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BSP rules out rate hike amid oil surge

PHILIPPINE STAR/ MICHAEL VARCAS

SURGING OIL and commodity prices caused by Russia’s invasion of Ukraine are supply problems that are better managed by policies from the National Government, according to the Philippine central bank governor.

“Since inflation pressures are coming from supply side factors, a monetary response in terms of policy rate adjustment is neither appropriate nor responsive,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno told reporters in a Viber message on Saturday evening.

“An increase in policy rate will not change the reality that energy and other commodity prices have surged owing to the Russia-Ukraine conflict,” he added.

The central bank kept its key interest rate steady for an 11th straight meeting on Thursday, even as it warned that its inflation target might be breached this year amid surging global oil prices due to Russia’s continued invasion of Ukraine.

It raised its inflation outlook for 2022 to 4.3% from 3.7%, which is beyond its 2-4% target.

Inflation in February steadied for the second straight month at 3%. The local statistics agency will report March inflation data on April 5.

Mr. Diokno said their latest inflation estimate considered the steep rise in the prices of corn, wheat, nickel and fertilizer because of the war. Dubai crude has also risen above $100 per barrel, he pointed out.

The Executive branch should do the “heavy lifting” to mitigate the war’s impact on inflation, he said.

“It is when there are clear second-round effects on the demand side, for example, higher wages and higher transport fares, that the central bank may choose to act to mitigate inflation pressures,” he added.

“While the Philippines and other countries are all affected by higher energy and other commodity prices, some are affected more than others,” Mr. Diokno said. “But the Philippines does not face the labor tightness and elevated asset prices that most developed countries are facing.”

The central bank chief this month said they would rather wait until the second half before considering a rate increase. The BSP will hold its next policy review on May 18.

Mr. Diokno, a former budget secretary, recommended nonmonetary measures to ease the effects on inflation, such as increasing fuel subsidies for the transport sector and discounts from oil companies.

He said the government could also do away with oil tariffs until December, which would also help keep the buffer stock at 30 days.

The government should also obtain its wheat from India, while promoting nonwheat flour substitutes.

Russia, the world’s second-biggest crude exporter, and Ukraine are major exporters of wheat. Together, they supply more than 25% of the world’s wheat.

The central bank last week left the key rate at a record low of 2%, as predicted by 15 of 17 economists in a BusinessWorld poll. Deposit and lending rates were also kept at 1.5% and 2.5%. Its last rate move was a 25-basis-point cut in November 2020.

The Philippines and other Asian economies including Indonesia and Japan have abstained from the global rate hike cycle led by the US Federal Reserve as it awaits signs of significant price increases.

Mr. Diokno last week said domestic economic activity had gained stronger traction with easing coronavirus lockdowns. But heightened geopolitical tensions and a resurgence in coronavirus infections in some countries have clouded the outlook for global economic growth.

“Supply-chain disruptions could also contribute to inflationary pressures, and thus warrant closer monitoring to enable timely intervention in order to arrest potential second-round effects,” he told a briefing after Thursday’s rate decision.

Manila, the capital and nearby cities and provinces have been placed under the most relaxed lockdown since March 1, allowing businesses to boost their operations.

Global oil prices have been spiraling in the past weeks amid Russia’s continued invasion of Ukraine.

Back home, the steep increase in oil prices has fueled calls for higher minimum fares and wages. The government has given out P2.5 billion in fuel subsidies to the transport and agriculture sectors, and was preparing another P2.5 billion in dole-outs. — Luz Wendy T. Noble

Moody’s Analytics raises 2022 Philippine GDP growth estimate

PIXABAY

By Luz Wendy T. Noble, Reporter

MOODY’S ANALYTICS has raised its 2022 growth estimate for the Philippines after stronger-than-expected recovery last quarter, even as it warned of price pressures from Russia’s continued invasion of Ukraine.

The global research firm now expects Philippine economic output to grow by 6.4% this year from a previous 6.1% estimate. This is still below the government’s 7-9% goal.

“This reflects partly the very strong growth in the fourth quarter of 2021, as well as the expectation of a strong and sustained recovery the Philippines is expected to register this year,” Moody’s Analytics Chief Asia-Pacific Economist Steven Cochrane and their Philippine analyst Sonia Zhu said in an e-mail.

They expect quicker growth after authorities eased the lockdown in many parts of the country and reopened borders to vaccinated foreign travelers.

Their new growth estimate assumed that the war between Russia and Ukraine would only affect growth this quarter and could be resolved by the second quarter.

“The Philippines is among the countries in Asia-Pacific most dependent on refined petroleum for energy generation and production,” the analysts said. “Elevated prices will spill over to producer and consumer prices in the Philippines.”

The Philippines is a net oil importer, which makes it more vulnerable to volatile oil price movements.

Philippine central bank Deputy Governor Francisco G. Dakila, Jr. on Thursday said they expect Dubai crude prices to hit $102.23 per barrel, higher than the $83.33 estimate at the previous policy meeting.

Prices of gasoline, diesel, and kerosene have increased by P14.90, P19.20 and 16.35 a liter this year.

Mr. Cochrane and Ms. Zhu said the government could enforce immediate and longer-term policies to address the impact of oil supply shocks.

“Targeted fuel subsidies could be provided, but that would come with a cost to government,” they said. “Longer term the government can more directly encourage new energy-efficient electricity generation that does not require oil or petroleum.”

The state could also encourage work-from-home settings to help manage demand for energy and cut fuel consumption, they said.

Moody’s Analytics expects the BSP to keep its loose monetary stance.

“We maintain the view that the central bank will keep the policy rate accommodative through the first half of the year until the recovery is firmly under way with sustained periods of growth,” they said. “However, if elevated prices become more broad-based, the central bank will be pressured to act promptly to curb inflation pressure.”

State’s 2021 infrastructure spending hits P895B

DPWH

GOVERNMENT infrastructure spending rose by almost a third to P895.1 billion last year, more than the P761.2-billion target, according to Budget department data.

The agency traced the higher spending to a low base, as the state realigned funds amid a coronavirus pandemic. It was also boosted by spending on roads, flood barriers, multipurpose buildings, railways and airports, it added.

Total infrastructure disbursements, which include subsidies, equity releases to government corporations and fund transfers to local governments, hit P1.12 trillion last year, or 5.8% of economic output.

Infrastructure spending exceeded the state’s P761.2-billion target amid looser lockdowns.

For December, infrastructure spending rose by 13.9% year on year to P172.1 billion after the government built smart campuses in Marawi City in southern Philippines and released funds to modernize its armed forces.

The government spent P2.5 billion on rail under foreign-assisted projects of the Transportation department, lower than P12.6 billion a year earlier.

“The accelerated pace of government spending especially on infrastructure could be in preparation for the May 2022 elections in view of the 45-day ban on some public works from March 25, 2022,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a text message.

The election ban on public works started on Friday and will run until May 8. The law, which also prohibits social welfare dole-outs, seeks to prevent politicians from using state resources for their election campaign.

The Public Works department has sought an exemption from the ban for 18 projects worth P500 billion, the Budget department said.

Yearly infrastructure spending of at least P1 trillion or 5% of the economy would boost growth through job creation and business opportunities, Mr. Ricafort said.

The Philippine economy grew by 5.6% last year. Economic managers are targeting a 7-9% growth this year.

The national budget this year is P5.024 trillion, almost a quarter of economic ouput and 11.5% higher than last year.

Funds will be used on programs for pandemic resilience, sustained economic recovery and continued infrastructure development. Appropriations from 2021 will be available for release until Dec. 31, except funds for personnel services. — Tobias Jared Tomas

Fewer companies plan to expand; more workers eyed

BW FILE PHOTO

FEWER LOCAL companies expect to expand their operations even if they plan to hire more workers, according to a study by the Philippine central bank.

Companies that plan to expand in the next 12 months fell to 25.6% from 26.8%, the Bangko Sentral ng Pilipinas (BSP) said in its Business Expectations Survey for this quarter.

Businesses expect the peso to weaken further in the first half, before strengthening again starting July until March next year.

Companies also expect borrowing rates to increase and inflation to breach the central bank’s 2-4% target. The survey found that more companies expected credit to remain tight this quarter.

Meanwhile, the employment outlook index for the second quarter rose to 24.7% from 24.5%, but declined to 28.9% (from 32.4%) for the next 12 months.

“The slightly higher positive reading for the second quarter of 2022 suggests that firms are looking forward to hiring more people in the next quarter, while the lower index for the next 12 months implies that firms are still looking to hire, but at a lesser degree, in the next several months,” the BSP said.

The study found that companies were less optimistic for the first quarter as reflected by the overall confidence index, which declined to 32.9% from 39.7% amid a surge in coronavirus infections spurred by the Omicron variant, higher raw material prices, the weaker peso and Typhoon Odette.

The central bank covered 1,498 companies for the survey, which was conducted on Jan. 21 to Mar. 4. — Luz Wendy T. Noble

SEC flags six online lenders

THE Securities and Exchange Commission (SEC) has issued cease-and-desist orders to six online lending companies that engage in the business without the necessary license from the regulator.

In an order issued March 22, the commission en banc directed PesoKwento, Pondo Cash, TBAG, Cash Sky, Loan Cash, and East Cash to immediately stop “engaging in, carrying out, promoting, and facilitating any lending activity or transaction until they have incorporated and secured the requisite authorization from the SEC for such activities.”

“The companies, their agents, representatives and promoters, as well as the owners and operators of their hosting sites, were further enjoined to cease from offering and advertising their lending business through the internet or any other media, and to remove all materials involving such,” the SEC added.

The commission reported that none of the groups were registered as a corporation, thus they did not secure a certificate of authority to operate as a lending or financing company.

Republic Act No. 9474, or the Lending Company Regulation Act of 2007 (LCRA), requires persons or entities operating as lending companies to register as corporations and to secure from the SEC the necessary authority to operate.

The SEC said it also received complaints from several borrowers regarding the online lending operators’ “unfair collection practices and acts of harassment, made in the form of threats to ruin their reputation and to cause physical harm to their persons and their families.”

“[T]he abusive collection practices, misrepresentations, and unreasonable terms and conditions perpetrated and imposed by the online lending operators, their agents and representatives are the very acts and practices that, as a matter of policy, the State seeks to prevent and penalize,” the commission added.

On March 19, the SEC announced that it would create a financing and lending division focused exclusively on the regulation and monitoring of such companies as part of its crackdown against illegal lending.

SEC Chairperson Emilio B. Aquino said that the commission would continue to intensify its crackdown on abusive lending companies following complaints from consumers about the collection practices of some firms, involving threatening or insulting borrowers.

The SEC has an online team that conducts regular sweeping operations, monitors all complaints, and goes through different social media platforms to check on possible abusive or illegal lending practices.

“To date, we revoked over 2,000 Certificates of Registration of lending companies that failed to secure their requisite Certificate of Authority, pursuant to LCRA. Our next step is to sustain this crackdown on unregistered and abusive collection practices of [online lending applications],” Mr. Aquino said in a report to the Department of Finance. — Luisa Maria Jacinta C. Jocson

SMC commits to build PAREX sustainably, safely

SAN MIGUEL Corp. (SMC) has committed anew to build a “safe, reliable and sustainable” Pasig River Expressway (PAREX), which it described as a crucial infrastructure for the country’s recovery from the pandemic.

Ramon S. Ang, SMC president and chief executive officer, said the 19.37-kilometer road that will connect eastern and western Metro Manila would complement the conglomerate’s P2-billion, five-year rehabilitation effort for the tributary.

“In all our major infrastructure projects, we always take into consideration the effects on the environment, putting greater emphasis on how we can build the infrastructure while at the same time preserve or enhance the environment,” he said.

PAREX, which will span from Rizal province to Manila City, is complemented by SMC’s rehabilitation plan that started in July last year to mitigate its impact on the environment.

“We engage all stakeholders and in particular, partner with local communities to ensure environmental measures and mitigations are successful for the long-term,” Mr. Ang said.

SMC called PAREX as a hybrid infrastructure that was designed with green architecture principles. The road can be used by motorists, public transport, cyclists, and pedestrians “to further enhance accessibility and traffic decongestion, while encouraging multiple modes of transportation.”

Mr. Ang said Felino “Jun” Palafox, Jr. through his firm Palafox Associates had been signed on to help with the project’s sustainable design.

SMC said Mr. Palafox, a known urban planner and green architect, as sharing the vision of the company and Mr. Ang for sustainable infrastructure.

It quoted Mr. Palafox as saying: “For many decades, we have been emphasizing green architecture and green urbanism in our projects in the Philippines and abroad. For the PAREX project, our approach will be the same, we are designing not just infrastructure, but an urban landscape. We are promoting sustainability through architecture, with a holistic vision.”

Mr. Ang said if done right and in line with sustainability and green architecture principles, PAREX “will be a model road infrastructure that further democratizes the benefits and convenience of infrastructure.”

“These are the types of infrastructure we will need in the future — adaptable to the growing and changing needs of our people,” he said.

Mr. Ang also disclosed plans to put up a Bus Rapid Transit on PAREX and the existing Skyway system, which will interconnect, completing the north-to-south and east-to-west connection throughout Metro Manila.

The said move would allow “faster, more reliable, safer, comfortable and affordable commutes” while cutting time spent on traffic that worsens pollution.

Mr. Ang also said that SMC’s Pasig River clean-up initiative had yielded some 295,260 metric tons of silt and solid waste since it started in mid-2021.

SMC keeps a daily output target of at least 2,000 metric tons of waste, to meet the monthly target of at least 50,000 metric tons, for a total of 600,000 metric tons extracted every year.

Mr. Ang said the rehabilitation effort is in response to the government’s call for the private sector to help clean major tributaries in line with the Manila Bay rehabilitation project that began in 2019.

“Rehabilitating the river does not only involve dredging and removing visible wastes especially plastics that eventually go to the sea. It is only part of the solution. What is needed is more of a holistic approach, which will involve building a sewage system that would prevent it from being the dumping area of industrial and solid wastes,” he said.

Seeking to capture ‘timeless’ look, Ralph Lauren debuts ‘22 fall/winter collection

PHOTO FROM RALPHLAUREN.COM

AFTER so much time apart during the pandemic, fashion designer Ralph Lauren debuted his Fall/Winter 2022 collection in the hopes of using “timeless” designs to bring us all back together.

The show was held last Tuesday at the Museum of Modern Art in midtown Manhattan, and comes as the fashion world looks to turn the page on the shutdown. (See the show at https://www.ralphlauren.com/.)

In seeking to showcase classic looks, Mr. Lauren grounded much of the line in a “timeless style,” his company said in a news release. As such, the look showcased suits, jackets, and pants in black and white.

A touch of red was sprinkled about for “romance,” said the designer, who hasn’t had a show since 2019. — Reuters

Call center group: Hybrid work is ‘only compromise’

THE implementation of a hybrid work arrangement is the only viable compromise for employees in the information technology business process outsourcing (IT-BPO) sector, according to the Alliance of Call Center Workers (ACW).

“We are welcoming the opportunity to discuss possible ways with which to support the industry going forward, but right now, hybrid is the only healthy compromise we see,” ACW Communications Committee Representative Brien Matthew M. Benitez said in a Facebook Messenger message sent to BusinessWorld.

The group’s stand comes after the work-from-home (WFH) arrangement for IT-BPO workers in companies within economic zones is set to expire by March 31 as provided under Resolution 19-21 of the Fiscal Incentives Review Board (FIRB). The resolution, implemented in response to the coronavirus disease 2019 (COVID-19) pandemic, allowed IT-BPO firms to adopt a WFH arrangement for up to 90% of their workforce while still enjoying tax perks.

Starting April 1, employees of IT-BPO firms registered with the Philippine Economic Zone Authority (PEZA) are mandated to conduct on-site work or the companies will risk losing tax incentives. The government has been encouraging the return of employees, including BPO workers, to help the country’s economic recovery.

According to Mr. Benitez, the government should give a choice for BPO workers to either have a WFH arrangement or an on-site arrangement due to rising fuel prices and traffic.

“The government should be pro-choice — allow workers the capability to decide whether they want to work from home, or on-site,” Mr. Benitez said.

Further, Mr. Benitez said compromises such as providing subsidies and financial assistance will depend on the BPO firms and may not be uniformly implemented.

“Compromises can be good, granted that they are mandated or supported by the government. Assistance in the form of subsidies or what not will most likely be shouldered by the companies we work for. We highly doubt the government will consider assisting the BPO industry at this point. This will also depend on the company itself, and won’t likely be approached in a uniform manner, if it does happen,” Mr. Benitez said.

“The only compromise here is to let people who want to work from home, stay at home. The hybrid option provides the best for all parties involved,” he added.

In a recent press briefing, ACW disclosed that there is a significant number of workers willing to resign due to the hard transition from a WFH arrangement to on-site work.

The group also mentioned that many of their members have returned to their provinces since the lockdown was implemented in 2020, adding that the on-site directive puts an additional burden to employees.

Previously, Akbayan party-list suggested that the government should give commuter subsidies and free COVID-19 testing to workers who will be mandated to have on-site work.

PEZA also recently announced that registered IT-BPO firms will return to allowing 70% of its work force to conduct on-site work while the 30% will have remote work beginning April 1. — Revin Mikhael D. Ochave

Magnificent objects and wonderous watches

PATEK SWAN

MAGNIFICENT objects inspired by the city of Geneva, the headquarters of luxury watchmaker Patek Philippe, will be shown at their offices from April 6 to 23. Meanwhile, a presentation of their 2022 novelties will commence at the Watches and Wonders show in Geneva on March 30.

Each year, the manufacture unveils a new collection of one-of-a-kind pieces and limited editions that focus the spotlight on the talents of Genevan watchmakers. The 2022 collection consists of a total of 59 creations including 15 dome table clocks, nine miniature dome table clocks, 10 pocket watches, and 25 wristwatches. These pieces will exhibit techniques such as grand feu cloisonné enamel, miniature painting on enamel (a genuine Genevan specialty), manual engraving, manual guilloching and paillonné enamel, wood micromarquetry and Longwy enamel on faience.

Two of the objects in question are the 20118M Bol d’Or, a dome table clock in cloisonné and paillonné enamel.

This unique piece was inspired by the world-famous Bol d’Or (Golden Globe) regatta, which Philippe Stern, honorary president of Patek Philippe, won seven times with his boats, each christened Altaïr.

The dates of these victories are inscribed in miniature painting on enamel, while the course of the race is charted in gold wire on the dome. The enameller used 13.8m of 24K yellow-gold wire (weighing 27.6 g) measuring 0.2 × 0.6 mm in cross-section and 64 colors and blends of translucent, opaque, semi-opaque and opalescent enamels and miniature painting on enamel. Embedded gold leaf illuminates the buoy and 13 star-shaped spangles called paillons, also in gold leaf, light up the dome. Each enameled plate required eight to 10 firings at 820°C. An hour circle in ebony, set with 12 gilt applied hour markers in the shape of mooring posts, frames a dial center in cloisonné enamel. A handcrafted cable motif resembling cordage adorns the borders of the hour circle and the clock frame. This piece is powered by the caliber 17’ PEND mechanical movement rewound by an electric motor.

Another object of interest is the 995/130G-001 Swan, a pocket watch with a caseback in wood marquetry and an enameled dial with hand-engraved watch hands.

This piece was inspired by the vision of a swan gliding across Lake Geneva. The piece is made of white gold and wood. The marquetry-maker cut out and assembled 223 pieces of veneer and 30 tiny inlays, shaped from 23 species of wood of different colors, textures and veining to reproduce a swan’s plumage and long neck, as well as the play of reflections in the water.

The dial, in black enamel, presents white-gold applied Breguet numerals and white-gold leaf-shaped hour, minute, and seconds hands, embellished with hand-engraving. A spessartine cabochon (a kind of garnet) measuring 0.44 carats adorns the crown.

This pocket watch is accompanied by a white-gold handcrafted stand resting on a foot set with a spessartine cabochon weighing 0.46 carats on an oval-shaped base in silver-sheen obsidian. It houses the caliber 17’ LEP PS, a manually wound movement with small seconds.

The Rare Handcrafts 2022 exhibition at the Patek Philippe Salons on Rue du Rhône 41 is open to the public every day except Sundays from April 6 to 23, from 11 a.m. to 6 p.m. Meanwhile, the company is set to join more than 30 brands exhibiting for the Watches and Wonders exhibit, returning after its last show in 2019, before the pandemic. —  JLG

Vlog touts Singapore destinations as quarantine requirement waived for vaccinated Filipinos

VICTOR Anastacio in a tour around Singapore’s neighborhoods.

NOW that vaccinated Filipino tourists can travel to Singapore without spending time in quarantine, Singapore has launched a tourism promotions campaign that includes a video blog focusing on what is new at sites Pinoys are familiar with.

Filipino visitors to the city-state can avoid quarantine by booking flights through the Vaccinated Travel Lane (VTL).

The first batch of VTL flights was launched in Sept. 2021. To date, there are more than 32 VTL flights to Singapore. Earlier this month, local carriers Philippine Airlines (PAL), Cebu Pacific, and AirAsia Philippines began quarantine-free trips to Singapore.

REQUIREMENTS FOR VTL FLIGHTS
During an online press conference on March 23, Singapore Tourism Board Area Director Ruby Liu presented the requirements and guidelines for traveling via VTL flights.

VTL flights to Singapore are open to fully vaccinated adults. Unvaccinated children may travel provided they are accompanied by a vaccinated traveler. Fully vaccinated recovered travelers must present a certificate of recovery. Prior to the trip, tourists are required to take an ART COVID-19 test administered by a health professional two days before the flight. Tourists are to take a self-swab ART using a self-procured kit within 24 hours upon arrival. Test results are to be uploaded on www.sync.gov.sg before proceeding with activities.

Other requirements include an application for a Vaccinated Travel Pass (http://eservices.ica.gov.sg/STO1/VTL) three days before the flight, COVID-19 Travel insurance ($30,000), an SG e-arrival card, downloading the Trace Together app for contact tracing, and a passport.

About 100,000 tourists were able to visit Singapore without spending time in quarantine since Sept. 2021 said Ms. Liu.

As of March 13, 91% of the Singaporean population has been vaccinated, with 70% have already having received their booster shots.

While in Singapore, tourists are required to wear masks in public areas. A maximum of five people are allowed at a table and inter-mingling is discouraged. Tourists are also required to create a Trace Together account for contact tracing, and when entering public places.

‘SINGAPORE REIMAGINE’ CAMPAIGN
With the return of tourists to the country, the Singapore Tourism Board is launching the “Singapore Reimagine” campaign.

As part of the campaign, a video series has been released with comedian Victor Anastacio called “VicTour Singapore” (https://www.youtube.com/watch?v=4dh4RdqPz5g), where viewers can join Mr. Anastacio as he explores various neighborhoods in Singapore.

“It’s really challenging to be stuck at home and stuck within your neighborhood. Now, you can discover other neighborhoods. We’ve been through a lot. You deserve to just eat, drink, and travel,” Mr. Anastacio said.

In the first two episodes, the vlog highlights places in Orchard Road and Chinatown.

“We selected two neighborhoods that we think Filipinos are very familiar with. We want travelers to see it in a different light,” Ms. Liu said.

Launched in Aug. 2021 at Orchard Road, the Museum of Ice Cream is where tourists can learn about the history of ice cream, and eat as much ice cream as they want. The vlog also looks into the flavors of Singapore and its rich history by visiting Candlenut, the only Peranakan restaurant awarded a Michelin star, also on Orchard Road.

Singaporean’s passion for the arts is seen in the murals that line the streets, including works by the celebrated Yip Yew Chong that depict personal and authentic Singaporean sights.

Mr. Anastacio takes a trip to Chinatown that includes a tea party at the Sweetea Café; a visit to the socially conscious multi-concept store The Social Space, a boutique-café-nail salon that has a wide range of sustainability goods to take home; and, for a bit of exciting nightlife, Native Bar, where locals and foreigners alike come to try homegrown drinks.

“The next time you travel, it should be different. Don’t just do the same things again,” Ms. Liu said. “Don’t rush. Take the time to enjoy your trip. Do something different.”

For updates on Singapore travel, entry, as well as departure guidelines and requirements, visitors can refer to https://safetravel.ica.gov.sg/vtl/requirements-and-process. For more information on the sights, go to visitsingapore.com or http://www.facebook.com/VisitSingaporePH. For information on accredited hotels and accommodations, visit https://sha.org.sg/. — Michelle Anne P. Soliman

Transcom opens support space for Davao City work-from-home employees

DAVAO CITY — Swedish-owned outsourcing firm Transcom Worldwide Philippines, Inc. has opened a new office here that will serve as a support center and back-up space for its work-from-home (WFH) employees.

Transcom Managing Director for Asia-Pacific Kenneth F. Juarez said the “T:Space” will be a venue for training, collaboration, and equipment deployment for workers who will be delivering services from their own home.

At the same time, it will have available workspace for those employees who encounter connectivity problems or other issues at home that could affect their output.

“Investing in our people and our culture of support will continue to fuel growth for us and for those we serve,” Mr. Juarez said during the T:Space launching ceremony on March 24.

Mark Lyndsell, Transcom’s regional chief operating officer, said T:Space, located at the Matina IT Park, aims to ensure business continuity and provide quality, uninterrupted service to clients while its employees have a safe, reliable work environment.

Transcom started operations in Davao City in August 2018 when it acquired Awesome OS, an e-commerce firm that supports various brands in North America.

The combined work force of Awesome OS and Transcom’s work-from-home employees in the city is at least 4,000.

The T:Space opening was attended by Swedish Ambassador to the Philippines Annika Thunborg, who said that the venture was among the business opportunities discussed during a webinar organized by the Sweden Embassy in partnership with the European Chamber of Commerce in the Philippines and the Davao City Investment Promotion Center amid the coronavirus pandemic last year.

“This webinar gave Swedish investors an overview of the attractive opportunities in Davao City for foreign investors. My visit here this week is a follow-up to this endeavor. I am commending Transcom for opening a satellite office in Davao City,” Ms. Thunborg said. — Maya M. Padillo

Cartier honors Filipina working at helping with student loans

CARTIERWOMENSINITIATIVE.COM

A FILIPINA entrepreneur rose to the occasion and spoke at a gathering for the Cartier Women’s Initiative at the National Gallery in Singapore during International Women’s Day on March 8.

For the past 15 years, the Cartier Women’s Initiative has brought together a diverse community of 262 women impact entrepreneurs from 62 countries who are tackling a range of social and environmental issues. The Cartier Women’s Initiative is an annual international entrepreneurship program that aims to drive change by empowering women impact entrepreneurs. Founded in 2006, the program is open to women-run and women-owned businesses from any country and sector that aim to have a strong and sustainable social and/or environmental impact. Cécile Naour, CEO, Cartier Southeast Asia & Oceania, said during a press conference streamed online, “So far, 262 women from 62 countries across diverse industries and regions have received more than $6 million in support.”

“We strongly believe that empowering women improves the world and makes it ,” said Ms. Naour. “When women thrive, humanity thrives.”

Carmina Bayombong, CEO and co-founder of InvestEd, is the 2019 Laureate (winner) for the Southeast Asia & Oceania Regional Award and the 2021 First Runner-Up for the Impact Award in Creating Opportunities from the Cartier Women’s Initiative. InvestEd helps finance higher education for students from low-income families in the Philippines.

She said that her parents broke out of poverty by earning their college degrees, and while in university, saw fellow students drop out due to the lack of resources to go on with their education. “Higher education is such a powerful tool for success — but not everyone has access to it,” said Ms. Bayombong, speaking from the Cartier Women’s Pavilion at Expo 2020 Dubai.

According to her profile on the Cartier Women’s Initiative page, “InvestEd uses its landmark invention, a data-driven success model, to predict and mitigate a young person’s life risks. In addition to traditional factors, InvestEd considers elements such as the likelihood of teen pregnancy, barriers to quick post-graduation employment, and impediments to salary negotiation such as low self-worth… The company assigns a success coach to help the student address risk factors, mitigating exposures traditionally associated with student lending.”

“That intervention, financial resources support plus emotional and coaching support is so powerful in lifting and empowering… families out of poverty,” said Ms. Bayombong. According to her, 50% of their students are the first in their family to attend college. “At the root of our existence is reducing inequality through the power of higher education.” After getting their first job after graduating with the help of InvestEd, the students’ families’ average income increase was at 117%, she said. “When we scale this thing, we’re actually going to be empowering entire communities and entire countries towards progress.”

Ms. Bayombong spoke about her experience in joining Cartier Women’s Initiative. “I literally had no expectations of getting in,” she said, citing that 2,000 other businesses had applied to join in 2018. “My perception of myself as an entrepreneur prior to Cartier — I was just a female entrepreneur who was very small, in the Philippines.

“I realized that I could actually be an entrepreneur who could really build a global business. For me to realize that my potential was that much, I had to go through that program and be told by successful women entrepreneurs that I had that potential. I would never have believed it for myself,” she said.

Meanwhile, Ms. Naour said, “We are here — you, me, everyone here around the tables — to support these women, to connect them, and to give them visibility.

“We will continue to connect women entrepreneurs to the right people, the right organizations… and support their individual journey and be part of a global community of positive change,” she said.

The next call for applications for the Cartier Women’s Initiative will open on May 16 and close on July 14 for the 2023 edition. — JLG

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