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Stuff to Do (03/07/25)

Watch films by Spanish female directors

INSTITUTO CERVANTES, in collaboration with the Embassy of Spain, AECID, and the UP Círculo Hispánico, will present a film series featuring the works directed by contemporary Spanish female filmmakers. The series kicks off on March 7, 2 p.m., at the UPFI Film Center (UP Diliman) with the screening of the drama El Olivo (The Olive Tree), directed by Icíar Bollaín. The next featured film — to be shown on March 13, 2 p.m., at the Instituto Cervantes branch in Intramuros, Manila — is the 2001 movie 15 Years and 1 Day, directed by Gracia Querejeta. On March 20, 2 p.m., at the same venue, the dance biopic Yuli (2018), directed by Icíar Bollaín, will be shown, with a talk following the screening. All films will be shown in their original Spanish, with English subtitles. Admission is free.

Listen to a talk on modern and contemporary art

THE “Paint the Past” talk by Atelier de Legaspi will welcome mallgoers to drop by and learn about modern and contemporary art, particularly paintings. It will take place on March 9, from 1 to 5 p.m., at the Gateway Gallery Studio on the fifth floor of Gateway Mall in Quezon City. It will begin with a talk tracing the evolution of art movements from the Modern to Contemporary Art Period. There will then be a hands-on workshop where Atelier de Legaspi will teach techniques.

View works by women artists at ARTablado

THIS MARCH, Robinsons Land’s ARTablado puts women at the center stage with two exhibitions: Liquid Dreams at Robinsons Galleria featuring four female artists, and Mutya at Robinsons Antipolo featuring students from the Arts and Design track of De La Salle Antipolo. The four artists in the Galleria exhibit are Mylene Quito, Valerie Teng, Isah Rodillo, and Sigwada Knicolai, whose works all delve into abstraction, fluidity, and transformation. Over at Antipolo, the senior high school art students take inspiration from mutya, a Filipino term that connotes beauty, charm and value, all of which manifest in their works. Both exhibits run until March 15.

Attend a concert of composer Pauline Garcia-Viardot

THE Embassy of France and Alliance Française de Manille are inviting the public to the next Jeudi Culturel concert, titled A Tribute to Pauline Garcia-Viardot. In celebration of Francophonie Month and Women’s Month, the evening’s event will celebrate the life and music of a trailblazing French composer and woman of classical music, Pauline Garcia-Viardot. The concert on March 13 starts at 7 p.m., to be held at Alliance Française de Manille in Bel-Air, Makati City. Tickets are priced at P500, inclusive of food. The performance will blend soprano, piano, violin, and storytelling to pay tribute to Madame Viardot’s legacy. Food will be served before the concert while drinks will be available for purchase during the performance.

Listen to the music of composer M.K. Čiurlionis

FOR the 6th concert of the Philippine Philharmonic Orchestra’s (PPO) 40th season, “Forte,” the focus will be on the music of Lithuanian composer M.K. Čiurlionis. Titled Homecoming, the program commemorates the composer’s 150th birth anniversary. Pieces to be performed are Čurlionis’ Miške, Bizet’s Carmen Suite, and Liszt’s Totentanz, with guest pianist Rowena Arrieta. The concert will be on March 14, 7:30 p.m., at the Samsung Performing Arts Theater in Makati City, and will feature the PPO’s guest concertmaster and artist-in-residence Diomedes Saraza, Jr. Tickers range in price from P500 to P3,000.

Listen to Carish’s new song for the heartbroken

EMERGING Filipino musician Carish has just released his newest single, “Permiso.” The R&B track takes on themes of betrayal and emotional turmoil, blending rap with soul sensibilities. The song is now available on all digital streaming platforms.

Chinabank, Manulife Philippines renew bancassurance partnership for 15 years

BW FILE PHOTO

CHINA BANKING Corp. (Chinabank) has renewed its bancassurance partnership with The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) through Manulife Chinabank Life Assurance Corp. (MCBL).

The Sy-led bank’s board of directors ratified the extension of the partnership in a regular meeting on Wednesday, it said in a disclosure to the stock exchange on Thursday.

“This new agreement is subject to approval by the Insurance Commission (IC),” Chinabank said.

MCBL was incorporated in 2007 as a joint venture between Chinabank and Manulife Philippines. Chinabank holds a 40% stake in the company.

The newly ratified agreement extends the two firms’ partnership for another 15 years.

MCBL offers financial protection and wealth management products and services. Under Chinabank and Manulife Philippines’ bancassurance deal, MCBL’s products are offered at Chinabank and China Bank Savings, Inc. branches nationwide.

MCBL booked a premium income of P10.35 billion in 2024, latest data from the Insurance Commission showed. Its net income stood at P1.39 billion last year.

For its part, Manulife Philippines’ premium income stood at P15.83 billion last year, while its net income was at P2.78 billion.

Meanwhile, Chinabank’s attributable net income grew by 12.69% year on year to a record P24.8 billion in 2024 amid sustained core business growth, it reported last week.

The bank’s full-year performance translated to a return on equity of 15.6% and a return on assets of 1.6%.

Net interest income rose by 18.7% year on year to P63.54 billion due to asset base expansion. Net interest margin stood at 4.5%. Its revenues also increased by 21.1% to P65.49 billion.

Chinabank shares dropped by 30 centavos or 0.35% to close at P86.50 apiece on Thursday. — A.M.C. Sy

Managerial pay falls to P1,300 per day in January

PHILIPPINE STAR/BOY SANTOS

MANAGERS averaged daily pay of P1,300 in January, down from P1,356 a year earlier, according to the Philippine Statistics Authority (PSA).

Armed forces occupations were the second highest-paying jobs, with an average daily wage of P1,174 during the period, up from P1,095 a year earlier, according to the PSA’s Labor Force Survey released on Thursday.

Professionals earned daily basic pay of P1,173, followed by technicians and associate professionals with P855.

Clerical support workers earned P739 per day.

Meanwhile, the occupations with the lowest daily basic pay were the following: Elementary occupations (P416); Skilled agricultural, forestry, and fishery workers (P418); Service and sales workers (P531); Plant and machine operators and assemblers (P572); and craft and related trades workers (P573).

The agriculture and forestry sector was the second largest employer in January, making up 21.1% of the labor force, or about 10.24 million workers, the PSA said. Employment in the sector grew by 883,000 in January compared to a year earlier.

“Wages in agriculture are very low since wage orders discount the labor of farm workers on the argument that they live in rural areas where the cost of living is supposed to be cheaper,” University of the Philippines Diliman School of Labor and Industrial Relations Assistant Professor Benjamin B. Velasco told BusinessWorld via Messenger chat.

“Further, productivity is low in agriculture since it is not modernized. So, farm workers end up with depressed wages,” he added, noting this is why underemployment in the sector is also high.

According to PSA Assistant Secretary Divina Gracia L. Del Prado, the industry accounted for 44.5% of total underemployment — defined as those looking for additional work or hours.

The unemployment rate in January fell to 4.3% from 4.5% a year earlier, the PSA reported.

There were about 2.16 million jobless in the first month of the year, unchanged from a year earlier but higher than the 1.63 million in December.

January unemployment was the highest since July 2024, when the indicator was at 4.7%.

Underemployment was 13.3% in January, against 13.6% a year earlier and 10.9% in December.

About 48.49 million Filipinos had jobs in January, against 45.90 million a year earlier and 50.19 million in December. — Chloe Mari A. Hufana

Filinvest REIT, Filinvest Land sign deed of exchange for Festival Mall

COMMONS.WIKIMEDIA.ORG

FILINVEST REIT CORP. (FILRT) has executed a deed of exchange with its parent company and sponsor, Filinvest Land, Inc. (FLI), for the transfer of ownership of Festival Mall in Alabang, Muntinlupa City.

The two companies executed the memorandum of agreement and the deed of exchange on March 5 as part of a P6.26-billion property-for-share swap transaction, FILRT said in a regulatory filing on Thursday.

Under the transaction, FILRT will issue 1.63 billion shares at P3.85 each to FLI in exchange for the ownership of the 121,862-square-meter (sq.m.) main mall of Festival Mall.

The addition of Festival Mall will increase FILRT’s total gross leasable area by 37% to 452,310 sq.m.

The deal expands FILRT’s portfolio into the retail mall segment. Previously, its portfolio consisted of 17 office buildings and 2.9 hectares of land leased to the owner and operator of Crimson Resort & Spa Boracay.

Following the addition of Festival Mall, FILRT’s portfolio mix will comprise 67% offices, 6% hospitality, and 27% retail.

FILRT signed new leases totaling nearly 29,000 sq.m. and renewed more than 42,000 sq.m. of expiring leases last year.

The company posted a 6.3% decline in net income for 2024 to P1.63 billion, as revenue fell by 4.9% to P2.84 billion.

Rental revenue dropped by 5.2% to P2.19 billion, while other income declined by 3.9% to P652.25 million.

On Thursday, FILRT shares rose by 0.96% or three centavos to P3.17 apiece. — Revin Mikhael D. Ochave

Job Losses by Industry (January 2025 vs December 2024, in thousands)

THE PHILIPPINES’ unemployment rate in January rose to its highest level in six months, as hiring declined after the holiday season, the statistics agency said on Thursday. Read the full story.

Job Losses by Industry

Ye be gone: Adidas sells last pair of Yeezy sneakers

THE YEEZY Boost 350 V2

HERZOGENAURACH, Germany — Adidas sold its last pair of Yeezy sneakers at the end of 2024, the sportswear brand said on Wednesday, ending the process of liquidating stock of the lucrative shoe partnership with rapper Ye after splitting from him in October 2022.

Adidas has been trying to put the Yeezy affair behind it since antisemitic rants by Ye, formerly known as Kanye West, forced it to end the highly profitable partnership, denting revenues and driving the company to an annual loss in 2023.

“There is not one Yeezy shoe left, it has all been sold and that episode is behind us,” Chief Financial Officer Harm Ohlmeyer told a press conference on Wednesday after Adidas reported results.

The company has felt the loss of Yeezy particularly in the United States, where the shoes were popular. In its results on Wednesday Adidas said North America sales fell 2% in 2024, “solely due to significantly lower Yeezy sales.”

The company started selling off its remaining stock of Yeezy shoes in May 2023, pledging to donate part of the proceeds to organizations combating antisemitism, including the Anti-Defamation League.

Adidas reported it sold €650 million ($696 million) worth of Yeezy sneakers last year, making a profit of around €200 million.

The year before, Adidas made €750 million in revenue from Yeezy inventory, generating €300 million in operating profit.

The company has set aside €260 million for charitable donations from the proceeds of Yeezy sales, Chief Executive Officer Bjorn Gulden told a press conference. That amounts to about half of the operating profit Adidas made on selling off its stock of the sneakers in 2023 and 2024.

Of that, €200 million is held in a foundation set up by Adidas, while €60 million has already been paid out to charity organizations, Gulden said. — Reuters

Trade wars: friend or foe?

US President Donald J. Trump has decisively launched a trade war by imposing tariffs on the nation’s three most significant trading partners: China, Canada, and Mexico. In immediate retaliation, Canada and China have announced their tariffs on American goods. Mexico is expected to follow suit on Sunday. Trump has enforced a 25% tariff on imports from Canada and Mexico while maintaining a 10% tariff on Canadian energy products. Likewise, he has raised tariffs on Chinese imports to 20%.

President Trump has imposed these tariffs to address trade deficits. While he anticipates short-term market disruptions, he hopes these measures will make US manufacturing more competitive in the long run. He expects foreign companies to invest in the US, creating jobs and increasing tax revenue. However, in the short term, stock markets have reacted negatively, and there are concerns that these protectionist measures will lead to increased inflation as the prices of goods rise.

Governments utilize tariffs to protect domestic industries from foreign competition. However, they often lead to economic consequences that can ultimately harm the economies they intend to support. Tariffs are taxes imposed on imported goods, artificially increasing the market price. While this protects businesses in the short term, many analysts believe that these tariffs’ long-term effects will be detrimental to the global economy, including the Philippines, which will still have to contend with the impact of higher prices.

Consumers feel the immediate impact of tariffs as they pay more for their everyday products due to higher consumer prices. This results in a decline in overall consumption spending as consumers feel the impact of reduced purchasing power, which the Philippines experienced with the elevated food inflation over the last few years. By protecting domestic industries from foreign competition, tariffs also decrease the incentives for companies to invest and innovate their products and services, which also negatively impacts the consumer in the long term.

The US is a signatory to many free trade agreements, such as the North American Free Trade Agreement (NAFTA). NAFTA has benefited the US, Canada, and Mexico by allowing more effortless movement of goods and services across borders, benefiting both businesses and consumers.

These tariffs are contrary to the principles of free trade, which are essential for global economic prosperity. Free trade gives firms access to larger markets, giving consumers more options for products at competitive prices. Free trade also encourages specialization as economies can focus their production factors on areas of comparative advantage.

While President Trump may see tariffs as a way to protect domestic industries, they often have negative economic consequences, especially for consumers. It is essential for him to consider the long-term effects of tariffs and to implement policies that promote free and fair trade, which ultimately benefits everyone. Free trade acts as a powerful engine for economic development and global progress. By embracing the principles of open markets and competition, the US can unlock its full economic potential instead of alienating its closest trading partners while creating a more prosperous future for all. Sadly, it seems that President Trump is choosing the more combative path.

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

 

EJ Qua Hiansen is the CFO of PHINMA Corp. and president of the Financial Executives Institute of the Philippines.

Examples of low-cost motivational strategies

Last week, you wrote about the measurement system and general rules for motivating people without spending much money. Could you list specific examples? — Lone Ranger.

The context of last week’s article was generally about the quality of one-on-one relationships with managers and their direct reports. It means the amount of trust, respect, and deep consideration they share on a daily basis. After all, it’s all about knowing and implementing the “soft” side of management.

This means how people are treated, inspired, and challenged in a work environment where everyone, including the minimum wage earner, is positively challenged to do their best work so they can make an exceptional performance. For example, something as simple as actively soliciting their ideas or even complaints can make a lot of difference.

Many of the following examples appear obvious to many, but unless you try to implement them consistently to all workers, you’ll never realize the possibilities:

SPECIFIC EXAMPLES
​One, build and improve individual morale. But first, you need to measure the baseline. This can be done by conducting an annual morale and satisfaction covering at least 60% of the employee population. Focus on identifying specific departments where absenteeism, tardiness, and attrition rates are high.

​Immediate solution: Line leaders, supervisors, and managers must conduct a weekly one-on-one engagement dialogue. The objective is to let employees feel free to speak up and connect with management.

​Two, require all line executives to connect with people. This is related to number one above. Make a one-on-one engagement dialogue a part of every manager’s key performance tool to connect with their workers every week. Provided further, they do it casually to avoid the stiffness of the process.

​Immediate solution: Discontinue the conduct of obsolete exit interviews which give too little, too-late information on why people resign. That’s assuming they’re telling the truth. In many cases, they would only ride the process to fast-track the issuance of their clearance.

Three, empower people to solve problems. Allow people to find all recurring issues related to inefficiency and high operational costs. Coach them on how to make an independent judgment on the issues and allow them to exercise limited authority in identifying possible solutions as long as the return on investment is guaranteed.

​Immediate solution: Establish a formal employee suggestion program. Junk the stationary suggestion box which is a breeding ground for poison pen letters. Instead, require all direct reports to report to you their top five costly and recurring issues. Challenge the workers to solve them using low-cost, practical solutions.

​Four, encourage creativity and innovation. Motivated workers are creative workers. It may sound trite, but that’s exactly the way it should be. The best practices in dynamic organizations are often peppered with examples of how management finds many ways to give their employees the time, resources, and tools to make things happen.

​Immediate solution: Allow workers to spend 10 hours per month to be creative. Give them time to work outside of the rigid constraints of their job. Monitor their progress. If the results are promising, give them reasonable time to complete a project for management approval. Then, repeat the cycle.

​Five, invest in employee training and development. This doesn’t mean limiting them to classroom training. There are many options available, like cross-posting them to other departments for a limited period, say for one year. Another option is their completion of free online courses or reporting on the success formula of competition.

​Immediate solution: Require them to create a one-year road map towards their career goal. Part of this may include employees sharing what they learned from an online seminar with other employees.

​Six, assign people to interesting work of their choice. You need to accept it. Many people are stuck doing work they don’t like. Management psychologist and theorist Frederick Herzberg (1923-2000) said: “If you want someone to do a good job, give them a good job to do.”

​Immediate solution: Ask the workers the following questions: How are you doing? Are you experiencing any challenges at work? What kind of support do you want from me? How can I help you? Would you like to be assigned to another job?

​Seven, reward and recognize those who deserve it. Giving people proper recognition is not limited to giving them cash rewards. You only have to discover what’s important and give it to them. Some employers realize that their workers need more than their monthly pay. They need ownership — literally and figuratively.

Immediate solution: Consider a stock option plan. If that’s not possible, treat all employees like business partners, and they will act like business partners.

In conclusion, what and how you communicate with employees is as important as what you pay them. In general, it requires the active involvement of employees in making decisions and being treated as human beings.

 

Consult your people management issues with Rey Elbo on Facebook, LinkedIn, or X or e-mail elbonomics@gmail.com or via https://reyelbo.com. Anonymity is guaranteed.

Future-proofing Philippine businesses

UNIONBANK INNOVATION CAMPUS — FACEBOOK.COM/UNIONBANKCAREERS

The Singapore Management University (SMU) is a partner of De La Salle University (DLSU), and I am deeply privileged, as a member of SMU’s International Advisory Council, to have participated in a two-day learning journey organized by SMU in Manila.

I caught glimpses of future-proofing strategies of Philippine businesses through visits to four of the country’s most forward-looking organizations: Union Bank, ACEN, AC Mobility, and Cebu Pacific. Below are my takeaways.

TAKEAWAY 1: TRANSFORM AND INNOVATE YOUR BUSINESS MODEL
The first stop was UnionBank (UB) Innovation Campus. A first in the industry, it is a hub for research and development geared towards beefing up its digital innovation capabilities. The campus houses the bank’s institutes on data science and artificial intelligence, blockchain, and an Asian Institute of Digital Transformation aside from being home to its digital banking entity, UnionDigital Bank.

The facility is a testament to UB’s commitment to help “Tech Up Pilipinas,” UB’s battle cry to hasten our country’s digital adoption. Its UnionDigital unit, alongside its Bangko Kabayan, seeks the financial inclusion of underserved communities nationwide.

TAKEAWAY 2: PURSUE AND EMBED SUSTAINABILITY LEADERSHIP
The next stop was ACEN, formerly AC Energy. One of the fastest-growing renewable energy companies in the Asia-Pacific region, it is a pioneer in advancing the shift to sustainable energy in the Philippines and in the Asia-Pacific region.

ACEN is at the forefront of sustainability leadership, and integrates sustainability in its business strategy with its use of the energy transition mechanism (ETM), the first such deal in the world. This involves the world’s first coal-to-clean credit pilot project complementing the early retirement of the company’s 246-MW coal plant in Batangas.

Another stop was AC Mobility’s office and showroom at Bonifacio Global City (BGC). AC Mobility sees itself as the country’s first end-to-end mobility provider. It has invested in the development of electric vehicle-charging stations to create a sustainable ecosystem as the Philippines transitions to electrified mobility.

TAKEAWAY 3: DEMOCRATIZE YOUR BUSINESS
The final stop was the country’s leading airline, Cebu Pacific (CEB), which operates flights to 27 domestic destinations and 28 international destinations in 15 countries.

CEB recently announced the largest aircraft order in Philippine aviation history. Its memorandum of agreement with Airbus covers the purchase of 152 A321neo (new engine option) aircraft for an estimated $24 billion.

CEB has also been ranked among the top carriers worldwide in managing environment, social, and governance (ESG) risks and opportunities by MSCI ESG, an agency that evaluates public and private companies based on how effectively they manage their ESG risks.

A low-cost carrier with such impressive credentials? That’s an airline that is truly for “every Juan,” an inclusive business offering affordable travel.

Learning journeys involving company visits are effective ways to share best management and business practices. As businesses in the Philippines and the broader ASEAN region navigate a rapidly evolving landscape, institutions like DLSU and SMU (both deeply embedded in the ASEAN business landscape) play a crucial role in bridging academia and industry. They equip leaders with the insights and networks needed to drive meaningful change.

Future-proofing could be made more inclusive by having companies involve more MSMEs in their ecosystems; share their practices with their MSME suppliers; and become “big brother” in terms of practices to their MSME partners.

The social aspect of running a company is extremely important and should be emphasized. For example, Union Bank has acquired the majority of shares of Bangko Kabayan, a network of banks in the countryside. Cebu Pacific is already promoting domestic tourism in the country, thereby providing prosperity to our tourism zones. AC Mobility could also integrate walkability in its portfolio to improve our roads and public spaces, which are not pedestrian-friendly.

Future-proofing a business boils down to three words: innovation, sustainability, and inclusion.

 

Dr. Ramon B. Segismundo is a senior professional lecturer at the DLSU Ramon V. Del Rosario College of Business and is a member of the International Advisory Council of SMU. He is also CEO of One HRX, a Singapore-based company focused on organization and management consulting, executive coaching, and sustainability leadership advising.

ramon.segismundo@dlsu.edu.ph

SMIC says $500-M bond recognized at Asset Triple A Awards 2025

Erwin G. Pato, executive vice-president for treasury, finance, and planning at SM Investments

SM INVESTMENTS Corp. (SMIC) said it received recognition at The Asset Triple A Sustainable Finance Awards 2025 for its $500-million bond offering in 2024, which was named the Best Bond for Corporate in the Philippines under the Best Significant Deal category.

“As we continue to diversify and expand across various sectors, this achievement further strengthens our strategy to drive long-term, sustainable growth for the company and its stakeholders,” SMIC Executive Vice-President for Treasury, Finance, and Planning Erwin G. Pato said in an e-mail statement on Thursday.

“This recognition affirms the strength of our financial position and our unwavering commitment to growth. The successful execution of this landmark bond offering and the positive reception from investors reflect SMIC’s resilience and leadership in the market,” he added.

The company’s $500-million bond offering was the largest-ever five-year issuance by a Philippine corporation and achieved the tightest-ever five-year issue spread by an unrated corporation in Southeast Asia. It also generated strong investor demand, with a final order book exceeding $1.6 billion from 103 accounts.

SMIC said it aims to continue strengthening its market leadership in key sectors, including retail, banking, and integrated property development.

The conglomerate posted a 7% increase in net income for 2024, reaching P82.6 billion from P77 billion in 2023.

Of the total net income, banking contributed the largest share at 49%, followed by property at 26%, retail at 18%, and portfolio investments at 7%.

Consolidated revenue grew by 6% to P654.8 billion in 2024 from P616.3 billion the previous year.

Last year, SM expanded its footprint with 619 additional retail stores, two new malls, and 73 new bank branches, with over 85% of its network located in the provinces.

“We ended 2024 with a strong performance, despite the high base of 2023 and inflationary headwinds during the year. Our core businesses all grew, supported by positive macroeconomic fundamentals and healthy consumer sentiment. The fourth quarter registered the highest revenue growth rate of 9.4%, giving us solid momentum into 2025,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said.

On Thursday, SMIC shares rose by 1.99%, or P16, to close at P821 apiece. — Revin Mikhael D. Ochave

Job Gains by Industry (January 2025 vs January 2024, in thousands)

THE PHILIPPINES’ unemployment rate in January rose to its highest level in six months, as hiring declined after the holiday season, the statistics agency said on Thursday. Read the full story.

Job Gains by Industry

How PSEi member stocks performed — March 6, 2025

Here’s a quick glance at how PSEi stocks fared on Thursday, March 6, 2025.

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