THE Philippine Stock Exchange, Inc. (PSE) plans to buy back P532.01 million worth of common shares from broker shareholders until September, in a bid to reduce its broker ownership to less than 20%.
In a disclosure Thursday, the bourse operator said its board of directors has approved a compliance plan that involves a share buyback program as well as the creation of 3.5 million preferred shares.
Under the buyback program, the PSE will buy common shares held by trading participants until Sept. 30, unless otherwise extended by the board. The shares will be booked as treasury shares.
“The buyback program shall be implemented in an orderly manner and should not adversely affect the company’s and its subsidiaries’ prospective and existing projects,” the PSE said.
Meanwhile, the PSE also amended its articles of incorporation to include the creation of the 3.5 million preferred shares with a par value of P1 each. The exchange will ask consent from its shareholders for the amendment, which will then be submitted to the Securities and Exchange Commission (SEC) for approval.
The preferred shares may only be issued to brokers, in line with the group’s ownership dilution in the bourse. The securities will be non-voting, be cumulative in payment of dividends, non-participating in any further dividends, non-convertible, and can be redeemed at the board’s discretion on its third anniversary date.
Trading of PSE shares were suspended for an hour on Thursday to help investors digest the material information.
The PSE said last March that its broker ownership stood at 26.44%, higher than the 20% industry limit set by the Securities Regulation Code (SRC).
Item C of Section 33.2 of the SRC states that “no person may beneficially own or control, directly or indirectly, more than five percent (5%) of the voting rights of the Exchange and no industry or business group may beneficially own or control, directly or indirectly, more than twenty percent (20%) of the voting rights of the Exchange.”
The bourse has been looking for ways to comply with this rule. In January, it implemented a real-time broker ownership monitoring mechanism through the trading system. This automatically prevented trading participants from placing a buy order for PSE shares should their accounts exceed the limit.
The PSE previously tried to meet the single industry limit to get the SEC’s nod for its proposed acquisition of the Philippine Dealing System Holdings Corp. The deal however is unlikely to happen due to Land Bank of the Philippines’ interest in the latter’s acquisition.
Shares in the PSE fell 0.53% or P1 to close at P187 each on Thursday. — Arra B. Francia
KUMAMOTO, Japan — A Bank of Japan (BoJ) board member warned of potential dangers if the central bank’s already massive stimulus is ramped up, a view suggesting there is no consensus on how quickly it should ease policy again to head off the risk of recession.
Hitoshi Suzuki, a former commercial banker turned BoJ policy maker, said on Thursday borrowing costs have yet to reach levels considered as the “reversal rate” — or the level at which the demerits of low interest rates exceed the benefits.
But Suzuki said rates may already be approaching such a level, as years of ultra-low rates strain financial institutions.
His comments signal that he would cast a dissenting vote if Governor Haruhiko Kuroda were to propose deepening negative rates.
“I don’t see the need to ease monetary policy further now,” Suzuki told reporters after meeting business leaders in Kumamoto, southern Japan.
“It’s hard to predict when Japan will see borrowing costs reach a reversal rate. But it might not be too distant in the future,” he added.
Suzuki’s remarks underscore a rift within the nine-member board that could make it hard for Kuroda to meet his pledge to ease “without hesitation” to underpin the economy’s recovery.
In a speech, Suzuki said further declines in rates could do more harm than good to the economy as it would prompt financial institutions to charge a fee on deposits.
“If bank deposit rates effectively turn negative, it could hurt the economy by cooling consumer sentiment,” Suzuki said.
“Once the financial system destabilizes, it will become very difficult to achieve price stability,” he said, stressing that the BoJ needed to pay more attention to the health of Japan’s banking system in guiding monetary policy.
ROOM FOR PREEMPTIVE STEPS?
Markets expect the US Federal Reserve and European Central Bank to loosen policy next month to counter headwinds from a bitter US-China trade war.
That is piling pressure on the BoJ to follow in their footsteps to prevent the yen from spiking against other currencies and hurting Japan’s export-reliant economy.
While some like Suzuki fret about the rising cost of prolonged easing, other board members see room to act preemptively to prevent the economy from losing momentum to achieve the BoJ’s elusive 2% target.
Suzuki said he had doubts over the feasibility of deepening negative rates, which is seen by markets as among options if the BoJ were to ease as early as next month.
The BoJ is in a bind. Years of aggressive money printing have crushed long-term interest rates and hurt profits of financial institutions by narrowing the margin they earn from borrowing cheap funds and lending at a higher rate.
It has also left the BoJ with little ammunition to fight another recession.
Under a policy dubbed yield curve control (YCC), the BoJ guides short-term rates at -0.1% and the 10-year government bond yield around 0% via heavy asset buying.
Cutting rates would undermine the purpose of YCC, which was intended not just to cap bond yields but to prevent them from falling too much and hurting commercial banks.
Add to headaches for BoJ policy makers, global bond yield declines briefly pushed Japan’s 10-year yield to -0.285% on Thursday. That is the lowest since July 2016 and well below the -0.2% level that market players perceive as the BoJ’s effective line in the sand.
Suzuki said recent falls in Japanese bond yields are driven mostly by market expectations yields will decline further, which is steering investors to seek short-term gains by buying bonds now in hope of selling them at a higher price later.
Once such expectations shift, yields will normalize, Suzuki said, adding “We don’t need to be too rigid about the range. At times, yield moves might be somewhat extreme.” — Reuters
THE Department of Labor and Employment (DoLE) said it inspected 34,000 establishments during the first half, ahead of the pace to meet its 2019 inspection target of 55,000.
Speaking to BusinessWorld Tuesday, DoLE Assistant Secretary Benjo Santos M. Benavidez said that DoLE conducted more inspections than expected.
“In the natural and normal course of inspection of companies…Nakadami na naming inspection (we have inspected a lot). We inspected 34,000 establishments as of June,” he said.
In 2018, DoLE inspected 134,263 businesses with 500 labor law compliance officers (LLCOs). This year, it deployed an additional 234 LLCOs but has decided to focus their efforts on known problem areas like hospitals and bus companies.
The Department of Budget and Management (DBM) and the Department of Finance (DoF) have pledged their support for DoLE’s plans to hire 5,000 more LLCOs.
He estimated the number of bus companies at about 400 and major private hospitals about 200.
Hospitals have come to the fore because of numerous complaints about nurses’ working hours and pay. In the bus industry, DoLE is currently enforcing a 2018 Supreme Court ruling requiring regular salaries for drivers and conductors and the prohibition of the “boundary” wage system. — Gillian M. Cortez
5 films to see on the week of August 30 — September 5, 2019
Once Upon a Time in Hollywood
SET in 1969 Los Angeles, fading TV actor Rick Dalton and his stunt double Cliff Booth strive to be famous and successful during the tail-end of Hollywood’s Golden Age. Directed by Quentin Tarantino, it stars Leonardo DiCaprio, Brad Pitt, Margot Robbie, Luke Perry, Dakota Fanning, and Al Pacino. Empire’s Ian Freer writes, “At every stage, the film-mak-ing is on point. Robert Richard-son’s stun-ning cin-e-matog-ra-phy pops but never feels overly man-nered, Ar-i-anne Phillips’ cos-tume de-sign is too styl-ish for words, and Harry Co-hen’s dense, bravura sound de-sign in-ter-weaves mu-sic, ra-dio chat, ad-verts and TV chat-ter to spell-bind-ing ef-fect. It’s a film that courses with a love of moviemak-ing and Hol-ly-wood lore and might be Taran-tino’s most per-sonal film to date…”
MTRCB Rating: R-16
Ready or Not
A BRIDE’S wedding night turns weird when her in-laws invite her to play a terrifying game and she ends up fighting for her survival. Directed by Matt Bettinelli-Olpin and Tyler Gillett, it stars Samara Weaving, Adam Brody, and Mark O’Brien. Rolling Stone’s Peter Travers writes, “It all goes from bloody hilarious to just bloody. What’s unexpected is the subversive wit that that turns Ready or Not into a satiric sneak attack on the institution of marriage.”
MTRCB Rating: R-16
Upin and Ipin:The Lone Gibbon Kris
FIVE-YEAR-OLD twin brothers Upin and Ipin, along with their friends, discover a mystical kris which leads them to the fantastical kingdom of Inderaloka in this animated feature. While finding their way home, they end up having to save the kingdom. Directed by Adam Bin Amiruddin and Syed Nurfaiz Khalid bin Syed Ibrahim, the film features the voice of Asyiela Putri Bt Azhar, and Mohd Amir Asyraf Bin Mohd Noor Rashid.
MTRCB Rating: G
Above the Shadows
A DECADE after Holly unexplainably became invisible to everyone around her, she meets retired MMA fighter Shayne who is the only one who can see her. With Shayne’s help, Holly works to regain her foothold in the world. Directed by Claudia Myers, the film stars Megan Fox, Olivia Thirlby, and Jim Gaffigan. Variety’s Courtney Howard writes, “This magical-realist fairy tale, about a young woman feeling so isolated and insignificant after a tragic loss that she’s literally invisible to everyone except one other struggling soul, is certainly imaginative and intelligent in its ideas. However, the savvy smarts within don’t quite sustain the running time and, much like its protagonist, the film becomes transparent in its motives and sentimentality.” Rotten Tomatoes gives it a 50% rating.
MTRCB Rating: PG
The Ghosting
BASED ON the Solante urban legend, the film follows Ken who knew that Grace met a little girl carrying a headless doll who asks for help to go home to a red house. Ken believes that the urban legend has something to do with the deaths in the neighborhood and Grace’s disappearance — however, no one believes him. Directed by Joey de Guzman, the film stars Khahil Ramos and Andrea Brillantes.
EARNINGS of Philippines AirAsia, Inc. surged in the second quarter as the budget carrier ferried more passengers and increased inflight, duty-free and baggage revenues.
Malaysia-based AirAsia Group Berhad reported its second quarter financial performance yesterday, where it said the Philippine unit reached a profit after tax of P593.07 million in the April to June period, up 777% from last year.
Revenues likewise grew 38% to P7.51 billion, driven by a 22% increase to 2.225 million in the passengers it carried during the period.
Its load factor, or the measure of its aircraft utilization based on passengers on a plane against its capacity, also rose four percentage points to 91% in the second quarter.
“In terms of profitability, we are excited to see…the improved performance of AirAsia Philippines,” Bo Lingam, president of AirAsia Group for airlines, was quoted as saying in a statement.
“We are also steadily growing our traditional airline ancillary revenue,” he added, noting inflight, duty-free and baggage revenues recorded a 42% growth in the Philippines during the second quarter.
The budget carrier is aiming to swing to profit this year from posting a net loss of P2.11 billion in 2018. It is also hoping to hit revenues of P30 billion by end-2019.
“With our performance so far this year, we are positive on our target for all our ASEAN AOCs (air operator’s certificate) to be profitable this year,” Mr. Lingam said.
AirAsia Group currently has presence in the Philippines, Malaysia, Indonesia, India, Japan and Thailand.
AirAsia Philippines is adding three new aircraft in 2019 with a goal of expanding its fleet to 30 planes in the next two years, from the current 23. It is continuously adding new routes and destinations, with an ongoing application to fly to Guam.
AirAsia Philippines’ majority stakeholder, businessman Michael L. Romero’s F&S Holdings, Inc., is targeting to launch an initial public offering of the company before the year ends. — Denise A. Valdez
TREASURY Secretary Steven Mnuchin said issuing ultra-long US bonds is “under very serious consideration” in the Trump administration, possibly setting up a move that would mark a historic revamp of the $16-trillion Treasuries market.
“If the conditions are right, then I would anticipate we’ll take advantage of long-term borrowing and execute on that,” Mnuchin said Wednesday in a Bloomberg interview in Washington. He said officials held a meeting earlier in the day to review the possibility.
The concept of issuing 50- or 100-year bonds dates back to at least 2009 and has recently gained traction within Treasury. For the Trump administration, issuing extremely long-term debt would limit the cost to taxpayers of plugging a budget deficit that’s headed to $1 trillion annually. Pension funds would enjoy a few extra points of returns amid falling yields.
Mnuchin said his renewed interest in long bonds was unrelated to the drop in yields on shorter-term US debt. The yield on 30-year Treasuries slid below 2% for the first time earlier this month, and they continued their decline to a new record 1.90% on Wednesday.
“It would be premature for me to comment on what our conclusion is,” Mnuchin said, adding that the department is “actively revisiting it, and it is something that is under very serious consideration.”
Following Mnuchin’s comments, the spread between five- and 30-year Treasury yields widened to 59 basis points from 56 basis points. Mnuchin’s comments helped push up 30-year yields to 1.97%, reversing the decline earlier in the day. Those moves retraced in early Asia trading on Thursday, with the 30-year yield dropping back to 1.93%.
Record-low interest rates make this an opportune time for the Treasury to revisit a proposal it’s shelved in the past. Some observers see a window for the US to issue extremely long-term debt instruments, even though the idea has been met with a cool reception on Wall Street.
Mnuchin studied the issue when he first took office in 2017, but put the idea to rest following a review with the agency’s group of market consultants, called the Treasury Borrowing Advisory Committee, or TBAC.
Treasury’s announcement last Friday after markets closed stirred some confusion among investors who questioned whether the renewed interest was a result of prompting from the TBAC or its primary dealers — or from President Donald Trump.
The decision to make the announcement came after a meeting between Mnuchin and White House economic adviser Larry Kudlow, according to people familiar with the matter. It was not the result of fresh information from market participants, the people said.
Among the risks of an ultra-long bond is the ebb and flow of demand over the course of an economic cycle. Buyers may be enthusiastic when yields are high, but in downturns, when the Federal Reserve is cutting rates, demand may evaporate, pushing government borrowing costs higher across different maturities.
“The determination we made at the time was that there was definitely some interest in it but it was not necessarily at the size and scale that we thought made sense to pursue,” Mnuchin said Wednesday. “Some time went by and I thought it made sense that we revisit this.”
The Treasury has examined the possibility of issuing long bonds about four times in the past decade. The TBAC has been unenthusiastic on the prospect of an ultra-long issue since it emerged.
Investors have snapped up 100-year bonds issued by the likes of Austria, although recent experiences in Argentina and Germany underscore some of the potential pitfalls for investors.
Alarms sounded in the Treasury market earlier this month after 10-year yields dipped below two-year ones, an event considered a harbinger of a US economic recession in the next 18 months.
The move caught the attention of Trump, who on Aug. 14 tweeted about the “CRAZY INVERTED YIELD CURVE!” and blamed the Fed for any negative effects.
“There are people who think that the yield curve can predict a recession — I don’t believe that,” Mnuchin said Wednesday. “The answer is: In environments when the market thinks that the Fed is going to lower short-term rates, and that’s built into the market expectation, people end up buying longer-term securities, and that’s what can lead to a flat or inverted yield curve. The market adjusts quicker than the Fed.” — Bloomberg
TECH START-UP Salarium said it launched the latest edition of its software that will ease the payroll preparation process, this time targeting larger companies.
On Thursday, Salarium launched Version 3.0 of its system, a scalable solution that can be customized to meet a company’s HR needs and integrated with other systems already in use.
Salarium’s systems are being used by 600 companies, mostly small and medium enterprises (SMEs) employing a total of 35,000 workers..
“What an SME wants and what a large enterprise wants are different things. Our Version 2.0 was made for SMEs. Which is why we built a different version for the large enterprise,” Salarium CEO and founder Judah Z. Hirsch told BusinessWorld on Thursday.
“We’ve been working hard to attract the large enterprises so we built a brand new system… making it much more reliable and global.”
Salarium Fintech Operations Head Marc De Juan said, “We are taking a proactive approach to data privacy and as well as a reactive approach (to contain risk from) data breaches or… data privacy. One of which is implementing the right technology in place which is robust enough (to resist attack).” — Gillian M. Cortez
SOLAIRE Resort and Casino presents MaestroRy, a special, one-night only tribute concert to National Artist for Music Ryan Cayabyab, on Aug. 31, 8 p.m., at The Theatre at Solaire. Hosted by Jon Santos, directed by Paolo Valenciano, with musical direction of Mel Villena, the show will feature Mr. Cayabyab’s classics with special renditions of songs such as “Kay Ganda ng Ating Musika,” to “Paraiso,” “Da Coconut Nut,” and “Nais Ko.” Performing are Autotelic, Baihana, Basil Valdez, Bleu Rascals, Celeste Legaspi, Debonair District, IV of Spades, Kuh Ledesma, Morissette,Nicole Asensio, The Smokey Mountain pioneer members Jeffrey Hidalgo and Tony Lambino, Thyro, Urbandub and more. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).
6th Edition of PHL Harvest
NOW on its 6th edition, the three-day food and agri-trade Philippine Harvest fair boasts of a wide selection of sustainable farm tourism products. Some 50 exhibitors will be featured with products ranging from assorted vegan desserts, coffee, taho, wild forest honey, artisanal cheese, crunchy garlic, meat and fish products, and salted egg, among others. Locally produced items such as handbags, health/beauty products and bamboo “utensils will also be available. The fair runs from Aug. 30 to Sept. 1, 11 a.m. to 10 p.m., at the Central Square in Bonifacio Global City.
Juana Change at the CCP
MAE PANER, a.k.a. Juana Change, in Tao Po
THE Cultural Center of the Philippines (CCP) and The Citizens for Promoting Human Rights, Inc. in partnership with Mae Paner, a.k.a. Juana Change, present Tao Po, a four part monologue interactive performance that gives a human face to the issue of extra-judicial killings. Tao Po is a one-night show slated on Aug. 31, 8 p.m., at the CCP’s Tanghalang Huseng Batute, and featuring award winning actress and activist Mae Paner. For tickets to Tao Po, call the CCP Box Office at 832-3704.
13th International Silent Film Festival Manila
THE 13TH International Silent Film Festival Manila will be held at SM Aura Premier from Aug. 30 to Sept. 1. It has since expanded to include a roster of films from Austria, Germany, Italy, Japan, Spain, and the Philippines. The films will be accompanied with live scoring by local bands. Free admission. For more information, visit www.facebook.com/events/2248725038558888/.
Ballet Philippine’s Swan Lake
BALLET Philippines opens its 50th Season with Pyotr Illyich Tchaikovsky’s Swan Lake, with performances from Aug. 30 to Sept. 8 at the Main Theater of the Cultural Center of the Philippines. The ballet has been a staple in the company’s repertoire since 1978. The show will feature dancers from the Mariinsky Ballet (formerly the Kirov Ballet) in two evening performances. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).
ArteFino
NEW artisanal creations presented by over 100 brands will be showcased at the ArteFino Fair on Aug. 29 to Sept. 1 at The Fifth at Rockwell, Power Plant Mall, Rockwell Center, Makati. ArteFino “is a movement that celebrates the Filipino artisan by creating an environment that treasures creativity and inspired passion.” Among the participating brands are: Alegre by Techie Hagedorn, Gabbie Sarenas, KAAYO Modern Mindanao, Lokal Fashion + Home + Art, Zarah Juan, Island Girl, Mich Dulce, Silnag, Zapateria, SC Vizcarra, Kathy and Kathy Bespoke, Nlagdameo, Sanxi, Casa San Pablo, Cornerstone Pottery, and Red Slab. Entrance tickets will be available at the gate and cost P150 for a one-day pass, and P500 for a four-day pass. Both passes come with one complimentary eco shopping bag. Admission is free for children ages five and below. The ArteFino Fair runs from 10 a.m. to 9 p.m. on Thursday to Saturday, and from 10 a.m. to 8 p.m. on Sunday.
Mabining Mandirigma, A Steampunk Musical
TANGHALANG Pilipino presents Mabining Mandirigma, A Steampunk Musical about the life of hero and “sublime paralytic” Apolinario Mabini, with performances at the Main Theater of the Cultural Center of the Philippines until Sept. 1. The 2019 run stars Monique Wilson as Mabini. Arman Ferrer will be reprising his role as Emilio Aguinaldo, alternating with David Ezra. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).
Dani Girl
THE Sandbox Collective restages Michael Kooman and Christopher Dimond’s Dani Girl at the Carlos P. Romulo Auditorium, RCBC Plaza, Ayala Ave., Makati until Sept. 1. Directed by Toff de Venecia, the musical centers on nine-year-old Dani who sets off on a quest to find her hair and figure out the answer to the question, “Why is cancer?” She journeys with fellow cancer warrior and best friend Marty, through lightsaber duels, game shows, and blasting off to outer space. The play stars Rebecca Coates as Dani alternating with Kyle Napuli. Luigi Quesada returns as Marty, alternating with Daniel Drilon. For inquiries, call 0956-200-4909, 586-7105 or sab@thesandboxco.com.
Rak of Aegis
THE hit Pinoy jukebox musical Rak of Aegis returns to the PETA Theater Center, with ongoing performances until Sept. 29. The show uses the songs of the Aegis band such as “Halik,” “Sinta,” and “Basang-Basa sa Ulan” to tell the tale of a perennially flooded barangay. This latest production features a mix of original cast members including Aicelle Santos and Kim Molina, Isay Alvarez-Seña and Sweet Plantado-Tiongson, Robert Seña and Renz Verano, and Kakai Bautista and Neomi Gonzales. Tickets are available through TicketWorld (www.ticketworld.com.ph, 891-9999).
PRESIDENT Rodrigo R. Duterte has signed into law a measure granting Magnum Air, Inc., the operator of SkyJet Airlines, a franchise to operate domestic and international flights.
Republic Act No. 11410, which Mr. Duterte signed on Aug. 22, gives Magnum Air a 25-year franchise to “establish, operate and maintain domestic and international air transport services” in the country.
Operating since 2012, SkyJet currently offers direct flights from Manila to San Vicente, Batanes, Coron via Busuanga, and Camiguin. It also offers charter and cargo services.
Under the law, the airline still has to secure certificates, permits and licenses from the Civil Aeronautics Board (CAB) and the Civil Aviation Authority of the Philippines (CAAP).
The airline is also required to fix “just and reasonable rates” for the transportation of passengers, mails, goods, and freight, subject to the regulations and approval of the CAB and other property regulatory agencies of the government.
Magnum Air also has to offer at least 30% of its outstanding capital stock to Filipinos, in compliance with the constitutional provision, promoting public participation in public utilities.
The bill granting Magnum Air’s franchise was passed by the House of Representatives on Sept. 25, 2017, and amended and passed by the Senate on May 27, 2019. The House concurred with the amendments on May 29, 2019. — A.L.Balinbin
RURAL BANKERS Association of the Philippines (RBAP) has partnered with solutions provider TransUnion Philippines for credit information sharing, which is expected to boost financial inclusion among Filipinos and strengthen the banking sector.
A statement released Thursday said the 400 rural bank members of RBAP have agreed to contribute consumer credit reports to help better assess consumers’ creditworthiness.
“By using data-based, analytics-driven solutions, we expect the volume of lending to grow as the decision-making process becomes more fluid. Ultimately, this will have a positive impact on the bottom line of each member rural bank,” former RBAP President Armando B. Bonifacio was quoted as saying.
The data-sharing arrangement will also help banks enhance their offerings while clients will have better access to new loans, it said.
It will likewise help clients to validate applications for new financial products and protect them from fraud.
“Providing rural banks with a more complete picture of a person’s creditworthiness helps open up more financial possibilities, giving consumers access to credit that might have been inaccessible to them before this partnership,” TransUnion Philippines President and CEO Pia Arellano was quoted in the statement.
TransUnion Philippines is a solutions provider working on data-sharing models, providing consumer reports, risk scores, analytical services, and decisioning capabilities to its members.
I’ve been a manager for a major company for five years. I’m happy with my pay and perks package and the working environment until a recent reorganization resulting in the promotion of a colleague as our boss and department vice-president. On his fifth month on the job, he showed an unusual management style that many of his direct reports abhor. For one, he takes credit for our exceptional work and does not bother to commend people who contributed a lot to make it happen. Is this the right time now to leave this company? — Just Asking
When you make a drastic move and decide to leave the organization, the worst thing that could happen to you now is to have coffee breaks on your own unpaid time and lose your bargaining power with a potential employer. Therefore, don’t take it seriously. You need to take things easy and roll with the tide until another opportunity or a better situation comes up.
So what kind of opportunity or better situation are we looking at?
It depends on you. The question that only you can answer is — what makes you happy in that organization? Also, you may not be able to control but only manage your own boss. And if we’re only to consider that credit-grabbing style of your boss, then consider it nothing compared to what other managers must experience with other tough and toxic bosses as defined in my list below.
Your primary focus is to efficiently manage your employees in the performance of their respective tasks. This is not to say that you should totally ignore your perceived injustices by your boss. What I’m saying is that if you focus on doing the best for your department and keeps on managing your relationship with your boss, then everything will be all right.
Now, how seriously wrongful is the “unusual management style” of your department vice-president? You have not listed down all possible issues with your boss, which is understandable due to space limitations. Therefore, allow me to approximate the most common types of unfair treatment committed by many toxic bosses and recommend things for you:
One, your boss distrusts you with important information. Don’t fret about it. Maybe your boss is testing your creativity and resourcefulness. Look for ways to do your job based on available data from other managers, departments, even outside of the organization. Use those credible facts and figures from other sources to surprise your boss.
Two, your boss blames you for his serious mistakes. Clarify this issue in a face-to-face encounter with your boss in a private room. Be brave enough but not argumentative. Find out why he’s blaming you for his serious mistakes. Explain your side. Whatever happens, don’t apologize if there’s no need for it. But if it’s clearly your fault, then accept it and apologize.
Three, your boss insults or disrespects you in front of others. When you hear verbal attacks to your face, take an immediate stand and say: “That’s an insult! It’s unfair to me” or words to that effect. Call your boss’s attention to the fact that such behavior is wrong. But be cool just the same. It’s difficult, but that’s the only way to stop an abusive boss.
Four, your boss makes decision without consulting you. That’s OK from time-to-time but not all the time. The reasons may vary. It can range from expertise in a given area to personal friendship with some concerned employees or customers. Step back for a while and reassess your options. Clarify the issue with the boss if it becomes a bad habit on his part.
Five, your boss rejects your ideas and proposals all the time. The proven cure to this is always to present your ideas in person. Don’t rely on sending emails and leave it at that. If you do that, make a personal follow-up to find out his objections or clarifications on why your boss is dragging his feet.
Last, your boss takes credit for your exceptional work. At times, giving credit when and where it is due can be neglected by the boss who might want to maintain good work relationships with everyone. Don’t feel bad about it. Some bosses feel and think that if they must be held accountable for their sub-par performance, then likewise, they must be given full credit for the above-par performance of their department.
Anyway, your boss knows where to get valuable assistance and good ideas — from people like you. Therefore, keep those ideas coming without any resentment. If you keep on harboring bitterness, somehow, it will show and will adversely affect your performance. If this happens, your boss may take it against you and you could end up on the losing end.
Let your enthusiasm show to people and your boss no matter what. Always communicate your ideas in a positive manner. Cover for your boss when something goes wrong. If your boss commits a serious mistake and he can’t shift the blame to other people, divert attention from it by helping him identify a faulty organizational system.
Your boss will know it for sure and he will not only appreciate your support that may be translated into something bountiful for your mutual emotional bank account. Give yourself another chance to work harmoniously with your boss within the next six months. After that, and if he continues with his old, rotten ways, then prepare to leave for better employment opportunities elsewhere.
ELBONOMICS: Level up your relationship with people, one good chat at a time.
GRAB Philippines is adding new transport, logistics and lifestyle services on its platform.
At a media briefing in Makati City, the company said it will start offering in-house salon services with Toni&Guy and L’Oreal; nationwide parcel delivery with Ninja Van; and hotel booking services with Agoda and Booking.com. These new services will be available by September.
By October, Grab will also start offering video-streaming on its mobile application with service provider HOOQ.
“Our aim as the leading super app is to solve everyday problems so that Filipinos can do more… We collaborate with partners to create a suite of connected services within one super app and help unlock the benefits of the digital economy to Filipinos,” Grab Philippines President Brian P. Cu said.
Aside from the new services, Grab will also expand the coverage of its Bus Marketplace offer next month as it gained more partnerships with bus companies. It will start offering bus reservation services for point-to-point (P2P) buses in the routes Olongapo-Clark, Clark-Dagupan and Makati-Noveleta.
Last July, Grab launched bus booking services for P2P buses in the Glorietta 2-Nuvali and Glorietta 2-Southmall routes.
“We are excited to offer these new transport, logistics and lifestyle services to our fellow Filipinos. As the leading super app, we will continue to innovate and use our technology for good to help improve the quality of life for everyone in the Philippines,” Mr. Cu said. — Denise A. Valdez
