Official government data reported that our poverty incidence among Filipinos increased to 23.7% in the first half of 2021, higher than the 21.1% for the same period in 2018. This translates to 26.14 million Filipinos living in poverty or an additional 3.9 million.

So the challenge is: How do we accelerate our growth to build a truly inclusive and sustainable economy? Here are some of my dreams for the country:

As a Filipino, I continue to dream and believe that one day, we will achieve an inclusive society where there will be no hungry Filipinos, where economic prosperity is felt and shared equitably. God bless our country.

Roderick M. Danao
Chairman and Senior Partner 
Isla Lipana & Co.

Kantar Philippines, Inc.

As we try to move on from the COVID crisis, we increasingly realize how crucial it is to adapt to how the pandemic has upended life and livelihood.

Most recent Google Mobility data shows that, despite the return to retail places, groceries, pharmacies, parks, transit stations and workplaces, the frequency of staying home remains higher than before the lockdowns, which indicates that the life-lived-at-home, or better yet, life-lived-close-by, behaviors continue. Sari-sari stores, in general, have recovered quite quickly from the business slump after lockdowns were imposed, and have been the primary source of growth for brought-home fast moving consumer goods purchases as of Q1 2022.¹

People have a new set of concerns that have already affected priorities.  The pandemic and other threats to public health continue to worry people. In addition to this, social justice and climate change have also become more salient topics of interest.² Filipinos, especially those exposed to online conversations about the matter, understand that we are in this situation because of people’s own doing, and we are willing to do the right thing to try to remedy the situation.  However, Filipinos need a lot of help to take the appropriate actions.³

Another source of worry is about the economy with two fifths of online adult Filipinos concerned about inflation⁴ even though most do not understand what it is and why it happens. All people know is that their money can buy much less than it could before, which then makes spending a much more difficult decision to make. There is also the global plague that affects mental health⁵, which, in tandem with the overhauling of priorities, has driven, to a large extent, the Great Resignation, which continues to be a big headache for businesses.

Digital is here to stay after its adoption has been brought to a point of no return through the lockdowns. eCommerce in the Philippines remains small, especially when compared to most other countries, but its continued growth is evident⁶.

For businesses to move forward faster, empathy will be key. The extent that consumers, customers, shoppers and even employees see and feel genuine empathy in the product and service innovations, and work arrangements that businesses make happen to address new or amplified friction points will determine in a big way how quickly these businesses can stage a rebound or sustain their recovery.

More than ever, businesses need to be where their target markets are and be ubiquitous there whether this means digital, delivery, pop-up stores or using any other relevant media and retail touch point.

People know and want to do what is right to avoid another calamity, but they look to businesses and the government to help them do what they know they must do because sustainable practices, products and services remain expensive and unwieldy.

It is not time for brands and businesses to be quiet because people continue to look for guidance as they navigate the new environment that remains in a flux. The businesses that can translate genuine empathy into products and services that address new or more relevant needs and that can deliver topnotch experience will be secure in the hearts and wallets of the Filipino.

1,6:   Worldpanel Division, Kantar.  Q1 2022
2,4,5: Kantar Global Issues 2022
3:  Kantar Sustainability Foundational Study 2022

Gary de Ocampo
Managing Director, Insights Division President
Kantar Philippines, Inc.

P&A Grant Thornton

More than two years after the COVID-19 pandemic hit, experts are seeing an asymmetrical or an uneven post-pandemic economic recovery. Not all countries are moving at the exact same speed toward economic recovery. Concrete government actions, including improvement of existing fiscal or monetary policies and programs to address high inflation, are needed. In the Asia Pacific (APAC) region, increased regional cooperation were cited by experts as one way to prevent a skewed economic recovery across APAC.

But while the government plays a pivotal role in leading the Philippine economy toward recovery and growth, businesses and even professional partnerships play a part in achieving this goal.

Agility and Innovation

The pandemic has tested the business community’s ability to survive; nonetheless, some companies have found a way to not only survive but also thrive amidst the continuing pandemic effects. Some of the ingredients to pivot the company with cautious optimism are:

1. Listening to the changes in the needs of the customers

The needs and focus of customer have changed, the channels where customer are also have changed. Companies need to continue to become more relevant in creating value to the customers.

2. Being flexible in the needs of the employees

News of the great resignation or the great talent reshuffle is felt by businesses. The expectations of employees i.e. hybrid and work from home arrangements, criteria of focus and sustainability when choosing companies, etc. continue to evolve brought with the shift of working generation and escalated by the pandemic scenario. As an opportunity, companies now can look at expanding talent geographically and taking in better talent. As a focus, strategic human capital and culture has now become a board agenda.

3. Reviewing and reinventing the business model

With the pandemic, companies are bound to look at the basics, i.e cash flows, business continuity, reinforcement of the vision, mission, and purpose. At the same time, companies employ their creativity to actualize opportunities out of the situation. This may mean changes in the business models, exploring partnerships, and developing new services, products, or channels.

For example, entering into partnerships, where two companies contribute and raise bigger funds for operating expenses, does not only ensure greater financial strength for business. The economy will also benefit from positive business outcomes as a result of strategic partnerships because successful businesses create jobs and help the government generate more revenue.

In all these, companies need agility and resilience in pushing forward by creating opportunities for themselves.

Digitalization and Technology Advancement

The fourth industrial revolution has been upon us even before the pandemic; nonetheless, the situation has allowed for greater reception and adoption of technology, has pushed for urgency in digital transformation in organizations, and has made itself indispensable in everyday life. The government, businesses, and other organizations have to continue going digital in improving processes, optimizing costs and revenues, and creating value to customers, stakeholders, and society. This is critical if we want the country to move forward and create a brighter future.

Collaboration and support

Different stakeholders have a role to play. The government is critical in developing policies and executing programs that can propel economic growth, encourage key growth sectors, support disadvantaged sectors, and create a stable and reliable economic environment. The business groups and the professional organizations have a role in advancing the needs of the business community and the people they represent and guiding them, as well as finding ways to communicate concerns to and [judiciously] support initiatives of the government. Businesses have a role as corporate citizens in contributing to society and environment. Collaboration and support of different stakeholders are needed to move forward faster and create a prosperous future for the country.

The impact that we hope for — Growth, Sustainability and Inclusivity

1. Growth

Different stakeholders support the country’s growth. Businesses help the Philippine economy recover amid challenging times like this. Improved collaboration with the government and stakeholders, promotion of sustainability and inclusivity – all these are initiatives that can help us go beyond in ensuring continuous economic recovery and an inclusive and sustainable future.

2. Sustainability

Companies can likewise help accelerate the realization of the UN’s Sustainable Development Goals. An example is using technology and digitalization in reducing their carbon footprint. Through automation and digital processes that speed up work processes and lessen, for example, the number of product shipments which contribute to carbon emission, the carbon footprint of supply chains can be reduced . Remote or hybrid work arrangements, now considered the future of work, also reduce a company’s carbon footprint. These policies, on top of putting a premium on CSR initiatives, can contribute a lot in ensuring a sustainable future while still securing work productivity and business growth.

3. Inclusivity

Grant Thornton’s 2022 Women in Business Report showed that the Philippines ranked third in the list of countries which recorded the highest number of women leaders in mid-size firms. This figure is also in line with the average percentage of women in leadership roles across ASEAN.

While there remains a lot to be done in terms of breaking gender barriers and ensuring workplace parity, progress, no matter how small, is still progress. Businesses must continue to adopt a shift in mindset to make significant strides in addressing gender inequality in the workplace. Also part of bridging the gender gap is building more diverse and inclusive leadership teams.

Maria Victoria C. Españo
Chairperson and Chief Executive Officer
P&A Grant Thornton

Palafox Associates

The Philippine population is projected to rise to 148.3 million by 2050. According to our studies, we will need 100 new well-designed, properly planned cities by 2050 to bring the Philippines to first world status. Critical social issues for the country include food security, which can be attained with designing an agropolis (city anchored on agriculture) encouraging urban, suburban and rural farming; and healthcare infrastructure in which we need at least 5500 new good quality hospitals in the next years. Right now, in a country of 110M people, around 2000 of our hospitals are substandard.

In 2021, Savills published a report listing the most resilient and future-proof cities in the world which includes New York, Los Angeles, London, Tokyo, San Francisco, Paris, and Seoul. We can study and learn from these cities — how they dealt with their cities’ problems, what worked for them and what didn’t — then we adapt these lessons to benefit the Philippines.

However, while a mission of building well-designed and empathetic built environments lead us to progress, affirmative change will only follow with vision and good leadership.

As evidenced by one of the quickest cities in the world to reach first world status, radical growth is led by visionary leadership, good governance, strong political will, and excellent management along with good appreciation of architecture, urban planning, and good design.

Even a leader with excellent foresight will struggle leading a country to progress if there is no vision and persistent will to do so. On the other hand, definitely, a dishonorable one will only bring us to our descent. Hence, good governance by a good, capable selection of leaders is critical to give the country a head start. We should address corruption, red tape, inequality, and criminality and promote transparency, open data, ease of doing business.

Among these, we must also emphasize on climate change adaptation where we modify our ways – from something as personal as proper trash disposal to wider applications like environmental policies and green building. We should not only “Build, build, build” but should “Build, better, berde”.

Linking the whole Philippines will also aid in spreading development and progress throughout the country which will alleviate poverty and bring about elevated living standards for Filipinos.

Building considering nationwide mobility, connectivity, and accessibility. Basic necessities at the minimum should be accessible to all.

Felino “Jun” Palafox, Jr.
Principal architect and urban planner; founder
Palafox Associates

Philippine Business for Education

A healthy and educated workforce is the key to shared prosperity. When we talk about economic growth, often we put priority on physical infrastructure, but education is at least equally important. Investing in the learning of our people, upon whom nations are built, is an investment that comes with enduring benefits.

Everybody wins in education. For each individual, it bears promise of better employment, earnings, health, and quality of life. For our country, it is the key to long-term economic growth, poverty reduction, innovation, and social cohesion. Individual prosperity leads to the whole country’s prosperity.

In his first state of the nation address, President Marcos set out a big economic goal of slashing Philippine poverty to a single digit and growing the economy up to 8%. How do we take this giant leap? The challenge is daunting, but we must start by making major strides through proper education reforms. When well-nourished students stay in school to learn, they have an increased likelihood to break the cycle of poverty. Based on a simulation from Stanford economists, if we reform our education system in the next 15 years resulting in learners reaching the basic literacy and numeracy proficiencies based on international standards, our GDP (gross domestic product) is expected to increase on average, 28% per year, immediately after that 15-year period. And this effect is expected to last 80 years.

Right now, what is keeping us from achieving this goal is the longstanding education crisis. We cannot address our learning losses without sufficient resources. Historically, only 3% of our GDP has been allotted for the education sector. While the proposed budget for basic education now is at 4.3%, we still do not meet the global standard of 6%. We should spend as much for education as we do for physical infrastructure.

Just as with public and private partnerships in infrastructure building, the government can also count on private sector support in improving our education system. The convergence of tools, resources, networks, and technical expertise from the education and private sector is needed to address our country’s learning crisis. With Education Commission 2 (EdCom 2) finally becoming a law, we hope the private sector can be given a seat at the table and considered an equal partner as we strive for greater education and industry alignment.

Here are some of the strategies that we at Philippine Business for Education (PBEd) and our other partners in the business community propose in improving our education system:

1. Bring all children to quality pre-Kindergarten to Grade 3 education and developmental programs.
2. Improve the quality of instruction and teachers with the target that all learners meet basic skills based on international standards.
3. Use the lens of lifelong learning in workforce development.
4. Fully leverage private education to better complement delivery of services.
5. Strengthen autonomy, coupled with accountability, of school leaders and local governments.

Shared prosperity in the Philippines can be achieved, within our lifetime, through education reforms. To move forward faster, this time let us try prioritizing investment in education.

By Ramon R. del Rosario, Jr.
Chairman, Philippine Business for Education (PBEd)

Philippine Disaster Resilience Foundation, QBO Innovation Hub, and IdeaSpace Foundation

Poverty is the country’s greatest ill. So we need to create jobs to give people an income and lift them up. We can start by focusing on MSMEs (micro, small and medium enterprises) since they make up over 90% of the Philippine economy. Government institutions and private banks can loan money to small businessmen to help them restart their livelihoods, many of which were affected by the COVID-19 pandemic and lockdown. Several startups, the telcos and others are pushing for the digitalization of MSMEs which would open them up to the growing world of online ordering and distribution.

We should encourage this trend and train our small business owners so they have the technological skills to avail of new resources. We need to incentivize the private sector including foreign companies to invest in the country by giving them tax breaks, easing restrictions on the flow of capital, and removing unnecessary regulation. Let’s make it easier for foreigners to put their money to work here and that includes lifting limitations on the ownership of land and various industries. Their investments will generate jobs and improve the infrastructure while increasing competitiveness in the local economy and freeing it from self-defeating protectionism.

Disasters knock Filipinos back into poverty. Therefore, we should develop tax-free PEZA (Philippine Economic Zone Authority) zones in disaster-stricken areas to enable them to rebound faster by encouraging investment and the creation of businesses and jobs. The government will earn more from the added revenues and higher property taxes than it ever would in a normal tax environment. We should upgrade our health care system so that all of our people are healthy and ready to work. In addition, we need to build more resilient communities so that we are better prepared for the more than 20 typhoons that hit the Philippines every year plus the earthquakes and volcanic eruptions that come from living in the Pacific Rim of Fire. People are ready when they have business continuity plans in place, emergency supplies, sturdier houses and can move their boats away from danger areas.

We should also advocate for population control to relieve the pressure of having to produce more and more jobs for over 110 million people. Any increase in our growth rate is reduced by increases in population size. We need to improve the educational system to restore our lost advantage of speaking English, as the President has mentioned, to allow Filipinos to compete globally for employment and locally for jobs in the BPO (business process outsourcing) industry. Good governance and a fair and impartial legal system will give our countrymen the best opportunity to rebound from the pandemic and rebuild their lives in safety and prosperity. It is said that fortune favors the bold and if we act boldly, we can finally achieve our dream of making the Philippines a First World country.

Rene “Butch” S. Meily
President

SGV & Co.

These are challenging times that call for greater collaboration between the government and the private sector in areas such as education, health, food security, energy sufficiency, employment, investments in infrastructure and technology, and climate change. We see businesses striving to regain their footing as the economy reopens after more than two years of crippling lockdowns. The pandemic has forced them to be agile and transform their business in order to make it through this global health crisis. But beyond surviving, they will have to shift gears and begin to focus on thriving.

The government can prop up businesses with the enabling infrastructure and environment. Time and again the Filipino’s entrepreneurial spirit has proven to be indomitable, but this is a special time for the government to lend a hand and nurture entrepreneurship as small businesses nurse their way back to healthier bottom lines. At no time has business and industry ever stopped emphasizing their preference for clear and consistent government rules and policies, but in this difficult time, policy stability should be a key ingredient in our business and economic recovery goals.

In all this, we believe that the quality of leadership in business becomes all the more significant, as leaders face changes in the way talents and even consumers interact with organizations and brands. For professional services firms like us, we see these challenging times as an opportunity to be of service by staying true to our Purpose as an organization – to nurture leaders and enable businesses for a better Philippines.

The crisis has called upon business leaders to lead with empathy, to protect the health and wellbeing of people, and to contribute to economic recovery. These are responsibilities that we will continue to cultivate in our conversations and interactions with business leaders. Our experience with the pandemic over the past two years has strengthened our resolve at SGV to continue to build trust in the capital markets and in business transactions, and to remain a strong catalyst for socio-economic development as we have always done so for more than 76 years now.

Wilson P. Tan
Chairman and Managing Partner
SGV & Co.

By Adrian Paul B. Conoza, Special Features Assistant Editor

BusinessWorld has established itself as a daily essential reading for the Philippine business community — from executives, managers, and leaders, right up to entrepreneurs — as well as a good alternative to the usual titles. In every print issue of the paper, one can expect to get a thorough and comprehensive briefing on the latest developments and other information readers need to know and be aware of for the day.

It takes a collective effort within BusinessWorld — from the editorial staff to the people in the sales and marketing department — to bring reports, columns, stories, images, advertisements, and advertorials together and fit them all well within the pages and sections.

“The process of coming out with a newspaper every day is a team effort. You may only see the names of reporters and editors, but there are more people behind the scenes who work to make sure the newspaper comes out every day — the layout artists, proofreaders, researchers, editorial assistants, and graphic artists,” BusinessWorld Managing Editor Cathy Rose A. Garcia shared in an e-mail.

As managing editor, Ms. Garcia assigns stories for reporters to write and submit within the day, while the other editors decide which stories should be prioritized for the front page and which ones go to different sections. “We also make sure that all stories are not just well written but factual and objective,” she added.

Further describing an editor’s work, Alicia A. Herrera, one of the paper’s associate editors, notes that the work even begins before getting into the desk — which in her case includes checking on reporters and looking for leads over breakfast — and sometimes continues after.

Once at the desk, she sifts through e-mail messages, the submitted pieces from reporters and contributors, and relevant stories from the wires — then the main editing work begins.

“Depending on how well a story is written, I may just have to do some minor tweaks, perhaps adding some background. Other times, a full rewrite may be required. I search for photos and illustrations to go with the stories,” continued Ms. Herrera, noting that BusinessWorld editors traditionally did the actual layouts themselves.

Moreover, editors lend their time to train reporters, as Special Reports Editor Norman P. Aquino shared.

“That includes teaching them how to come up with stories that are compelling, balanced, fair and accurate — attributes that have always set our paper apart from the rest,” he shared. “After editing the Nation page in the afternoon, I also make sure that the reporters get feedback on their reporting and writing — from grammar and writing style to other aspects of the news gathering process. Being in contact with them during the entire process of news production ensures that stories are complete, well-researched and true.”

On the other hand, Sales and Marketing Director Jay R. Sarmiento is on top of ensuring that advertisements — from the full-page ones to the little ones detailing job openings — and advertorials get published on their respective pages as scheduled.

“Since we are on the advertising side and we sell multimedia advertising platforms, we make sure that everything is in place as far as meeting clients’ requirements and deliverables are concerned. At the same time, we make sure we do an integrated effort on print and digital implementation of ads,” Ms. Sarmiento shared.

Compiling these materials and putting each in the right places require close coordination, as creative director Crecencio I. Cruz explained.

“Laying out a page is like putting up a jigsaw puzzle,” Mr. Cruz said. “You try to fit the articles given. Although you are dealing mostly with text, you have to set the stories appealing enough to catch a reader’s attention,” Mr. Cruz added.

Once much of the materials get arranged, Hilario T. Matundan, production coordinator, handles the placement of ad materials before the entire issue gets printed.

“After the final proofreading of the pages by the proofreaders, I will now need to prepare for the final copy and process it by inserting the ad materials,” Mr. Matundan explained. After checking the page with the ad materials included, I can now send it to the plant via Internet for the printing of the newspaper copies.”

Managing through changes

With the coronavirus pandemic initially causing restrictions, closing the paper was a challenge at the start.

“While most employees were doing work-from-home setup, I was still reporting in the office. I’ve never heard silence that loud before,” Mr. Matundan recalled. “But I took that as a new challenge in my career to strengthen and improve my skills further. I felt that at that moment, the company needed me to be more committed and dedicated.”

For Mr. Cruz, putting up the paper became a little complicated. “The flow of work depends on the working style of the page editor. There are times when putting up a page is like laying it out three times — using the raw articles to check out the length, then the edited version and, finally, the proofread article available online.”

Two years since the pandemic, however, the sudden adjustments have become things the staff already get used to.

“It may have been difficult at first, but BusinessWorld editors have now become used to the new normal. Editing can be done without being physically present at the office,” Ms. Garcia said. “It’s still better, of course, to be at the office so that I can coordinate with people faster and more efficiently.”

Among the editors, Marifi S. Jara, the paper’s Mindanao bureau chief, is likely the one who is most used to working remotely. She observed, nonetheless, that covering stories have been much different than before.

“Having been a remote employee for the last eight years, the work-from-home (WFH) setup prompted by the pandemic was actually an ‘old normal’ for me,” she shared. “But the rise of webinars, online press briefings, and streaming of events made people and other sources of information so much more accessible. It also allowed for broader coverage possibilities across the regions.”

As a reporter, Michelle Anne P. Soliman witnessed this shift in fieldwork firsthand. “During the lockdown, events and conferences were conducted through Zoom. In 2020 to 2021, Zoom events are scheduled within the week. Per day, there were a maximum of three to four events on Zoom,” she shared.

“With the return of physical events early this year, I cover two to three physical events in a day. Some conferences remain online such as pressers for local series, film, and album launches,” she added, noting that fieldwork has gone more hybrid recently.

This shift to hybrid work is something reporter Patricia B. Mirasol shared she very much appreciates, especially that covering on-site events has a distinct edge. “When the pandemic struck, everything literally shifted to the virtual platform,” Ms. Mirasol said. “Zoom is super great, but nothing beats the energy of physical interactions.”

Editor Victor V. Saulon observed, however, that recent situations have made it harder for reporters to do ambush or chance interviews since in-person events and press conferences are still limited. “Now, sources can choose to ignore you when you text, send an email or call. But it’s easier in a way because you don’t have to suffer Metro Manila traffic, for now,” he added.

For Josielyn Luna-Manuel, the paper’s special features editor, remote work has shown many advantages.

“For special features and advertorials, most of our coverages or interviews with our sources are now done virtually or through e-mail compared to pre-pandemic days when writers usually need to attend physical events or do personal interviews with executives,” Ms. Manuel explained. “The whole process of producing content — from client briefings to interviews, writing and editing, layouting, and securing approvals — has been less time-consuming and more efficient now.”

In sum, amid the said challenges and perks, putting up a newspaper has surely gone paperless, as Ms. Herrera noted. In fact, the late Raul L. Locsin, BusinessWorld’s founder, predicted this beforehand.

“Mr. Locsin had said decades ago that with e-mail and with wires accessible via terminals (rather than the old teletype-style machines with their huge rolls of paper) we would stop using paper in the office,” Ms. Herrera shared. “This never really happened until the COVID lockdowns. Press releases are now sent to us via e-mail — no more stacks of envelopes to sort through in the morning. This is a welcome change as it is now a matter of cut-and-paste then editing rather than having to type up the release ourselves.”

Motivations

Amid all these changes, nonetheless, a dedication to continue to serve the purpose of BusinessWorld, which also translates to a commitment to excellence, remains a driving force for the people behind the paper.

“We believe in the mission of BusinessWorld. We love our readers and clients, and we have employees and their respective families to take care of. Those are more than enough inspiration for us to do our role in closing the paper despite the challenges,” Ms. Sarmiento shared.

For Ms. Jara, what keeps her motivated is the fact that BusinessWorld gives a platform “to somehow contribute to nation-building, particularly in terms of highlighting growth potential and opportunities outside the capital region.”

For Ms. Manuel, in spite of work-related and personal challenges brought by the pandemic, keeping in mind the impact that their team’s work could bring serves as an inspiration.

“Knowing that our work today makes an impact tomorrow — both for the company and the public it serves — no efforts are wasted. We only get stronger, more skilled, and prouder to be part of something bigger than ourselves,” Ms. Manuel said.

For others, it is more about experiencing the joy in the work they do, as well as in seeing the finished product.

“I consider the fieldwork I do as a life bucket list,” Ms. Soliman said. “It’s been an enriching experience to be in a room with, and to interview or converse with young and established people in arts, culture, and entertainment.”

“It is also a privilege to see and watch their body of work and listen to them talk about their craft. There is also a lot to learn of our history and culture when traveling to provinces, and other cultures from abroad,” she added.

“Working on a newspaper for more than two decades and seeing your work on the following day in print and online is enough [motivation],” Graphic Artist Bong R. Fortin said. “Stress is always a part of it. Finishing everything and pushing your work before the off stone is the challenge.”

Family and loved ones also serve as an inspiration, nonetheless.

“I always tell myself that I have to do my best in my job no matter what as if this will be my first and last job, by God’s will. But if there are moments when it is really difficult or stressful, I always think of my family. I am happily married with five children, who are all my inspiration to continue striving in life,” Mr. Matundan shared.

A medium to stay

The past years saw BusinessWorld fulfilling its purpose through new means, particularly on-the-ground and digital platforms. Yet, even in these times when people often turn to screens for information and diversion, a newspaper that can be held and flipped through still remains a useful and indispensable medium.

Aside from providing a public record of history, Ms. Garcia stressed, newspapers like BusinessWorld have an important role in highlighting deep, insightful stories over “clickbait” news flooding social media.

“For me, there’s still nothing like the look, feel, and even the smell of the printed newspaper,” she added. “Flipping through the pages of the paper, you can find stories that you would never see on your Facebook timeline but are more important than the latest celebrity news.”

“The barrage of information that we get can be overwhelming especially in the advent of fake news, so it really matters where you get it. I think that’s where traditional mass media comes in,” Mr. Aquino noted.

A physical paper is even still preferred at present, even among the paper’s target audience. “Many of the business sources that we have talked to are now physically back in the office. They still look for a printed newspaper when in the workplace,” Mr. Saulon shared.

Print also has a distinct way of presenting information and catching and keeping attention — which seems to be a hard thing to get nowadays.

“I think that because the editorial choices are made by people, you see a greater variety of topics on paper than you would online. You flip a page and find yourself engaged by a headline that would never have been presented to you online,” Ms. Herrera said. “The world expands in print; because of the algorithms, it shrinks online.”

“I think printed newspaper, like a traditional book, has a power of forcing the reader to fully focus on that thing on hand, which probably means better knowledge absorption, understanding, and critical thinking,” Ms. Jara said. “And there is joy in holding, reading that paper — something that perhaps needs to be discovered by the digital generation.”

By Allyana A. Almonte

The goals of most businesses are to gain profits, be on top of the trend, and serve communities. In making information as a business, a good character and reputation are vital to set an organization apart from others and to lead to the development of trust within the community.

This is what the late BusinessWorld Founder Raul L. Locsin believed, a Filipino publisher who nurtured business reporting in the Philippines from its formative years to becoming fully functional and sturdy. For him, journalism becomes a commitment for those who exercise it.

A man of his words whose dedication to journalism hone the skills of the promising young writers who took the challenge of undertaking exhaustive research to deliver competent business news, Mr. Locsin has infused his integrity and style in this generation of journalists who have survived the training.

In his crusade for press freedom, he made it his life’s mission to sober fact over sensationalism in covering the Philippine economic story. Through his straightforward writing  style, he has educated his readers through the ups and downs of the economy.

In his early days at school in wartime Negros Occidental where his father published a Spanish-language paper, he spent most of his time with his mother and had some ventures with his brother. He also established his own local newspaper and became a salesman for 11 years, which pays him good but he hated.

He then joined the Manila Chronicle’s business section in the early 1960s — a time when economic development was the priority of global leaders. Since he understood that only a few people knew most of the business jargon, he wanted to repackage the complex economic information materials into reader-friendly content that is widely available to the general public.

Here, he rediscovered his true calling. Hence, he helped establish the Economic Monitor, the country’s first business weekly, then in 1967, he founded himself the Business Day, Southeast Asia’s first daily newspaper for business.

Throughout the rule of former President Ferdinand Marcos, Sr., the newspaper won a reputation for having a gold standard towards accuracy. Under Martial Law, Business Day survived as the capital’s sole independent newspaper. But after the People Power revolution, it was put to a halt for a short time due to an internal labor dispute that prompted Mr. Locsin to quit.

Yet, his retirement did not last long as more than half of his former staff continued reaching out to him and urged him to come back to his post. These loyalists created a corporation and appointed him as the president as well as publisher and editor to which he accepted.

Mr. Locsin also believed that all other freedoms in the citizen’s bill of rights become defenseless if freedom of expression is abridged. According to him, it is not strange that those who would seek to impose authoritarian rule first assault the press to eventually silence the nation. Thus, after Martial Law, he led on rebuilding the Philippine Press Institute and has devoted himself in service of the hundreds of community press who were troubled and victims of market forces that favor sensational stories over sober facts that time.

After Mr. Locsin died in May 2003 due to a long-term illness, the paper underwent significant changes. His wife, Leticia Locsin, took over as president, publisher, and chairperson of the company until she passed away in 2005.

A year later, telecommunications giant Philippine Long Distance Telephone Co. (PLDT) acquired a minority stake in the newspaper through MediaQuest Holdings, Inc. which, in 2013, assumed control of the paper with its subsidiary Hastings Holdings, Inc. by increasing its stake from only 30% to 76.67% and infusing P100 million into the company over a 12-month period.

In 2015, the board of directors of BusinessWorld elected The Philippine STAR President and Chief Executive Officer (CEO) Miguel G. Belmonte as CEO of BusinessWorld. In July that year, Philippine Star Printing Co., Inc. (PhilSTAR) acquired 76.63% of BusinessWorld Publishing Corp. to strengthen the distribution and operations of the country’s premier business daily.

The business paper runs every weekday and is now the country’s fourth-biggest in terms of circulation and revenues. Despite monumental changes, BusinessWorld’s success has been firmly anchored in the belief that a newspaper is a public trust.

Mr. Locsin was a recipient of the Ramon Magsaysay Award for Journalism, Literature, and Creative Communications Arts for upholding standards of honesty and credibility over personal gain and circulation boost. In his speech on the night of the awards, he highlighted the role of journalists in telling stories of challenges and dreams, even shame and failures.

BusinessWorld employees remember him as a newsman who engaged in writing, drove his green BMW, arrived at office every six in the morning, wore a casual denim shirt and blue jeans, and went home on time. Despite his sensitive health, his passion for his craft remained ablaze. In more than 40 years as a journalist, a friend, and a businessman, people can vouch that he made the newsroom a better place.

Daily, he liked to share his experiences as a business reporter covering exclusive beats or writing investigative stories. He also shared some tips to younger newsmen such as his often-said technique of going to the presscon ahead of everybody else and leaving later than every invited press to scoop a one-on-one interview with the man-of-the-hour.

On a lighter note, people who had the honor to work with him remember his toy cars and chickens sliding through the editorial hallway in the middle of closing pages in the afternoon, his habit of bringing monthly lunches for his sub-editors, their random poetry sessions with him, some friendly debate over politics and philosophy, and him being a huge fan of paintings.

His founded publication and now the leading business newspaper in the country, BusinessWorld, represents his professional ethics in journalism — the stellar standards for fairness, credibility, and integrity. His life exhibited how even after death, a man’s noble words and modest principles can stand the test of time to leave things better than he found it.

1 of 4

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

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

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

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

Hilario T. Matundan
Production Coordinator

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

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

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

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

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

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

Wilfredo G. Reyes
Editor-in-Chief

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

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

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

Alicia A. Herrera
Associate Editor

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

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

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

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

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

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

Marissa B. Diana
Senior Research Assistant

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

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

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

Arlet S. Laurente
Senior Editorial Assistant

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

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

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

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

Asia Society Philippines

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

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

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

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

Bank Marketing Association of the Philippines

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

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

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

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

Once again, congratulations and more power!

European Chamber of Commerce of the Philippines

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

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

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

Florian Gottein
Executive Director

Makati Business Club

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

Management Association of the Philippines

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

Rogelio L. Singson
President

Philippine Chamber of Commerce and Industry

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

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

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

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

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

Again, congratulations and mabuhay tayong lahat.

George T. Barcelon
President

Philippines Franchise Association

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

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

Again, our heartfelt congratulations!

Sherill Quintana, CFE
Chairman

Chris Lim, CFE
President

Philippine Retailers Association

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

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

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

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

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

Ardent Communications, Inc.

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

IPG Mediabrands Philippines

Congratulations BusinessWorld!

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

Tricia Camarillo-Quiambao
Chief Executive Officer
Mediabrands Philippines