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Entertainment News (09/24/21)

WeTV Original show Pasabuy premieres today

TWO strangers trying to find themselves find each other in the middle of a lockdown in the new WeTV Original series Pasabuy. In the show, Gino Roque and Heaven Peralejo play two strangers who head out to a beach resort to escape their real lives and do a bit of soul searching. Then the lockdown happens, and they find themselves stranded. The six-episode series is written and directed by Xian Lim, based on a WeTV Original concept. The show is co-produced by Forza Productions. Stream Pasabuy for free starting on Sept. 24, 7 p.m., on WeTV. New episodes will be released every Friday.

Netflix’s Squid Game goes to the mall

ONE key figure that stands out in the Netflix series Squid Game is the huge scary doll that signals players to stop and go during the “Red Light, Green Light” game in the first episode. Squid Game is an original Korean series about cash strapped contestants who battle it all out by playing children’s games to win 45.6 billion won in the deadly nine-part series by Hwang Dong-Hyuk. That 10-foot-tall doll is now in Robinsons Galleria Ortigas Mall (East Wing Entrance) to monitor jaywalkers that cross the mall’s nearby street. Jaywalkers were surprised when the giant doll started moving its head and its eyes flash red. This special doll can be seen at the mall for a limited-time only. There are also some Squid Game games, surprises, and prizes at the Robinsons Galleria Facebook page. Meanwhile, joining the Squid Game craze, It’s Showtime will present Squid Game: Extra Life, an all-or-nothing game based on the show where six faces from the past — including John “Sweet” Lapus, Dante Gulapa, and the Pabebe Girls — will meet each other in a head-to-head battle for an extra life. Squid Game: Extra Life airs on Sept. 23 to 25 on It’s Showtime.

Duran Duran releases more music from new album

DURAN DURAN has released the anthemic “Anniversary,” the third song taken from their 15th studio album, Future Past, which is set for global release on Oct. 22 via Tape Modern for BMG. The song was produced by the band along with British DJ/producer Erol Alkan. In a press statement. Duran Duran bassist and founder member John Taylor said: “‘Anniversary’ is a special song for us. Obviously, we were conscious of our own impending 40th anniversary of making music together, but we wanted the song’s meaning to be inclusive in the broadest possible way. After playing and working together for so long, we very much appreciate what ‘being together’ and ’staying together’ can really mean, it’s not something we would have thought song worthy 40 years ago but we do today! It was also fun to build a track with hints of previous Duran hits, they’re like Easter eggs, for the fans to find.” The band will be playing at the upcoming Global Citizen LIVE concert on Sept. 25. Future Past will be available on all digital platforms, as well as in a variety of physical formats: standard CD, cassette, a limited edition deluxe hardback book CD featuring three additional tracks, and colored vinyl.

Season 4 of e-sports women’s league

SMART Communications, Inc. teams up with e-sports event organizer Eplayment Entertainment to power the fourth season of Liga Adarna, the Philippines’ biggest and only all-female e-sports league. For the fourth installment, titled Race to the Top, Liga Adarna has gathered the country’s top female e-sports players to battle it out in four different games — Mobile Legends: Bang Bang, Valorant, Call of Duty: Mobile, and League of Legends: Wild Rift — until Dec. 19 for a shot at the championship and prize pool of P220,000. The Mobile Legends leg runs until Oct. 17; the Valorant leg is scheduled for Oct. 22 to Nov. 14; the League of Legends: Wild Rift leg will be from Nov. 18 to 21; and the Call of Duty leg will be from Nov. 26 to Dec. 19.  Gamers and e-sports fans can catch the livestream of the games on the Liga Adarna Facebook page at www.facebook.com/ligaadarna.       

Daniel Paringit releases new single

DANIEL Paringit has released his new single, “Pahina,” about moving forward, acceptance, and facing a new chapter. “Pahina” is out on Spotify and all other digital streaming platforms under MCA Music (Universal Music Philippines). The official lyric video is also out on YouTube.

Lazada extends Miss Universe Philippines fan voting

BEAUTY pageant fans now have until Sept. 29 to vote their favorite Miss Universe Philippines finalist into the Top 16, on Lazada, which is the pageant’s official voting platform this year. Fans can enter up to five votes daily through the Fan Vote function and the finalist with the most votes will secure a place in the Top 16. Fans can also support their favorite candidate by purchasing special packages offered on the voting page. In addition to the Fan Vote feature, fans were also given an opportunity to get to know their candidates better through a recently concluded video contest that showcased the favorite Lazada shopping choices of each beauty queen. The Lazada voting page can be found at https://lzd.co/LazadaVoting.

Survival of the fittest

HOW are you coping after more than one-and-a-half years of lockdown? How do you survive if your industry is among those hard hit ?   

Last week, the FINEX Women in Finance Committee chaired by Terrie Magleo and FINEX Director Tiffi Zulueta held a webinar “Survival of the Fittest” featuring three passionate ladies: Ryna Brito, CEO of Sunlight Express Airways, Nanette Medved-Po, chair and founder of Friends of Hope, and Tessa Prieto-Valdes, vice-president of Trezza Group. 

Their businesses — tourism, manufacturing and real estate, respectively — were badly affected by the pandemic.   How did these remarkable women leaders adapt to the needs of the challenging times and keep their companies afloat?

Ryna kept Sunlight Express Airways alive with her creativity and agility. Having been conceived to cater purely to passengers, the airline was quickly transformed to a passenger and cargo business. Ryna used the crisis to reboot and adapt to customer and industry needs by putting in place safe and seamless travel processes, such as a charter airline point-to-point travel. Her passion, dedication, perseverance and responsiveness to the constraints brought about by the pandemic cascaded to her people and resulted in a remarkable growth in the airline’s passenger and cargo sales, flights and destinations. Ryna, a young executive, is certainly a good role model for millennials for her creativity.

For Nanette Medved-Po, the current pandemic, which caused her company to lose as much as 90% of its business, taught her many lessons revolving around the value of resiliency and agility, a strong focus on employees, and the optimum use of technology.  She highlighted the value of communication, especially as the lockdown kept members of the organization widely dispersed. She founded Plastics Exchange to help the environment. She also reminded everybody not to lose sight of the big picture, which is the company’s responsibility to society. Nanette demonstrated her big heart with Hope donating 100% to education, environment and agriculture.

Tessa Prieto-Valdes said real estate has always been regarded as the safest long-term investment a person can make, and this has remained so even with the pandemic. She explained that the real estate industry has stayed resilient as developers were quick to pivot and address the challenges brought about by COVID-19. Despite market disruptions and changing lifestyles, a safe and secure space in a master-planned community has continued to be the top qualification of real estate buyers. Tessa exudes positivity with doable and practical strategies, much needed nowadays.

Innovation, agility, grit, not giving up easily, and the first-hand experiences highlighting business adaptability, being attuned to the needs of the customers and taking care of one’s employees, were the key takeaways from this very successful webinar with Multinational President Malou Cristobal as emcee and Danielle del Rosario of Phinma as moderator. And I’d like to add: prayer to the One who is the source of everything. “Certainly, a breath of fresh air and hope in the midst of so much uncertainty” says Terrie.

Also, congratulations to the very energetic Mar Bacani, Antipolo Department of Tourism Officer and a dedicated public servant, supported by Region 4A DoT Director Michael Palispis and Antipolo Mayor Andrea Ynares for the very successful 9th Antipolo Tourism Fair: A virtual promenade held from Sept. 21 to 24, which showcased the destinations, products and services in Antipolo. Tayo na sa Antipolo and keep domestic tourism alive!

(The views expressed herein do not necessarily reflect the opinion of these institutions.)

 

Ms. Flor G. Tarriela was the first chairwoman of the Philippine National Bank. She was the first and only independent director chairwoman in the commercial banking industry. She is a former Undersecretary of Finance and the first Filipina vice-president of Citibank N.A.  She is a trustee of FINEX and an Institute of Corporate Directors fellow.  A gardener and an environmentalist, she established Flor’s Garden in Antipolo, an ATI Accredited National Extension Service Provider and a DoT Accredited Agri Tourism Site.

Monde Nissin joins SBCorp loan program

MONDE Nissin Corp. inked a memorandum of agreement to join a program that will help customer sari-sari stores, or neighborhood mom-and-pop shops, gain access to collateral-free and interest-free loans.

The listed company is now the first FMCG (fast-moving consumer goods) partner of Small Business Corp.’s (SBCorp) Sustaining Trade Access to Primary Food and Link to Enterprises (STAPLES) program.

STAPLES’ goal is to “help make small businesses more robust, especially in the face of the pandemic.”

With a partnership with Monde Nissin, customers of authorized distributors of the listed company may avail of the loan program to increase their working capital.

Other large food manufacturers, distributors, and suppliers are encouraged to become accredited partners for STAPLES “to expand the reach of its program and to cater to a substantial number of sari-sari stores.”

On Thursday, shares of Monde Nissin at the stock exchange improved by 0.93% or 18 centavos to close at P19.60 each. — Keren Concepcion G. Valmonte

Ten irrelevant job interview questions

With five years of experience in hiring in the banking sector, I was pirated to become the recruitment manager of a newly-formed business process outsourcing (BPO) company. The chief executive officer (CEO) told me to start hiring more than 100 workers and listed down the qualities expected of the hires in a job description that he wrote. How do I proceed to hire the brightest prospects for us in less than 45 days? — Fire Power.

If you’re not new to recruitment, you may have already experienced what’s working or not, which could be different in the case of the BPO industry, which is experiencing employee turnover of as much as 40%, either forced or voluntary due to the stressful and toxic working environment. Comparatively, the banking industry averages in the single digits for turnover rate, for reasons that are not found in many BPO firms.

Assuming the high turnover rate comes with the territory, your best approach is to learn from your colleagues from the BPO industry. It could be difficult as you may not know people in the industry. If you don’t, talk to people from the IT and Business Process Association of the Philippines.

Unless you ask for help, no one will come to your rescue. If no one can assist you, I can only provide generic advice, mainly focused on avoiding useless job interview questions which have been around since the 1970s. Formulate all questions based on potential work situations to make your search more efficient and meet your 45-day timetable.

What are those situational questions? They are imperative questions designed to elicit intelligent answers from applicants on a particular work situation. This includes — how would you manage an irate customer? How about a toxic boss? Therefore, imagine all possible stressful work scenarios possible in your company. And take it from there.

IRRELEVANT QUESTIONS
The main purpose of a job interview is to evaluate and forecast the knowledge, attitude, skills, and habits of your prospect. You do this by being conscious of how the applicants might perform the job. Therefore, avoid the following unrelated and time-wasting questions that could elicit seemingly smart responses from intelligent applicants:

One, tell me something about yourself. Applicant’s thought balloon: “How much time do I have? Of course, I’d love to talk about my childhood and how it molded me. Are you ready to hear all of it?”

Two, strengths and weaknesses. Applicant’s thought balloon: “Oh, that’s very easy. My answer would be the same thing that I’ve told other prospective employers. I’m such an incurable workaholic that I often work overtime.”

Three, career goals. Applicant’s thought balloon: “Are you serious? Frankly, I’d like to immediately assume your job so that I can ask a much better job interview questions.”

Four, imagine yourself in 10 years. Applicant’s thought balloon: “That’s too long. The truth of the matter is — I’m planning to migrate to another country in five years, where the job opportunities are much better.”

Five, have you thought of switching careers? Applicant’s thought balloon: “Where did you get that idea? But to answer your irrelevant question, I used to be a high school teacher. After college, I took a post-graduate degree in education to pursue a teaching career.”

Six, describe the perfect job. Applicant’s thought balloon: “The perfect job would be the one that allows me to challenge the status quo and other wasteful practices, like what we’re having now with this stupid job interview.”

Seven, what type of person would you hire for this job? Applicant’s thought balloon: “I’m a maverick at heart. I don’t want to talk to people with a traditional management style. That’s the kind of person I’d like to hire.”

Eight, have you ever been fired or asked to resign? Applicant’s thought balloon: “Are you doing a background check? Would you expect me to lie? Please get that information somewhere else. That’s because my answer could be self-incriminating.”

Nine, length of job search. Applicant’s thought balloon: “I’m not. My friendly headhunter forced me to take this chance with you. But really, I’m not interested because I know some friends who hate this company.”

Ten, salary expectations. Applicant’s thought balloon: “Do you mean you’re offering me the job? Why don’t you put it in writing so I can show it to my current employer?”

LESSONS FROM APPLICANTS
Interviews count the most in screening applicants. You should spend 90% of the time asking people how they would respond to a particular work situation that’s common in a BPO environment. You don’t need to read out the contents of CVs and repeat what’s in there.

Once again, don’t waste time asking old-fashioned and irrelevant job interview questions. Most applicants know how to ace them, particularly when with internet a readily available resource for job hunters. Instead, think of the best ways to uncover the signals applicants give off that might hint at how they will do their best in their jobs.

Learn from the applicants and not the other way around.

 

Have a consulting chat with Rey Elbo on Facebook, LinkedIn, or Twitter or you can send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

National Government Fiscal Performance

National Government Fiscal Performance (Aug. 2021)

How PSEi member stocks performed — September 23, 2021

Here’s a quick glance at how PSEi stocks fared on Thursday, September 23, 2021.


Peso drops further as Fed hints at November tapering 

BW FILE PHOTO

THE PESO weakened against the greenback on Thursday after the US Federal Reserve said it could start reducing its bond-buying program as early as November. 

The local currency closed at P50.34 per dollar on Thursday, depreciating by seven centavos from its P50.27 finish on Wednesday, based on data from Bankers Association of the Philippines. 

The peso opened at P50.33 versus the dollar. It dropped to as low as P50.45, while its intraday best was at P50.27 against the greenback. 

Dollars that changed hands fell to $1.08 billion yesterday from $1.24 billion on Wednesday. 

The Fed said on Wednesday it could begin tapering its monthly bond purchases by November if jobs data will remain strong, Reuters reported. 

Interest rate hikes may also begin next year once its bond-buying program ends, as nine of 18 Fed policymakers believe borrowing costs have to increase in 2022. 

“The local currency might weaken further following BSP’s substantial upward revisions in its inflation projections despite keeping policy rates unchanged,” a trader said via e-mail. 

The Bangko Sentral ng Pilipinas (BSP) raised its inflation outlook for the year to 4.4% from 4.1% previously as supply issues continue to push food prices higher. This is beyond the 2-4% target of the central bank for 2021. 

The BSP also raised its inflation forecasts for 2022 and 2023 to 3.3% and 3.2%, respectively, from 3.1% previously. 

Despite elevated inflation expectations, the central bank kept benchmark rates unchanged on Thursday. 

Mr. Ricafort expects the peso to trade from P50.20 to P50.40 per dollar on Friday, while the trader gave a higher P50.25-P50.50 forecast. — BML with Reuters 

Shares climb with BSP seen keeping policy steady

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PHILIPPINE shares closed higher on expectations that the central bank would keep rates low to support the economy at its policy meeting, which was set to conclude aftermarket hours on Thursday.

The 30-member Philippine Stock Exchange index (PSEi) gained 24.55 points or 0.35% to close at 6,915.28 on Thursday, while the broader all shares index went up by 15.93 points or 0.37% to finish at 4,302.50.

“Market rose on expectations of continuing BSP (Bangko Sentral ng Pilipinas) monetary accommodation to achieve sustainable economic and corporate earnings growth,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

Trading closed ahead of the central bank’s policy statement on Thursday. In a BusinessWorld poll conducted last week, 17 out of 18 analysts said they expect the Monetary Board to keep the policy rate at its record low of two percent.

“The local market climbed further this Thursday… The continuous decline in our daily new COVID-19 (coronavirus disease 2019) cases and the optimistic cues from Wall Street’s overnight performance gave a boost to positive sentiment,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a separate Viber message.

“Trading weakened further,” he added. “This shows that many investors are still staying out of the market due to the lingering uncertainties.”

Value turnover inched down to P6.48 billion with 1.59 billion issues switching hands on Thursday, lower than the P6.49 billion with 705.34 million issues traded on Wednesday.

On Wednesday, the Health department logged 15,592 new COVID-19 infections. The country’s tally went up to 2,417,419, while active cases stood at 162,580.

Meanwhile, the three major US stock indexes rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon, Reuters reported.

The Dow Jones Industrial Average rose 338.48 points or 1% to 34,258.32; the S&P 500 gained 41.45 points or 0.95% to 4,395.64; and the Nasdaq Composite added 150.45 points or 1.02% to 14,896.85.

Back home, majority of sectoral indices closed in the green on Thursday except for holding firms, which inched down by 1.87 points or 0.02% to 6,935.57.

Meanwhile, industrials climbed 140.35 points or 1.39% to 10,236.01; property rose 28.31 points or 0.94% to 3,020.77; financials went up by 4.15 points or 0.29% to 1,412.94; mining and oil improved by 18.81 points or 0.20% to 9,359.72; and services inched up by 1.88 points or 0.09% to close at 1,907.51.

Advancers beat decliners, 105 against 79, while 58 names closed unchanged.

Foreigners turned sellers anew with P294.27 million in net outflows, a reversal of the P33.17 million in net purchases logged the previous day. — Keren Concepcion G. Valmonte with Reuters

Philippines and Korea in final stage of free trade agreement

REUTERS

FREE TRADE negotiations between the Philippines and South Korea could finally be concluded within the next few weeks, Trade Undersecretary Ceferino S. Rodolfo said.

“We are now also in the final stages towards concluding the FTA (free trade agreement) with Korea. Hopefully this can be done in time for the ASEAN-Korea summit, which will happen towards the end of October,” he said at a European-Philippine business summit Thursday.

“Our projection is that we should be able to substantially conclude the FTA with Korea within a few weeks.”

The countries failed to sign a deal at the ASEAN-Republic of Korea Commemorative Summit in 2019. Talks had stalled on items like bananas, for which Philippine producers are seeking lower tariffs, and South Korean auto exports, for which Seoul is seeking greater access.

The Trade department also missed a targeted June 2021 end date.

“I really hope this time, we can conclude it,” Mr. Rodolfo said.

Mr. Rodolfo also said that the Philippines is interested in a digital trade deal with the US.

“With the new administration in the US, we have also not given up on an FTA with the US,” he said.

“Of course, the trade policy direction of the US has somewhat not accommodated this at the moment, but we are keenly looking at what the trade policy moves of the US (are).”

Noting that a bilateral FTA with the US may be ambitious, he said the Philippines can start with a digital trade deal, noting potential convergence between the trade priorities of both economies.

Charles Freeman, senior vice-president for Asia of the US Chamber of Commerce, in June said the two economies should work on a standalone digital trade agreement that could serve as a model for the region while some issues remain unresolved for an FTA.

The Philippines is in talks with India for a preferential trade agreement and has indicated interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. — Jenina P. Ibañez

Power providers gave back almost P20 billion to consumers — ERC

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DISTRIBUTION UTILITIES (DUs) and electric cooperatives have refunded a total of P20.15 billion to consumers, leading to lowering electric power rates beginning in 2020, the Energy Regulatory Commission (ERC) said Thursday.

The ERC said it had ordered the refunds after noting the overcollection of pass-through and distribution charges, which comprised bulk of the P20 billion. The refunds also included market transaction fee refunds and discounts granted to customers.

“The P20 billion in refunds that the commission approved… provides some rate relief, especially to those electricity consumers that were economically disadvantaged due to the limited operation or closure of some businesses,” ERC Chairperson and Chief Executive Officer Agnes VST Devanadera said in a statement.

The refunds have helped effectively reduce power rates during 2020 and 2021.

The commission estimates that power rates in Luzon, the Visayas and Mindanao were reduced by P0.0025 per kilowatt-hour (/kWh), P0.0028/kWh, and P0.0151/kWh, respectively, in 2020.

Meanwhile, end-users in Luzon, the Visayas and Mindanao experienced rate reductions of P0.0014/kWh; P0.0088/kWh; and P0.0070/kWh, respectively, in their power bills this year.

“For Meralco (Manila Electric Co.) and Cepalco (Cagayan Electric Power and Light Co.), the refund rates are P0.1528/kWh and P0.0268/kWh, respectively, which represent over-recoveries in the distribution charges,” ERC said.

Ms. Devanadera said the ERC is urging DUs to show empathy by offering flexible payment options to consumers, including a staggered payment scheme with no penalties or interest.

“The ERC is finding ways to reduce the charges being billed by the DUs to their customers, such as the temporary suspension of some charges like the Bill Deposit Adjustment, Universal Charge and FiT (feed-in tariff) Allowance, when appropriate, to alleviate the poverty caused by this pandemic,” she added. — Angelica Y. Yang

PHL capital drops to near bottom in ranking of startup ecosystems

THE Philippine capital was among the lowest-ranked in a top 100 list of emerging global startup ecosystems, according to a report from research and policy advisory organization Startup Genome.

The Global Startup Ecosystem Report 2021 put Manila in the 91-100 rank, with scores of 1 out of 10 in performance and funding, 2 in market reach, and 6 in talent.

Manila was in the 31-40 rank in the 2020 report, with a score of 5 in performance, 3 in funding, 10 in market reach, and 7 in talent.

Trade Secretary Ramon M. Lopez in a statement said the department will work on improving the country’s performance.

“We are moving forward in finalizing the structure that will allow us to maximize the utilization and effectiveness of the Startup Venture Fund (SVF) that we are allocating for the development of startup ventures,” he said.

Manila ranked in the top 10 in Asia and top 20 in the world for affordable talent.

Total early-stage funding in Manila is $101 million over the last 2.5 years, far below the $431 million global average. Its ecosystem value is $548 million, while the global average is $10.5 billion.

Manila’s strengths are in financial technology and e-commerce.

“The fast-growing use of mobile banking, an enabling regulatory environment, and a high number of unbanked and underserved Filipinos allowed more fintech startups to prosper in the Philippines,” the report said.

The Department of Trade and Industry (DTI) said a number of fintech startups in the Philippines managed to raise substantial funding during the pandemic.

“Likewise, the ongoing community lockdown has accelerated the growth of the e-commerce industry in the country, with revenue estimated at over $5 million in 2021 and with market volume projected to reach $8.8 million by 2025,” the DTI said.

In the report’s list of top 30 global startup ecosystems, Silicon Valley, London, New York City, Beijing, and Boston topped the list

The top 100 emerging ecosystems, which are in the earlier stages of growth, are led by Mumbai, Copenhagen, Jakarta, Guangzhou, and Barcelona. — Jenina P. Ibañez

Upgraded GenSan airport rated at 150% of previous capacity

THE Civil Aviation Authority of the Philippines (CAAP) said Thursday that the upgraded General Santos (GenSan) Airport can now accommodate up to two million passengers annually from the previous ceiling of 800,000.

Transport officials inaugurated Thursday the newly developed airport in General Santos City.

The projects completed at the airport include the P434.29-million rehabilitation and expansion of a passenger terminal building, the P107.22-million procurement and installation of navigational aids, and the P23.43-million construction of a CAAP administration building.

“The newly constructed two-story CAAP administration building, with an estimated floor area of 900 square meters, now serves as new office space for all administrative personnel of the Airport. The admin building project also includes concreting of its vehicular parking area,” the agency said in a statement.

“From a previous area of 4,029 square meters, the airport’s passenger terminal building now has a total of 12,240 square meters. These development projects were able to provide job opportunities to around 380 workers during the airport’s construction phase,” it added.

The airport serves the provinces of South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and the city of General Santos.

Projects to continuously develop the General Santos Airport are now ongoing, such as the P91,888,888 upgrade of Gensan Airport’s power system which is targeted to be finished by the end of this year; as well as the improvement and construction of its facilities, targeted to be completed by Nov. 18, 2021,” the CAAP said. — Arjay L. Balinbin