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Digital tools to help MSMEs rebound and grow

BusinessWorld Insights, Eastern Communications hold webinar on SMEs in the Now Normal

Being the backbone of the Philippine economy, micro, small, and medium enterprises (MSMEs) are vital as the country steps onto the recovery stage.

According to a statement from the United Nations in 2020, MSMEs consists of 99.5% of the business establishments and employ approximately 63% of the workforce in the Philippines; and in the past years, they contributed 40% of the country’s gross domestic product.

But since the coronavirus disease 2019 (COVID-19) affected many MSMEs, they need tools for their maintenance and recuperation. Experts sought to help MSMEs by sharing details about those resources online, during a recent session of BusinessWorld Insights, in partnership with Eastern Communications, with the theme “Ready to Thrive: SMEs in the Now Normal”.

Starting off the discussion, Senen Perlada, executive vice-president and chief operating officer of Philippine Exporters Confederation, Inc., described the now normal track for MSMEs in the country.

“There is a powerful inclination among businesses, including MSMEs, [that] want the future to look much like the recent past,” Mr. Perlada said. “But this pandemic has wreaked havoc on forecasts and pro forma plans that were made simply by extrapolating recent experience into the near and distant future.”

He continued, “Many of the assumptions, tendencies, and habits that long proved to be reliable have suddenly lost much of their relevance unexpectedly. This has been more pronounced for MSMEs.”

Mr. Perlada specified that MSMEs face major challenges such as customer acquisition, conversion, and retention; hyper-competition; supply chain issues; bureaucratic opacity; lack of finance and resources; lack of digital infrastructure; connectivity issues; and digital talent acquisition and retention.

Nevertheless, he said there are key drivers for MSMEs to rebound and grow in the now normal. These are revenge spending; information and insight on “platformification”; accelerated digital transformation; greater global connections; and new opportunities for “phygital” business models.

Mr. Perlada also recognized MSMEs’ crucial contribution to job creation and the economy. “So for MSMEs, there is an urgent imperative to adjust to the new realities now to survive and eventually thrive on to the next normal,” he said.

Electronic guides for entrepreneurs

Innovative and useful resources are available online to guide MSMEs for their survival and recovery, as shared by Butch Meily, president of the Philippine Disaster Resilience Foundation (PDRF).

“One of our most important initiatives is helping MSMEs, both in being prepared for disasters and helping them recover,” Mr. Meily said.

He first talked about PDRF’s MSME guidebook. “It’s meant to be the primary reference material for small businesses to learn how to do business continuity plan, and to make them aware why it’s important,” he said.

MSMEs can also receive online mentoring with specific problems and other information about business recovery through a one-stop, digital hub called SIKAP. Another free online resource is QBO, which is established by a partnership between public and private sectors. The idea behind QBO is to help in priming startups, said Mr. Meily.

He also mentioned the iADAPT platform at PDRF’s website, where several courses are available.

Meanwhile, MSMEs may find inspiration from the comic book, Dimatinag. This creative guide features a superhero named Tina, whose journey encompasses trials as an MSME owner during the pandemic.

“Tina, while going through her struggles with her [small business], finds a gift to help her recover and prepare for disasters. And this is a Katatagan in a Box, a mobile app that everyone can make use of and download,” Mr. Meily explained.

The app shows “how to come up with a business continuity plan, prepare your small business for a crisis, and how to recover,” he added.

Cloud-based solutions for work

Addressing the concerns in remote work such as collaboration and communication difficulties, loneliness, and unable to unplug, Diana Crizel Montes, strategic segment marketing manager of Eastern Communications, shared how cloud-based solutions help in the effectiveness and well-being of the workforce.

“[There are] cloud-based applications that can allow for smooth, secure communication and collaboration even if you’re at different places,” Ms. Montes shared.

She explained how an app helps in their video call experience and allows them to work on reports or files together.

Meanwhile, to monitor a project or design a workflow, they use a project management tool.

“Given these tools, even we don’t see each other physically, we get to work as a team productively and effectively,” Ms. Montes said.

Eastern Communications also maximizes the use of these collaboration apps by staying connected even in activities not related to work, shared Ms. Montes.

“We have participated in physical and mental wellness activities such as yoga and other social events. These activities get to give us a sense of comfort, camaraderie, fun, and entertainment,” she said.

Ms. Montes also shared that she received reports on her amount of time using collaboration tools, which give her an idea of when to take on more work or slow down.

“So what [MSMEs] can do is to access and be informed of resources like activity and collaboration tools that can be made available to you to evolve and digitalize your business,” Ms. Montes advised. “And in the process, let’s not forget our employees and team members’ well-being. [They] remain to be one of our best resources.”

Rewatch the latest BusinessWorld Insights with the topic, “Ready to thrive: SMEs in the New Normal.”

Eala, Selekhmeteva through to French Open girls’ doubles semis

Filipino Alex Eala and Russian doubles partner Oksana Selekhmeteva are through to the semifinals of the 2021 French Open girls’ doubles tournament. (Alex Eala Facebook page)

Filipino tennis ace Alex Eala and Russian doubles partner Oksana Selekhmeteva are through to the semifinals of the 2021 French Open girls’ doubles tournament.

The duo survived the tough challenge put up by the pair of Croatia’s Petra Marcinko and Hungary’s Natalia Szabanin in their quarterfinal joust, holding on to win, 7-6, 7-6, on Thursday (Manila time) at the Stade Roland-Garros in Paris, France.

Misses Eala and Selekhmeteva, who are the tournament’s top seeds, needed to regroup late in the opening set after their opponents rallied from a 2-5 deficit and took the upper hand, 6-5. They dug deep to level the count in the 12th game before completing the first-set salvage job.

In the second set, the Filipino-Russian duo got off to another strong start, racing to a 3-0 lead. But Misses Marcinko and Szabanin charged back anew to level the count at 6-6 and force a tiebreaker. Like what they did in the opener, however, the Eala- Selekhmeteva team held steady to wrap up the set and claim the match that sent it to the semifinals.

In the semis, Misses Eala and Selekhmeteva take on the Italian duo of Lisa Pigato and Eleonora Alvisi in a match set for later on Friday.

In the 2021 French Open girls’ doubles tournament, Ms. Eala, a Rafa Nadal Academy scholar and long-time Globe ambassador, is looking to win her second doubles title in a Grand Slam event. She and Indonesian partner Priska Nugroho won the 2020 Australian Open title. — Michael Angelo S. Murillo

A day to celebrate our freedom

The Philippines holds many stories of striving for freedom — before and even after the public reading of the “Act of the Proclamation of Independence of the Filipino People” on June 12, 1898.

In fact, July 4 was once the date recognized by Filipinos as the country’s Independence Day, which was granted by the United States after almost 50 years of colonization. But in 1962, former Philippine President Diosdado Macapagal officially moved the country’s Independence Day to June 12, through Proclamation No. 28 and confirmed through the Republic Act No. 4166.

“The irrefutable claim of June 12 as our day of freedom is bolstered by the fact that it is the culmination of many acts of patriotism and nationalism beginning with Lapu-Lapu’s defiance of the Spanish conquistador, Ferdinand Magellan, who died in battle in Mactan in 1521,” Mr. Macapagal said during his address at Luneta on June 12, 1962.

He recounted several instances when Filipinos battled, protested, or revolted against the colonial rule. Among others, he recognized Rajah Soliman’s heroism in 1571; the Pampanga revolt in 1660; the bravery of Diego and Gabriela Silang during the 1700s; the deaths of Fathers Mariano Gomez, Jose Burgos, and Jacinto Zamora in 1872; and finally on 1898, the freedom of the Philippines as formally declared by General Emilio Aguinaldo.

Such proclamation of independence, according to Mr. Macapagal, was “the first successful national revolution in Asia since the coming of the West, and the Republic to which it gave birth was the first democractic Republic outside of the Western hemisphere.”

“June 12, 1898 is pregnant with meaning not only for our people as the birthday of their sovereign nation but also for the world, since it was our Filipino patriots and leaders [Jose] Rizal, [Emilio] Aguinaldo, and [Andres] Bonifacio who led the nations of Asia in breaking the chains of colonialism in order that they may breathe the fresh air of individual liberty and national dignity,” he said.

“A nation is born into freedom on the day when such a people, molded into a nation by a process of cultural evolution and a sense of oneness born of common struggle and suffering, announces to the world that it asserts its natural right to liberty and is ready to defend it with blood, life, and honor,” Mr. Macapagal explained why he moved the date of the Philippine independence.

However, as mentioned, after General Aguinaldo’s declaration of the country’s freedom from Spain, the Philippines became an American colony, hence the commemoration of independence on July 4, 1946.

The initiative to acknowledge June 12 as the Philippine Independence Day originated from Gabriel F. Fabella, a historian and academician from the University of the Philippines (UP).

According to an article from UP’s Philippine Social Sciences Review, Mr. Fabella submitted a resolution at the Philippine Historical Commission in 1959, also sharing his four arguments to change the date of independence.

He stated that the Philippines could imitate how the United States claimed its own independence on July 4, 1776 instead of September 3, 1783 which was recognized by Britain. Commemorating July 4 as the day of Philippine independence, moreover, might be overshadowed by the celebration of United States from the world’s view.

It would also be timely if the Philippines’ insistence of its sovereignty and freedom as a nation would correspond to the moment it chose its own day of independence. Furthermore, celebrating the same date of independence might result to a negative outlook that the Philippines was still part or not truly free from the United States.

In this initiative, Mr. Fabella soon received support from prominent individuals like Alejandro Roces who was then the Secretary of Department of Education, and even General Aguinaldo himself. He finally attained his objective when Mr. Macapagal signed a proclamation on May 12, 1962, followed by its legislation on August 4, 1964.

Afterwards, Mr. Fabella is dubbed as the “Father of June 12”, the date now recognized as the Philippine Independence Day.

At present, 123 years after the reading of “Act of the Proclamation of Independence of the Filipino People” in 1898, the Philippines continues to honor June 12 as its day of freedom, remembering the long, difficult fight of Filipinos against oppression before and after the first day of Philippine independence.

Leading the celebration this year, the National Historical Commission of the Philippines themed the 123rd anniversary of the country’s Independence Day with “Spirit of Freedom in Unity and National Healing.” — Chelsey Keith P. Ignacio

FDI inflows more than double in March

REUTERS

FOREIGN DIRECT investments (FDI) to the Philippines surged in March, largely due to the low base effect from last year’s slump as well as an improvement in investor sentiment.

Data from the Bangko Sentral ng Pilipinas (BSP) showed FDI inflows in March more than doubled to $808 million from $337 million in the same month last year.

March FDI inflows were also a third bigger than the $608 million in February, but 16% smaller than the $961 million in January.

This helped fuel a 45% rise in first-quarter FDI inflows to $2.377 billion, from $1.638 billion in the same period of 2020.

“March 2021 FDI increased on account of improved investor sentiment amid the gradual resumption of domestic activities, while adhering to the minimum health standards, and government efforts to accelerate the vaccination program,” the central bank said.

FDIs infuse additional capital into the economy, which create more jobs and spur business activity.

Analysts attributed the significant improvement to the low base effect, after FDI inflows in March 2020 were affected by the strict lockdown implemented in Luzon at the onset of the pandemic.

“We all know that same time last year, all economic activity stopped as the world dealt with the spread of the coronavirus. Fast forward to this year, one will notice that somehow businesses and consumers have adjusted to the new normal,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

Asian Institute of Management economist John Paolo R. Rivera said the FDI inflows in March reflect an improvement in investor sentiment as authorities appear to have more options to deal with the health crisis.

“This 2021, stakeholders have a better understanding of what is going on and how to respond to the best of their resources and abilities,” Mr. Rivera said.

The BSP attributed the higher FDI net inflows to the surge in investments in debt instruments or inter-company borrowings to $380 million in March, from $45 million in the same month last year.

Equity inflows jumped 52.8% to $349 million, as placements rose 35.9% to $377 million and withdrawals fell 42.6% to $28 million.

Equity capital placements were mainly sourced from Singapore, Japan, the United States, and the Netherlands, the central bank said.

The funds were mainly invested into industries such as electricity, gas, steam, and air-conditioning; financial and insurance; and manufacturing.

Reinvested earnings, or funds which foreign businesses chose to keep here to fuel business expansions, went up 23.3% to $79 million in March.

OUTLOOK
Analysts said FDI outlook in the coming months will depend on the extent of the reopening of key economies as more people get vaccinated against the coronavirus disease 2019.

Mr. Asuncion said more vaccinations in the second half, especially in advanced economies and trading partners, will support FDI inflows in the Philippines.

For his part, Mr. Rivera said investors will look for signs of herd immunity to gauge economic recovery.

Several think tanks have noted the Philippines’ COVID-19 vaccination campaign is one of the laggards in Asia, which may hurt economic recovery prospects.

Moody’s Analytics last week said the country is likely to fully vaccinate 65% of its population only by 2023. Based on data from Johns Hopkins University, only 1.48% of the local population have received two vaccine doses.

This year, the central bank projects FDI inflows to the Philippines will reach $7.8 billion. Inflows in 2020 slumped to a five-year low of $6.542 billion, down by 24.6% from the 2019 level. — L.W.T. Noble

Infrastructure spending increases by 45% in April

PHILIPPINE STAR/ MICHAEL VARCAS

STATE SPENDING on infrastructure grew by 45% in April, on low base effect and the rollout of projects amid tightened restrictions.

Data from the Department of Budget and Management (DBM) showed infrastructure and other capital outlays rose to P58.2 billion in April from P40.1 billion in April 2020. Month on month, spending on infrastructure declined by 34% from P87.8 billion in March.

“Infrastructure spending was bolstered largely by the implementation of various infrastructure projects of the (Department of Public Works and Highways) nationwide, such as the construction and rehabilitation of access, by-pass and diversion roads, bridges, flood mitigation activities, such as slope/river bank protection and dredging works, design and building of off-site modular hospitals, and construction of linear parks and other government administrative buildings,” the DBM said.

Metro Manila and its adjacent provinces were placed under a stricter lockdown in April, although construction work both in public and private sectors were allowed to continue.

Infrastructure spending reached P253.4 billion in the four months to April, up by 29% from P196.2 billion in the same period last year.

The Budget department said completion and continuation of projects by the DPWH, especially its road infrastructure program, contributed to higher spending in the first four months of the year.

The higher expenditures were also attributed to the construction of big-ticket projects under the Transportation department, such as the first segment of the Metro Manila Subway Project and the North-South Commuter Railway Project.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa noted that the low base effect pushed infrastructure spending up this year as construction works were halted during the height of the lockdown in 2020.

While higher infrastructure spending is good news for the economy, Mr. Mapa said the performance failed to meet expectations, especially since the government has given top priority to its “Build, Build, Build” program.

“We were hoping for a more substantial surge in infrastructure spending given the government’s current focus on ‘Build, Build, Build’ as a stimulus measure,” he said.

“One thing that may have capped the gains in April would be the reimposition of the tighter mobility curbs in April 2021. Although less stringent than the (enhanced community quarantine) version in 2020, the renewed guidelines may have sapped some of the construction activity momentum,” he added.

Emmanuel J. Lopez, dean at the Graduate School division of Colegio de San Juan de Letran, said higher spending on infrastructure is expected to continue as the President promised to usher in the country’s “golden age of infrastructure.”

“The ‘Build, Build, Build’ program of the government, as early as 2017, has already been earmarked for spending. Hopefully, this should be given top priority by the next administration to sustain economic growth,” he said via e-mail.

The two economists believe increased infrastructure spending in April will help boost second-quarter gross domestic product (GDP).

However, Mr. Mapa cautioned that spending may slow down in the second half based on the quarterly expenditure program of the government.

Of this year’s P1.02-trillion spending plan for infrastructure, expenditures are set to peak in the second quarter at P324.974 billion, following the P243 billion spent in the first three months, based on the targets set by the Development Budget Coordination Committee (DBCC).

Spending is expected to soften to P229.54 billion in the third quarter and further down to P221.6 billion in the last three months of the year.

“This could mean that the strong growth posted in 1Q and possibly 2Q for public construction will decelerate by yearend with the economy likely missing the contribution from this sector as it continues to dig itself out of the economic slump of last year,” Mr. Mapa said. — Beatrice M. Laforga

Ponzi ghost seduces more Filipinos amid pandemic

PHILIPPINE STAR/ MICHAEL VARCAS
Many Filipinos are falling victim to investment scams amid the pandemic. The Securities and Exchange Commission published 127 warnings against investment scams last year, nearly double the number in 2019. — PHILIPPINE STAR/ MICHAEL VARCAS

By Keren Concepcion G. Valmonte

CHRISTIA CARRYLE R. GAMBOA, 17, lost P43,000 ($900) after she was enticed to invest in a money-making scheme that promised to double her money in less than two weeks.

“I was excited,” she said in a Facebook Messenger chat in Filipino. “My initial investment had more than doubled to P500 by the second week.”

Like most people looking for easy money amid hardships caused by the coronavirus pandemic — Ms. Gamboa’s parents were jobless after their mom-and-pop store was shut — she knew she had to bet more.

Ms. Gamboa, who was recruited by her cousin, managed to convince her parents to invest in Wonka Cash as well. By the time the corporate regulator stopped the Ponzi scheme in April, her relatives had lost P230,000.

Financial fraud was big business even before the pandemic, costing victims around the world $5.13 trillion a year. It has worsened in new and unforeseen ways.

The Securities and Exchange Commission (SEC) in the Philippines published 127 warnings against investment scams last year, nearly double the number in 2019.

It has put out 40 advisories this year, more than a quarter of which were issued in April alone. That such scams would proliferate amid a pandemic was hardly a surprise to investigators.

“With or without the pandemic, consumer fraud and investment scams will always be here,” said Yellowbelle del Mundo Duaqui, an assistant professorial lecturer of sociology at De La Salle University in Manila.

“It is flourishing now because many, including scammers, are cash-strapped,” she said in an e-mail.

President Rodrigo R. Duterte locked down the entire Luzon island — one of the tightest and longest lockdowns in the world — in mid-March last year to contain the coronavirus, forcing people to stay home and businesses to shut down.

Philippine unemployment rose to a record 10.3% last year, equivalent to 4.5 million jobless Filipinos, according to the Philippine Statistics Authority.

Joblessness rose to 8.7% in April, when the government tightened the lockdown in Metro Manila and nearby provinces to curb a fresh surge in coronavirus infections. The rate was 7.1% in March.

More than 4 million Filipinos were jobless, higher than 3.4 million a month earlier.

‘MODUS OPERANDI’
“The scheme employed by Wonka Cash shows a possible Ponzi scheme where monies from new investors are used in paying fake profits to prior investors,” the SEC said in an April 13 advisory.

The scheme was “designed mainly to favor its top recruiters,” the regulator said, noting that investors in the bottom of the pyramid were likely to lose their money.

The Ponzi scheme is among the three most widely used scams in the country after pyramid scams and boiler room operations, the SEC Enforcement and Investor Protection Department said in an e-mail.

After immigrating to the US in 1903, Carlo Ponzi devised a low-tech but high-payoff fraud. It involved buying discounted US postal reply coupons overseas and then selling these at face value at Boston post offices.

But he was really using the money from new investors to pay interest to previous investors. Mr. Ponzi promised to give investors $150 for every $100 they loaned him within 45 days. His caper didn’t end well.

Mr. Ponzi took half a dozen Boston banks down with him, and served prison terms in Massachusetts, Florida, and Georgia. He was deported back to his native Italy in 1937. Twelve years later, he died blind, partially paralyzed and penniless at a charity hospital in Brazil at 66 years old.

“When it becomes difficult to recruit new investors or when a large number of investors ask to cash out, the Ponzi scheme collapses as the inflow of funds is not enough to support the promised return,” the SEC said.

Under the pyramid scheme, which shields its operations by sometimes using legitimate products, investors earn from recruitment fees. Some multi-level marketing plans have been classified as pyramid scams.

Meanwhile, a boiler room operation — usually a call center — uses high-pressure salespeople to call so-called sucker lists or potential investors to peddle speculative, sometimes fraudulent stocks.

Aside from the three, scammers also use foreign exchange trading and cryptocurrency mining as a front for their illegal activities.

“Fraudsters have taken advantage of the fast-evolving investment landscape by masking their modus operandi with relatively new and complex concepts such as cryptocurrencies and other digital assets,” the commission said.

MORAL BREAKDOWN
Josef Diy Singson, a portfolio manager at Buhawi Investment Management, said the rise in scams related to cryptocurrencies is driven by ignorance.

“It’s new, not many people know about it and unfortunately, we don’t have a good degree of financial literacy,” he said in a Zoom Cloud Meetings app interview.

Sometimes, investment scams are disguised as donation drives.

“The pandemic has given scammers the right logistic opportunity and the emotional appeals to pity, karma, religion and poverty,” Ms. Duaqui said.

People with disposable income are looking for ways to diversify during the health crisis due to the physical limits of traditional investment options, she said.

“On the other hand, you have investment predators lurking around.”

Ms. Duaqui noted that crises such as wars, economic depression and pandemics usually lead to a moral breakdown — “values are blurred, goodness is exploited and criminal or deviant acts are escalated.”

People should remain vigilant, she said, adding that the government should boost consumer protection against fraud and investment scams.

Buhawi Investment’s Mr. Singson said research materials from the right sources are key, whether you’re thinking about putting your money in cryptocurrencies or the stock market.

“Do your own research, do your due diligence. Assess where you’re getting the information.”

Ms. Duaqui said the state and civil society should promote financial literacy, apart from ensuring legal accountability.

“Criminal liability should be the main jurisdiction of the government to make sure that cases of fraud and the criminals are punished.”

Ms. Gamboa, the teenager from Nueva Ecija, is now part of a Facebook group called Wonka Cash Scammed which has 1,400 members.

Some victims of the Ponzi scheme have reached out to the corporate regulator and National Bureau of Investigation, while others have reported the fraud to their local governments.

“You have to seriously think about where your money is going,” she said. “Even if you’re not losing a lot, what you lose could be enough to get you through another day. Times are hard.”

Toyota opens first car dealership amid pandemic

REUTERS

TOYOTA Motor Philippines Corp. has opened a new car dealership in the middle of the pandemic, its first since 2019, in what its local head described as the carmaker’s “testament of confidence” and optimism that recovery is in sight.

The new dealership in Zamboanga del Norte is the company’s 71st in the country. The 7,200-square-meter service hub in Dipolog City is Toyota Philippines’ second dealership in Zamboanga Peninsula, the company said in a press release on Wednesday.

“The opening of this new dealership in the middle of the pandemic is a testament of confidence in the management capabilities of the group, as well as our optimism in seeing economic recovery with job opportunities generated for the members of the community,” Toyota Philippines President Atsuhiro Okamoto said.

Toyota Philippines last opened a local dealership when it launched its Valenzuela City shop in June 2019.

The new dealership will have a 2,600-square-meter showroom and a service workshop with six bays for general services and eight bays for body and paint services. The workshop will be able to service up to 32 units per day.

The car industry recorded 13,315% sales growth to 17,843 vehicles in April from the extremely low base a year ago when Luzon was placed under the strictest form of lockdown.

April sales, however, were 13.8% lower than March figures, data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed.

CAMPI called car companies’ performance in April as a record increase since the start of the pandemic last year.

CAMPI President Rommel R. Gutierrez said that he expects the car industry to recover to pre-pandemic sales as late as 2023.

Recovery would be achievable, he said, if there are certainties in the market, consistent government policies, and widespread inoculation against coronavirus disease 2019 (COVID-19).

The best-case scenario for the industry in 2021, he said, is a 30-35% sales growth, but the provisional safeguard duties on imported cars could lower growth to 20-25% compared with last year’s figure. — Jenina P. Ibañez

SEC-flagged entity Togachat operates under new name

FLAGGED entity Togachat Academy Philippines, Inc. was found to be operating under a new name after getting its registration revoked by corporate regulators.

“The Securities and Exchange Commission (SEC) has discovered that Togachat Academy Philippines, Inc. still continues to operate under new company named Eostre Berhad despite the issuance by the commission of an advisory, cease and desist order, and order of revocation against it,” the commission said in an advisory.

Togachat’s registration with the commission was revoked in January last year for violating provisions of the Revised Corporation Code, the Securities Regulation Code and the SEC Reorganization Act. The entity was found offering the public investment opportunities without securing proper licenses.

Togachat is now operating under Eostre Berhad, offering products such as ostre Quantum Disc, Eostre Vitality Pendant, and Eostre Sanare Mattress.

The commission said the products were injected onto the scheme “to lend a semblance of legitimacy to its operations.”

Investors earn through recruiting new members, where they may receive “Eostre Berhad points” (EBP) and Yipps, which may be redeemed through transactions in messaging app Yippi. EBPs may be cashed out or converted into Toga Ltd. shares.

The SEC reiterates that Togachat’s registration as a corporation has already been revoked. It added that Eostre Berhad is not registered with the commission and is also not authorized to collect investments from the public.

In 2019, Toga Capital Ltd.’s registration as issuers of securities was revoked by the US SEC after failing to comply with reportorial requirements. It was also found to be a revoked Nevada corporation located in Malaysia’s Kuala Lumpur.

Meanwhile, the central bank of Malaysia, Bank Negara of Malaysia, included Toga Ltd. and its parent company Toga Capital Sdn. Bhd. in its list of unauthorized entities for its Financial Consumer Alert.

The SEC said those acting under Togachat Academy Philippines or Eostre Berhad may be fined up to P5 million, a maximum 21 years of imprisonment, or both. It added that names of those involved will be reported to the Bureau of Internal Revenue for penalties and other assessments. — Keren Concepcion G. Valmonte

Of mythical creatures, magic, and horror stories

Filipino graphic novel Trese debuts as a Netflix animated series

BUDJETTE Tan and Kajo Baldisimo were busy working mostly overtime in the advertising industry in 2005. It was also the time when Mr. Baldisimo pitched to Mr. Tan via text message the idea of creating a 20-page monthly comic book with him.

“Since we both worked in the hectic and overtime-driven world of advertising, I told him it would be impossible for us to do such a thing. But he convinced me to do one issue. We said we’d do it for the fun of it, to just have fun writing and drawing this comic book, with no expectation if it’ll sell or not,” Mr. Tan said in a statement.

“And after we finished the first issue, Kajo asked me, ‘Okay, what’s the next story?’ And we just kept on going from there,” recalled Mr. Tan, who would write the stories while Mr. Baldisimo would illustrate them.

That is how Trese was born.

Trese — the black and white, English language Philippine graphic novel of urban legends and scary creatures told through the lens of a detective story and a police procedural —  has been made into a Netflix Original Anime series which premiers today.

Trese follows detective Alexandra Trese, who solves supernatural crimes which are often connected with creatures from Philippine folklore. The stories are set in modern-day Manila where these mythical creatures live, hiding amongst humans. Detective Trese finds herself going head-to-head with a criminal underworld — literally.

“We wanted to make something that was uniquely Filipino, and just using Kajo’s style as a springboard just came naturally,” Trese director and showrunner Jay Oliva said during an online press conference on June 8 held via Zoom. “One of the things we wanted to make sure is that all the characters, even down to the incidental characters, all look like Filipinos.”

The biggest challenge, Mr. Oliva said, was figuring out Alexandra Trese’s hairstyle. “We were trying to get it right and we finally settled on that bob look.”

THE COURAGEOUS DETECTIVE
Filipino actress Liza Soberano is the voice Alexandra Trese in the Filipino language version of the series.

“I’ve always wanted to portray someone that is a superhero. Unfortunately, I didn’t get to push through before with Darna. So, when this was offered to me, maybe this is, in a way, kind of like a replacement for what I wasn’t able to do before,” Ms. Soberano said in a separate online press conference on June 3 via Zoom.

“She is a very brave and badass chick,” Ms. Soberano said of her character. “It’s very cool to see a female like that, because most of the times we see male detectives, and we always see these amazing male superheroes. But nowadays, there [is] more representation for women, and good symbols or characters that represent how strong-willed women are, and how courageous we are as well.”

When Ms. Soberano accepted the voice acting role, she prepared by practicing her Filipino, doing research on YouTube on voice acting, and training with a voice coach Rudolf Baldonado, Jr. who is also the series’ Filipino language voice artist director.

“He kind of guided me through the whole process and helped me give life to the character,” she said.

GETTING A GLOBAL PLATFORM
In Trese’s six episodes, the audience will meet mythical creatures such the tikbalang (a shapeshifting giant bipedal horse), the kapre (a giant that lives in trees), the anito/diwata (nature spirits), and the tiyanak (a demon who appears as a newborn baby). They will also encounter the pre-colonial Philippine system of writing called baybayin, and kulam or black magic.

The series’ writer and executive producer Tanya Yuson described the show as noir.

“In this format of a police procedural […] which is a very western kind of structure, this is something that audiences, both in the Philippines and abroad, could probably connect to,” Ms. Yuson said.

Mr. Oliva focuses on themes about family and duty for the animated series.

“This is going to be a separate thing from the comics,” Mr. Oliva said. “It’s going to exist on its own.”

“But at the same time, it’s going to, hopefully, please the fans, bring in new audiences. The main thing is to spread the culture of the Philippines and show the pride of where my family is from,” he added.

Aside from Ms. Soberano, the Filipino voice cast includes Simon dela Cruz (as Crispin and Basilio), Apollo Abraham (Captain Guerrero), Christopher Carlo Caling (Hank), Christian Velarde (Nuno), and Eugene Adalia (Anton Trese). Rudolf Baldonado directed the local voice talents.

Meanwhile, the series’ English language voice cast includes Shay Mitchell (YOU, Pretty Little Liars) as the voice of Alexandra Trese; Darren Criss (The Assassination of Gianni Versace: American Crime Story, Glee), Jon Jon Briones (Ratched), Nicole Scherzinger (Moana), Manny Jacinto (The Good Place), Lou Diamond Phillips (La Bamba), and Dante Basco (Avatar: The Last Airbender).

Filipino band UDD composed the animated series’ official soundtrack, “Paagi,” with lyrics by Armi Millare and Paul Yap.

The comics’ co-creator Mr. Tan is excited for global audiences to discover Philippine folklore and meet the mythical creatures. “I just hope that when they see it, they go, ‘Oh, I’ve never seen that before,’” he said.

“It would be great to reach a point where the animé is so big, someone will come to us and say, ‘This will make a great comic book’,” Mr. Tan joked. — Michelle Anne P. Soliman

SEC fines Basic Energy for not updating website, late report

THE corporate regulator has directed Basic Energy Corp. (BEC) to pay P114,000 in fines for not complying with the website template guidelines and for submitting late its 2019 annual corporate governance report (ACGR), the listed firm told the local bourse on Thursday.

In a regulatory filing, Basic Energy said that it received an assessment letter from the Securities and Exchange Commission (SEC) on June 1, which noted the company’s “failure to comply” with the website template for listed companies, as required by a memorandum circular dated 2014. Because of this, the firm was made to pay a penalty of P64,000.

On June 9, Basic Energy received another assessment letter from the corporate regulator directing it to pay P50,000 as penalty for the late filing of its 2019 ACGR, according to a separate disclosure.

“The Company has already established corrective measures for the regular updating of the website and for the timely filing of the annual corporate governance reports,” the firm said in a statement shared with BusinessWorld through text. It added that it will ensure that the penalties are settled before their respective due dates.

Basic Energy said that it was able to submit its 2020 corporate governance report on May 31, around a month earlier than the extended June 30 deadline set by the SEC.

Three months ago, the listed firm received from the Energy department a service contract for its planned 50-megawatt wind project in Mabini, Batangas.

The contract provides for a non-extendible, five-year, pre-development stage and a 25-year development stage, counted from contract signing. Subject to clearance from the department, the development phase may be extended for another 25 years.

Basic Energy, chaired by Oscar C. de Venecia, previously reported a net loss attributable to its parent amounting to P15.1 million in the first quarter, lower than the P34.93-million losses incurred in the same period year on year, amid the global health emergency.

Basic Energy shares at the local bourse shed 1.27% or one centavo to finish at P0.78 apiece on Thursday. — Angelica Y. Yang

Who are the supernatural creatures today?

By Michelle Anne P. Soliman, Reporter

Animated Series Review
Trese
Directed by Jay Oliva
A Netflix Original Animé series
Based on Budjette Tan and Kajo
Baldisimo’s graphic novels

(Warning: narrative and plot twists discussed.)

AFTER days of hyping up the Trese animated series’ Netflix premiere through viral videos which purport to show vandalism of billboards and street advertising by creatures of the night, the story of young detective Alexandra Trese and her clash with denizens of Philippine mythology is being released today.

The black and white, English language Philippine graphic novel created by writer Budjette Tan and artist Kajo Baldisimo has been adapted as a Netflix Original Animé series. This writer was able to watch the series’ six episodes (with a running time of approximately three hours) through Netflix’s media preview access.

Watching Trese come to life felt like reliving the leisurely afternoons I spent as a child reading graphic novels, watching Filipino-dubbed animé, and weekend fantasy shows about Philippine folklore on free-to-air television.

The first episode was an exciting introduction to what the viewers are in for as it features the mystery on the white lady of Balete Drive and the aswang clan. Aside from the enigmatic tone of the story, the characters of the nuno (dwarf), and Crispin and Basilio, Alexandra’s adopted twin brothers and partners in crime, provide some comic relief.

The episodes begin with a prologue scene that cuts to the show’s introduction accompanied by eerie music and faint chants, and red, black, and white graphics with illustrations of the characters and crime scenes in Manila. Then, it proceeds to the story itself.

While the first two were enjoyable, it was not until the third episode’s last scene that I was hooked enough to click “Next Episode” without a break. But I just did not want to watch the full series in one go, so I resumed watching the second half of the series on another day. During my break from watching, I continued thinking of how the story elements would eventually tie together.

Filipino actress Liza Soberano performed well as the voice of Alexandra Trese in the Filipino language version. Her deep voice fits with the lead character’s serious persona and was unrecognizable from her normal higher pitched speaking voice. I preferred and enjoyed watching all episodes in Filipino (it just hits differently in your native language). Non-Filipino speakers have the option of choosing English, Spanish, and Japanese audio, while subtitles are available in English, Filipino, Spanish, and traditional Chinese.

The animated series captures the landscape of Manila in detail. I recognized the city streets, public transportation, landmark buildings, and the heritage house aesthetic. It also includes the details of narrow roads, cable wires, and billboards on building rooftops.

Having read a few of the Trese comics as a college student, watching it as an animated series was a different experience. Trese now made me think of the creatures and monsters in the story as metaphors for people in our society today. It is a different experience from watching old Filipino series with mythical creatures as a kid and learning about them through Filipino literature in school since it was mostly entertainment to me at that time.

Trese is the first Philippine Netflix original animated series, as diverse Filipino stories gain a global platform. After many stories of witches, wizards, elves, orcs, vampires, and werewolves, it is exciting to introduce Philippine folklore and its creatures to a wider audience.

The six episodes were able to establish how Alexandra Trese becomes the detective that she is, and why and how the elements in folklore merge with present day. I recommend Pinoy viewers see the show, and — who knows? —  there may be more creatures to explore.

Stay tuned during the last episode for a teasing, eerie post-credit scene. 

Huawei opens largest cyber security center to address rising risks

CHINESE multinational technology company Huawei Technologies Co., Ltd. unveiled its largest Global Cyber Security and Privacy Protection Transparency Center on Wednesday, aimed at addressing the surge in new cybersecurity risks.

“As an industry, we need to work together, share best practices, and build our collective capabilities in governance, standards, technology, and verification. We need to give both the general public and regulators a reason to trust in the security of the products and services they use on a daily basis,” Huawei Rotating Chairman Ken Hu said at the virtual opening ceremony of the center in Dongguan, China.

At an online briefing on Thursday, Wang Zheng, global cybersecurity and privacy officer at Huawei, was asked if the company also plans to put up smaller transparency centers in the Philippines, India, and Nepal.

“Actually, it doesn’t matter where our data center is situated. What matters is we have a center where we can provide our support and services to local customers wherever they are in India or the Philippines,” he said.

Apart from the Dongguan center, Huawei also has transparency centers in Belgium, Canada, Germany, and the United Kingdom.

“Over the past few years, industry digitalization and new technologies like 5G and AI have made cyberspace more complex than ever, compounded by the fact that people have been spending a greater portion of their lives online throughout the COVID-19 pandemic. These trends have led to a rise in new cybersecurity risks,” Huawei said in a statement.

“Huawei opened the new Global Cyber Security and Privacy Protection Transparency Center in Dongguan to address these issues, providing a platform for industry stakeholders to share expertise in cyber governance and work on technical solutions together,” it added.

The company said the center will be opened to regulators, independent third-party testing organizations, standards organizations, as well as its customers, partners, and suppliers.

Huawei also released on Wednesday its “Product Security Baseline.”

“This is the first time we’ve shared our security baseline framework with the entire industry, not just core suppliers,” said Sean Yang, director of Huawei’s Global Cyber Security and Privacy Protection Office.

“We want to invite all stakeholders, including customers, regulators, standards organizations, technology providers, and testing organizations, to join us in discussing and working on cybersecurity baselines. Together, we can continuously improve product security across the industry,” he added. — Arjay L. Balinbin

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