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Women’s basketball league sets first-ever virtual draft for Feb. 7

TEAMS competing in the inaugural season as a professional league of the Women’s National Basketball League (WNBL) may start building up their rosters through the its first-ever draft set for Feb. 7.

To be done virtually, the draft will allow the teams to further shore up their squads in addition to the direct-hire players they are allowed to sign.

A lottery to determine the order of the draft and the release of the official list of draftees will take place on Tuesday.

WNBL officials said 17 teams signified their intention to join the newly recognized pro league, but after thorough evaluation of their applications, only six teams made the cut.

Primary consideration in the application was the ability of the teams to sustain their operations to protect the players and help ensure league stability.

“We are very careful now that we are a pro league already. We are really very careful on this because the financial capability of the team really matters in ensuring that players will be compensated well and commitment to the players will be delivered on time,” said Rhose Montreal, WNBL executive vice-president, in a release.

Under league guidelines, teams can avail of the “protect six” rule in which they directly sign players without them going through the draft. However, teams will lose the right to select in the draft from the first to sixth round depending on the number of their direct-hire players.

Aside from the six teams, the Go For Gold Lady Sailors will also see action in the first season of the WNBL pro as a guest team and will have no draft picks.

In the lead-up to the draft, a draft combine was held at the Victoria Sports Center in Quezon City in December, where player aspirants got to show what they are capable of for selection.

The draft combine was done under strict health and safety protocols supervised by the Games and Amusements Board and the local government.

Following their recognition as a pro league last year, Ms. Montreal said giving women basketball players a platform to continue what they are doing is a driving force for them.

“Even before the pandemic, there were plans to bring the WNBL to the next level, which was to turn pro,” said Ms. Montreal.

The draft was originally set for an earlier date, but was delayed by quarantine restrictions in place. — Michael Angelo S. Murillo

Bouldering gym in Makati resumes operations

By Michael Angelo S. Murillo, Senior Reporter

FOLLOWING a temporary six-month closure because of the coronavirus pandemic, The Bouldering Hive (bhive) in Makati City has opened for business once again to cater to rock climbers of various levels who are out to further sharpen their skills.

The only gym in Metro Manila dedicated to bouldering, bhive, which is located at Ayala Malls, Circuit Makati, is excited to be back in operation and resume its push to grow the exciting rock climbing form in the country.

For the uninitiated, bouldering is a unique form of rock climbing that requires only two things — chalk and climbing shoes.

Ropes and harnesses are not necessary, making the activity a relatively simple and inexpensive activity for anyone to pick up if they so do want.

Climbs can be up to 15 feet (4.5 meters) tall or relatively low, with a one foot-thick safety mat that allows climbers to return to the ground with a soft landing.

The bouldering gym opened in September 2019 and was steadily gaining a following and establishing itself as a community center for new and experienced climbers until the pandemic put everything to a stop.

“Climbers have their office, their home, and The Bouldering Hive. We designed this gym to help foster a community. It’s become a place where people gather multiple times a week to meet friends and push themselves or just have fun. We’ve also hosted events, competitions, and activities that bring together Metro Manila’s growing climbing community,” said bhive founder Christoph Bastin in a release.

“The pandemic has brought these events to a stop, but the sense of community is still strong,” he added.

ADAPTING
Like all businesses during this time of the pandemic, bhive has made the necessary adjustments in its health and safety protocols, coming up with added measures to ensure a safe environment for climbers.

The measures in place are the submission of all climbers of health declarations and temperature checks upon entry; mask must be worn at all times (free masks are provided in case the mask gets too wet); the gym’s capacity is limited to 40 visitors per time slot; three separate time slots are allotted per day to reduce the risk of exposure among visitors; and each slot is three hours long, with 30-minute breaks in between to sanitize the gym.

Also part of the measures are routine disinfection of the climbing walls every day; all climbers must wash their hands before and after their workout; only liquid chalk (a mixture of climbing chalk and alcohol) is permitted on-site to keep hands dry and also disinfect hands regularly during climbing; showers are currently closed and unavailable for use; and CO2 levels are monitored at the gym and a high level of ventilation inside the gym is maintained.

Now back in operation, Mr. Bastin is hoping bhive’s ascent continues and appreciation for bouldering here goes deeper.

“It (bouldering) is a 3D puzzle, you solve with your body. This is a way people can try something new and overcome their limits, like a fear of heights. We have a saying in the climbing community, ‘feel the fear, but do it anyway.’ You can climb at your own pace and experience the joy of overcoming your limits,” Mr. Bastin said.

The Bouldering Hive is located at the Upper Ground Floor at Circuit Lane, Ayala Malls, Circuit Makati. It houses 400 square meters of climbing walls, air-conditioning, a coworking space, and lockers. Rates for climbing start at P600.

For more information, log on to http://www.bhiveph.com or follow The Bouldering Hive on Facebook and Instagram (@bhiveph).

Messi hits goal 650 in Barça win

BARCELONA — Lionel Messi scored his 650th goal for Barcelona while Antoine Griezmann struck the winner in a 2-1 home success over Athletic Bilbao in La Liga on Sunday, avenging a defeat by the Basque side in the Spanish Super Cup final.

Messi curled in a stunning free kick after 20 minutes for his milestone goal on the same day the club pledged to sue Spanish newspaper El Mundo for publishing the full details of the Argentine’s contract.

Ronald Koeman’s side recorded a fifth straight Liga win and moved above Real Madrid into second on goal difference with 40 points, 10 behind Atletico Madrid who have a game in hand.

Messi had missed a gilt-edged chance at the start when he fired straight at keeper Unai Simon and Barça spurned several more opportunities to increase their lead before halftime.

Athletic, who had won their previous five matches in all competitions in a flying start under new coach Marcelino, failed to get going but levelled in the 49th thanks to an own goal.

Jordi Alba tried to prevent Athletic’s Oscar de Marcos reaching a cross, but instead prodded into the Barça net.

The hosts struggled to respond but finally restored their lead in the 74th when Griezmann knock home a cross from Oscar Mingueza. — Reuters

Russell Westbrook lifts Washington Wizards to wild win over Brooklyn Nets, 149-146

RUSSELL Westbrook hit a go-ahead 3-pointer with 4.3 seconds remaining as the host Washington Wizards posted an unlikely 149-146 victory over the Brooklyn Nets on Sunday night.

Washington’s only lead was briefly in the second quarter before the frenetic final seconds that saw them overcome a five-point deficit in the final 12.3 seconds. Bradley Beal’s 3-pointer from the top of the key with 8.1 seconds left got Washington within 146-144.

Washington had a chance to tie or get the lead when Garrison Matthews intercepted an inbounds pass by Joe Harris intended for Kevin Durant with 6.8 seconds left. He quickly dished to Westbrook, who sank a 3-pointer over Kyrie Irving with 4.3 seconds.

After Brooklyn used two timeouts, the Nets could not score when Timothé Luwawu-Cabarrot’s point-blank layup rolled around the rim and out with seventh-tenths of a second remaining. After officials ruled there was still time remaining, Beal hit two free throws for the final margin.

Westbrook scored 15 of his season-high 41 points in the fourth quarter as Washington snapped a four-game losing streak and he also added 10 rebounds and eight assists. Beal added 22 of his 37 as Washington beat the Nets in the final seconds for the second time this season after overcoming a nine-point deficit in the final 4:54.

Durant scored 37 and Harris added a career-high 32 for the Nets, who saw a four-game winning streak stopped and played without James Harden (left thigh contusion). Irving added 26 and Jeff Green contributed a season-best 23 for Brooklyn, which shot 56.8% and led by 18 late in the first quarter. — Reuters

Millennials are not the only ‘burnout generation’ (just ask the rest of us)

By Steven David Hitchcock/The Conversation

In her new book, Can’t Even, American journalist Anne Helen Petersen writes of how Millennials have become “the burnout generation”: “[It’s] feeling that you’ve hit the wall exhaustion-wise, but then have to scale the wall and just keep going. There’s no catharsis, no lasting rest, just this background hum of exhaustion.”

The book, recently released in Australia, builds on the viral essay Ms. Petersen wrote in 2019.

At its heart, the book is a critique of the nature of modern workplaces and the modern economy.

As Ms. Petersen recently told Vox: “There’s a feeling of instability that’s the baseline economic condition for many, many millennials, and it’s enhanced by these other components of our lives that make it harder to turn away from.”

Ms. Petersen argues Millennials, born between the early 1980s and mid-1990s, have come of age in a world where more and more of their time is being demanded by not just work, but by life.

Technology means work follows us everywhere, at all hours, while leisure time happens (or is “performed”) on social media. Meanwhile, homes are turned into Airbnb rentals, cars become rideshare services.

WHAT’S AGE GOT TO DO WITH IT?
Ms. Petersen tells real and important stories about the frustration, anxiety, and malaise of herself and her contemporaries. However, she does us all a disservice by framing this as a particularly “Millennial problem.”

While Ms. Petersen does acknowledge burnout impacts everyone, she assumes Millennials are a concrete group of people whose experience of burnout is exceptional.

The idea of clear generational groups, each possessing defining characteristics seems intuitive. It makes sense a group of contemporaries who had similar experiences in their formative years, would come to have similar attitudes, values, and beliefs.

But many scholars are uncertain that the generational groups as we know them—such as Millennials, Gen X, or Baby Boomers—are as real or useful as we might think.

Empirical research to prove generational groupings has produced “highly mixed and contradictory results.” So, many academics aren’t convinced birth-year groups even exist—there are too many variables.

For example, if a 20-year-old today doesn’t follow office etiquette, is this a product of them being Generation Z? Or because this person is new to the workforce?

More broadly, the majority of research about generations have been undertaken across Europe, North America, and Australia/Oceania. Given these three regions combined make up less than 18% of the world’s population, it becomes clear how little we know.

So, while the frustrations of Ms. Petersen and her contemporaries are real—it is important to emphasize they are something everyone is facing.

‘FEELINGS OF ENERGY DEPLETION’
Burnout has historically been studied in relation to workplace stress, particularly where employees are in a caring role.

It is defined by World Health Organization as: (a) feelings of energy depletion or exhaustion; (b) increased mental distance from one’s job, or feelings of negativism or cynicism related to one’s job; and (c) reduced professional efficacy.

But medical experts are starting to see burnout as a society-wide issue, particularly as people find themselves overwhelmed and fatigued by COVID-19. Similarly, mental health groups have identified burnout as a product of long-term, or chronic, stress.

That is to say, scientists and support services are coming to understand burnout is not necessarily a product of the workplace specifically—but everything going on in someone’s life—from how much technology they use, to how many commitments they have.

EVERYONE IS OVER IT
In 2020, who of us can say they aren’t feeling burned out?

After a summer of bushfires, we had (and still have) a pandemic. For many, the boundaries between work and life have collapsed as we have needed to work, care, and relax at home—sometimes in the same room.

COVID has been accompanied by a seemingly permanent state of angst, as we all found ourselves doomscrolling for the latest updates. Many people have also lost income and job security. And more than two million people around the world have lost their lives.

BURNOUT IS ABOUT MORE THAN THE PANDEMIC
But it is not “just 2020.” The past several decades have seen huge changes to the way that we live, and engage with those around us.

For example, social media has had a profound effect—and not always for the better in terms of our mental health.

In the workplace, an “overtime culture” has blossomed. As of 2019, about 13% of Australia’s workforce was working more than 50 hours a week.

The rise in casual employment may have allowed for more flexibility, but it has increased insecurity—with no paid leave, and unstable work schedules.

Here it is important to note, in 2020, those aged 15–24 made up less than 40% of all casual jobs. While the casual workforce is skewed towards younger workers—the casualization of the workforce impacts all of us.

On top of all of this, we have seen rising levels of student and household debt, skyrocketing house prices, and the increasing effects of climate change.

We all have plenty of reasons to feel bombarded by life.

HOW DO YOU SOLVE BURNOUT?
So, what do we do? It goes without saying, widespread burnout due to social, economic, and political forces in the middle of a pandemic is a complex problem to solve.

At an individual level, resources do exist to help us address our mental health and support those around us.

However, systemic change is far more complex. Academics and world leaders have suggested reducing the work week might be an important step. Though, as noted by Ms. Petersen, it’s no longer just work demanding our time, energy, and attention.

As Ms. Petersen points out, one area that may need reimagining is how much and how often we consume information. Scholars in the 1960s were already raising concerns about the impact so much information could have on people, and in turn, society.

We as humans are social and curious creatures, but how much news, connection, and information is good for us?

COMPARING GENERATIONS IS A TRAP
As Slate journalist Shannon Palus observes, Ms. Petersen deserves credit for identifying big problems about a culture that constantly asks for more access to every aspect of our lives.

However, framing this issue as one belonging to, or uniquely impacting Millennials is a trap. It encourages us to compare different generations to see who is the least or most burned out.

Really, our attention should be devoted to working together to reduce burnout for everyone. 

 

Steven David is a lecturer at the University of Sydney.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

To the brink and back on GameStop: Wall Street vs. Reddit

NEW YORK — On three hours of sleep a night and with no time to eat, one New York–based hedge fund manager overseeing billions in assets called last week the most stressful of his life. 

“Nothing was making sense anymore,” he said, as he watched the stock of GameStop Corp. soar, while he bet it would fall. 

Wednesday was the worst. Fueled by chatter on Reddit and other social media to take on Wall Street, investors used venues like online trading app Robinhood to bid up the brick-and-mortar retailer. GameStop surged 135%, on its way to gaining more than 1,500% in January without any change in its business outlook. Hedge funds scrambled. By this point, trading had become so unpredictable across all sectors that funds were forced to dump their winning stocks to balance out their portfolios. 

“It’s time to cut out,” the manager said he told his team. “Let’s live for another day.” 

The experience of this manager and a handful of others interviewed by Reuters over the last days, who all requested anonymity for fear of personal threats from retail investors, is a keyhole into a week of losses on Wall Street they say was far worse for them than last year’s historic pandemic sparked sell-off. 

As a new week of trading begins, it remains to be seen how long the Reddit-fueled rally in traditionally unloved stocks will last. 

More immediately, it could mean more market losses if hedge funds have to keep selling to meet redemptions or right their portfolios. Longer term, they may have to shift strategies to find their footing and turn the tide to their advantage. 

“What is not clear as yet is whether this disruption will evolve into a market accident,” said Mohamed El-Erian, chief economic advisor of Allianz. 

CROWDED TRADE
The extent of losses has exposed a big weakness on Wall Street. Analytics firm S3 said GameStop short sellers had mark-to-market losses of nearly $20 billion so far this year. 

Several hedge fund managers said the idea to short GameStop had long been a favorite at exclusive “idea dinners,” where fund managers swap their best trades. 

Managers also noted traders, many of whom work at multi-strategy funds that employ pods of portfolio managers, traders, and analysts, often know each other well and may compare notes. 

Gabe Plotkin’s Melvin Capital, one of the funds gored most by GameStop’s gains, took a $2.75 billion bailout from his one-time mentor Steve Cohen and Citadel’s Ken Griffin. The funds involved have taken a dent: Mr. Cohen’s Point72 Asset Management lost roughly 15% in January partly because of its investment in Melvin. Melvin’s assets slid during the month from around $12.5 billion to $8 billion, a source familiar with the situation said. 

Maplelane Capital, another fund that bet against GameStop, had lost roughly 45% in January, a person familiar with the fund’s returns said. Even Viking Global Investors, one of the world’s best-performing hedge funds, was off some 7%, people familiar with the returns said. 

Representatives for Messrs. Plotkin, Cohen, and Griffin declined to comment. 

“Being short consensus stocks is just bad business,” said Dinakar Singh, a former Goldman Sachs trader who now runs hedge fund Axon Capital and was not short the stock. “It is great while it is working but when it isn’t anymore one guy’s problem triggers everyone’s headache. It becomes a circular disaster.” 

INVESTING ‘INSANITY’
Fund managers said the week’s experience is changing the way they do business. Citron’s Andrew Left, who ignited the retail trading frenzy by publicly detailing GameStop’s issues, acknowledged defeat by Friday. He had covered his positions, taken a loss, and said he will stop publishing short-seller reports, a strategy that earned him millions and made him a prominent name in the industry. 

Hedge funds will also be much more cautious about having short positions going forward for fear of becoming a “mindless target,” said one former hedge fund manager, adding that “kind of defeats the purpose of hedge funds.” Traditionally hedge funds promised investors a cushion against market declines by being able to sell short and make money when stocks drop. 

Funds are also less likely to use trading strategies such as put options, a kind of derivative that has to be disclosed and that Melvin and Maplelane used, the managers said. 

At the same time, though, one thing will not change: Wall Street thinking of new ways to make money again. 

Already the tide started to turn somewhat late in the week for hedge funds as Robinhood and other online brokerages used by millions of retail investors restricted trading in the stock. 

Many hedge funds still remain on the other side of the GameStop trade, with the number of shares shorted having dropped only 8% during the week as firms like Melvin covered positions. 

One New York–based banker said his clients were looking for other possible targets of retail trading frenzy and positioning themselves ahead of it to make money if the eye of Reddit turned that way. “People have spent all week running their screens on other situations that might fit this criteria,” the banker said. “You’re going to see more of it.” 

“This isn’t investing, this is insanity,” said Kyle Bass, founder, Hayman Capital Management LP. “A month, two months from now, I will be flabbergasted if GameStop isn’t below $100.” — Svea Herbst-Bayliss and Maiya Keidan/Reuters

Philippines says Myanmar events ‘internal matter that we will not meddle with’

The Philippines is prioritizing the safety of its citizens in Myanmar and sees events in the country as “an internal matter that we will not meddle with,” Presidential Spokesperson Harry L. Roque, Jr., said on Monday, after the military seized power.

“What’s important is the safety of our countrymen in Myanmar,” Mr. Roque told a briefing. — Reuters

Related story: Crisis in Myanmar after army alleges election fraud

Crisis in Myanmar after army alleges election fraud

Myanmar’s leader Aung San Suu Kyi and other senior figures from the ruling party were detained in an early morning raid on Monday, the spokesman for the governing National League for Democracy said.

The move came after Myanmar’s powerful military triggered worry about a coup last week after threatening to “take action” over alleged fraud in a November election won by Ms. Suu Kyi’s National League for Democracy (NLD).

The NLD led by Ms. Suu Kyi, a former political prisoner and figurehead of Myanmar’s long struggle against dictatorship, won 83% of available seats in the Nov. 8 election seen as a referendum on her fledgling democratic government.

WHO RULES IN MYANMAR? 

Nobel Peace Prize winner Ms. Suu Kyi, 75, came to power after a 2015 landslide election win that followed decades of house arrest in a struggle for democracy that turned her into an international icon.

Her international standing was damaged after hundreds of thousands of Rohingya fled army operations into refuge from Myanmar’s western Rakhine state in 2017, but she remains hugely popular at home.

The military, as the architect of Myanmar’s 2008 constitution and fledgling democracy, sees itself as the guardian of national unity and the constitution, and it has enshrined a permanent role for itself in the political system.

Known as the Tatmadaw, it gets an unelected quota of 25% of parliamentary seats and it controls the defense, interior, and borders ministries, ensuring an important stake in politics.

WHY DID THE MILITARY CHALLENGE THE LATEST VOTE?

The military alleged discrepancies such as duplicated names on voting lists in scores of districts and was unhappy with the election commission’s response to its complaints.

The military did not say if irregularities were substantial enough to have changed the election outcome.

Its grievance was similar to that of the Union Solidarity and Development Party (USDP), the former ruling party created by the military before it officially ceded power in 2011.

The USDP, widely seen as a military proxy, was humiliated in the election, winning only 33 of 476 available seats.

HOW DID THE NLD, OTHER PARTIES REACT TO ELECTION?

Ms. Suu Kyi has not commented on her party’s election victory, nor on the military’s complaints, but the NLD said the military’s allegations were groundless and any election flaws would not have changed the outcome.

Of the more than 90 parties that contested the vote, at least 17 have complained of mostly minor irregularities and all except the USDP are smaller parties. Election observers have said the voting was without major irregularities.

The election commission on Thursday said there were no errors on a scale that could mean fraud or the election being discredited.

WHAT DID THE MILITARY SAY?

The spokesman for the armed forces, Brigadier General Zaw Min Tun, held a news conference last week on its allegations but gave a succession of non-committal answers to questions about the military’s intentions.

He said the military would “take action,” and use all available options including the Supreme Court. Asked if the military would cooperate with the new government and legislature, he told reporters “wait and watch.”

Asked if he would rule out a coup, Zaw Min Tun said “cannot say so”.

On Saturday, Myanmar’s military had said it would protect and abide by the constitution and act according to law.

WHAT DOES THE COUNTRY’S CONSTITUTION SAY?

The constitution says the commander-in-chief can take power only in extreme circumstances that could cause “disintegration of the union, disintegration of national solidarity and loss of sovereign power,” but only during a state of emergency, which can only be declared by the civilian president.

The commander-in-chief, Senior General Min Aung Hlaing, caused intrigue last week when he told military personnel a constitution was a “mother law for all laws” and if not abided by, it should be revoked. He cited previous instances when that had happened in Myanmar. — Reuters

SquidPay Technology and Phil Star Development Bank jointly files application for digital banking license

Homegrown fintech startup SquidPay Technology Inc. (SquidPay) has entered into last stage negotiations for the acquisition of a 60% stake in Phil Star, a development bank headquartered in Batangas City. Upon finalization of its majority stake, SquidPay will increase bank capitalization to P1.5 billion, the BSP requires a total of at least P1.0 billion for digital bank license applicants.

Phil Star Development Bank (Phil Star), Inc. is a subsidiary of Philippine Regional Investment Development Corporation (PRIDE), a wholly-owned subsidiary of AbaCore Holdings Corporation, a publicly-traded company (ABA) with interests in financial services, real estate, and gaming technology.

This acquisition forges the path for SquidPay to strengthen its platform’s alliances and provide financial services for millions of unbanked and underserved Filipinos across the nation. Integrating digital bank operations creates an array of financial services for SquidPay users that closes the gap between the country’s deep mobile phone penetration and lagging online transaction growth. “The partnership for digital banking is a social enterprise to address the financial services needs of the unbanked,” says Bernando Villegas PhD., an independent director of AbaCore Capital, Professor at UAP, and Director of the Center for Research and Communication, Manila.

Atty Antonio Gregorio, Vice Chairman of AbaCore and President of PRIDE adds, “ABA and PRIDE are eager to forge this partnership with SquidPay. The dedication and expertise of SquidPay perfectly fits our vision to help uplift the Philippine countryside.”

Marvin Dela Cruz, CEO of SquidPay notes, “this consolidates the development of SquidPay’s end-to-end financial ecosystem. In terms of impact, it accelerates our ability to reach our target markets, in terms of value it enables us to create more services and transactions per platform user.  “Bakit ka pa maghihintay sa bangko, kung pwede naman ang bangko na lang ang papuntahin sayo?” [Why will you still wait in line at the bank, if the bank can come to you instead?]

Digital banks service customers through an entirely application-based platform. Although the platform utilizes cash agents or other delivery partners for some activities, the core banking functions such as granting loans, issuing electronic money, credit cards, foreign exchange, and micro-insurance are executed with ease online.

“SquidPay’s acquisition shall fortify the financial backbone for our future smart cities to operate metropolitan-level IoT systems. We want the security and robustness of a bank but with the speed and efficiency only possible with the latest technologies.”

SquidPay intends to implement this ‘financial backbone’ and its vision of shared countryside development with listed company Premiere Horizon Alliance (PHA), another recent key partner. “Growth should come from everywhere,” says Mr. Dela Cruz.

Bolstered by the SquidPay platform and its team, Phil Star’s future plans will enable greater financial industry participation by leveraging SquidPay’s relationship with various LGUs, together with major banks to promote greater financial inclusion especially during this pandemic.

“One of the big challenges facing our BSP’s digital roadmap is financial education and perceptions- I think people learn best when they see and experience, show me, don’t tell me. That’s our strategy- we want to show that our online transactions are safe and simple- and we want to let our services be engaging everyday experiences.”  – Marvin Dela Cruz, CEO, SquidPay Technology.

Get SquidPay for free via these links:

Play Store: https://bit.ly/squidpayplaystore

App Store: https://bit.ly/squidpayappstore

For more info and updates visit these links:

Website: https://squidpay.ph

FB: https://www.facebook.com/squidpay

IG: https://www.instagram.com/squidpayphilippines/

Twitter: https://twitter.com/SquidpayP

[B-SIDE Podcast] How thinking small can lead to something big

Follow us on Spotify BusinessWorld B-Side

Carvey Ehren R. Maigue, an electrical engineering student at Mapua University, invented a plastic-like material that makes renewable energy from rotting fruits and vegetables. His invention won the first James Dyson Award for Sustainability in 2020, beating a record 1,800 entries from around the world. And now he’s fielding inquiries from electric car manufacturers who are interested in his technology.

Mr. Maigue’s story is about persistence. He first joined the James Dyson Award in 2018 and didn’t even make it past the national level.

In this episode of B-Side, he talks to BusinessWorld reporter Patricia B. Mirasol about his company, AuREUS System Technology, and the commercial applications of his invention: aside from powering electric cars, his technology can be used for window and wall solutions and e-textiles.

“AuREUS is not just an invention, not just a business, but an ecosystem that can positively impact different sectors,” said Mr. Maigue. “You do not need to solve a problem for the world. [Your solution] can be for a person that, for you, means the world.”

TAKEAWAYS

Your own mindset can be the biggest roadblock.

According to Mr. Maigue, there is a notion that that inventions made in the Philippines will be wasted, overlooked, or underappreciated. 

“We have to overcome that thinking,” he said. “Even though we are in the Philippines, we do have the talent and caliber to compete and be recognized globally.” 

‘You can think small and come up with something big.’

When Mr. Maigue spoke to students in Cagayan de Oro, one of the pressing questions involved the struggle in finding what to invent. “The task is a bit daunting,” he said. “There are many solutions and many problems: what can you offer? What should you do?”

He suggested finding a problem of a person close to you: what are they struggling with? In farming, are there any tools that might improve what they’re doing? In the kitchen, are there things that might make their work more efficient? There are simple things that are often overlooked, but which can be the starting point to create something better.

“Inventing is a very long process. If the inspiration is something for the benefit of a person very close to you, then that’s already a great motivation to carry on and move forward,” he said. “You can think small and come up with something big.” 

Don’t fall in love with your product, fall in love with solving the problem.

Mr. Maigue shared the three principles he learned from his inventor journey:

1. Do not box yourself to a specific industry, as inspiration can come from other fields.

“One of my inspirations came from something I saw in a pub. Had I boxed myself in, I wouldn’t have been able to converge different inspirations to create what I created.”

2. Inventing is not a 9-to-5 career but a 24/7 lifestyle.

“There’s this disconnect that—if you want to invent something—you either need a stable job, or else pursue the path of an inventor in the hopes of hitting the jackpot eventually,” he said. “You can be a baker or a musician: be open to the ideas that pop up, and create something new from there.”

3. Self-acceptance is part of the journey. Acknowledging defects and imperfections will allow you to make things better.

“By accepting your flaws and your invention’s flaws, you can remove the bias of being in love with your invention. Be in love [instead] with solving the problem you want your invention to solve.”

This B-Side episode was recorded remotely on Dec. 16, 2020. Produced by Nina M. DiazPaolo L. Lopez, and Sam L. Marcelo.

Follow us on Spotify BusinessWorld B-Side

Pag-IBIG home loan releases hit record-high P12.11B in December amid the pandemic

Pag-IBIG Fund home loan releases hit a record-high in December as disbursement  reached P12.11 billion despite the economic downturn caused by the Covid-19 pandemic,  top officials of the agency announced on Wednesday (Jan. 27). This amount is P640  million higher, or a six percent increase, from the previous record of P11.47B that was  set in December 2019.

“Our home loan takeouts in December is the highest for a single month in Pag-IBIG  Fund’s history. Because of it, we were able to finance the acquisition of 12,275 homes for  our members in December alone, which is also a record-high. Amid the challenges, Pag IBIG has provided homes to more members during the pandemic, aiding in the  government’s efforts led by President Duterte, to keep Filipino families safe at home,”  said Secretary Eduardo D. del Rosario, who heads both the Department of Human  Settlements and Urban Development (DHSUD), and the 11-member Pag-IBIG Fund  Board of Trustees.

For year 2020, Pag-IBIG Fund released P63.75 billion in home loans allowing 63,750  members to acquire their own homes. Out of the total amount, 11 percent or P7.1 billion  were released as socialized home loans for the benefit of 16,975 Pag-IBIG Fund members  who belong to the minimum-wage and low-income sectors, del Rosario added.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti expressed  optimism that the numbers will continue to rise especially as the economy has reopened.

“From September to December, our home loan releases were close to ‘pre-pandemic’  levels. We released more than P6 billion to P7 billion in home loans every month,  reaching its peak in December when releases reached over P12 billion. The year 2020  may not have been record-breaking in terms of numbers, but it was a story of grit and  resiliency as we were able to bounce back quickly,” Moti said.

He said that Pag-IBIG Fund was poised to achieve another milestone year in 2020 as the  combined home loan releases in January and February amounted to P12 billion, growing  17 percent compared to the same period in 2019. But as expected, home loan numbers  started to decline in March when strict community quarantine measures were imposed to  curb the spread of Covid-19. Home loan releases dipped to P3.8 billion in March and  P883 million in April. But, as restrictions were eased, home loan figures started to  recover in as early as May when disbursements jumped to P1.2 billion and rose even  higher to P2.9 billion in June. Loan releases continued to climb in the second half of  2020. And by the end of the third quarter, home loan releases had already recovered.

“Looking at the bigger picture, the improvement in numbers does not only mean  increased homeownership among Filipinos. It also means that Pag-IBIG Fund is able to  take part in ensuring the safety of our members and their families, especially during this  time of a pandemic. Rest assured that as 2021 unfolds, we will continue to be our  members’ reliable partner as we all journey to full recovery,” Moti added.

In total, Pag-IBIG Fund approved P84.53 billion in home loans to finance the acquisition  of 80,748 homes last year. Of this, the amount of P20.78 billion represents approved  home loan applications pending for release, the proceeds of which are ready for  disbursement upon submission by borrowers of post-approval requirements.

Inflation likely picked up in January

Pork prices have soared amid a shortage due to the outbreak of African Swine Fever (ASF). — PHILIPPINE STAR/MICHAEL VARCAS

By Luz Wendy T. Noble, Reporter

HEADLINE INFLATION likely quickened for the fourth straight month in January amid rising prices of food and oil products, a BusinessWorld poll of economists showed.

A poll of 16 economists last week yielded a median estimate of 3.6%, within the 3.3-4.1% estimate by the Bangko Sentral ng Pilipinas (BSP) for the month but near the upper end of the 2-4% annual target.

If realized, January inflation will be the fastest since 3.8% in February 2019 and will mark the fourth consecutive monthly rise since October. It will also be quicker than 3.5% in December and 2.9% a year ago.

The Philippine Statistics Authority will report the official January inflation data on Feb. 5.

As inflation nears the higher end of the central bank’s annual target, analysts said there may be less wiggle room for another rate cut. Instead, policies should be put in place to help households struggling to cope with soaring prices of basic goods, they said

Food prices have skyrocketed due to supply-side disruptions caused by lockdowns, agriculture damage caused by typhoons and the African Swine Fever (ASF) outbreak.

A supply shortage caused by typhoons in the last two months of 2020 continued to push food prices up, with conditions only likely to normalize after the next harvest, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said.

“It would help if government agencies identify any signs of collusion among manufacturers and suppliers. A proposal to remove import duties on imported meat products is suggested to help address the shortage of local pork meat due to the ASF,”  De La Salle University Economist Mitzie Anne P. Conchada said.

Transport costs may have also contributed to a faster rise in the consumer price index (CPI).

“There had been back-to-back hikes in pump prices, likely on the back of higher global crude oil prices after the OPEC+ (Organization of the Petroleum Exporting Countries) actions at the start of the year,” Security Bank Corp. Chief Economist Robert Dan J. Roces said.

In January, oil-exporting countries agreed to an output cut of one million barrels a day for Saudi Arabia in February and March.

At the same time, the gradual reopening of more industries drove up consumer spending and production costs, which may have led to quicker inflation in January, said Colegio de San Juan de Letran Graduate School Dean Emmanuel J. Lopez.

“However, it should not be misconstrued as detrimental to the economy, considering that it is an indication that the recession has eased because of increased consumer confidence as manifested by increased spending,” he said.

The central bank expects inflation increase to average 3.2% this year, faster than 2.6% last year as it factors in the rise in food and oil prices.

Analysts said the central bank would keep an accommodative policy but might avoid a rate cut in the first quarter.

“With the BSP governor clearly keeping an eye on the growth objective throughout 2020, it would be difficult to expect Mr. Diokno to hike policy rates in the face of the still very fragile economic recovery,” Mr. Mapa said.

The country is experiencing a negative real interest rate environment given that December inflation was at 3.5%, while the key policy rate is at 2%.

“There is very little room for the BSP to cut policy rates further. This is because even though inflation is currently within the comfortable 2-4% target, upside risks can no longer be ignored,” said Alvin Joseph A. Arogo, vice-president and head of equity research division at Philippine National Bank.

The BSP slashed rates by 200 basis points (bps) last year to support the economy during the pandemic. This reduced the reverse repurchase, lending and deposit facilities to record lows of 2%, 2.5% and 1.5%, respectively.

In previous policy meetings where it slashed rates, the central bank said the benign inflation environment supported the decision for further easing.

Inflation rate started to hover around 3% in November. By December, even rice prices rose 0.1%, the first time it posted an increase after 19 months of deflation due to the Rice Tariffication Law (Republic Act No. 11203).

Central bank officials have said earlier they view the faster inflation as “transitory.” BSP Deputy Governor Francisco G. Dakila, Jr. said in January that short-term considerations such as weather disruptions caused the uptick and would still have happened anyway, whether or not there was aggressive rate easing last year.

On the other hand, ANZ Research analyst Kanika Bhatnagar said they are still expecting a 25-bp cut from the BSP within the first quarter “to support growth.”

For Mr. Arogo, fiscal policies will be more effective to bolster recovery instead of monetary easing at this point.

“We believe that the government should focus on fiscal policy, such as higher public spending on infrastructure projects, healthcare capacity, and COVID-19 vaccination,” Mr. Arogo said.

The Monetary Board has two policy-setting meetings falling within the first quarter — the first on Feb. 11 and another on Mar. 25.

Analysts’ January inflation estimates (2021)