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IMF sees slower growth for PHL in 2023

PHILIPPINE STAR/ MICHAEL VARCAS

The International Monetary Fund (IMF) raised its gross domestic product (GDP) forecast for the Philippines to 6.7% this year, but expects slower growth in 2023 amid global uncertainties.

IMF Representative to the Philippines Ragnar Gudmundsson said the GDP projection for the Philippines was hiked to 6.7% from 6.5% previously. This is within the government’s revised 6.5-7.5% target band for this year. 

At the same time, the IMF lowered the Philippine GDP forecast to 5% for 2023, from 6.3% previously, due to global shocks.

In its latest World Economic Outlook (WEO) released on Tuesday, the multilateral lender maintained its 5.3% growth outlook for the five Association of Southeast Asian Nations (ASEAN) member countries this year.

The IMF downgraded the GDP growth for the ASEAN-5 to 5.1% next year, from the 5.9%  forecast given in April.  

In a press conference announcing the release of WEO on Tuesday evening, Division Chief of the IMF Research Department Daniel Leigh said the region’s outlook for 2022 reflects a big recovery from only 3.4% in 2021. 

“And that owes to the success of the vaccination campaigns and strong labor markets in a number of these countries,” Mr. Leigh said. “But the slowdown in 2023 is a sharper one than what we had expected in April, we marked down 2023 by 0.8 percentage points.”

Mr. Leigh said growth outlook remains clouded by uncertainties caused by the slowdown in major economies such as the United States and China, and tightening monetary policy to fight rising inflation.

“Inflation is also rising in these economies as in many countries. For 2022 we have a 3% to 7% forecast depending on the country due to the various external shocks including the currency depreciation which is passing through in the cost of many items,” Mr. Leigh said. 

Inflation rose by 6.1% year on year in June, the fastest in nearly four years and exceeded the central bank’s 2-4% target band for a third straight month. The average inflation rate in the first six months is 4.4%, still below the BSP’s full-year forecast of 5%.

The Bangko Sentral ng Pilipinas has raised benchmark interest rates by a total of 125 bps so far this year to tame inflation. On Tuesday, BSP Governor Felipe M. Medalla signaled an interest rate hike of less than 75 basis points (bps) at its next meeting in August 18.

Meanwhile, the IMF slashed the global GDP growth outlook to 3.2%, from 3.6% for this year and to 2.9%, from 3.6% for 2023.

“We know all ASEAN economies are very dependent on the external sector and in an environment in which the global economy is slowing down, this is going to have an impact on all ASEAN economies,” IMF Chief Economist Pierre-Olivier Gourinchas said. — K.B.Ta-asan

During the holiday season, majority of Filipinos shopped on social platforms

PIXABAY

Almost 7 out of 10 Filipino shoppers discovered and shopped on social platforms during the holiday season, according to a survey commissioned by global tech firm Meta. 

Personalized ads were a huge driver for sales, with 80% of Filipino respondents saying they purchased products after seeing them in ads.  

“Brands need to start building for discovery and being part of the consideration well ahead of Mega Sale Days,” said John Rubio, Meta Philippines’ country director, in a statement. 

YouGov, the market research firm that conducted the survey, gathered insights from nearly 2,000 shoppers in the Philippines aged 18 and up from December 1 to 24, 2021. 

Released in July 2022, the survey also found that 92% of Filipino shoppers made a spontaneous discovery while shopping online. 

The main social media discovery drivers were personal connections and recommendations (78%), sponsored content (68%), and video content (64%).  

Mr. Rubio said that Filipinos’ online shopping habits continue even as they return to physical stores for Mega Sale Days: 67% of shoppers surveyed made purchases in-store, but 79% did online purchases.  

“Brands need to be social and mobile-first and deliver personalized ads experiences,” he said.  

Other findings include:    

  • Ninety-four percent of year-end shoppers surveyed are likely to try new brands in the food, apparel and fashion, and electronics categories.
  • Around 90% bought something during 12.12 and 11.11 Mega Sale Days, each of which respectively had 24% and 44% of the surveyed shoppers participate.
  • Of those who shopped on social platforms, 76% were Gen Z and Millennials.
  • Entertaining and immersive experiences are a huge influence, with 81% of social shoppers surveyed saying they’ve watched or are open to a live shopping event online. Of these, 88% believe augmented reality (AR) technology can influence their decisions.

“Brands need to create immersive experiences through AR, live shopping, and trusted creators,” Mr. Rubio said. “They need to find creative ways to communicate your brand values and purpose.” — Brontë H. Lacsamana

Magnitude 7 quake hits northern Philippines

Screenshot via earthquake.usgs.gov

A magnitude 7 earthquake rocked the northwestern part of the main island of Luzon in the Philippines early Wednesday morning, according to the US Geolological Survey, damaging buildings and halting train operations in Manila, the capital where the tremors were also felt.  

There were no immediate reports of injuries or deaths from the quake, which struck about 13 kilometers southeast of the town of Dolores in Abra province at a depth of 10 km, the US agency said on its website.  

The Philippine Institute of Volcanology and Seismology (Phivolcs) reported at least six aftershocks ranging from magnitude 2.1 to 4 in Abra and Ilocos Sur.  

Several ancient bell towers, churches and heritage houses, as well as cars and other properties got damaged by the quake, Senator Imee R. Marcos, who is from Ilocos Norte, said in a statement, citing unnamed sources.  

Several main roads including Kennon, Paraiso, Pagudpud, Ilocos Norte and Apayao were also damaged, while much of the area did not have power after electrical transformers and transmission lines were hit, she added.  

She urged police and the local disaster agency “to remain vigilant as aftershocks and storm surges or tsunamis are expected to follow.” “If necessary, preventive evacuation of coastal villages and landslide-prone zones should be undertaken swifly.”  

Since 1970, 11 other earthquakes of magnitude 6.5 or larger have occurred within 250 km of Wednesday’s earthquake, the USGS said.  

The largest of these earthquakes was a magnitude 7.7 earthquake on July 16, 1990 in Baguio City in Benguet province, where at least 1,600 people died and more than 3,000 were hurt, it added. 

The 1990 earthquake also caused landslides in the Baguio-Cabanatuan-Dagupan area. 

The Wednesday quake was also felt in the capital region, where several buildings were evacuated and the rail system was halted during rush hour. 

“Any earthquake at magnitude 7 is considered a major earthquake,” Renato Solidum, head of the state seismology agency, told a news briefing streamed live on Facebook. 

More aftershocks are expected in the next two days, he said. “Strong intensities are still possible.” 

“I urge everyone to stay alert and to prioritize safety in light of the possibilities of aftershocks that might be felt after that strong earthquake,” Abra Rep. Ching B. Bernos said in a statement. “We are monitoring the situation on the ground and gathering information on the  extent of the damage to the province.”

President Ferdinand R. Marcos, Jr. will only visit areas “where his presence is necessary,” Press Secretary Trixie Cruz-Angeles told a news briefing. “Let’s make an assessment first.” 

The Philippines lies in the so-called Pacific “Ring of Fire,” a belt of volcanoes around the Pacific Ocean where most of the world’s earthquakes strike. — Norman P. Aquino, Kyle Aristophere T. Atienza, Alyssa Nicole O. Tan and Matthew Carl L. Montecillo

IMF cuts global growth outlook, warns high inflation threatens recession

A participant stands near a logo of the International Monetary Fund at the annual meeting in Nusa Dua, Bali, Indonesia, Oct. 12, 2018. — REUTERS/JOHANNES P. CHRISTO/FILE PHOTO

WASHINGTON – The International Monetary Fund cut global growth forecasts again on Tuesday, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked.

Global real GDP growth will slow to 3.2% in 2022 from a forecast of 3.6% issued in April, the IMF said in an update of its World Economic Outlook. It added that world GDP actually contracted in the second quarter due to downturns in China and Russia.

The fund cut its 2023 growth forecast to 2.9% from the April estimate of 3.6%, citing the impact of tighter monetary policy.

World growth had rebounded in 2021 to 6.1% after the COVID-19 pandemic crushed global output in 2020 with a 3.1% contraction.

“The outlook has darkened significantly since April. The world may soon be teetering on the edge of a global recession, only two years after the last one,” IMF Chief Economist Pierre-Olivier Gourinchas told a news conference.

“The world’s three largest economies, the United States, China and the euro area, are stalling, with important consequences for the global outlook,” he added.

‘PLAUSIBLE’ RUSSIAN GAS EMBARGO

The fund said its latest forecasts were “extraordinarily uncertain” and subject to downside risks from Russia’s war in Ukraine pushing energy and food prices higher. This would exacerbate inflation and embed longer-term inflationary expectations that would prompt further monetary policy tightening.

Under a “plausible” alternative scenario that includes a complete cut-off of Russian gas supplies to Europe by year-end and a further 30% drop in Russian oil exports, the IMF said global growth would slow to 2.6% in 2022 and 2% in 2023, with growth virtually zero in Europe and the United States next year.

Global growth has fallen below 2% only five times since 1970, Gourinchas said – recessions in 1973, 1981 and 1982, 2009 and the 2020 COVID-19 pandemic.

The IMF said it now expects the 2022 inflation rate in advanced economies to reach 6.6%, up from 5.7% in the April forecasts, adding that it would remain elevated for longer than previously anticipated. Inflation in emerging market and developing countries is now expected to reach 9.5% in 2022, up from 8.7% in April.

“Inflation at current levels represents a clear risk for current and future macroeconomic stability and bringing it back to central bank targets should be the top priority for policymakers,” Gourinchas said.

An unprecedented synchronized global monetary policy tightening by central banks will “bite” next year, slowing growth and pressuring emerging market countries, but delaying this process “will only exacerbate the hardship,” he said, adding that central banks “should stay the course until inflation is tamed.”

US, CHINA DOWNGRADES

For the United States, the IMF confirmed its July 12 forecasts of 2.3% growth in 2022 and an anemic 1.0% for 2023, which it previously cut twice since April on slowing demand. Read full story

The Fund deeply cut China’s 2022 GDP growth forecast to 3.3% from 4.4% in April, citing COVID-19 outbreaks and widespread lockdowns in major cities that have curtailed production and worsened global supply chain disruptions.

The IMF also said the worsening crisis in China’s property sector was dragging down sales and investment in real estate. It said additional fiscal support from Beijing could improve the growth outlook, but a sustained slowdown in China driven by larger-scale virus outbreaks and lockdowns would have strong spillovers.

The IMF cut its eurozone growth outlook for 2022 to 2.6% from 2.8% in April, reflecting inflationary spillovers from the war in Ukraine. But forecasts were cut more deeply for some countries with more exposure to the war, including Germany, which saw its 2022 growth outlook cut to 1.2% from 2.1% in April.

Italy, meanwhile saw an upgrade in its 2022 growth outlook due to improved prospects for tourism and industrial activity. But the IMF said last week that Italy could suffer a deep recession under a Russian gas embargo. Read full story

Russia’s economy is expected to contract by 6.0% in 2022 due to tightening Western financial and energy sanctions – a “fairly severe recession,” Gourinchas said. But that is an improvement over the April forecast of an 8.5% contraction, due to Moscow’s measures to stabilize its financial sector, which is helping to support the domestic economy.

The IMF estimates that Ukraine’s economy will shrink by some 45% due to the war, but the estimate comes with extreme uncertainty. — Reuters

Australia sets sights on clean energy jobs created by ‘climate emergency’

STOCK PHOTO | Image from Pixabay

SYDNEY – Australia sees the world’s climate emergency as an opportunity to create jobs, the new Labor government said on Wednesday, introducing legislation to enshrine an emissions reduction target.

Minister for Climate and Energy Chris Bowen said a decade of political in-fighting had seen Australia go backwards on climate change, and the legislation would send a message that Australia was “open for business” and “back as a good international citizen”.

“The world’s climate emergency is Australia‘s jobs opportunity,” he said, adding the resource-rich nation could become a renewable energy powerhouse.

Iron ore sent to China, coal and liquefied natural gas are Australia‘s top exports.

Bowen said clean energy jobs would be created in battery manufacturing, and commodities such as aluminum, lithium, copper, cobalt and nickel.

“There is a significant export market waiting for us if we get the levers right,” he said.

Legislation setting a 43% emissions reduction target by 2030 and net-zero by 2050 was a beginning, and its implementation would be monitored by an independent climate change authority.

“We see 43% as a floor on what our country can achieve,” he said, a stance backed on Wednesday by business groups.

The conservative Liberal and Nations coalition, swept out of office in a May election where Greens and independents pushing for climate change action won record seats amid a backdrop of worsening fires and floods, is opposing the bill.

The government is negotiating with the Greens, which hold the balance of power in the upper house and want more ambitious climate action. Read full story

The president of the UN’s Climate Change Conference, Alok Sharma, said the Australian government “had a fresh mandate from their voters to tackle climate change” and he was struck by protesters in Australia who held placards saying “2050 is too late” as he visited this week.

“Our populations know that the world is running out of time, and we also know if we act now we will reap an economic as well as environmental dividend – jobs, growth and a boost for all of our economies,” he said in a speech in Fiji on Wednesday.

He added that unless governments act now, the goal of containing warming to 1.5 degrees would “slip irreversibly out of reach”.

The government has said it cannot support a Greens call to stop new coal and gas projects.

Prime Minister Anthony Albanese said in a TV interview on Tuesday it also wouldn’t end coal exports, because Australia‘s customers would substitute it from other sources.

“What you would see is a lot of jobs lost, you would see a significant loss to our economy, significant less taxation revenue for education, health and other services, and that coal wouldn’t lead to a reduction in global emissions,” he told the ABC. – Reuters

Digital nomads seek sun, sea and sustainability as remote work booms

LISBON – Sitting on the terrace of a cafe in the heart of Lisbon one morning in June, sales specialist Victor Soto was busy at work communicating with colleagues across Europe and the Americas.

The COVID-19 pandemic is what drove the British-Peruvian 33-year-old to become a so-called “digital nomad”.

“The lifestyle gives me a lot of choice and freedom,” he told the Thomson Reuters Foundation. Soto made the decision to work only for companies that offer fully remote working in order to fulfil his passion for travel, he explained.

Soto is now also part of a growing trend among digital nomads who are looking for a less frenetic pace of life.

These new “slomads” still travel around the globe taking their work with them, but are choosing to spend longer in one location – some to enjoy a richer cultural experience while others are driven by the desire to be more eco-conscious.

Remote and flexible working has boomed since coronavirus lockdowns lifted globally, backed by major companies from AirBnB to Twitter and a rising number of nations issuing digital nomad visas which allow people to stay and work for up to two years.

The typical profile of a digital nomad is shifting, as island-hopping 20-somethings are joined by online workers in their 30s and 40s travelling with partners and children, experts and researchers say.

But concerns are growing over their environmental impact.

While data is scarce on the carbon footprint of digital nomads, “slomads” are striving to fly less, stay in sustainable accommodation, and invest in, or contribute to, green projects.

However, climate campaigners are not convinced, saying the social phenomenon still depends on air travel, which produces up to 3% of global greenhouse gas emissions.

“I think we feel a bit guilty, because the main issue with this lifestyle is the flying,” said Emmanuel Guisset, a former digital nomad who is now chief executive of Outsite, which offers co-living spaces for people including remote workers.

 

SLOWING DOWN

Pre-pandemic, the stereotype of a digital nomad was a freelancer in their 20s bouncing between sunny locales and sporting little more than shorts, flip-flops and a laptop.

Now, more people are combining work with travel later in life – often staying longer in one place to benefit from cheaper rents and better appreciating and contributing to local culture.

A poll published in May by freelancer marketplace Fiverr and travel guide publisher Lonely Planet showed one-third of nomads surveyed moving every one to three months, while 55% enjoyed working in one location and moving after three months or more.

Americans make up the majority of digital nomads. A 2021 study from Upwork on the habits of hiring managers estimated that 36.2 million U.S. citizens would work remotely by 2025, an 87% increase from pre-pandemic levels.

Tourist hot-spots have been quick to embrace digital nomads, and view the growing trend of remaining longer in one location as a way to recoup losses from pandemic lockdowns.

Destinations such as Aruba, Barbados, Cape Verde, Croatia, Estonia, Indonesia, Malta and Norway have created digital nomad visas, allowing people to stay put and work for up to two years.

Accommodation rental company AirBnB saw a 90% rise in long-term bookings in Portugal last year compared to 2019, which it said reflected how more people are taking advantage of the ability to work and live from anywhere.

Yet digital nomads admit there is still a lot of flying involved, especially since the easing of COVID-19 restrictions, although experts say it is difficult to identify nomads‘ share of flights compared with tourism and business passengers.

Denise Auclair, corporate aviation expert at European clean transport campaign group, Transport and Environment (T&E), said there was “a golden opportunity” to continue with the reduced level of business travel seen during the pandemic, and to cut down on unnecessary flying.

But she queried whether companies are factoring the carbon footprint of employees working as digital nomads into their annual emissions reports.

Guisset of Outside said nomads are increasingly turning to carbon offsets, whereby people seek to compensate their climate impact by funding projects that reduce emissions through activities such as planting trees.

Some environmental groups, however, have dismissed such carbon-credit schemes as “window dressing”.

“It gives people a false sense of flying green, when there are so many problems with it,” said Dewi Zloch, aviation expert at Greenpeace Netherlands.

She pointed to research done for the European Commission in 2017 which said carbon-offsetting schemes are not providing real and measurable emissions reductions.

 

GREEN LIVING

The pandemic-driven remote work boom, meanwhile, has encouraged the creation of co-living and co-working spaces, some of which are trying to put green ideas into practice.

When Outside first started with its California co-living property, the company planted a tree for each booking made in locations from the Andes mountains to Indonesia.

Traditional Dream Factory, a co-living space in Portugal’s vast rural Alentejo region which plans to launch in summer 2023, is trying something more ambitious.

Co-founder Samuel Delesque said the aim is to set up a community of like-minded digital nomads, engineers, artists and crypto entrepreneurs who will also regenerate the land.

The organization has already started covering deforested areas with nitrogen-fixing crops and planted hundreds of trees.

It also plans to insulate its living quarters and create natural pools and showers to save water and become self-sufficient.

A former software engineer and digital nomad, Delesque plans to expand in countries like South Africa and the United States.

Caring for the environment is at the heart of his project, the Franco-Danish entrepreneur said.

“If we don’t manage to align economic values with (the) ecological, then we’re really doomed as a species,” he added. – Reuters

El Salvador to buy back some debt in surprise move

SAN SALVADOR – El Salvador‘s president announced on Tuesday a plan for a voluntary repurchase offer to holders of bonds maturing between 2023 and 2025.

The operation would be partially funded by reserves allocated last year by the International Monetary Fund and a loan from a Central American multilateral lender, the finance minister said later on Tuesday.

President Nayib Bukele has been under pressure to demonstrate healthy public finances as the country’s options dwindle ahead of an $800 million bond maturity in January.

His bet on bitcoin, which operates in El Salvador as a legal tender alongside the U.S. dollar, narrowed El Salvador‘s financing options as the International Monetary Fund closed the door to a loan of over $1 billion after the cryptocurrency move.

In a post on Twitter, Mr. Bukele said the country has enough cash not only to pay debt commitments at maturity, but to purchase the debt even before it matures.

The bond maturing in January was trading at 74 cents on the dollar on a 82% yield, while the remaining issues traded in distressed territory hovering in the low 30 cents.

Prices had started to spike last week, partly boosted by a Morgan Stanley note that said Salvadoran debt was too cheap and prices were below most restructuring scenarios.

 

MARKET PRICE BUYBACK

The buyback process would likely cost around $1.7 billion, according to a Citi Research note on Tuesday that said the estimate is expected to rise based on early market reaction.

“Today we are sending 2 bills to Congress to ensure that we have the available funds to make a transparent, public and voluntary purchase offer to all the holders of Salvadoran sovereign debt bonds from 2023 to 2025 at whatever the market price is at the time of each transaction,” Mr. Bukele tweeted, adding that “the market price will probably move upwards once we start buying all the available bonds.”

El Salvador‘s unicameral Congress approved both bills, one requesting to use $360 million in funds from special drawing rights allocated by the IMF to repurchase the bonds, and another to request a $200 million loan from the Central American Bank for Economic Integration (BCIE), in majority votes Tuesday evening.

The Central American country’s total public debt was about $24 billion in March, according to central bank data.

The debt buyback offer, which was unexpected, will likely cause the price of short-end bonds to rise, Citi analysts added.

“Risks are high and the situation remains very fluid,” they wrote.

Mr. Bukele added that the buyback will start in six weeks.

It was unclear where the more than $1 billion remaining to complete the operation would come from. – Reuters

From burgers to gadgets, stressed consumers buy cheap

NEW YORK/LONDON – Some global consumers are showing signs of cracking, as shoppers stressed by record inflation stick to buying basics like food, bleach and cheap burgers, while those with bigger bank accounts are snapping up $3,000 Louis Vuitton handbags.

Investors are closely watching second quarter corporate results for signs economies are headed toward recession. But so far consumers are sending mixed signals. There is weakness seen in those that have been hit hardest by record fuel and food prices. Meanwhile, credit card and other data shows some are still spending on travel and other high-end pursuits. Read full story

Walmart sounded a warning shot on Monday, issuing a rare profit warning. Its US customers, who tend to come from lower-income households, are buying food and other essentials while skipping aisles filled with clothes and sporting goods. Read full story

“The results overnight indicate that the US consumer is now much more focused on the staples element of shopping where we’ve got double-digit food inflation coming through in some of these retailers,” said Nicola Morgan-Brownsell, fund manager at Legal & General Investment Management.

US consumer confidence fell for a third straight month in July amid persistent worries about higher inflation and rising interest rates. Read full story

Sales at luxury group LVMH Moet Hennessy Louis Vuitton SE climbed 19% in the second quarter, slightly lower than earlier this year. Handbag and high-end liquor sales in Europe and the United States helped offset slowdowns stemming from COVID-19 lockdowns in China. Read full story

And payment processor Visa said cross-border volume jumped 40% reflecting a summer travel boom and some consumer resilience. Read full story

But softer consumer demand hit video gaming revenue at Xbox maker Microsoft MSFT.O, which posted a 7% drop in Xbox-related revenue and expects a further contraction this quarter. Microchip maker Texas Instruments TXN.O saw weaker demand from consumers for personal electronics.

 

BUYING, BUT FOR HOW LONG?

Consumer giants Coca Cola Co., McDonald’s Corp. and Unilever Plc all said on Tuesday that their products are still selling, even at higher prices.

Unilever, which has 400 brands including Hellmann’s mayonnaise, Knorr stock cubes and Domestos bleach, raised its full-year sales guidance after beating first-half underlying sales forecasts as it hiked prices. Read full story

So far consumers are buying, but there is a question around how long that can last.

“We see price increases when we go out to do a weekly shop. The question is: how much more accepting can the consumer be on those price increases?” said Ashish Sinha, portfolio manager at Unilever and Reckitt RKT.L shareholder Gabelli.

McDonald’s which operates nearly 40,000 restaurants, said its global same-store sales jumped almost 10%, much better than the expectation for an increase of 6.5%. Read full story

Even so, the Chicago-based company said it is considering whether to add more discounted menu options because soaring inflation, particularly in Europe, is leading some lower-income consumers to “trade-down” to cheaper items and to buy fewer big combination meals, Chief Financial Officer Kevin Ozan said.

Coke’s global sales volumes rose 8% in the second quarter, the company said, powered by growth in both developed and emerging markets, while average selling prices increased about 12%. Read full story

“Coke’s results are testament to its brand value because consumers are unwilling to trade down to other colas, despite increasing prices,” CFRA analyst Garrett Nelson said.

 

SLOWDOWN AHEAD?

Germany-based footwear maker Adidas AG cut its earnings target for the year due to a slow recovery for its business in China. Read full story

General Motors Co. on Tuesday reaffirmed its full-year profit outlook on an expected surge in demand and said it was curbing spending and hiring ahead of a potential economic slowdown, but a 40% drop in its quarterly net income disappointed, sending shares lower. Read full story

The Detroit automaker’s reduced net income reflected supply-chain snarls, including a global semiconductor chip shortage that hit hardest in June. The company’s shares fell 3.4%.

Nevertheless, GM sees a lot of pent-up demand.

Chief Financial Officer Paul Jacobson said GM still sees strong pricing and demand for its vehicles.

A GM pickup truck starts around $31,500 for a base Chevrolet model, while a loaded GMC Sierra can top $100,000. Most models come in the $50,000 to $70,000 range.

“We feel good about making up all that (lost) volume in the back half of the year,” he said. – Reuters

Marcos orders rescue, relief operations in quake-hit Abra province

PHILIPPINE STAR/KRIZ JOHN ROSALES

MANILA – Philippines President Ferdinand Marcos Jr has ordered the immediate dispatch of rescue and relief teams to the earthquake-affected province of Abra, his press secretary said on Wednesday.Marcos will also fly to Abra, the epicentre of a powerful 7.1 magnitude earthquake, Press Secretary Trixie Cruz-Angeles told a news conference.  — Reuters

FILRT CEO: The future of offices hinged on sustainability

FILRT President and CEO Maricel Brion-Lirio (rightmost) is joined by other ICT-BPM thought leaders.

The Philippines’ IT-BPM sector is on the fast lane towards recovery. The IT and Business Process Association of the Philippines (IBPAP) announced that the industry’s 2021 showing surpassed 2021 and 2022 targets with revenues coming in at $29.49 billion for 2021 indicating a 10.6% year-on-year revenue growth. Filinvest REIT (FILRT) President and CEO Maricel Brion-Lirio shared the same optimism during the Go-Tech Summit hosted by the Cebu Chamber of Commerce and Industry.

“Our high occupancy rate is a clear demonstration of FILRT’s strong support for the IT-BPM industry. Indeed, the BPO sector remains to be the top demand driver for office space in the country, and for FILRT, in particular, the BPO sector comprises 91% of our tenant mix or equivalent to 240,998 sq.m. of space in our Grade A, sustainable office buildings portfolio,” shared Ms. Brion-Lirio.

FILRT boasts of a portfolio that consists of 17 Grade A (highest quality) and LEED Gold-certified office buildings, which include green and sustainability-themed features. Of these, 16 are in Northgate Cyberzone in Filinvest City in Alabang, a PEZA Special Economic Zone and IT park, and the first central business district (CBD) in the Philippines to receive LEED® v4 Gold for Neighborhood Development Plan certification for its township-wide green and sustainability features, as well as the first CBD to receive Berde certification. Two of the properties in its portfolio namely Axis Tower One and Vector Three are among the country’s few LEED Gold-certified developments. Rounding up the portfolio is Filinvest Cyberzone Cebu, a 1.2-hectare joint commercial development of FILRT with the Cebu Provincial Government, represented by the honorable Governor Gwendolyn Garcia, under a 30-year “build-transfer-operate” arrangement.

Office buildings inside Northgate Cyberzone are cooled by the country’s largest district cooling system that reduces carbon emissions and energy consumption, the result of Filinvest’s partnership with Engie, a world leader in developing sustainable technology solutions. All FILRT properties have bicycle parking facilities to help reduce the use of motorized vehicles and encourage greener modes of transport. Electric jeepneys ply the streets of the neighborhood to offer low-carbon transport for the commuting public.

“Our energy management approach revolves around the two key focus areas of energy efficiency and using renewable energy whenever economically feasible. We are exploring how we can attain 100% renewables for our tenants. To date, 6 out of 17 properties getting 100% renewable energy from a retail electricity supplier, and we are in discussions on how the supply can be increased to serve more buildings in the next 2 to 3 years. Needless to say, we aim to replicate these measures in all FILRT office developments moving forward as these sustainability features are sought after by multinational BPOs and ROHQ companies,” shared Ms. Brion-Lirio on FILRT’s sustainability initiatives.

According to Colliers, more companies in the Philippines are now looking for sustainable and healthy work environments that will provide confidence for their employees to return to workplaces, an important consideration in a post-COVID-19 world.

“We are proud to say that FILRT was the first sustainability-themed REIT listed on the bourse. We strongly believe that the future of the offices sector lies on sustainability. This is why the Filinvest group is committed to creating green and sustainable developments. FILRT’s growth strategy is largely anchored on having a pipeline of green, high-value assets that attract tenants who share Filinvest’s journey towards a future in real estate where environmental sustainability is embedded in the design of spaces and daily operations,” added Ms. Brion-Lirio.

Learn more about investing in or leasing spaces with FILRT by visiting the Filinvest REIT official website www.filinvestreit.com and official social media platforms www.facebook.com/filinvestreitcorp and www.linkedin.com/company/filinvestreit.

 

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72 award recipients champion ESG for a sustainable world at the Asia Responsible Enterprise Awards 2022

The region’s leading NGO Enterprise Asia is pleased to confer the Asia Responsible Enterprise Awards (AREA) 2022 to 72 outstanding award recipients for championing ESG to build a resilient world and a sustainable future for all.

Widely regarded as the gold standard for CSR and sustainability practice, the AREA is the most prominent CSR recognition program across Asia initiated by Enterprise Asia. The AREA aims to recognize and honor Asian businesses and leaders for championing sustainable and socially responsible business practices.

Richard Tsang, president of Enterprise Asia, stated in his welcome speech, “The pandemic has catalyzed our growth as people and as a society, and this is only the beginning of a much greater transformation. Through collaboration and partnership, we can deliver the required investments and actions to accelerate progress in social, environmental, and economic sectors.”

According to Dr Eugene Chien, Chairman of the AREA Judging Committee, “I am proud that many of the participants this year have strived to adopt this practice as well as manage the continuance of their CSR initiatives and evolve them into larger ventures. This results in projects that are more sustainable, of greater relevance to the target community, and create a meaningful positive change in society.”

Since 2011, the AREA has been recognizing businesses from various industries while honoring their achievements in the categories of Social Empowerment, Investment in People, Health Promotion, Green Leadership, Corporate Governance, Circular Economy Leadership, Responsible Business Leadership, and Corporate Sustainability Reporting. This year, a total of 260 submissions across 19 countries have undergone a stringent judging process which is based on the 3 criterion of effectiveness and reach, relevance, and sustainability, and only 100 impactful CSR programs and 3 business leaders were accorded as winners.

The recipients of the Responsible Business Leadership Category which recognizes leaders who are strong advocates for responsible entrepreneurship and at the forefront of promoting sustainable practices and in promoting the sustainability agenda within their organizations and their communities include Tsai Hong-Tu, chairman of Cathay Financial Holding Co., Ltd. and Joseph Huang, chairman of E.SUN Commercial Bank Ltd, from Taiwan, and Dr. Jacques Marcille, managing director of Kulara Water Co., Ltd. From Cambodia.

Other notable award recipients are CPC Corporation Taiwan under the Green Leadership category with its program “Take the First Step Towards Carbon Neutrality in the Energy Industry”; Far Eastern New Century Corporation under the Circular Economy Leadership category with its “Green Growth through Circular Economy” program; KWG Living Group Holdings Limited of China, Puncak Niaga Holdings Berhad of Malaysia and AUO Corporation of Taiwan under the Corporate Governance category; Government Housing Bank of Thailand, and SinoPac Holdings under the Corporate Sustainability Reporting category; PT Pupuk Kujang of Indonesia and LEO Global Logistics Public Company Limited of Thailand under the Social Empowerment category.

Four Philippines companies emerged as winners of the AREA 2022 which include Energy Development Corporation under the Corporate Sustainability Reporting category; Watsons Personal Care Stores (Philippines), Inc. under the Green Leadership category; UHS Essential Health Philippines, Inc. under the Investment In People category; and SM Investments Corporation under the Corporate Governance category.

The AREA 2022 is supported by CSRone, the Global Reporting Initiative, India CSR Network, Malaysian Business Council of Cambodia (MBCC), Malaysia Green Technology and Climate Change Corp. (MGTC), National Institute of Entrepreneurship and Innovation (NIEI), Singapore-Thai Chamber of Commerce, and Taiwan Institute for Sustainable Energy (TAISE), with Bangkok Post, BusinessWorld, Commercial Times, Hong Kong Economic Times, Kumparan, and SME Magazine as media partners, and Evogenetic Studio as the Official Production Partner.

RECIPIENTS OF THE ASIA RESPONSIBLE ENTERPRISE AWARDS 2022

RESPONSIBLE BUSINESS LEADERSHIP

NAME

ORGANIZATION

COUNTRY

Tsai Hong-Tu Chairman

Cathay Financial Holding Co., Ltd.

Taiwan

Joseph Huang Chairman

E.SUN Commercial Bank Ltd

Taiwan

Dr. Jacques Marcille Managing Director

Kulara Water Co., Ltd.

Cambodia

SOCIAL EMPOWERMENT CATEGORY

ORGANIZATION

CSR PROGRAM

COUNTRY

ADATA Technology Co., Ltd

The Future is Ours to Define

Taiwan

ASE Technology Holding Co., Ltd

Lighting up the Stars and Inspiring Hope

Taiwan

Aspire Systems

Harihara Subramanian Scholarship

India

Celcom Axiata Berhad

Community Reliefs, Digital Entrepreneurship & Equity in Education

Malaysia

Chugai Pharma Taiwan

Cycling for Charity

Taiwan

CK Power Public Company Limited

Hinghoi: Renewable Energy for Sustainable Community

Thailand

CPC Corporation Taiwan

The Guardian Angels of CPC, Taiwan

Taiwan

DBS Bank (Taiwan) Ltd.

DBS Taiwan’s Effort Towards Zero Food Waste

Taiwan

E Ink Holdings Inc.

eRead for The Future

Taiwan

Far Eastern Big City Shopping Malls Co., Ltd.

Big City Street Art Festival

Taiwan

Farglory Life Co.,Ltd.

Farglory Life Insurance Infinite Love Support Vulnerable Groups Program

Taiwan

Fubon Life Insurance

Fubon Life Transportation and Medical Assistance Program for Elderly Cancer Patients

Taiwan

Government Savings Bank

Car and Motorcycle Title Loan

Thailand

KDN Company Limited

Krisy Kreme Super60

Thailand

Krungthai Bank PCL.

Paotang App

Thailand

LEO Global Logistics Public Company Limited

My School Project

Thailand

Nan Shan Life Insurance Co., Ltd.

Dementia Friendly Program

Taiwan

NSE Asia Products Pte Ltd

Nu Skin Southeast Asia Children’s Heart Fund (SEACHF)

Singapore

PETRA Group

Providing Solutions for Humanity through Sustainable Technology

Malaysia

President Chain Store Corp.

7-ELEVEN In-store Spare Change Donation Brings Back The Love Together

Taiwan

Prince Holding Group

Chen Zhi Scholarship

Cambodia

Provincial Electricity Authority (PEA)

Renewable Energy Project and Sustainable Development for the Community

Thailand

PT Badak NGL

Salin Swara (Sampah Keliling Swadaya Masyarakat) Social Innovation in Waste Management

Indonesia

PT Pembangkitan Jawa Bali – UBJOM Rembang

Empowered Women in Agriculture (Wanita Berdaya Tani Community)

Indonesia

PT Polytama Propindo

Mang Covid (Covid-19 Prevention Management)

Indonesia

PT Pupuk Kalimantan Timur

Community Empowerment Program for Coral Reef Media Plantation by KIMASEA Group

Indonesia

PT Pupuk Kujang

Kampung NanasKu: Pineapple Cultivation and Processing Based On Community Empowerment

Indonesia

S&P Syndicate Public Company Limited

S&P Value for a Better Community

Thailand

SinoPac Holdings

Organizing Song of Life for the Elderly: Record the Stories of Taiwan

Taiwan

Sinyi Realty Inc.

Deeply Rooted in Communities for a Sustainable Future

Taiwan

SPEEDWIND DISTRIBUTIONS Co., Ltd.

Giving with Heart – CSR Initiative

Cambodia

Tai O Heritage Hotel

Promoting Sustainable Tourism and Cultural Heritage Conservation

Hong Kong

Taiwan Business Bank

Trust Combines Urban Renewal to Create A Well-being Life

Taiwan

Taiwan Life Insurance Co., Ltd

The 10th “Three-Generation Walk for Health”: Digital Technology Increases Impact on Social Welfare

Taiwan

The Shanghai

Commercial & Savings Bank, Ltd.

“Love The Earth” Painting Shimen Public Welfare Activity

Taiwan

Tourism Authority Of Thailand

Leader in Opening the Phuket Sandbox for Foreign Tourists

Thailand

TPN FlexPak Co., Ltd

Sharing Happiness with Our Community

Thailand

INVESTMENT IN PEOPLE CATEGORY

ORGANIZATION

CSR PROGRAM

COUNTRY

BAT Taiwan

Be The Change – Putting People and Our Society First

Taiwan

Darfon Electronics Corp.

HAPPY Darfon

Taiwan

Energy Development Corporation

Honing Nation Builders: Keitech Technical- Vocational Scholarships

Philippines

Far Eastern New Century Corporation

Talent Development: Roots in Taiwan, Eyes in the World

Taiwan

Pacific SOGO Department Stores Co., Ltd.

Giving it All to Support Our Biggest Asset – Human Capital

Taiwan

President Chain Store Corp.

The Age-friendly Store

Taiwan

SinoPac Holdings

SinoPac Sustainable Talent Development Project

Taiwan

Systex Corporation

Young Turing Program

Taiwan

Taiwan Power Company

Cultivating Oustanding Athletes, Deepening the Positive Impact of Taipower

Taiwan

TNG Holdings Vietnam

Remuneration Policy for the Employees in Response to COVID-19

Vietnam

UHS Essential Health Philippines, Inc.

USANA’s Health and Wellness

Philippines

HEALTH PROMOTION CATEGORY

ORGANIZATION

CSR PROGRAM

COUNTRY

Apex Circuit (Thailand) Co., Ltd.

Vaccine 100

Thailand

CPC Corporation Taiwan

CPC Stations, Near to Convenience

Taiwan

Far Eastern Department Stores Ltd

Healthy Lifestyle, Go Sporty

Taiwan

IRPC Public Company Limited

VAJIRA LAB: Healthcare Security for Society

Thailand

Nan Shan Life Insurance Co., Ltd.

Shero Cancer Care Activation Program

Taiwan

GREEN LEADERSHIP CATEGORY

ORGANIZATION

CSR PROGRAM

COUNTRY

AIA Thailand

AIA Go Green: Cashless and Paperless Initiatives

Thailand

Cathay Financial Holding Co., Ltd.

Pioneer in Green Finance, Establish the Benchmark in Sustainable Finance

Taiwan

Colliers International Property Consultants (Shanghai) Co., Ltd.

Colliers Elevate the Built Environment

China

CPC Corporation Taiwan

Take the First Step Towards Carbon Neutrality in the Energy Industry

Taiwan

DBS Bank (Taiwan) Ltd.

DBS Taiwan’s Green Finance Initiatives

Taiwan

E Ink Holdings Inc.

Sustainable ePaper Enables Smart and Green Retail

Taiwan

Electricity Generating Public Company Limited

EGCO Ecosystem

Thailand

Far Eastern Department Stores Ltd

Build Low-Carbon and Eco-Friendly Department

Taiwan

Ginlong Technologies Co., Ltd

Largest Fishery Hybrid Solar PV Project at Coastal Mudflats in China

China

Hotai Finance Corporation

Green Agricultural Innovation through Custom Installment Plans

Taiwan

Hunya Foods Co., Ltd.

Forever-Love Sustainable Pineapple Cake Gift Box

Taiwan

Kulara Water Co., Ltd.

Towards A Greener Growth and Unique Recognition

Cambodia

KWG Living Group Holdings Limited

KWG ESG Initiative

China

MM Mega Market (Vietnam) Co., Ltd

Multi-Site Solar Roof Project

Vietnam

Pacific SOGO Department Stores Co., Ltd.

A Step Towards Net Zero as a Pioneer of Green Change

Taiwan

President Chain Store Corp.

Plastic Reduction Promotion

Taiwan

SinoPac Holdings

Building a Smart Green Energy Ecosphere

Taiwan

Sinyi Realty Inc.

Net Zero Pathway for the Real Estate

Taiwan

Sodexo Singapore Pte Ltd

WasteWatch powered by Leanpath

Singapore

Taiwan Power Company

Energy Transition, Moving Towards Net Zero

Taiwan

Thai Life Insurance Public Company Limited

Thai Life: Love The Earth

Thailand

TNG Holdings Vietnam

TNPower – Investment and Development of Renewable Energy Projects, Providing the Nation with Clean Energy

Vietnam

TPN FlexPak Co., Ltd

Innovation in Plastic Packaging for Waste Reduction

Thailand

Watsons Personal Care Stores (Philippines), Inc.

Doing Good Through Sustainable Choices

Philippines

CORPORATE GOVERNANCE CATEGORY

ORGANIZATION

CSR PROGRAM

COUNTRY

AUO Corporation

ESG & Climate Committee Leads AUO Towards Net Zero

Taiwan

Far Eastern New Century Corporation

Fostering Robust Governance and Risk Management

Taiwan

KWG Living Group Holdings Limited

KWG Corporate Governance

China

Puncak Niaga Holdings Berhad

Delivering Sustainable Value Through Best Corporate Governance Practices

Malaysia

SM Investments Corporation

Governing for Good Corporate Citizenship

Philippines

UHS Essential Health Philippines, Inc.

USANA’s Corporate Governance at a Glance

Philippines

CIRCULAR ECONOMY LEADERSHIP CATEGORY

ORGANIZATION

CSR PROGRAM

COUNTRY

Chung Hwa Pulp Corporation

Toward Net Zero with Organic Agroforestry Carbon Cycle

Taiwan

Far Eastern New Century Corporation

Green Growth through Circular Economy

Taiwan

Indorama Ventures Public Company Limited (IVL)

PET Bottles Recycling to Personal Protection Equipment (PPE) Distribution

Thailand

Innolux Corporation

Create a Circular Factory – Go Green, Go Responsible, Go Sharing

Taiwan

CORPORATE SUSTAINBILITY REPORTING CATEGORY

ORGANIZATION

CSR REPORT

COUNTRY

Asia Cement Corporation

Asia Cement Sustainable ESG Actions

Taiwan

E Ink Holdings Inc.

E Ink! We Make Surfaces Smart & Green

Taiwan

Energy Development Corporation

Regenerating for the Future: EDC 2020 Integrated Report

Philippines

Far Eastern Department Stores Ltd

Sustain for a Good Life

Taiwan

Far Eastern New Century Corporation

Far Eastern New Century Sustainability Report

Taiwan

Farglory Life Co.,Ltd.

Farglory Life Insurance Corporate Sustainability Report

Taiwan

Fubon Life Insurance

Fubon Life Corporate Sustainability Report

Taiwan

Government Housing Bank

Sustainable [GH] Bank for Thai People

Thailand

Provincial Electricity Authority (PEA)

Provincial Electricity Authority Sustainability Report 2020

Thailand

S&P Syndicate Public Company Limited

S&P Virtue for Sustainability

Thailand

SinoPac Holdings

Fulfillment of Sustainability Commitment and Be a Model of Sustainability

Taiwan

Taiwan Depository & Clearing Corporation

Start from the Heart and Demonstrate the Spirit of Sustainability – TDCC ESG Report

Taiwan

Taiwan Life Insurance Co., Ltd

“Sustainable Trust, Enriched Future” Taiwan Life 2020 Sustainability Report

Taiwan

 

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Jollibee’s Dr. Tony Tan Caktiong named 2022 RVR Award for Nation Building Awardee

Photo shows Dr. Tony Tan Caktiong and Mrs. Grace Tan Caktiong receiving the award from former Chief Justice Artemio V. Panganiban, PHINMA Chairman and CEO Ramon R. del Rosario, Jr., Ambassador Jesus P. Tambunting (2010 RVR Awardee), Ambassador Jose L. Cuisia, Jr., Asian Institute of Management President and Dean Dr. Jikyeong Kang, and JCI Manila President Richard Lim.

Jollibee Founder and Chairman Dr. Tony Tan Caktiong was honored with the 2022 Ramon V. del Rosario (RVR) Award for Nation Building at a recently concluded ceremony on July 25, 2022 at the Manila Polo Club.

Dr. Tan Caktiong was chosen as this year’s awardee for his dedication to quality, innovation, and excellence, which propelled the Jollibee Group from its humble beginnings to being one of the largest food companies in the world with 18 brands across 34 countries—putting the Philippines on the global map and being a source of national pride.

PHINMA Chairman and CEO Ramon R. del Rosario, Jr., welcomed distinguished business personalities, young entrepreneurs, and civic leaders gathered at the Manila Polo Club and online viewers tuned in to the event livestream.

“In honoring outstanding nation builders, we are helping build a business constituency for good. We do not see this as just another recognition ceremony but rather, a recommitment event as well as a continuing clarion call to make business a genuine force for good! I am confident that tonight’s honoree will join his fellow awardees in multiplying this force,” he said.

The RVR Award for Nation Building is bestowed upon individuals who have contributed to nation building through their businesses and social enterprises, and who have proven themselves worthy of honor and emulation by their peers and by emerging young entrepreneurs. Nominees go through a screening process by a committee consisting of representatives of JCI Manila, PHINMA, AIM RVR Center, and the del Rosario Family, before the final selection by the award’s Board of Judges led by former Chief Justice Artemio V. Panganiban and Ramon R. del Rosario, Jr.

In his acceptance speech, Tan said, “the work of nation-building is the responsibility of all — each and every one of us — it is a shared task. Now, more than ever, our strong participation is needed.”

The Ramon V. del Rosario Awards acknowledges the support of the following companies:

Alibaba Cloud, Naomi Jewelry, Coca-Cola, Starport, Union Galvasteel Corporation, Philcement Corporation, PHINMA Solar, PHINMA Education, PHINMA Properties, PHINMA Hospitality, and PHINMA Foundation.

 

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