Home Blog Page 7684

CIC seeks P35 million to upgrade database security

State-run Credit Information Corp. (CIC) is seeking P35 million from the national budget next year to upgrade database security, which currently contains credit data on 18.2 million borrowers.

CIC also asked for a P65 million budget to acquire software licenses.

The database needs upgraded security because “the credit data submitted to us contain highly sensitive personal information,” CIC President and CEO Aileen L. Amor-Bautista said in a statement Friday.

Republic Act No. 9510 or the Credit Information System Act (CISA) authorizes the CIC to set up a comprehensive and centralized credit information system that collects and distributes credit-related information.

CIC requires financial institutions to submit credit data online and allows access to them at all times.

Its officials expect more small lenders to submit credit data online after the CIC rolled out its Primary ID Number Tagging System, which addresses issues that emerged at cooperatives and microfinance institutions, who deal with borrowers with no access to government-issued IDs.

Around 519 lenders have started submitting basic credit datas, the CIC said.

On Aug. 19, it said 15 new institutions joined, mainly cooperatives, lending companies, and rural banks.

CIC deems cyber security to be a critical issue as more people transact online due to the coronavirus disease 2019 restrictions.

“As our database expands, the need to tighten the security of our system becomes all the more imperative, especially these days when potential cyber-attacks threaten businesses and organizations with the implementation of remote work amid the pandemic,” Ms. Amor-Bautista said.

The P4.506-trillion national budget proposal for next year is 9.9% larger than the 2020 spending plan and is equivalent to 21.8% of gross domestic product, the Department of Budget and Management said.

For next year, President Rodrigo R. Duterte said the government has allotted P1.2 billion to cybersecurity.

Internet security firm Kaspersky reported 3.906 million cyber threats among its users in the Philippines in the fourth quarter of 2019, before the pandemic. This put the Philippine users in seventh place among those most likely to experience cyberattacks.

The number of new malicious files the firm collects daily rose to 400,000 during the coronavirus pandemic, its chief executive officer Eugene Kaspersky said at the Asia Pacific Online Policy Forum last month. — Kathryn Kristina T. Jose

Peso rebounds after US signals possible stimulus expansion

The peso rebounded Friday after the central bank launched a bond auction and the US government resumed talks on an expanded stimulus fund to mitigate the impact of the coronavirus disease 2019 (COVID-19) outbreak.

The pesot closed at P48.395 against the dollar Friday, against its P48.51 finish Thursday, according to Bankers Association of the Philippines data.

The peso opened at P48.46, its low for the day. The high was P48.375.

Dollar volume fell to $575.74 million from $710.9 million Thursday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso rose ahead of the release of the bond auction results Friday from the issuer, the Bangko Sentral ng Pilipinas (BSP).

The central bank said it would initially offer P20 billion worth of 28-day BSP bills as an additional tool for managing liquidity in the financial system.

The BSP said the auction volume was set at low levels to begin with, to be gradually increased based on market response.

Mr. Ricafort also said the peso was stronger following a statement from the White House on the US stimulus fund for COVID-19 relief.

“The peso was stronger versus the dollar after the White House signalled its openness to talks for a bigger stimulus fund with Congressional Democrats within 7-10 days. Talks have been delayed since August,” Mr. Ricafort said in a text message.

The White House said Wednesday that President Donald J. Trump is willing to accept up to $1.5 trillion in stimulus as outlined in a bipartisan plan issued by 50 House members.

This is higher than the proposal from Republican senators of $1 trillion and less than that of Speaker Nancy Pelosi of $2.2 trillion.

Federal Reserve Chairman Jerome Powell earlier warned the US economy will further slow down if approval of the stimulus drags on.

It expects US GDP to decline 3.7%. For next year, it is looking at a 4% drop.

For Monday, Mr. Ricafort expects the peso to trade between P48.30 and P48.60. — Kathryn Kristina T. Jose

EJ Obiena records another podium finish

By Michael Angelo S. Murillo

Tokyo Olympics-bound Filipino pole-vaulter EJ Obiena wound up on the podium once again, winning bronze at the Golden Gala competition in Italy on Friday (Manila time).

Twenty-four-year-old Obiena cleared a new season-best of 5.80 meters and held his own against a solid field of competitors in the Rome leg of the Diamond League.

It was a continuation of the steady form the Filipino has had since resuming his season, disrupted by the coronavirus pandemic.

Mr. Obiena cleared a similar height with silver-winning Ben Broeders of Belgium but the latter did it in two attempts while the former had it on his third try.

Winning gold was Sweden’s Armand Duplantis, who cleared a record-breaking height of 6.15 meters. It is now the new outdoor world record, eclipsing the 26-year record of 6.14 meters set by Ukrainian legend Sergey Bubka in 1994.

Rounding out the top 5 were Renaud Lavillenie (5.70 meters) of France and Harry Coppell (5.60 meters) of Great Britain.

In a post on his Facebook page following his outing in Rome, Mr. Obiena said he was happy to have won his third bronze and sixth medal since resuming his season and recording a season-best output.

“It was a tough competition but it pushed me to record a 5.8m season’s best,” he said, adding that he is looking forward to his next competitions.

Last week, Mr. Obiena won gold at the 59th Ostrava Golden Spike in the Czech Republic.

Mr. Obiena won gold in last year’s Southeast Asian Games and is one of four Filipino athletes already assured of a spot in the Olympic Games in 2021 in Japan, along with gymnast Carlos Yulo and boxers Eumir Felix Marcial and Irish Magno.

Next for him is the final tournament in the Diamond League in Doha, Qatar.

Online FIDE trainers seminar set for Sept. 25 to 27

The Philippines is eyeing to produce world-class chess trainers and coaches as it hosts the FIDE Trainers’ Online Seminar slated from Sept. 25 to 27 via Zoom platform.

World-renowned trainers Grandmasters Dejan Bojkov of Bulgaria and Melikset Khachiyan of Armenia, International Masters Jesper Hall of Sweden and Vishal Sarin of India along with top local mentors GMs Jayson Gonzales will conduct the three-day webinar.

About 40 participants from Australia, Fiji, Guam, Japan, India, Indonesia, Laos, Macau, Malaysia, Mongolia, Myanmar, New Zealand, Singapore, Solomon Islands, Taipei, Vietnam and the Philippines have already registered.

The Philippine Academy for Chess Excellence is organizing the event sanctioned and backed by the Asian Chess Federation, FIDE Trainers Commission and the National Chess Federation of the Philippines (NCFP).

“This is a once-in-a-lifetime experience for those aspiring to be world-class coaches and trainers,” said Mr. Gonzales.

Gracing the opening of the event are NCFP president Butch Pichay, Oceania Chess Confederation’s Paul Spiller, ASEAN Chess Academy’s Ignatius Leong, FTC’s Peter Long, ACF’s Hisham Al-Tahir and Sami Khader.

Seminar fee is pegged at $230 (or around P11,000) with the first 15 Filipino registrants getting a 25% discount.

For inquiries, interested parties may call Michelle Yaon at 0966-8108378 or send message to Philchesstournaments’ Facebook page.

Video games and livestreaming: the new frontier for brands

Louis Vuitton, the luxury fashion brand that has dressed A-list celebrities such as Jennifer Connelly and Emma Stone, started a string of collaborations with online game League of Legends by unveiling a new skin for character Qiyana in October last year. While the move initially prompted mixed feedback, it eventually bore great results.

A capsule clothing collection that fans could wear in real life, with most items costing thousands of dollars, sold out on Louis Vuitton’s European website within an hour. The fashion brand also amplified the prestige of the League of Legends World Championship by designing a bespoke travel trunk for the Summoner’s Cup. It was the first time they had done it for esports, having previously designed for the FIFA World Cup and National Basketball Association (NBA).

The video game and livestreaming industries are huge, rapidly growing markets with no signs of slowing down. Newzoo, a games market insights and analytics firm, projects that 2.7 billion gamers will spend $159.3 billion on games this year alone. Livestreaming platforms such as Twitch and YouTube Gaming continue to gain audiences as lockdowns force people to stay at home.

The communities that form these markets are diverse. Google and Niko Partners, a game market research company, found that there were 500 million female gamers in Asia in 2019. This number is expected to grow by 14.8% this year, outpacing the growth of gamers in general.

“It’s really important that you think about gaming as a very broad diaspora, and you think about the gaming community as diverse. You can engage different parts of that in different ways,” said Chris Stephenson, Asia Pacific head of strategy and planning for PHD Media, a communications planning and media buying network.

Other brands have also taken the plunge into video-game and livestreaming partnerships. The Porsche 99X electric car was unveiled in August 2019 through “Formula E Unlocked”, a video game that was streamed on and designed with Twitch, a livestreaming platform. Players took on the role of two drivers finding the new car in a facility, determining their actions by collectively choosing among preset options. The stunt engaged a wide audience, with almost a million players across its four-hour duration.

Animal Crossing: New Horizons, a video game that became wildly popular during the lockdown, has also become a versatile promotional platform for different brands. KFC Philippines and their creative agency Ogilvy Philippines created a KFC Island accompanied with a real-life promo for a free bucket of chicken. Meanwhile, the Getty Museum created an art generator that allows players to integrate museum art on their items, while the Monterey Bay Aquarium conducted virtual museum tours and dove into in-game waters to discuss marine life.

These executions may be intimidating for some brands, but for Mr. Stephenson, this is the very opportunity that they should be seizing. They should strive for more than just “hygienic” digital practices or measurements.

“Don’t fall into the trap of just because you’re doing digital, you think you’re therefore going to measure that in very middle- or lower-funnel terms, whether that’s through CPMs, or customer clicks, or conversions… There’s a place for that, but the big win in these communities is to engage in compelling, upper-funnel, brand-building, equity-building ideas. That’s what’s going to lock-in long-term ROI [return on investment] and that’s what we should set our course out to do,” he said.

As long as the brand has a grasp on and remains authentic to its identity, then these creative executions will merely amplify what their legacy communication has been doing. “Don’t think that you’ve got to rewrite the rules of your brand when you go into these platforms and communities. Be authentic, stay true to who you are… but ask yourself what you can bring to these platforms and what ideas can bridge the span between your brand and these amazing, engaged communities,” said Mr. Stephenson.

Mr. Stephenson was a panelist in All That Matters 2020, an online festival on Asia’s music, sports, gaming, media, and online entertainment sectors.

Meralco wins 2020 International Business Award

Placing sustainability at the heart of its operations

The International Business Awards (IBA), the world’s premier business awards program, recognized Meralco for its 2019 Sustainability Report (SR) entitled “Sustaining the Future” – a groundbreaking report which highlights the company’s commitment to place sustainability at the forefront while addressing the energy needs of a thriving nation, today and for generations to come.  It is a comprehensive discussion of Meralco’s sustainability agenda promoting the United Nations Sustainable Development Goals (UNSDGs). IBA awarded Meralco a Bronze Stevie for its maiden SR under the Best Annual Report category, along with entries from Turkey, Indonesia, and Spain.

As the Philippines’ largest electric distribution utility, Meralco is distinctively positioned to contribute to UN SDG 7 – Affordable and Clean Energy. Under the leadership of President and CEO Atty. Ray C. Espinosa, Meralco also promotes and supports 10 other SDGs through its other businesses and initiatives. This holistic approach is reflected in Meralco’s sustainability agenda focused on four areas – Power, Planet, People, and Prosperity.

‘Sustaining the Future’ provides bases for transparent reporting and lends credence to Meralco’s sustainability practices. It articulates how sustainability is core to corporate strategy and operations and how Meralco addresses governance, social, and environmental imperatives”, Atty. Espinosa said.

To achieve robust, material, and credible sustainability reporting, Meralco fulfilled the Global Reporting Initiative’s Materiality Disclosures Service. Meralco also received third-party assurance that its Sustainability Report contained reasonable and balanced accounts of the company’s sustainability performance and that all disclosures made were in accordance with best practices.

“We are very happy that ‘Sustaining the Future’ has resonated with and has been well-received by our stakeholders—from our employees and investors to the customers and communities we serve,” added Meralco’s Chief Sustainability Officer Raymond B. Ravelo. “This milestone report is our primary platform for communicating Meralco’s overarching sustainability program, ‘Powering the Good Life’.  Beyond providing information about our practices and projects, our aim is to influence and inspire as many as we can to join us on this sustainability journey.”

According to Atty. Espinosa, the award is a recognition of Meralco’s earnest efforts. “We are very honored that Meralco’s first-ever SR and our initiatives towards our sustainability agenda have been recognized on the global stage. This achievement pushes the company to further focus our strategic direction towards sustainability, allowing us to provide affordable, accessible, reliable, and clean power, while protecting and preserving Mother Earth, cultivating a culture of excellence and stewardship in our organization, and fostering inclusive growth for a prosperous nation – truly powering the good life for all.”

The International Business Awards is the world’s premier business awards program. All individuals and organizations worldwide are eligible to submit nominations. The 2020 IBA received entries from organizations in 63 nations and territories.

More than 3,800 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories. Stevie Award winners were determined by the average scores of more than 250 executives worldwide who participated in the judging process from July through early September.

“Despite the unprecedented impact the COVID-19 pandemic has had on organizations and working people worldwide, the number and quality of nominations we received in this year’s International Business Awards attest to the continued outstanding performance of many organizations.  The commitment we’ve seen through these nominations to maintaining the success, health, and safety of employees, customers, and communities is truly impressive,” said Stevie Awards president Maggie Gallagher.

As the ongoing COVID-19 crisis will prevent winners from receiving their awards on stage during a traditional gala IBA banquet, winners will be celebrated instead during a virtual ceremony on Tuesday, 1 December.

 

 

 

 

Physical-digital space can foster sense of community for health and wellness consumers

Health and wellness brands should use the physical-digital space to foster a stronger sense of community among their customers, according to experts in the field.

“Today, when you talk about fitness, it’s all about being social. When you are social, you just want to hang out, stay active at the same time, and live an active lifestyle,” said Jeffrey Foo, chief executive officer of LIV3LY, a mass sporting online registration platform. Gone are the days, he said, of fixating on how fast and how far you’ve run.

Mr. Foo was a panelist in All That Matters 2020, an online festival on Asia’s music, sports, gaming, and online entertainment sectors.

Considering the pandemic, LIV3LY was surprised at the fast takeup of slots for an upcoming virtual run it organized for the Singaporean newspaper The Straits Times. Instead of the usual mass running setup, participants download an app that tracks how much distance they cover over a preset number of days.

Half of those who signed up opted to run 175 kilometers over two months, a bigger commitment than running the 17.5-kilometer category over 10 days. Mr. Foo believes that this is due to a desire for both social interaction and continuous engagement.

“It’s kind of fun—the way you gamify it,” said Mr. Foo, who foresees groups of friends making side bets as to who can reach the end first, with “last one gets to buy everybody a meal” as the stakes.

Activating a community creates an opportunity for brands to engage with customers in ways that may not have been possible before the pandemic. Aside from creating a presence in the usual social media channels, brands may want to consider building a 360° platform that houses social feeds, content, reviews, and e-commerce. Integrating a machine-learning component could also help brands collect useful information on their customers’ fitness and purchasing habits.

“This is definitely what we’re driving towards: building community within cities, within suburbs, within countries. It’s a very powerful tool. With the community comes the brands,” said Mr. Foo, who added that analytics and community development can go hand-in-hand.

When choosing which digital platform to use to build these online communities, brands should consider the connection quality of their customers. “Living in Singapore, we’re fortunate that bandwidth and Internet generally is quite good. In terms of looking at the other markets, we also have to look at, ‘Can your platforms perform for slower bandwidth markets?’” said Yvonne Tey, marketing director for Under Armour South East Asia. Aside from hosting virtual runs, the health and fitness company has apps such as Map My Run which helps customers train for running on their own. — Mariel Alison L. Aguinaldo

Revenue index slumps to record low

A COMPOSITE INDEX measuring sales generated by Philippine companies across all industries posted its biggest decline on record in the second quarter, as most business operations were disrupted by lockdown restrictions, the Philippine Statistics Authority (PSA) reported on Thursday.

Data from the PSA’s Quarterly Economic Indices (QEI) report showed total gross revenue index, which measures sales earned by companies, contracted by 26.8% in the three months to June when the economy was pummeled by the coronavirus pandemic and subsequent lockdown. This was faster than the 6.9% decline in the previous quarter and a reversal of the 6.2% growth in the second quarter of 2019.

The second-quarter reading marked the index’s biggest contraction based on available quarterly data dating back to 2000, with 2016 as base year.

Of the eight sectors in the index, only financial and insurance activities posted year-on-year growth with 10.1% in the second quarter, albeit this was slower than the 12.5% expansion in the same quarter last year.

Meanwhile, the biggest decline in revenues was observed in the transportation, storage and communication sector, which fell by 44.7% compared with a 6.2% growth last year.

Other sectors also saw drastic declines in revenues, such as real estate (-35.8% from 7.6%), manufacturing (-35.3% from 1.8%), mining and quarrying (-29.1% from 4%), trade (-20.8% from 13.2%), and electricity, gas and water supply (-15.5% from 9.7%).  

Meanwhile, the employment index further contracted by 15.1% in the second quarter from the 1.7% dip logged in the previous quarter and the 1.9% growth in the second quarter of 2019.

All sectors saw their employment indices slip during the period. The construction sector had the biggest drop in employment at -29.6%, followed by transportation, storage and communication (-18.8%), manufacturing (-15.2%), and mining and quarrying (-11.2%).

The total compensation index likewise slumped 14.4% in the April-June period from a 6.7% growth a year earlier, led by transportation, storage and communication (-31.1%), construction (-26.8%), manufacturing (-20.5%), other services (-14.3%), mining and quarrying (-14.3%), trade (-13.4%), and real estate (-8%).

On a per-employee basis, compensation inched up 0.9% from last year using current prices. At constant 2016 prices, however, it went down by 1.3%.

In an e-mail, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the steep decline in gross revenues reflected the economy’s GDP performance during the period.

“At 16.5% decline for [second-quarter] GDP, it is hard not to imagine that the gross revenue index for the same period would have the same fate,” Mr. Asuncion said.

“Looking at the numbers, the same sectors of the economy suffered the same declines beginning with transportation, storage and communication. Note that much of services registered parallel declines mirroring Q2 GDP, followed next by manufacturing,” he added.

The second-quarter GDP performance sent the Philippine economy to a recession for the first time in nearly three decades. In the April-June period, GDP plunged by 16.5% — the sharpest decline since the 10.7% drop recorded in the third quarter of 1984.

Among the sectors that posted the biggest drop in their gross value added include accommodation and food service activities (-68%), other services (-63%), transportation and storage (-59.2%), construction (-33.5%), mining and quarrying (-24.5%), and manufacturing (-21.3%).

Meanwhile, the country registered an unemployment rate of 10% in the July round of the PSA’s labor force survey, easing from the 17.7% rate in April but still higher than the 5.4% jobless rate in July 2019. This translated to 4.571 million jobless Filipinos in July versus 7.254 million in April and 2.437 million in July last year.

In a separate e-mail, ING Bank N.V. Manila Senior Economist, Nicholas Antonio T. Mapa expects a slight pick up in employment and compensation despite the “broad-based” decline in the gross revenue judging from the government’s recent jobs data.

“Compensation, however, will still likely be lower on a year-on-year basis,” he said.

Rajiv Biswas, IHS Markit Asia Pacific chief economist, expects the gross revenue index to recover in the coming quarters.

“Although the continuing high number of new COVID-19 (coronavirus disease 2019) cases will continue to constrain the pace of recovery, gradual improvement in economic momentum is expected during the remaining months of 2020, with strong positive economic growth forecast for the 2021 calendar year,” Mr. Biswas said. — Ana Olivia A. Tirona

Manila falls to near bottom of global ‘smart cities’ list

By Arjay L. Balinbin, Senior Reporter 

THE Philippine capital slipped 10 spots in the Global Smart City Index released on Thursday by the Switzerland-based Institute for Management Development (IMD), as residents expressed concern over traffic jams, corruption and air pollution.

Manila ranked 104th out of 109 cities in the IMD’s Smart City Index 2020, down from 94th spot last year. It also received the lowest rating of “D” as a smart city as compared with last year’s “C.”

The index also showed Manila had the worst ranking among eight cities in Southeast Asia and 34 cities in East Asia and the Pacific.

“Residents in Manila consistently identified air pollution, road congestion and unsatisfactory public transport services as major problems, while often also highlighting corruption of public officials. These elements majorly contributed to the drop in the ranking of the city in this year’s Smart City index,” Christos Cabolis, chief economist at IMD Business School in Switzerland and Singapore, told BusinessWorld in an e-mail interview.

The IMD survey, conducted from May to April this year, covered 120 residents in each city. IMD said the ranking “measures the perception of citizens in terms of the impact of technology on their quality of lives.” 

Based on the survey results, 54.8% of Manila residents perceived road congestion as the most urgent concern in the city, followed by corruption (54.4%), health services (48%), air pollution (46.8%), and unemployment (45.2%).

The study considered health and safety, mobility, activities, opportunities, and governance as key indicators for the provision of both technologies and structures in each city. 

On the city’s availability of technologies for health and safety, Manila scored the highest (67 points out of 100) on the provision of CCTV cameras, which respondents claimed made them feel safer. Manila scored lowest (38) on the availability of a website or application that would allow residents to effectively monitor air pollution.

In terms of mobility, Manila got a 66.3 score for online scheduling and ticket sales, as well as traffic information on mobile phones. It scored 49.1, its lowest score for this indicator, on the availability of apps that can direct residents to an available parking space. 

Manila received a score of 77.9 for the activities indicator, particularly on the availability of online platforms to buy tickets to shows and museums.

Under the opportunities indicator for both work and school, Manila received its highest score (82.2) on the provision of online access to job listings, followed by online services provided by the city (69.9), and information technology skills (65.7) being taught in schools. The lowest score (53.7) was on the current internet speed and reliability. 

For the governance indicator, Manila got its highest score (72.4) on the online processing of identification documents, which residents perceived to have reduced waiting times, followed by the provision of an online platform (53.6), where they can propose ideas. Its lowest score (49.5) is on the availability of online public access to city finances, which respondents thought should reduce corruption. 

POLLUTION, CORRUPTION 

Manila scored low on the index’s mobility indicator, with road traffic being rated a dismal 10.6 out of 100. Its other low scores were on air pollution (15) under the health and safety indicator, corruption of city officials (20.4) under governance, and public transport (30.6) under mobility.

On the other hand, Manila scored high (72) for job generation by businesses and (61.3) for the availability of employment finding services, both under the opportunities indicator.

Mr. Cabolis said the local government should implement projects to address these concerns. “Implementing projects that tackle these elements will lead to improvements — but also of importance is notifying citizens once they are implemented and  how these incremental improvements fit into the long-term roadmap,” he added.

Mr. Cabolis noted the pandemic-driven efforts by both the government and the private sector to digitize schools, transportation, and even government services this year are “important developments,” as they tackle the “immediate problem of social distancing in a dense city and will provide the framework for future improvements.

“Online learning has the potential to dramatically improve the education of the poorest schools by giving access to the country’s best educators, while providing online government services has the potential to remove even the suspicion of corruption,” he said. 

For Infrawatch PH Convenor Terry L. Ridon, Manila’s low ranking in the index is “an indictment of the Duterte administration’s ‘Build, Build, Build’ program.”

“More than halfway into Mr. Duterte’s term, road congestion in Metro Manila has not been resolved, and the major infrastructure projects recently inaugurated had all originated in the previous administration. There are also questionable projects such as the Manila Bay beach nourishment project that has been plagued with health, environmental and transparency issues, particularly because this is not even in the bay’s master plan. This disconnect on infrastructure priorities is exacerbated by poor health and employment outcomes during the course of the pandemic,” said Mr. Ridon, a former chairman of the Presidential Commission for the Urban Poor, via e-mail. 

For Mr. Ridon, it is a “serious concern” that Manila ranked last among major ASEAN cities such as Jakarta, Hanoi, Ho Chi Minh, Bangkok, Kuala Lumpur and Singapore. 

“It should give us pause if cities in countries with lower 2019 GDP (gross domestic product) per capita, such as India and Vietnam scored higher rankings than Metro Manila. In fact, even cities in countries with lower 2019 GDP growth had far outranked the country’s primary metropolitan center. Cities in Colombia, Brazil, Chile, Mexico and Argentina had city higher rankings, despite having less than 4.6% growth, some even experiencing negative growth,” he said.

Claro dG. Cordero, Jr., director and head of research at Consulting & Advisory Services, Cushman & Wakefield, said the coronavirus pandemic played a major role in the individual responses, given the urgency of concerns by the respondents. 

“These urgent concerns validate the growing demand for a ‘live-work-play-learn’ environment empowered by technology. Technology has assisted in crafting micro-city designs to address the need for healthy and urban lifestyle. The growth in the number of masterplanned developments in the Philippines has certainly helped in answering this demand. However, outside of these masterplanned developments, the lack of evolving urban planning and efficient technology are quite evident — and made even more apparent by the challenges brought by the pandemic,” Mr. Cordero said via e-mail.

He said the government should consider further enhancing the role of technology in governance in order for its citizens to change their perspectives. 

Joey Roi H. Bondoc, a senior research manager at Colliers Philippines, said the lockdown and pandemic provide opportunities for the Philippines to improve its ranking and become a “more attractive” property investment destination in the region.

“We believe that proper masterplanning complemented by public and private infrastructure implementation should improve Manila’s ranking moving forward. These measures will help in solving major issues in Metro Manila, including road congestion, air pollution, and unemployment,” Mr. Bondoc said in an e-mailed reply to questions.

Top tycoons’ fortunes dive as economy tanks

THE country’s richest are also feeling the pinch from the coronavirus disease 2019 (COVID-19) pandemic and the economic slowdown, as Forbes reported the collective wealth of top tycoons declined by 22% to $60.6 billion.

According to the 2020 Forbes Philippines Rich List released on Thursday, 32 out of the 50 tycoons saw a drop in their net worth this year as the economy shrank by a record 16.5% in the second quarter.

“Despite having one of the world’s strictest lockdowns, the Philippines saw its COVID-19 cases surpass 250,000 in September, the highest number in Southeast Asia. The country’s benchmark stock index… reflected the economic challenges the pandemic poses, falling 26% since fortunes were measured a year ago,” Forbes said in a statement. 

The Sy siblings of the SM Group topped the Forbes’ list with a net worth of $13.9 billion, even if their fortune was cut by $3.3 billion. The Sy siblings, namely Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley, inherited their wealth from their father and SM founder Henry Sy, Sr. who died in January 2019.  

Manuel B. Villar, Jr., a property tycoon and former senator, ranked second with a net worth of $5 billion. The chairman of listed Vista Land & Lifescapes, Inc. saw his wealth reduced by $1.6 billion, but remained to be the richest individual on the Forbes list.

International Container Terminals Services, Inc. Chairman and President Enrique K. Razon, Jr. moved up to the third spot with $4.3 billion, 16% lower than last year’s $5.1 billion. 

JG Summit Holdings, Inc. President and Chief Executive Officer Lance Y. Gokongwei and his siblings debuted in fourth place with a net worth of $4.1 billion. The Gokongwei siblings replaced their father John L. Gokongwei, Jr. who passed away in November. 

On fifth spot is Jaime Zobel de Ayala, whose children control one-third of the Ayala Group, with a net worth of $3.6 billion.

Alliance Global Group, Inc. Chairman Andrew L. Tan ranked sixth with $2.3 billion, followed by LT Group Chairman Lucio C. Tan with $2.2 billion; and San Miguel Corp. President and Chief Operating Office Ramon S. Ang with $2 billion.

The impact of the pandemic on the restaurant industry affected the wealth of Tony Tan Caktiong, chairman and founder of homegrown fastfood giant Jollibee Foods Corp. (JFC). While he ranked ninth on the Forbes list, Mr. Tan Caktiong’s net worth was cut by 37% to $1.9 billion as the company’s stores were hurt by the lockdown and restrictions on dine-in services since March.

Rounding out the top 10 list were Puregold Price Club owners Lucio and Susan Co with a $1.7 billion fortune. 

Industry-related challenges also weighed on the wealth of some tycoons. The Ty siblings of GT Capital Holdings, Inc. and Metropolitan Bank & Trust Co. saw a 46% wealth drop to $1.4 billion. The fortune of Security Bank Corp. Chairman Emeritus Frederick Y. Dy also fell more than 46% to $190 million.

Oscar M. Lopez, who owns a majority stake in ABS-CBN Corp., saw his net worth halved to $240 million after the media giant was denied a franchise by lawmakers in July.

Only 10 of the 50 tycoons on the Forbes list saw an increase in their wealth this year. Edgar “Injap” Sia II, whose net worth rose $300 million to $700 million, ranked 21st. The 43-year-old, who founded fastfood chain Mang Inasal and leads DoubleDragon Properties Corp. and MerryMart Consumer Corp. was the youngest tycoon on the list.

Six people fell off the list, including Edgar B. Saavedra, chairman and CEO of engineering firm Megawide Construction Corp. 

Four names were brought back to this year’s list because of Forbes’ 23% lower cutoff of $100 million: lawmaker and businessman Michael L. Romero ($135 million), Nickel Asia Corp.’s Luis J. L. Virata ($115 million), Aboitiz Group’s Mikel A. Aboitiz ($110 million) and Far Eastern University, Inc.’s Lourdes R. Montinola ($100 million).

Forbes based the tycoons’ net worth on stock prices and exchange rates as of market close on Aug. 28. — D.A.Valdez

Ayala aims to build country’s largest health clinic network

Ayala Healthcare Holdings, Inc. (AC Health) is fortifying its Healthway brand by converting its clinic network to carry one name and be the largest clinic network in the country.

In a statement on Thursday, AC Health said it wants to strengthen the position of Healthway as its integrated clinic arm offering primary to multi-specialty care services.

Its target is to have 70 Healthway family clinics, seven Healthway multi-specialty centers, and 45 Healthway corporate clinics within the year.

“The (above) 100 clinics are already existing, but the transition to the Healthway brand will be completed by the end of the year,” the company said in an email.

The types of formats will each cater to different healthcare services. The family clinics will focus on community-based primary care, the multi-specialty centers will be mall-based and offer specialty services and diagnostics, and the corporate clinics will attend to corporate clients.

The family clinics and corporate clinics are currently called FamilyDOC, and the multi-specialty centers are currently called Healthway Medical.

“We are excited to integrate our clinic network under the Healthway brand… With this expansion, we can truly be wherever our patients need us,” AC Health President and CEO Paolo Maximo F. Borromeo said in the statement.

AC Health bought Healthway’s Philippine portfolio from Hong Kong’s HKR International Ltd. late last year. The acquisition was intended to integrate the company’s services for the long term.

AC Health is the healthcare unit of Ayala Corp., which also has interests in real estate, banking, telecommunications, and utility, among others.

Ayala Corp. posted a 79% net income drop to P7.9 billion in the first semester. Its shares at the stock exchange grew P17 or 2.44% to P715 each on Thursday.

DITO cites deal with US firms amid concerns over China ties

DITO Telecommunity Corp. is investing P1 billion in cybersecurity solutions this year to be supplied by 12 technology firms based in the United States, a company official said on Thursday after various groups questioned its ties with a Chinese telecommunications company.

“All come from: Fortinet, NexusGuard, McAfee, Nessus, Veritas, Pentaho Data, IDAM Systems by BeyondTrust, Microsoft, Cisco ISE, Siemplify, ManageEngine, and SolarWinds,” DITO Chief Technology Officer Rodolfo D. Santiago said in an online briefing.

The third telco player made the announcement after some sectors, including lawmakers, raised concerns about its partnership with China Telecom (ChinaTel) and its planned construction of cell sites inside military camps.

Adel A. Tamano, DITO’s chief administrative officer, said the company had so far spent P150 billion this year. He said it expects to spend P27 billion for the next phase of its network rollout next year.

“As of Sept. 13, 2020, DITO now has a total of 859 out of the 1,300 estimated number of towers needed to achieve mandated targets of 37% population coverage and speed of 27mbps by January of 2021,” Mr. Santiago said.

Mr. Tamano assured the public that DITO is ready to commercially launch its services in March next year after the scheduled technical audit in January.

He also reiterated that DITO is 60.8% owned by Filipinos, particularly by Dennis A. Uy’s Udenna Corp. and Chelsea Logistics and Infrastructure Holdings Corp.

On Sept. 9, DITO said it would not use its devices and infrastructures to obtain classified information from the Armed Forces of the Philippines (AFP).

“The memorandum of agreement, signed with the AFP, contained the very same provisions signed by the other two telcos with the notable exception that additional provisions were provided pertaining to commitments of DITO to national security. DITO Telecommunity guaranteed that its devices, equipment, and structures shall not be used to obtain classified information from the Armed Forces,” Mr. Tamano said.

He said the company submitted its cybersecurity plan during the bidding process “to prove that our networks and facilities will not compromise national security and shall abide with the National Cybersecurity Plan.”

Mr. Tamano added that the Department of Information and Communication Technology and the national security adviser “accepted” the plan.