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With the advent of Republic Act No. 11232, otherwise known as the “Revised Corporation Code of the Philippines,” (RCC) which became effective on Feb. 23, one need not assemble a group of at least five individuals in order to establish a Philippine domestic corporation.
“The pace of change has never been this fast, yet it will never be this slow again,” said the Prime Minister of Canada Justin Trudeau during the World Economic Forum gathering. We have never seen a world as volatile, uncertain, complex, and ambiguous as it is now. Technology is progressing at break-neck speeds, giving rise to new competitors that grow exponentially. Consumer preferences are changing fast due to the entry of the younger generations who voraciously purchase online, forcing many traditional retailers to close shop.
It was full house at the Martha Stewart Leadership event sponsored by ANC at Sofitel. Who is Martha Stewart? Why is she such a big celebrity? She is the first self-made American woman billionaire who has consistently reinvented herself. She is the icon in lifestyle, baking and gardening, among others, and has built an empire in publishing and selling many Martha Stewart home items.
Dr. Jesus Estanislao of the Institute of Corporate Directors once graced a governance forum at the Development Bank of the Philippines (DBP) where he extolled the values of integrity, fairness and accountability in all that we do. Being a development bank, he asked DBP to remember they work not just for the themselves and the institution but for a larger community, not just for today but for the future.
ANAHEIM, CALIFORNIA — Bacolod City’s award-winning MassKara Dance Troupe has invaded the happiest place on earth — Disneyland Resort — which had just opened its newest themed area known as Star Wars: Galaxy’s Edge. Yesterday, the MassKara dancers performed at the Disney California Adventure theme park here in Anaheim, the most populous city in Orange County just south of Los Angeles.
This writer has been privileged to have attended the full program of the Institute of Corporate Directors (ICD) and one of the key learnings from the program is the policy on board relationship with the CEO and the management team. It is a very critical policy statement that deserves universal understanding.
My Asian Institute of Management-Master in Business Management alumni class has a very active Viber group and recently our exchange revolved around the debate on whether new management theory has been discovered. One view says that management theory hasn’t really changed in the past 50 years, except that framing of the theory has progressed in the elusive search for the winning management formula. This has given birth to an industry of best selling books written by experts claiming to have discovered the immutable laws of management and leadership.
Many technology companies and start-ups are disrupting incumbent industry players by providing better customer experience, thereby capturing significant market shares. Take for example Dollar Shave Club, which disrupted the razor market in the US in 2012, grabbing 30% market share from Gillette in just a few years by offering good enough blades through a direct-to-consumer selling via internet and mail order until it was acquired by Unilever for a reported $1 billion in cash.
At the 122nd Department of Finance (DoF) anniversary hosted by Finance Secretary Carlos G. Dominguez III on May 6, it was a wonderful reunion of former DoF Secretaries: Prime Minister Cesar Virata, Ed Espiritu, Jose Pardo, Gary Teves and former Undersecretaries Romy Bernardo, Kune Gison, Chil Soriano, Ruben Fruto, among others. Present were current DoF Undersecretaries and agency heads: Karl Chua, Gil Beltran, Antonette Tionko, Bayani Agabin. Also present were Philippine Deposit Insurance Corp. President Bobby Tan, Securities and Exchange Commission Commissioner Tonette Ibe, Bureau of Internal Revenue Commissioner Caesar Dulay, National Treasurer Rosalia de Leon, Development Bank of the Philippines President Manny Herbosa, Land Bank of the Philippines’ Cecille Borromeo, and Philippine Export-Import Credit Agency head Albert Pascual, among others.
DEVELOPMENT means different things to different people in different places, at different times. In broad terms however, development is progress, a change from one state to a better state. But not any change qualifies as development. Change must be reasonably rapid, visible and substantive. It must be capable of being measured, quantitatively or qualitatively.
Technology is becoming a key component of many organizations nowadays as a response to disruptions coming from start-ups and other emerging competitors. This is compounded by the emergence of the “true digital native consumers,” the Generation Z, who were born wielding and using only digital tools.
MANDAUE CITY — With 10 days to go before the midterm national and local elections, there is growing concern about the power situation on May 13 following the series of rotational brownouts and “red alerts” triggered by recent earthquakes that rocked Zambales, Eastern Samar, and Surigao del Norte as well as the ongoing El Niño weather phenomenon.
WHENEVER I do my spiel about the product offerings of the Development Bank of the Philippines (DBP), I highlight our aversion to providing car loans. In jest, I say we do not want to add to the traffic problem, especially in urban cities. Clearly, car financing is a staple of the private banking sector and it does not make development and economic sense for DBP to put its hat in the circle, even if the numbers will indicate it is probably one of the more lucrative banking/finance segments.
When the International Data Corp. (IDC) unveiled its top predictions for the Philippine information and communications technology (ICT) industry in 2019 and beyond, it predicted that at least 30% of organizations across the country would achieve digital determination by 2020.
In the last episode of the Game of Thrones’ penultimate season, Cersei demands that Jon Snow remains neutral between the queens, but Jon affirms he has already sworn himself to Daenerys. This led to initial collapse of the talks. Jon was asked why he could not lie to achieve the negotiation’s objective. And Jon Snow responds about the importance of honesty and integrity.
“La Mesa Dam has already dried up!” This is what a local water agency told me when we recently spoke, referring to its lowest point in over a decade because of the effects of El Niño. According to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), the dam’s current level is at 69.54 meters — less than half a meter from the very critical level of 69 meters. The standard operating level is between 78 to 80.15 meters, it is currently.
RETIRING after all those years of hard work is something to look forward to, but how can you be so sure that your financial situation is ready for it? Reality bites. Retirement planning is a financial necessity that should commence as soon as one finds some stability in his chosen career.
On December 20, 2018, President Rodrigo Roa Duterte signed into law Republic Act No. 11165, otherwise known as the “Telecommuting Act,” which declares that it is a policy of the state “to affirm labor as a primary social economic force. To this end, it shall protect the rights of workers and promote their welfare, especially in the light of technological development that has opened up new and alternative avenues for employees to carry out their work, such as telecommuting and other flexible work arrangements.”
IT WAS in 2007 when I started to talk about cloud computing in public fora, company and client meetings, and articles in newspapers. It was too early during that time. I remember presenting its concepts during a management committee meeting in a global IT services company, and I either got blank stares or jokes about cloud. One executive asked, “So what is cloud?” I said, “Cloud is what you want it to be — software, hardware, security, etc.”
2019, the Year of the Earth Pig, will be a year of abundance and positive vibes according to Oriental astrology. Its immediate predecessor was 1959, when the Philippine post-war economy was flourishing under then President Carlos P. Garcia, who pursued the “Filipino First” policy. Like 1959, 2019 is also a midterm election year in the country.
THE year 2018 has been marked by disruptions in the global market, evidenced by the growth of e-commerce platforms, fintechs, and start-ups that shake up traditional industries and businesses, especially the retail sector. Toys “R” Us closed its US stores in March, Nine West filed for bankruptcy in April, Sears, once the largest retailer in the world, filed for Chapter 11 bankruptcy protection on October, and a host of others. An all-time high of 16 US retailers have filed for bankruptcy or announced liquidations so far in 2018.
1968 has been portrayed in many publications as the most turbulent year in the 20th century that rocked the very foundations of Planet Earth. It was the year when world history seemed to change daily — with the tumultuous 1960s reaching a political and cultural boiling point in dramatic, game-changing fashion.
FOR MORE than a decade, the Financial Executives Institute of the Philippines (FINEX) has been giving due recognition to outstanding achievements in the financial sector. These awards are doubly significant this year, since 2018 is the golden anniversary of the country’s premier professional organization for finance practitioners.
ANOTHER storm is coming our way. Fortunately, we seemed to have learned our lessons as government leads the way in taking the necessary steps to be ready for whatever the typhoon will bring about. Allow me to share the Development Bank of the Philippines (DBP) journey in disaster and climate risk management as one of the government financial institutions (GFI) in the country.
SOME say the “CFO” of today now stands for “Chief Future Officer.” And perhaps rightfully so. The title perfectly encapsulates how the role of the modern CFO has evolved over the years — from being a bean counter, number cruncher, or tax filer, to a multi-tasker able to navigate disruptions, drive business decisions, and prepare the organization for growth.
ACCORDING to Greg Laurie, money is a very important topic in the bible. It is the subject of nearly half of the parables of Jesus Christ. It is covered in one out of every seven verses in the New Testament. The Bible offers 500 verses on prayer, fewer than 500 verses on faith and more than 2000 verses on money. And 15% of everything Jesus taught was on the topic of money and possessions — more than his teachings on heaven and hell combined.
IN celebration of the Golden Jubilee Year of Financial Executives Institute of the Philippines, FINEX launched an ethics book entitled Ethics: Black White (or Gray)? which gathered essays and actual cases from 50 well-known personalities from the government, banking and private sectors.
THE start-up scene all over the world is still flourishing. In the Philippines, there are currently more than 300 start-ups in the country and over 200 of them are actively operating, according to the first study profiling the Philippine start-up ecosystem by PwC Philippines and the Department of Trade and Industry (DTI).
AT THE BAIPHIL 3rd General Membership Meeting, corporate governance “guru” and guest speaker Dr. Jesus Estanislao emphasized that governance demands a focus on the long-term, realizing a great “vision” in five to ten years. Governance demands a focus on the institution and what the institution should become. Yes, people are very important, but cautioned against personalities. He said governance asks for a strategy, a set of priorities pursued across all the different facets of any business. The key focus is on priorities which must be inter-connected and mutually supportive.