Brian Tyree Henry says Dope Thief role felt like ‘homecoming’

March 14, 2025 | 12:02 am

Dope-Thief-(2025) — Brian Tyree Henry in a scene from Dope Thief.

LONDON — Brian Tyree Henry plays a thief fearing for his life while dealing with his painful past in gritty crime drama Dope Thief, a role the US actor said felt like “a homecoming.”

The eight-part mini-series stars Mr. Henry as Ray and Narcos actor Wagner Moura as Manny, two Philadelphia friends who pose as Drug Enforcement Administration agents to rob trap houses. But when they raid an unknown rural house, they unleash a dangerous set of events that sees them running from a cartel as well as the police.

“There was so much about (Ray) that resonated with me. I saw this man that was dealing with generational trauma, trying to find a way to make it, trying to find a way to actually be cared for,” Mr. Henry, known for films such as Transformers One, Bullet Train, and Causeway, for which he earned an Oscar nomination, told Reuters.

“He allowed me to lay down a lot of my burdens that I had been carrying… it was definitely another transition for me… to elevate myself and how to deal with my emotions and deal with my abandonment, deal with my fear, and deal with all those different things.

“And so, Ray was actually the first time in a long time that I felt like I had come home. He felt like a homecoming in a way.”

At the heart of Dope Thief is the long-running friendship between Ray and Manny and how they deal with their struggles.

“The show is violent. There’s a lot of violence and crime and running and you’ve got this Black and Latino man, we’ve kind of seen this kind of show before,” Mr. Henry said. “But… we wanted to show the tenderness between these two, the friendship.”

Dope Thief is based on the 2009 novel by Dennis Tafoya, however the show drifts away from the book, series creator Peter Craig said.

“I liked that (Tafoya’s) really got two novels in one. The second half is very internal, so I liked the idea of just using the first half and then having a lot of room for invention,” he said.

Dope Thief premieres on Apple TV+ on Friday. — Reuters

IFC names Amena Arif as new country manager for PHL

March 14, 2025 | 12:01 am

THE International Finance Corporation (IFC), the private-sector arm of the World Bank Group, said it appointed Amena Arif as the new country manager for the Philippines.

The Pakistani banker joined IFC in 2012 and succeeded Jean-Marc Arbogast, who now serves as country manager for Chile.

“IFC is committed to working with our partners in the Philippines to unlock funding that will help create jobs, support companies in mitigating the impacts of climate change, open doors for small businesses to grow, and ensure that digital services are accessible to everyone,” Ms. Arif said.

She previously led IFC’s debt and equity investment transactions, working with financial institutions in Pakistan, Afghanistan, and Lebanon.

Ms. Arif also served as country manager for various markets, including East Africa — where she was based in Nairobi — as well as Sri Lanka and the Maldives.

“I am excited to be back in Asia and look forward to working closely with our public- and private-sector partners toward sustainable and inclusive growth,” Ms. Arif said.

She holds an MBA from Lahore University of Management Sciences in Pakistan.

IFC is the largest global development institution focused on the private sector in emerging markets.

Last January, IFC said it invested $130 million in lender Asialink Finance Corp. to boost lending to women-led micro, small, and medium enterprises. — Aubrey Rose A. Inosante

Managing salary-related issues

March 14, 2025 | 12:01 am

How do we manage a situation where employees willingly share their payslips with other workers? This has become a terrible issue, resulting in boss-worker conflict and, often, with the human resource (HR) department. Please advise. — Fatty Queen.

It’s a tricky issue. No matter how you tell people that salary data is confidential and that salary policies are objective and competitive, many will still lodge a complaint. At times, you may discover their inquiries are valid, while others might be meant to question management competence.

A typical example is when someone complains that another worker is earning more for doing the same job, while ignoring differences in actual work performance and the company’s merit increase policy. Another issue is comparisons of salaries with other companies.

Employees will give you all kinds of reasons why they deserve more money. Regardless of the validity of their complaints, there’s no other way but for HR to handle each case with diplomacy topped with a dose of professional courtesy.

BASIC APPROACHES
There are many ways to positively resolve such issues, including some that are win-win. Here are some basic techniques that you can use to manage the situation. If done properly, you can minimize any adverse effects on all concerned.

One, review the current company policy. This includes the salary scale, performance appraisal system, merit pay, service recognition, and other salary-related standards. Update those standards as necessary to bring them in line with industry and community best practices.

Management must share the basic message of these policies through a circular or memo to employees. In doing so, emphasize the objectivity of the policy and the way they are crafted by management.

Two, compare the salary policy with benefit practices. Even if the company pays non-competitive rates, emphasize the value of all benefits the employees are receiving. Chances are, the total value will be far more than the pure salary. These could include health and medical care coverage for employees and their family members.

Another example would be the sophistication and variety of training programs being given to all employees. In certain cases, other benefits could be used as compensating factors, like having an easy commute or flexible working hours.

Three, underscore the objectivity of an employee’s salary. Sometimes, certain employees may raise issues first brought up by colleagues. Chances are, these are pure gossip with no factual basis. The best way to put such an issue to rest is by sharing a copy of the salary scale which shows the range of salaries for various job grades.

Your company need not have a collective bargaining agreement with a union. All your management has to do is keep abreast of the current trends in the industry and other professional communities. Once you share the information that salary practices are pretty much the same everywhere, the issue should die a natural death.

Four, adjust distortions brought about by mandatory wage adjustment. As soon as a new minimum wage policy is issued, adjust the salary scale right away using formulas suggested by the National Wages and Production Commission. The suggested formula must be reconciled with the legitimate economic requirements of the employees, while ensuring a fair return on company investment.

Management must not delay in issuing an updated salary scale. Or else, adjustments can be done retroactively.

Five, manage employee claims about their true performance. One of the complex issues that employees can bring to management is when they claim that they have done a good job compared to their colleagues. If this happens, ask them to justify their claim with concrete evidence.

Challenge their claim in a non-abrasive way. Say something like this: “You’re doing a fairly decent job. However, other people in our team have done better.

“How about doing this? Within the next three months, show me your biggest milestones and I will take it from there. I’m not giving you false hopes, but I promise to convince management to recognize your tangible accomplishments.”

DECISION
If you decide to turn down a request, it’s important to do it without being unreasonable. Almost all people will accept your decision if your reasoning is carefully crafted and explained. Whatever you do, don’t be swayed by the emotions of workers who may cite irrelevant issues like being the family’s sole breadwinner.

Personal circumstances and family situations are not a consideration for adjusting salaries. Therefore, focus on the letter and spirit of your management policies. Don’t be swayed by desperate, emotional pleas. Otherwise, it will open the floodgates for other employees to do the same thing, to the detriment of the actual high achievers.

Bring Rey Elbo’s leadership program as an exclusive event for your management team. Consult with him on Facebook, LinkedIn, or X, or e-mail your concerns to elbonomics@gmail.com or via https://reyelbo.com. Anonymity is guaranteed.

The dollar’s rampage is on hiatus. Is Asia ready?

March 14, 2025 | 12:01 am

THE EPIC RALLY that drove the dollar to its best performance in almost a decade is taking a breather. For policymakers in Asia, who were pushed into making uncomfortable choices in 2024 as their currencies swooned, the challenge is to use the respite wisely.

It’s not that the greenback is necessarily headed for a rough year; it’s only March, and 12 months ago many strategists were mistakenly bearish. Nor is it remotely time for an obituary, however much President Donald Trump may be trying to reshape the economics and politics of the era.

The US hegemon is entrenched in global commerce. But signs of a slowdown are offering some hiatus, and that’s welcome. The yen is clawing its way back from the lowest level in more than a generation and the South Korean won’s slide has abated. The Malaysian ringgit and Thai baht have steadied after a difficult patch. The rupiah has strengthened after falling toward 16,600 per dollar.

Growth in most of these economies could use a lift, and inflation has retreated to the comfort zone of central banks. But the cycle of interest-rate cuts in Southeast Asia has been a tepid one. Officials have proceeded carefully, wary of letting exchange rates weaken too much. In the back of their minds has been concern that the Federal Reserve would go slow on the couple of rate reductions penciled in for this year — or possibly even resume hiking. As much as they profess to abhor uncertainty, the White House’s on-again-off-again tariffs are presenting Asia with a gift. Officials have previously been torn between juicing growth and supporting their currencies.

Export-dependent economies do stand to suffer from a global trade war. An all-out conflict would have many losers, and nations that rose to prosperity on the back of supply chains would certainly suffer. But that’s not quite what we have right now. The whiplash from Washington’s moves to impose, and then suspend, levies on neighboring economies — coupled with the possibility of steep cuts in government spending — has dented investor confidence. The Nasdaq 100 on Monday had its worst day since 2022 and Treasuries, usually seen as a haven in times of tumult, rallied. Recession in the US, considered only a dim prospect a few months ago, is now the concern of the hour. The Bloomberg Dollar Spot Index is roughly back to its levels in October after a sharp climb following the November election.

Indonesia, where fluctuations in the currency play a huge role in shaping policy, is a good place to start. The president wants dramatically faster growth and inflation is receding, but Bank Indonesia has trodden carefully. Governor Perry Warjiyo surprised with a cut in January, but balked in February. “Stability is the most important thing for our economy,” he told reporters. “That’s why we continue to be in the market and maintain the stability of the rupiah, especially when global turmoil is high.”

One economy that punches below its weight is the Philippines. Yet even there, the case for a bit more courage is strong. In a Feb. 24 report titled “Letting the Fed Go,” HSBC Holdings Plc encouraged the central bank to a be a bit bolder. It wouldn’t hurt the authority, which has already trimmed rates in the past year, to let the peso depreciate, economists at the bank wrote.

Officials could do with being less defensive; they have intervened to stop the peso crashing through 59 per dollar. There’s no suggestion that the Philippines is getting negative reviews — or any at all — from the new administration. And manufacturing, a weak spot compared with the dominance of factories in Malaysia and Thailand, may become more competitive if the peso drops.

Stability is a good thing, and something that appears to have deserted Washington. In much of Asia, memories of the financial crisis of 1997-1998 are still vivid. Exchange rates float more freely now; efforts to prop them up artificially are passé. That doesn’t mean officials are absent from the market altogether, and FX is a big factor when they consider rates.

Monetary guardians are a cautious breed, understandably. Trump has opened a door to shore up growth. All they need to do is walk through.

BLOOMBERG OPINION

‘Mamba Mentality’ lessons

March 14, 2025 | 12:01 am

Visiting my mom Elvira on her 89^th birthday in Los Angeles offered an opportunity to watch the beginning of a new era for the Los Angeles Lakers franchise. In this year’s biggest trade blockbuster, 25-year-old Luka Doncic, recognized as one of the best basketball players in the world, joined the Lakers from the Dallas Mavericks in exchange for Anthony Davis, another all-star. As an avid fan, this writer’s first thought was whether Luka is a worthy successor to Kobe Bryant’s “Mamba Mentality.”

Kobe defined Mamba Mentality as “constantly trying to be the best version of yourself,” emphasizing hard work, mental toughness and the pursuit of greatness. The term originated from his nickname, “Black Mamba,” a symbol of focus, precision and lethal efficiency. “The mindset isn’t about seeking a result — its more about the process of getting to that result. It’s about the journey.”

In the book The Mamba Mentality: How I Play, Kobe reflects on his career, mindset, and the principles that drove his success. It provides insights not only into his basketball but also into how anyone can apply the philosophy to achieve excellence in their own lives. He documents who he learned from, how he played through pain and why he refused to accept losing as an option.

“If you really want to be great at something, you have to truly care about it. You have to obsess over it. Greatness isn’t easy to achieve. It requires a lot of time, a lot of sacrifices. It requires a lot of tough choices. It requires your loved ones to sacrifice, too, so you have to have an understanding circle of family and friends. There is a fine line between obsessing about your craft and being there for your family. You can’t achieve greatness by walking a straight line,” he said in the book.

Kobe’s commitment to hard work was unparalleled. He believed that consistent, discipled effort separates the good from the great. He often practiced before dawn and focused on refining every aspect of his game. “My midnight workouts have become a thing of legend. They were always purposeful,” he said. He also discussed playing while in pain and making adjustments, as long as the situation does not worsen.

Kobe was obsessed with the smallest details — whether it was footwork, understanding opponent’s tendencies, or improving his physical conditioning. He believed mastery came from perfecting the basics and paying attention to nuances others overlooked. Small improvements lead to significant gains.

Throughout his career, Kobe faced injuries, setbacks and criticism. Yet his mindset was to view challenges as opportunities for growth. He approached failures as learning experiences and never let them deter his ambition.

He constantly sought to improve by learning from others. He studied the game, learned from basketball legends, and applied lessons from other fields to enhance his performance. He set exceptionally high standards for himself and expected the same from his teammates. For Kobe, basketball was more than a game — it was a lifelong passion.

Whether in business, sports, or personal growth, adopting the Mamba Mentality means committing to continuous improvement, embracing hard work, resilience, leadership, and pushing through challenges. It’s a mindset that anyone can adopt to reach their full potential and inspire others along the way whether you’re an athlete, entrepreneur or leader. It is a blueprint for lasting success.

Examples of Mamba Mentality in practice are aplenty. The commitment to excellence is shown in Elon Musk’s dedication to Space X’s and Tesla’s innovations. Resilience in the face of failure is shown in Steve Jobs rebound after being ousted from Apple, founding NEXT and returning with the creation of the iPhone. Kobe seeking wisdom from sports legends reflect in CEO’s investment in lifelong learning like Warren Buffett’s propensity to read 500 pages a day to maintain his edge. Kobe pushed to teammates to their limits much like Jeff Bezos cultivated a demanding culture at Amazon.

Now, back to Luka. His ability to dominate under pressure and his commitment to improving year after year align with the Mamba ethics. However, critics point out that Luka’s conditioning and defensive consistency haven’t yet reached Kobe’s uncompromising level. It all depends on his capacity to adopt Kobe’s relentless work ethics and leadership style over time. Luka has the potential. Only time will tell if he can live up to expectations.

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

Benel Dela Paz Lagua was previously EVP and chief development officer at the Development Bank of the Philippines. He is an active FINEX member and an advocate of risk-based lending for SMEs. Today, he is independent director in progressive banks and in some NGOs.

Sony Music sues University of Southern California over social media ads

March 14, 2025 | 12:01 am

SONY MUSIC has sued the University of Southern California (USC) in New York federal court for allegedly using more than 170 of the label’s songs in videos promoting the school’s athletics program without permission.

The label’s lawsuit, filed on Tuesday, cited 283 videos with songs from musicians including Michael Jackson, Britney Spears, and AC/DC that USC’s sports teams supposedly used in TikTok and Instagram posts without licenses. Sony Music asked for statutory copyright damages of $150,000 per song, amounting to tens of millions of dollars in damages.

USC said in a statement that it “respects the intellectual property rights of others and will respond to these allegations in court.” Attorneys and spokespeople for Sony Music did not immediately respond to a request for comment on Wednesday.

Sony Music said in the lawsuit that it had warned the Los Angeles university about its unauthorized use of the label’s music since 2021. The label said USC uses its music to drive social media engagement and sell sports tickets and merchandise.

“Despite having been on notice of its infringing conduct, USC has repeatedly failed to obtain licenses for its use of Sony Music sound recordings on the USC Social Media Pages, although it has acknowledged that it needs music licenses, that music licenses must be paid for, that music licenses can be expensive, and that music license requests may be denied,” Sony Music said in its complaint.

Sony Music said it had discussed a potential settlement with USC until January.

The label has filed similar lawsuits against companies including Marriott, which it sued last year. Sony and the hotel chain ended their dispute later that year. — Reuters

Manila’s logistics rental costs up 1.6% in second half of 2024

March 14, 2025 | 12:00 am

Logistics rental rates in Manila rose 1.6% year on year in the second half of 2024 based on the latest edition of the Asia-Paciﬁc H2 Logistics Highlights by Knight Frank. Manila’s warehouse costs grew to P389 per square meter per month. The Philippine capital was the ninth-highest in the region among 17 cities and was higher than the Asia-Paciﬁc average growth rate of 0.2%.

How PSEi member stocks performed — March 13, 2025

March 14, 2025 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Thursday, March 13, 2025.

DoE considering standard LGU power project approval process

March 13, 2025 | 9:26 pm

THE Department of Energy (DoE) said it is seeking to standardize local government unit (LGU) ordinances for approving energy infrastructure projects.

“By implementing this standardized approach, the DoE seeks to create a more transparent regulatory environment and accelerate the development of critical energy infrastructure that supports the country’s long-term energy security and economic growth,” the DoE said in a statement on Thursday.

The DoE said it has consulted with LGUS on ways to streamline the permit process and “create a more investment-friendly environment for energy development.”

“By working closely with LGUs, we enhance regulatory transparency, improve coordination, and streamline approval processes. These efforts not only facilitate faster project implementation but also reinforce the government’s commitment to strengthening the country’s energy infrastructure and advancing sustainability initiatives,” Energy Undersecretary Sharon S. Garin said.

The DoE said Iloilo province is serving as a pilot area for the initiative due to its large number of existing and upcoming renewable energy (RE) projects.

It said that the province is positioning itself as a center for sustainable energy after passing the Iloilo Province Renewable Energy Ordinance (I-PORE) in 2022.

As the first LGU to pass such an ordinance, Iloilo has encouraged the development of renewable energy infrastructure, pushing barangays and municipalities to identify potential RE investment sites, and provided incentives under the provincial investment code.

Iloilo is currently hosting three operational renewable energy projects and is expecting 26 more.

According to the DoE, one of the most common bottlenecks in developing power projects is the “varying timelines for the issuance of permits” like the LGU Resolutions of Support, causing significant delays.

The proposed ordinance template recommends that these resolutions be issued “within a definite and transparent timeline” to ensure “a more predictable and efficient approval process.”

The DoE said that LGUs should also prioritize and allow parallel processing of applications for strategic investments in energy, as opposed to resorting to a step-by-step approval chain. They were also urged to issue provisional permits and publish and post their schedules of fees and charges. — Sheldeen Joy Talavera

Easing inflation leaves room for rate cuts, ex-central banker says

March 13, 2025 | 9:25 pm

BSP-building — Bangko Sentral ng Pilipinas main office in Manila — BW FILE PHOTO

THE Monetary Board could cut rates at its April meeting, with receding inflation giving it space to ease monetary policy, a former Bangko Sentral ng Pilipinas (BSP) official said.

GlobalSource Partners Country Analyst Diwa C. Guinigundo, a former deputy governor, told reporters on Wednesday: “I think the BSP has a space to cut. One, the actual inflation rate of 2.1% in February. And then in January, 2.9. — so that’s 2.5 average. That is within the target of 2-4%. So on that basis, they have a reason.”

BSP Governor Eli M. Remolona, Jr. said the monetary authorities are still in easing mode, after an unexpected decision to keep the benchmark rate steady last month at 5.75% amid “global trade uncertainties.”

He signaled that a rate cut is still “on the table” at the Monetary Board’s next rate-setting meeting on April 10.

Mr. Guinigundo said inflation expectations and the BSP’s forecast fall within the range of 2-4% target.

Headline inflation in January eased to 2.1% in February from 2.9% a month earlier and 3.4% a year earlier, according to the Philippine Statistics Authority.

“Of course, as I said, yes you can cut, but you have to be very careful because of the risks,” he said.

He said these include the new US government’s trade policies, and the possible adjustment to fares and wages, noting that these could add to inflation.

“Even without this political noise, the BSP should always be careful in its easing policy stance. Precisely because in America, the US Federal Reserve is not that aggressive,” he said.

He also noted the differential between the Federal funds target rate and the BSP’s policy rate.

“(The gap is) around 100-125 bps. That is the risk premium. If it can go down, because we are going down, that could be a possible reason or underlying reason for capital to flow out,” he said.

Meanwhile, Mr. Guinigundo said the political noise surrounding former President Rodrigo R. Duterte’s arrest could hurt the peso.

“But there are bonds coming in. Some people invested. Others made outward investments in the previous period. Now they are returning the money here. That is a counterweight to the negative political noise.”

“That’s why peso is stable. But once the configuration of events changes, then you can expect some volatility,” he said.

The peso closed at P57.36 to the dollar on Thursday, unchanged from its Wednesday finish. — Aubrey Rose A. Inosante

Trade dep’t plans more funding for film industry

March 13, 2025 | 9:25 pm

THE Department of Trade and Industry said it hopes to increase funding allocated to develop the film industry next year.

“We are still reviewing. The budget (season) is approaching,” Trade Secretary Ma. Cristina A. Roque told reporters on Wednesday.

“To be honest, I really haven’t thought about how much the increase is. But probably double and we’ll get the private sector involved also,” she added.

According to Ms. Roque, the budget for the film industry was around P300 million in 2025.

“I am also really looking at the marketing cost to get our films displayed abroad. Based on my research, in Korea and Thailand, there really is government funding for the push of the industry,” she said.

She said that the increased support for the industry will help promote the country which may encourage tourism and trade.

“Pushing the creative industries is also something that the President really wants us to be aggressive on. Of course, when our sites are seen in the movies abroad, the filmgoers are enticed to go to the Philippines,” she said.

“The more tourists we have, the more sales the small and medium enterprises will have,” she added.

During her visit to Los Angeles last week, Ms. Roque, together with the Tourism Secretary Ma. Esperanza Christina G. Frasco and First Lady Marie Louise Araneta-Marcos introduced the “Expanding the Bridge” package of financial incentives, including cash rebates of up to 25% via the Film Location Incentive scheme and grants of up to P10 million for international co-productions through the International Co-Production Fund.

“We are not merely offering a location; we are offering a partnership. The Philippines is open for business, and we’re bringing substantial resources to the table. We are here to build a new era of cinematic collaboration,” said Ms. Roque.

“With these incentives, we are not just making the Philippines a cost-effective filming location — we are offering Hollywood a creative partnership. Our filmmakers, crew, and post-production teams are world-class, and our stories have universal appeal,” she added. — Justine Irish D. Tabile

Tariff Commission expects to conclude probe into safeguard duties for cement by June

March 13, 2025 | 9:24 pm

THE Tariff Commission said it hopes to complete the safeguard duty investigation into cement imports by June.

At a preliminary conference on Thursday, the commission said it hopes to submit the formal investigation report to the Secretary of Trade and Industry by June 24.

On March 4, the Tariff Commission launched formal proceedings to determine whether to impose safeguard duties on imports of ordinary Portland cement and blended cement from various countries.

Following the preliminary conference held on March 13, the commission has set a March 25 deadline for the submission of the adjustment plan and an April 4 deadline for the submission of initial memoranda position papers.

Verification of submissions is scheduled to begin on April 4, while the staff report is set to be issued on May 15.

Comments on the staff report will be accepted until May 25, while public hearings are tentatively scheduled from June 2 to 6.

Amended memoranda or final position papers are due on June 15, the commission said.

Last month, the Department of Trade and Industry (DTI) issued Department Administrative Order No. 25-01, which imposes provisional duties on products classified under AHTN Code Nos. 2523.29.90 and 2523.90.00.

Under the order, safeguard duties of P400 per metric ton or P16 per 40-kilogram bag in the form of a cash bond will be provisionally imposed on imports of ordinary Portland cement and blended cement.

The order follows the preliminary safeguard measures investigation conducted by the DTI.

The DTI said increased imports resulted in declining sales, production, capacity utilization, profitability, and employment for domestic producers.

Currently, the Philippines imposes an anti-dumping duty against cement imports from Vietnam, which accounted for 94% of cement imports in 2024. — Justine Irish D. Tabile