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Virus surge poses threat to Philippine economic recovery

Despite the rising number of coronavirus infections, shoppers still flocked to the Marikina Public Market on March 21. — PHILIPPINE STAR/ MICHAEL VARCAS

By Beatrice M. Laforga, Reporter

THE fresh surge in coronavirus disease 2019 (COVID-19) cases is threatening an already fragile Philippine economic recovery, government officials said.

Malacañang on Sunday announced tighter restrictions in the National Capital Region and the provinces of Bulacan, Cavite, Laguna and Rizal until April 4. (Read related story “Duterte tightens COVID-19 plan amid surge”). New COVID-19 cases stood at 7,757 on Sunday, bringing the total number of active cases to 73,072.

“[This] increases the risk to timely recovery, but still early in the year so we can still manage,” Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said in a Viber message on Saturday.

Finance Secretary Carlos G. Dominguez III said the uptrend “is certainly not helping” the economy’s recovery.

Economic managers in recent weeks have pushed to reopen the economy in order to drive recovery and restore jobs. However, this was rejected by President Rodrigo R. Duterte, as the mass vaccination program has yet to pick up pace.

The government is aiming to grow the economy by 6.5-7.6% this year, after the record 9.5% contraction in 2020.

Mr. Chua said this goal is still achievable despite the alarming rise in COVID-19 cases since last week.

For Asian Institute of Management Economist John Paolo R. Rivera, government officials should study the causes of the recent surge in cases before considering the imposition of a strict lockdown once again.

“This is very important because if people are getting infected from their homes and/or offices rather than in restaurants, malls, transportation, or any public area, then imposing restrictions such as lockdown, reduced capacity, reinstated curfew and liquor ban may not work, which only add damages to economic activities that have been slowly recovering. Economic recovery will definitely be hampered again by a wrong intervention because the numbers are interpreted as is,” Mr. Rivera said over the weekend.

Mr. Chua said the National Economic and Development Authority (NEDA), which he heads, is supporting a localized lockdown to slow down the spread of the deadly virus while allowing the rest of the country to continue living.

“We have been in lockdown/quarantine for a year. As a result, 3.2 million people or 23% of NCR (national capital region) people are hungry. There are also 506,000 jobless in NCR. Every day of GCQ (general community quarantine) costs the NCR and adjacent provinces P700 million in wages,” he said.

Meanwhile, Mr. Dominguez said the Department of Finance (DoF) has always pushed for a prudent fiscal response for the government to conserve its resources and prepare for a prolonged battle against COVID-19.

“We will examine all available facts and weigh the knowledgeable opinions from domestic and international sources, to arrive at a recommendation for action,” Mr. Dominguez said on Sunday.

Mr. Rivera said a third and bigger stimulus should help affected households cope during the crisis.

“Studies have indicated the economic recovery is facilitated by handing out stimulus/economic packages (social amelioration program) to the people particularly the poor,” he said.

While the government helps the private sector by reducing the corporate income tax and supporting struggling companies through equity infusion, Mr. Rivera said the state should also provide more supply-side support to households so they can keep their jobs and spend.

“Another round may be effective this time because people go out anyway for whatever reason it is. People are outside. Giving them financial aid will help boost consumption spending and thereby allow money to circulate from consumers to enterprises to consumers (basic circular flow of income),” he added.

For Mr. Chua, government agencies should focus more on spending the remaining funds from the second stimulus package worth P165 billion, and this year’s P4.5-trillion national budget.

Lawmakers earlier proposed a bigger third stimulus worth P420 billion to drive economic growth through another round of cash handouts, subsidies and financial aid to the private sector.

“We hope that the economic managers heed our call that Bayanihan III — essentially an ayuda bill — be certified as urgent. The COVID situation requires a lockdown; an effective lockdown requires ayuda. Ayuda is the key to an effective lockdown policy,” Marikina City Rep. Stella Luz A. Quimbo said in a text message to BusinessWorld. — with inputs from Gillian M. Cortez

Poll: BSP to keep rates untouched for now

By Luz Wendy T. Noble, Reporter

THE Bangko Sentral ng Pilipinas (BSP) is widely expected to retain its prudent pause, amid a continued supply-side-induced spike in inflation and the decline in lending activity.

Some analysts believe the central bank will remain accommodative and refrain from policy adjustments for the rest of the year, as the outlook for recovery darkens.

All 19 analysts polled by BusinessWorld were unanimous in predicting there will be no change in the record-low policy rate when the Monetary Board meets on March 25.

A decision to pause will afford the economy “more breathing room” in the meantime as the central bank sees “little evidence of second-round effects” for now, said ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa.

“However, should second-round effects emerge or inflation expectations accelerate further, we will not put it past BSP to hike policy rates to defend its price stability objective,” Mr. Mapa said.

Headline inflation reached a 26-month high of 4.7% in February on the surge in food prices.

Officials attributed the uptrend in inflation to supply-side factors such as weather disruptions last year, the African Swine Fever outbreak, and the rising global oil prices. Such things would still have happened whether or not the central bank went for its aggressive 200-basis-point easing last year, BSP officials said.

In February, the central bank maintained the overnight reverse repurchase, lending, and deposit rates at record lows of 2%, 2.5%, and 1.5%, respectively. However, it raised inflation forecast for 2021 to 4% (from 3.2%) and lowered 2022’s projection to 2.7% from (2.9%).

So far, BSP Governor Benjamin E. Diokno has said there is limited evidence of second-round effects such as wage hikes, higher transport fares and rising utility charges.

However, he stressed the BSP is keeping a close eye on inflation developments to determine the appropriate policy course.

Meanwhile, Philippine National Bank Vice-President and Head of Equity Research Division Alvin Joseph A. Arogo said the credit slump will be a major factor that could prevent the BSP from any rate adjustment.

“We believe that raising interest rates amid a fragile economy and low credit expansion environment is counterproductive…the BSP should keep an accommodative monetary environment because higher cost of money will reduce the demand for new private sector loans,” said Mr. Arogo, who expects policy rates to be maintained for the rest of the year.

Outstanding loans disbursed by big banks dropped for the second straight month in January, as lenders remain risk averse amid the crisis. Bank lending has been tepid in the previous months despite the liquidity infusing measures from the central bank.

At this juncture, the central bank is more likely to retain policy settings to allow its November rate cut to be fully felt given monetary policy works with a lag, said Security Bank Corp. Chief Economist Robert Dan J. Roces.

For Maybank Investment Bank Chief Economist Suhaimi Bin Ilias, monetary policy may have to take a backseat as more crucial measures for economic recovery are in the hands of the National Government.

“Policy for recovery should now be focused on — and complemented by — implementing and accelerating COVID 19 vaccinations to achieve herd immunity that will allow for safe reopening of the economy,” he said.

Government officials expect the economy to grow by 6.5% to 7.5% following the record 9.5% contraction in 2020.

However, analysts noted that the Philippines’ recovery prospects are now being clouded by the recent surge in infections and renewed restriction measures.

Meanwhile, a pause from the BSP is likely possible following the US Federal Reserve’s decision to keep policy rates, according to UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion. He noted that signals from the Fed and the BSP are alike in a way that both acknowledge inflationary threats but have vowed to remain accommodative to support recovery.

“I know that central banks are independent, but we are in a pandemic and there is no playbook for central banks in a pandemic that we know and that works. Recall that the US Fed has been very dovish and has maintained that even if inflation does rise, it will continue to be accommodative in its monetary policy stance,” Mr. Asuncion said.

The Federal Open Market Committee last week kept policy rates near zero to maintain support to the virus-stricken US economy, Neighboring central banks including the Bank of Indonesia and Bank Negara Malaysia have also kept policy rates untouched this month.

Unlike most analysts who either expect the central bank to refrain from cutting rates for the rest of 2021 or to go for a calibrated response once second-round effects become more apparent, analyst Alex Holmes of Capital Economics still believes a rate cut is still on the table to support the crisis-battered economy.

“Provided the recent rise in inflation proves temporary, as we and the central bank expect, then the door could be open for further easing later in the year,” Mr. Holmes said, adding they continue to price in a 50-bp cut within the second half of the year once inflation tapers off.

After Thursday’s meeting, the Monetary Board will have six more policy-setting meetings for the rest of the year. The next one is scheduled on May 13.

External debt highest since 2012

OUTSTANDING external debt held by the Philippines last year reached its highest level since at least 2012, as the government incurred massive borrowings for its pandemic response.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) released on Saturday showed external debt stood at $98.488 billion as of end-2020, up 17.8% from the $83.618 billion as of end-2019, and up 7.1% from the $92 billion as of end-September.

This is also the highest since at least 2012, based on available central bank data.

The end-2020 external debt level is equivalent to 27.2% of the country’s gross domestic product (GDP), rising from 25.3% as of end-September and the 22.2% ratio seen in 2019.

“The external debt-to-GDP ratio remains relatively lower compared to similarly rated countries globally,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Meanwhile, the debt-service ratio (DSR), which relates principal and interest payments to exports of goods and receipts from services and primary income, edged up to 6.3% in 2020 from 6.7% in 2019. The DSR is a gauge of adequacy of the country’s foreign exchange earnings in relation to meeting its maturing debt obligations.

The central bank in a statement said the increase in the external debt stock was attributed to higher borrowings to fund the government’s pandemic response and infrastructure projects.

“Foreign exchange revaluation of $544 million further contributed to the increase in the debt stock as the dollar weakened against other currencies which may be attributed to expectations of continued stimulus in the United States, among others,” the BSP added.

External debt includes all types of borrowings by residents from non-residents.

The October to December period saw both the public and private sector borrowings reach $7.9 billion. In addition, the government raised $2.8 billion from global bonds and $733-million net availments from official sources.

With this, external debt by the public sector reached $58.1 billion as of end-December from $54.4 billion in the previous quarter. The bulk or about $51.9 billion were National Government borrowings, while $6.3 billion were debt secured by government-owned and -controlled corporations, government financial institutions and the BSP.

Meanwhile, private sector debt inched up to $40.4 billion from $37.6 billion as of end-September, fueled by borrowings worth $3 billion and $1.7 billion by banks and quasi-lenders, respectively, in the fourth quarter.

The BSP identified Japan ($15.9 billion), United States ($3.4 billion), United Kingdom ($3.3 billion), and The Netherlands ($3 billion) as major creditor countries.

For Mr. Ricafort, further reopening of the economy once the pandemic is better contained will be helpful for the external debt profile. This could translate to higher tax collections and would limit the rise in the country’s local and external debt stock, he added.

“The National Government signaled recently to increase the ratio of local borrowings vis-a-vis foreign borrowings that could help reduce foreign exchange risks,” Mr. Ricafort said.

Government officials are eyeing an 85:15 financing mix this year, in favor of domestic borrowings, against the pre-pandemic 75:25 ratio. — Luz Wendy T. Noble

Tawi-Tawi eyed as center for Bangsamoro seaweed development agency

By Marifi S. Jara, Mindanao Bureau Chief

THE islands of Tawi-Tawi hold several distinctions: the southernmost province in the country; home of the Turtle Islands protected area; and site of Sheikh Karim Al Makdum Mosque, the first in the Philippines and declared a National Cultural Treasure.

It is also the Bangsamoro region’s biggest and one of the country’s top producers of seaweed, a major aquaculture export commodity.

As such, the province is being eyed to host the headquarters of the proposed Bangsamoro Seaweed Industry Development Authority (SIDA), which will lead in the planning, scientific research, implementation, and sectoral coordination for the sector’s expansion.

Bangsamoro Parliament Member Amir S. Mawallil, author of Bill No. 84 or the Seaweed Industry Development Act filed last week, said it is important to keep focus on long-term economic development despite the more urgent demands of the health crisis.

“We need to craft economic policies that will help spur the region’s economic growth and generate employment. We also know that seaweed is one of the region’s economic strengths that we can leverage. We must invest in this,” he said in a statement.

Ishak V. Mastura, chair of the Regional Board of Investments of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), said the island provinces, despite being geographically remote, are central to the region’s natural wealth and growth.

The island provinces of Basilan, Sulu and Tawi-Tawi are collectively referred to as BaSulTa.

“The island provinces are farthest from the Bangsamoro government center and the provisional capitol in Cotabato City, but despite being in the periphery, they contribute a lot to the economy of the BARMM since more than 50% of the surface area of the BARMM is water with the Sulu Sea as its biggest aquamarine resource base,” Mr. Mastura said in an interview.

“Seaweed is an important aquamarine produce because of its strong and growing demand in the world market as part of the global food supply chain but also because of its flexibility in a lot of chemical and medical applications,” he said.

The region’s 696,766 metric tons (MT) of seaweed output in 2019 had an estimated market value of P4 billion, based on Philippine Statistics Authority data (PSA). This accounted for about 45% of national production.

In 2020, nationwide seaweed production stood at 1.47 million MT valued at P10.6 billion, contributing 33.3% to total fisheries production, the PSA reported in its fisheries situation report.

Year on year, production and gross value dropped to 1.5 million MT and P11.84 billion, respectively, in 2020.

“The Seaweed Industry Development Act is primarily a recognition of the enormous potential the industry holds — not only in developing the regional community, but in positioning the region as a competitive partner in building the Philippine economy,” Mr. Mawallil said.

The proposed SIDA will be headed by the BARMM minister of Agriculture, Fisheries, and Agrarian Reform while the minister of Science and Technology will be vice-chair. Members will include the minister of Trade, Investment and Tourism; director of the Bangsamoro Planning and Development Authority; and representatives from seaweed farmers’ organizations, processors, and exporters.

Monde Nissin IPO seen to gain traction on strong fundamentals, consumption-driven economy

By Keren Concepcion G. Valmonte

THE upcoming initial public offering (IPO) of Monde Nissin Corp. is expected to do well due to its existing businesses and the country’s consumption-driven economy despite the pandemic’s impact on market conditions.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message that the company’s listing “could gain traction given the company’s fundamentals.”

In a separate Viber message, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said: “As the economy is driven on domestic consumption as its main driver, the retail sector trades at premium multiples [versus] other sectors.”

The Lucky Me! instant noodles manufacturer filed for an IPO on March 7 to raise some P63 billion, shaping it to be the country’s biggest first-time share sale.

“Industry-wise, the company is already in an advantageous position. And this is even amplified by the company’s competitiveness,” Mr. Tantiangco added. “It has already established its brands and captured significant market share in different segments of the food and beverage sector, primarily in the instant noodles and biscuits segment.”

Monde Nissin also manufactures M.Y. San SkyFlakes and Graham crackers, Fita biscuits, and Quorn Foods.

“[Investors] would be [attracted] to its [yearly] dividend offering and its stability as a food manufacturer. Specifically, basic food items that have constant demand despite economic conditions,” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said via text message.

Shares for Monde Nissin’s upcoming IPO are said to be priced at P17.50 apiece at most.

“Relative valuation wise, the share is quite expensive. But the good fundamentals and prospects are seen to justify the premium,” Philstocks Financial’s Mr. Tantiangco said.

Mr. Mangun noted that it is possible the public may see a lower final offer price, however, it depends on the demand of investors.

“Investors should be looking at what the company plans to do with its IPO proceeds,” Mr. Mangun said. “[Some] 63.3% [or] almost P40 billion of the estimated gross proceeds… will be for existing obligations rather than future growth.”

According to the company’s preliminary prospectus filed with the Securities and Exchange Commission, net proceeds are estimated to reach P60.4 billion. Some P22.22 billion or 36.8% of the proceeds will be used to fund its capital expenditure, which will be disbursed from 2021 to 2023.

Monde Nissin plans to use P17.31 billion or 28.7% to pay for the redemption of its Arran Convertible Note, while at least P20.67 billion or 34.6% will be used to finance the repayment of its loans.

The remaining balance of the proceeds will be used by the company for general corporate purposes.

“If the expected gross proceeds are not realized, the company will use its internally generated funds from operations and existing cash flows, existing credit lines, and/or other potential borrowings to finance the expected uses,” Monde Nissin said.

AAA Southeast Equities’s Mr. Mangun said the biggest concern might be the company’s lack of potential future growth.

“The only growth area that is worth looking at is its pivot to [a] healthier diet with Qourn. Even then, it looks like the company has already maximized its distribution and sales of Qourn products globally,” Mr. Mangun said.

The food manufacturer plans to expand its Quorn Foods brand, which offers alternative products to meat, further in the United States. Monde Nissin previously said it would invest more in its production capacity in the US.

Meanwhile, Philstocks Financial’s Mr. Tantiangco reminded investors that Monde Nissin remains subject to the country’s overall economic condition.

“Investors should still be mindful of the current economic situation as well as the outlook,” Mr. Tantiangco said. “A delay in our economic recovery could weigh on Monde Nissin’s sales since it would keep disposable incomes subdued which in turn is going to weaken consumer spending.”

“If timing is aligned, then the company can command a superior valuation on the back of the Philippines’ recovery post-pandemic,” Regina Capital’s Mr. Limlingan said.

A muted 2nd birthday for ‘Velocity’

The virus knows how to pivot, too. So be careful out there.

HAPPY BIRTHDAY to BusinessWorld’s motoring section — the second since its rechristening as “Velocity.”

To this day, I can’t believe that I spent a good chunk of last year at home sending Word files and photos instead of being physically putting to bed each issue at the paper’s Quezon City office. But most of us had no choice but to evolve our lives in the face of an unseen enemy. The coronavirus, as it turns out, was also evolving as humans passed it around. It was veritably pivoting to maximize, well, the velocity of its replication and transmission.

I recall we had grand plans for the first anniversary of the section — most of which were, in the final analysis, waylaid by something we couldn’t see. It was a sucker punch that landed when we least expected it. Marking that first year was understandably muted as we were on hard lockdown.

There’s an odd sense of déjà vu as we put this issue to bed knowing we’ve just surpassed 7,000 new cases for the day. I don’t know about you, but I sense that a harder lockdown is imminent.

Now don’t get me wrong. I hated the enhanced community quarantine (ECQ) as much as you did, but it doesn’t inspire confidence when so many of us aren’t respecting the virus by flouting protocols (I mean, how hard is it to wear a mask properly?). Then we hear of entire families being infected because they had wanted to party (or even just have a meal) with relatives and friends not from the same household. So, “Velocity” turns a year older in relative silence. We say a prayer for those no longer with us, and another one for those of us here who soldier on despite the difficulties.

And while we ask God for help, let us not forget to do our part as well.

SEC renews warnings against PhilHelp, flags Yumboss investment scheme

THE Securities and Exchange Commission (SEC) issued new warnings to the public regarding unauthorized investment schemes.

The corporate regulator renewed its warning to the public against investing in unregistered entity PhilHelp Administration of Financial Marketing/PhilHelp International Lending Company, which began to operate under PhilHelp Micro Financing, Inc. after the commission’s initial public advisory.

PhilHelp, through its president Reynaldo Cheng Pamen, has continued to collect unauthorized investments. The entity is now using a new name and claims to be under registered company 3005 Levels Corp.

3005 Levels registered with the SEC in June 2019 to engage in buying, selling, leasing, renting, leased property, or to invest, own, or develop small-scale housing, subdivide and operate any real estate and properties.

The SEC said 3005 Levels does not have a secondary license to participate in investment-taking activities, nor is it allowed to engage in financing activities.

PhilHelp is offering a new scheme called Project 200 with 3005 Levels, where the new scheme offers investors other ways to earn through several packages, which still depend on referrals.

“PhilHelp Micro Financing, Inc., PhilHelp Administration of Financial Marketing, PhilHelp International Lending Company, and 3005 Levels Corp. are engaged in unauthorized lending activities and entice the public to invest as a lender with a guaranteed interest of 100% or double-your-money in 45 days,” the commission reported.

PhilHelp was also found to be continuing its peer-to-peer lending program, which offers up to 180% profit growth through putting in a capital as low as P2,000 to P5 million. Returns may bump up through direct and indirect referrals.

The commission clarified that neither entities are authorized as a crowdfunding intermediary or a funding portal under the SEC Memorandum Circular No. 14, Series of 2019 or the Rules and Regulations Governing Crowdfunding.

Meanwhile, Yumboss Corp., which also identifies as Yumboss Putok Batok or Fresh Smart Super Store, Inc., was also flagged by the SEC for being involved in unlicensed investment-taking activities.

Yumboss offers a co-ownership program for its restaurants.

A minimum investment of P350,000 all-in promises a monthly return of P16,000, while an investment worth P500,000 promises P20,000 in monthly earnings for the next three years.

The program also offers investors a 25% discount rate at any Putok Batok restaurant.

“While Yumboss Corp. and Fresh Smart Super Store, Inc. are registered with the commission as corporations, however, they are not authorized to offer, solicit, sell, or distribute any investment/securities to the public,” the SEC said.

The commission reminds the public that penalties will be imposed on those caught involved in illicit investment activities, which include those who act as recruiters, salesmen, brokers, dealers or agents representing unauthorized entities.

Names of those involved will be submitted to the Bureau of Internal Revenue so that appropriate penalties and/or taxes will be assessed. — Keren Concepcion G. Valmonte

The Velocity Forum

‘What are you hoping for the PHL auto industry in 2021, and how do you think we’ll realize it?’

WHILE WE’RE doubtless happy to be unshackled from the nightmare that was 2020, the hardships are not, by any stretch of the imagination, over. In fact, recent developments are disturbing on several fronts.

If you’ve been reading and watching the news of late, you know that we’re nowhere close to done with the local vaccine rollout before we reach the critical mass herd immunity. Speaking of which, not everyone is sold on vaccination in the first place as reports of adverse reactions and even death have surfaced — adding to the “anti-vax” paranoia.

Then a recent spike in local cases is also starting to blight what is widely expected to be a “recovery year” for everyone — leaving our government officials in a basic holding pattern when it comes to the tight rein its keeping on businesses. As we’ve seen, it doesn’t take much to cause a spike in cases.

One thing is certain, the auto industry is keeping a close eye on how 2021 will play out — particularly in relation to COVID-19. While 2020 and its awful 40% decline is in the rearview mirror, uncertainties are still very much in view through the windshield. “Velocity” asked a number of auto industry experts, along with a Department of Transportation (DoTr) official, on what they’re expecting and hoping for this year, and how we can get from here to there. — Kap Maceda Aguila

 

MA. FE PEREZ-AGUDO
President
Association of Vehicle Importers
and Distributors
President and CEO
Hyundai Asia Resources, Inc.
President and CEO
Changan Motor Philippines, Inc.

THROUGH the years, our industry has experienced a good number of economic shocks. Admittedly, the present situation is unprecedented, with a current and projected 20% growth. Nevertheless, we continue to innovate and find ways to meet the mobility demands in the new normal in a stable, safe, and sustainable way.

More than that, the auto industry is reaffirming its role as a catalyst in connecting a society now fragmented by this pandemic. Through safer means of transportation, we aim to connect people and support the recovery of industries which have been greatly affected by the pandemic. We also look to government support through sound and progressive polices that would ensure a win-win situation for private and public sectors and ultimately, for consumers.

MANNY ALIGADA
President
Kia Philippines

MY HOPE for the Philippine auto industry for 2021 is the same I have for our country — and that is for positivity and vibrancy to be back to pre-pandemic levels.

The current state of this health challenge is highly unstable, with spikes moving up and down day on day, which is an indicator that control has not been achieved. The solution lies in not one but a combination of many actions for all concerned to take. These range from compliance to standard health protocols, managing individual situations via healthy living, to working with everyone to control the spread and proper information management and dissemination for the public.

Similarly, the auto industry will be revived again with a combination of actions taken by all business stakeholders to include distributors through the appropriate product offers, the dealer systems through safe customer engagement practices, the financial institutions via timely and fair handling of loan applications, and the media for helping extend the program information to car buyers and owners.

FRANCIS JONATHAN ANG
Chief Operating Officer
Auto Nation Group

THE CORONAVIRUS has undeniably reshaped the businesses across the world, including the automotive industry. It taught us the importance of being agile, adaptable, and able to increase the pace of innovation and change.

The pandemic slowed down the automotive industry last year, but it has shown great resilience, too. As consumer behavior continues to shift online, we have seen how quick the automotive brands have adapted and introduced new solutions to the customers. We, too, have embraced the opportunity to transform our customer experience as well. We have strengthened our digital capabilities, and invested on various digital tools to enhance the interface and interaction both in our physical showrooms and online showroom.

The path to recovery will be slow, but a little progress every day counts to our success. Immunization is going to be the key and I look forward to the time when people could go out safely and comfortably. I believe that it’s only when people are confident in traveling and going out that the industry will quickly get back to normal. It won’t happen overnight, but I am optimistic that we would get there sooner than later. Finally, as more businesses open and mobility restrictions ease, I am confident that the automotive industry is on its track to rebound this year.

ATTY. ALBERTO ARCILLA
President and CEO
The Covenant Car Company, Inc.

WHILE we are still navigating through the COVID-19 pandemic, we continue to witness the resiliency and dynamism of the automotive industry. At TCCCI, we implemented new digital programs to address the developing needs of the Filipino car buyers, keeping in mind the changing selling environment. We offered quality models with easy ownership packages and reinforced the processes within our dealership network to meet the demands of our customers.

Our plans and programs are premised on the optimistic recovery of the local auto industry from last year’s slowdown. We, however, are prepared to still encounter challenges ahead. But with our strong and determined team at TCCCI, I remain optimistic that our collective efforts will fuel the recovery and growth of our brands and contribute to the recovery of the automotive industry.

We continue to strictly implement our health and safety protocols in all the dealerships. At TCCCI we have already coordinated for the inoculation and vaccination program for TCCCI stewards as the vaccines become generally available. A healthy workforce will help us ensure business continuity and mitigate further disruption in our operations.

While the performance of the automotive industry is directly correlated to the economy, TCCCI will continue to understand the evolving needs of our customers, focus on building our brands, and ensure that we have the right products to serve our clients.

We will continue to further strengthen our relationships with our stakeholders, principal partners, dealership network and institutional banks as this alliance will be a pivotal role in ensuring that TCCCI and the automotive industry recover and thrive.

VINCENT LICUP
Dealer Principal
Chery, Chevrolet, Foton, Geely,
MG, and Nissan

WE ALL hope that 2021 is going to be a lot better compared than last year, because people have, in a way, learned to live with the threat of the virus.

Auto sales are projected to increase anywhere from 30% to 46%, and I’ve always believed in the industry’s resiliency. People will always need cars. Banks will play a big part in this recovery. Once they go full blast, it will go both ways — we sell and they will earn interest through collateralized loans. I also certainly hope that banks that still don’t have automotive retail financing will get into it; it’s still their best bet to recovery. They are missing out on a lot!

My fearless forecast: The top four brands will still be consistently on top. The market disruption will happen in the P1.2-million-and-below price point. Believe me, the Chinese are coming -— or have already arrived. Chery, Geely, MG, etc. will make consumers think hard about how they will spend their hard-earned P1.2 million.

MASAHIKO NAKAMURA
President
Honda Cars Philippines, Inc.

YEAR 2020 had been a challenging year due to the global pandemic. Nevertheless, the pandemic also opened a window of opportunity for the whole automotive industry to reaffirm its service to the Filipino people.

As we all walk through 2021 and face another challenge in the imposition of the provisional safeguard measure, we fervently hope that the automotive industry will continuously provide mobility for Filipinos. As long as the industry remains true to its commitment to the Filipino people of providing excellent products and services, we will be able to surpass this challenge.

ATSUSHI NAJIMA
President and Managing Director
Nissan Philippines, Inc.

WE HOPE the auto industry will begin to recover in 2021, and we expect that it will continue prioritizing the health and safety in workplaces for customers and various stakeholders while doing so. We are hoping that the industry will continue to work hand in hand with government stakeholders and remain agile to be able to address the needs of the market.

We at Nissan continuously look for ways to be flexible and agile to serve our customers better, and contribute to the growth of the industry. The Philippines continues to be a key market for Nissan globally, and the company remains committed in providing our customers with innovative products and excellent services through our expanding network of dealerships nationwide. We have also introduced digital solutions such as a virtual showroom, and digital communications to minimize physical interaction and to adapt to the ever-changing environment. By continuing to focus on our key pillars, Product, Customer Experience, Service, and People, we are optimistic of our contribution to the recovery of the industry.

ATSUHIRO OKAMOTO
President
Toyota Motor Philippines Corp.

I DO hope to see more Filipinos being able to move more freely and safely. This will be achieved through strides in vaccination programs and various efforts to contain the virus, coupled with the availability of a range of consumer options when it comes to buying cars that fit their needs in our post-pandemic reality.

With the progress in the government’s infrastructure programs, I know that this will not be impossible. “Mobility For All” has always been our goal, and we would like to think that every day, we are closer to realizing that by further boosting and promoting our local car production, regularly introducing relevant and exciting models, and promoting adoption of new technologies like hybrid.

We are also making car ownership more flexible, convenient, and rewarding through expanded value chain offers and enhanced customer experience both online and in dealerships. On top of all these, we are coming up with new mobility services that are changing the way individuals, families, enterprises, and industries move. We are one with the whole industry in working for freedom of movement for all Filipinos.

MUTSUHIRO OSHIKIRI
President and CEO
Mitsubishi Motors Philippines Corp.

WE, at Mitsubishi Motors Philippines Corporation, are always optimistic that the industry will bounce back this year. However, we do recognize the new challenges ahead such as the current safeguard duty deposit requirement, new virus strains discovered, and the rising COVID-19 cases.

We shall once again rely on the resiliency of the company and our business partners to overcome these challenges. We will also continue to invest in enhancing our online assets to remain connected to our customers. We have also supplied our sales executives with necessary digital tools to promote our products via the online platform.

To sustain a healthy organization, we implemented strict health and safety protocols and conduct monthly COVID-19 testing for all employees. Our business processes and methods are continuously improved to secure efficiencies that are geared to generate savings.

RAYMOND RODRIGUEZ
President
Lexus Manila

I AM hoping for a better year in 2021. This means growth — both for new car-sales and after-sales services. As of February this year, the industry posted negative growth. However, we should start seeing growth in March coming from a lower base last year. Recovery may take a while due to the rising concerns on the increasing number of COVID-19 cases.

Last year, the Taal Volcano eruption in January and the two-month struggle after this was followed by sad news due to the COVID-19 pandemic. We were caught off guard mid-March and had to take drastic measures in adapting to the new normal. One of the most obvious effects on our operations was the immediate decline in the sales of our Lexus cars. April was a month of zero operations. From there, it was the start of a slow recovery with the enforcement of various community quarantine conditions.

There are a number of new models from various automakers to be launched this year. And remember that units launched in 2020 weren’t able to realize a full year of sales due to the reasons previously mentioned. So, it will be exciting for the general public to consider buying these new vehicles. This will, however, depend on the progress of the vaccination process. We can expect more customers to visit our dealerships once the situation improves.

Online campaigns will continue as a safe way of delivering information to the general public. More and more communication will be done through websites and e-mails as some of the customers might choose to stay at home. Virtual showrooms have proven to be effective and are a very useful tool in prospecting. Online payment facilities are necessary to promote our business, and safety protocols must be continuously implemented at the dealership to ensure the safety of visitors at the showroom and service areas.

For after-sales servicing, customers must be reminded about their next periodic maintenance visit. Constant follow-up calls/text/e-mails must be made. There is always the need to emphasize that cars need to be in tip-top condition so that they will be fuel-efficient and will have a long service life.

ATTY. MARK STEVEN PASTOR
Assistant Secretary for Road Transport and Infrastructure
Department of Transportation

CONSISTENT with the transformational initiatives of this administration to reorganize and rethink our public transportation, we are ceaselessly implementing the Public Utility Vehicle Modernization Program (PUVMP) to meet the entirety of our objectives to set the standards for public utility vehicles in terms of safety, security, and convenience — targeted to improve the system for our drivers, operators, and commuters.

Further, we see the emergence of more electric vehicles (EVs) in partnership with the United Nations Development Programme (UNDP)-Low Carbon Transport System (LCTS), as we prioritize the efforts to mainstream the use of energy-efficient modes of transportation, and work on the establishment of standards and regulations for EVs and charging stations.

In the introduction also of the EDSA Busway System — having modernized bus units with features such as the Automatic Fare Collections System (AFCS) and Global Positioning System (GPS) — we are working for the continuous improvement of the busiest thoroughfare in terms of its service plans, headways, and bus dwell time.

The advent of the pandemic last year has strongly challenged our transportation system and with these efforts, we aspire to achieve these pivotal changes and set the maximum service standards for the public.

TEY SORNET
President
Southgatemotors Ventures Corp.
Managing Director
Auto Transport Ventures Limited

WE’RE HOPING that the auto industry will post double-digit growth of at least 30% for the year, and that the economy continues to open through businesses, coupled with government’s efforts through infrastructure projects.

Hopefully, banks return to approving loans at previous levels. With the increasing number of COVID cases, there remains a healthy demand for vehicles that cannot be satisfied unless the banks increase financing approval rates. Banks remain the lifeblood of the industry and the economy. Without their support, growth would remain restricted. The industry is also hoping for the stoppage or postponement of the implementation of the DTI safeguard duty for imported vehicles.

ROMMEL SYTIN
President
United Asia Automotive
Group, Inc.

ALL OF US in the industry are hoping that things will get back to normal, but there are more important things like COVID-19 and the vaccine that would hopefully bring back consumer confidence for retail and other services, including tourism. Mobility is so important nowadays either when you’re moving people or goods, so there’s still a market out there that we should find.

I’m confident that the government, in cooperation with the private sector, will be able to vaccinate 70% of our population soon, and much of their focus now should be to bring in the vaccines.

KEIICHI SUZUKI
Vice-President and General Manager for Automobiles
Suzuki Philippines, Inc.

TO BE honest — and very candid — the dawning of this new year brought along with it a lot of hope that things may possibly change for the better. Unfortunately, as we approach the end of the first quarter of this year, the sad reality we are facing as a country is the fact this global pandemic seemingly has no plans of leaving us in, at least, the near future.

With this being said, I am still optimistic that Suzuki Philippines will follow through with the expectations we have set for ourselves as a company.

Hopefully as well for the Philippine automotive industry as a whole, the slight boost in economy this year brings along improvements in sales and revenue. Our industry needs all the help we can get.

Additionally, with the imposition of the Safeguard Measures Act, I’m hopeful that the government will continue to collaborate and provide its kind assistance to business owners in need of support. May we continue to work together, even more so during these trying times.

STEVEN TAN
President and CEO
Mazda Philippines

WE HOPE the economic condition begins to recover and start to normalize so that consumer demand and jobs can start to come back. Widespread and fast implementation of the COVID-19 vaccination is the only real resolution to end the pandemic and jump-start the economy.

MIKIHISA TAKAYAMA
President and CEO
Sojitz G Auto Philippines

DESPITE the very unpredictable situation now in the country, I would like to believe that 2021 will be a fairly good year for the Philippine auto industry. Based on the American credit rating agency Fitch Solutions, the Philippine economy will grow by 7.6%. But still, we are managing our expectations as Japanese financial holding firm Nomura projected that GDP growth will be slowest in the Philippines and Thailand among the ASEAN countries. Given this, I am confident that the past year has taught us valuable lessons in running the business and keeping it afloat amid the pandemic.

For our part, SGAP will be more aggressive this year in expanding our dealer networks to at least 28 outlets at yearend and promoting our core models such as the Coolray and Okavango. We are seeing that around 95% of our sales projection for 2021 will be generated by these models.

In 2020, the pandemic plunged the global economy into recession. The country’s GDP shrank 9.5% which is the worst GDP contraction since 1947 after World War II. The lessons the past year has taught us in running the business during a pandemic will play a vital role in realizing our strong hopes for this year — from reorganizing our operations and expenses depending on the country’s economic status, to strategic and flexible product planning that cater to the customers’ current need amid the pandemic.

WILLY TEE TEN
President
Autohub Group of Companies
President
Philippine Automotive Dealers Association

WE ENDURED two hard lockdowns and a series of community quarantines. Now we’re experiencing a surge of cases again due to different coronavirus variants — not to mention our nation’s problem with the acquisition of vaccines. There’s also the anxiety and fear that come with which brand to choose.

Having said all that, what’s next for us in the automotive industry? How are we going to cope with these challenges while we face the bigger ones ahead?

The year 2020 was really difficult for all of us. We’ve exhausted most, if not all, our means to be able to survive this global pandemic. It lead to several dealership closures, downsizing of existing showrooms, and significant reduction of manpower while shifting most of our means to digital.

Now, we need to find solutions on how to at least stabilize our sales performance with the people who can really back us up in these trying times. I hope that the banks can be more aggressive in approving car loans so we can improve our sales figures. I am hoping too that the government will retract the safeguard duties imposed on our units.

And of course, we are all hoping that new COVID-19 cases will decrease, and hopefully be solved soon so the economy can totally reopen. At this point, we need all possible help from the banks, the government, our clients — so we can keep our businesses running and rise together in 2022!

PK UMASHANKAR
Managing Director
Ford Philippines

I am looking forward to the recovery of the Philippine automotive industry this year. The automotive sector is one of those severely affected by the pandemic with a 40% decline in industry sales in 2020. At Ford, we will continue to work with our dealer partners to expand access of our Ford vehicles to more customers through relevant offers and deals.

We will also ensure that the necessary safety and sanitary protocols remain in place in our Ford showrooms. With these efforts, we hope to be able to contribute to the industry’s path to recovery in 2021 and beyond.

SPENCER YU
President
SMC Asia Car Distributors Corp. (BMW Philippines)

I THINK I share the sentiment of my colleagues when I say that I would like to see the automotive industry achieve full recovery. However, with the number of COVID-19 cases rising again in the last week, it may be quite difficult to be optimistic about 2021 — despite seeing some semblance of recovery since the last quarter of 2020.

In the short term, what we need is to stabilize our supply. The global shortage of semiconductors has greatly affected automotive manufacturing and this has led to the unavailability of certain models.

In the long term, the Philippine automotive industry needs to reach a level of stability where we can start to see consumers return to comfortably visit dealerships and test-drive vehicles without any qualms about their personal health and safety. Of course, the only way to achieve this is by reducing the numbers of COVID-19 cases in the country.

Each of us must play our part in overcoming this pandemic. Let us continue to practice good personal hygiene, avoid unnecessary trips to minimize public exposure, and always follow the local health guidelines. With the impending arrival of the vaccines, we must also take the time to educate ourselves so we can weigh our options and make a well-informed decision. Our individual contributions, no matter how small, will benefit us greatly on our way to becoming a healthy nation.

Mabuhay Energy earmarks around P500 million for solar, hydro projects

By Angelica Y. Yang

RETAIL electricity supplier Mabuhay Energy Corp. (MECO) has set about P500 million for this year’s capital expenditures (capex), including the budget for its solar and hydro projects.

MECO Chief Executive Officer and Chairman Sherwin G. Hing said the capex covers the firm’s solar farm, which is set to break ground in September in Bulacan, an 18-megawatt (MW) hydro plant in Lanao del Sur, and several embedded generation projects.

“(The) solar farm is through Excell Energy. It is the subsidiary that’s purely doing solar for now… It’s gonna be a joint venture with a company that has the property in Bulacan so we’re looking at groundbreaking sometime in September,” Mr. Hing told BusinessWorld in a video call on Wednesday.

He said MECO is currently using internal funds for the capital spending, but said that the company was looking into a debt-equity financing scheme after talks with investors.

According to Mr. Hing, the firm’s planned solar farm will have a capacity of up to 20 MW.

Excell Energy is one of the firm’s partners that focuses on optimizing energy costs through the use of distributed energy sources, according to MECO’s website.

“[Our] hydro project is in Lanao del Sur, it’s an 18-MW project. One of the shareholders of this company has already started the project and we’re in discussions [on] MECO acquiring a part of that company,” Mr. Hing said, adding that the project has already passed the pre-construction stage, and that it will begin “very soon.”

Part of MECO’s capex is also set to go to its embedded generation project, Mr. Hing said.

In a separate e-mail, MECO Vice-President and Head of Sales Jacqueline Castillo said that the firm “remains committed to developing and owning assets in the renewable energy sector, which would enable it to generate 100 MW soon.”

Asked about the possible distribution of renewable assets, Mr. Hing said on Wednesday that there’s no set ratio yet, but he believed that solar will “initially dominate the portfolio.”

“I think it will be solar since solar is going to be much faster to build and we also need to catch up based on the internal demands of MECO. We believe initially the next 3 [or] 5 years, solar will be… dominating in the portfolio then hydro will catch up eventually,” he said.

Mr. Hing said that the company has long-term plans of building its power generation business so it won’t be “too dependent on power supply agreements from independent power producers.”

“It’s part of our strategy really that a portion would be coming from our own, and a portion will come from the power supply agreements — just to spread the risk and then the rest or a portion of that will be from the WESM (wholesale electricity spot market),” he explained.

At present, MECO is selling around 30 to 40 MW of capacity per month to 16 of its customers. The firm began its commercial operations in June 2020, and obtained its RES license from the Energy Regulatory Commission in December 2019.

MECO, a wholly owned subsidiary of the Aviva Group of Companies, has based its pricing mechanism after Japanese RES companies. According to the firm, the mechanism “allows MECO to provide the most options in the market to customize its pricing and supply.”

EVs in PHL need a ‘push-start’ from locals

Price, among other things, is still an issue when it comes to electrified vehicles

By Aries B. Espinosa

SOMETIME last year, maybe it was in June or July (which really doesn’t matter, as all the days felt and looked the same during lockdown), I began to entertain the thought that, if ever I had saved up enough to buy a used car, I wouldn’t buy a used car. Instead, I’d use that money to convert my 24-year-old Honda Civic (which I shared with my life partner, who’s also a motoring journalist) into an electric vehicle.

It sounded crazy but, at the same time, made a lot of sense. To be clear, the 1.5-liter gasoline engine still purred beautifully. The body was still in good shape, overall. We just had the entire roof replaced, and then the body repainted, in 2019. Though a few creaking and squeaking noises could be heard from the suspension and brakes, they still held me up and held me back nicely. The lights and signals were working, the wipers were wiping, the horn was honking. The air-conditioner blew strong and cool. In short, this keeper of a car still worked.

Since the start of the lockdowns early in 2020, however, we rarely used it. I’d gotten back to riding my mountain bike (which I just recently converted into an e-MTB) and electric kickscooter for the short trips and errands in and around the village and the city. The car just sat there, gathering dust while piling on the days. Occasionally, I’d turn the engine on for a few minutes just so the batteries wouldn’t get discharged.

The “eureka!” moment for me was when I recently read in the news that an engineer by the name of Ferdie Raquelsantos, president of the newly formed Electric Vehicle Owners Society (EVOS) and chairman emeritus of the Electric Vehicle Association of the Philippines (eVAP), was able to convert his classic 1976 Toyota Publica minicar into a plug-in all-electric vehicle for just P250,000, cheaper than most second-hand cars currently in the market. He did this in 2010, when conversion parts such as the batteries, controller, and electric motor were much harder to come by.

Eleven years later, Mr. Raquelsantos’ EV, which was reportedly the first of its kind registered in the Land Transportation Office, is still running. It could still reach a highway-legal top speed of 60 kph and achieve a maximum range of 100 km.

I went over to my green Civic and whispered to its ear (well, technically, to its side mirror), “your future is set, old man. You will not be sold. You will not be scrapped. You will be reborn, as a four-wheeled Frankenstein! (Insert mad scientist laughter here).” Well, my thoughts ran something like that. But I wasn’t kidding. The future of cars, rather, the future of mobility, lies in electrification. And for me, that also means old ICE (internal combustion engine)-powered ones transformed into EVs.

A lot has been said and written about the numerous advantages of EVs over ICE-powered vehicles. EVs will be key to helping nations and industries achieve so-called “carbon neutrality,” where, in a nutshell, mankind’s activities don’t add any more greenhouse gases into the environment, thus minimizing humanity’s role in climate change.

On a practical level, EVs have been proven to be easier to own, operate and maintain, and they require less moving parts compared to ICE-powered vehicles. According to Consumer Reports in an article posted to consumerreports.org in September 2020, a survey among hundreds of thousands of its members show that EV and plug-in hybrid drivers pay half as much to repair and maintain their vehicles. The article goes on to say, “Consumers who purchase an electric car can expect to save an average of US$4,600 (about P225,000 in current exchange rates) in repair and maintenance costs over the life of the vehicle compared with a gasoline-powered car.”

The world is catching on to EVs. At the end of 2020, there were an estimated 10 million light-duty EVs around the world. Global sales took 4.2% market share in 2020, up from 2.5% in 2019.

Here in the Philippines, EVs are still considered novelties, an “extra unnecessary expense.” Yet, according to a recent ASEAN-wide survey revealed during the “Nissan Futures” webinar held early this February, a surprising 45%, or 225 out of the 500 Filipino motorists surveyed, stated they would consider an EV as their next car purchase within the next three years.

So, what’s holding the Pinoy back from buying an EV now, outright? It all boils down to that painful purchase cost. The cheapest brand-new EV in the market will set you back P1.8 million, and that’s just a compact sedan. The ordinary Juan or Juana will think, “With that price, I can already buy myself a gas- or diesel-powered luxury van or MPV, or a 4×4 pickup, or a top-spec midsize SUV.” Widening more the gaps between the rungs in this difficult ladder for EVs to climb is the government taking its sweet time in enacting laws to ease prices of alternatively powered vehicles.

So, until the government acts soon, or a car manufacturer has the gall, or balls, or the audacity to tag an SRP of a million pesos or less on its brand-new EV (highway legal and not a golf cart, okay?), then the only chance for electrification to take root in mainstream motoring is for home-grown EV producers to step up their e-game. I’m looking at people like Mr. Raquelsantos to jump-start a local EV revolution.

And I’m willingly volunteering my old Civic gladiator to the cause.

HABI Connects collaborates with Bayo

PRIOR to the pandemic, the Philippine weaving industry had been dealing with a number of problems including supply chain issues, lack of credit and funding facilities, and the price and supply of cotton. While a renewed interest in Philippine textiles has emerged over the past year, brought about by the trend of using locally made face masks and clothing made of indigenous weaves, the revival and sustainability of the Philippine weaving industry continues to be a challenge. In its efforts to confront these challenges, HABI: The Philippine Textile Council started the HABI Connects campaign, and through it, now has a collaboration with Filipino fashion brand Bayo.

Since 2009, HABI: The Philippine Textile Council has held the Likhang HABI Market Fair. In 2020, since it was not able to hold a physical fair due to the COVID-19 quarantines, the fair went online through the Shop Habi Fair website (www.shophabifair.com) in an effort to reach customers.

“Rather than disappoint the weavers and vendors who needed to earn, HABI opted to go online. We also wanted to keep our regular customers and supporters happy by giving them the opportunity to shop,” HABI President Adelaida Lim said in an e-mail to BusinessWorld.

This year, HABI launches the campaign HABI Connects, “to encourage more entrepreneurs, micro, small and medium enterprises (MSMEs), and big businesses, both local and foreign, to support the Philippine weaving industry,” said a press release from the organization.

The HABI Connects campaign begins with a collaboration with Filipino fashion brand Bayo.

The collection features designs made from natural fiber textiles —  cotton, abaca, and piña —  from La Herminia in Aklan, the Ambension weavers in Bulacan, and the Argao weavers in Cebu. It also showcases weaves made of cotton thread and scrap polyester, “to upcycle industry scraps or production offcuts and avert them from ending up in landfills,” said a press release.

“With quarantines all over the world prohibiting the gathering of crowds, artisans are going online independently or in groups to market their crafted products,” Ms. Lim said.  “Much of the offerings are one-of-a-kind and even made to order. Apparently, eco-friendly merchandise or green products have a huge market share that is spread all over the world.”

“While HABI never insisted on exclusivity, we learned, during the pandemic, to be inclusive and to work collaboratively. More things are accomplished in connection with others,” she said.

The collection is now available at www.bayo.com.ph and at www.shophabifair.com. To connect with more HABI  weaving communities, e-mail likhanghabi@gmail.com or connect with HABI on Instagram @habifair or www.facebook.com/HABIPhilippineTextileCouncil. — Michelle Anne P. Soliman

Lenovo calls for greater women participation in technology

THE Philippines must address a gap in women’s participation in the technology industry, an official of Lenovo Philippines said, pointing to the need for the government to work towards greater diversity.

Anna Maria M. Abola, commercial marketing manager at Lenovo Philippines, said that the industry is still male-dominated, although there has been some improvements.

She said the government should start campaigns and support human resources policies on diverse hiring.

“The other challenge also is really, stereotyping, and it’s still that mind-set that the male population can do it better, especially in the tech industry,” she said in an online video interview.

Biases against women must be addressed, which continue to exist despite equal representation within an organization, she said.

Ms. Abola leads local efforts in Lenovo’s Women in Leadership Development Programme, which achieved 20% female executive representation, and offers training and mentorship programs in the company.

Women in Asia are less likely to be offered a “challenging leadership role,” with 58% of them likely to receive such an offer compared with 77% of men, the Center for Creative Leadership found in a survey released this month.

The Philippines again topped a global survey on the role of women in senior management, with more women taking on top roles in mid-market businesses compared with 28 other economies, the Grant Thornton International’s 2021 Women in Business Report showed.

Filipino women took on 48% of senior leadership roles in mid-market businesses, up five percentage points from the previous year, when 32 economies were surveyed.

Globally, 31% of positions in senior management teams were held by women, higher than the 2020 figure. — Jenina P. Ibañez

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