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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

CBA’s pension arm hit with class-action lawsuit

COMMONWEALTH BANK of Australia (CBA) said on Thursday a class-action lawsuit was filed against its pension arm, Colonial First State, for allegedly not acting in customers interest for insurance policies.

The pension arm of Australia’s biggest bank has been hit with at least three such lawsuits, highlighting the intense scrutiny the sector faces after a government-backed inquiry showed systemic over-charging of fees.

The law firm, Shine Lawyers, had said in a statement earlier this week that Colonial First State encouraged customers to pick policies by CBA’s insurance unit CommInsure, leaving them with higher premiums.

“These customers were forced to pay more for life insurance as well as total and permanent disability insurance, and this has eaten into their superannuation,” its class actions practice leader Rebecca Jancauskas had said.

The country’s biggest bank said it was reviewing the claim, while the law firm said it acted on behalf of “hundreds of thousands of Australians.” — Reuters

What to see this week

5 films to see on the week of January 24, 2020 — January 30, 2020

Bad Boys for Life

COPS Mike Lowery and Marcus Burnett team up to capture the leader of a Miami drug cartel. Directed by Adil El Arbi and Bilall Fallah, the comedy stars Will Smith and Martin Lawrence. Indiewire’s David Erlich writes, “El Arbi and Fallah have a firm grip over the plot, and tensions escalate at such an even-keeled pace that you might wish the directors luxuriated a bit more in its quieter moments; when major characters bite the bullet, it can feel like viewers care about them more than the movie ever did.”

MTRCB Rating: R-13

Spies in Disguise

WHEN super spy Lance Sterling is turned into a pigeon, he relies on scientist Walter Beckett as they go on a mission to save the world. Directed by Troy Quane and Nick Bruno, the animated film features the voices of Will Smith, Tom Holland, Rashida Jones, and Ben Mendelsohn. rogerebert.com’s Christy Lemire writes, “… it might even give you something to talk about with your relatives of varying political persuasions.”

MTRCB Rating: G

Vanguard

AN ACCOUNTANT seeks help from the security company Vanguard after he is targeted by a powerful mercenary organization. Directed by Stanley Tong, the film stars Jackie Chan, Yang Yang, and Miya Miqui.

MTRCB Rating: PG

Nightshift

A YOUNG woman gets trapped in the morgue on her first day of work when the dead show signs of resurrection. Directed by Yam Laranas, the film stars Yam Concepcion, Levy Tram, and Xiaoming Huang.

MTRCB Rating: R-13

D’ Ninang

THE MATRIARCH of a gang of thieves reunites with her estranged daughter who is a firm believer of everything right. Directed by G. B. Sampedro, the film stars Ai-Ai de las Alas, Kisses Delavin, and McCoy De Leon.

MTRCB Rating: G

Performance improvement plan as the Sword of Damocles

Our department head sent me a schedule of what to improve in my work performance days after giving me a failing mark in my annual appraisal form. The PIP includes specific targets, standards, and a timetable and I was given only two months to improve my performance. Is it the right time to resign or do my best under the circumstances? — Polka Dots.

Many people live their lives like the high-rise construction worker who was carelessly walking on an upper beam without a safety harness. One day, he accidentally fell off. As he was falling, a man on the 21st floor cried out loud: “What’s happening? How are you doing?” The man in his usual boastful ways replied: “So far, so good!”

Just like our devil-may-care construction worker in this story, regular workers tend to slack off until judgment day when they’re issued a formal, detailed warning about their poor work performance. When this happens, that means management is serious about everything and is following the rules on due process before one is dismissed from employment. Usually, it’s being done through the issuance of a PIP (performance improvement plan). It’s like being sent back to probationary status.

But what’s wrong with your own PIP? An ordinary PIP carries with it the usual three-month re-trial period, just like when you were on probation before but on a shorter time scale. Sometimes, generous benevolent management extend it to six months, depending on your human resources policy. However, if your management insists on a two-month plan, it means they can’t wait any longer. It’s either you shape up or ship out at the soonest possible time.

Therefore, only you who can answer your own question. Do you have the energy or motivation to move mountains in two months? Or do you have many options to consider other than your current employer? If not, then better to reassess your plan that may include refurbishing your curriculum vitae and start looking for another job elsewhere, if not consider starting a business.

THREE IMPORTANT CONSIDERATIONS
A performance appraisal is often viewed as a difficult exercise for both the boss and his people. It becomes doubly difficult when a PIP is issued and becomes your Damocles Sword. At times, you can’t avoid the emotional part of it all. It’s tricky. That’s because you can’t simply summarize with few check marks or brief sentences the specific performance of people. With this in mind, the following considerations may help you assess your chances of dealing with your PIP:

One, don’t be deceived by the formality of the PIP. You’re being placed on PIP to make one’s termination of employment legally compliant. Chances are, and in real work life situation, your boss may have already made up his mind to keep you out of the organization. This means, no matter what you do, even if you think you’re capable of turning the tables by doing your best, a dissatisfied boss will always be dissatisfied and out to make it difficult for you to recover.

Why not? If your boss cares about you, he should have called your attention a long time ago and not at the end of the annual performance review cycle, when you may have little margin of wiggling out of the situation. If he truly cares about your career goals, he should have coached you through a periodic one-on-one counseling, if not arrange for a frequent supervision meeting or, much better, asking you what resources you need to improve your work.

Two, look back to discover how you may have crossed your boss. It could be that you may have said something bad about your boss to some purported friends within the organization who reported your back-stabbing to him. In the corporate rat race, everything is possible especially for some people who are interested in taking over your position through unethical means.

If your boss discovers your disloyalty, then that could be the end for you. The boss may not even confront you to discover the truth, but simply accept the negative report. He may not even bother to study the “root causes” of it all. While we expect some form of objectivity from anyone at the management level, you can’t expect much from a biased boss.

Last, consider asking management for a safety net. If you decide that resignation is the best option for you, appeal to the goodness of their hearts by asking for a monetary assistance to help you and your family tide over. To my mind, the reasonable amount is equivalent to three months of one’s basic pay. Also, seek for a tax-free monetary assistance, if possible. In addition, seek for an early effective date of your resignation, so you can start exploring other jobs elsewhere.

Whatever happens, don’t burn the bridge. Keep communications lines open and remain positive and upbeat. It’s difficult, but that’s the only thing you can do under the circumstances. If you’re looking for a new job, the next best thing is for you is to protect the integrity of your employment history and your relationship with your boss, no matter how shaky it has become.

CONCLUSION
Bringing back the good old days is difficult, if not impossible. The past is past. If you’ve committed a mistake or many mistakes in your work performance or relationship with people, including your boss, then there’s no point in wallowing in misery. Let go of the past. Start living your life to the fullest by actively looking of what’s in store for you in the future. Look at the future with a fresh set of eyes.

Read many inspirational stories to keep you moving. Do a lot of networking, either on social media or through eyeball-to-eyeball meetings. Just keep on moving without necessarily spending so much money. Your course of action depends much on your current personal circumstances, like your age or whether you’re single or married with kids of school age. Whatever your status in life, there are always new opportunities that you have to discover somewhere. That is, if you care to move on without anger in your heart.

ELBONOMICS: The best place to start anew is where you’re currently seated.

 

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

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