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Pag-IBIG Fund earns COA’s highest audit rating for 9th straight year

Pag-IBIG Fund has earned the Commission on Audit’s highest audit rating for the ninth consecutive year even amid the pandemic, top officials announced last Friday, Aug. 6.

In a letter dated July 29, COA informed the agency that it has rendered an unmodified opinion – its highest rating – on the fairness of the presentation of Pag-IBIG Fund’s financial statements for the year 2020.

“We faced many challenges last year. However, we remained committed in managing the Filipino workers’ fund excellently. We implemented a number of loan payment reprieves and stimulus programs to help our members and stakeholders during the lockdown while ensuring that these did not affect our robust financial standing. Our ninth straight top rating from state auditors is a milestone for us as an organization and serves as proof that even amid the health emergency, we heed the call of President Duterte in ensuring that government offices like ours are run professionally and remain corruption-free,” said Secretary Eduardo D. del Rosario, Chairman of the Department of Human Settlements and Urban Development (DHSUD) and of the 11-member Pag-IBIG Fund Board of Trustees.

From 2012 to 2017, Pag-IBIG Fund earned COA’s unqualified opinion and from 2018 to 2020, it has gained its unmodified opinion. Auditors use both the unqualified opinion and unmodified opinion, which are the highest ratings that COA gives to a government agency or corporation, to mean that the financial statements of an agency are presented, in all material respects, in accordance with applicable financial reporting frameworks.

Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti added that even while they rapidly responded to the needs of members, stakeholders, and their own personnel through numerous programs and interventions, the agency made sure that all requisite processes were strictly followed ensuring that all were above-board prior to implementation.

In 2020, Pag-IBIG Fund aided 4.8 million borrowers by automatically providing them with grace periods totaling 6 months in accordance with the Bayanihan I and II Acts. The agency also aided 320,406 borrowers through its own 3-month loan payment moratorium program. Home loan borrowers were also offered a special loan restructuring program, which resulted in 85,440 members gaining better payment terms on their home loans during the health crisis.

The agency also deployed programs to aid in the recovery of the Philippine economy through a stimulus in the housing industry. A P10 billion home construction fund was made available to accredited developers to encourage production and boost the supply of housing units, while home loan promo rates were offered to members to encourage demand. These allowed housing industry players to maintain operations and continue generating jobs.

These responses to aid members and stakeholders cope with the Covid-19 pandemic won the agency a gold award under the Most Valuable Government Response category in the recently concluded 2021 Asia-Pacific Stevie Awards.

Internally, Pag-IBIG Fund adopted a blended working arrangement and provided more transportation to ferry its workforce.  These ensured that the agency remained in full operations while minimizing the risk of the spread of the virus among its personnel.  Staff were provided personal protective gear, supplies to maintain hygiene, and improved medical coverage – all to protect its workforce so that they can continue to serve members.

“In 2020, the economic slowdown may have dampened our performance, but it did not stop us from extending benefits to our members and stakeholders. It was an extraordinary year which necessitated extraordinary steps to help. Prior to the pandemic, we achieved record-highs year after year in terms of loans released, collections and net income.  Last year, our record-high was the number of members we helped cope and recover from the effects of the pandemic.  Our latest unmodified opinion from COA shows that we have achieved three things last year. First, we were able to safeguard the health and welfare of our workforce which was necessary for the Fund’s continued service to the public. Second, we took good care of our members through the speedy deployment of programs responsive to their needs. And lastly, we were able to do all these while still maintaining the highest standards of financial integrity. That is LingkodPag-IBIG service at work,” Moti said.

Indian mining state shifts from coal to forest fruits and flowers 

PIXABAY

CHENNAI, India — In the forests of Bastar in eastern India, indigenous women have been busy plucking the tan-colored fruits of the tamarind tree — a tangy staple of Indian cooking that earned them rare profits this year thanks to a bumper harvest.  

For decades, mining has eaten into the forests of mineral-rich Chhattisgarh. But as the state moves away from opening coal mines, authorities have introduced measures to boost output of forest goods — from tamarind to cashew nuts and medicinal seeds.  

“The setting of a minimum price has meant that middlemen and traders have to pay a fair price. Family incomes have gone up,” said Sushma Netam, who oversees implementation of the state program aimed at promoting “tribal entrepreneurship.”  

Ms. Netam said production had soared since the state launched its “just transition” plan, a green economy strategy set up to cushion the impact of the shift away from coal.  

“We have more than 200 village groups in the region now, 49 haat (local market) groups and 10 processing centers,” she said.  

While India pushes to expand coal mining to meet its energy needs, Chhattisgarh Chief Minister Bhupesh Baghel announced the state would move away from opening new coal mines in 2019 to help reduce emissions and protect forests.  

Chhattisgarh has India’s second-largest coal reserves and significant deposits of iron ore, limestone and bauxite, but it remains one of the nation’s poorest states, with more than 40% of its population living below the poverty line.  

Under the “Van Dhan” plan, the state raised the procurement price of 52 forest products in 2019 and bought 73% of all produce gathered in the state last year.  

“Mining has been key to the economy and continues under strict norms. But our priority is now the forest,” Manoj Kumar Pingua, state principal secretary for forests and industries, told the Thomson Reuters Foundation.  

“We are willing to forgo millions of rupees generated from mining to protect and improve the livelihoods of forest gatherers. In mining a few make money, but in the green economy, the profit goes directly into the hands of the people.”  

‘SO MUCH BETTER’ 
Chhattisgarh, which has 44% of its territory covered by forest, is now looking to build an organized industry around non-timber forest products, which it says would benefit about 1.7 million families working as gatherers.  

The deforestation of land for mining has greatly impacted the livelihoods of indigenous communities, who earn up to 40% of their income from forest goods.  

Revathi Bagel, 21, works at a recently revived cashew plant in Bakawand village where she and other local women prepare the nuts for dispatch to markets across the country. Previously, she traveled hundreds of miles to work as a seasonal laborer.  

“I walk to work and get paid 8,000 Indian rupees ($108) a month. It’s so much better than going to (the western state of) Gujarat to repay an advance and toil on someone else’s fields,” she said by phone, as piles of cashews were unloaded.  

Forest produce is traditionally gathered primarily by women, who sell it at village markets and use the income to buy essentials, but a vast network of middlemen has limited the benefits for forest communities.  

A lack of storage facilities and processing units in remote villages also limits their profits, said Anushka Rose, research coordinator at the Center for Labor Research and Action, a charity promoting informal workers’ rights.  

“If you look at mahua, people gather and sell it in May to local traders because they can’t store it,” she said, referring to the flowers of the Madhuca longifolia tree, which have numerous medicinal uses and are brewed to make a festive spirit.  

“Two months later they buy it back at a higher price to use in their festivities. If the Van Dhan scheme is strictly monitored, this situation will change.”  

‘DELAYS IN PAYMENTS’ 
But despite such optimism about the programme’s potential, patchy implementation and banking issues have limited its impact so far, said Rajim Ketwas, coordinator of the Dalit Adivasi Manch, a collective working on indigenous rights.  

“Delays in payments or digital transfers are still a hurdle. The families want cash-in-hand and waiting to be paid for hard work will not be acceptable,” she said.  

Deep in the forest in the state’s Baloda Bazar district, village resident Kaushalya Chauhan said by phone her community’s payment for chironjee seeds — used medicinally — had been delayed.  

Mr. Pingua acknowledged such glitches and said state authorities were working with the banking industry to ensure women in local markets could access digital payments.  

Ms. Netam, the forest officer, said her greatest accomplishment so far had been to ensure the 3,741 tonnes of tamarind collected in Bastar over the last eight months were de-seeded and processed in record time.  

It was the district’s biggest-ever tamarind harvest.  

“It just made me so happy that the work got done and the women got paid,” she said. — Anuradha Nagaraj/Thomson Reuters Foundation

New York Governor Cuomo’s top aide resigns amid sexual harassment scandal

Image via Delta News Hub/CC BY 2.0/Wikimedia Commons

A senior aide to New York Governor Andrew Cuomo resigned on Sunday in the wake of a state attorney general’s report that the governor sexually harassed 11 women.  

Melissa DeRosa, secretary to the governor, was linked in the report to efforts to cover up the governor’s actions and retaliate against one of his accusers. Her name was mentioned 187 times in the 168-page report that was released on Tuesday.  

“Personally, the past 2 years have been emotionally and mentally trying. I am forever grateful for the opportunity to have worked with such talented colleagues on behalf of our state,” Ms. DeRosa said in a statement.  

The report found that Mr. Cuomo groped, kissed, or made suggestive comments to 11 women in violation of the law, prompting local prosecutors to launch a criminal investigation and re-igniting calls for him to resign or be impeached.  

Mr. Cuomo has thus far resisted widespread calls for him to step down, including from fellow Democrats such as President Joseph R. Biden, Jr., but he could soon face impeachment and removal from office by state lawmakers.  

The New York State Assembly’s Judiciary Committee has scheduled a meeting to address impeachment proceedings on Monday at 9:30 a.m. EDT (9:30 p.m. in Manila).  

Meanwhile, a former assistant who filed a criminal complaint against Mr. Cuomo last week on accusations he groped her in the Executive Mansion in Albany is speaking publicly for the first time in a televised interview to be broadcast on Monday, saying the governor “needs to be held accountable.”  

Brittany Commisso, one of the 11 women Mr. Cuomo is accused of sexually harassing, was identified only as “executive assistant #1” in the report.  

She told state investigators that Mr. Cuomo fondled her breast on one occasion, the most serious allegation the governor faces. She also said he rubbed her backside while taking a photo.  

Last week, she filed a criminal complaint with the Albany sheriff’s office. The sheriff, Craig Apple, told reporters on Saturday his agency and the county district attorney’s office would conduct a thorough investigation before determining whether a criminal charge is supported.  

In an interview with CBS News and the Albany Times-Union that is scheduled to air on Monday morning, Ms. Commisso said she filed the report to hold Mr. Cuomo responsible for his actions.  

“What he did to me was a crime,” she said in an excerpt released by CBS on Sunday. “He broke the law.”  

Mr. Cuomo has denied any wrongdoing, though he has acknowledged that his efforts to be affectionate with people he encounters may have made some people uncomfortable.  

His lawyer, Rita Glavin, told reporters on Friday that Ms. Commisso’s account was fabricated, citing emails and other documentary evidence she said undermines her story.  

In another excerpt released by CBS, Ms. Commisso said occasional hugs and kisses on the cheek escalated when one time Mr. Cuomo quickly turned his head and kissed her on the lips.  

Yet she “didn’t say anything” at the time, Ms. Commisso said.  

“People don’t understand that this is the governor of the state of New York. There are troopers that are outside of the mansion and there are some mansion staff. Those troopers that are there, they are not there to protect me. They are there to protect him,” Ms. Commisso said. — Reuters 

Who won the most medals in Tokyo 2020? It depends… 

A woman walks past a large-scale reproduction of Tokyo 2020 Olympic Games medal at Nihonbashi Mitsui Tower in Tokyo, Japan, July 14. — REUTERS/KIM KYUNG-HOON

The Tokyo 2020 Olympic Games saw the United States come out on top of the medal tally, with 113 medals in total. Meanwhile, the Philippines achieved its biggest haul in history, boasting four medals that include the first-ever gold won by Hidilyn F. Diaz, and two silvers and a bronze care of the Philippine boxing team.   

However, the countries that topped this year’s chart and made multiple-medal breakthroughs are not necessarily the most efficient at getting Olympic medals.  

Ranked according to medals per capita, the United States falls to 59th while San Marino lands in first place. The tiny country inside Italy — population, 34,000 — sent five athletes to Tokyo and clinched three medals. 

Bermuda and Grenada — at second and third place, respectively — are small nations that managed one medal each. The Philippines, with more than 109 million people, is in 84th place (translating to one medal per 27,395,269 Filipinos).

Notably, the Netherlands did well in both rankings: it’s in the top 10 in terms of medals per capita and total medals with its 36-medal haul. — Brontë H. Lacsamana

Who won the most medals in Tokyo 2020? It depends...

Israeli survey finds 3rd Pfizer vaccine dose has similar side effects to 2nd

JERUSALEM — Most people who received a third dose of Pfizer Inc.’s coronavirus disease 2019 (COVID-19) vaccine felt similar or fewer side effects than they did after receiving the second shot, according to an initial survey in Israel.  

Israel began offering the booster shots about 10 days ago to people over age 60 as part of efforts to slow the spread of the highly contagious Delta variant. That effectively turned Israel into a testing ground for a third dose before approval by the US Food and Drug Administration.  

Israel’s largest healthcare provider, Clalit, said on Sunday it had administered a third dose of the Pfizer/BioNTech vaccine to more than 240,000 people.  

About 4,500 people, all of whom received the booster shot from July 30 to Aug. 1, responded to questions and were included in the survey.  

Eighty-eight percent of participants in the survey said that in the days after receiving the third shot, they felt “similar or better” to how they felt after the second shot.  

Thirty-one percent reported some side effect, the most common being soreness at the injection site.  

About 0.4% said they suffered from difficulty breathing, and 1% said they sought medical treatment due to one or more side effect.  

Ran D. Balicer, Clalit’s chief innovation officer, said that even though the results are “initial and self-reported,” they allow a comparison of side effects with the second dose, and “it turns out that in most cases they are similar or less in the booster.”  

“Although we do not yet have long-term research on the efficacy and safety of the third booster dose, for the personal risk management of any person aged 60 plus, these findings continue to point to the benefit of immunization now, along with careful behavior among adults and avoiding gathering in closed spaces,” Mr. Balicer said. — Reuters 

No test, no entry: Berlin nightclubs pilot ‘reboot’ project

Image via clubcommission.de

BERLIN — Six Berlin nightclubs opened their doors this weekend to some 2,000 revelers free of masks and social distancing restrictions in a pilot project to assess whether testing for coronavirus disease 2019 (COVID-19) could prevent another lockdown for the city’s nightlife venues.  

To be admitted to the clubs, all participants in the project, named “Clubculture Reboot,” had to have tested negative on Friday with a Polymerase Chain Reaction (PCR) test, the most reliable commonly-used method of detecting COVID-19.  

They will be offered a cash incentive to get follow-up tests this coming Friday.  

Some 20 clubs applied to take part in the project, initiated by the Berlin Culture Ministry and scientists from the city’s Charité hospital. The six selected clubs were chosen based on their ventilation systems, city districts, and music genre.  

The idea of the study is to determine how to safely reopen nightclubs without anyone getting infected. If the pilot is successful, further such events could take place in the future.  

While COVID-19 restrictions are tight in Berlin, many party organizers plan events outside the capital city in the state of Brandenburg, where up to 1,000 revelers can dance to their heart’s content — and without masks — at open-air festivals, so long as they show proof of a negative COVID-19 test, vaccination or having recovered. — Reuters

Beyond Delta, scientists are watching new coronavirus variants

Alexey Solodovnikov, Valeria Arkhipova/CC BY-SA 4.0/Wikimedia Commons

CHICAGO — The continued spread of the SARS-CoV-2 virus has spawned a Greek alphabet of variants — a naming system used by the World Health Organization (WHO) to track concerning new mutations of the virus that causes coronavirus disease 2019 (COVID-19). Some have equipped the virus with better ways of infecting humans or evading vaccine protection.  

Scientists remain focused on Delta, now the dominant variant rising rapidly around the world, but are tracking others to see what may one day take its place.  

DELTA 
The Delta variant first detected in India remains the most worrisome. It is striking unvaccinated populations in many countries and has proven capable of infecting a higher proportion of vaccinated people than its predecessors.  

The WHO classifies Delta as a variant of concern, meaning it has been shown capable of increasing transmissibility, causing more severe disease or reducing the benefit of vaccines and treatments.  

According to Shane Crotty, a virologist at the La Jolla Institute for Immunology in San Diego, Delta’s “superpower” is its transmissibility. Chinese researchers found that people infected with Delta carry 1,260 times more virus in their noses compared with the original version of the coronavirus. Some US research suggests that the “viral load” in vaccinated individuals who become infected with Delta is on par with those who are unvaccinated, but more research is needed.  

While the original coronavirus took up to seven days to cause symptoms, Delta can cause symptoms two to three days faster, giving the immune system less time to respond and mount a defense.  

Delta also appears to be mutating further, with reports emerging of a “Delta Plus” variant, a sub-lineage that carries an additional mutation that has been shown to evade immune protection.  

India listed Delta Plus as a variant of concern in June, but neither the US Centers For Disease Control and Prevention nor the WHO have done so yet. According to Outbreak.info, an open-source COVID-19 database, Delta Plus has been detected in at least 32 countries. Experts say it is not yet clear whether it is more dangerous.  

LAMBDA — ON THE WANE? 
The Lambda variant has attracted attention as a potential new threat. But this version of the coronavirus, first identified in Peru in December, may be receding, several infectious disease experts told Reuters.  

The WHO classifies Lambda as a variant of interest, meaning it carries mutations suspected of causing a change in transmissibility or causing more severe disease, but it is still under investigation. Lab studies show it has mutations that resist vaccine-induced antibodies.  

Dr. Eric Topol, a professor of molecular medicine and director of the Scripps Research Translational Institute in La Jolla, California, said the percentage of new Lambda cases reported to GISAID, a database that tracks SARS-CoV-2 variants, has been dropping, a sign that the variant is waning.  

In a recent call with the CDC, disease experts said Lambda did not appear to be causing increased transmissibility, and vaccines appear to be holding up well against it, said Dr. William Schaffner, an infectious diseases expert at Vanderbilt University Medical Center who attended the discussion.  

B.1.621 — ONE TO WATCH 
The B.1.621 variant, which first arose in Colombia in January, where it caused a major outbreak, has yet to earn a Greek letter name.  

The European Center for Disease Prevention and Control has listed it as a variant of interest, while Public Health England describes B.1.621 as a variant under investigation. It carries several key mutations, including E484K, N501Y, and D614G, that have been linked with increased transmissibility and reduced immune protection. So far, there have been 37 likely and confirmed cases in the UK, according to a recent government report, and the variant has been identified in a number of patients in Florida.  

MORE ON THE WAY? 
Dr. Anthony Fauci, the White House’s chief medical adviser, recently warned that the United States could be in trouble unless more Americans get vaccinated, as a large pool of unvaccinated people give the virus more opportunity to spread and mutate into new variants.  

Proponents of greater international distribution of vaccine doses by rich countries say the same thing could happen as variants emerge unchecked among the populations of poor nations where very few people have been inoculated.  

Even so, a key issue is that the current vaccines block severe disease but do not prevent infection, said Dr. Gregory Poland, a vaccine scientist at the Mayo Clinic. That is because the virus is still capable of replicating in the nose, even among vaccinated people, who can then transmit the disease through tiny, aerosolized droplets.  

To defeat SARS-CoV-2, he said, will likely require a new generation of vaccines that also block transmission. Until then, the world will remain vulnerable to the rise of new coronavirus variants, according to Poland and other experts. — Julie Steenhuysen/Reuters

BSP chief sees strong recovery in second quarter GDP

PHILIPPINE STAR/ GEREMY PINTOLO

MANILA – The Philippines’ central bank will keep its accommodative monetary policy plans for as long as needed to ensure a strong and sustainable economic recovery from the coronavirus pandemic, its governor said on Monday.

Bangko Sentral ng Pilipinas Governor Benjamin Diokno also said he expects a “strong recovery” in the second quarter after a contraction in the first quarter. Policymakers will meet on Thursday to decide on key interest rates, while second-quarter economic data will be released on Tuesday.

The country’s gross domestic product (GDP) shrank by 3.9% in the first quarter, the Philippine Statistics Authority said on Monday, revising the figure from an initial 4.2% contraction.

In July, Philippine economic managers said GDP growth this year will likely be between 6.0% to 7.0%, but a two-week lockdown of the capital region to contain the more infectious Delta coronavirus variant could undermine the outlook.

“Looking ahead, we see a strong growth of around 7.7% in 2022 and 6.5% in 2023,” Mr. Diokno told ANC news channel.

GDP fell by a record 9.6% in 2020, owing to tight and lengthy coronavirus lockdowns that stifled consumer spending and business activities. — Reuters

[B-SIDE Podcast] NFTs 101: the creator economy and beyond

Follow us on Spotify BusinessWorld B-Side

In this B-Side episode, Marissa Trew, marketing manager of TZ APAC, a Singapore-based blockchain consultancy firm speaks with BusinessWorld reporter Michelle Anne P. Soliman about the potential of non-fungible tokens (NFTs) as a tool for conducting business, an investment instrument, or a revenue stream.

TAKEAWAYS 

NFTs have business applications beyond crypto art and blockchain games.  

NFTs, which represent unique assets on a blockchain, went mainstream because of pieces of digital art that fetched millions at auction, and celebrities like Paris Hilton, Snoop Dogg, and Grimes launching their own digital drops.  

But beyond these buzzworthy bits of news, NFTs can also be used in business-to-business transactions such as licensing, supply chain management, and invoicing.   

“NFTs have utility far beyond being a digital asset. There’s a large enterprise use case that’s being developed,” said Ms. Trew. “There’s a lot of actual B2B use cases that NFTs are able to provide well beyond the creator economy in the digital space, in terms of music, art, and collectibles.” 

NFTs give artists access to an online network and market. 

In the Asia Pacific region, artists are using NFTs to sell their work — not necessarily for $69 million as Beeple did at the Christie’s sale, but at less stratospheric prices (Filipino artist Luis Buenaventura III and Argentinian comic book artist Jose Delbo sold 222 editions of Satoshi The Creator – Genesis for $1,999 each). 

“Digital creators use it as a way to embrace technology to showcase their work,” said Ms. Trew said. “We saw artists making a little bit more money for their work being better able to generate sales, generate their audiences. And largely for digital artists who were traditionally making their money off commissions were now earning higher incomes just based on their original work.”  

‘Proof of Stake’ blockchains are more energy-efficient than their ‘Proof of Work’ counterparts. 

Proof of Work blockchains, according to Ms. Trew, are those that require a higher amount of energy consumption such as Bitcoin and Ethereum.  

“They require are massive amounts of computing power because the way they process transactions are by validating and solving complex algorithmic puzzles, which requires a strong computer network,” she said.   

Meanwhile Proof of Stake is considered a more energy-efficient option.  

“It relies on the amount of value users stake to the network to do the same kind of transactions. For example, Tezos is based on the proof of stake consensus mechanism. And just by relative scale, it consumes some estimates put it at 2 million times less energy than Ethereum to conduct the same kinds of transactions,” she said.  

TZ Apac is a leading adoption entity supporting the Tezos ecosystem in Asia.

Investing in NFTs is driven by sentiment. 

“The NFT discussion about whether it’s considered a future asset class is largely down to how much sentiment and how much you value people see in owning a digital asset over a physical asset,” Ms. Trew said.   

“People are having a new source of emotional experience…there is a feeling that’s associated with owning something that’s unique, that’s one of a kind in a digital realm. And that’s very new to people,” she said.   

“Their value comes from scarcity. So, it’s about generating demand over limited supply.” 

Recorded remotely on July 14. Produced by Paolo L. Lopez and Sam L. Marcelo.    

Follow us on Spotify BusinessWorld B-Side

Change the changeable

JOSEPH UY MONZON
SLOCPI GENERAL MANAGER’S CUP WINNER

“It was hard, but it was also an eye-opener. This award is truly and equally satisfying and humbling. We won the GM Cup—my first ever as a unit manager.”

Sun Life unit manager Joseph Uy Monzon, 59, shares that 2020 turned out to be the most rewarding milestone for his unit in Khaya branch.

Joseph has been a multi-awardee for the past 17 years, but the pandemic-laden 2020 still brought him feelings of doubt and hopelessness in his career. But instead of dwelling on the unknown, Joseph diverted his energy into constructive action. With faith and confidence, he proactively reached out—remotely—to his network and devised new and creative strategies for himself and his team.

“Change the changeable and accept the unchangeable,” he advises. “Seek opportunity to rise from the pack, overcome challenges and increase resiliency. Focus on the goal despite the circumstances.”

Joseph always reminds his team that work is not everything, but they need to be bolder during this challenging time because more people need to get insured and protected.

He furthers, “My main purpose in life is to provide for my family and be a good warrior in other people’s eyes,” says the father of two. “At work, I strive to help as many Filipinos achieve financial security in life.”

Joseph’s wife, Evelyn Monzon, is also his branch manager.

After experiencing a rollercoaster of emotions in the past years, he reminds his unit and all the advisors to keep their focus.

“Feeling anxious is natural, but worrying will lead us nowhere. Stay safe and healthy and don’t lose sight of your goals. Always set SMART goals and dream big because optimism leads to achievement.”

Have that tiger mindset

ELLEN DALAWAMPO - DANILA
SLOCPI SALES MANAGER’S CUP WINNER

“I believe that all success stories begin with a single step. This step may at times be so hard to start with or to keep from moving. However, with determination, perseverance, passion and a clear goal, success can be achieved.”

For Ellen Dalawampo – Danila, EXCELSA branch manager, every award is meaningful because it means one has overcome great challenges. And when she won the Sales Manager’s Cup, it felt extra special because the success and recognition were not hers alone, it’s the whole team’s.

If not for her co-advisors’ contribution, she wouldn’t have delivered their target, she explains. “This pandemic has truly tested our perseverance and determination to help many people secure their future. Yet, we were able to finish the race with flying colors because we were not shaken by fear. Instead, fear made us stronger. We worked as a team. We uplifted one another whenever we felt down.”

Even now as a branch manager, Marilyn, fondly called Ellen by her friends and peers, continues to be a financial advisor with a “mindset of a tiger,” as she describes. “Whenever it sees a gazelle, it says, ‘let’s do it.’ Never have the mindset of a gazelle, which whenever it sees a tiger, it says, ‘let’s go’.” For her, opportunities are not given to people all the time, so we better grab it while they are offered to us.

At home, Ellen is a doting mother to Dria, aged 3. She is grateful for the industry that has given her family the privilege of enjoying a truly brighter life. As such, she’s also able to prepare for her precious daughter’s future.

Ironically, among the many challenges she has encountered, is convincing her relatives to believe in insurance. But she won’t tire of encouraging them.

“As a financial advisor, I advocate financial independence especially among the people whom I love so much. I find the meaning of my life whenever I make my family and the people who work with me happy and successful. Seeing them grow professionally and financially gives me a satisfying feeling that no amount of money can buy.”

Create a rewarding workplace

JAYVEE BADILE
SLOCPI PRESIDENT’S CUP WINNER

“There is science between behavior and circumstance. The pandemic doubled the need for elevated morale and performance. Constant huddles for realignment, coaching sessions for innovation, top-tier communication for adaptation, and generously incentivized performance were very helpful in ensuring that the business ran as usual.”

At 27, Jayvee Badile is already a new business manager or branch manager in Sun Life. To be specific, he is the youngest and fastest promoted branch/agency manager in the Philippine insurance industry.

“As a branch manager, I ensure sustainability of our Standards, Systems and Structure,” he discusses. “I also make sure I know how they all feel on a personal level. That is why I build relationships grounded on the idea that we are all interconnected.”

He ensures that all his personnel’s hard work is rewarded generously, because for him, boosting the morale of the team—by creating a conducive, rewarding workplace—determines the trajectory of their performance.

Therefore, his award serves as a validation of his financial advisors’ strategic hard work under his leadership in Sun Life’s Phoenix Palm branch.

“While it increases our visibility, it also strengthens our purpose as agents of change, and it will serve as fuel to continue affecting more change. Finally, it proves that we have successfully delivered the advocacy of financial security to Filipinos especially amid a global pandemic.”

Coming from a poor family, Jayvee’s personal advocacy is to make financial independence inclusive for every Filipino. This starts by helping them make deliberate and informed decisions with the options Sun Life offers, regardless of their current financial standing.

“I want to amplify that success in general and in milestones is driven by mindset and habit. This principle is always guided by my purpose to change lives through inspiration and impact. If I had done it with bare grit and passion, anyone can do it,” he says.

“Take heart, push forward, and turn your face towards the sun,” he advises the new financial advisors. “So long as you are doing your best for the people you promised to serve, then you are on your way to that sweet success story that you are building.”

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