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SFA Semicon books higher net income

SFA Semicon Philippines Corp. posted a net income of $8.45 million after tax in the first nine months, almost triple the $2.86 million it registered in the same period last year.

The Clark Freeport-based memory semiconductor outsourced assembly and test provider in a disclosure on Thursday said the firm was able to take advantage of the recovery in the PC and mobile memory markets as consumers needed to address business communications needs during extended lockdowns.

Gross revenues increased by 8% to $251.6 million in the first three quarters of 2020 compared to the same period last year.

“Despite the COVID-19 pandemic, the company is continuing the momentum we set last 2019 and we are responding to the uncertainties and challenges during the year,” SSP Chairman and President Joonsang Kang said.

He added overall production output rose 14% to 775 million memory units in the first three quarters. Assembled and tested component chips more than tripled to 99 million units after strong orders from the company’s main customer.

Memory modules, the company said, are used in laptops and PC desktop units, which saw strong demand this year.

Operating income almost tripled to $11.17 million. 

“Increased manufacturing efficiencies and lower administrative expenses mitigated the impact of lower average selling prices of memory products during the year,” the company said.

Mr. Kang said the company is maintaining a positive outlook as countries loosen lockdown restrictions.

The company in August announced it renewed a $20-million loan agreement with its South Korean parent to support capital expenditures and refinance existing loans.

The Semiconductor and Electronics Industries in the Philippines Inc. last month announced that it revised its 2020 projection to a five percent decline, from the earlier forecast of 15% decline after industrial, consumer, mobility, and medical electronics demand spiked. The industry group expects 7% growth next year.

Shares in SFA Semicon Philippines at the stock exchange went up eight centavos or 5.19% to P1.62 each on Thursday. — Jenina P. Ibañez

DoLE stops taking applications for worker aid program

THE Department of Labor and Employment (DoLE) said it will stop accepting applications for a financial-assistance program for formal-sector workers, after hitting its quota for the number of potential beneficiaries.

In a statement Thursday, the DoLE said it reached its target level for prospective beneficiaries for the COVID Adjustment Measures Program (CAMP).

“As of Dec. 8, a total of 1,462,350 workers from 36,355 establishments have applied for CAMP, exceeding by more than 2,000 workers the number of target beneficiaries of the program,” the DoLE said.

Under the Bayanihan to Recover as One Act (Bayanihan II), DoLE was allocated P4 billion for CAMP, a one-time financial aid program for workers affected by the COVID-19 pandemic.

Labor Secretary Silvestre H. Bello III asked the Department of Tourism to expedite the CAMP applications of workers in the tourism industry. The tourism workers have a separate allocation.

“May we request that the issuance of accreditation for CAMP applicants from DoT Regional Offices be fast-tracked to improve our utilization of funds allocated to the tourism sector. Pending DoT’s accreditation process, this Department will continue to process the applications of all tourism-related sectors,” Mr. Bello said in a letter addressed to Tourism Secretary Bernadette Romulo-Puyat Thursday.

As of Tuesday, 61,953 workers from 1,917 tourism establishments applied for the special CAMP, or only 10% of the program’s targeted beneficiaries of more than 600,000. — Gillian M. Cortez

DBP sets ‘first-come, first-serve’ policy for LGUs’ interest subsidy program

STATE-RUN lender Development Bank of the Philippines (DBP) is set to roll out its interest rate subsidy program for the loans taken out by local government units (LGUs), but only those that can be serviced by the P1-billion budget will be accommodated, according to its chief.

In a statement on Thursday, DBP President and CEO Emmanuel G. Herbosa said the national government will subsidize half of the four-percent interest rate  on LGU loans, but the amount of relief per provincial and city LGU is capped at P10 million and P5 million each for municipalities.

With a fixed P1-billion budget, “grant of the subsidy would be on a first-come, first-serve basis,” he said.

New and existing loans obtained under DBP Assistance for Economic and Social Development for LGUs Financing Program until Dec. 31, 2022 are qualified for the subsidy. Longer repayment terms of up to 15 years can also be offered under the program.

“DBP shall continue to work with the National Government in coming up with these types of interventions that would greatly benefit lower-tier LGUs, as they scale up social and economic interventions for their constituents and boost their resiliency against future economic downturns,” Mr. Herbosa was quoted as saying.  

Republic Act No. 11494 or the Bayanihan to Recover as One Act allots P1 billion each to state-run banks DBP and Land Bank of the Philippines to provide interest subsidies to LGUs. The measure aims to encourage LGUs to tap credit facilities if they need additional financing for their recovery programs.

DBP was the ninth biggest bank in the country in terms of assets in 2019 with P761.5 billion. Its focus is extending credit financing for infrastructure and logistics; micro, small and medium enterprises; social services and community development; and the environment. — B.M. Laforga

What Filipinos watched on Netflix this year

THE YEAR 2020 opened with Netflix viewers still obsessed over the Korean drama Crash Landing on You, and romance was still the way to go for many viewers stuck indoors in this roller-coaster of a year, marked by volcanic eruptions, typhoons, and the coronavirus disease 2019 (COVID-19) pandemic. Romance viewing on Netflix Philippines in 2020 increased by almost 400% compared to 2019, with the Pinoy film Through Night and Day the most popular romantic title. K-dramas were still very popular — compared to 2019, K-drama viewing was up more than 350% in 2020, with Lee Min-Ho’s long-awaited comeback, The King: Eternal Monarch, reigning as the most popular K-Drama in the Philippine. Meanwhile, drama viewing was up more than 150%, with Enola Holmes the most popular drama title in the Philippines. Comedy viewing almost doubled from 2019 with the wacky antics of the boys in Ang Pangarap Kong Holdap attracting the most viewers. Oddly enough, in what has been a very scary year in real life, people opted for scares onscreen too, with horror viewing up more than 150%. Asian horror was popular, from Korean zombies in #Alive and Train to Busan, to the unsettling paranormal stories in Metamorphosis and The Maid. Thriller viewing more than doubled over 2019, with shows and films from all over the world attracting Pinoys — Spain’s Money Heist: Part 4 and The Platform, South Korea’s Kingdom: Season 2 and The Call, and American thrillers like Spenser Confidential and Dangerous Lies. Action viewing was up close to 200%, with the most popular action title on Netflix Philippines being Extraction. As children stayed home because of the quarantines, and with updated Parental Control features that rolled out this year, Netflix became the perfect destination for family entertainment in the Philippines, and the viewing doubled. 

MOST POPULAR TITLES OF 2020 ON NETFLIX PHILIPPINES BY GENRE:

Romance: Through Night and Day

Drama: Enola Holmes

K-Drama: The King: Eternal Monarch

Comedy: Ang Pangarap Kong Holdap

Kids & Family: Over the Moon

Action: Extraction

Thriller: Money Heist: Part 4

Horror: #Alive

Documentary: American Murder: The Family Next Door

Anime: Weathering With You

IBSI authorized capital stock hiked by P30 million

THE COUNTRY’S corporate regulator has approved the P30-million increase in the authorized capital stock of outsourcing services company Infopro Business Solutions, Inc. (IBSI), data from the local bourse showed.

IBSI’s new authorized capital stock is divided into 200,000 common shares and 100,000 redeemable preferred shares both with a par value of P100 each.

Its previous capital stock stood at P15 million, divided into 50,000 common shares and 100,000 redeemable preferred shares both with a par value of P100.

Based on the IBSI’s subscription to the increase, Lopez-led First Philippine Holdings (FPH) would now own 64% of the outsourcing services firm, with Lopez Inc. holding the rest at 36%.

IBSI has been delivering outsourcing solutions to the Lopez Group of Companies since 2011, according to its corporate profile.

Shares in FPH inched up by 0.65% to close at P77.70 apiece on Thursday. — A.Y. Yang

Creativity and innovation as important drivers of business and growth

I was recently invited by Organization Development Practitioners Network (ODPN) President Milalin Javellana to speak at a webinar with the theme SympODium: Propagating Creative OD aptly chaired by Bong Austero, former Philippine National Bank human resource head.

What is creativity? Creativity is thinking differently, being inspired, or connecting with what is already there. Great innovations that changed the world happened because there were creative people who saw something different that others see as mundane or ordinary. If we apply creativity to our daily lives, or the ability to commercialize an idea, there is innovation.

We live in a VUCA world — volatile, uncertain, complex and ambiguous. Most problems today have no precedence. To survive in this new world, old mindsets and old solutions will not work anymore. We need to create and innovate, or else, we evaporate. Remember Kodak and Fujifilm — Fuji thrived while Kodak got disrupted.

This challenge has been made urgent and critical by the ongoing pandemic. 2020 will be remembered as the year the global economy went into a tailspin and how we lost 1.4 million lives to COVID-19, but this year will also be remembered for the many stories of courage and resilience, of creativity and innovation. There are people who “reimagined” and “reinvented” during this pandemic, and consequently, helped carry us forward. This reminds us that every crisis is an occasion for reflection; that crisis also opens windows for new opportunities. So, let us not waste this crisis!

The four challenges to be responded by OD professionals today are:

First, how do we rebuild better? The work from home arrangement will continue even after the pandemic. We need to reinvent and reenergize our organizations, our work, and how we relate to each other.

Second, how do we help everyone get accustomed to digital thinking as the new default paradigm? Speed, accuracy, and data-driven — i.e., algorithm — solutions will become the benchmarks of customer interaction. Any program, product, or service will now be approached with a digital-first mindset. This means we will all need to unlearn and relearn, reskill and upskill.

Third, how do we strengthen human connections in the face of increasing alienation and depersonalization? Technology has made us connected to each other virtually, but paradoxically, has also made us more disconnected from each other as humans, reducing our interactions to emojis and pictures. We need to discover new ways of reaching out, touching people, empathizing and building trust, even without physical interaction.

And finally, we all need to embrace a new social contract in the workplace and help our respective organizations embrace the concept of The New Social Enterprise. The pandemic has highlighted that there is a business case for more human-centered business organizations. Others call this the Case for The Good. We need to reorient everyone that People, Planet and Profit is a viable and sustainable business model.

The most important leadership competency is creativity, based on an IBM study done 10 years ago. Lead with bold creativity, connect with customers in imaginative ways, and design their operations for speed and flexibility. Leaders must nurture and harness creativity and innovation for the greater good, to change and heal the world for the better.

How do we normalize creativity and innovation in our organizations as legitimate competencies that will drive business and growth? People are creatures of habit and have a natural aversion towards new ideas. Our educational system teaches students to follow theories, not break them; to obey rules and formulas, rather than ask “why not?” As Albert Einstein said, “Doing the same thing over and over again and yet expecting a different result each time is not wisdom. It is insanity.”

Creativity emanates from certain character traits. We must have an open mind and an open heart to experience new things. We must have courage. Courage is not the absence of fear, but the willingness to go ahead despite fear. And lest we forget, moral courage — which can also be called integrity or the ability to do the right thing even when no one is looking — is just as important. Also, a sense of purpose, like Nick Vujicic born without arms and limbs, rose above his disability and is now an inspiration.

Remember when David faced Goliath, people told him he was crazy. “How can you win? He is too big!” But David thought differently. He said to himself, “He is too big, how can I miss?” Positive mindset and optimism are logical wellspring for creativity.

Sympodium means propagation and new growth. Do you know that to induce new growth, you need to remove part of the skin, so you actually “hurt” the plant? The same principle applies to pruning. Many plants need to be pruned, where you cut branches and leaves to induce better growth, to make the plant fruitful and serve its purpose.

Let us consider this pandemic with its “pain” as our propagation stage and let us be hopeful of new and fruitful growth!

Merry Christmas and abundant blessings! Remember, the reason for the season is our Lord, Jesus Christ!

 

Ms. Flor Gozon Tarriela is chairman of the Philippine National Bank and PNB Capital. She is a former Undersecretary of Finance and the first Filipina vice-president of Citibank N.A. She is a trustee of FINEX Foundation, FINEX Academy and an Institute of Corporate Directors fellow.

Stuff to do (12/11/20)

Virtual concert to promote cultural heritage sites

A FREE virtual concert, Hinahanap-Hanap Kita Manila, bannering the music of iconic band Hotdogs as performed by various OPM artists, will be released on Dec. 13. The concert, a project of the Department of Tourism’s Tourism Promotions Board (TPB), The Manila Heritage Trail, and Manila Heritage Alliance, is meant to promote the city’s various heritage sites. The concert will be headlined by Bras Pas Pas Pas Pas with Raymund Marasigan, Ebe Dancel, Armi Millare, Yeng Constantino, Blaster Silonga, Nicole Laurel Asensio, Bing Austria, Bea Lorenzo, Rubber Inc., and Gary Valenciano. Boyet Sison will host the event. “Annie Batungbakal,” “Bongga ka Day,” “Beh Buti Nga,” “Ikaw ang Miss Universe,” and “Manila” are some of the songs in the concert. The virtual concert is a continuation of the long-running Concert at the Park and Paco Park Presents concert series of the National Parks and Development Committee (NPDC). Among the sites to be featured are Manila City Hall, the Luneta, Paco Park, Intramuros, Museo Pambata, the National Planetarium, and Jones Bridge. The concert — co-presented by the City of Manila, Juancare Foundation Inc., and Viva Music Publishing, Inc. — will be available for streaming on the Facebook pages of the department of Tourism, the TPB, the Intramuros Administration, Nayong Pilipino, and NPDC.

Changing Partners screening

DAN Villegas’s 2017 musical drama film Changing Partners has been made available for streaming on the Cinema One YouTube page from Dec. 7 to Dec. 27. The film, based on the Palanca-winning play by Vincent de Jesus, tells the story of Alex and Cris, their love relationship and their breaking up. It stars Agot Isidro, Jojit Lorenzo, Sandino Martin, and Anna Luna.

Shopee and Lazada 12.12

THOSE who aren’t finished with Christmas shopping can score great deals at the year-end sales of e-commerce platforms Shopee and Lazada. On Shopee, users can enjoy free shipping with no minimum spend, 20% cashback, ₱1 deals, and can get discounts of up to 50% from leading brands on Shopee Mall, including L’Oreal Paris, P&G Beauty, Abbott, Unilever Home and Food, Havaianas, Nestle, Huawei, Vivo, Pampers, RB Enfagrow, and Infinix. Shopee’s sale is ongoing and ends on Dec. 12. Meanwhile, the Lazada Christmas Sale runs from Dec. 12 to 14 and will have daily flash sales with P120 million worth of vouchers given away.

Globe Holiday programs

GLOBE is ushering the holiday season with #ChristmasWeLove, a series of live digital pop-ups featuring activities for families and friends so they can still celebrate the holidays even when they’re apart. Globe has already held Carol-oke Night, an evening of carols with Morissette, Darren Espanto, Gabbi Garcia, and Khalil Ramos, then a Holi-Game Showcase. A Metro Manila Film Festival (MMFF) Quiz Night will be held on Dec. 11, while the MMFF Night with the Stars will be held on Dec. 18. The live pop-ups will culminate with a K-Pop Kristmas on Dec. 21. All the events will be held on Globe’s Facebook page.

Pandemic travel tackled in Discovery webinar

THIS Sunday, Dec. 13 at 4  p.m., the World of Discovery (WOD) webinar series by Discovery Hospitality (DHC) dives back into all things travel in the new normal. Discover Coron is the second episode of the special miniseries Discover Now, with the webcast streaming via Facebook Live from Club Paradise Palawan’s exclusive island resort. Kelly Misa and Our Awesome Planet’s Juanico Fernandez are set to take viewers through every step of their travel experience to the island, just in time to help those making plans for the holidays. The webinar, hosted in partnership with Cebu Pacific airlines and Philippine Airport Diagnostic Laboratory (PADLAB), will also cover the process of gathering LGU (local government unit) requirements, undergoing the at-home swab test, and the flight to Busuanga Airport. Michelle de Guzman, Cebu Pacific’s Director for Marketing, and Councilor Rica Reyes Gaw of Sanguniang Bayan, Municipality of Coron, will likewise join the discussion. Get a look at the wonders of Coron — the vibrant underwater life, the crystal-clear ocean, and the lush greenery that has flourished over the past several months.  As in the recently aired Discover Boracay webcast, Chris Tiu once again hosts the episode, alongside Discovery Resorts’ Director of Sales and Marketing Claire del Rosario-Bernabe. All the webinar guests will be joining the webcast from different areas of Club Paradise to highlight the experience across the resort, and of course, to maintain safe social distancing. The webinar this Saturday can be seen on bit.ly/DHC-LIVE, or on any of the Discovery family’s Facebook pages.

Old Baguio Market at Forum Robinsons

REDISCOVER Baguio’s most interesting products like ube jam, peanut brittle, walis tambo, and many more as Robinsons Malls presents its Old Baguio Market, a retail concept by Old Baguio Cafe located at the Upper Ground Atrium of Forum Robinsons. Old Baguio Market will run until March 1, 2021. Get to see and purchase familiar pasalubong products from top Baguio City brands: Nardas, Easter Weaving Room, Kinwa Etnika Handicrafts, Mayat-an Handicrafts, Accents and Petals, Mondiguing Furniture, Vizcos Cakes, Teahouse Restaurant & Bakeshop, Good Shepherd, Tantamco’s Fine Products, Chocolate de Batirol, Victoria Bakery, Ibay’s Silversmith, Tam-awan Village, Baguio Country Club, Baguio Family, Dulche, Baguio Vegetables, Everything is Pine Manufacturing, Adeti’s Enterprise, Mommy La Food Products, Natural Metaphors Body Products, Highland Women’s Multipurpose Coop, Everything is Pure Manufacturing, ZTR Garlic Products, Ellebanna Aklang Handicrafts, and Carol Lines Ethnic and Fashion Accessories.

Cebu Pacific Seat Fest

Local low-cost carrier Cebu Pacific is holding a Piso sale from Dec. 10 to 12 on all its destinations, no promo code needed via bit.ly/fb12102020 You may also use your Travel Fund. Travel dates are from Aug. 1 to Nov. 30, 2021.

Kisapmata remastered released

THE RESTORED version of director Mike de Leon’s film Kisapmata (1981) will have its online premiere on Dec. 19, Saturday. Viewers worldwide can access and watch it from 7 a.m. to 11 p.m. (Philippine time) over the Vimeo video platform. The link to the restored film will be posted on the Casa Grande Vintage Filipino Cinema Facebook page. The film is based on National Artist for Literature Nick Joaquin’s true crime story “The House on Zapote Street.” It stars Charito Solis, Jay Ilagan, Charo Santos, Ruben Rustia, and Vic Silayan in a story about a couple trying to break free from her controlling father. The restoration was done at L’Immagine Ritrovata in Bologna, Italy, and Wildsound Studios in Manila. It was co-funded by UnionBank and Mike De Leon. The restored version had its theatrical premiere last August at Il Cinema Ritrovato (Rediscovered Cinema) in Bologna, Italy.

BYE2020 Concert goes online

BECAUSE we can’t wait to say goodbye to 2020, Philippine record labels and artists are coming together for the biggest online concert event of the year, BYE2020. Twenty-eight artists will be performing in the six-hour Dec. 31 concert to be streamed via the BYE2020 Facebook, YouTube, and Tiktok channels. The lineup includes some of the biggest acts here and abroad, including Ben&Ben, Darren Espanto, Moira, SB19, Matthaios, The Itchyworms, Leanne & Naara, Maximillian (DK), Peach Tree Rascals (US), Tate Mcrae (CA), Glaiza de Castro, Kean Cipriano, Lala Vizon, Zack Tabudlo, Keiko Necessario, Fern., Elha Nympha, Autotelic, Sud, Miguel Odron, VVS Collective, Ace Banzuelo, Paolo Sandejas, Earl Generao, FANA, TALA, J-Nine and Dia Mate. While the concert itself is free, exclusive concert privileges such as access to zoom pits, backstage content with the artists, and limited-edition merch can be purchased. Visit ticket2me.net to get tickets to these privileges.

YouTube Super Stream holiday

YOUTUBE, in collaboration with media partners and creators, extends Super Stream this holiday season to give free access to some of the country’s favorite video content across a variety of genres for a limited time. Every week until Dec. 27, YouTube fans can watch hours and hours of holiday content, including local blockbuster movies, hit shows, romance flicks, and more from media partners such as ABS-CBN, GMA, TBA Studios, and Regal Entertainment. Among the films and series streaming are Ina, Kapatid, Anak (all three films), the Mano Po film series, and I’m Drunk, I Love You. The titles are available on the Super Stream channel on YouTube.

Korean Cultural Center film screening

THE KOREAN Cultural Center in the Philippines (KCC) offers four highly rated films about family and fantasy for the Filipinos to enjoy for free during the holidays. Dream: A Family Fantasy Special is KCC’s final offering for 2020. Similar to the previous film events, the screening will stream for free for viewers in the Philippines via the KCC website http://phil.korean-culture.org/ from Dec. 19 to 25. Movie fans can watch the following Korean films as many times as they like during the screening period: Luck Key, Wonderful Nightmare, Along with the Gods: The Two Worlds, and Along with the Gods: The Last 49 Days. Stay updated about KCC’s other events and activities by following its social media sites Facebook (https://www.facebook.com/KoreanCulturalCenterPH) and on Instagram, Twitter, YouTube via KCCPhil.

How to treat your workers better

The pandemic has prevented us from giving high pay and perks to our employees, who deserve it. This is due to our poor sales performance. In fact, we have retrenched some workers to help the organization survive. Given our limitations, is there a better way of motivating the survivors? — Starry Night.

The short but crisp answer is: if you can’t afford to pay well, then at least, treat the workers well. Don’t be a difficult boss. As I’ve said time and again, problem workers are created by problem managers.

Among other things, problem managers are those who micromanage, bully their workers, fail to solicit or listen to their ideas, distrust them, and not show an interest in their career growth. The most important thing of all to look out for, according to Peter Drucker (1909-2005), the Father of Modern Management is to avoid thinking that “management”  consists of “making it difficult for people to get their work done.”

Toxic managers don’t realize it. They still cling to the old ways of command-and-control, which has been obsolete since around the time World War II ended. Just the same, its allure can’t be stamped out easily. It’s the reason managers undermine their own workers without realizing it. Unless you accept this fact, there’s nothing you can do, even if you have the capacity to pay good money.

ZERO-CASH STRATEGIES
It’s not exactly difficult. I mean, there are many non-cash strategies that you can tap to motivate workers, all of them involving treating them well. Unless you adopt such a strategy, things may get worse before they get better. Let’s explore some of the best possible ways to treat your workers:

One, emphasize non-monetary benefits in the hiring process. You may have stopped hiring new workers, but who knows what the future will bring? Assuming that you need new workers and can’t offer them above-average industry pay and perks, then the best thing to do is to offer soft rewards. These include flexible work schedules, challenging tasks, friendly bosses and a welcoming, fun environment.

Two, maintain a proactive two-way communication program. Most people don’t discuss their work difficulties. This is why dynamic companies initiate and maintain communication with their workers. These measures include employee morale surveys, town hall meetings, 15-minute morning meetings, and the establishment of a labor-management council, which is encouraged by Republic Act 6715.

For individual employees with specific needs, management may do well to coach and conduct “stay” interviews to determine their pulse. Here are some basic questions to ask: How can I help you ease your difficulties at work, if any? How can I help you succeed in your career? And many more.

Three, find ways to commend people publicly. Make every recognition day meaningful by inviting the management team. Give out trophies, not just certificates. If you’re serious about honoring employees, make it an occasion to be cherished for a lifetime. Invite the worker’s spouse or parent as a surprise guest.

If the worker has accomplished something extraordinary like saving millions of pesos or securing a valuable contract, give out a gift of some value like a watch or a gift certificate from an appliance store. Such gifts will be remembered for some time.

Four, give the gift of time and flexibility. Allow some fast-trackers and high-achievers to work on key projects that help the organization achieve its goals. Offer them flexi-time, work-from-home arrangements or a hybrid. Emulate a Google policy of allowing workers to spend 20% of their time (or one day a week) to pursue any idea that could help support the company’s mission.

Five, say “please” and “thank you” a lot. Recently, a toxic manager posed a question on social media: “Why would I thank an employee for doing his job?” The answer is easy and persuasive — why not? Really, treating people well is an inexpensive means of motivating workers. You don’t have to spend a fortune.

But you need to be sincere, specific, and inspiring. Write down all the things you like about the worker and what he did.

Six, engage, energize, and empower individuals and teams. This is best accomplished if your company has a robust employee relations program that includes quality circles, sports clubs, and many others. Offer individual employees options like challenging tasks to help them grow; allow them to transfer to other departments where their talent is best suited.

Sometimes, even allowing certain workers to be transferred to a geographical location near their residence or being seconded to a client for a limited period can be beneficial for both organizations.

Last, foster and promote intrinsic employee rewards. Your employees can be stuck doing the same repetitive tasks. They could easily find themselves in a rut. This is what Abraham Maslow told us about “self-actualization” in his time-tested Hierarchy of Needs. By giving workers the proper environment to feel good about themselves, they will be excited to report every day because they enjoy their work.

EXPIRATION
No matter how well you treat your workers, there’s no guarantee their loyalty won’t fade. Good times can turn bad sooner than you think. Even good things must come to an end and employees may come to believe you’re taking them for a ride. This is the right time to conduct the “stay” interview with your employees.

It makes sense to invest time and energy on taking the pulse of each and every worker under your care. Keep a watchful eye. Be sensitive to people’s needs. Look for ways to attend to their career goals. Help them achieve them. Go the extra mile and cover all the details. But don’t push them too hard and undo all your efforts.

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

How PSEi member stocks performed — December 10, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, December 10, 2020.

PSEi rebounds as Congress ratifies 2021 budget

By Revin Mikhael D. Ochave, Reporter

SHARES recovered on Thursday as market sentiment improved on the back of progress in the country’s 2021 national budget.

The 30-member Philippine Stock Exchange index (PSEi) climbed 51.77 points or 0.72% to end at 7,154.43, while the broader all shares index increased 17.79 points or 0.41% to close at 4,270.92.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said the market improved as investor sentiment was lifted after Congress ratified the country’s national budget for 2021.

“It erases uncertainties of the re-enacted budget for next year and gives more hope for gradual economic recovery,” Ms. Alviar said in a mobile phone message.

The Bicameral Conference Committee on Wednesday approved next year’s P4.5-trillion national budget, which is aimed at supporting economic recovery after a record recession due to the coronavirus pandemic.

The bicameral conference committee report on the General Appropriations Act of 2021 was ratified by the House of Representatives and the Senate on Wednesday evening. The budget bill will then be sent to President Rodrigo R. Duterte for his signature before Christmas.

Ms. Alviar added that the PSEi also rose on the back the gains logged by market heavyweights such as Ayala Land, Inc. (ALI), Ayala Corp. (AC), SM Prime Holdings, Inc. (SMPH), and JG Summit Holdings, Inc. (JGS).

ALI shares improved 3.49% or P1.35 to end at P40.05 per share; AC shares increased 2.44% or P20 to close at P840 apiece; SMPH shares climbed 1.32% or 50 centavos to close at P38.40 per share; and JGS shares rose 0.81% or 55 centavos to end at P68.55 per piece. 

“The market ended higher as market participants continue to feel optimistic over the government’s push to further reopen the economy,” Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in a mobile phone message.

Sectoral indices at the PSE were mixed at the close of Thursday’s trading.

Property improved 62.02 points or 1.74% to 3,620.62; holding firms went up 55.85 points or 0.76% to 7,369.59; and services rose 7.72 points or 0.5% to 1,529.74.

Meanwhile, industrials dropped 45.33 points or 0.48% to 9,398.45; financials retreated 3.64 points or 0.24% to 1,474.24; and mining and oil shrank 19.52 points or 0.21% to 9,139.48.

Advancers outpaced decliners, 121 versus 108, while 41 names ended unchanged.

Value turnover on Thursday stood at P7.64 billion with some 150.03 billion issues, weaker than Wednesday’s P9.88 billion with 99.2 billion issues.

Net foreign selling amounted to P153.84 million, lower than previous session’s net outflows worth P685.74 million.

“Support may be placed at the 7,000 area while nearest resistance is at the 7,210 level,” Mr. Pangan said.

Peso down on US stimulus delay

THE PESO weakened against the greenback on Thursday on muted investor appetite following stalled discussions for a fresh stimulus fund in the United States.

The local unit closed at P48.065 versus the dollar on Thursday, losing 1.5 centavos from Wednesday’s finish of P48.05, data from the Bankers Association of the Philippines showed.

The peso opened Thursday’s session at P48.10 per dollar, which was its weakest showing for the day. Meanwhile, its intraday best was at P48.05 versus the greenback.

Some $498.1 billion changed hands on Thursday, down from $505.8 billion on Wednesday.

The peso’s depreciation came as the dollar strengthened on risk-off sentiment following delays in the passage of a fresh US stimulus, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“The peso was slightly weaker after the deadlock in the US stimulus package and sell-off in some technology shares,” Mr. Ricafort said in a text message.

US legislators extended government funding by another week to buy them time for further discussions on a pandemic relief package, Reuters reported.

The release of the trade data showing a decline in exports also weighed on the peso on Thursday, Mr. Ricafort added.

Data released by the Philippine Statistics Authority showed October merchandise exports slipped 2.2% to $6.202 billion, coming from a growth of 2.9% and 0.5% in September and October 2019, respectively. With this, exports in the 10 months to October shrank 12.8% year on year to $16.256 billion.

For today, Mr. Ricafort expects the peso to play around the P48.01 to P48.11 band versus the dollar. — LWTN with Reuters

Chinese firm Sinovac’s vaccine first to be dispensed — Palace

THE COVID-19 (coronavirus disease 2019) vaccine developed by Chinese pharmaceutical firm Sinovac Biotech Ltd. will be the first to be rolled out under the government’s mass immunization program, the Palace announced Thursday.

“The target remains that Sinovac will be the first that we can use to vaccinate our people and it will be in the first quarter of next year,” Palace Spokesperson Harry L. Roque said in a briefing on Thursday.

He added this is based on the plan of Secretary Carlito G. Galvez, Jr., the appointed vaccine czar who is leading the procurement and distribution program.

The announcement comes amid the resurgence of reports on the company’s history of bribery allegations.

Health Secretary Francisco T. Duque III said they will conduct an investigation on these concerns.

Mr. Roque said President Rodrigo R. Duterte has complete trust that the head of the local Food and Drug Administration (FDA), Rolando Enrique C. Domingo, will ensure the safety of the COVID-19 vaccines that will be dispensed by the government.

In a separate briefing Thursday, Science and Technology Secretary Fortunato S. Dela Pena said Sinovac and Clover Biopharmaceuticals have already received approval from the government’s vaccine expert panel and the ethics board.

AstraZeneca plc and  Janssen Pharmaceutical Companies of Johnson & Johnson have also both been granted approval by the ethics committee but are still awaiting results from the expert panel’s evaluation.

The country continues to record over 1,000 new coronavirus disease 2019 (COVID-19) cases daily with the Department of Health (DoH) reporting 1,383 on Thursday, bringing the total to 445,540. The death toll rose by 24 to 8,701. Recoveries increased by 133 to 409,058, it said in a bulletin.

There were 27,781 active cases, 85.5% of which were mild, 6.7% did not show symptoms, 5% were critical, 2.5% severe, and 0.25% moderate.

Quezon City had the highest number of new cases at 83, followed by Laguna at 75, Manila at 68, Bulacan at 65, and Davao City  at 61.

Seven duplicates were removed from the total case count while 11 cases previously tagged as recovered were reclassified as deaths.

Nine laboratories failed to submit their data on Dec. 9, the

DoH said. About 5.7 individuals have been tested as of Dec. 8, according to the COVID-19 tracker website. — Gillian M. Cortez and Vann Marlo M. Villegas

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