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RCBC sees prolonged virus hit

RIZAL COMMERCIAL Banking Corp. (RCBC) sees continued asset quality risks as the challenging environment may persist for both consumers and businesses in 2021.

“Consumer loans will grow slowly compared to the past years. Customers whose incomes have been affected have started to become more conservative and understandably so,” RCBC President and Chief Executive Officer Eugene S. Acevedo said in a briefing on Thursday.

He said they have been hit by the impact of the lower interest rates for credit cards and said it is a “major challenge” they have already accepted.

Mr. Acevedo said they also expect that business clients will continue to bear the brunt of the pandemic.

“A number of corporate and industry clients will take longer to recover to pre-COVID levels,” he said.

Amid these challenges, Mr. Acevedo detailed the bank’s continued move towards digitalization and sustainability.

“No more coal. Moving forward, all our loans for the energy sector will be non-coal. The entire banking system is moving into that direction,” he said.

In terms of operations, Mr. Acevedo said RCBC has been boosting its digital capabilities, including robotics.

Meanwhile, the bank has also frozen hiring and has downsized its workforce, the official said.

“We closed 66 branches in our network this year because we realized that at the height of COVID-19 (coronavirus disease 2019), 50-60% of branch transactions disappeared,” he said, noting digital transactions have continued to grow.

RCBC in July launched its Diskartech app which offers digital services, including bills payment and a basic deposit account that can be registered through an all-online process.

The Yuchengo-led lender’s net profit in the third quarter plunged 51.78% year on year to P892 million amid higher loan loss provisions and waived client fees.

This brought the bank’s nine-month net income to P4 billion, down 11.31% from the P4.51 billion posted in the January to September 2019 period.

RCBC’s shares closed at P19.08 apiece on Thursday, down by 0.63% or 12 centavos from its previous finish. — Luz Wendy T. Noble

A fan’s nightmare and a battle of magic bandanas

A look at two of the 2020 MMFF entries

THIS year’s Metro Manila Film Festival (MMFF) — which will be held online because of the ongoing coronavirus disease 2019 (COVID-19) pandemic — is proving to be one of the most diverse installments of the country’s largest film festival owing to the variety of genres of the 10 movies which will be screened starting Dec. 25.

Here is a look at two of the entries — a so-called anti-rom-com and a horror movie.

FANGIRL
One of the more anticipated films in the lineup is Antoinette Jadaone’s Fangirl, a film that tackles fan culture and how it might not be wise to meet your idols.

The movie tells the story of Jane (played by Charlie Dizon), an ardent fan of Paulo Avelino (who plays himself), who manages to smuggle herself to his home by riding in the back of his pickup truck. She ends up in an unfamiliar house with an unfamiliar Paulo Avelino, an actor she thought she knew from head to toe.

“Fan culture is very interesting when we watch our idols on screen. We don’t usually have a line between reality and fiction. So for us, what we see from them — playing characters on screen — is what we consider as their real selves off-cam,” Ms. Jadaone, director of the film, said in a Dec. 7 press conference held over Zoom.

She called the film a “cautionary tale” and an “anti-rom-com,” though she did say that she didn’t want to spoil things by saying too much about the film.

Ms. Jadaone, best known for her romantic films That Thing Called Tadhana (2014) and Never Not Love You (2018), has embarked on what film critics said was her most daring feature yet, with Asian Movie Pulse calling it “an intriguing piece of cinematic work,” while the Hollywood Reporter called it “a bold look at fandom.”

Fangirl is definitely not a PG film as the Hollywood Reporter mentioned “male frontal nudity” in its review of the film, which had its world premiere at the Tokyo International Film Festival in November.

Then there are the sexual advances made by 32-year-old Avelino towards the underaged fan (Charlie Dizon is 24 but plays a 16-year-old). This, Ms. Jadaone said, is because “filmmakers and artists must be able to tackle not just topics that are being talked about but also topics that we are scared to talk about.”

“So in Fangirl, this won’t just tackle issues on celebrity culture and idolatry, it will also tackle issues we are afraid to discuss with people,” she said, before adding that she made sure that the risque scenes were shot with respect and taste and she constantly asked Ms. Dizon if she was okay shooting the scenes.

MANG KEPWENG: ANG LIHIM NG BANDANANG ITIM
A completely different MMFF entry is horror-fantasy-comedy film Mang Kepweng: Ang Lihim ng Bandanang Itim, directed by Topel Lee with the titular character being played by Vhong Navarro.

The film is a sequel to the 2017 film Mang Kepweng Returns, and follows Mang Kepweng, a local albularyo (folk healer) whose red polka dot bandana grants him powers to heal all kinds of sickness. Drunk on his success, Mang Kepweng starts to take his powers for granted and eventually starts to lose them.

Meanwhile, a supervillain named Maximus (Joross Gamboa) has gotten a hold of the black bandana, the counterpart of the red bandana, and uses it to sow terror. Mang Kepweng and his friends then try to re-power the bandana and save the world.

It should be noted that the original film was a remake of the 1979 film Mang Kepweng, top billed by comedian Chiquito (real name: Augusto Valdes Pangan Jr.), which itself was based on Al Magat’s comic strip series which ran from the 1970s through the 1980s.

Mr. Navarro said in a press conference on Dec. 8 via Zoom that Mang Kepweng: Ang Lihim ng Bandanang Itim is a family film meant to “entertain people” this Christmas season, something that is sorely missed as the pandemic is still ongoing.

This year’s MMFF will be screening completely online from Dec. 25 to Jan. 7 via Filipino streaming service Upstream.ph. Each ticket is priced at P250 and the movie must be viewed within 24 hours once a film ticket has been purchased. Advanced tickets are now available via Upstream.ph. — Zsarlene B. Chua

Ayala-KTM venture to export 80% of motorcycle output next year

THE Ayala-KTM partnership plans to export 80% of 12,000 motorcycles next year, Ayala Corp. Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala said.

At the Trade department’s manufacturing summit on Thursday, Mr. Zobel said its partnership with the Austria-based KTM AG has so far produced over 23,000 units, exporting 62%. Majority of exports are sent to China.

“We entered the motorcycle manufacturing business in 2015 in partnership with KTM,” he said.

“In 2021, 80% of the factory’s production of over 12,000 motorcycles will be exported, with 21% to the ASEAN region.”

The partnership running under Ayala’s automotive unit was announced in 2016. Ayala-led Integrated Micro-Electronics Inc. launched the manufacturing facility for KTM a year later.

He added that the business saw a 160% increase in Philippine sales during the second half of 2020.

“Domestically, the pandemic has also encouraged growth in demand for personal transportation.”

Mr. Zobel said Ayala and KTM plan to double plant capacity over the next three years. — J.P. Ibañez 

VR makes for an intimate concert experience

By Zsarlene B. Chua, Senior Reporter

CONCERT REVIEW
Alden’s Reality
Featuring Alden Richards

BILLED as the country’s first virtual reality (VR) concert, Alden’s Reality promised an intimate celebration of Alden Richards’ 10th year in the entertainment industry, and it was, as the hour-long concert (excluding commercials and a 10-minute intermission) showed that while Mr. Richards is not the best singer and dancer in the industry, he does make up for it with genuine effort.

The concert opened with Mr. Richards in bed, asleep, and waiting for his “date” (the viewer). When his date arrives, Mr. Richards awakes and dresses up, all the while talking about his family and his dog whom he called his “dance partner.”

The concert had three screening schedules: at 9 and 11 p.m. on Dec. 8, and at 10 a.m. on Dec. 9.

Since this was a “virtual reality” concert, viewers were given a 360-degree view of the “house” which was apparently a CGI set. In terms of viewability, using the VR device (given to VIP ticket holders) does make the immersive experience better, though the strain of having to hold up the phone screen and the device against one’s eyes can be troublesome.

Announcements made during the concert reminded people to take “frequent breaks” while using the VR devices, and assured them (and the general admissions audience who did not have the VR devices) that the concert could be viewed satisfactorily without the device and that people could swipe or move their devices to see what was happening. As this writer experienced, the concert could be viewed comfortably without the device though the VR viewer did bring a more immersion.

After the opening spiel, Mr. Richards shifts to the concert stage where he performed “Kapag Malapit Ka,” and in all fairness, the VR device did make it look like he was singing and performing right in front of you.

A 180-degree turn led the viewer to a screen that showed how the concert would look like on a traditional TV screen.

Richards was then  joined by Rodjun and Rayver Cruz with whom he sang “Quit Playing Games with My Heart” by the Backstreet Boys and “Best Song Ever” by One Direction, and shared an enthusiastic dance break with. The lighting was not very good in this section, but that could be forgiven.

The concert’s director, Paolo Valenciano, mentioned in a press conference in late November, that they really worked hard on the concert and that it was a difficult concert to mount because of all the technical requirements.

“Taking a major risk tonight. We have no idea how people are gonna respond to this,” Mr. Valenciano posted on Instagram on Dec. 8. “One thing I can say though, the guy’s (Alden Richards) got balls.This is unknown territory for everyone involved. But the ‘reality’ is, we need to push boundaries or we fade away into oblivion,” he added.

The concert was divided into three parts, with Mr. Richards talking about his journey in the industry during the transitions, including how he started and how his family played a huge role in his career. He admitted that the career was something his mother (who passed away 12 years ago) wanted for him and that his family needed the money then, which is why he eventually became an actor.

The second and third sections had Mr. Richards singing ballads — with the exception of the performances of his new single, “Goin Crazy,” and BTS’s “Dynamite.” The ballads included Brian White’s “God Gave Me You,” the song that played a big part in his journey to superstardom as it was the theme song of the AlDub loveteam between him and Maine Mendoza that began in 2015.

In the last part of the concert — and after a gracious 10-minute intermission for VR viewers — he was joined by rock band December Avenue where they sang the band’s hits “Kung Di Rin Lang Ikaw” and “Kahit Hindi Mo Alam.”

Mr. Richards ended the concert with a few more songs including Daughtry’s “Home” and Ariel Rivera’s “Sana Ngayong Pasko.

In all, Alden’s Reality delivered what it promised, a virtual experience, and it really showed how much effort was put into setting up the concert and makes good Mr. Richards’ promise that it would feel like the performance was for the individual viewer. It really felt intimate and it opened up a world of possibilities for a different concert-going experience.

Rediscount window left untapped in Nov. on ample liquidity

BANKS DID NOT avail of the rediscount facility of the Bangko Sentral ng Pilipinas (BSP) for the second straight month in November on the back of ample liquidity and reduced demand for loans.

“Total availments by banks under the peso rediscount facility remains unchanged at P26.9 billion,” the central bank said in a statement on Thursday. This is 77.9% lower than the P122.167 billion worth of peso rediscount loans taken out in the same period last year.

The peso rediscount window has only been tapped by lenders in March, April, August, and September so far this year.

Lenders also left the Exporters’ Dollar and Yen Rediscount Facility (EDYRF) untapped in November.

The central bank’s rediscount facility gives banks access to additional money supply by posting their collectibles from clients as collateral. In turn, banks can use the extra cash, denominated in peso, dollar, or yen, to disburse more credit for corporate or retail clients and service unexpected withdrawals.

“Lower demand for loans recently due to the adverse economic impact of the coronavirus disease 2019 reduced the need for banks to tap the rediscount facility,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Latest central bank data showed outstanding loans disbursed by big banks grew 1.9% year on year in October, the slowest since the same pace was logged in September 2006. The central bank attributed this to tighter credit standards imposed by lenders as well as low confidence among borrowers due to the coronavirus pandemic.

Mr. Ricafort added that banks’ decision not to borrow from the BSP’s rediscount facility also reflects the “relatively large excess liquidity” in the financial system. 

BSP Governor Benjamin E. Diokno earlier said policy measures fired off by the central bank earlier this year have infused approximately P1.9 trillion in liquidity into the financial system, equivalent to 9.6% of the country’s gross domestic product.

Meanwhile, for December, the applicable rate for peso loans regardless of maturity is at 2.5%, which is the borrowing rate following the 25-basis-point cut in benchmark rates last month.

On the other hand, credit to be availed under the EDYRF will be priced at 2.22438% and 1.88383% for dollar and yen-denominated loans, respectively. — L.W.T. Noble

Aliens ordered to make personal appearance before BI starting Jan.

THE Bureau of Immigration (BI) reminded foreign nationals to make their annual appearance before the agency starting in January.

Immigration Commissioner Jaime H. Morente said in a statement that the annual registration of foreigners is required by the Alien Registration Act of 1950, covering those holding immigrant and non-immigrant visas and those holding alien certificate of registration identity cards. The law requires such aliens to report in person to the bureau within the first 60 days of the year.

“Thus, the 2021 annual reporting period of aliens will be held on Jan. 1 up to March 1,” according to the statement.

Mr. Morente told foreigners to use the online appointment system, adding that the bureau will not allow walk-ins.

“Eight hundred slots (are) reserved per day, while Saturdays are reserved for those availing of the services of accredited entities, as well as remote reporting for bulk applicants,” he said.

Remote reporting may be requested by embassies or foreign groups in volumes exceeding 10 persons, he said.

Aside from the main office in Intramuros, Manila, foreigners may also report to participating BI field, satellite or extension offices.

Foreigners who are out of the country during the reporting period have 30 days within their return to the Philippines to report, as long as their re-entry permits are still valid, the bureau’s head of alien registration Jose Carlitos Z. Licas said.

Foregin nationals age 14 and under can have their parents report for them while senior citizens and persons with disabilities are exempt from personal appearances and may file through a representative holding a special power of attorney, he said. — Vann Marlo M. Villegas

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.

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