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Democracy slipping away at record rate, institute warns

BRUSSELS — A greater number of countries are sliding towards authoritarianism, while the number of established democracies under threat has never been so high, the International Institute for Democracy and Electoral Assistance (IDEA) said on Monday.

Populist politics, the use of COVID-19 pandemic restrictions to silence critics, a tendency of countries to mimic the anti-democratic behavior of others, and disinformation used to divide societies are mainly to blame, the Stockholm-based intergovernmental organization said in a report.

“More countries than ever are suffering from ‘democratic erosion’,” IDEA said in its 2021 study on the state of democracy, relying on data compiled since 1975.

“The number of countries undergoing ‘democratic backsliding’ has never been as high,” it said, referring to the regressive turn in areas including checks on government and judicial independence, as well as media freedom and human rights.

Afghanistan, which was taken over by Taliban militants in August after international troops withdrew, is the most dramatic case this year, while Myanmar’s Feb. 1 coup marked the collapse of a fragile democracy. Other examples include Mali, which has suffered two coups since 2020, and Tunisia, where the president has dissolved parliament and assumed emergency powers.

Large democracies such as Brazil and the United States have seen presidents question the validity of election results, while India has witnessed the prosecution of groups of people critical of government policies.

Hungary, Poland, Slovenia and Serbia are the European countries with the greatest declines in democracy. Turkey has seen one of the largest declines between 2010 and 2020.

“In fact, 70 per cent of the global population now live either in non-democratic regimes or in democratically backsliding countries,” the report said.

The COVID-19 pandemic has led to a surge in authoritarian behavior by governments. The study said that there was no evidence that authoritarian regimes were better at fighting the pandemic, despite Chinese state media reports to the contrary.

“The pandemic provides additional tools and justification for repressive tactics and silencing of dissent in countries as diverse as Belarus, Cuba, Myanmar, Nicaragua and Venezuela,” the report said. — Reuters

Australia to reopen to foreign visa holders in bid to revive economy

BW FILE PHOTO

CANBERRA/SYDNEY — Australia will allow foreign visa holders to enter the country from the start of December, Prime Minister Scott Morrison said on Monday, the latest step to restart international travel and support its economy.

Australia shut its international border in May 2020 and allowed only restricted numbers of citizens and permanent residents to enter in a bid to curtail the spread of COVID-19 (coronavirus disease 2019).

The rules were relaxed in recent weeks to allow foreign family members of citizens to enter, and Mr. Morrison said this will be scaled up from Dec. 1 to allow vaccinated students, business visa holders and refugees to arrive.

“The return of skilled workers and students to Australia is a major milestone in our pathway back,” Mr. Morrison told reporters in Canberra. Australia will also allow in vaccinated tourists from South Korea and Japan from Dec 1, he said.

The return of foreign students, who are worth about A$35 billion ($25 billion) a year to the Australian economy, will be a major boost for the education sector.

More than 235,000 foreigners, including about 160,000 students, held visas for Australia at the end of October, government data showed.

Many Australian universities have come to rely on foreign students, who make up about 21% of total enrolments, and the border closure led higher education facilities to lay off hundreds of staff.

Many students locked out of Australia have said they would switch to alternative universities if they were unable to begin face-to-face learning in 2022.

The relaxation of the border rules is also expected to ease labor shortages, which threaten to stymie an economic rebound.

“This will be critical relief for businesses who are struggling to find workers just to keep their doors open and for those who need highly specialized skills to unlock big projects,” said Jennifer Westacott, chief executive of the industry body, the Business Council.

Border rules, swift lockdowns and tough social distancing rules helped Australia to keep its coronavirus numbers far lower than many other comparable countries, with around 200,000 cases and 1,948 deaths.

Most new infections are being reported in Victoria state, which logged 1,029 cases on Monday. New South Wales, home to Sydney, reported 180 cases. Other states and territories are COVID-free or have very few cases. —  Reuters

Dubai economy rides growth wave as winter lockdowns affect Europe

REUTERS

TABLES at Gaia, one of the hottest dining spots in Dubai, are booked two weeks in advance and the crush of businesspeople emerging from surrounding offices keeps staff on their toes.

“Every day feels like a Friday” said Evgeny Kuzin, chairman and co-founder of Bulldozer Group, which owns and runs several restaurants including Gaia. They’ve been hiring staff to keep up with renewed demand.

As infection rates in Europe explode and governments tighten restrictions once more, Dubai’s economy is rebounding faster than expected. Property sales are at decade highs, and streets so choked with traffic it’s hard to find an empty taxi.

Postponed as COVID-19 swept the globe last year, Expo 2020, one of the world’s biggest in-person events since the pandemic, is now in full swing, attracting both Dubai residents and visitors fleeing new lockdowns that have sparked unrest in Austria, the Netherlands and other European nations.

The United Arab Emirates, of which Dubai is a part, has so far avoided a new wave. About 90% of its population is fully vaccinated and high-risk individuals are being offered boosters. The economy’s been open for months but new cases have held below 100 a day since October. Deaths are rare, helped by a relatively young population and well-equipped health system.

“The recovery has been faster than we expected,” said Scott Livermore, chief economist for Oxford Economics Middle East in Dubai, who’s raised his growth forecast by about 1 percentage point to 5% for 2021. “Expo has played a role in that but also the success Dubai has had in avoiding a Delta wave that has allowed the domestic economy to pretty much get back to normal.”

‘FASTER THAN EXPECTED’
It’s a far cry from last year, when Dubai’s government, like many around the world, shut down the city to stop the spread of COVID-19. Even when things started to open up, people were reluctant to go out amid strict social distancing rules. Many five-star restaurants opted for home deliveries to stay afloat. Others closed.

Heavily dependent on tourism, Dubai’s economy contracted 11% last year. Its flagship airline, Emirates, halted flights, laid off employees and cut salaries as the world’s busiest international airport fell silent.

Footfall in restaurants, cafes, shopping malls and movie theaters started rising toward the end of September after declining through the year, according to Google mobility data. The uptick’s gathered pace since Expo opened.

Preliminary data showed October’s hotel occupancy rates at nearly 82%. That’s a 60% increase from a year ago and about 6% higher than 2019’s like-for-like levels, data from research firm STR Global show.

Non-oil business activity jumped to a two-year high in October, helped by optimism around Expo, according to IHS Markit’s Purchasing Managers’ Index. The exhibition has attracted more than 2 million visitors so far and runs until end-March.

“For the first time in a long time — since 2015 at least — there is a strong feel-good factor in the hospitality market in Dubai,” said Philip Wooller, Middle East and Africa director at STR Global.

‘END OF A DOWNTURN?’
The rebound is partly driven by the rising price of oil, whose ebbs and flows are powerfully felt in Dubai’s property market, another big contributor to the economy. Real estate prices crashed more than a third from record highs in 2014, when crude prices collapsed, exacerbating a supply glut.

This year, home prices have risen at their fastest pace since 2015, with transaction volumes up 77% in August from a year earlier, and 56% from 2019 levels. But apartment rents have fallen 5% as construction continues, highlighting the fragility of a market that still owes much of its allure to Dubai’s status as a tax-free haven for the wealthy to park money.

There’s also the danger that the pandemic will catch up with the free-wheeling city. Dubai loosened restrictions last winter as vaccination levels rose, attracting tourists swapping lockdowns for winter sunshine. Cases soon spiked to 4,000 a day, forcing Dubai to impose new restrictions. A travel corridor with Britain was shut after the government faced criticism over holidaymakers spreading the disease.

Activity could also slow once Expo ends and the rest of the world opens up.

Growing competition from Saudi Arabia, which is rapidly opening up its economy and pitching itself as an investment center, has also emerged as a longer-term challenge for Dubai. As Expo got underway, so did Riyadh Season, a series of events and concerts that’s drawn thousands and made headlines.

“Saudi tourism will have a lot to offer,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “But Dubai has an unmistakable buzz.” — Bloomberg

InLife, UnionBank and GlobalLinker to discuss 2022 economic outlook and trends to help SMEs thrive in the next normal

The public health crisis continues to affect businesses. But more than a year into this pandemic, the Filipinos’ ingenuity to address the challenges, and optimism for an imminent recovery remain strong.

As Filipino entrepreneurs navigate through the new normal, how can they move forward post-pandemic? How can small and medium enterprises (SMEs) prepare for the coming new year? What are the business opportunities and market trends in the next normal?

These questions and more will be answered in Insular Life (InLife) and UnionBank GlobalLinker’s webinar entitled “Ready, set, thrive! How SMEs can grow in the next normal” on November 26, 2021, Friday, 3 to 5 p.m. UnionBank’s Chief Economist Ruben Carlo Asuncion will discuss the 2022 economic forecast and trends for SMEs. To illustrate a Filipino entrepreneur’s passion and purpose, UnionBank GlobalLinker SME owner Oscar Meija will share how he embraced market opportunities to scale up his artisan perfumery.

And to help SMEs mitigate business risks and secure their employees’ welfare, InLife’s Corporate Solutions Division Head Lorenzo Luis “Bong” Gallardo III will present group insurance plans.

“InLife pioneered group insurance plans to help companies provide ‘A Lifetime for Good’ for their employees. For companies with as few as five employees to as many as 5,000 employees, InLife’s customizable solutions include life insurance, health care, credit protection, accident and disability, critical illness, retirement, and fund management programs,” Gallardo said.

To reach out to more SMEs, InLife partnered with UnionBank of the Philippines and Digivation to be part of the online platform called the UnionBank GlobalLinker.

“UnionBank GlobalLinker helps SMEs create and step up their digital presence, and connect with potential customers, financiers, suppliers and partners. And through our webinar for SMEs, we are extending our online reach to our entrepreneurs, to help them learn more about the trends, opportunities, and challenges in the coming year,” UnionBank’s SME Segments Head Jose Paulo “Jaypee” Soliman said.

Register to the “Ready, set, thrive! How SMEs can grow in the next normal” webinar through https://bit.ly/UBP_Globallinker_Event.

 

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Xi tells Southeast Asian leaders China does not seek ‘hegemony’

BEIJING – Chinese President Xi Jinping told leaders of the 10-country Association of Southeast Asian Nations (ASEAN) at a summit on Monday that Beijing would not “bully” its smaller regional neighbours, amid rising tension over the South China Sea.

Beijing’s territorial claims over the sea clash with those of several Southeast Asian nations and have raised alarm from Washington to Tokyo.

But Xi said China would never seek hegemony nor take advantage of its size to coerce smaller countries, and would work with ASEAN to eliminate “interference”.

“China was, is, and will always be a good neighbour, good friend, and good partner of ASEAN,” Chinse state media quoted Xi as saying.

China’s assertion of sovereignty over the South China Sea has set it against ASEAN members Vietnam and the Philippines, while Brunei, Taiwan and Malaysia also lay claim to parts.

The Philippines on Thursday condemned the actions of three Chinese coast guard vessels that it said blocked and used water cannon on resupply boats headed towards a Philippine-occupied atoll in the sea.

The United States on Friday called the Chinese actions “dangerous, provocative, and unjustified,” and warned that an armed attack on Philippine vessels would invoke U.S. mutual defence commitments.

Philippine President Rodrigo Duterte told the summit hosted by Xi that he “abhors” the altercation and said the rule of law was the only way out of the dispute. He referred to a 2016 international arbitration ruling which found China‘s maritime claim to the sea had no legal basis.

“This does not speak well of the relations between our nations,” said Duterte, who will leave office next year and has been criticised in the past for failing to condemn China‘s conduct in the disputed waters.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

 

MYANMAR NO SHOW

Xi told the summit that China and ASEAN had “cast off the gloom of the Cold War” – when the region was wracked by superpower competition and conflicts such as the Vietnam War – and had jointly maintained regional stability.

China frequently criticises the United States for “Cold War thinking” when Washington engages its regional allies to push back against Beijing’s growing military and economic influence.

U.S. President Joe Biden joined ASEAN leaders for a virtual summit in October and pledged greater engagement with the region.

The summit was held without a representative from Myanmar, Malaysia’s Foreign Minister Saifuddin Abdullah said on Monday. The reason for the non-attendance was not immediately clear, and a spokesperson for Myanmar’s military government did not answer calls seeking comment.

ASEAN sidelined Myanmar junta leader Min Aung Hlaing, who has led a bloody crackdown on dissent since seizing power on Feb. 1, from virtual summits last month over his failure to make inroads in implementing an agreed peace plan, in an unprecedented exclusion for the bloc.

Myanmar refused to send junior representation and blamed ASEAN for departing from its non-interference principle and caving to Western pressure.

China lobbied for Min to attend the summit, according to diplomatic sources. – Reuters

El Salvador plans first ‘Bitcoin City’, backed by bitcoin bonds

ANDRE FRANCOIS MCKENZIE-UNSPLASH

MIZATA, El Salvador – El Salvador plans to build the world’s first “Bitcoin City”, funded initially by bitcoin–backed bonds, President Nayib Bukele said on Saturday, doubling down on his bet to harness the crypto currency to fuel investment in the Central American country.

Speaking at an event closing a week-long promotion of bitcoin in El Salvador, Bukele said the city planned in the eastern region of La Union would get geothermal power from a volcano and not levy any taxes except for value added tax (VAT).

“Invest here and make all the money you want,” Bukele said in English, dressed all in white and wearing a reversed baseball cap, in the beach resort of Mizata. “This is a fully ecological city that works and is energized by a volcano.”

Half of the VAT levied would be used to fund the bonds issued to build the city, and the other half would pay for services such as garbage collection, Bukele said, estimating the public infrastructure would cost around 300,000 bitcoins.

El Salvador in September became the first country in the world to adopt bitcoin as legal tender.

Although Bukele is a popular president, opinion polls show Salvadorans are skeptical about his love of bitcoin, and its bumpy introduction has fueled protests against the government.

Likening his plan to cities founded by Alexander the Great, Bukele said Bitcoin City would be circular, with an airport, residential and commercial areas, and feature a central plaza designed to look like a bitcoin symbol from the air.

“If you want bitcoin to spread over the world, we should build some Alexandrias,” said Bukele, a tech savvy 40-year-old who in September proclaimed himself “dictator” of El Salvador on Twitter in an apparent joke.

El Salvador planned to issue the initial bonds in 2022, Bukele said, suggesting it would be in 60 days time.

Samson Mow, chief strategy officer of blockchain technology provider Blockstream, told the gathering the first 10-year issue, known as the “volcano bond”, would be worth $1 billion, backed by bitcoin and carrying a coupon of 6.5%. Half of the sum would go to buying bitcoin on the market, he said. Other bonds would follow.

After a five year lock-up, El Salvador would start selling some of the bitcoin used to fund the bond to give investors an “additional coupon”, Mow said, positing that the value of the crypto currency would continue to rise robustly.

“This is going to make El Salvador the financial center of the world,” he said.

The bond would be issued on the “liquid network”, a bitcoin sidechain network. To facilitate the process, El Salvador‘s government is working on a securities law, and the first license to operate an exchange would go to Bitfinex, Mow said.

Crypto exchange Bitfinex was listed as the book runner for the bond on a presentation behind Mow.

Once 10 such bonds were issued, $5 billion in bitcoin would be taken off the market for several years, Mow said. “And if you get 100 more countries to do these bonds, that’s half of bitcoin‘s market cap right there.”

The “game theory” on the bonds gave first issuer El Salvador an advantage, Mow argued, saying: “If bitcoin at the five-year mark reaches $1 million, which I think it will, they will sell bitcoin in two quarters and recoup that $500 million.” – Reuters

Democracy slipping away at record rate, intergovernmental body warns

BRUSSELS – A greater number of countries are sliding towards authoritarianism, while the number of established democracies under threat has never been so high, the International Institute for Democracy and Electoral Assistance (IDEA) said on Monday.

Populist politics, the use of COVID-19 pandemic restrictions to silence critics, a tendency of countries to mimic the anti-democratic behaviour of others, and disinformation used to divide societies are mainly to blame, the Stockholm-based intergovernmental organisation said in a report.

“More countries than ever are suffering from ‘democratic erosion’,” IDEA said in its 2021 study on the state of democracy, relying on data compiled since 1975.

“The number of countries undergoing ‘democratic backsliding’ has never been as high,” it said, referring to the regressive turn in areas including checks on government and judicial independence, as well as media freedom and human rights.

Afghanistan, which was taken over by Taliban militants in August after international troops withdrew, is the most dramatic case this year, while Myanmar’s Feb. 1 coup marked the collapse of a fragile democracy. Other examples include Mali, which has suffered two coups since 2020, and Tunisia, where the president has dissolved parliament and assumed emergency powers.

Large democracies such as Brazil and the United States have seen presidents question the validity of election results, while India has witnessed the prosecution of groups of people critical of government policies.

Hungary, Poland, Slovenia and Serbia are the European countries with the greatest declines in democracy. Turkey has seen one of the largest declines between 2010 and 2020.

“In fact, 70 per cent of the global population now live either in non-democratic regimes or in democratically backsliding countries,” the report said.

The COVID-19 pandemic has led to a surge in authoritarian behaviour by governments. The study said that there was no evidence that authoritarian regimes were better at fighting the pandemic, despite Chinese state media reports to the contrary.

“The pandemic provides additional tools and justification for repressive tactics and silencing of dissent in countries as diverse as Belarus, Cuba, Myanmar, Nicaragua and Venezuela,” the report said. – Reuters

Marines on track for worst vaccination record in U.S. military

REUTERS

WASHINGTON – The U.S. Marine Corps is set to have the worst vaccination record among military branches, with thousands of active-duty personnel set to miss the service’s Nov. 28 deadline to be fully inoculated.

About 91% of active personnel are fully vaccinated and 94% partially vaccinated as of Wednesday, according to a Marine Corps statement on Sunday.

Service members are considered fully vaccinated 14 days after getting a single Johnson & Johnson shot or 14 days after their second dose of Pfizer or Moderna vaccine — meaning it is too late for many to complete the vaccination process by the deadline.

The Navy has the highest vaccination rate at 96.7% of active-duty personnel fully vaccinated, followed by the Air Force at 96.4%. An Army spokesperson said 92% of active-duty soldiers were fully vaccinated. The Army deadline is Dec. 15 for active duty and June 30 for the National Guard.

Army Secretary Christine Wormuth warned on Tuesday that soldiers, including National Guard members, who refuse to get vaccinated would not have their service renewed unless they have an approved exemption, according to a memo seen by Reuters.

Her warnings come as Oklahoma Governor Kevin Stitt, a Republican, defied the federal mandate and said he would not require National Guard members in his state to get vaccinated.

Other Republicans opposing vaccine mandates include Senator Ted Cruz who on Saturday responded to Wormuth’s memo by tweeting: “Biden admin persecuting our soldiers. This is not good for America.”

In addition to the military, the Biden administration mandated vaccination for most federal employees, contractors, and health workers. More recently the White House said it would require private employers with at least 100 workers to mandate vaccination or weekly testing, a rule being challenged in court.

Nearly 60% of Americans are fully vaccinated. – Reuters

[B-SIDE Podcast] Money Talks: Know yourself, know your path

Follow us on Spotify BusinessWorld B-Side

Money Talks is a series on personal finance sponsored by Metropolitan Bank & Trust Co. (Metrobank). 

Local investors are propping up the Philippine investment market as according to the Philippine Stock Exchange, local retail investors accounted for 74.3% of the stock market transactions in the first quarter of 2021. Moreover, Finance Secretary and Capital Market Development Council (CMDC) chair Carlos G. Dominguez III said the increase in retail investor participation is a symbol of the trust and confidence of the public in the country’s investment landscape. 

Yet many Filipinos are left out of this equation. In this B-Side episode, Sharon W. Zulueta, vice president and head of the trust retail products division at Metrobank, discusses with BusinessWorld why only a fraction of Filipinos put their trust in the financial market, and why more should. 

TAKEAWAYS 

Financial exclusion is still the norm for many Filipinos. 

“To put it in context, out of the total adult population in the Philippines only 29% have a formal account—meaning an account with a bank, a microfinance non-government organization, has an e-money account, cooperative, etc. Of these, only 10% actually use it to invest. So only a tiny fraction of Filipinos invests in the market.,” Ms. Zulueta said. 

Things will get better with the country’s growth. 

Economic growth can naturally increase financial inclusion, as more Filipinos gain income and access to the financial system. 

“The number of Filipinos that have opened formal accounts are those that have the capacity to stash away money in that account, or those people who have jobs who use that account to receive their salaries every month. So the ability of Filipinos to open a formal account is tied to the progress of the country,” Ms. Zulueta said. 

“When the country progresses, more Filipinos will be more included in the financial system. 

Take a step back. 

Before investing, neophytes should first know why they’re getting into it. “You have to take a step back before you dive into the investing world,” said Ms. Zulueta. “You have to know yourself and know what type of investor you are.” 

First-time investors should consider their purpose, their appetite for risk, their time horizon, and their hurdles. 

There’s more to investing than time deposits. 

“When we talk about assets, typically for Filipinos we think about cash, time deposits, money that is placed in savings or checking accounts. Why is it not necessarily a good thing even though you’re technically setting aside money?” Ms. Zulueta asked. “There’s the problem of inflation, or the rate by which prices of goods go up every year. Right now, inflation is at 4-5%. Let’s say you bought chicken last year for P100 a kilo, right now it’s going to be P104 a kilo. The value of your money actually goes down over time, unless you invest it.” 

Look beyond the local market for opportunities. 

Those who are already investing can stand to benefit from diversifying where they invest. 

“One advice I would give in order to have a more diversified portfolio regardless of where you are in your investment life is looking beyond local. Diversifying your portfolio does not just mean diversifying your asset classes, it’s really diversifying in terms of geography. Look at investing in more developed countries like the US or Europe or even in other Asian countries,” Ms. Zulueta said. 

“The Philippine stock market has been challenged in the past five to ten years for many reasons. But we’ve seen that the US market has done phenomenally well the past five to ten years, mainly driven by the technology industry. If you were just invested in the Philippine local market, you would have had dismal returns. But if your portfolio was a little more diversified in terms of geography, and you put a bit more money in markets outside the Philippines, you would have done better.” 

It’s also a matter of trust. 

For many people, banks or investing are unfamiliar concepts and that can have the effect of turning them away from the market altogether. But it doesn’t have to be that way. 

“Banks have a fiduciary relationship with their clients. What does that mean? It means that banks have the responsibility to do what’s best for their clients. Especially for Filipinos who have limited experience with banks, trust is built over time,” Ms. Zulueta said. 

“If you’re really not interested in investing, hire somebody whom you trust to do it for you. A bank can guide you and make it easy for you to have that exposure to different markets and for you to have sound asset management that would allow you to grow your assets over time.” 

Recorded remotely on Oct. 15, 2021. Interview by Santiago J. Arnaiz, BusinessWorld contributor and chief operating officer of health startup Day3 Innovations. Research by BusinessWorld special features writer Bjorn Biel “JB” M. Beltran. Produced by Paolo L. Lopez and Sam L. Marcelo.

Follow us on Spotify BusinessWorld B-Side

Converge puts customers in the front seat of innovation

Converge flexiBiz customers enjoy the bandwidth they need, when the need it the most.

Innovation has long become a buzz word in the ICT space. Every new service or technology may be an improvement, but not necessarily an innovation. Some even confuse innovation with novelty.

What is innovation? Converge Chief Operations Officer Jesus C. Romero has a simple definition: “It’s a different and better way of serving customer needs. It’s a first, not just in a company, but in the entire industry and is commercially successful.”

Innovation is not just being new for newness’ sake. It’s a modern solution that serves a purpose, and in the case of Converge, it’s serving the customers that drives the innovation.

“Putting customers at the front seat of our innovation process and driving our business forward is what makes Converge the fastest growing internet service provider today. We make sure our product and service offerings answer to what Filipinos need, at this time,” COO Romero added.

Converge opened its first Fiber-Fast Business Center, a multi-experience / multi-channel business center where we can receive payments via drive-thru, and customers can apply for a line while in safely parked in their cars.

In the first quarter of 2021, Converge, having seen the volume and pace of consumption of Filipinos of connectivity in 2020, launched a product that gives customers the freedom to choose when they want to have increased speeds. 

This innovation doesn’t just adjust the broadband connection to  the customers’ productivity hours, it also adjusts to their wallets.

The Converge Time of Day broadband plans offer doubled download speeds at pre-set times of the day. Daytime doubled speeds means an online class, a business meeting, and Youtube browsing can take place in one household, all at the same time. A perfect product, attuned to Filipinos’ pandemic needs.

The Time of Day innovation adjusts to Filipinos’ consuming behavior, whether they be an individual or a business.

The Time of Day plans of Converge are: TOD 2000 (100 Mbps / 200 Mbps) and TOD 3000 ( 300 Mbps / 600 Mbps).

Converge is the first in the market to offer Time OF Day, an innovative product that offers doubled download speeds at pre-set times of the day.

This innovation concept is also applied to another product series of Converge called flexiBiz. These are SME-oriented broadband plans that offer the same, tailored innovation (doubled speeds during the day or same speed 24/7) for businesses, at a price within their reach. Through offering ‘customized’ connectivity, businesses are able to realize cost savings and operational efficiency.

Romero further explains, “We have been improving our service offerings to support the SME segment as we recognized that a lot of them were severely affected by the pandemic. We know that while their budgets had to adjust, their bandwidth requirements increased as they shifted operations online. This is where flexiBiz comes in. We created a product that gives them the bandwidth they need at the time they need it the most. So whether their business operates during the daytime or at night, the SMEs will receive faster speeds at lower costs.”

In tandem with these innovations, Converge also upgraded its standard broadband plans for the second time, giving customers speeds of up to 800mbps at no additional cost.

The upgraded FiberX plans are:  FiberX1500, from 35 Mbps now 50 Mbps ; FiberX 2500 from 100 Mbps now 300 Mbps, and FiberX 3500 from 200 Mbps to 800 Mbps.

The company also recently offered a speed upgrade for their customers.

The Network is the Product

If customers drive product innovation, what exactly is the product? The product is the superior fiber technology that Converge harnesses and which makes up its nationwide domestic network.

Converge’s network is the first in the country to run on 400 Gbps technology, and now upgraded to   the industry-leading standard of 800 Gbps, which makes it the only ISP in the country to use this technology. This capacity makes possible high-speed data transfers that are needed for streaming, remote storage, and next-generation technologies

“Converge believes that the network is the product. When the network is the best in class then we will have the best in class products. We design our networks using three strict parameters. One it must have high availability, to have as few failures as possible. Second, it must be low latency and the third is non-blocking meaning there is no congestion on the network,” Romero said, underlining the features of the country’s most modern fiber backbone.

Backed by the best broadband technology and a network design that efficiently connects users around the country, Converge can freely innovate and focus on serving customers better.

With Converge showcasing true innovation at every turn and building an expansive network, the message is clear: as long as Filipinos continue to hunger for high-speed broadband connection, Converge will be there to serve the need however and whenever they need it.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Get Mapúa’s premier engineering and IT education from home through its fully online programs

A good college education is one of the most rewarding achievements a person can have. Getting an academic degree from a reputable institution presents numerous opportunities for individuals seeking to launch their careers successfully. Mapúa University, an enabler of Filipinos’ successes here in the country and abroad, understands this very well and ensures that its program offerings meet the desired outcomes of learners under any circumstance.

Mapúa is a top-ranked university in Asia, as declared by Quacquarelli Symonds (QS), with internationally recognized program offerings. It is a known trailblazer in Philippine education with significant contributions to reforming the traditional learning setup. Over the years, it has harnessed the potential and power of digital technology in delivering leading-edge education to learners, constantly innovating delivery methods that break geographical, time, and eventual barriers. This makes Mapúa a recognized leader in digital education and online learning in the Philippines and one of the most digital-ready universities in Asia.

Upholding excellence in digital learning

Mapúa’s most recent remarkable undertaking for digital education is the launching of Mapúa ÚOx or the Ubiquitous Online Experience. It is its initiative in delivering fully online bachelor’s degree programs through its very own platform Cardinal EDGE or Education in a Digital and Global Environment.

Offered under Mapúa ÚOx are six Commission on Higher Education (CHED)-approved fully online undergraduate programs in engineering and information technology, namely Computer Engineering, Electrical Engineering, Electronics Engineering, Industrial Engineering, Computer Science, and Information Technology.

The fully online programs uphold the same excellent quality of education as Mapúa’s internationally accredited on-campus counterparts’ (blended programs). They follow the principle of outcomes-based education, with curricula designed to attain the desired student outcomes that will make their graduates highly competitive and qualified for the professions they are prepared for.

Features and benefits of Mapúa ÚOx

The Mapúa ÚOx programs are facilitated through Mapúa’s strong digital capabilities composed of powerful educational tools and vast and up-to-date online learning resources. This expands the reach of its education globally, bringing its world-recognized education closer to Filipino homes.

The programs provide learners with the flexibility of “anytime, anywhere” education. They feature teaching and learning activities that are designed to be asynchronous, wherein there is no required real-time interaction between students and instructors. Students can access content and coursework at a time that best suits their schedule, with deadlines for completion and submission of assessment tasks and the University’s academic calendar being the only time considerations in these programs.

Furthermore, the flexibility of self-paced learning makes the required academic tasks not interfere with day-to-day routines like family life, chore time, or even leisure breaks, which allows students to develop other skills and pursue their passions alongside learning.

Getting assistance from the University will also be convenient for fully online students despite the remote learning setup, as Mapúa provides life coaches that act as advisers throughout students’ academic life. Life coaches closely assist on matters related to fully online studies, such as academic advising and enrollment, career advising and placement opportunities, goal setting, time management and social skills coaching, and other transactions with the University.

Creating this alternative to on-campus schooling presents excellent opportunities for learning for Filipinos. It has made Mapúa’s world-renowned education accessible to students, helping them earn their dream degree toward the attainment of their personal goals. This is also equally notable for parents who want to ensure their children the best education they desire for them regardless of geographical, time, and other constraints. The fully online programs follow Mapúa’s quarter system, and students may apply and enroll in any quarter in the academic year.

Visit https://www.mapua.edu.ph/DigitalAcademics/UndergraduatePrograms.aspx to learn more about Mapúa University’s fully online bachelor’s degree programs.

Applications for Academic Year 2022-2023 are ongoing. Interested students may apply online at https://www.mapua.edu.ph/ApplyNow2.aspx. To request more information about Mapúa University and your preferred programs, visit https://www.mapua.edu.ph/ExploreMapua.

 

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Give the gift of holiday hygiene

Even though we’re two years well into the pandemic, you can’t deny that coronavirus essentials STILL make for no-brainer holiday presents.

So if you’re a practical gift-giver, here are our top BENCH/ Everyday Essentials for gifting:

BENCH/ Alcogel Ultimate Clean Air + Surface Disinfectant Spray

A room spray and a disinfectant in one, BENCH/’s Air + Surface Disinfectant Spray is definitely on the top of our nice-to-gift list! It comes in Powder Power, Lavender Dreams, and Ring Around a Rosey scents that have a fresh aroma that lingers, but never overpowers. Plus points because it’s also available in travel-sized 60ml bottles, so you can disinfect on-the-go!

BENCH/ Alcogel Antibacterial Hand and Body Wash

The perfect gift for the skindulgent friend who loves to give their skin a treat! This antibacterial hand and body wash from BENCH/ is infused with Argan Oil and Vitamin E for that smooth and moisturized feeling.

BENCH/ Alcogel Skin Antiseptic Solution

This BENCH/ Alcogel skin sanitizer kills 99.9% of bacteria to keep skin clean and germ free. The non-sticky formulation and long term effectiveness makes this product an essential for friends and family who are always out and about their daily activities.

BENCH/ Alcogel Clean Kitchen

Christmas is among the celebrations where the kitchen is essential. Good thing this all-natural brew BENCH/ Clean Kitchen Sanitizer does an impressive job keeping kitchens, utensils, surfaces, and even fresh produce spick-and-span clean and germ free!

BENCH/ Organics Lavender Castile Soap

This essential soap is perfect for the essential oil lover — or anyone for that matter! Why? With seven different uses (face, body, hair, shaving, dishes, surfaces, and washing fresh produce!), your giftee is sure to find this all-in-one lather useful.

Find these practical holiday gifts in BENCH/ stores nationwide, or at their official online store at https://shop.bench.com.ph/.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber to get more updates from BusinessWorld: https://bit.ly/3hv6bLA.

 

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