Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7404

First Gen unit picks 3 foreign firms for LNG carrier

A UNIT of First Gen Corp. has selected three foreign firms to advance to the next round of the tender process for the charter of a floating storage regasification unit (FSRU), the Lopez-led company said in a regulatory filing on Monday.

The charter of the vessel is part of FGEN LNG Corp.’s $300-million interim offshore liquefied natural gas (LNG) terminal project in Batangas City. The preferred tenderers are BW Gas Ltd., Dynagas Ltd., and Höegh LNG Asia Pte Ltd. They will move on to the next stage of the binding tender process.

The offshore LNG terminal is expected to accelerate the entry of the imported fuel into the country by the third quarter of 2022. It will serve the natural gas needs of existing and future gas-fired power plants of affiliates and third parties.

Norway-based BW Gas and Höegh specialize in LNG transportation and floating regasification services, while Greece-headquartered Dynagas is an LNG maritime transportation company with a fleet of 15 LNG carriers.

An FSRU is an LNG carrier and contains an onboard regasification plant, which can turn LNG back into gas.

In October, First Gen said it had sent out binding tender invitations to three chosen contractors for the FSRU, namely: BW Gas, Höegh, and New York-listed GasLog’s unit GasLog LNG Services Ltd. Dynagas was added in the list last month.

Also in October, FGEN LNG chose McConnell Dowell Philippines, Inc., the local unit of an Australian contractor, for the LNG terminal’s engineering, procurement, and construction (EPC) contract. The contract was signed last month.

First Gen and Japan’s Tokyo Gas Co., Ltd. also signed a joint cooperation agreement to pursue the design, development, testing, commissioning, construction, ownership, and operations and maintenance of the interim offshore gas project.

The latest deal stated that Tokyo Gas would own a 20% interest in the project. As it makes its final investment decision, it would then enter into a definitive agreement with First Gen.

Shares in First Gen on Monday inched up 3.19% to close at P29.10 apiece. — Angelica Y. Yang

How PSEi member stocks performed — December 21, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, December 21, 2020.

How does Manila compare with other cities in terms of financial and lifestyle attractiveness?

How does Manila compare with other cities in terms of financial and lifestyle attractiveness?

Main index closes lower in absence of fresh leads

By Revin Mikhael D. Ochave, Reporter

LOCAL SHARES ended in negative territory on Monday as investors resorted to profit taking due to a lack of market catalysts.

The bellwether Philippine Stock Exchange index (PSEi) dropped 47.91 points or 0.65% to close at 7,224.89, while the broader all shares index fell 23.01 points or 0.52% to end at 4,326.34.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the market ended lower due to a lack of catalysts and as investors just proceeded to pocket their profits.

“Given the lack of compelling factors, investors chose to book gains resulting in the decline,” Mr. Tantiangco said in a text message.

“Before Monday, the market was trading at a price-to-earnings ratio of 21.8x, above the 2015-2019 average of 18.4x,” he added.

For AAA Southeast Equities, Inc. Research Head Christopher John Mangun, the local bourse dropped due to heavy selling pressure at the start of the trading day.

“Trading volumes on second liners and speculative issues spiked as investors try to seal a profit before the holidays. Volumes may continue to decline in the coming trading days,” Mr. Mangun said in an e-mail.

Meanwhile, Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said the market closed lower as investors opted to stay conservative.

“The market ended slightly lower as investors have pocketed their gains over the shortened trading week due to the upcoming holidays,” Mr. Pangan said in a mobile phone message.

Most of the sectoral indices at the PSE ended in negative territory on Monday, with property being the sole gainer, climbing 0.66 point or 0.01% to end at 3,685.18.

Industrials declined 109.29 points or 1.14% to 9,442.66; mining and oil went down 80.29 points or 0.84% to 9,468.15; holding firms retreated 51.5 points or 0.68% to 7,460.04; financials shrank 9.68 points or 0.65% to 1,479.01; and services decreased 7.2 points or 0.46% to 1,541.46.

Decliners bested advancers, 144 against 83, while 42 names ended unchanged.

Value turnover on Monday amounted to P8.49 billion with 33.48 billion issues switching hands, lower than the P11.88 billion with 23.55 billion issues during the previous session.

“This shows that trading this Monday still had conviction, but has waned relative to last week,” Mr. Tantiangco said.

Net foreign selling reached P104.76 million, lower than the outflows worth P1.11 billion on Friday.

“The index seems to have moved sideways for the past few days, with nearest support at 7,100 while immediate resistance at the 7,350 area,” Mr. Pangan said.

“The PSEi was able to close above its 7,200 support level today. However, increased selling pressure in the coming days may send it closer to 7,000,” Mr. Mangun said on Monday.

Peso steady on subdued trade ahead of holidays

THE PESO ended steady against the greenback on Monday, backed by remittance flows despite some uncertainties on a US stimulus bill as well as the rise in coronavirus infections.

The local unit finished trading at P48.085 versus the dollar on Monday, unchanged from its Friday close, data from the Bankers Association of the Philippines showed.

The peso opened the session at P48.09 per dollar. Its weakest showing was at P48.095 while its intraday best was at P48.05 against the greenback.

Dollars traded slumped to $399.9 million on Monday from the $797.82 million seen on Friday.

The peso’s movement versus the dollar during the session reflects “subdued” activity amid the shortened trading week ahead of Christmas, a trader said.

“The peso closed unchanged as market activity remained relatively subdued ahead of the holiday season and as participants remained uncertain over a second US stimulus bill,” the trader said in an e-mail.

Reuters reported that legislators finalized a $900-billion pandemic response package and have ironed out their arguments related to the US Federal Reserve’s pandemic lending authorities. Voting was expected after local market hours on Monday.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said holiday flows supported the peso’s strength despite risk-off sentiment on news about the mutation of the coronavirus disease 2019.

For Tuesday, the trader expects the peso-dollar exchange rate to move between P48 to P48.10, while Mr. Ricafort gave a tighter forecast range of P48.03 to P48.10. — L.W.T. Noble with Reuters

No new COVID-19 strain similar to UK — DoH

By Vann Marlo M. Villegas, Reporter

PHILIPPINE Health authorities on Monday said they have not detected a new coronavirus strain similar to a rapidly spreading variant that has caused cases to soar in the United Kingdom.

Europe has closed its doors to British travelers after the UK tightened its COVID-19 restrictions for London and nearby areas, and reversed plans to relax restrictions during the Christmas holiday.

The Department of Health (DoH) did not see the need to impose a similar ban on British diplomats and investors who are allowed to come here, but the government would boost monitoring to prevent the virus from entering, Health Undersecretary Maria Rosario S. Vergeire told an online news briefing.

“I  don’t think that that would be required at this point,” she said, adding that Philippine ports were being monitored through virus tests and quarantines.

Ms. Vergeire noted that only diplomats and foreign investors are allowed to enter the country now.

British Prime Minister Boris Johnson on Saturday said the new strain had led to spiraling infection numbers.

France said it would bar all people coming from the UK for 48 hours from Sunday night, including freight carriers, whether by road, air, sea or rail, according to a Reuters report.

Germany, Italy and the Netherlands suspended flights from Britain, while Ireland said it would restrict  flights and ferries from its neighbor, it said.

Belgium said it would close its borders to flights and trains  — including the popular Eurostar service — coming from the UK.

A Philippine inter-agency task force (IATF) allowed the entry of foreign investors starting Nov. 1 as long as they get quarantined.

9,000 DEATHS
DoH reported 1,721 coronavirus infections on Monday, bringing the total to 461,505.

The death toll rose by 10 to 8,957, while recoveries increased by 82 to 429,207, it said in a bulletin.

There were 23,341 active cases, 82.2% of which were mild, 8.5% did not show symptoms, 5.9% were critical, 3% were severe and 0.34% were moderate.

Davao City reported the highest number of new cases at 151, followed by Quezon City at 142, Rizal at 85, Laguna at 81 and Manila at 77.

Five duplicates had been removed from the tally, while four recovered cases were reclassified as deaths, DoH said. Five laboratories failed to submit their data on Dec. 20.

The Philippine government and Serum Institute of India Ptv. Ltd. are in talks for the supply of 30 million doses of coronavirus vaccine Covovax, the Indian drugmaker said in a statement on Sunday.

The vaccine could become available in the third quarter of next year, once a supply agreement is reached, it said.

The private sector, the government, and UK-based drug maker AstraZeneca Plc have signed a deal for the purchase of 2.6 million doses of vaccines, expected to arrive as early as May.

Vaccine czar Carlito G. Galvez, Jr. last week said the government was expecting to finalize a procurement deal for vaccines with Chinese drug maker Sinovac Biotech Ltd., targeted to be delivered in March.

Europe last week became the first region in the world to exceed 500,000 deaths from the coronavirus since the pandemic started a year ago.

Scientists first discovered the new strain, which they said is 70% more infections, in a patient in September.

The coronavirus has sickened about 77.2 million and killed 1.7 million people worldwide since the outbreak emerged in China in December last year, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

About 54.1 million people have recovered, it said.

The number of coronavirus cases in Britain surged by 35,928 on Sunday, the highest daily rise since the start of the pandemic. It posted 326 deaths, taking the total tally to more than 67,000.

Eight people killed by latest typhoon; one still missing

TYPHOON Krovanh, locally called Vicky, killed at least eight and hurt two people in the Philippines, according to the state disaster agency.

At least one person was still missing, it said in a report on Monday.

The storm displaced almost 9,000 families or 36,000 people in the Visayas and Mindanao, more than half of which were staying at 124 evacuation centers, it said.

The storm made landfall in Davao Oriental on Friday, passing through Agusan del Sur and Misamis Oriental before moving toward the Bohol Sea, according to the state weather bureau.

It headed toward Palawan province before leaving the Philippines on Sunday.

The Social Welfare department has readied P775.4 million worth of standby funds, including P140.08 million for quick response and stockpiles, according to the report.

The agency provided more than 229,000 food packs worth P106.72 million, P167.4 million for other food items and P321.63 million in nonfood items, it said.

The storm caused P110.4 million worth of infastructure damage, the Public Works department said.

Twelve road sections and five bridges were affected by flooding, landslides, soil collapse and toppled electric posts. Seven roads and four bridges remained impassable, it said.

A series of typhoons hit the country between October and November, causing more than P27 billion in infrastructure damage and almost P15 billion worth of crop damage. — Charmaine A. Tadalan

Crop damage from latest typhoon hit P5.4 million — DA

AGRI dep’t crop damage estimates from Typhoon “Vicky” reach P5.37 million in Southern Mindanao.

Crop damage from Typhoon Krovanh, locally named Vicky, has reached P5.37 million, according to the  Department of Agriculture (DA).

In a bulletin, the agency said 143 metric tons (MT) of farm products covering 663 hectares were damaged. More than 1,400 farmers were affected.

Losses were reported in Davao de Oro, Davao del Norte, Davao Oriental, Davao del Sur and Davao Occidental.

Rice, high value crops and fisheries were among those that got damaged.

Rice accounted for 75 % of total damage, followed by high-value crops at 22 % and fisheries at 3 %. Damage to rice was valued at P3.98 million. About 534 hectares of the crop were affected.

High-value crop losses reached P1.19 million, with about 143 metric tons (MT) lost across 129 hectares. Damage to fisheries reached P102,000.

The agency said affected farmers and fishermen had been assured of government help in the form of rice, corn and assorted vegetable seed reserves from the Agriculture department’s regional field offices.

Drugs and biologics for livestock and poultry; access to loans and an indemnification fund from the Philippine Corp Insurance Corp. would also be provided, it said.

The agency said it was closely coordinating with other agencies and local governments to evaluate the impact of the typhoon and identify available resources for assistance

Vicky was the Philippines’ first typhoon this month and the 22nd this year, exceeding the yearly average of 20. It made landfall in the Philippines twice.

Moderate to heavy rains were experienced over the Bicol region, Isabela, Aurora, Laguna, Rizal, Quezon, Marinduque and Palawan, including Calamian, Cuyo and Cagayancillo Islands, according to the weather bureau.

Light to moderate rains were experienced in Metro Manila, the Visayas, Apayao, Kalinga, Mountain Province, Ifugao, and the rest of mainland Cagayan Valley, Central Luzon, Calabarzon, Mimaropa and the Cordillera Administrative Region. — Angelica Y. Yang

Nationwide round-up (12/21/20)

No bail set for cop indicted with double murder

THE TARLAC provincial prosecutor indicted police officer Jonel M. Nuezca on Monday with two counts of murder over the shooting of his neighbors, a mother and son, on Sunday. “Upon inquest, the office of the provincial prosecutor of Tarlac has found probable cause to indict respondent Jonel Nuezca for two counts of murder,” Justice Secretary Menardo I. Guevarra told reporters via Viber. The probable cause was based on affidavits and supporting documents, according to the prosecutors’ resolution. The information was filed before Regional Trial Court Branch 67 in Paniqui, Tarlac. The prosecutors did not recommend bail for Mr. Nuezca, who is now under the custody of the Tarlac Provincial Police Office. The policeman, who is assigned at the Parañaque City Police Station and was visiting his home in Paniqui, Tarlac, shot the two following an altercation over a native holiday noisemaker and their history of dispute over land right-of-way. A video of the incident circulated online, sparking public outrage. Interior and Local Government Secretary Eduardo M. Año, in a statement Monday, assured that administrative and criminal cases will be filed against the cop. Mr. Año called the incident an “unfortunate but isolated incident.”

IMPUNITY
Lawmakers and rights organizations condemned the incident as they called for the swift delivery of justice and review of police policies. “The police force is expected to be disciplined, discerning, and professional. The PNP (Philippine National Police) ought to live by their motto of ‘To Serve and Protect’. Each and every police is expected to protect our rights,” Commission on Human Rights (CHR) Spokesperson Jacqueline Ann C. de Guia said in a statement on Monday. The CHR also called on the government to conduct a widespread investigation on allegations of arbitrary killing so as not to worsen the climate of impunity in the country. International organization Human Rights Watch said the incident just made it clearer that many members of the police force are “simply out of control.” “As with many incidents of recent police violence, the killing by Nuezca of Sonya Gregorio and her son Frank was brazen and underscores the impunity that prevails in the Philippines,” it said. Several senators, meanwhile, filed a resolution seeking an inquiry on the recent series of unlawful killings, including doctors, lawyers and journalists. At the House of Representatives, Speaker Lord Alan Q. Velasco said the incident highlights the need for the PNP leadership to remind its ranks on the proper and responsible use of their weapons. Agusan del Norte Rep. Lawrence H. Fortun, for his part, said the case is not an isolated incident but “among multitudes of police brutality.” — Vann Marlo M. Villegas, Kyle Aristophere T. Atienza, and Charmaine A. Tadalan

Rice supply stable despite typhoons, says Agri chief

RICE supply in the country remains stable despite consecutive typhoons in the last quarter this year, Agriculture Secretary William D. Dar said in a news briefing on Monday. Mr. Dar said government data shows rice production will increase by 4.6% in the fourth quarter and that the country has enough rice stock for the next three months. He also said core production in the fourth quarter is also growing by 1.4%, with gross value of agriculture estimated at P404.6 billion. The Department of Agriculture (DA) is set to distribute seedlings, loan assistance, and indemnify affected farmers to sustain food security in the country, he added. Based on DA data, losses incurred by farmers and fishermen in the wake of the devastation caused by typhoons Quinta, Rolly, and Ulysses — known internationally as Molave, Goni, and Vamco, respectively — were at around ₱12.3 billion. — Kyle Aristophere T. Atienza

Duterte approves service incentive pay for government workers

PRESIDENT Rodrigo R. Duterte has authorized the release of service recognition incentives (SRI) of up to P10,000 to government employees, Malacañang said on Monday. Presidential Spokesperson Harry L. Roque, Jr. said Mr. Duterte has issued administrative order No. 37, signed on Dec. 18, which will distribute SRI at a uniform rate. The incentive may be availed by civilian personnel occupying regular, contractual or casual positions and were still in service as of Nov. 30, 2020. The worker should also have rendered four months of satisfactory service as of Nov. 30 to be entitled to the P10,000 grant. Those who have rendered at least three months may get 40% of the incentive, 30% for at least two months, 20% for at least one month, and 10% if less than a month. This will apply to civilian personnel in national government agencies, state universities and colleges, and government-owned and controlled corporations. Uniformed personnel of the military, police, Bureau of Corrections and the Philippine Coast Guard, among others, are also covered. Consultants and experts engaged for a limited period for a specific activity, those under job contracts, job orders, and contracts of service, and student workers are not entitled to the benefit. — Charmaine A. Tadalan

Regional Updates (12/21/20)

Makati to proceed with columbarium project next year

THE MAKATI City government renewed its call for relatives to claim the remains of their loved ones buried at the municipal cemetery as it prepares to proceed with the construction of the planned columbarium at the site.

In an announcement published Monday, the city government said it will “dispose of all unclaimed remains” at the cemetery starting January 9.

The project was first announced in 2019 and construction was planned to start in October this year. The public columbarium will provide free cremation and inurnment services to city residents.

The facility will initially have a chapel, viewing area, crematorium, and over 14,000 urn vaults.

The Makati Health Department, with contact numbers 8870-1609 or 8870-1610, is in charge of coordinating the transfer of remains.

Luzon dams release water after heavy rainfall

IPO DAM

THREE dams in Luzon released water on Monday after continuous rains brought elevations to critical levels. State weather agency PAGASA announced on Monday afternoon that Angat Dam in Bulacan has opened three of its gates at two meters to bring down its elevation to normal levels and preserve the stability of the dam. Based on the PAGASA advisory, the water level of Angat Dam reached 216.13 meters as of 1 p.m. Monday, beyond its normal operating level of 212 meters. Ipo Dam, located downstream of Angat, opened four gates at two meters, or around 320.10 cubic meters per second (cms), after its elevation reached 100.38 meters as of 12 noon, near its spilling level of 101 meters. Magat Dam in Isabela in northern Luzon also opened four of its gates at seven meters, with an outflow of 1,775 cms. after its water level reached 190.87 meters on Monday morning, only 2.13 meters below its normal operating level of 193 meters.

NIA
Meanwhile, farmer group Samahang Industriya ng Agrikultura (SINAG) called for the resignation of National Irrigation Administration (NIA) Administrator Ricardo R. Visaya due to the recent massive floods that hit Cagayan and Isabela. In a statement on Monday, SINAG Chairman Rosendo O. So said farmers suffered losses because NIA failed to release water from Magat Dam in an “apt and judicious manner.” “NIA should have already adjusted the normal high water level (NHWL) of Magat Dam at 183 meters since the 193 meters NHWL just a few weeks back caused massive flooding. Once the water level reached 183 meters, the inflow must be the same as the outflow,” Mr. So said. “It is not enough that NIA will issue a warning prior to the release of water. Floods will still be the end result of that decision,” he added. Mr. Visaya has been sought for comment but has not responded as of press time. — Revin Mikhael D. Ochave

The cold, hard barriers to getting vaccinated

DOCTORS, NURSES and other essential workers are getting vaccinated against COVID-19 in the US and UK. Yet in Asia, where several countries led the way in reining in the viral outbreak, there are few signs that detailed distribution plans are ready to be implemented. Supplies are limited and unknowns plentiful. Governments need to jump-start the process to get shots into arms. In most cases, however, their capacity to distribute the vaccine is a constraint or simply doesn’t exist.

Some nations have signed on to procurement and advanced purchasing plans from vaccine manufacturers. Others are working on collaborations and homegrown options. But everywhere, the need to maintain optimal temperatures for certain vaccines raises hard issues, such as cold-storage warehouses and adequate last-mile delivery.

McKinsey & Co. has said that just 1% of existing vaccine distribution networks is set up for cold-chain requirements that keep the new COVID-19 serums viable — temperatures at the frozen or deep frozen* levels. Most low- and middle-income countries can’t afford the infrastructure investment in a short period. Many may have to borrow from multilateral organizations like the World Bank. That means limited funding and one shot at getting it right.

So how do governments in their second, third, or even fourth waves prepare? Most are using immunization plans from previous vaccine rollouts. These were typically targeted at pregnant women and children, which are not the populations at the top of the list in this pandemic. India’s universal immunization program covers 26 million infants and 29 million mothers annually and is the largest of its kind in the world. Yet experts say it won’t be sufficient.

Andrea Taylor of Duke University’s Global Health Institute says distribution plans will be based on four scenarios, rooted in refrigeration temperatures. Most mid-income and poorer countries have ruled out vaccines that need deep freezing, she says, and are preparing for the standard refrigeration scenario. Eventually, heat-stable vaccines and nasal spray formats could be the way. 

None of this is easy, but vaccine rollouts have always been more problematic in non-wealthy countries. Almost two decades after the hepatitis B vaccine came out, the population covered was estimated at around 90% in the Americas and just 28% in Southeast Asia, where the disease is a far larger problem.

South Korea’s concurrent experience with a campaign to inoculate 30 million people against influenza shows that there’s always room for error, even in countries with well-established plans. The government recalled more than 1 million doses, to be on the safe side, after photos circulated online of boxes of vaccines stacked in parking lots. Health authorities said that they found no direct causal links between the flu vaccine and the deaths of more than 100 people who died after getting it. But the panic means that only 19 million people have so far taken the shots. Singapore suspended its use.

South Korea was an early global model for tracking, tracing, and testing the rapid spread of COVID-19, but it’s facing another surge in cases. Prime Minister Chung Sye-kyun says authorities will come up with a plan allowing pre-purchased vaccines to be acquired in the first quarter of 2021; the country has said it’s in the process of securing doses from companies including AstraZeneca Plc, Moderna, Inc., Pfizer, Inc., and Johnson & Johnson’s Janssen Pharmaceuticals, Inc. But the health minister has said there’s no hurry “when the risks have not been verified yet.”

That’s a fair concern. However, COVID-19 doesn’t allow the luxury of time of the typical manufacturing supply chain. “We cannot afford a sequential process,” David Simchi-Levi, director of the MIT Data Science Lab, told Supply Chain Dive. “We need to start the manufacturing capacity today, and the problem is it requires significant investment.”

Then there’s the more mundane but crucial matter of trade facilitation: how to get vaccines across national borders. Think of this as the software of trade – approvals, customs, tariffs, rules and regulations on inspection services, certification, permissions, how packages are handled, and the intellectual property rules. An Asian Development Bank study in 2017 found that getting it right increases immunization rates, especially in low-income countries.

A look at the trade of medicines, totaling almost $50 billion globally, shows why the process isn’t so straightforward. Some regulations seem absurd in a time of global pandemic. For instance, the average applied tariff for hand soap is 17%, while some World Trade Organization members put it as high as 65%. The average tariff on protective supplies is 11.5%.

In May, Canada invested more than $40 million to upgrade a vaccine production facility in Montreal “to ensure readiness for Canadian bioprocessing of potential vaccine candidates as they become available.” It was supposed to produce 250,000 doses by November. Then a partnership with China’s CanSino Biologics, Inc. fell apart because Chinese customs authorities held up the first shipment of trial doses to Canada.

Without a timely and straightforward way to get a vaccine, COVID-19 won’t be eradicated. And the economic recovery that we see signs of won’t really take off.

*Frozen: -15to -25 degrees celsius. Deep frozen: -60 to -80 degrees celsius.

BLOOMBERG OPINION

Your network is your net worth

What’s in it for me? This — more often than not — is a question we frequently ask before we get involved in any project or even join an organization. This is not a judgment. In fact, I think it is understandable for people to sometimes make decisions based on what we may or may not gain from any undertaking.

Many individuals view networking as such. Truth be told, many people do not like it, while others enjoy it and even thrive on it. But wherever you stand on the concept of networking, I think we can all agree that networking has evolved to be a fundamental individual and business strategy.

While reflecting on MAP’s 2020 battlecry of “LEAD for a Competitive Tomorrow,” this brought me to the realization that now more than ever, it is important to strengthen networks to create support systems for those affected most by the pandemic — and I believe it to be women in this case. As business leaders, we have the responsibility to ensure that our businesses — and these include MSMEs — will be able to not just survive, but thrive in our new “competitive tomorrow.”

On Nov. 9, I had the privilege of speaking at the ASEAN Women CEOs Summit. I joined other women business leaders from Southeast Asian countries who shared important insights about the benefits of networks in the ASEAN.

As a person who meticulously ensures that nothing falls through the cracks (and those I work with can attest to this), I shared my own list — a list of “Cs” — of how networks can support women entrepreneurs in the region. In the same vein, I also took the opportunity to emphasize that networks should be supported, not just by the private sector, but governments, institutions, and other stakeholders. Allow me to share you this list:

1. Clarity of goals and objectives. Setting what the network hopes to achieve should be clear at the outset to the potential members. In the case of women entrepreneurship networks in particular, this is the point where we ask: What is the goal? Is it just networking to meet contemporaries in the same field? Will the network be about partnerships and collaborations? Will the network seek to provide access to markets, to finance? Will it be about skills and capacity building? These have to be clear from the start.

2. Comprehensive and Inclusive. Time and again, we must ensure that no one must be left behind. And when applying this to women entrepreneurship networks, these are the things to consider as well: Should it include women in the workplace and in the marketplace? How about those in Micro, Small, and Medium enterprises? How about the more vulnerable sectors such as marginalized women, women in the rural areas, and women in the informal economy? Leaders of these networks should always bear in mind that not everyone has the same situation, access, and resources at hand.

3. Common interest. The vision for the network as well as the decisions made should always be based on what is beneficial to, and in the best interest of, the members. All actions and results should transcend both collective and individual interests.

4. Communication and Interaction. As in any organization or situation, there should always be open and constant communication within the network so that all concerned will be informed. Given the technologically advanced and creative platforms we have available, there are many effective ways to communicate and stay connected: virtual meetings, social media, and live broadcasts, as well as the traditional route of regular newsletters or bulletins. Networks should find inclusive ways to communicate and interact with members.

5. Commitment. A true mark of success is very much anchored on the long term view. It is vital that members or participants of our networks are here for good and for the long run. Having their commitment to grow in and with the organization will be the bloodline of the network.

In the course of the discussion with the remarkable women from my panel, one panelist contributed another “C” and a very important one at that:

6. Connect. This goes to the very heart of networks and their ability to provide members the access and privilege to be connected to people, opportunities, mentorship, and knowledge. Networks must be able to connect people to one another, especially during this “age of social distancing.” It is the way networks connect us to one another that also keep all of us tethered to the real world.

I cannot overemphasize the importance of being part of a network, especially during these difficult times when working together is of much importance. When we say “Your network is your net worth,” this speaks volumes of what one can gain by being part of a network. This includes the unique advantage of access to the wealth of mentors, advisors, and lessons from experienced and knowledgeable professionals, as well as access to growth and business opportunities. Furthermore, from networks you can achieve growth in many areas and gain new perspectives and expand perceptions, especially in business.

The lessons, benefits, and possibilities are limitless. One day, we will look back at this time and realize that networks paved the way for the business sector’s continued growth and ultimately kept the world running.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or the MAP.

 

Ma. Aurora “Boots” Geotina-Garcia is President of Mageo Consulting, Inc., which provides corporate finance advisory services. She is a member of the MAP Shared Prosperity Committee and MAP Corporate Governance Committee. She is the Chair of the Philippine Women’s Economic Network (PhilWEN) and Co-Chair of the Philippine Business Coalition for Women Empowerment (PBCWE).

map@map.org.ph

magg@mageo.net

http://map.org.ph

1...7,4037,4047,405...12,964Page 7,404 of 12,964
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube