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SEC warns against investing in Tabale Cacao Farms

THE Securities and Exchange Commission (SEC) has advised the public against dealing with Tabale Cacao Farms and Togachat Academy Philippines, Inc. for their unauthorized solicitation of investments.

In an advisory posted on its website, the country’s corporate regulator said a certain Japhet Tabale, also known as Sir Japhet, has been inviting people to invest in his cacao business, Tabale Cacao Farms, through social media accounts.

Citing Rule 3.1.17 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code (SRC), the commission noted that such public invitation to invest constitutes the public offering of securities.

“Any solicitation or presentation of securities for sale through any of the following modes shall be presumed to be a public offering:…advertisement or announcement in any radio, telephone, electronic communications, information communication technology or any other forms of communication,” according to the SRC.

The SEC further found that Mr. Tabale promised a guaranteed 100% return of capital and share to prospective investors, despite his lack of permits or licenses to publicly offer or sell securities to the public.

Those who act as salesmen, brokers, dealers, or agents in Mr. Tabale’s business may also be held criminally liable under the SRC, with a maximum fine of P5 million or imprisonment of up to 21 years.

The SEC also noted how Mr. Tabale identified himself to be the former branch manager for General Santos City of alleged investment scam Kapa Community Ministry International, Inc., which has been charged with violations of the SRC.

Meanwhile, the commission also warned the public against Togachat Academy, which has been found to be enticing people to invest a minimum of P5,000 in exchange for high monetary rewards.

“The public is hereby informed that the subject entity registered with the Commission as a corporation, however, it is not authorized to solicit investments from the public, not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the SRC,” the commission said.

Just like those involved in Tabale Cacao Farms, salesmen, brokers, dealers or agents of Togachat Academy may face a fine of up to P5 million, or imprisonment of up to 21 years as per the SRC. —Arra B. Francia

Nissan to slash 9% of workforce after Q1 results

YOKOHAMA — Japanese car maker Nissan Motor Co said it is axing 12,500 jobs and warned a quick turnaround in its performance was not imminent after reporting its quarterly profit was nearly wiped out.

The announcement on Thursday shows how a crisis — brought about by sluggish sales and rising costs — is worsening at Japan’s No. 2 automaker even as it tries to recover from a financial misconduct scandal surrounding ousted Chairman Carlos Ghosn.

Nissan, which said the job cuts will be made globally by 2022, added that it will reduce global production capacity and its product line-up by about 10% by the end of fiscal 2022. The automaker had 138,000 employees globally as of March 2018.

Its first-quarter operating profit plunged 98.5% to 1.6 billion yen ($14.80 million) as it continues to struggle in North America, a key market where it has been stung by mounting costs of vehicle discounts to keep up with rivals.

Years of heavy discounting to grow sales has left Nissan with a cheapened brand image and low vehicle resale values, while the costs to offer high discounts have hit its bottom line.

Nissan had flagged a steep drop in profit on Wednesday.

The dismal quarter will add pressure on Hiroto Saikawa, Nissan’s embattled CEO, who has been tasked with shoring up the company’s performance amid the Ghosn scandal. Ghosn has denied the charges of financial misconduct.

The automaker is widening job cuts initially announced in May as it struggles to improve weak profit margins in the United States, where Ghosn for years had pushed to aggressively grow market share during his time as CEO.

Nissan’s operating profit in the April-June quarter compared with the 109.14 billion yen made in the year-ago period and missed the 39.52 billion yen average of eight analyst estimates compiled by Refinitiv.

The company maintained its profit forecast of 230 billion yen for the year ending March 2020, a 28% drop from last year and its weakest in more than a decade. — Reuters

Australia’s central bank governor signals low interest rates for longer

SYDNEY — Australia’s top central banker flagged low interest rates for an “extended period” on Thursday, driving bond yields to record lows, in a dovish signal that analysts say marks a major shift in the bank’s approach to guiding market expectations.

The Reserve Bank of Australia (RBA) has reduced interest rates twice since June to an all-time low 1% to revive growth and inflation. Financial markets are pricing in a real chance of a third cut before Christmas.

In a speech on Thursday, RBA Governor Philip Lowe said the RBA was prepared to provide additional policy stimulus if needed.

“On current projections, it will be some time before inflation is comfortably back within the target range,” Lowe said in Sydney. “Whether or not further monetary easing is needed, it is reasonable to expect an extended period of low interest rates.”

The RBA is traditionally seen as reluctant to commit to long-term guidance on policy so Lowe’s reference to an “extended period” was seen as a dovish concession to markets.

The more explicit-than-usual comments on rates were also seen as borrowing from the lexicon of other central banks, which use such language to guide market rates.

“This is a form of forward guidance, which the European and the Americans have used in various points of time,” AMP Chief Economist Shane Oliver.

“They are saying ‘we won’t even think about raising rates’, which gives you an impression interest rates would be low for a long time.”

In responding to questions after the speech, Lowe said he was not shifting toward forward guidance but was instead being “as transparent as possible”.

The promise of lower for longer rates sent yields on 10-year government bonds to a record low of 1.237%, compared with around 2.5% at the start of the year. The local dollar eased to a two-week trough of $0.6965.

“The important thing for markets was that Lowe was still retaining his easing bias,” said David Bassanese, chief economist at BetaShares and an Economic Advisor to the National Institute for Economic and Industry Research.

“After the July board meeting, there was some debate as to whether they have paused on easing…Based on the RBA’s forecasts they don’t need to cut again but the risk is that their forecasts end up being optimistic. They have tended to be more on the optimistic side than how things have been playing out.”

The RBA in May cut its growth forecast for the country’s A$1.9 trillion economy to under 3% this year from previous projection of “a little above” 3%.

Long-term expectations for inflation were also revised lower such that it is not seen returning to the mid-point of the RBA’s 2-3% target band through to mid-2021.

Inflation has already undershot that range for more than three years now but Lowe sounded confident on Thursday the target was still achievable.

Lowe was speaking on “Inflation Targeting and Economic Welfare” amid speculation in local media and academia over whether the target should be lowered.

Earlier on Thursday, the Australian Financial Review reported Treasurer Josh Frydenberg was reviewing the target and assessing the government’s monetary policy mandate for the central bank, which sets the guidelines for its actions on interest rates.

Lowe made it clear that the target was still appropriate and has “stood the test of time”. In responding to questions after his speech, he said he was confident the target would stay.

“We are not inflation nutters. Rather, we are seeking to deliver low and stable inflation in a way that maximizes the welfare of our society,” Lowe said in the speech. — Reuters

What to see this week

6 films to see on the week of July 26 — August 1, 2019

Yesterday

AFTER a freak bus accident, a struggling musician realizes that the Beatles have never existed in the world he wakes up to. He then starts to introduce the Bealtes’ oeuvre to the world. Directed by Danny Boyle, the film stars Jimesh Patel, Lily James, Joel Fry, and Kate McKinnon. The New Yorker’s Richard Brody writes, “Yesterday is a movie built to gratify critics by praising what they can do: fight against cultural oblivion. The movie crystallizes the feeling that an obscure or forgotten body of work is the most important art in the world, and that it’s one’s personal mission to bring it the attention and the love that it deserves. Those who can’t do, curate.”

MTRCB Rating: PG

Isabelle

A COUPLE moves to New England with the goal of starting a family. However, their plans are shattered when an evil spirit threatens their lives. Directed by Robert Heydon, the film stars Amanda Crew, Adam Brody, and Zoe Belkin. Variety’s Peter Debruge writes, “Movies like Isabelle require a certain amount of explaining, but mostly, they rely on an elaborate system of rules and conventions established by all the films that have come before, providing a kind of shorthand for the real business at hand…” Rotten Tomatoes gives it a 0% rating.

MTRCB Rating: R-13

Midsommar (Midsummer)

AN American couple’s relationship is on the brink of falling apart. After a family tragedy, the mourning woman invites herself to join the festivities of the midsommar festival in a remote Swedish village. But it turns into a nightmare once the villagers reveal their terrifying agenda. Directed by Ari Aster, the film stars Florence Pugh and Jack Reynor. Tomlis Laffly of www.rogerebert.com writes, “The filmmaker fidgets with that peculiar breathlessness once again throughout Midsommar, a terrifically juicy, apocalyptic cinematic sacrament that dances around a fruitless relationship in dizzying circles.”

MTRCB Rating: R-18

Pan de Salawal

AGUY, a homeless young girl, travels around the country to cure the sick with her healing powers. She befriends Sal, a lonely baker suffering from chronic kidney disease which she is unable to heal. When Sal’s condition worsens, Aguy is left to make a heartbreaking sacrifice. Directed by Che Espiritu, the film stars Bodjie Pascua, Miel Espinosa, and Madeleine Nicolas.

MTRCB Rating: PG

Family History

COMMEDIAN Michael V. returns to the big screen with a comedy-drama about the value of family, life, and marriage. The film is directed by and stars Michael V., who shares the big screen with Dawn Zulueta.

MTRCB Rating: PG

Cinderella: The Enchanted Beginning

AFTER HER father’s death, Cinderella Perrault is mistreated by her stepmother and two stepsisters. Everything changes when she meets the handsome Adam Windsor. Her stepmother feels threatened when she finds out that Adam is in love with Cinderella. Directed by Steven Salfado, the film stars Lauren Perez, Maria Gray, and Adrian De Armas.

MTRCB Rating: PG

BCDA woos German investors for New Clark City

THE Bases Conversion and Development Authority (BCDA) is wooing German companies to invest in New Clark City, citing the benefits and opportunities for locators.

During the 2019 Asia Pacific Forum held in Nuremberg, Germany, BCDA Vice-President for Investments Promotion and Marketing Joanna Eileen M. Capones positioned Clark as the first “smart, green and sustainable” city in the Philippines.

She noted that the 9,450-hectare New Clark City will only have 3,500 hectares of buildable areas, leaving 6,000 hectares for green and open spaces.

New Clark City’s Phase 1A, the National Government Administrative Center, is 90% complete after starting its construction more than a year ago. This houses the sports facilities, which will be used for the 30th Southeast Asian Games to be held in the Philippines in November, including a 20,000 stadium; 2,000-seater aquatics center; and an Athletes’ Village.

“Firms can explore opportunities in the mixed-use industrial park, on Information and Communications Technology (ICT), Integrated Transport System, Solid Waste Management System, Gas Distribution System, and the operations and maintenance of the New Clark City sports facilities,” Ms. Capones was quoted as saying in a statement.

Aside from its fiscal and non-fiscal incentives, Ms. Capones said Clark is an attractive location given its accessibility to transportation infrastructure projects of the government, which include the new terminal at the Clark International Airport, which will be operational by 2020; the Manila-Clark Railway; and a cargo railway connecting Subic and Clark, which will be both completed by 2022.

Citing data from the 2019 AHK World Business Outlook Survey, the BCDA noted that the Philippine is still an attractive location for German companies, with 70% of the respondents saying that their business in the country has improved than last year. — Vincent Mariel P. Galang

Got to get away

Midsommar
Directed by Ari Aster
Apollo 11
Directed by Todd Douglas Miller

MIDSOMMAR, Ari Aster’s follow up to his terrific (at least for the first three-fourths) Hereditary, improves on the earlier work this much: instead of situating his narrative in Utah he moves his story to an exotic faraway land (well, Sweden) where the notion of a possibly malevolent conspiracy can be more easily established. Yes, xenophobia, though arguably much of horror literature and film sprouts out of a fear of the Other.

Dani Ardor (Florence Pugh) is having a bad day, to put it mildly: her anthropologist boyfriend Christian (Jack Reynor) is thinking of leaving her but doesn’t have the courage to let her know; her bipolar sister is thinking suicidal/homicidal thoughts; Dani herself (if we are to believe her boyfriend and his friends) seems too wound up to enjoy much of life, clings to Christian too tightly to allow him to breathe much less enjoy his life.

Enter Christian’s classmate Pelle (Vilhem Blomgren) who proposes a trip to his home community in the province of Halsingland (Sweden) for the midsummer — a special celebration that happens only once every 90 years. Dani learns about the outing and wants to come along; Christian reluctantly (and to his friends’ dismay) agrees. Do we know where all this is going? You bet.

Arguably the film’s best scenes occur early on, when the American visitors are wide-eyed and slack-jawed, and the community at first blush seems like a wonderful place to live. Mr. Aster drops little details here there and leaves them uncommented, for us to either freak out quietly to ourselves or miss completely: the camera gliding over a series of runes and painted images (at one point we see the drawing of a woman mutilating her genitals — a reference to Ingmar Bergman’s Cries and Whispers?); a bear sits hunched in a wooden cage (you know that’s not going to end happy); allusions to events later in the film (Pelle explains that the stages of human life are like the seasons of the year, with winter ending at the age of 72. Dani asks: what happens at 72? Death). We’re understandably disturbed, but the sunlight is so relentlessly bright and the Swedish landscape so breathtakingly beautiful (actually the film was shot in Hungary) that we can’t quite find ourselves entirely convinced that we’re being threatened.

Or rather sunlight, landscape, and people are so unfailingly smilingly radiant we know where this is all going.

Pugh’s Dani starts out extreme — after film’s first 10 minutes her life has become so horrifying you wonder if anything worse can happen; Mr. Aster’s answer: “yes and no.” Dani is being less victimized than seduced — selected out of an elaborate (if unexplained) vetting process (though one wonders what would happen if she had lost the maypole dance contest — or was it rigged?). Arguably the story isn’t of a woman to whom “bad things have happened and worse is yet to come,” more like “bad things happen and you have nothing left to lose.” And that’s a trajectory for a character, of sorts. Mr. Aster claims he wrote this story while undergoing a breakup, and you can see where he tries to weigh things more fairly — Dani Ardor is a victim not just of circumstances but of her own intense feelings, while Christian (Allegorical name much?) is less than forthcoming with his own sentiments. But there’s this uneasy sense you have watching events unfold that Mr. Aster does blame the woman, or at least sets things up so when push comes to shove, the woman will be fully justified in doing the wrong thing. Christian — or Mr. Aster — ends up enjoying the fruits of masochistic martyrdom, with a bizarre sex scene (that may or may not be intentionally comical — at this point Mr. Aster seems to have lost control of his film’s tone) included, apparently for our gratuitous enjoyment.

Throw in long lingering shots of gore and mutilated flesh (at some point you find yourself noting how the prosthetics might have been developed). Throw in CGI effects, which at times are suitably eerie (especially when they waver in time to Dani’s breathing), at times seem like gilding a perfectly lovely lily. I did say Mr. Aster improves on Hereditary somewhat (though he hasn’t improved on that earlier film’s initial family dynamics), but has yet in my book to create a fully satisfying horror movie.

Critics have noted how much Mr. Aster has been influenced by Robin Hardy’s 1973 The Wicker Man, and while I’m reluctant to use one film to bash another (Oh, who am I kidding? Do it all the time) I do think it’s instructive to compare their dramatic strategies. Our attitude towards Dani and the community develops linearly: we feel sorry for her and sorrier thereafter; the community for its part starts out creepily happy and only gets creepier.

Anthony Shaffer’s script for the earlier film proposes a more complicated protagonist. Police Sergeant Neil Howie (Edward Woodward) is the authority figure that intrudes on the isolated Hebridean island of Summerisle. Howie is investigating a child’s disappearance; all well and good, all very official. Howie’s investigative approach however raises eyebrows: not only does he question the townspeople’s veracity he questions their hedonistic lifestyle. Sex in the open? Casual nudity? Instructing children in phallic symbols and nonchristian rituals? Howie comes off not just as a prude but an arrogant one, dismissing the people as “all raving mad,” and insisting on the existence of “the true God, whose glory, churches, and monasteries have been built on these islands for generations past.” Spoken to audiences in the early 1970s, when the popularity of alternative religions was on the rise, the words are a provocation, and so was the man; you instinctively felt for the islanders and against the unasked-for intruder.

In the end, Howie’s self-centered paranoia — that it’s all about him and his Christian faith — is proven right; that’s the film’s true dramatic arc, not the revelation that the cult harbors sinister intentions (this and Midsommar belong to that particular subgenre of horror after all). Mr. Shafferer — a skilled dramatist whose works include the classic theatrical mystery thriller Sleuth and screenplays for Murder on the Orient Express and (better yet) Hitchcock’s Frenzy — is better at distracting us from the narrative’s hidden intentions, and choosing the perfect moment to reveal. Mr. Aster shows talent for the odd unsettling shot (early on the camera flips over to depict Dani and her friends in a car creeping across the Swedish landscape overhead) but still needs to work more on his screenplays. Nice try, better luck on the next effort.

SHOOT THE MOON
For the 50th anniversary of the moon landing, there was a re-release of Todd Douglas Miller’s Apollo 11 documentary in several theaters (plus Amazon Prime, Hulu, YouTube, Google Play, and Vudu) that includes spectacular never-before-seen 65 mm color footage of the launch, recovery of the capsule, what happened after (mainly activities aboard the USS Hornet).

Mr. Miller tells the story direct cinema style: no narration or interviews staged for the film, only what’s available on archival footage — most notably Walter Cronkite’s voice acting as the nation’s official storyteller, explaining events onscreen.

Verbally flat but visually the film is a blast, especially early on. Where we’re familiar with the murky black-and-white video footage transmitted by broadcast news (back when there were only three channels in the USA), or the later released shots of space and the various vehicles and spacesuits, the 65 mm is a revelation. Arguably the best dramatically staged launch in a narrative feature is Philip Kaufman’s The Right Stuff, where Atlas rockets shuddered off their icy carapace and lifted themselves into the sky, to the strains of Gustav Holt’s The Planets; this footage if anything surpasses Kaufman, the image stretching across the theater wall, crystal clear and in brilliant color. The PA counts relentlessly down, the watching sundrenched audience is caught holding their collective breaths, the Saturn V — one of the most powerful rockets ever developed — vents a titanic roar as 7,600,000 pounds of force thrust against the launch pad, lifting 300 feet of metal into the air.

The rest of the film may feel anticlimactic as more familiar footage (some of it shot by the astronauts themselves, who have earned honorary membership in the American Society of Cinematographers, and reveal a startlingly deft eye for framing) takes over: 16 mm and still photographs of the second and third stages burning, sending the men into lunar trajectory. When Mr. Armstrong lands the lunar module on the planet’s surface Mr. Miller does resort to a device familiar to video game players and 24 viewers: a clock at one corner of the screen, indicating distance to the ground and remaining seconds of fuel. Even if we know the ultimate outcome (though it’s close) you might find yourself clutching your armrest once in a while for a bit of reassurance.

If you want to learn what the astronauts felt — though we do hear some of their words here — you might want to look elsewhere. Maybe not First Man; Damien Chazelle’s drama does make a dramatic attempt to crack open Neil Armstrong’s hermetically sealed persona, but doesn’t quite go far enough for me, or at least doesn’t quite succeed in evoking the man’s alienated nature (the most revealing sequence, a private moment on the moon, is alas a fictional, disappointingly sentimental conceit). I’m thinking more of For All Mankind (available on the Criterion Channel) journalist-filmmaker Al Reinert’s “documentary” of the Apollo program, really a collage of seven missions cut together into a single epic journey.

No, Mr. Armstrong doesn’t reveal much here either; you notice his absence in the list of narrators Mr. Reinert approached (neither is the loquacious Buzz Aldrin — which is odd, considering). But other astronauts do speak up, and their words reveal an eloquence and depth of feeling and occasional surrealism that adds to the imagery (Ken Mattingly, before the launch: “And here was a kind of strange quiet. You look out and you can see the large part of the state and ocean and this, this thing out here. You have a feeling that it’s alive.” John Swigert: “Everything that I know — my family and my possessions, my friends, my country. It’s all down there on that little thing.” Charles Duke, dreaming about driving the rover across the lunar surface: “…we found this vehicle. It looked just like the rover. The two people in it — they looked like me and John — had been there for thousands of years.”).

The collage effect — the fact that the missions use identical vehicles going through identical stages (three-stage ascent; travel interlude with command and lunar modules linking arms in a hundreds-of-thousands mile dance; lunar module’s descent and ascent; return and parachuted landing); the fact that suited up and helmeted the astronauts could be interchangeable, and even with helmets off one middle-aged clean-shaven Caucasian is difficult to distinguish from another (even their voices tend to run into each other) — actually comes to have a point. The Apollo program can be seen as a single mission — to develop the training, equipment, and techniques to reach the moon and explore its surface — and its people are really a single collective consciousness focused not just on achieving its scientific objectives but savoring the glories visible along the way, the meaning of the achievement. In effect we — all mankind — and not just a select few have touched the lunar surface, have realized how small we can be and how much we can do despite our relative stature in the universe.

To Mr. Miller’s credit he cites Mr. Reinert’s film as an inspiration. Mr. Miller’s own work is not nothing — for the 65 mm footage alone the film is more than worth the price of the ticket. By all means, see the 2019 documentary for the mindblowing imagery, then go watch the 1989 film to listen to their voices (and, Oh hell, why not look at Mr. Chazelle’s biopic while you’re at it) — the more Apollo in my book the better.

The CEO and the board

This writer has been privileged to have attended the full program of the Institute of Corporate Directors (ICD) and one of the key learnings from the program is the policy on board relationship with the CEO and the management team. It is a very critical policy statement that deserves universal understanding.

Let me start with a quote from the ICD material. “The CEO is the key, main link between the Board of Directors and the management team and — through the management team — all others in the corporation. The CEO plays a central intermediary role: as a member of the Board of Directors, the CEO is part of the governance team of the corporation. He or she is at the top of the management team, to which day-to-day operational responsibilities are delegated.”

“The CEO is a peer of all the other directors as individual members of the Board. However, before the Board as collegial body, the CEO representing the management team reports to the Board and is subject to its instructions. The CEO as the leader of the management team is the “only” subordinate that the Board, as a collegial body, gives instructions to. He or she is the main — generally the sole — channel that the Board uses to communicate with the management team in the governance of the corporation and in providing the overall direction for the affairs of the corporation.”

“The Board should observe restraint in going far into the smaller bowls (within the organization) much closer to the inner core. While it is duty bound to pronounce a policy at the broadest, outermost periphery concerning ends and means, it should take care to leave a wide enough area for discretion of the CEO and the management team.”

Under the Tricker Model advocated by the ICD, there is a clear identification of the duties that boards must focus on and it centers on the future and on the external environment. The model stresses the performance duties of the board to be principally on strategy and policy. Strategy focuses more on the future (particularly the long term) and it takes into account the external environment. Policy also focuses on the future, although it takes into account the internal circumstances of the corporation.

Of course the Board has compliance duties. Monitoring focuses on the present and the immediate past, taking into account mainly internal operations. Accountability asks for a system of checks and balances as well as of reporting, and this includes reporting to external parties such as other stakeholders, the regulators and the general public. Compliance duties are essential, but their focus is mainly to report on and draw from the past in order to serve the present and the immediate foreseeable future.

The relationship between the CEO and the board represents an important delineation which demands a clear sense of professionalism from all concerned. The board has to delegate operational responsibility to management. According to consciousgovernance.com, the board can direct but individual directors cannot. It should therefore refrain from interfering too closely into day-to-day operations. There must be a clear line between the board and management. It is important therefore that the board puts in place a competent management team.

In a recent article by Constance Dierickx at the Harvard Business Review, the role of a good board was articulated — provide strategic advice, protect the interest of shareholder and minimize risk. But sometimes, fueled by unease, wrong or lack of trust, board members reach beyond the CEO and far into a company for information or to influence. Dierickx said that in her 25 years of advising boards and top management, this type of meddling is not unusual. And it puts senior executives in a very difficult position. It is however not healthy as the board should provide oversight and strategic guidance without giving orders to executives.

The programs of good governance espoused by the Institute of Corporate Directors is a must for the strengthening of institutions in our country. It should be requisite for both board directors as well as senior management people so that their roles are well understood. The fundamental demands of good corporate governance is built around principles of fairness, transparency and accountability. These principles must be embodied in the long list of roles that a Board of Directors is expected to play.

The views expressed herein are his own and does not necessarily reflect the opinion of his office as well as FINEX.)

 

Benel D. Lagua is Executive Vice President at the Development Bank of the Philippines. He is an active FINEX member and a long time advocate of risk-based lending for SMEs.

Managing an excessive, toxic workload

We don’t have a strict management policy against absenteeism and tardiness. We use the biometric timekeeping device for security reasons and not for attendance record-keeping. We were told by management that we are responsible adult human beings and therefore should be treated as such. In fact, our work schedule incorporates flextime where everyone must be physically present during the core period from nine in the morning up to four in the afternoon and log in eight hours of work every day Monday to Friday. Despite this ideal set-up, many employees are stressed out due to heavy workloads and stiff deadlines that lead us, many times during the week, to bring our laptops home in order to work overtime. Is there a cure for us? — Bewildered.

A pastor was so proud of his new “loose-leaf” Bible and decided to use it as he began preaching a series from the Book of Genesis. On the second Sunday of his series, he was on the story of the fall of man and as he was reading his text he read: “And Adam said to Eve…” Then he turned the page to complete the verse but looked puzzled for a few seconds.

Finally realizing what had happened, he looked up rather embarrassed and said, “…it looks like a leaf is missing!”

Sometimes, no matter how you think your management has become lax in enforcing the attendance policy, it can knowingly or unknowingly remove a leaf by being strict in some other way. In fact, I know of some major organizations that even pay the highest pay and perks package in their industry but demand unreasonable performance standards and targets. It amounts to the same thing.

Organizations implement flextime policies and relax their attendance rules out of consideration for workers battling the hassles of their daily commute, but make up for it by overloading their people. It’s a simple case of whatever is given by the right hand is taken back by the left hand.

But, don’t despair. There are many ways to manage your situation, including the following:

One, offer a mutually-acceptable compromise with your boss. The next time he overloads you with Project ABC, inform him that you are working on Project XYZ that already has a stiff deadline. He may have forgotten about it. Therefore, it’s reasonable to remind him about it and ask the possibility of putting Project XYZ on the back burner to allow you to accept another project. Emphasize the fact that it is humanly impossible for you to do both simultaneously under the desired quality standard and timeline.

Two, challenge the rationale for why a certain project must be done. It’s a sensitive matter. Therefore, do it diplomatically the best as you can. Offer a counter-argument that invokes the greater interests of the organization. Learn when to say: “I’d like to accept such a task, but maybe there’s another way of completing that project. Allow me to think it over for one day and I will get back to you with another solution.”

Three, ask for assistance from other departments, if necessary. Someone said: “Be strong enough to stand alone. Smart enough to know when to seek help. And brave enough to ask for it.” Almost, always, it’s reasonable to ask for help from other people when circumstances warrant it. If you don’t ask, the answer will be always “no,” and you’ll regret it later when others are more than ready to assist you.

Four, apply the principles of Lean Management in everything you do. Be critical of unnecessary steps or non-value adding steps or documents that are repetitive and superfluous. For instance, in hiring people, don’t require job applicants to submit their birth certificate and passport, which contain the same information. Or avoid creating a situation that requires many signatories to a single document.

Last, have a clean and uncluttered work desk that gives you a clear mind. You can’t fool your boss or anyone that you are too busy with so many papers and documents on top of your desk. Don’t believe Albert Einstein when he said “If a cluttered desk is a sign of a cluttered mind, then what’s the meaning of an empty desk?” Obviously, he was joking. If not, admit the fact that you’re not Einstein.

Whatever happens, there are times that you will have to accept additional work, even though it is straining you hard. The best that you can do under the circumstances is to believe somehow that you’re being trusted and your boss remains confident in your ability to complete all the assigned tasks on time, at the best quality while using less resources.

ELBONOMICS: Being busy and being productive are two different things.

 

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

How PSEi member stocks performed — July 25, 2019

Here’s a quick glance at how PSEi stocks fared on Thursday, July 25, 2019.

 

No investment impact expected from SoT bill

THE Department of Finance (DoF) said that the Security of Tenure (SoT) bill, which is awaiting the President’s signature and could lapse into law if not acted on over the weekend, is not expected to affect the investment climate.

Finance Secretary Carlos G. Dominguez III told reporters in a text message that he also supports the view of the National Economic and Development Authority (NEDA) that the measure should balance the interests of workers and the business community in order not to damage investment flows.

“We support [Secretary Ernesto M.] Pernia’s position and would like to add that the (SoT Bill) should not negatively affect the competitiveness of the Philippines as an investment destination,” Mr. Dominguez said.

Mr. Pernia said on Wednesday at a briefing that the SoT bill needed “tweaking” to be more balanced.

“You have to be sure that the law benefits not only workers but also investment… it has to be fair between workers and employers because if you want jobs to be available, you need investment,” he added.

On July 17, foreign business chambers and employer groups called on the President not to sign the SoT Bill, warning that it will weaken investment if businesses are not given the option of engaging contract labor.

The groups said that current laws already have provisions against labor-only contracting which are also reinforced through Department Order 178 series of 2017 issued by the Department of Labor and Employment (DoLE) and Executive Order 51 series of 2018.

Their statement provoked threats from unions that their campaign amounted to illegal lobbying.

Mr. Dominguez added that investment should be protected alongside the implementation of more worker protections.

“Be mindful that the Supreme Court on several occasions has ruled that while the PH Constitution provides that the State should protect the rights of workers and promote their welfare, such Constitutional policy is not intended to oppress or destroy capital and management,” he said. — Beatrice M. Laforga

SONA signals more gambling; possible end to casino license ban

THE Palace acknowledged Thursday that President Rodrigo R. Duterte appeared to be telling the gambling regulator to expand gaming operations in his address to Congress Monday, though detailed instructions have yet to be delivered to the various government departments.

In a briefing at the Palace Thursday, Spokesman Salvador S. Panelo was asked if the President plans to lift the moratorium on new casinos after announcing Monday in his fourth State of the Nation Address (SONA) that he wants the Philippine Amusement and Gaming Corp. (PAGCOR) to “push for more gambling” after the agency reported high revenues.

“That would be the logical consequence of what he said,” Mr. Panelo replied.

Asked in a chance interview if the matter will be tackled at the next Cabinet meeting, he said: “Wala pang (There is no) Cabinet meeting… I will let you know kung kasama sa (if it’s in the) agenda.”

Asked to comment, PAGCOR Chairperson and Chief Executive Officer Andrea D. Domingo told BusinessWorld via mobile phone: “I have not met with the President, and I do not interpret his statement to mean lifting of the ban — but I will try to verify with him the first chance I get.”

In the SONA, Mr. Duterte said: “As of July 9, 2019, we collected more than P61 billion from GOCCs or government corporations, 32% of which, or P16 billion, from PAGCOR. This is more than the P36 billion collected in 2017.”

He added: “My salute to Andrea Domingo. Magpasugal ka pa, ma’am, nang marami (Promote more gambling, ma’am).”

Malacañang officially announced in February last year that the President had ordered a moratorium on new casinos.

Mr. Panelo also said at the briefing on Thursday that the President hopes to increase online gambling operations and wants the Bureau of Customs (BoC) to improve its collections because the additional revenue will fund salary hikes for government employees, including teachers and nurses.

Gusto ni Presidente na dagdagan pa iyong online gambling, legal casino para marami tayong makuha… (The President wants more online gambling and legal casinos to increase our take.) He urged also the Bureau of Customs to improve on their collections,” Mr. Panelo said.

In the SONA, the President said of the BoC: “Though corruption-ridden, [it] managed to collect P585 billion in 2018. Imagine how much more could have been collected had the BoC been clean and less corrupt.” — Arjay L. Balinbin

PAGCOR H1 net falls on high year-earlier base

THE Philippine Amusement and Gaming Corp. (PAGCOR) said net profit fell sharply in the first half, with growth coming off a high year-earlier base after a 2018 property sale.

PAGCOR said it booked a P3.08 billion net profit in the first six months, down 91.4% from a year earlier.

PAGCOR’s total income net of gaming taxes and contributions fell to P18.89 billion from P50.04 billion a year earlier.

PAGCOR’s “other income” was P862.69 million, down 97.42%.

The company said year-earlier net profit was boosted by the sale of a 16-hectare site in Entertainment City for P37.3 billion to Bloomberry Resorts Corp.

“Because of the sale of the property and the increase in revenue in our license fees and casino operations, we are exceeding our target,” PAGCOR President and Chief Operating Officer Alfredo C. Lim told reporters in August 2018.

Bloomberry is the owner and operator of Solaire Resort & Casino in Parañaque.

Income from other related services declined 16.6% to P657.22 million.

Income from gaming operations was P36.57 billion, up 9.3% from a year earlier. — Karl Angelo N. Vidal