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Online gaming seen to lure more into real estate

By Denise A. Valdez, Reporter

THE Philippine real estate industry is projected to attract more investors this year due to the continuous rise in demand from online gaming operators, relatively cheap leasing rates compared to other countries and new catchments from regional peers.

In a briefing on Thursday about its real estate market overview and outlook, consultancy firm Jones Lang LaSalle (Philippines), Inc. (JLL Philippines) said 2020 is a good time for investors to come in given the maintained momentum of online gaming, slowdown in residential prices, new laws concerning the industry, and lifestyle trend of shared spaces.

“We do think the Philippines will be a good investment destination for 2020, and we’re seeing that now in terms of [increase in] clients who inquired: a lot of foreign investors and a lot of local players who are diversifying; not just major real estate developers, but also first time developers who are diversifying their portfolio,” JLL Philippines Head of Research Janlo de los Reyes said.

He noted the robust growth of the Philippine offshore gaming operator (POGO) industry — which grew the fastest in office take-up last year at 52.3% — is seen to continue this year with demand reaching outside Metro Manila to the cities and municipalities of Cavite, Laguna, Clark and Cebu.

Residential prices are also seen to grow at a slower pace to an annual average growth of 3.1% this year, which Mr. de los Reyes attributed to condominium developers’ “testing” of the market, whether it still has the appetite to absorb rising price points.

Another expected driver of the industry’s growth, he said, is greater focus from buyers on building resiliency and sustainability, following the earthquakes in Davao last year and the eruption of Taal volcano earlier this month.

The trend of co-living, co-working and co-storage spaces is also expected to affect the approach of developers in new projects.

New policies from the government such as the guidelines for real estate investment trusts (REITs), the pending tax reform bill and proposed amendments to the Retail Trade Liberalization Act are also seen to be big influences to the industry.

Amid the uncertainties from a regulatory perspective, Mr. de los Reyes said there’s “a lot of opportunities in the Philippines [in 2020].”

“For the office, I think we’re still relatively cheap in terms of the rents… For residential, again we’re also cheaper than other markets still… The retail, hopefully the Retail Trade Liberalization Act pushes through so we can find more retailers. For industrial, I think it’s a heavily underserved market,” he said.

He added the conflict in Hong Kong and the banning of online gaming in Cambodia may push locators to consider investing in the Philippines. “I think we still have good fundamentals. And I guess that’s what’s really pushing the growth further into its extended run.”

In JLL Philippines’ City Momentum Index 2020, Manila was ranked eight most dynamic city in the world, moving up its 12th spot last year. This list covered 130 city-regions around the globe and were ranked based on “short-term economic and commercial real estate momentum.”

“The remarkable dynamism in the emerging Asian economies is proof that economic reforms, business growth and infrastructure investment can drive the expansion of industry, significantly in the tech sector, and facilitate a start-up culture,” Jeremy Kelly, director of cities research at JLL, was quoted as saying in a statement.

Mr. de los Reyes said this is one of the reasons JLL Philippines is optimistic about real estate growth in the country in 2020.

Topping JLL’s City Momentum Index 2020 are Hyderabad and Bengaluru in India, Ho Chi Minh City in Vietnam, Nairobi in Kenya and Chennai in India.

Annual Angel Walk for Autism set at SM MOA on Jan. 26

THE THIRD week of January is officially the Philippines’ National Autism Consciousness Week, as per Proclamation NO. 711, signed by former president Fidel V. Ramos. As part of the celebrations, SM Cares, the Corporate Social Responsibility arm of SM Supermalls, and the Autism Society Philippines (ASP) will be holding the annual Angels Walk for Autism on Jan. 26 at the Mall of Asia (MOA) Arena in Pasay City, with gates opening at 6:30 a.m.

The Angels Walk for Autism will start at the MOA Arena and will end at the SM MOA Music Hall. The SM MoA complex has been hosting the event since 2007, and the number of participants — consisting of families, professionals, supporters, employees from the different business units of SM, and advocates from the public and private sectors —has grown from 200 in 2007 to 24,000 last year.

“There was a concerted effort from both SM Cares and the Autism Society Philippines to reach out to as many communities as possible, with the aim of raising awareness and acceptance, and promoting inclusion for persons with autism,” said SM Cares Assistant Vice-President, CSR Marketing Chito Bauzon in an e-mail to BusinessWorld. “Since SM started hosting Angels Walk, and the malls have become a second home for Filipinos, these activities that are held within the business environments of SM have allowed hundreds and thousands of shoppers to know more about autism.

“There also was a strong internal campaign of SM Cares, to its employees, so the advocacy became very visible, and common knowledge for all,” he said.

“Lastly — and most importantly — the drive to care for persons with disabilities has been very apparent from the leadership of Mr. Hans Sy, SM Prime Holdings Chairman of the Executive Committee. His leadership with a heart serves as an inspiration for Management and employees in supporting PWDs especially in communities where we are present.”

“Our ultimate goal is to achieve a completely autism-friendly Philippines,” said Mona Magno-Veluz, National President of Autism Society Philippines said. “We have made great strides in making Filipinos more accepting of those with autism and we hope that through events like the Angels Walk for Autism, we can continue to make the Philippines a place where every individual that has autism is valued, loved, and treated with dignity.”

In connection to that, Mr. Bauzon discussed the partnership between SM Cares and the ASP: “SM Cares supports ASP, amongst many other PWD organizations, in our bid to make every SM Mall, a mall for all. And a mall for all means inclusivity for everyone, including persons with disability (PWD). SM advocates for a barrier-free and disability inclusive environment so that everyone can enjoy the same fun and leisure as anyone would do. We offer our malls and other business establishments as a venue for ASP and other sector partners, as a channel for awareness, for discussion and to create opportunities for inclusion. Aside from Angels Walk happening at the Mall of Asia Arena, it also happens in other SM Malls across the country. You get more people aware — you get more people to talk about the advocacy.”

Simultaneous autism walks are also scheduled in SM City Bacolod, SM City Cebu, SM City Lucena, SM Olongapo Central, and SM City Davao.

“Our advocacies include programs on PWDs, the environment, senior citizens, women, breastfeeding mothers, and the youth,” Mr. Bauzon said, discussing other projects with which SM Cares is involved. They also partner with the Down Syndrome Association of the Philippines and host their annual Happy Walk for Down Syndrome (also held in several malls across the country). They also hold special movie screenings for blind and deaf students, using films with audio description and closed captioning.

They’re also responsible for the Emergency Preparedness Forum for PWDs and Senior Citizens.

Going past the walk and the special weeks and days designated to promote awareness to PWDs, can SM say that it provides a PWD-friendly environment in its facilities for the rest of the year? Mr. Bauzon said, “We ensure that our malls have facilities and features that make our business environments accessible and safe for PWDs. Our malls have striven to go beyond compliance to the Accessibility Law, which gave us the Hall of Fame recognition by the Apolinario Mabini Awards. On top of the physical attributes, SM has been training its mall frontliners — security guards, maintenance personnel, tenants and employees — on how to interact and handle persons with special needs. The bid for inclusivity goes beyond the physical structure, but is well embedded in the company culture. We all take inspiration from our Founder, the late Henry Sy Sr., and his son, Mr. Hans Sy, Chairman of the Executive Committee of SM Prime Holdings, who place a lot of premium in serving the Filipino people.”

“SM supports communities and does its best to serve every Filipino. Serving the public means serving everyone, including those who have physical or mental challenges. We see our malls as having a unique position and opportunity for the community to know about social issues. For most, if not all, SM has become a community center where families and friends gather, celebrate and enjoy life. This has now become a staple in Filipino culture — which all the more means that we should do our part as a member of the community — to promote inclusivity. It would be great if we get more citizens and companies to move together in a unified direction in promoting inclusivity, appreciation and acceptance of PWDs,” said Mr. Bauzon.

To know more about the event, visit www.autismsocietyphilippines.org. To register for the walk, visit https://www.eventbrite.ca/e/asp-angels-walk-for-autism-2020-tickets-77643546939. — JLG

Start-up incubator QBO Innovation Hub plans to take in nearly 150 new innovators this year

By Jenina P. Ibañez

QBO Innovation Hub plans to take on board nearly 150 new start-ups in 2020 to address a shortage in the number of job-generating innovators, an official of the start-up incubator said.

“We noticed that there’s just not enough start-ups in the ecosystem,” QBO Operations Head Natasha Dawn S. Bautista told BusinessWorld on the sidelines of a media event on Wednesday.

Ms. Bautista said the current quantity and quality of start-ups are not enough to sufficiently make an impact, including spurring a significant rise in job creation in addition to developing convenient services.

“Imagine if we had a Grab [ride-hailing app] that’s Philippine made, and the impact to our economy, to job creation, to helping improve the lives of our Filipino families — so I think that’s what we’re looking for,” she said.

At present, there is no database that sufficiently counts the number of start-ups in the country, she said. Public-private initiative QBO currently works with 367.

“We hope by the end of the year we have 500… It’s a mix of both creating start-ups and looking for [existing] start-ups,” Ms. Bautista said.

Out of each hundred start-ups QBO works with, five to 10 are estimated to have been created through their programs, she said.

Many of the start-ups the company works with are in education, agricultural, and logistics technology.

Funding for QBO’s programs comes from an ongoing two-year P33-million grant from the Department of Science and Technology, along with private sector partnerships.

This year, QBO is working on several programs to attract more start-ups, including roadshows, start-up incubation programs, and corporate partnerships.

“I noticed that corporates here in the Philippines, they have their own little bubble… and they still have this thinking of ‘there’s a solution out there, or there’s competition out there, I’m gonna build it myself’ — but that’s not the thinking anymore,” she said.

Ms. Bautista said the quality of start-ups is improving, but developing experience will take time.

“Developing our start-ups, that’s what we’re trying to do — to have them at par with the rest of the world when it comes to their skillset,” she said.

Indie-Siyensya deadline extended

THE Department of Science and Technology-Science Education Institute has extended the deadline of submission of entries to the 4th annual Indie-Siyensya Filmmaking Competition to Jan. 27.

Young individuals and S&T professionals (researchers and science communicators) should produce a documentary film based on scientific facts, under 10 minutes in length, and relevant to the theme “Communities Beyond the Naked Eye.”

The science films should focus on the life and impact of microorganisms, insects and other creatures or systems smaller than what we see using the naked eye, and/or highlight the relationships of these types of communities on different levels.

There are two main categories: the “Youth Category” for high school, tertiary school and out-of-school youth aged 13-20, and the “Open category” for college students, teachers, amateur filmmakers, science professionals, and others.

Winners for each category will receive trophies and cash prizes: P100,000 for Best Film, P50,000 pesos for second prize, and P30,000 for third prize.

One entry will also win the Viewers’ Choice award and recieve P20,000.

For more information, contact Candy Ilaw at 8837-1925 or 8837-2071 local 2384 or visit https://www.facebook.com/indiesiyensya.

First REIT issuance expected in two months

THE new guidelines for real estate investment trusts (REITs) are set to take effect in the first week of February, after which any possible applicant may take at least two months for the country’s first REIT issuance.

The Securities and Exchange Commission (SEC) published in newspapers of general circulation yesterday the new implementing rules and regulations (IRR) of the REIT Act, three days after it was launched to the press on Monday.

Section 8 of the IRR said the rules will take effect 15 days after the publication, or on Feb. 7.

Ramon S. Monzon, president and chief executive officer of bourse operator Philippine Stock Exchange, Inc. (PSE), said on Monday a company that wants to do a REIT listing may take two months at the earliest to complete all documents needed for such issuance, or by the second quarter of the year.

The REIT guidelines presented earlier this week is expected to drive up interest from property developers to tap the investment vehicle, as the government relaxed the provisions of the REIT Act (Republic Act No. 9856) as enacted in 2009.

This covers the adjustment of the minimum public float for REITs to 33%, lower than the previous requirement of 40% public float within one year and 67% within three years.

The new rules also allowed the exemption from value-added tax for the transfer of property into a REIT vehicle. Minimum paid-up capital for a REIT issuance is set at P300 million.

However, proceeds from any REIT issuance are required to be invested to any real estate and infrastructure project in the Philippines within one year.

The IRR said if the real estate is located offshore, the investment of the REIT must not exceed 40% of its deposited property and must be done only through a “special authority” from the SEC.

Among other allowable investments are in real-estate related assets, corporate bonds of non-property and privately-owned domestic corporations, commercial papers and offshore mutual funds.

In his speech at the launch of the REIT IRR on Monday, Finance Secretary Carlos G. Dominguez III said the new investment vehicle is expected to become a “powerful financial instrument to fund property development and drive the economy forward.”

“We democratize wealth by opening access for thousands of small investors wanting to be shareholders in secure and profitable real estate projects,” he added.

Companies that have previously expressed interest to launch REITs are Ayala Land, Inc., DoubleDragon Properties Corp., Megaworld Corp. and Century Properties Group, Inc. — Denise A. Valdez

Bill on virtual bank framework targeted to be passed this year

THE BILL which provides a regulatory framework for virtual banks is targeted to be passed this year, according to the senior legislator who filed the legislation.

When asked when they target to have the proposal enacted, Representative Jose Maria Clemente S. Salceda, who filed the bill, said via text: “We will try this year.”

As of Jan. 21, the bill is pending with the House Committee on Trade and Industry, according to the House of Representatives’ website.

Mr. Salceda has said the bill will set a “a clear, coherent, and far-sighted regulatory framework for virtual banks, while also granting adequate latitude to the BSP (Bangko Sentral ng Pilipinas).”

The bill provides that the BSP can grant up to five virtual bank licenses every year for five years. The cap can either be brought down or increased thereafter, depending on the decision of the Monetary Board (MB).

“So that’s sufficient number for competition and [to] allow regulation to catchup with technology[’s] mostly unanticipated uses in financial services,” he said in a text message on Wednesday.

Apart from this, the bill directs virtual banks to refrain from imposing minimum account balance requirements in a bid to boost financial inclusion.

It also mandated the functions of a digital-only bank to disburse loans, whether secured or unsecured; invest in marketable bonds and other debt securities; and issue domestic letters of credit, among others.

A Congressional Oversight Committee on Virtual Banks will be set up to monitor the implementation of the bill. It will include members of the House Committee on Banks and Financial Intermediaries and of the Senate Committee on Banks, Financial Institutions and Currencies.

Current players in the local virtual banking field are CIMB Bank Philippines and ING Bank NV-Manila, which both started their digital bank operations in 2019.

Singapore-based digital bank Tonik Financial, through its local unit Tonik Digital Bank, Inc., is also set to join the race as they have already secured a license from the BSP to operate in the country.

“Last December 2019, the MB approved the license of Tonic Bank. They will announce the date of launching,” BSP Deputy Governor Chuchi G. Fonacier said in a text message.

Rizal Commercial Banking Corp. is also eyeing to go into an online-only bank, RCBC Executive Vice-President and Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva said in November. He said they are looking to target the mass market for the offering.

Mr. Villanueva has noted that the country has yet to see local players go into the digital-only banking landscape. — Luz Wendy T. Noble

UP screens Imelda docu The Kingmaker

THE CRITICALLY acclaimed documentary film The Kingmaker will be screened at the Cine Adarna in the University of the Philippines (UP) Diliman on Jan. 29, 7 p.m. Presented by the UP Film Center, Dakila, and Active Vista, the screening coincides with the 50th anniversary of the First Quarter Storm, the 1970 student leaders protest against the government of Ferdinand Marcos that prompted the declaration of Martial Law in 1972. A gala screening will be held at the Cultural Center of the Philippines on Jan. 29 as well. The documentary by Emmy Award-winning filmmaker and photographer Lauren Greenfield centers on former first lady Imelda Marcos, the wife of the dictator Ferdinand Marcos, and highlights Imelda’s confident rewriting of the Marcos family’s disturbing legacy with a narrative of a matriarch’s extravagant love for her country. The UP screening will be followed by a panel discussion. Tickets are available through http://bit.ly/TicketsKINGMAKER and at the UP Film Center Ticket Booth on the screening date for P200.

Lawmaker calls Angkas owner persona non grata; motorcycle taxi wishes ‘to move forward’

By Charmaine A. Tadalan
and Arjay L. Balinbin, Reporter

A RESOLUTION seeking to declare Singaporean investor Angeline Xiwen Tham as persona non grata for owning ride-hailing company Angkas at its inception has been filed in the Senate.

Economic Affairs Committee Chairman Imee R. Marcos, however, raised fears the move against DBDOYC, Inc., the corporate name of Angkas, might threaten foreign investors’ entry in the Philippines.

Senator Aquilino L. Pimentel III, under Senate Resolution No. 287, flagged foreign ownership violations of Ms. Tham, based on records filed with the Securities and Exchange Commission that showed she owns P9.8 billion in subscribed shares or 99.996%.

Mr. Pimentel also cited official documents that showed Ms. Tham appeared as the president of the company.

Angkas “as early as 2016, embarked on the business of motorcycle taxis despite not having any Certificate of Public Convenience and despite knowing that motorcycles cannot be utilized as common carriers,” the resolution read in part.

Further, Mr. Pimentel said that the only 2,204 out of 17,000 Angkas bikers are properly registered under the pilot testing program of the Department of Transportation (DoTr) technical working group on motorcycle taxis.

Justice Secretary Menardo I. Guevarra clarified the resolution is merely an expression of sentiment and that it remains within the authority of President Rodrigo R. Duterte and the Department of Foreign Affairs (DFA) to declare an alien as persona non grata.

“There must be a formal declaration (persona non grata) first by the president or the DFA; but under our immigration laws, any alien may be barred entry by the BI (Bureau of Immigration) for reasons other than being declared persona non grata,” he told reporters over phones message.

“As I said, the executive department will give much weight to the senate resolution, once approved.”

Ms. Marcos disagreed in resorting to blacklisting foreign investor, now that the DoTr and bike-hailing operators are in the middle of negotiations.

“Nagulat ako ng konti kasi ayaw natin ng ganun kasi kung foreign investor bina-blacklist natin baka wala na pumasok dito,” she said in a briefing, Thursday. “Ayusin nila. We are now in the process of negotiating and mukhang bukas isipan ni [DoTr] Secretary [Arthur P.] Tugade. Wala namang hindi makukuha sa magandang usapan.”

(I was a bit surprised because if we blacklist foreign investors, they might not come in anymore. They should fix it. We are now in the process of negotiating and it seems DoTr Secretary Arthur P. Tugade is open-minded. Everything can be reached through a good discussion.)

She also recommended to the department, through the Land Transportation Franchising and Regulatory Board (LTFRB), to look into the ownership of other operators, JoyRide (We Move Things Philippines, Inc.), and Move It (We-Load Transcargo Corp.), for the sake of transparency.

In addition, Ms. Marcos suggested the local government unit should be given more regulatory power, and that mechanisms should be put in place to control price surge.

Sought for comment, Angkas said it wishes to move forward from issues related to the previous debacle with the government’s technical working group that imposed a cap on the number of bikers and allowed two more motorcycle firms to participate in the pilot program on motorcycle taxis.

Angkas issued the statement in response to Mr. Pimentel’s call.

“We have high regard for the Senate and hope for a positive result in the process. We respect the prerogative of the good Senator, but we would really like to move forward on these issues,” Angkas said in a statement issued by its regulatory and public affairs head, George I. Royeca.

“We in Angkas, specifically Angeline and myself, look forward to cooperating and collaborating with the Senate, Congress, DoTr, and the LTFRB whom have already come together in an excellent display of democracy in action,” the ride-hailing firm said.

“Our focus is on making the pilot study a success to further improve the welfare of our Filipino commuting public.”

European Central Bank set to launch review that will redefine its main mission and tools

FRANKFURT — European Central Bank (ECB) President Christine Lagarde is set to launch a broad review of its policy on Thursday that is likely to see her redefine the ECB’s main goal and how to achieve it.

The euro zone’s central bank has fallen short of its inflation target of just under 2% for years despite increasingly aggressive stimulus measures under Lagarde’s predecessor, Mario Draghi.

ECB rate-setters are not expected to make any policy change this week but simply stand by their pledge to keep buying bonds and, if needed, cut interest rates until price growth in the euro zone heads back to their goal.

Ms. Lagarde will, however, announce the start and scope of the ECB’s first strategic review since 2003, which will last for most of the year and span topics from the inflation target to digital money and the fight against climate change.

Investors will be looking for clues to whether the review will see Ms. Lagarde cement her predecessor’s legacy of monetary largesse, or if she will use it to acknowledge worries that years of easy credit have fueled financial bubbles.

“(Thursday’s) meeting will be important in assessing whether the aim of reconsidering the inflation target has retained the dovish motivation focus that Draghi had tried to give it,” said Greg Fuzesi, an economist at JP Morgan.

The ECB will announce its monetary policy decision at 1245 GMT and Ms. Lagarde will hold her second news conference as the central bank’s chief from 1330 GMT.

The euro, at $1.1083, was hovering just above a one-month low against the dollar early on Thursday while Asian stocks tumbled on worries about the spread of a new flu-like virus in China.

TARGET
Changing the ECB’s formulation of price stability — currently defined as an annual inflation rate below, but close to, 2% over the medium term — will be the focal point of the review.

The ECB could signal its commitment to boosting inflation by raising the goal to 2% and spelling out that it will take any undershooting just as seriously as an overshoot.

“Our inflation target must be symmetric. If the central target is seen as a ceiling, we have less a chance of meeting it,” ECB policy maker Francois Villeroy de Galhau said recently.

But policy hawks on the Governing Council, who have long called for the ECB’s money taps to be shut off, will not go down without a fight.

Some of them favor creating a tolerance band around 2%, which would lower pressure on the ECB to act, while others would leave the target unchanged or even cut it.

Rate-setters will also debate the pros and cons of their tools, such as sub-zero rates and massive bond purchases, which have been credited with staving off the threat of deflation but at the cost of an unprecedented rise in house and bond prices.

The ECB regularly lauds those instruments, recently estimating that without them, the euro zone economy would have been 2.7 percentage points smaller at the end of 2018.

But minutes of the December meeting show growing discomfort about their side effects. That led to calls by some policy makers to give housing costs greater weight in inflation calculations and take into account households’ perceptions of price growth, which is generally higher than official figures.

POLICY ON HOLD
While these matters are addressed, the ECB is expected to leave its monetary policy on hold.

That would leave it buying €20 billion ($22.16 billion) worth of bonds every month and charging banks 0.5% on their idle cash for most of the year.

“While the ECB reviews its strategy, we see no change in policy settings,” economists at Morgan Stanley wrote in a note.

Euro zone data has improved recently, leading economists to believe the export-focused economy has weathered the storms of the global trade war.

Furthermore, a trade deal between the US and China, and the prospect of an orderly Brexit are lessening the two main risks the ECB had said were clouding the horizon.

But the outlook for euro zone growth and inflation remains lukewarm, meaning the ECB is likely to strike a cautious tone by reaffirming its warning about “downside risks” to the economy.

“It is likely too early to sound the all-clear, or change the risk assessment to ‘balanced,’” Societe General economist Anatoly Annenkov said. — Reuters

The iron butterfly

The Kingmaker
Directed by Lauren Greenfield

LAUREN GREENFIELD’s The Kingmaker is a welcome addition to a too-meager genre of films: documentaries and dramas attesting to the abuses of the Marcos’ regime.

Of course the hook Greenfield uses getting us into the sordid history of contemporary Philippine politics is the eponymous figure herself. First Lady of the Philippines for 21 years, having held one government position after another through the passing decades (her latest being Ilocos Norte representative up to June of last year). She’s a compelling figure, alternately comic and monstrous, apparently delusional, definitely sociopathic, eminently unreliable when it comes to the truth about her and her much adored, much loathed husband and family (to quote Robert Thom and Charles Griffith: “Loved by thousands hated by millions!”).

Greenfield adopts the obvious — and, really, inevitable — strategy: let the woman speak for herself. Imelda turns on her charm full force, at one point presenting an array of framed pictures attesting to all the international celebrities and world figures she has met (standing impassively nearby when one photograph tumbles and shatters, and an aide hurries over to pick up the shards); she spins one tale after another, of how she listened to Saddam Hussein’s troubles and helped achieve world peace with Mao Zedong — images accompany the anecdotes, including one of Imelda smiling beside Ronald Reagan. She smiles and tells the camera, pointblank: “The perception is real, the truth is not.” You can’t help but think of Hitchcock’s lens lingering on Norman Bates’ smile, how this woman possesses considerably more reach and power, has over the years caused infinitely more harm.

Greenfield does a good job sketching what should be familiar territory for most Filipinos: Imelda and her husband Ferdinand’s meteoric rise to power, his chillingly effective attempt to remain in power by declaring Martial Law, his ignominious fall and escape to Hawaii. As Ramona Diaz does in her 2008 documentary Imelda, Greenfield introduces a cast of characters that undermine the former First Lady’s fairytale narrative* — here using powerful testimony from Andres Bautista (who led the hunt for Marcos’ hidden wealth) and Etta Rosales (torture survivor and head of the Commission on Human Rights), among others. Really, one can pick any number of witnesses to the corruption, excruciations, killings — the family, say, of Primitivo Mijares, whose expose The Conjugal Dictatorship is still the definitive inside look, and whose disappearance (along with the brutalization and murder of his youngest son Boyet) only validates his words.

Where Greenfield comes into her own is in the film’s second half, chronicling Imelda’s long climb back to a position of power — higher now than ever before thanks to the Philippines’ current president. Greenfield shows us video footage of both Duterte and eldest daughter Imee Marcos admitting the family had contributed substantial money to his election campaign, lets us slowly chew over the implications; she goes on to sketch the corruption and brutality of this regime, seemingly determined to outdo even the Marcoses in body count (some 30,000 victims to date of Duterte’s bloody drug war, according to some sources).

It’s not a perfect work: Greenfield apparently works under the assumption that an honest and logical examination of Imelda’s true character is what’s needed to deal with her, but in an article in The Nation, Rebecca Liu points out another lesson: that in this age of Trump, truth and reason get you only so far, while “intuition and personality” and “beauty and charisma” seem to get you further. Understanding this and understanding your audience may be crucial to counteracting this kind of success, both in the Philippines and in other countries.

Ms. Liu’s thoughts don’t fully explain Trump or Imelda either, I suspect: Trump appeals to a specific demographic, Imelda and her children to the voters of Ilocos Norte (Ferdinand Marcos’ home province); Trump has shadowy links to Russia’s Putin, Duterte to China’s Xi Jinping.

I’d also take exception to Greenfield’s title: “kingmaker” sounds like a master manipulator standing in the sidelines pulling strings. Putting money into the Duterte campaign was smart but I suspect was Imee’s idea, and brought the family limited success: Ferdinand’s eldest son Bong Bong campaigned to be Duterte’s vice-president and lost; appealed the election results and lost again. Imelda has never struck me as a master anything: a grotesque character certainly, and cunning in how she picks her way through her intricately (if not consistently or coherently) formed narratives — but patently transparent in her inventions, despite Greenfield’s protests to the contrary. Perhaps the older generation of Filipinos just know her too well.

The newer more credible generation however — that’s a problem. They’re like gullible sheep that need to be led, guided, urged along the right path. They —

But you see the problem. Meanwhile there’s this, as I said a welcome addition to an all-too-sparse genre.

*In Ramona Diaz’s case, her witnesses included writer Pete Lacaba and the late Fr. James Reuter.

PhilWeb expects profitable year, in talks to acquire firm’s online gaming business

PHILWEB CORP. is looking to seal a strategic partnership with an online gaming operator as it expects to return to profitability this year.

Crisanto Roy B. Alcid, vice-chairman of the listed gaming firm, told reporters Wednesday PhilWeb is in talks with a local firm to acquire its gaming operations.

“What’s exciting this year is… we’re working with a new group on a strategic partnership to hopefully grow both the e-games business and the e-bingo business. E-games for the short-term, e-bingo for the long-term,” he said.

“We’re officially in negotiations already. The term sheet is being [drafted],” he added.

Mr. Alcid refused to identify the company, but he noted it is working with the “biggest POGO operator (Philippine Offshore Gaming Operator) in the world.”

PhilWeb draws the bulk of its revenues from about 66 e-gaming outlets and more than 20 e-bingo sites, which help it recover from posting losses since it resumed operations in December 2017.

In the first nine months of 2019, PhilWeb cut its attributable net loss by 62% to P26.79 million, driven by a 33% rise in revenues to P394.91 million.

“We’re poised this year… It’s going to be the turnaround year,” Mr. Alcid said.

PhilWeb’s previous owner Roberto V. Ongpin was singled out by President Rodrigo R. Duterte when he said in a speech in 2016 that he wanted to “destroy” the country’s “oligarchs.” This eventually led to the shutdown of PhilWeb’s operations that year — which consisted of nearly 300 e-gaming sites — after its contract expired.

When the company was given the go-ahead by the Philippine Amusement and Gaming Corp. to resume operations in 2017, it opened shop with the number of its e-gaming sites reduced to 16 from 288.

PhilWeb has since been bought by Gregorio Ma. Araneta III, who now sits as chairman and chief executive officer of the listed firm. The transaction was completed in 2017.

Starting February, PhilWeb will be under the leadership of Senior Vice-President for Gaming Brian K. Ng, who is replacing President Dennis O. Valdes as he moves to Ongpin-led Alphaland Corp.

“We put a long-term plan in place. I think a lot of that was initiated with the directive of Mr. Araneta. Dennis set that turnaround plan in place. Our task is to move it forward,” Mr. Ng said about his appointment.

PhilWeb is targeting to have at least 100 e-gaming sites within the year.

Shares in PhilWeb at the stock exchange fell six centavos or 2.32% to P2.53 apiece on Thursday. — Denise A. Valdez

PHL talent competitiveness improves to 46th

THE Philippines ranked 46th globally in the competitiveness of its talent around the world, with Filipinos achieving their best performance in terms of global knowledge and skills, a business school said in a study.

The Singapore campus of INSEAD Business school, which teamed up with the Adecco Group and Google, launched the 2020 Global Talent Competitiveness Index on Wednesday, a ranking which showed the Philippines at 46th out of 132 countries studied, rising from 58th in 2019.

The Philippines was fourth among ASEAN countries, after Singapore (3rd), Malaysia (26th), and Brunei (38th).

The study showed the Philippines at 32nd place in Global Knowledge Skills, landing in the top quartile of the list. The study compilers cited Filipino workers’ “high level skills” and “talent impact,” rated at 37th and 29th, respectively. Filipino also scored highly in subcategories like Lifelong Learning (17th) and Access to Growth Opportunities (24th).

However, INSEAD said in a statement Wednesday that the Philippines’ weak spots were enabling (68th) and retaining (69th) talent, improving the regulatory environment (91st) and market landscape (86th) and lifestyle (81st) indicators.

The top 10 countries were Switzerland, the US, Singapore, Sweden, Denmark, Netherlands, Finland, Luxembourg, Norway, and Australia.

The study emphasized the need for recognizing Artificial Intelligence (AI) as a factor in becoming more globally capable in the workplace. INSEAD Executive Director of Global Indices Bruno Lanvin said, “There is little question that AI is a game-changer in every industry and sector. At this critical juncture, the race for AI-capable and AI-compatible talent and the quest to develop the skills required will only intensify.”

Adecco Group’s Alain Dehaze added it is up to all stakeholders to improve skills in order to keep up with this change: “Organizations and governments must refocus on upskilling and reskilling, to help the workforce of today become a workforce ready for the opportunities the future will bring.” — Gillian M. Cortez

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