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Charting the course towards digital finance excellence

The digital shift has transformed our lives, affecting how we consume content, purchase goods, and manage finances. The rise of e-wallets and digital finance tools exemplifies this change, benefitting both consumers and businesses. Thus, businesses need to meet consumers in the digital world through digital transformation.

Almost all businesses have started this journey in one form or another, and several solutions have been made to help businesses serve customers better in the digital landscape. However, the path to digital transformation is different for every business, as each has its own needs and priorities. With a reliable partner, businesses can successfully navigate digitalization and integrate it into their growth strategies.

Globe Business, with its suite of solutions and expertise in technology, has been guiding businesses in understanding and optimizing this digital shift. Recently, Globe Business launched Mindhive Year 2, the company’s innovation series and hackathon, to help companies navigate the complexity of digital transformation. Mindhive doubles down on featuring insights, sandboxing sessions, and conducting workshops that highlight the importance of innovation and developing digital strategies — all to future-proof the financial services sector.

“Globe Business is dedicated to supporting businesses in navigating their digital transformation journey. We help them plot their roadmap to achieve greater digital proficiency and a stronger digital stance. We offer guidance and expertise through our business solution consultants,” KD Dizon, Vice-President and Head of Globe Business, said in a special edition of the BusinessWorld Insights forum.

“We help them plot their roadmap to achieve greater digital proficiency and a stronger digital stance. We offer guidance and expertise through our business solution consultants.”

— KD Dizon, Vice-President and Head of Globe Business

The recent Mindhive Innovation Series focused on the banking and financial sectors, featuring the latest trends, technologies, and expertise to guide them through their digital transformation.

“The Mindhive Innovation Series revolves around a holistic approach to digital advancement. It’s about prioritizing both growth and robust security, empowering businesses to stay ahead of the curve in the digital age,” Jonathan Cristobal, Marketing Head of Globe Business, said.

This emphasis is reflected in Mindhive Year 2’s programs. First, the Application Programming Interface (API) workshop promotes building holistic knowledge through API infrastructure. As companies are rapidly adopting digital technologies, this workshop enabled large enterprises to refine their API infrastructure for maximum performance, efficiency, and scalability, and also empowered MSMEs to build roadmaps and participate in the digital ecosystem. Meanwhile, the Design Thinking workshop helped participants identify each company’s biggest challenge and create effective solutions to hurdle those challenges.

Globe Business views Mindhive not only as an innovation hub but also as a means to cultivate a digital mindset within financial institutions and make them future-proof. A prime example is Asia Link Finance Corp., a leading finance company in the Philippines that successfully tapped into Mindhive. The insights the company’s representatives learned from the program  have helped the financial institution navigate the evolving landscape and remain competitive in a tech-driven market. 

On top of these programs at Mindhive, business solutions consultants provide tailored expertise to each client. This begins with a thorough assessment of the company’s current technological landscape, identifying potential risks such as security vulnerabilities, outdated systems, and missed opportunities for innovation. Based on this assessment, consultants provide strategic insights and recommend digital solutions to address these challenges, ultimately helping businesses navigate their digital transformation and achieve sustainable growth.

“Business solutions consultants become the guiding experts in digital transformation. Business solutions consultation is crucial in guiding businesses through the complexities of the digital journey. We serve as trusted advisors, working closely with each business to understand its unique needs and challenges. We help them set realistic expectations and advance their digital development,” Marlon Cruz, Senior Director for Business Solutions Consulting, Globe Business, shared.

Watch the entire BusinessWorld Insights forum on BusinessWorld’s YouTube and Facebook pages.

 


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Advanced treatments in prostate cancer

Dr. Poh Beow Kiong

The male reproductive system needs the prostate gland to function. The prostate gland, a small and walnut-shaped organ located in the lower abdomen, is sandwiched between the bladder and penis, creating fluids that nourish and transport sperm.

However, when cancer cells enter the system, the prostate gland is in serious trouble. According to urologist Dr. Poh Beow Kiong of Gleneagles and Mount Elizabeth Hospitals, prostate cancer happens when prostatic cells grow uncontrollably and spread into nearby tissues.

A damaged prostate gland could then lead to several conditions, including prostate cancer, which is currently the third most common type of cancer among men in the Philippines, according to the Department of Health.

Early on, prostate cancer shows no symptoms; but as it progresses, patients can experience bone pain, urinary blockage, and other urinary symptoms.

The silver lining is that medical advancements have significantly improved treatment, allowing for easier recovery among prostate cancer patients.

In terms of managing prostate cancer, treatments come with two intentions — to cure during the early stage and to prevent progression into advanced stages. Many treatments are available for this type of cancer, including prostate surgery, laparoscopic prostatectomy, and robotic surgery.

For years, prostate surgery was the primary treatment for prostate cancer. While it’s generally safe and the mortality rate is insignificant, it can be debilitating among cancer patients, Dr. Poh said. It can also carry a few complications, such as erectile dysfunction and urinary incontinence, where patients may cough and leak urine.

With laparoscopic prostatectomy, a type of surgery that uses small incisions to remove the prostate, treating prostate cancer has significantly improved. Significant improvements in optics or visual technology for this type of procedure enable surgeons to go deep into the male pelvis, which is naturally narrow.

Another advancement that Dr. Poh highlighted is the da Vinci robotic prostatectomy. It is a robot-assisted and minimally invasive surgery designed for prostate cancer treatment. It comes with better visualization and precision, making it easier to perform surgeries through small incisions. The technology also enables advanced and computer-controlled movement, keeping those important nerves around the prostate safe. Dr. Poh noted that robotic surgery involves a very intricate method of robot tissue dissection, good optics, and 3D anatomy advancements, enabling nerve-sparing techniques.

“[Robotic surgery] is not a dangerous surgery; it’s not a surgery that is open to many surgical variations. The surgery is standard, the invention of the da Vinci robot has made this consistency even higher. Every case is a challenging case, but we are able to cut down the morbidity and complications ever since we have used the robot,” Dr. Poh further explained.

At the forefront of advanced and holistic treatments, Mount Elizabeth Hospital uses a comprehensive team approach in treatments. It has a group of skilled specialists, including surgeons, physiotherapists, anesthetists, and nurses. Additionally, it utilizes advanced robotic tools like the da Vinci robot. The treatment journey begins with diagnosis and then continues through surgery and recovery, ensuring that every aspect of patient care is well-coordinated for positive surgical outcomes.

“The best way to prevent postoperative complications is before the surgery. We start rehabilitation before we put the knife on the patient. Before the surgery, once the patient is diagnosed, the treatment starts, we have a team of nurses and physiotherapists who guide the patient through the preoperative, as well as the postoperative recovery,” Dr. Poh said.

To maintain prostate health, Dr. Poh recommends that men undergo regular prostate checkups, such as digital rectal examinations and prostate-specific antigen (PSA), especially for those over the age of 50. On top of that, maintaining a healthy lifestyle, with a proper diet and exercise is highly encouraged. A healthy prostate can not only improve men’s reproductive health but also their well-being and quality of life.

For inquiries, please contact the IHH Healthcare Patient Assistance Center Singapore — Philippine Office, located at G/F-B, Marco Polo Hotel, Meralco Avenue and Sapphire Street, Ortigas Center, Pasig City 1600. You may also email manila.ph@ihhhealthcare.com or call 0917-526-7576. Follow them on Facebook at facebook.com/MountElizabethHospitalsSGPhilippinesOffice.

 


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Corporate wellness programs can help employees’ hearts

By Patricia B. Mirasol, Multimedia Producer

HEART DISEASE is a leading cause of death in the Philippines, with risk factors such as physical inactivity, poor diet, and stress contributing significantly to its prevalence. Since employees spend at least a third of their weekdays at work, corporate wellness programs — which typically include health screenings, stress management, and fitness challenges — have the potential to enhance the heart health of Filipino workers.

It’s part of the healthy settings approach, said Sean Paolo Ohrelle B. Aquino, medical officer III of the Department of Health’s Disease Prevention and Control Bureau.

“From the school setting to the workplace setting to the community setting, what we want to target sana is, kung saan (is where) people spend most of their time like in schools, iyung mga bata dun (the children there) will be provided services.”

Wellness initiatives like regular blood pressure readings can likewise be integrated in occupational health, he said during a Jan. 17 Zoom call.

“The Health department doesn’t work in a silo,” he said. “We need close collaborations with the Civil Service Commission and the Department of Labor and Employment for this whole-of-society approach we’re talking about,” he said.

Data from a United Nations joint mission in 2018 found that non-communicable diseases (medical conditions that are not caused by infections and are not contagious) cost the Philippines P756.5 billion per year. This figure represents 4.8% of the gross domestic product in 2017.

“Heart diseases are captured under the broader umbrella of non-communicable diseases,” Dr. Aquino added. “There is no separate data for heart diseases alone.”

‘HEALTHIER U’
Among the businesses with regular employee health programs is Unilever Philippines, Inc.

“We have about 20 company policies and programs in a year that support employee wellness,” its head of human resources, Geeta Royyuru, said in a Jan. 10 interview.

Included in the initiatives of the consumer goods multinational company is a 24/7 employee assistance program with counselors for both employees and their dependents, Ms. Royyuru said. Facilities like gyms, nap rooms, and daycare services are also available for all staff.

It also has a voluntary program called “Healthier U” where employees take tests and use screening tools which the company’s medical team analyzes for associated risks. Employees are tagged as Red (those with chronic diseases or high-risk factors), Amber (those at risk of chronic diseases with a few identified high-risk factors), or Green (those with zero to minimal high-risk factors), with the aim of moving more of those tagged Red and Amber to Green through follow-up check-ups and recommendations.

From 2023 to 2024 there was a 33% increase in Healthier U enrollees in the Philippines. The company told BusinessWorld that 8% of those with cardiovascular-related chronic diseases showed an improvement in their blood pressure.

Lemuel B. Lucas, a customer operations business partner at the company, said “Healthier U” was an eye-opener.

“Because of my high cholesterol levels, I was advised to consider lifestyle changes and prompted to seek the help of a nutritionist…,” he told BusinessWorld via e-mail on Jan. 28. “Apart from losing 45 lbs., I’ve also brought down my cholesterol levels and will even be running my first marathon in February!”

To promote employee health, there are also changes being made in the cafeterias, Ms. Royyuru told BusinessWorld.

“We continuously audit the food that’s served in all our canteen spaces across our facilities,” she said. “This has led to the introduction of simple things, like less oily food, and the introduction of more veggies and varieties of fish rather than just meat.

“We work with our union and employee representatives in food tasting and make sure there is a habit-building journey, and that it doesn’t feel forced,” she added.

‘GCLUBS’
Globe Telecom, Inc., meanwhile, has a holistic approach to wellness, according to its vice-president for people experience Nicolette S. Bambao.

“We make sure to fulfill the four pillars: physical, socio-emotional, financial, and purpose,” she said.

Apart from programs that support each of the pillars, the telecommunications provider also has a myChoice program, which allows employees to customize their benefits according to their needs. Among the options for 2025 are wearables, vouchers for medicines and vitamins, and spa packages.

In 2024, the company also expanded its annual physical examination by adding screenings for cardiovascular, kidney, colon, and hypertension-related diseases, and diabetes.

“Globe promotes wellness through similar interests for ka-Globes to gather, experience, and share in non-work-related clubs,” Ms. Bambao said in a Jan. 27 e-mail to BusinessWorld.

The majority of the “GClubs,” as they are called, are sports-related: “We have competitions in basketball, volleyball, football, badminton, golf, and dance within and outside Globe.”

IMPACTFUL EDUCATION
The Philippine Statistics Authority reports that the top three causes of death in the country from January to April 2024 were ischemic heart diseases, neoplasms, and cerebrovascular diseases. These were also the leading causes of death in the same period in 2023.

Ischemic heart diseases (which happen when the vessels that supply blood to the heart muscle become narrowed or blocked) accounted for 20.2% of the total deaths nationwide.

While age, gender, and family history are risk factors that are beyond people’s control, sleep, diet, and physical activity are among the factors that are controllable.

Regular exercise, healthy eating, and routine health checks can reduce the risk of heart disease, said Rodney M. Jimenez, a cardiologist and president of the Philippine Heart Association (PHA).

But according to him, the number one component in a workplace wellness program that needs to be present to keep employees’ hearts healthy is “impactful education.”

“Number one is education, number two is screening… how can you identify people who are at high risk if you do not screen them, interview them, and then check their cholesterol level?” Dr. Jimenez asked in a Zoom interview on Jan. 9.

Despite its reputation, cholesterol isn’t all bad. Cholesterol is a substance that the body needs to build cells and make vitamins and other hormones. There are two types of cholesterol: LDL or the “bad” cholesterol, and HDL, called the “good” cholesterol. Too much of the bad kind, or not enough of the good kind, can eventually lead to a heart attack or stroke.

Cholesterol levels are one of the controllable factors.

“There’s a certain cholesterol level for each risk factor,” Dr. Jimenez said. “So kung may risk factor na hypertension or diabetes, ganitong level iyung cholesterol mo, and kung wala naman, ganito iyung level (So, if there is a risk factor of hypertension or diabetes, this should be your cholesterol level, and if you don’t have these risk factors, this should be the level).”

Individuals are encouraged to advocate for their own health by keeping in mind “ACTing NOW”:

A – ASCVD (atherosclerotic cardiovascular disease) is a top killer in the Philippines

C – Cholesterol is a key risk but can be managed

T – Take action to lower it fast

NOW – The next heart attack or stroke could be worse — act now to stay protected.

The Philippines doesn’t have any data on the prevalence rates of specific cardiovascular diseases, Dr. Jimenez told BusinessWorld, so the PHA has started a study on the hospitalization rate of acute cardiovascular diseases, he said.

Taking a step towards heart health can be as simple as taking the stairs instead of the elevator, he reminded BusinessWorld.

“Kung one to three [flights of] stairs lang sa office niyo, and kung wala ka namang knee injury (If your office just has one to three flights of stairs, and if you have no knee injury), take the stairs,” Dr. Jimenez said. “Maglagay siguro sa elevator ng sign na (place a sign in the elevator saying), ‘Climbing up the stairs will help prevent heart attack and stroke.’”

‘WELLNESS HEROES’
Two other companies in the Philippines that have corporate wellness programs are TaskUs Philippines, a business outsourcing provider, and Fluor Daniel, Inc., an engineering, procurement, and construction company.

Fluor won at the 2023 Asian Experience Awards for its SWITCH (Sustainable Wellness Initiatives Toward Corporate Health) Wellbeing Program that combines physical fitness with financial security, mental balance, and social connection. One of the initiatives under it is ProErgo, which optimizes workstation design to prevent musculoskeletal disorders. There are also programs for lifestyle-related diseases which include recreational facilities and a weight loss program to help lower cardiac risk factors among the workforce.

Health awareness campaigns are likewise disseminated through e-mail blasts, bulletin board infographics, and lunch-and-learn activities.

TaskUs, on the other hand, has a Wellness Hero Certification Program which enlists volunteer employees and trains them to be “wellness heroes,” or individuals who advocate for their own wellness as well as that of others.

These “heroes” are found across the 13 countries that TaskUs is located in. Each of their certifications is valid for 12 months to ensure people’s safety and service quality and requires additional assessments for renewal.

“If we have more people actively practicing and promoting the use of our wellness resources, we’re expanding the reach of our Wellness + Resiliency team and making the topic of mental health discussions ubiquitous in the workplace,” said Rachel Lutz Guevara, TaskUs’ vice-president for Global Wellness + Resiliency, in a May 2023 post on the company website.

A March 2024 study in Acta Medica Philippina found that employees who participate in corporate wellness programs have a higher physical wellness status than those who didn’t. Employees who were aware of such programs also had a higher mean socio-emotional wellness score (36.2 ± 6.0) than those who were not (34.2 ± 6.0).

A HEALTHY MIND FOR A HEALTHY HEART
Stress management is yet another component of heart health.

Heart health is being promoted through Globe’s mental health webinars and modules, said Globe’s Ms. Bambao.

“The medical coverage of employees includes reimbursements with prescribed psychiatric medicines and consultations with licensed psychiatrists,” she said.

Ms. Royyuru said Unilever’s holistic approach to corporate wellness — which encompasses physical, mental, and emotional well-being — ties in with the company’s purpose of “brightening lives every day.”

“We cannot have unhappy, unhealthy people who cannot be their best self at work,” she said. “How do you expect them to innovate with the best of solutions for our consumers and for themselves, right?

“We have to care for them as individuals with wants and needs… and [who] are at different life stages.”

This article is part of the Unblock Your Heart Health Reporting initiative, supported by the Philippine Press Institute and Novartis, to improve health literacy on cardiovascular diseases. Know your numbers, understand your risks, and consult your doctor — so no Filipino heart is lost too soon. Take control of your heart health today. Visit unblockedmovement.ph for more information.


Eating heart healthy

FILIPINOS’ PENCHANT for salty food and partaking of panghimagas (dessert) after meals pose a risk to one’s heart, Donna L. Lorena, a registered nutritionist-dietitian, said.

High sodium intake negatively affects the heart, she said in a Jan. 10 interview with BusinessWorld. Popular processed meat items like corned beef and hot dogs are not just salty, they are also high in artery-clogging fat.

She suggested that when cooking traditional Filipino fare such as adobo (usually a dish of chicken and/or pork braised in vinegar and soy sauce), to opt for a low-sodium soy sauce variant. When using toyomansi (a mix of soy sauce and the local citrus calamansi) as a sauce, meanwhile, use more calamansi and less toyo.

Portion control is also important, Ms. Lorena said.

She cautioned, however, against eating just one meal a day, as in the case of those who go on 20-hour fasts. When you eat 1,200 calories in one go, she explained, “Your vital organs get stressed… thereby impacting your cardiovascular health. [That’s because] masyadong maraming name-metabolize iyung katawan natin na salt and fat at that time (too much salt and fat is being metabolized by the body at that time).”

The following heart-healthy recipes were shared by Ms. Lorena. — PBM

GINISANG MUNGGO WITH BANGUS

Serves 4

INGREDIENTS:

1 cup munggo (mung) beans, washed and soaked

1 medium-sized bangus (milkfish), cleaned and sliced into 4

1 tablespoon olive oil

1 medium onion, chopped

3 cloves garlic, minced

2 medium tomatoes, chopped

4 cups water

1 cup malunggay (moringa) leaves (or spinach as an alternative)

1 cup diced squash

1 tablespoon low-sodium patis (fish sauce)

1/4 teaspoon ground black pepper

DIRECTIONS:

1. Wash and soak the munggo for at least 4 hours or overnight. Do not skip this step.

2. Pat-dry the bangus slices and season with salt and pepper. Spray with oil and air-fry or bake until brown.

3. Meanwhile, in a sauce pot, sauté onions and garlic until fragrant. Add in squash and cook until slightly brown, then add chopped tomatoes. Let cook for at least 5 minutes.

4. Stir in the munggo and water then let it simmer until the beans are soft and cooked through. Mix in the malunggay leaves or spinach leaves. Cover and let simmer until the leaves wilt.

5. Season with low-sodium fish sauce or salt and pepper. Divide into four bowls. Top with the air-fried bangus. Serve with a cup of lightly packed brown rice.

Notes:

*Always soak beans or lentils of any kind before cooking. Aside from reducing cooking time, this improves digestibility and reduces bloating.

*In the absence of an air-fryer or oven, pan-fry the bangus in oil and dry on a paper towel to reduce excess oil.

Per serving (with 1 cup of brown rice): 621 calories; 85 g carbohydrates; 41 g proteins; 13 g fats

TOFU WITH ENSALADANG TALONG

Serves 4

INGREDIENTS:

2 blocks tofu

1 tablespoon olive oil

1/2 teaspoon garlic powder

1/4 teaspoon paprika

1/4 teaspoon salt

For the Ensaladang Talong:

2 large eggplants

1 tsp olive oil

2 medium tomatoes, diced

1 small red onion, chopped

1 cup pakpako (edible ferns), cleaned and parboiled

1 tablespoon vinegar

1/2 teaspoon low-sodium fish sauce

1/4 teaspoon ground black pepper

DIRECTIONS:

1. Wrap tofu in a paper towel and press down with a heavy item like a chopping board or a heavy pan to squeeze out most of the water. Leave it under the weight for at least 30 minutes.

2. Once dried out, slice the tofu into cubes. Season with garlic powder, salt, and pepper and spray with oil then air-fry or bake until brown and crispy. Set it aside.

3. Wash and pat dry the eggplant and brush with oil. Air-fry or bake until the skin separates from the flesh. Let it cool.

4. Once cooled, peel off the eggplant’s skin. Chop the eggplant and place it in a bowl. Mix in diced tomato, red onion, and parboiled pakpako. Season with vinegar or calamansi juice, low-sodium fish sauce or salt, then ground black pepper.

5. Serve on a plate with air-fried tofu and a cup of lightly packed brown rice.

Note:

*In the absence of an air-fryer or oven, pan-fry the tofu in oil and dry on a paper towel to reduce excess oil.

Per serving (with 1 cup of brown rice): 477 calories; 61 gm carbohydrates; 28 gm proteins; 16 gm fats

Time lists 29 PHL companies among APAC’s best

STATISTA.COM

US-BASED Time magazine has recognized 29 Philippine companies in its inaugural World’s Best Companies of 2025 for Asia-Pacific (APAC), a ranking of the region’s top 500 corporations.

The list, compiled in collaboration with market data provider Statista, placed listed conglomerate Ayala Corp. at 46th, followed by Ang-led San Miguel Corp. at 85th, and Security Bank Corp. at 88th.

Sy-led holding company SM Investments Corp. ranked 109th, BDO Unibank, Inc. 112th, Jollibee Foods Corp. 116th, SM Prime Holdings, Inc. 121st, and the Asian Development Bank 172nd.

Rounding out the top 10 Philippine companies on the list were Cebu Pacific Air at 178th and the Aboitiz Group at 188th.

Other cited firms included Robinsons Retail Holdings, Inc. (211th), Petron Corp. (216th), China Banking Corp. (238th), Alliance Global Group, Inc. (245th), JG Summit Holdings, Inc. (265th), PLDT Inc. (280th), Metropolitan Bank & Trust Co. (311th), Aboitiz Power Corp. (318th), Del Monte Philippines (320th), and Universal Robina Corp. (329th).

Also recognized were Rizal Commercial Banking Corp. (332nd), Filinvest Development Corp. (340th), Wilcon Depot, Inc. (341st), Ginebra San Miguel, Inc. (345th), Integrated Micro-Electronics, Inc. (364th), Megaworld Corp. (374th), Puregold Price Club, Inc. (381st), EEI Corp. (416th), and Max’s Group, Inc. (465th).

“This distinction is more than an accolade — it is a reaffirmation of our enduring mission to contribute to nation-building, strengthening our resolve to continue uplifting lives, impacting society, and helping shape the nation. As we move forward, we remain steadfast in our commitment to innovation and caring for the people and the planet,” Megaworld President Lourdes T. Gutierrez-Alfonso said in a statement.

“The inclusion of Alliance Global in the list of best companies in Asia-Pacific by Time magazine and Statista is a testament to our group’s unwavering commitment to nation-building as a proudly Filipino conglomerate,” Alliance Global President and Chief Executive Officer (CEO) Kevin L. Tan said.

SM Investments President and CEO Frederic C. DyBuncio stated: “At SM, we continuously strive to create value by serving our customers, supporting our people, fostering responsible growth, and making a positive impact in the communities we serve.”

The Time list ranked Singapore’s DBS Bank Ltd. as the top company in the Asia-Pacific region, followed by Malaysia’s Maybank, South Korea’s Kia Corp. and Shinhan Financial Group Co. Ltd., and India’s Wipro Ltd.

Completing the top 10 were Singapore’s Oversea-Chinese Banking Corp. Ltd., India’s Infosys Ltd., Japan’s Sumitomo Mitsui Financial Group, Inc. and Nissan Motor Corp., and South Korea’s Hyundai Motor Co.

According to Time, the rankings were based on employee satisfaction, financial performance, and sustainability transparency.

Employee satisfaction was determined using 2023 survey data from over 50,000 participants across the Asia-Pacific region.

For financial performance, companies were ranked using Statista’s financial database and targeted research.

Companies had to generate at least $100 million in revenue in 2023 and demonstrate either positive revenue growth from 2021 to 2023 or profitability in 2023.

On sustainability transparency, companies were evaluated based on environmental, social, and governance (ESG) data from 2022, using standardized key performance indicators from Statista’s ESG database and targeted research.

“While much of the world was mired in geopolitical uncertainty during 2024, businesses across the Asia-Pacific enjoyed an upbeat year, with most major bourses ending in positive territory on the back of central banks easing monetary policy as well as an artificial intelligence boom lifting tech stocks,” Time said in a statement. — Revin Mikhael D. Ochave

Stuff to Do (02/14/25)


Find deals at a travel fair

THE Metrobank Travel Fair 2025 is offering exclusive travel deals and discounts, with visitors having a chance to win prizes during the event. To be held from Feb. 14 to 16 at the Glorietta Activity Center in Makati, the fair will have rewards for Metrobank cardholders who spend a minimum single-receipt purchase of P10,000 at any of the participating merchants. They can earn raffle entries for a chance to be one of the two winners of a five-day trip for two to Osaka with hotel stay. Five lucky cardholders will receive a cashback of up to P100,000 on their Metrobank credit cards. For more information about other offers, visit https://www.metrobank.com.ph/promos/2025-the-metrobank-travel-fair.


Listen to Over October at Capitol Commons

ORTIGAS LAND is presenting Strings of Love, a special free post-Valentine’s Day concert featuring Over October and special guest performers Jannah, Lags, and Jeri. To be held on Feb. 15, 7 p.m., at Capitol Commons Park in Pasig City, this live music event invites music lovers, residents, and visitors to enjoy an evening filled with rising talents. There will also be a Love Bazaar featuring gifts, crafts, and treats perfect for Valentine’s shopping.


View Japanese films at Shangri-La

SHANGRI-LA PLAZA is hosting Into the Heart of Japan, a selection of events that celebrate and promote Japanese arts and culture, in partnership with The Japan Foundation, Manila. From Feb. 15 to 16 at the Red Carpet Cinemas, mallgoers can see films that feature essential destinations, goods, and culinary delights from Japan. Among these films are My Sunshine (2024) and Komada: A Whisky Family (2023). Coinciding with the screenings is the Japan Day Fair where cinephiles can check out the film locations they should visit and browse through the goods featured in the films.


Listen to Sofia Zobel Elizalde’s talk on PHL dance

ARTS PATRONESS and philanthropist Sofia Zobel Elizalde will discuss emerging trends in the Philippine dance community in the virtual talk show, HistophTV. She will also share her insights on its sustainable future, speaking as the founder and director of the Steps Dance Studio. HistophTV was organized under the supervision of the Benilde School of Arts, Culture, and Performance Dance Program. The hour-long web event will be streamed on the Benildearts YouTube channel on Feb. 15, at 5 p.m. The discussion is free and open to the general public. Interested participants may register through this link: tinyurl.com/HISTOPHTVSofiaZobelElizalde.


Enjoy Valentine’s activities at Ayala Malls Manila Bay

KICKING off the Valentine’s activities at Ayala Malls Manila Bay is a performance by the Galentine Queens – All Stars on Feb. 15. The show will feature some of the Philippines’ most iconic drag queens including Maxie, Precious Paula Nicole, Viñas Deluxe, Khianna, and Angel. It will be an ode to self-expression, confidence, and the art of love. The next day, on Feb. 16, there will be a concert, Valentine’s Hits, Live!, featuring Toneejay, Armi Millare, and Clara Benin. Both shows start at 7 p.m. with free admission at the Garden Fountain of the mall. Meanwhile, South Trading Post’s Trinket Town will take over the Ayala Malls Manila Bay Activity Center from Feb. 14-16 for Valentines shoppers.


Go slow with art at MCAD

FOR the National Arts Month, the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB) invites the public to a series of conversations and sessions on art and architecture. On Feb. 15, architect, sculptor, and musician Micaela Benedicto will headline the second edition of With Eyes Peeled, a slow art activity which allows the participants to get a deeper appreciation of art by looking at it more intently and just a little bit longer. It is slated to be held at 3 p.m. at MCAD. It is free and open to the public.


Visit Valenzuela City’s dog and skate park

TO make meaningful use of empty spaces in the city, the City Government of Valenzuela will be inaugurating the Valenzuela City Skate & Paw Park on Feb. 15. The new recreational spaces for skateboarding enthusiasts and pet lovers are located under the NLEX Harbor Link along MacArthur Highway, Barangay Karuhatan. These were made possible through the partnership of the City Government of Valenzuela with the North-Luzon Expressway Corp. and the Metro Pacific Tollways Corp.


Visit Galerie Joaquin’s artists and lovers exhibit

INTERWOVEN, an exhibit featuring works by artist couples Jepoy Almario and Astrid Castillo-Almario, Marco Coching and April Lopez, Almer and Ann Moneda, and Perfecto Palero, Jr. and Joan Palero, is on view at Galerie Joaquin in Bonifacio Global City (BGC) until Feb. 17. These couples have created lasting artistic legacies that transcend artistic boundaries and have contributed to different movements in art while cultivating their personal relationships. Galerie Joaquin BGC is located on the Upper Ground Floor of One Bonifacio High Street Mall, 5th Ave. corner 28th Street, Bonifacio Global City, Taguig.


Listen to singer-songwriter brei’s debut single

BREI is the newest addition to Universal Records’ roster of recording artists. Coming from a family of musicians, brei has been participating in singing competitions since she was a young girl, including Idol Philippines in 2022. Signed by Universal Records last year, she is releasing her first single, “Eh Di Pasensya Na,” a pop-rock song that captures the indifference following a difficult breakup. To promote her debut single, she will be releasing a video on Valentine’s Day and will also be going live regularly on her TikTok account, which has over 220,000 followers.

Jollibee gets PSE nod to lift 40% foreign ownership limit

BW FILE PHOTO

FOREIGN INVESTORS may now own more shares of Jollibee Foods Corp. (JFC) after the Philippine Stock Exchange (PSE) approved its request to remove the 40% foreign ownership limit.

“The PSE has approved [the] request of JFC to amend its foreign ownership limit from 40% to no limit…,” the listed fast-food giant said in a regulatory filing on Thursday. 

The move follows JFC’s amendment of its primary and secondary purposes in its articles of incorporation, removing its ability to own, acquire, mortgage, pledge, or encumber land and any interest therein.

With this amendment, JFC can now accommodate more foreign investors, as it no longer has the capacity to own land. Companies that own land must comply with foreign ownership limits set by the Constitution.

Article 12 of the 1987 Constitution restricts foreign ownership of land and certain businesses to 40%, with the remaining 60% reserved for Filipino citizens or corporations. However, the government has eased foreign ownership restrictions in some industries, such as renewable energy, allowing full foreign investment.

The Securities and Exchange Commission (SEC) approved JFC’s amendment in November last year.

In May last year, JFC stated that the amendment removed the company’s ability to directly own real estate but retained its ability to invest in companies that own land and other real properties.

Following regulatory approvals, stock market analysts anticipate that JFC may sell its land assets while attracting more foreign investors.

JFC shares surged by 10.72% or P25.40 to P262.40 apiece on Thursday after the announcement.

“This could provide some positive boost for the company. Hopefully, it materializes with the stock price,” Unicapital Securities, Inc. Equity Analyst Jemimah Ryla R. Alfonso told reporters during an ambush interview in Makati City on Thursday.

AP Securities, Inc. Research Analyst Jose Antonio B. Cipres said in a Viber message that the move allows JFC to raise additional capital for expansion through a sale-leaseback transaction.

“They could use the proceeds from the sale of land to expand their current portfolio of stores, which would translate to higher earnings. This is more of a visibility play, as the amendment could result [in] the stock’s faster capital appreciation as its fundamental value finally gets recognized by a larger market,” he said. 

“We see this as something that would put JFC in an even better position [on] the global stage, as it would allow them to attract more foreign investors through the higher foreign ownership,” he added. 

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message that the move aligns with JFC’s global expansion plans.

“The removal of the ownership restriction paves the way for JFC to attract more foreign equity participation in the company. This aligns with JFC’s ambition to be a leading player in the global restaurant industry,” he said.

“Having no nationality cap gives them a lot of headroom in case they need to get sizable foreign equity capital for their expansion,” he added.

JFC’s move follows recent acquisitions aimed at expanding its brand portfolio.

In January, JFC subsidiary Milkshop International Co., Ltd. announced a plan to acquire a 70% stake in Taiwanese wellness soup brand Moon Moon Food for NT$103.8 million (P184 million).

The fast-food giant also recently completed a S$20.2-million buyout to take full control of Hong Kong-based dim sum restaurant Tim Ho Wan.

In July last year, JFC announced the acquisition of South Korea’s Compose Coffee for $340 million to strengthen its coffee and tea business. 

For the first nine months of 2024, JFC’s attributable net income rose 24.1% to P8.47 billion, while revenue increased by 10.6% to P196.25 billion.

As of end-September last year, JFC expanded its store network by 42.8% to 9,598 locations, including 3,340 domestic stores and 6,258 international branches. 

Of its international stores, JFC operates 568 in China, 381 in North America, and 362 across Europe, the Middle East, Africa, and Asia. It also has 815 under Highlands Coffee, 1,219 under The Coffee Bean & Tea Leaf, 333 under Milksha, and 2,580 under Compose Coffee. — Revin Mikhael D. Ochave 

EastWest Bank bullish on consumer lending

EAST WEST Banking Corp. (EastWest Bank) expects strong consumer loan growth this year as it remains bullish on the Philippine economy’s prospects and amid robust demand for credit driven by the younger demographic.

“I think the outlook remains to be positive. We’re a consumer-led economy, and the economy is kind of resilient. Of course, we don’t know what’s going to happen with all the recent news with [US President Donald J.] Trump and his new policies. But we’re very optimistic,” EastWest Bank Consumer Lending Head Lawrence L. Lee told reporters on the sidelines of an event on Thursday.

The Philippine economy expanded by 5.6% in 2024, short of the government’s 6%-6.5% full-year target but slightly faster than the 5.5% print in 2023.

The government targets 6%-8% growth this year.

Since returning to the White House last month, Mr. Trump has rolled out various policies, particularly on tariffs, and immigration, which have roiled global markets.

Mr. Trump this week said he would soon impose reciprocal tariffs on every country that charges duties on US imports, keeping alive fears of a widening global trade war that threatens to accelerate US inflation, Reuters reported.

On Monday, Washington announced new 25% tariffs on all steel and aluminum imports into the United States, leaving trade partners scrambling.

Consumer loan growth will be driven by the Philippines’ young population, he said.

“That age is where you slowly start to earn more, spend more, and obviously, borrow more as you try to meet your aspirations of being able to buy what you want, like a house or a car. So, I think all of those will translate to higher consumer lending… I think our demographic dividend continues to be a key driver of consumer lending and consumer spending,” Mr. Lee said.

In 2024, EastWest Bank’s consumer lending business grew by more than 30%, he said, slightly faster than the rest of the industry.

The bank’s credit card billings hit P116.6 billion last year as its cardholders reached 1.5 million, it earlier said.

Latest Bangko Sentral ng Pilipinas data showed that Philippine universal and commercial banks’ outstanding consumer loans to residents rose by 25% year on year to P1.59 trillion as of December 2024, faster than the 23.3% growth the month prior.

“I would just say it’s aligned with the industry. We want to be always higher than industry because we want to improve our market share. If you’re just aligned to industry, then your market share doesn’t move,” Mr. Lee said.

EastWest Bank Senior Executive Vice-President and Financial Markets and Wealth Management Cluster Head Rafael S. Algarra, Jr. earlier said they expect their loan book to grow by 25%, steady from 2024 level, driven by its consumer segment amid strong demand for credit card, auto loan, and personal loan products.

The bank’s attributable net income jumped by 49.1% to P2.32 billion in the third quarter of 2024, bringing its nine-month profit to P5.81 billion, up by 19.57% year on year.

EastWest Bank shares declined by 10 centavos or 1.01% to close at P9.80 apiece on Thursday. — A.M.C. Sy with Reuters

A brave new world but more of the same

By Brontë H. Lacsamana, Reporter

Movie Review
Captain America: Brave New World
Directed by Julius Onah

THIS fourth installment in the Captain America film franchise suffers from the fact that the character of Sam Wilson had taken up the mantle of Captain America in a previous TV show, in the process alienating a huge chunk of moviegoers who aren’t comic book fans and who don’t spend time on any of the Marvel TV series on Disney+. His appearance to these audience members is thus confusing.

His journey picks up where the TV show The Falcon and the Winter Solider left off, with Wilson — formerly the Falcon — accepting his new role as Captain America and coming to terms with the pressures of being the second iteration of a beloved hero, especially as a black man.

Captain America: Brave New World kicks off when he is thrust headfirst into an international incident where President Ross is almost assassinated. With certain friends at risk and a mysterious figure pulling the strings, he must discover the reason behind the nefarious global plot before the Red Hulk emerges from the shadows.

Despite the unfair pressure that comes with the job, Anthony Mackie excellently embodies the confident albeit very human physicality and sense of justice befitting Wilson’s Captain America (who does not have the enviable strength of a super-soldier and instead is burdened with an increasingly complex world that seeks to defend itself from cosmic evils). Mackie injects his own charm and humor into the role, more than making up for the fact that he isn’t the white hunk people expect.

All of this is confusing for those who don’t live and breathe superhero fiction as there are numerous ties with characters and events that last featured heavily about 20 Marvel movies ago. For example, Thaddeus “Thunderbolt” Ross, in addition to having a new face (he is now played by Harrison Ford after the passing of William Hurt), has an important character arc here as his ruthless general-turned-president transforms into the Red Hulk. But his starting point as the unforgiving military menace who hunted down and chased Bruce Banner (in 2008’s The Incredible Hulk, the Edward Norton version of the big green guy) off into hiding is crucial in getting the full force of this story. Since that original film, Hurt’s Ross has appeared here and there in a few Avengers movies, most recently in the 2020 Black Widow film. In Brave New World, we get constant references to the past, with ongoing drama between characters relegated to quick, snappy scenes.

It’s easy to dismiss the film’s geopolitics as laughable, with Japan seen as the threat to the United States’ control over the Celestial Island where humans now mine the super product adamantium (similar to Wakanda’s vibranium). China would have been the logical geopolitical power of choice for this. But the tragedy of Japan and America once again butting heads, with certain scenes set in the cherry blossom park in Washington DC donated by Japan in 1912, is a neat symbol of the calm that President Ross struggles to return to. (It is also an obvious tack to avoid offending China’s giant market for Marvel films.)

Ford does a wonderful job as he gradually becomes the Red Hulk. Known for playing lead characters (Han Solo, Indiana Jones), he embodies a truly pathetic man, one who did terrible things and is trying and failing to make up for it, his past catching up to him in the worst ways. His forced transformation shows just how great a Hulk film could be, interestingly rooted in the human machinations of a government that has Captain America and other superpowered pawns at their disposal.

Without spoiling anything, Tim Blake Nelson as the main antagonist, The Leader, is chilling and intriguing to watch, while Danny Ramirez gives life to the eager and energetic sidekick Torres that Wilson’s Captain America takes under his wing to train as the new Falcon. Carl Lumbly reprises his brilliant turn as the forgotten (and abused) black super-soldier Isaiah Bradley from The Falcon and the Winter Soldier. His endearing vulnerability and yearning to move on from his dark past is utilized in full here, his character getting involved in a plot that throws him back into notoriety.

We get frustratingly little of the scene-stealing Giancarlo Esposito as the criminal boss and assassin Sidewinder and frustratingly too much of Shira Haas (who is bland as well as controversial in real life for being an Israeli nationalist) as the ex-Black Widow-trained US agent Ruth Bat-Seraph.

The action excites at some parts, but Brave New World simply does not live up to the smoke-screen espionage-political-thriller-action-romp that it promises to be. Captain America and the Winter Soldier is still the best in that regard. On paper, this could have worked, but weighed down by the ties with multiverse-level events on the horizon (laid out over the next 20 or so Avenger-related films), it fails to execute a return to form for the Captain America franchise or even be an improvement on the recent lackluster string of Marvel titles.

It is serviceable, which is more than Sam Wilson deserves, the character now falling way too safely under the mantle of liberal tokenism (yay, black superhero!) even though there was potential to do more with it. It is standard superhero fare, at least coherent and fast-paced, but a mere shadow of the film it could have been.

Singapore Airlines expanding services in PHL

SINGAPOREAIR.COM

SINGAPORE AIRLINES is set to further expand its services in the Philippines with the launch of its newest destination in April.

Right now, together with Scoot, we are serving Manila, Clark, Davao, and Cebu. From April, Singapore Airlines is going to add services to Iloilo, which is going to be our newest destination here in the Philippines,” Liwei Tai, Singapore Airlines general manager for the Philippines, told reporters on Thursday.

Singapore Airlines, through its low-cost subsidiary Scoot, will launch direct flights from Iloilo to Singapore four times a week, she said.

Ms. Tai said the company will consider expanding its services based on market reception to the planned route.

“When the market builds up and there’s more opportunity, we definitely want to further grow the services,” she said.

Ms. Tai said Singapore Airlines expects an increase in Filipino travelers this year, though she declined to disclose the airline’s passenger forecast.

“I think both ways, for Singaporeans — because we serve so many destinations around the world — going to Iloilo as a leisure destination. And also serving the people from Iloilo and nearby [places] going to Singapore. I think it’s a good chance to really serve both sides of the market,” she said.

Meanwhile, Singapore Airlines announced its collaboration with EastWest Bank on Thursday, offering EastWest Bank credit cardholders exclusive discounts on Singapore Airlines tickets for travel between Feb. 15 and Dec. 31. — Ashley Erika O. Jose

Banks face reputational risks from romance scams

REUTERS

PHILIPPINE BANKS may be exposed to increased reputational risks as the number of Filipino individuals and entities linked to romance scams rose in 2024, Moody’s said.

Moody’s on Thursday said it recorded 1,193 new entities and people with potential ties to romance scams in 2024, up by 14% year on year and the highest in six years.

“In 2024, the US accounted for over a third (38%) of new romance scam profiles among top 10 countries, followed by Nigeria (14%), India (12%), the UK (11%), Malaysia (5%), China (5%), the Philippines (4%), Brazil (4%), Canada (4%) and Australia (3%),” it said in a note on Thursday..

In the Philippines, the number of Filipino entities and individuals with potential links to romance scams increased to 45 in 2024 from 10 in 2023, Moody’s said.

“Criminals often seek to launder the money generated from romance scams like sextortion via the traditional financial system. Banks can face significant reputational risks and fines,” the credit rater said.

“Financial grooming scams increased greatly during the COVID-19 pandemic, as isolation led to a greater need for emotional connection — and increased vulnerability. Sextortion is a type of romance scam targeting teenagers, particularly boys. Perpetrators use fake profiles to solicit explicit images or videos from victims, then extort money by threatening to expose the images to friends, family or on social media,” it added.

The Bangko Sentral ng Pilipinas (BSP) requires Philippine financial institutions to immediately report reputational risk events that could impact their financial standing and stakeholder confidence.

The BSP’s guidelines define reputational risk as those that could affect earnings, capital and liquidity due to negative perception of the financial institution and adversely impact their business relationships and hinder new venture establishments or continuous access for funding

These risks could be caused by customers, shareholders, investors, employees, market analysts, the media, and other stakeholders, including regulators and government agencies.

Financial institutions are expected to implement mechanisms meant to monitor reputational risks through early warning indicators such as volume of complaints, number of negative news, number of violation of laws or regulations, and codes of conduct with material penalties or sanctions for noncompliance.

Meanwhile, the Anti-Financial Account Scamming Act signed in July 2024 prohibits and punishes crimes committed using financial accounts, such as acting as money mules, performing social engineering schemes, and committing economic sabotage.

The law allows the BSP to examine and investigate bank accounts, e-wallets, and other financial accounts that are involved in the prohibited acts.

An analysis by TransUnion Philippines released last year showed that 18% of digital transactions originating from the country across the communities industry — which includes online forums and dating websites — were suspected to be digital fraud in the first half of 2024.

Data from the Philippine National Police’ Anti-Cybercrime Group (PNP-ACG) showed there were a total of 121 sextortion cases in the Philippines in 2023. The PNP-ACG has said that sextortion is among the top five cybercrimes that they receive complaints about.

Mastercard rolls out anti-money laundering service TRACE in the Philippines

MASTERCARD has officially launched in the Philippines its anti-money laundering service that leverages artificial intelligence to flag potential financial crime.

The Philippines is Mastercard’s first Asia-Pacific market to implement its TRACE or Trace Financial Crime solution in collaboration with interbank network BancNet, Inc., onboarding 36 domestic banks, it said in a statement on Thursday.

BancNet is the switch operator of the Philippines’ real-time payment (RTP) gateway InstaPay.

“The Philippines has seen rapid digital payments growth, making it more important than ever to strengthen defenses against financial crime. With the rampancy of cybercrime affecting consumers and financial institutions alike, the urgency for stronger, more collaborative fraud prevention solutions has never been greater,” Mastercard Philippines Country Manager Simon A. Calasanz said in a statement on Thursday.

“As scams grow more sophisticated, advanced tech-powered prevention and monitoring capabilities are critical. Our partnership with Mastercard and leveraging TRACE gives us and the network participants the intelligence to help detect fraud faster, making scam prevention sharper and more effective,” BancNet Chief Executive Officer Elmarie S. Reyes said.

The Philippines’ Cybercrime Investigation and Coordinating Center (CICC) received 10,004 online scam complaints in 2024, with losses from incidents valued at nearly P198 million, it said this month.

Mastercard said the rise in real-time payments has made it a target for money launderers and criminals who use financial accounts in romance and investment scams.

TRACE uses payments data from multiple financial institutions to track financial crime across a payments network, flagging fraudulent transaction patterns and alerting banks about suspicious accounts.

“The solution allows participating financial institutions to quickly and accurately trace dispersed illicit funds across the RTP system, identify money mule activity throughout the network, and proactively highlight suspected money laundering accounts — all of which will allow them to better adhere to the country’s new Anti-Financial Account Scamming Act,” Mastercard said.

The United Kingdom is the only other market in the world to have implemented TRACE.

“The launch of TRACE in Asia Pacific marks a transformative step toward safeguarding the integrity of Real-Time Payments while combatting the corrosive effects of financial crime. By ensuring that transactions remain secure and compliant, TRACE helps to protect consumers and financial institutions, while also fostering trust in the digital economy—which will be critical for the region’s economic growth,” Mastercard Asia Pacific Services Executive Vice-President Matthew Driver said.

“Mastercard is proud to have collaborated with BancNet on its pilot rollout in the Philippines and is ready to collaborate with other stakeholders across the region to implement TRACE to create a stronger, more resilient global financial system.” — AMCS

Hollywood boosts female leads but lags in people of color, report finds

LOS ANGELES — Out of the top 100 movies in 2024, more than half featured a story centered on a female actor as a lead or co-lead, the first time representation has been above the US Census where girls and women comprise 50.5% of the population, a 2025 report from the University of Southern California found.

However, representation fell for people of color in film, the report said.

The USC Annenberg Inclusion Initiative examined 1,800 top-grossing films from 2007 to 2024 and assessed the gender, race, and ethnicity as well as the ages of the leading and co-leading actors for each movie.

“This is the first time we can say that gender equality has been reached in top-grossing films,” said Dr. Stacy L. Smith, founder of the USC Annenberg Inclusion Initiative.

“This is not the result of an economic awakening but is due to a number of different constituencies and efforts — at advocacy groups, at studios, through DEI initiatives — to assert the need for equality on screen,” Ms. Smith added.

Films like Wicked with lead Cynthia Erivo, Anora with lead Mikey Madison, and Anya Taylor-Joy in Furiosa: A Mad Max Saga set the stage for these gains in Hollywood gender equality.

Out of the 100 top-grossing films of 2024, 54 featured a girl or woman in a lead or co-lead role, the USC report said.

This reflects an increase from 2023, when only 30 movies featured a female-identified protagonist.

Over half of the films distributed by Universal Pictures (66.7%), Warner Bros. Pictures (55.6%), and Lionsgate (54.5%) featured a female actor as the lead or co-lead of the story, the report found.

About 40% or more of films were centered on a female lead or co-lead at Paramount Pictures (44.4%), Walt Disney Studios (40%), and Sony Pictures Entertainment (38.5%).

However, leads and co-leads from underrepresented racial and ethnic groups have declined significantly, as only 25 of the top 100 films featured a lead of color in 2024, a decrease from 2023, when 37 leads or co-leads were people of color.

A third of all Paramount Pictures films released in 2024 featured a lead or co-lead of color, with Lionsgate (27.3%) and Universal Pictures (26.7%) having similar demographics.

Walt Disney Studios (20%), Sony Pictures Entertainment (15.4%), and Warner Bros. Pictures (11.1%) reflected even lower numbers.

In 2024, no distributors reached proportional representation with the US Census (41.6%).

“This downturn signifies a lack of investment in storytelling that reflects the audience as a whole,” Ms. Smith said.

“The reality is that audiences want to see stories about women and people of color — studios and filmmakers do not have to choose between the two,” she added.

Thirteen films in 2024 had a woman of color lead or co-lead, which is similar to USC’s 2023 report and higher than the 2007 report.

“While this year’s findings mark a historic step towards proportional representation for women there is still work to be done for women of color,” said Katherine Neff, the study’s lead author. — Reuters