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OFWs subsidy program receives additional P1B

LABOR SECRETARY Silvestre H. Bello said his department was granted an additional P1 billion to expand a subsidy program for Overseas Filipino Workers (OFWs).

In a briefing Thursday, Mr. Bello said that the Department of Finance (DoF) and the Department of Budget and Management (DBM) approved the Department of Labor and Employment’s (DoLE) request for additional funding to support the Abot Kamay ang Pagtulong (DoLE-AKAP) program.

“I just received a notice from the Department of Finance and the (Department of) Budget and Management na dinagdagan ang pondo namin…nagdagdag sila ng (they supplemented our funding by) another P1 billion,” he said.

AKAP is a one-time subsidy program for OFWs displaced by the coronavirus disease 2019 (COVID-19) crisis. OFWs will be given $200 or P10,000.

DoLE said earlier this week that its initial P1.5 billion allocation for AKAP is close to being depleted. The initial total covered expected payouts based on DoLE’s initial estimate that 150,000 OFWs will be affected by the COVID-19 pandemic, but AKAP has since received over 411,000 applications.

DoLE initially asked for an additional P2.5 billion but Mr. Bello said after being granted P1 billion, “We will live with it for the meantime.”

Only a little over 100,000 OFW beneficiaries were granted the subsidy while over 20,000 were denied. — Gillian M. Cortez

Stuff to do at home (05/15/20)

Classic Spanish films

THE Instituto Cervantes de Manila and the Academy of Cinematographic Arts and Sciences of Spain will be showing Spanish film classics with “Clásicos contigo / Classics with You,” a cycle that will be shown through the Instituto Cervantes channel on the Vimeo platform, for free. “Classics with you” presents 11 movies that today are considered reference works of Spanish cinema. The selected titles, presented by Spanish actors, directors, or screenwriters, belong to the AECID Film Library catalog and will be screened with English subtitles. They will be shown over 11 weekends — one film per weekend, available only for 48 hours. The film cycle, which started last May 9 with Death of a Cyclist, will continue this weekend with Welcome, Mr. Marshall!, a comedy directed by Luis García Berlanga that bagged the International Prize at the 1953 Cannes Film Festival. The film will be available for the Filipino audience on May 16 and 17. The link and password to the movie are available at the Instituto Cervantes de Manila’s website: http://manila.cervantes.es. Other films to be shown during the series are Luis Buñuel’s Viridiana (1961); Luis García Berlanga’s El verdugo (1963); Luis García Berlanga’sh La vaquilla (1985); Víctor Erice’s The Spirit of the Beehive (1973) and The South (1983); Ricardo Franco’s The good star (1997); Mario Camus’ The Holy Innocents (1984); Montxo Armendáriz’ Tasio (1984); and, Imanol Uribe’s Carol’s Journey (2002). For further information and updates on this film series, check out http://manila.cervantes.es or Instituto Cervantes’ Facebook page: www.facebook.com/InstitutoCervantesManila.

‘Portrait for a Cause’

THE Gateway Gallery brings back ArtHeals Portrait for a Cause to support Araneta City’s #TogetherWeHeal campaign and help families affected by the COVID-19 crisis. Get a free portrait in digital format upon donating a minimum amount of P1,050 to the #TogetherWeHeal donation drive from May 15 to 22. Gateway Gallery’s artist friends Cee Cadid, Raks Molata, Naning Molata-Gavin, Joem Chua, Ronald Lopez, Dave Temperamente, Joseph Espino, and Adrian Karl Gutierrez will render the donor’s portraits in gratitude for the support. To join: 1.) Donate through http://bit.ly/AranetaDonationDrive; 2.) Send proof of donation and a clear photo reference to gatewaygallery@aranetagroup.com; 3.) Portraits in digital format will be sent through e-mail. The #TogetherWeHeal campaign was launched by Araneta City on March 31 in partnership with J. Amado Araneta Foundation, Binibining Pilipinas Charities Inc., and TicketNet. It aims to help indigent Filipino families who have difficult access to basic food needs due to the COVID-19 pandemic. For as low as P350, a donor may be able to provide one food pack that contains two kilos of rice, canned goods, packs of noodles, and vegetable seed packets provided by the Department of Agriculture’s Bureau of Plant Industries. Interested donors may donate to the #TogetherWeHeal campaign until June 150.

Mabining Mandirigma songs

Musical numbers from Tanghalang Pilipino’s Mabining Mandirigma, a Steampunk Musical are available for listening on the YouTube channel: https://www.youtube.com/channel/UCikwxIlkRNifg0zQN3BtraA/videos.

Documentaries on iWant

American filmmaker Lauren Greenfield’s The Kingmaker, a documentary about former first lady Imelda Marcos, her family’s rise and downfall, and recent rise again, and Babyruth Villarama’s documentary Sunday Beauty Queen, which follows the lives of OFWs in Hong Kong, will stream online for free on iWant on May 15. Watch at https://www.iwant.ph/.

The National Theatre’s Anthony & Cleopatra

The National Theatre streams Shakespeare’s Antony & Cleopatra, directed by Simon Godwin and starring Ralph Fiennes as Antony and Sophie Okonedo as Cleopatra. It will be available until May 14. Meanwhile, Inua Ellams’ Barber Shop Chronicles premieres on May 14 (7 p.m.). To watch, visit https://www.youtube.com/user/ntdiscovertheatre.

Repeat Attenders

Mark Dooley’s Repeat Attenders, a documentary on musical fanatics, will stream online on May 16. The documentary, which took over six years to film on Broadway and the West End, features musicals including Cats, Starlight Express, Les Miserables. To subscribe and watch, visit https://www.repeatattenders.com/.

Razorback holds charity auction

The rock band Razorback, together with Kevin Roy and Basti Artadi, will have a special online performance on May 15, 8:30 to 10:30 p.m., for the benefit of Rise Against Hunger Philippines. The concert — presented by Jam88.3, Red Horse Beer, PouchNation, and clique — will be streamed via Facebook Live @razorbackmusic and Google Play’s myclique.app.

Andrew Llyod Webber’s Cats

Andrew Llyod Webber’s Cats will be streamed for free online on his YouTube page The Show Must Go On, from May 15 (7 p.m. BST). It will be available for 48 hours. The stage production stars Elaine Paige, John Partridge, Jacob Brent, Jason Gardiner and Sir John Mills. To watch, visit https://www.youtube.com/channel/UCdmPjhKMaXNNeCr1FjuMvag.

Jerrold Tarog’s Senior Year

Written, directed, edited and scored by Jerrold Tarog, the film Senior Year (2010) is now streaming on Vimeo (https://vimeo.com/404089376). Set in a Catholic school the story follows the struggles and anxieties of students during their final year in high school.

Dulaan UP’s Adarna

Dulaang UP’s play Adarna (2013) is now streaming online. Adapted by Vlad Gonzales and directed by José Estrella, the story is based on the narrative poem about three princes’ quest to save their ailing father by capturing the Adarna bird which is believed to have curative powers. To watch, visit https://www.youtube.com/watch?time_continue=1&v=hV2UPXi1wMA&feature=emb_title.

Mir-I-Nisa on CCP Online

Catch Philippine Ballet Theater’s Mir-I-Nisa starting on May 16 (3 p.m.) on CCP Online. Based on the story by National Artist for Literature Jose Garcia Villa, revolves around a Muslim princess who follows the Muslim betrothal custom. Watch the ballet for free at bit.ly/CCPOnlineYT.

PETA’s Rated: PG

Liza Magtoto’s Rated: PG, a play on positive discipline which was directed by Mae Quesada-Medina, is now available for streaming on PETA’s YouTube channel (www.youtube.com/petatheateronline).

National Library of the Philippines

The National Library of the Philippines offers free scholarly eResources including research related to COVID-19. The list of resources come from the National Emergency Library, Cochrane Library (Medical & Health Science), De Gruyter — Journals (Multidisciplinary), and more. To view access links to eResources, visit https://www.facebook.com/NLP1901/photos/a.375779479606724/912930019224998/?type=3&theater.

Jenkins at Royal Albert Hall

Welsh mezzo-soprano Katherine Jenkins performed alone at The Royal Albert Hall. The online show is the first in a series of performances of the London Together initiative as a tribute to the COVID-19 frontliners. Watch the concert at The Royal Albert Hall’s YouTube channel at https://www.youtube.com/channel/UCugNt9gmBgZSFEv4lc4B6Zg.

The Royal Opera House online

As part of its #OurHousetoYourHouse, the Royal Opera is now streaming Giuseppe Verdi’s La Traviata at its official Facebook page at (https://www.facebook.com/royaloperahouse/). The show stars Renée Fleming as Violetta and Joseph Calleja as Alfredo.

PBT’s Darangen ni Bantugen

Philippine Ballet Theater’s 2016 production of Darangen ni Bantugen is currently streaming on its YouTube channel (https://www.youtube.com/channel/UCn-3UHbvnSrbZY8fXPViw4A). Depicting the story of the Maranao hero Bantugen, the show is choreographed by Gener Caringal and Ronilo Jaynario, with music by Jesse Lucas. It is available until May 15.

Guggenheim artbooks

The Solomon R. Guggenheim Museum offers downloadable items from its archives for free. Titles include modern and contemporary art books about Vincent Van Gogh, Pablo Picasso, Vassily Kandinsky, Gustav Klimt and more. The archive is searchable by artist, year, medium and artistic style or movement. Visit the archives, https://archive.org/details/guggenheimmuseum.

Silverlens Galleries’ At Home With series

To keep in touch with art lovers, Silverlens presents Art Boost, an online drive to maintain engagement with art through social media, exhibition catalogues, and videos. The current At Home With series features Bernardo Pacquing, Hanna Pettyjohn, and Chati Coronel. Revisit contemporary artist Gary-Ross Pastrana’s notes on collage making; and Mit Jai Inn’s use of light, color, and structure in his Actantis exhibit. Visit Silverlens’ official social media accounts and its website (https://www.silverlensgalleries.com/) to view the exhibitions.

BenCab Museum online

Azor Pazcoguin’s solo exhibition, TAYP. RAYT. ER, which features oil paintings of items such as typewriters, phones, cameras, is now online from the BenCab Museum’s Facebook page at www.facebook.com/pg/bencabmuseum/photos/?tab=album&album_id=3024306460961023&__tn__=-UC-R.

BioBalance Wellness consultation

The BioBalance Wellness Institute offers the following services and features: free online consultation with its clinical nutritionist and nurse practitioners, wellness expert psychologist; online health and immunity risk assessment; and more payment options for availed services and products. For more information, contact 0917-521-4860 or concierge@biobalanceinstitute.com.

IkotMNL tour from home

The Museo de Intramuros, Ayala Museum, and Presidential Museum and Library in Malacañang Palace have partnered with Google to put their works online. Learn new things at home and visit the museums through a virtual tour: https://artsandculture.google.com/partner/malacanang-presidential-museum-and-library; https://artsandculture.google.com/partner/ayala-museum; and https://artsandculture.google.com/partner/intramuros-administration.

CAST recordings on Spotify

CAST PH offers CAST Recording, a collection of one act plays, recorded online and released as radio/audio drama. The first recordings are A Matter of Husbands by Ferenc Molnár, featuring Pinky Amador and Giannina Ocampo-Van Hoven; and Enemies by Neith Boyce and Hutchins Hapgood, featuring David Bianco and Jennifer Blair-Bianco. Listen at https://open.spotify.com/show/5bLSOsJPkZnlaEFDfSSHbl?si=fDsW-kNpT6iP89En-dWbog.

National Bookstore delivery

National Book Store has reopened its branch in Cubao, Quezon City and now offers delivery services for its supplies to selected areas around Metro Manila. For orders from Marikina, San Juan, and Quezon City, contact 0917-631-1374; Mandaluyong, Pasig, Pateros, and Taguig contact 0917-834-3224; Caloocan, Manila, Navotas, and Valenzuela, contact 0917-302-7475; Makati, Muntinlupa, Parañaque, Pasay, and Las Piñas, contact 0917-791-0916. Orders are accepted on weekdays from 9 a.m. to 4 p.m.

Film masterclasses

Learn film concepts through interviews and film retrospectives from more than 60 directors, producers, writers, and actors including Bong Joon-Ho, Abbas Kiarostami, Agnès Varda, Spike Lee, Werner Herzog (with Roger Ebert), Jane Campion, Jodie Foster, Todd Haynes, Ang Lee, Jessica Lange, and Clint Eastwood. To watch, visit https://walkerart.org/magazine/series/dialogues-film-retrospectives.

Fully Booked delivery

FULLY BOOKED is back in business for book orders (https://www.fullybookedonline.com/). In a Facebook post, Fully Book stated: “[O]ur Lazada and Shopee stores will be back online, too. Please do expect some delays and changes in our processes.” For advisories, visit bit.ly/fb-ecq-advisory.

English National Ballet shows online

ENGLISH National Ballet launched ENB at Home, releasing one show weekly for its Wednesday Watch Parties. The first in the lineup is Broken Wings, a Frida Kahlo-inspired production starring lead principal and ENB artistic director Tamara Rojo as Frida. It is available to stream for free for 48 hours. Watch at https://www.youtube.com/user/enballet or https://www.facebook.com/EnglishNationalBallet/.

The Royal Opera House shows online

THE Royal Opera House in London launched its #OurHouseToYourHouse series where shows can be streamed through its official Facebook page https://www.facebook.com/royaloperahouse/. Watch Arthur Pita’s dance-theater adaptation of Franz Kafka’s Metamorphosis at https://www.facebook.com/royaloperahouse/videos/217068512883588.

Radiohead Concerts

BRITISH rock band Radiohead has been uploading some of its concerts via its official YouTube page (https://www.youtube.com/user/radiohead). Fans of the Rock and Roll Hall of Fame band, known for songs like “Creep” (1992) and “Fake Plastic Trees” (1995), can watch the concerts Live from a Tent in Dublin (2000) and Live in Berlin (2006).

David Guetta: United at Home

FRENCH DJ David Guetta, the man behind the song “Titanium” (2011) featuring singer SIA, held a live concert fundraiser inside his Miami home benefitting the World Health Organization and other charities. The two-hour concert is currently available on his YouTube page (https://www.youtube.com/user/davidguettavevo).

Josh Groban concerts

JOSH Groban brings his concerts to your home via online, streaming every Thursday on YouTube (https://www.youtube.com/user/joshgroban). The second concert in the series, Stages: Live (2016), premiered on April 30. The singer has also includes commentary throughout each film. For more information, visit https://www.facebook.com/JoshGroban/.

Worldwide Concert for Our Culture

JAZZ at Lincoln Center’s annual Spring Gala: Worldwide Concert for Our Culture is now available to stream online. The honorees of the event are Clarence Otis and Jacqueline L. Bradley (Ed Bradley Award for Leadership in Jazz) and Phil Schaap (Jazz at Lincoln Center Award for Artistic Excellence). Performers at the gala include: Wynton Marsalis, Cecile McLorin Salvant and Sullivan Fortner, Chucho Valdes, Nduduzo Makhathini, and Baqir Abbas. For more information, visit jazz.org/gala2020. Watch on YouTube: https://youtu.be/IjJbZetCvGw.

Dior’s Designer of Dreams exhibition

DIOR’S exhibition titled Christian Dior: Designer of Dreams is now available to view online. Originally held at Paris’ Musée des Arts Décoratifs from 2017 to 2018, the exhibition traces the evolution of the house of Dior from post-war Paris to the present through a behind-the-scenes in-the-making of the exhibition, plus a virtual tour of its rooms. Visit Dior’s YouTube channel to watch the documentary (https://www.youtube.com/watch?time_continue=1521&v=FLWDWzMrkBE&feature=emb_title).

Frank Lloyd Wright virtual tours

THE Frank Lloyd Wright Building Conservancy, in partnership with the Frank Lloyd Wright Foundation and Unity Temple Restoration Foundation is offering #WrightVirtualVisits every Thursdays (1 p.m. Eastern/10 a.m. Pacific time) in participating sites. Check the participating sites at https://savewright.org/news/public-wright-sites-swap-virtual-visits/.

Color Tolkien characters

THE official Facebook page of the late author J.R.R. Tolkien has uploaded an illustration of Smaug the Magnificent from The Hobbit Movie Trilogy Colouring Book. Download the coloring sheet at https://bit.ly/2wKY3lp.

MoMA free courses online

After offering virtual tours, the Museum of Modern Art (MoMA) is now offering free online courses. The courses include a series of five free classes for contemporary art, fashion, and photography. It includes readings and exercises which can be completed within 12 to 38 hours. For details, visit https://www.coursera.org/moma.

Print & Play activities for kids

Keep kids entertained with new curated Print & Play activities from HP. The activities from craft making, mazes, dot-to-dot drawing and puzzles are suitable for ages 2 to 12. With HP Print & Play, parents can choose from a range of activities that are best suited to their children’s needs to achieve the best possible learning outcomes. To try the activities, visit https://www8.hp.com/ph/en/printers/printandplay/index.html?jumpid=va_u19mhncewr.

Harry Potter exhibit online

The British Library’s Harry Potter: A History of Magic exhibition is available online through Google Arts and Culture. Its features include video clips and sketches, a Q&A with exhibit curator Julian Harrison. To view, visit https://artsandculture.google.com/project/harry-potter-a-history-of-magic.

The Nanny’s Pandemic Table Read

The cast of the ‘90s comedy sitcom The Nanny reunites for The Pandemic Table Read of the show’s pilot episode. It stars Fran Drescher as Fran Fine who finds a job as a nanny to the three children of wealthy widower and theater producer Maxwell Sheffield (played by Charles Shaughnessy). To watch, visit Sony Pictures Entertainment’s YouTube channel at https://www.youtube.com/watch?v=C3a6KuP1X14&feature=youtu.be&fbclid=IwAR1eEwvK0A7lrLMnt2GTXBPoDR7y8_Q5TXMexTLIo9es9Gei4W1Yi-asITM.

Science experiments at home

Enjoy 44 science experiments with the kids at home with the James Dyson Foundation Challenge cards. To download the challenge cards, visit https://www.jamesdysonfoundation.co.uk/resources/challenge-cards.html.

Hogwarts online

Hogwarts Is Here, an online version of the Harry Potter series’ magical school by Harry Potter fans that allows visitors to take courses like the characters from J.K. Rowling’s book series. Various courses include Astronomy, Herbology, History of Magic, and Transfiguration. The website also includes a forum, groups, and library feature. Visit http://www.hogwartsishere.com/.

Color Manolo Blahnik designs

Manolo Blahnik shares a selection of his original sketches for coloring. The shoe designs are downloadable at https://www.manoloblahnik.com/gb/smile.html.

Podcasts on Philippine crime

Stories After Dark features podcasts on Philippine true crime and mystery stories. It currently has 14 episodes including The Maguindanao Massacre (2009), The Ozone Disco Fire (1996), and Pepsi Paloma: Rape or Publicity Stunt? Suicide or Murder? (1982/1985). To listen, visit https://www.facebook.com/storiesafterdarkph/.

Palacio de Memoria virtual tour

Art and history enthusiasts can now go on a virtual tour of Palacio de Memoria, the resplendent Colonial Revival mansion, and marvel at its luxurious facilities and hundreds of Euro-Filipino paintings, sculptures, art displays, and historical pieces online. It features the showroom of Palacio de Memoria’s auction house, Casa de Memoria or the Casa, which houses the Lhuilliers’ unrivalled collection of antiques, the Mosphil Lounge, and a passenger plane that was refitted to be a lounge for special occasions. To view the complete Palacio de Memoria’s virtual tour, visit https://www.palaciodememoria.com/tours. For more updates, follow @thepalaciodememoria on Facebook and @palacio.de.memoria on Instagram.

E-coloring books

The Getty Museum and the Getty Research Institute of Los Angeles offers the Color Our Collections edition for 2020. To view, visit http://library.nyam.org/colorourcollections/page/11/.

Managing cash flow in this crisis

John Clements CEO Carol Dominguez invited me to join Professor Marc Bertoneche of Harvard Business School in the John Clements Leadership series on the topic Managing Cash Flow During the COVID-19 Crisis. Marc reminded that cash is king (or queen), and more so today that it’s even like god (with small g)! He said there is a need to reward the cash culture in any business today — to shift the focus from profit and loss/balance sheet to cash flow. It’s very important to stabilize and keep essential operations going. Liquidity is of immediate concern. On the cash to cash conversion of a business cycle, these are his suggestions:

* Inventory management — Find the right balance to limit inventory to the basic minimum but without disrupting production and affecting customer satisfaction.

* Receivables management — It’s very critical to collect in a timely manner. Bill fast and bill correctly to avoid any delays in collections. Good quality control is critical to avoid delays.

* Payables management — Try to extend/delay payables as long as possible, but as Marc cautioned, be sure to do it in “an intelligent way,” meaning in agreement with suppliers. Otherwise, you may not have supplies for your production. Take time to review and renegotiate payment terms and suppliers credits. It is also important to prioritize payments as to which supplies are critical to your operations.

On a positive note, he said companies may actually emerge even stronger if they take advantage of the good opportunities coming out of this crisis.

Cash culture should be continued and cultivated even after the crisis. This means companies should plan better, making sure cash is always used wisely.

Companies need to accelerate and speed up digital connectivity and e-commerce. With the lockdown/enhanced community quarantine (ECQ), business models have already changed. Practically every business (even families) now do virtual meetings and it works well! Digitization, e-commerce, online ordering and delivery and payment systems are the new normal.

Firms must also recruit best talents. With travel and tourism industries severely affected and a number of skill-trained OFWs returning, there is excellent opportunity to hire good talent. Companies should take advantage of this valuable talent now available especially in finance and customer service.

Marc suggests that companies:

* Anticipate. Be forward looking. What new ways/products can generate revenues? Do more strategic scenarios. This COVID-19 is the blackest “black swan” I have ever experienced.

* Communicate. Communicate with your bankers, shareholders, suppliers and especially your staff to continue to motivate them in this difficult situation, as well as to avoid destabilization.

* Discipline. Have discipline and always move towards cost efficiency.

* Prioritize. You can’t do everything at the same time so you need to prioritize.

* Empathy. We need to support our people in these difficult times.

The COVID-19 health crisis has severely affected the economy. The pre-COVID 2020 GDP growth forecast of at least 6.5% is now down to -2.5%, with first-quarter GDP showing -0.2%. Fortunately, the Philippines has strong fundamentals to weather this passing storm and has the four-pillar socioeconomic strategy. There is also the Philippine Economic Stimulus ACT (PESA). SEC Commissioner EF Amatong reported the highlights of the PESA to provide government support in last Wednesday’s meeting of the Capital Markets Council. Support has been given to banks and financial institutions through regulatory reliefs, cuts in reserve requirement as well as revival of the SPV Law. For small and medium enterprises and corporates, trainings, bridge loans, SB Corp. special programs specifically for SMEs, and support for tourism, exports and transport industries as well as Philippine Guarantee Corp. and National Development Co. assistance. For households, through the Bayanihan Law, some were given wage subsidies and massive testing. For the government, flagship projects and an enhanced “Build, Build, Build” program will help the economy recover. PESA is currently pending in Congress and we hope it will be passed soon.

With this COVID-19 experience, let’s ensure we conserve cash and use it wisely. Continue social distancing and keep safe! This will pass. God is in control!

 

Flor Gozon Tarriela is chairman of the Philippine National Bank. She is a former undersecretary of Finance and the first Filipina vice -president of Citibank N.A. She is a Go Negosyo 2018 Woman Intrapreneur Awardee. She is a trustee of FINEX Foundation and FINEX Academy and an Institute of Corporate Directors fellow. Contact her at

ftarriela@yahoo.com

Fruitas to launch chicken line with PeriPeri Corp.

FRUITAS Holdings, Inc. has teamed up with the operator of Eduardo’s Peri-Peri Chicken to launch a new chicken line.

In a statement on Thursday, the food and beverage kiosk operator said it signed a partnership with PeriPeri Corp. to introduce Porto’s Peri-Peri Chicken to the market.

“This new collaboration is in line with our vision for Fruitas to be synonymous with innovative offerings. Leveraging on the experience and technical expertise of PeriPeri Corp., Fruitas is now in a position to offer a new twist on the beloved grilled chicken enthusiastically patronized by the public,” Fruitas President and Chief Executive Officer Lester C. Yu said.

The partnership is in accordance with Fruitas’ efforts to adapt to the “new normal” amid the coronavirus disease 2019 (COVID-19) pandemic.

“It is in line with our commitment to mitigate the impact of the current challenging business environment by adding new revenue and profit streams,” Fruitas said.

In light of the partnership, the food company expects higher demand for value rice meals that are fit for takeout and delivery.

Fruitas has raised an estimated P820 million net proceeds from its initial public offering.

Since its listing, the company said it has completed the acquisition of Heat Stroke Grill, Kuxina, The Tofu Store, and CocoDelivery.

Fruitas has also partnered with Pan de Manila and Bukidnon Milk Company.

On Thursday, shares in the company went up by 3.05% to end at P1.35 per piece. — Revin Mikhael D. Ochave

Employee motivational strategies during coronavirus disease 2019

Now that we’ve been locked down due to COVID-19, what would you advise people managers about motivating workers, including those under flexible work arrangements like work-from-home? — White Lily.

A young man was whiling away a lazy afternoon when he found himself in the middle of a pasture with an angry bull charging him. The only safe haven was a tree, but the nearest branch was 10 feet off the ground. Adrenaline rushing, the young man ran for it and made a tremendous leap.

He missed it on the way up, but caught it on the way down.

In this pandemic, many of those who are lucky enough to still have jobs face the challenge of working to the satisfaction of their bosses, which has become more difficult if not impossible. How do we continue working when we need to maintain social, physical distancing but are still required to do our best?

The answer may appear simple and easy to everyone — job security. It’s the same adrenaline that pushed our carefree, young fellow to do his best to avoid that raging bull. The trouble is that job security makes some people complacent. They think they can’t be dismissed from work unless there’s a serious charge against them.

The pandemic changes the landscape. Even the most stable job can be gone tomorrow if the organization continues to lose money while being saddled with a demotivated workforce. Therefore, there’s no better way for management but to exert its utmost effort to boost morale so workers can do a good job and remain secure in their employment.

BASIC ZERO-CASH STRATEGIES
In good and in bad times, there are many approaches to boosting morale within any organization, regardless of size and nature of product or service. As part of the management team, you can do much to encourage workers and their managers. And since we are in belt-tightening mode during the pandemic when everyone is required to minimize expenditure, I’m recommending several measures that don’t require spending money:

One, act promptly to manage employee complaints and suggestions. This doesn’t mean management should agree with every employee concern to appease them. The key is to review the issue with the help of the concerned line supervising executive. Establish a 24-Hour rule similar to that in place at Ford Motor Co. to fast-track the resolution of issues. If the boss can’t settle the issue in one day, he must elevate the matter to the next level.

Two, agree on a reasonable daily work performance target. This means requiring both the boss and the workers to agree on achievable performance standards, even for those assigned to work at home. At times, when workers are tasked to work from home, management is often tempted to assign unusual or difficult tasks to keep people fully occupied. If that happens, all line managers must stand ready to provide online assistance, if needed.

Three, be courteous to all workers and managers. Even in the most difficult times, common courtesy must not be ignored. Requesting, rather than demanding that a certain task be done is far more likely to get positive results with employees. In addition, a sincere word of thanks is often effective and costs nothing. Being sincere means being specific about the things you like instead of making a general statement like “you’ve done an excellent job!”

Four, help the workers achieve their career goals. The best approach is to hear it directly from the horse’s mouth. Find out what motivates people to work hard. Does it have anything to do with sustaining one’s family, achieving a post-graduate degree, or enjoying foreign travel? If you don’t know the answer, it would be difficult to help your workers achieve their personal goals.

Five, appreciate what the workers have done beyond expectations. Identify those who have exceeded management expectations and place them on the ABCD (Always Beyond the Call of Duty) list. They are different from average individuals who perform the minimum requirements to avoid dismissal. The ABCD category must be commended publicly via online meetings and video conferences, followed up with a commendation letter, copy furnished their personnel file.

Last, continue paying the workers’ full salary and benefits. This is difficult for many organizations, but if your company can afford it, it’s much better to help them financially during this pandemic, out of humanitarian considerations. It’s one basic approach to motivate people. No amount of motivation can help hungry workers. You can improvise by continuing to pay out bonuses, other merit-related rewards or the statutory 13th month pay.

LINE SUPERVISION IS KEY
External motivational speakers won’t do the job, even the most expensive of them all, no matter how popular and good they are at public speaking. The best motivational coaches are your line supervisors and managers. That’s because they interact daily with the workers and they know them well, including their personality quirks.

Even the world’s most popular and highly-paid motivational speaker, Zig Ziglar, admitted he can’t do a good job motivating your people: “People often say that motivation doesn’t last. Well, neither does bathing — that’s why we recommend it daily.” And who else can do it daily to your people, but your line executives.

That’s assuming your line executives can do a good job. If they can’t do a good job motivating their people, then that’s a bigger problem that you must solve first. How can they possibly lead by example?

ELBONOMICS: You can’t give what you don’t have.

 

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

World-leading Data Scientist joins UnionBank’s drive to next level of digital transformation

Dr. David Hardoon

Consistent with its commitment to make banking simpler and more inclusive via best-in-class digital and mobile capabilities, Union Bank of the Philippines (UnionBank) recently appointed global data science expert Dr. David Hardoon Ph. D., as the Bank’s Senior Advisor for Data and Artificial Intelligence (D &AI), reporting to President and CEO Edwin R. Bautista.

The announcement was made as the Bank continues to see a surge in digital transactions among customers as a result of evolving consumer behavior amplified by the current enhanced community quarantine. These transactions mean an increased volume of data running through the Bank’s systems which data science and AI can unlock to allow the Bankto serve its customers better.

“Leveraging Data and AI is a key driver to our next-level of digital transformation as we continue to put the customer – both individuals and businesses – at the heart of our business,” said UnionBank President and CEO Edwin Bautista in a statement.

Dr. Hardoon replaces John Januszczak, who is now focused in his role as president and CEO of UBX, UnionBank’s fintech subsidiary.

Dr. Hardoon is a graduate of Royal Halloway, the University of London with First-Class Honors B.Sc. in Computer Science and AI, and a holder of a PhD in Machine Learning from the University of Southampton School of Electronics and Computer Science United Kingdom.

Prior to his appointment at UnionBank, Dr. Hardoon was the Monetary Authority of Singapore’s (MAS, Singapore’s counterpart of the Bangko Sentral ng Pilipinas) first appointed Chief Data Officer and Head of the Data Analytics Group, and subsequently MAS’ Special Advisor on Artificial Intelligence. In these roles, he led the development of the AI strategy both for MAS and Singapore’s financial sector as well as efforts in promoting open cross-border data flow.

In addition, he led and established the ASEAN Advanced Analytics of Ernst & Young Advisory Singapore as Director of EY Data, IT Advisory Services, and co-founded Azendian Solutions Pte. Ltd., an information management and data science consultancy between 2013 and 2017. He was also Head of Analytics at SAS Institute Ltd. Singapore from 2010 to 2013.

As Senior Advisor for Data and AI, Dr. Hardoon will be working with various centers, groups, and units to reinforce data infrastructure and governance, behavior modelling, machine learning, and AI capabilities as well as applications in the Bank and its parent company Aboitiz Equity Ventures.

Aside from his role with the Bank, Dr. Hardoon is concurrently Senior Advisor for AI to Singapore’s Corrupt Investigation Practices Bureau, and Senior Advisor for Data Science to Singapore’s Central Provident Fund (CPF) Board.

How PSEi member stocks performed — May 14, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, May 14, 2020.

Which economies stand to lose the most if remittances run dry?

Which economies stand to lose the most if remittances run dry?

Peso weakens vs dollar on Fed comments

THE PESO succumbed to the greenback on Thursday as investors sought safer havens after officials said the US economy will likely see prolonged weakness due to the coronavirus disease 2019 (COVID-19) pandemic.

The local unit finished trading at P50.445 per dollar on Thursday, shedding 18.5 centavos from its P50.26 finish the prior day, according to data from Bankers Association of the Philippines.

The peso opened the session at P50.29 per dollar, which was also its intraday best. Meanwhile, its weakest showing for the day was at P50.50.

Dollars traded increased to $565.61 million on Thursday from the $390.5 million seen on Wednesday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said there was risk-off sentiment in the market after the gradual lifting of lockdown in certain areas in the US.

“The peso exchange rate closed weaker after some concerns raised by US infectious disease officials that the reopening of the US economy might be too soon that could cause another wave of COVID-19 infections,” Mr. Ricafort said in a text message.

US National Institute of Allergy and Infectious Diseases Dr. Anthony Fauci warned that the premature lifting of lockdowns may prompt additional outbreaks of the virus, according to Reuters.

The virus has already sickened more than 4.43 million all over the world, of which 1.43 million cases are in the US.

Meanwhile, a trader attributed the peso’s weakness to safe-haven demand after comments from the US Federal Reserve on the recovery of the world’s largest economy.

“The peso weakened from safe-haven demand following downbeat remarks from US Federal Reserve Chairman [Jerome J.] Powell over likely prolonged weakness in US economic activity,” the trader said in an e-mail.

The head of the Federal Reserve warned on Wednesday of an “extended period” of weak economic growth, vowed to use the US central bank’s power as needed, and called for additional fiscal spending to stem the fallout from the coronavirus pandemic.

Mr. Powell issued his sober review of an economy slammed by a record pace of job losses and bracing for worse ahead as most US states moved toward reopening after weeks of shutdowns aimed at slowing the spread of the novel coronavirus.

Mr. Powell pointed to uncertainty over how well future outbreaks of the virus can be controlled and how quickly a vaccine or therapy can be developed, and said policy makers needed to be ready to address “a range” of possible outcomes.

The US central bank has slashed interest rates to near zero and set up a broad network of programs to ensure financial markets continue to function during the pandemic. It has also established precedent-setting lending facilities for companies and the first-ever corporate bond purchases.

For today, Mr. Ricafort gave a forecast range of P50.30 to P50.55 while the trader expects the peso to move within the P50.30 to P50.50 band. — L.W.T. Noble with Reuters

PHL shares rise amid decline in global markets

PHILIPPINE SHARES bounced back yesterday as investors turned to the local market amid the decline in regional and global equities.

The benchmark Philippine Stock Exchange index (PSEi) picked up 28.45 points or 0.50% to close at 5,654.70 on Thursday. The broader all shares index added 8.67 points or 0.25% to 3,408.65.

“Investors parked funds into the Philippines market as investors grappled with regional downbeat remarks from Powell along with worries over the market’s valuation,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

The head of the Federal Reserve warned on Wednesday of an “extended period” of weak economic growth, vowed to use the US central bank’s power as needed, and called for additional fiscal spending to stem the fallout from the coronavirus pandemic.

Fed Chair Jerome Powell issued his sober review of an economy slammed by a record pace of job losses and bracing for worse ahead as most U.S. states moved toward reopening after weeks of shutdowns aimed at slowing the spread of the novel coronavirus.

Mr. Powell pointed to uncertainty over how well future outbreaks of the virus can be controlled and how quickly a vaccine or therapy can be developed, and said policymakers needed to be ready to address “a range” of possible outcomes.

This resulted in drops in stock markets abroad, which started in Wall Street on Wednesday. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices all fell 2.17%, 1.75% and 1.55%, respectively, after Mr. Powell’s remarks.

Asian stocks also closed in red territory on Thursday. Japan’s Nikkei 225 and Topix indices dropped 1.74% and 1.91%, respectively, while China’s Shanghai Shenzhen CSI 300 and Shanghai SE Composite indices gave up 1.08% and 0.96%, respectively.

Mr. Limlingan said this weakness led investors to flock to Philippine shores on Thursday, which was among the few stock markets that gained in the region.

The property index led the gainers among local sub-sectors, increasing 91.71 points or 3.25% to 2,909.80. Industrials climbed 21.47 points or 0.28% to 7,570.18; services added 0.93 point or 0.07% to 1,311.72, while mining and oil increased 1.67 point or 0.03% to 4,550.55.

Others closed in red territory, namely financials which lost 11.31 points or 0.97% to 1,151.46; and holding firms which shed 41.63 points or 0.74% to end at 5,553.28 yesterday.

Some 1 billion issues valued at P3.78 billion switched hands yesterday, rising from Wednesday’s 422.90 million issues worth P4.79 billion.

Decliners outnumbered advancers, 114 against 56, while 53 names ended unchanged.

Despite the decline in global equities, foreign investors remained net sellers at the PSE, although net outflows dropped slightly to P367.02 million from P394.37 million. — Denise A. Valdez with Reuters

PHL spending half of what’s needed on vulnerable — Nomura

THE Philippines needs to double its aid to vulnerable members of the population after the lockdown strategy for containing the pandemic disrupted their earning capacity, Nomura Global Markets Research said.

It said the announced Philippine social assistance measures worth P1.17 trillion are about 1.7% of Gross Domestic Product (GDP), and that it estimates that spending of 3.7% is needed for such assistance to be “sufficient.”

“Overall, the total fiscal costs that we estimate to provide sufficient assistance to vulnerable groups is around 3.7% of GDP over the two-month period that the lockdown is in place, more than twice the total 1.7% of GDP worth of comparable measures announced by the government,” Nomura Global said in a note issued Thursday.

“We believe the government has available fiscal space as debt to GDP ratios have declined in the past several years, standing at 41.5% in 2019 from 74.4% in 2004,” it said.

Nomura Global added that additional health care spending of about 1% of GDP will give the Philippines adequate resources to deal with the outbreak.

“We estimate an additional 1% of GDP in healthcare spending is needed to adequately respond to the outbreak using the WHO’s (World Health Organization) estimates of required resources, and assuming the ‘true’ number of cases in the country peaks at 30,000,” Nomura Global said.

It said the Philippines is in the same category as Indonesia and India, with big populations of poor people, daily wage earners and informal workers, who are likely to be most adversely affected by the coronavirus disease 2019 (COVID-19) pandemic.

“This makes it even more challenging for their respective governments to deal with the dilemma of ‘saving lives (or) saving livelihoods,’” it said.

“Because imposing lockdowns or social restrictions in a bid to contain the spread of the COVID-19 is highly disruptive to economic activity and will adversely affect the vulnerable sectors the most, targeted government assistance will be urgently needed,” it added.

The report said the hotspots in India, Indonesia, and the Philippines were Mumbai, Jakarta, and Manila, which are also the economic centers of those countries.

It noted that Bangkok and Kuala Lumpur have much lower densities and poverty rates and have recorded declines in new cases thanks to containment measures.

Nomura cited data from the World Bank that in 2015, 22% of the Philippine population was below the poverty line, the same as India and higher than Indonesia’s 11%.

“The difficulty in addressing the local outbreaks is further compounded by very high population densities and urban poverty rates,” it said. — Luz Wendy T. Noble

SMC to resume construction work on Skyway extension

SAN MIGUEL CORP. (SMC) said Thursday that construction of the Skyway extension at the South Luzon Expressway (SLEx) will resume today, May 15.

SMC said this will partially mitigate the delay in the delivery of the project, which was halted by two months due to the government-imposed enhanced community quarantine (ECQ).

ECQ will be eased to a more relaxed modified ECQ in Metro Manila, though work on infrastructure projects is allowed subject to worker safety rules adopted for the pandemic.

SMC manages the Skyway Operations and Maintenance Corp. (SOMCO), which is undertaking a P10-billion extension on both ends of the Skyway from the toll plaza of the main line linking to Susana Heights. Construction of the four-kilometer elevated viaduct started in June 2019 and was initially scheduled for completion by December this year.

The company said it was “unable to determine yet a new completion date, given that only a limited number of workers could be deployed by contractor EEI Corp. as part of the quarantine measures identified.”

SMC President and Chief Operating Officer Ramon S. Ang said: “We have been given the go-signal by the government to resume work on the Skyway extension, and while we cannot yet go full blast, we will do whatever we can to deliver this project as close as we can to the original deadline. We have to work smart, be efficient, and most of all, keep the workers safe.”

Once completed, the project’s three new northbound lanes will accommodate an additional 4,500 vehicles per hour. The two additional southbound lanes will accommodate an additional 3,000 vehicles per hour.

“For a one-month period, Skyway management said that it will close about 700 meters of Lane 3 of the Skyway At-Grade section northbound from the old Alabang Entry Plaza,” SMC said. — Arjay L. Balinbin

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