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The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»
Meta faces backlash over Canada news block as wildfires rage
Meta is being accused of endangering lives by blocking news links in Canada at a crucial moment when thousands have fled their homes and are desperate for wildfire updates that once would have been shared widely on Facebook. The situation "is dangerous," said Kelsey Worth, 35, of one nearly 20,000 residents of Yellowkife and thousands more in small towns ordered to evacuate the Northwest Territories as wildfires advanced. She described to AFP how "insanely difficult" it has been for herself and other evacuees to find verifiable information about the fires blazing across the near-Arctic territory and other parts of Canada. "Nobody's able to know what's true or not," she said. "And when you're in an emergency situation, time is of the essence," she said, explaining that many Canadians until now have relied on social media for news. Meta on August 1 started blocking the distribution of news links and articles on its Facebook and Instagram platforms in response to a recent law requiring digital giants to pay publishers for news content. The company has been in a virtual showdown with Ottawa over the bill passed in June which only takes effect next year. Building on similar legislation introduced in Australia, the bill aims to support a struggling Canadian news sector that has seen a flight of advertising dollars and hundreds of publications closed in the last decade. It requires companies like Meta and Google to make fair commercial deals with Canadian outlets for the news and information -- estimated in a report to parliament to be worth Can$330 million (US$250 million) per year -- that is shared on their platforms, or face-binding arbitration. But Meta has said the bill is flawed and insisted that news outlets share content on its Facebook and Instagram platforms to attract readers, benefiting them and not the Silicon Valley firm. Profits over safety Canadian Prime Minister Justin Trudeau this week assailed Meta, telling reporters it was "inconceivable that a company like Facebook is choosing to put corporate profits ahead of (safety)... and keeping Canadians informed about things like wildfires." Almost 80 percent of all online advertising revenues in Canada go to Meta and Google, which has expressed its own reservations about the new law. Ollie Williams, director of Cabin Radio in the far north, called Meta's move to block news sharing "stupid and dangerous." He suggested in an interview with AFP that "Meta could lift the ban temporarily in the interests of preservation of life and suffer no financial penalty because the legislation has not taken effect yet." Nicolas Servel, over at Radio Taiga, a French-language station in Yellowknife, noted that some had found ways of circumventing Meta's block. They "found other ways to share" information, he said, such as taking screenshots of news articles and sharing them from personal -- rather than corporate -- social media accounts. Life and death Several large newspapers in Canada such as the Globe and Mail and the Toronto Star have launched campaigns to try to attract readers directly to their sites. But for many smaller news outlets workarounds have proven challenging as social media platforms have become entrenched. Public broadcaster CBC in a letter this week pressed Meta to reverse course. "Time is of the essence," wrote CBC president Catherine Tait. "I urge you to consider taking the much-needed humanitarian action and immediately lift your ban on vital Canadian news and information to communities dealing with this wildfire emergency." As more than 1,000 wildfires burn across Canada, she said, "The need for reliable, trusted, and up-to-date information can literally be the difference between life and death." Meta -- which did not respond to AFP requests for comment -- rejected CBC's suggestion. Instead it urged Canadians to use the "Safety Check" function on Facebook to let others know if they are safe or not. Patrick White, a professor at the University of Quebec in Montreal, said Meta has shown itself to be a "bad corporate citizen." "It's a matter of public safety," he said, adding that he remains optimistic Ottawa will eventually reach a deal with Meta and other digital giants that addresses their concerns. The post Meta faces backlash over Canada news block as wildfires rage appeared first on Daily Tribune......»»
No point hiding
At a time of greatest need, one learns the true character of those who proclaim to always be on the side of the marginalized sector. Business big kahuna San Miguel Corp.’s motto, “Walang iwanan” (Leave no one behind), became an empty sales pitch during the Mindoro oil spill, one of the biggest catastrophes of its kind in the country’s history. SL Harbor Bulk Terminal Corp., a subsidiary of San Miguel Shipping and Lighterage, contracted RDC Reield Marine Services to ship 900,000 liters of industrial oil on its tanker, the MT Princess Empress, that later sunk off the coast of Oriental Mindoro. SMC has not addressed calls to take responsibility for the 28 February incident. It has instead maintained its silence on its role in the MT Princess Empress tragedy. Groups representing the oil spill-affected communities in Mindoro decried the audacity of SMC in covering up its involvement with a mere cleanup drive. Mindoro communities continue to worry about the increased presence of tankers carrying toxic fuel in their waters courtesy of SMC, which is beefing up its liquefied natural gas business in the area. Protect the Verde Island Passage, which advocates freeing the marine treasure called the “Amazon of the Oceans” of human threats, said SMC cannot be trusted with safety due to its dismal record in safeguarding communities from the destructive effects of its businesses. “We hope that this time around, SMC will be called to account for its role in the MT Princess Empress oil spill, as stated in the Revised Rules on Prevention, Containment, Abatement, and Control of Oil Marine Pollution of Philippine Coast Guard Memorandum Circular 01-2005,” Fr. Edwin Gariguez, lead convenor of Protect VIP, said. With SMC as the charterer of the oil tanker, it is considered the owner of the vessel and the spiller of the oil, according to the ecology warrior. His group has demanded that SMC pay at least P70 million in cash bonds consisting of P50 million for cleanup and containment and P20 million for the damage and payment to the impacted communities as a preliminary reparation. “Environmental destruction and livelihood deprivation come with a hefty price tag. SMC should be in the news for something big — we hope it will be for the biggest penalty ever imposed on a Philippine company,” Gariguez said. In a Senate investigation, it was estimated that the oil slick from the tanker affected 20,000 hectares of coral reefs, 9,900 hectares of mangroves, and 6,000 hectares of seagrass beds in Oriental Mindoro, Occidental Mindoro, Palawan and Antique. In the investigation, it was found that RDC had been operating under a falsified certificate of public convenience that SMC appeared to have tolerated. The scant mention of SMC during the Senate proceedings did not escape the notice of many since the senators were directing the blame for the tragedy on the vessel owner and the maritime agencies. One senator even had the temerity to free SMC from any accountability, saying that under the law the charterer is not responsible for an oil spill. Given that such a law exists, it can’t be denied that the SMC cargo caused untold misery. The Asian conglomerate has pictured itself as a responsible corporate citizen, particularly during the pandemic years. It has been reported that residents affected by the oil spill continue to experience dizziness, nausea, headaches and fever. A report by the National Disaster Risk Reduction and Management Council, or NDRRMC, said the oil spill affected 42,487 families, 200,244 persons, and 24,698 farmers; caused P6.7 million worth of damage to the livestock, poultry, and fisheries industries, and P4.9 million in estimated damage to agriculture. In the Mindoro oil spill, SMC can’t use its minions in the judiciary and the legislature to escape accountability for its glaring neglect of the safe shipment of cargo it owned. It must man up to its responsibility. The post No point hiding appeared first on Daily Tribune......»»
Sumitomo pours P27B into RCBC
Rizal Commercial Banking Corporation, or RCBC, successfully sealed the deal for a fresh capital of P27 billion through its sale of 15 percent stake to Japan’s Sumitomo Mitsui Banking Corporation, or SMBC. In a disclosure to the Philippine Stock Exchange on Monday, RCBC said the capital infusion will “reinforce the bank’s growth trajectory particularly in core businesses, corporate, small and medium enterprises and retail segments.” RCBC President Eugene Acevedo said it will open opportunities for “adopting global best practices, and customer-centric strategies, promoting disruptive banking solutions, and expediting our digital transformation.” RCBC said the parties will now proceed to accomplish post sale requirements and activities. Presence in 40 countries Founded in 2003, Japan’s SMBC serves clients in 40 countries and was the twelfth largest bank in the world in 2019, according to Bloomberg. It offers cash management, treasury management, corporate lending, structured financing, asset backed financing, export credit agency financing and loans to individuals and enterprises. On the other hand, RCBC is the fifth largest bank in the Philippines in terms of assets. In the first quarter this year, the bank’s total resources rose by 20 percent to P1.2 trillion, boosted by 46-percent growth in credit card receivables and 67-percent growth in credit card billings. RCBC grew its net income to P3.6 billion during the first three months, up by 70 percent compared to the year-ago level. Credit card issuances also ballooned by 44 percent, which the bank managers attributed mostly to data analytics. “We are reinforcing our sales network to enable wider and efficient coverage, guided by data science and analytics to further understand customer needs and serve them better,” Acevedo said. RCBC serves clients at its 462 branches nationwide and through its mobile app DiskarTech caters to the mass market, offering savings, fund transfer, insurance and microfinance to individuals and small and medium enterprises. The post Sumitomo pours P27B into RCBC appeared first on Daily Tribune......»»
Viable aggie solution needed
It was a soporific SoNAta from the halls of Congress. But there were sudden drumbeats that perked up his audience. President Ferdinand “Bongbong” Marcos Jr. surely knows how to spice up his speeches. “The campaign against illegal drugs shall continue,” “bilang na ang araw ng mga smuggler,” amnesty to rebels, national integration of the power grid, digitalization of the government bureaucracy, continuation and expansion of infrastructure projects of the PRRD administration, and the creation of a Department of Water Resource Management, among others. But how can we reconcile the good news about the economic growth PBBM has boasted about against the backdrop of inflation? Dispersing Kadiwa rolling stores all over the country will not provide relief from the high cost of consumer commodities. It is a Band-aid solution at best. It is a consolation, however, that President Marcos cited agriculture as the backbone of the Philippine economy and that increasing agricultural productivity must be addressed. His approach, however, is not too comforting as it looks like it was discussed in an air-conditioned room rather than proven in the field by actual practice. He wants farmers to use biofertilizer which, according to him, is cheaper. The fact is, it is not. Biofertilizer as the name suggests is made up of micro-organisms that increase the supply of essential nutrients in plants. Whether this type of fertilizer is available in the country is a big question and if it is, will the volumes suffice? Biofertilizer collects nutrients around the root system of plants. In the process, which could take long, the basic elements needed by the plant, among these, nitrogen, phosphorus, and potassium or NPK, are fed to the plants although the levels of each are not ascertained. With chemical fertilizer, NPK levels are set and are immediately available to the plants. Furthermore, in preparing fields for planting, either by direct seeding or transplanting seedlings, farmers actually spray biocides first to eliminate the pesky snails that eat the growing seedlings. Biocides will effectively kill microorganisms as well so there goes your expense on biofertilizer. Furthermore, in the stages of palay growth, various infestations happen, among them, stem borers and black bugs, which prompt farmers to spray insecticide. Admittedly, biofertilizer is an excellent soil conditioner. Moreover, not all biofertilizers are created equal. Some producers cook their raw materials, like chicken dung and animal manure, killing all the microorganisms and still calling it biofertilizer. In Davao City, the Davao Thermo Biotech Corporation, a pioneering firm engaged in the processing of biodegradable garbage waste into fertilizer, is currently producing biofertilizer through a special process by composting hyperthermophilic bacteria that drive the temperature up to over 100 degrees C naturally. The hyperthermophilic microbes heat that high in the second week and fix the basic nutrients, the NPK, on the finished product. The product has proven excellent to apply to cacao trees. It has also given dramatic results in experimental Cavendish banana plantations. But we are in a crucial stage. Rice-producing countries, among them, Vietnam, Thailand, and India, are not in the mode of exporting rice. What we need is an immediate solution to address the impending rice shortage. Marcos should jettison the “Tontos” who told him that biofertilizer was cheaper than chemical fertilizer. He should move fast and strike a government-to-government deal with China, the biggest fertilizer producer in the world. This would bring down the cost of fertilizer by more than 50 percent. Fertilizer should be available by mid-September in time for the next planting season. Toward the end of the year, we will see bumper rice harvests and stave off a rice shortage. In the meantime, let us see smugglers and hoarders of agricultural products going to jail. We are tired of the empty rhetoric. The post Viable aggie solution needed appeared first on Daily Tribune......»»
Fortman Cline declared Best M& A Advisory Team in SE Asia
Fortman Cline Capital Markets was recently named the Best Mergers and Acquisitions Advisory Team in Southeast Asia for 2023 by Capital Finance International, a premier London-based print journal and online resource for business, economics and finance. In recognition of FCCM’s work as a corporate finance advisory and consulting firm, CFI wrote that the firm has “demonstrated a track record on assisting entrepreneurs and family businesses achieve transformational growth via joint ventures, external fund-raising placements, and inorganic acquisitions.” “In addition, it has assisted a number of entrepreneurs monetize their businesses via strategic transactions with responsible partners that could transform businesses towards a larger scale. The team has also developed specialized practices in healthcare, consumer businesses, infrastructure, and logistics. It has complemented its workforce with industry professionals,” CFI further said. The CFI award program aims to demonstrate “the many ways in which the economies of the world are converging” and the awards are given to individuals and organizations “that truly add value.” This is the second time that CFI has bestowed the recognition to FCCM. The first time was in 2019. That same year, FCCM was also given the Most Innovative Solutions Provider Award from International Finance, Inc. FCCM has been ranked as one of the top M&A firms in the Philippines by Bloomberg and in Southeast Asia by Thomson Reuters. “Having meaningful dialogues with our clients over a company’s lifecycle is very important. This develops customer loyalty, and annuity like revenue streams vis-à-vis a transaction-oriented approach to business,” said FCCM president and co-founder Daniel D. Ibasco. FCCM acted as one of the two financial advisers of Professional Services Inc., the company that owns The Medical City, as it recently sealed the deal with Luxembourg-based CVC Capital Partners. The deal will involve a control entry by CVC over the hospital’s Philippine assets and operations through a combination of convertible notes and secondary share purchases via an ongoing tender offer. FCCM has also assisted PSI in refinancing $146 million worth of guaranteed obligations of its subsidiary in Guam with non-recourse long-term debt from a syndicate of South Korean lenders. FCCM has assisted TMC grow into one of the largest healthcare networks in the Philippines through a series of multiple transactions performed for TMC over the last 10 years. In November 2022, FCCM advised TMC on the issuance of up to P12.7 billion of convertible notes to Universal Healthcare Services, Pte., Ltd., which is managed by CVC. The move is part of the hospital’s recapitalization program. “The current industry environment is ripe with opportunity driven by a demand for quality healthcare services, an increase in healthcare spending, and a growing middle class population,” Ibasco said. Prior to the CVC-TMC deal, FCCM advised Mang Inasal Philippines Inc. on its sale of a 70-percent stake to Jollibee Foods Corporation, and All First Equity Holdings on its acquisition of a 60-percent equity stake in Philippine Geothermal Production Company, Inc. from Chevron Geothermal Philippines Holdings, LLC (USA). The firm was also the financial advisor of San Miguel Corporation’s acquisition of Citra Tollways’ interest in the Southern Luzon Expressway, the sale of Air 21 Group to AC Logistics Holdings Corporation, the sale of 51% of The Generics Pharmacy to Robinson Retail Holdings, Inc., Bounty Fresh Food Inc.’s $300 million acquisition of Tegel Foods Ltd. in New Zealand, Fernwood Holdings, Inc.’s acquisition of a 100-percent stake in Liquigaz Philippine Corporation, and more. Before founding FCCM along with Gary P. Cheng in 2007, Ibasco headed Asian Capital Markets and Southeast Asian Investment Banking for Bear Stearns and Co. in Singapore and Hong Kong. He has over 30 years of experience in investment banking, debt and equity capital markets, private and venture equity and special situations, specializing in emerging markets and Southeast Asia. Cheng, on the other hand, is currently the Managing Director of FCCM. He was the president and CEO of Amalgamated Investment Bancorporation and has worked with J.P. Morgan in New York, Hong Kong, and London. Ibasco and Cheng are joined in the top executive positions by Clarisse T. Tan and Michael C. Tiutan, Executive Directors for the Investment Banking Group. Earlier in the year, FCCM established a management consulting arm under the leadership of Francis S. Del Val, who has more than three decades of global executive experience. The post Fortman Cline declared Best M&A Advisory Team in SE Asia appeared first on Daily Tribune......»»
Xinhua Asia-Pacific news summary at 1600 GMT, July 11
ISLAMABAD -- Pakistani Prime Minister Shahbaz Sharif said on Tuesday that management of population growth is key to socio-economic development for countries around the world, especially developing countries including Pakistan. "Population remains at the heart of effective national planning...No country, however resourceful, can deal with population explosion. Drawing a balance between population and resources is.....»»
EU tries again with new framework for data flows to US
The European Commission said Monday it has adopted a new legal framework to protect Europeans' personal data in exchanges with the United States -- its third attempt to get past legal challenges. "Today we take an important step to provide trust to (EU) citizens that their data is safe, to deepen our economic ties between the EU and the US, and at the same time to reaffirm our shared values," European Commission chief Ursula von der Leyen said. The announcement was made possible after US President Joe Biden last year issued an executive order updating US intelligence agencies' rules when it came to snooping on international data flows to give "safeguards" to European Union citizens and residents, the EU executive said. Biden on Monday said the deal reflected a "joint commitment" by both the EU and the US to guaranteeing privacy for citizens. It would also deepen transatlantic ties that were "founded on our shared democratic values and vision for the world," a statement said. Umbrella groups representing tech companies, whose business models depend on transatlantic data exchanges, hailed the announcement of the EU-US Data Privacy Framework It was "good news for thousands of businesses," one of them, DigitalEurope, said in a statement. A US grouping, The Software Alliance (BSA), said it would "bolster the management of data across borders –- a cornerstone of our modern economy –- and improve safeguards for citizens of the EU and US alike". Challenge looming But Max Schrems, an Austrian legal activist whose challenges led to EU courts shooting down two previous EU-US attempts on data transfers, said this one, too, would fail to satisfy EU law. The latest framework still has "the fundamental problem" that the United States "takes the view that only US persons are worthy of constitutional rights" protecting them from American electronic snooping, he said. He vowed to challenge the latest effort, predicting the case "will be likely back at the Court of Justice (of the EU) in a matter of months". EU justice commissioner Didier Reynders told journalists he had "no illusion" about the coming likely legal challenge. "But it's maybe useful to test the new US system before to challenge such an adequacy decision," he said. Reynders added, in an apparent swipe at Schrems's non-profit European Centre for Digital Rights, that "maybe the access to the court of justice is a small part of the business model of some civil society organizations". Presidential order The European Commission argued that the new framework offered "significant improvements" over the previous data-transfer mechanism, called Privacy Shield, which the EU court deemed inadequate. The commission said US companies signing onto the EU-US Data Privacy Framework would be required to delete Europeans' personal data when it was no longer needed for the purpose it was collected. Its scope applies to citizens of the 27-nation EU and of associated countries Norway, Iceland, and Liechtenstein, as well as residents in all those countries. They would have the right to redress if they found their data was wrongly handled by US companies. Under US law, Americans are protected from electronic spying by US intelligence agencies by their constitution, but all other nationalities are fair game. While Biden's October 2022 executive order does not extend that same protection to Europeans, it does oblige US intelligence agencies to show that data collection on foreigners is "proportionate" to a specified US national security objective. It also adds oversight to the handling of personal data collected and offers a path to "redress" for citizens of "qualifying states", which is meant to include those of the EU. A new US Data Protection Review Court made up of experts from outside the American government, would be able to review data decisions made inside the US office of the Director of National Intelligence. The European Commission said the US measures would underpin standard contractual clauses that so many online platforms, including those run by Meta, Amazon, and Google, rely on to transfer Europeans' data to the United States. The post EU tries again with new framework for data flows to US appeared first on Daily Tribune......»»
SMPC bags Silver in FinanceAsia poll
Integrated energy company Semirara Mining and Power Corporation or SMPC was recognized as one of the best energy companies in the Philippines, bagging the silver award in the 2023 Asia’s Best Managed Companies Poll by FinanceAsia. The annual poll serves as a prestigious benchmark of Asia’s top-performing companies, showcasing organizations that have demonstrated superior performance and corporate behavior over the past year. The poll is conducted based on nominations from Asia’s influential community of investors and financial analysts, putting a spotlight on companies that have shown exceptional management, financial performance, and corporate social responsibility. Way to go In her acceptance speech during the awarding ceremony at the Ritz-Carlton in Hong Kong, SMPC president and COO Maria Cristina Gotianun said the recognition served as a reminder of how far the company had come. “Last year, we marked our silver anniversary under the DMCI group. Our journey has been a challenging one, but we have emerged stronger and more resilient because of the support of our stakeholders,” Gotianun shared. “We are grateful for their trust, and will continue to work hard to meet their expectations,” she added. FinanceAsia is a leading publisher of financial news in the Asia-Pacific region. The annual Best Managed Companies poll is one of their most respected features, honoring the best companies in Asia across multiple sectors. The post SMPC bags Silver in FinanceAsia poll appeared first on Daily Tribune......»»
How disaster-resilient are we?
News stories with accompanying photographs again flood the usual outlets of radio, television, print, and now, even social media, showing school children busy with their lessons while gathered under the shade of towering trees, tents, gymnasiums or basketball courts, crowded corridors of government buildings, even chapels. In previous seasons, the students were displaced from their schools by earthquakes or typhoons. Today, they are refugees fleeing from the lava flow and deadly fumes from a volcano, acting up with signs of worsening disaster ahead. Their schoolrooms have been taken over by entire communities whose residents have left their homes along the fringes of Mayon, the country’s most active volcano, because there is nowhere else to park their hastily-packed belongings and no space to sleep, eat and get on with their lives. President Ferdinand Marcos Jr., who visited the evacuation sites in Albay province, agreed with local officials that the situation could last longer than expected or at least three months before they could return to their homes. A news report said more than 17,000 students in five Albay towns were affected by the transfer, and more evacuees were distributed to about 20 emergency shelters. “We have to find ways to ensure the learning continuity,” a teacher told a news reporter, adding that learning modules used at the height of the Covid-19 pandemic were again being used. Still, one problem was tracking down the dispersed students. Because of its geography, the Philippines is one of the world’s most vulnerable countries, hosting natural hazards like typhoons (20 to 21 hitting the country a year), floods, earthquakes, storm surges, landslides and volcanic eruptions. There are 24 active volcanoes in the Philippines and more than 1,500 on Earth, which are in Indonesia, Japan, Mexico, Ethiopia, Guatemala, Ecuador, Italy, El Salvador and Kenya, are at higher risk of volcanic eruptions. As of 15 June 2023, 24 active volcanos have been recorded as erupting worldwide. Considering the statistics in the Philippines, how disaster-resilient are we? Local government units or LGUs on the frontline of building resilient communities want financial aid and technical skills in dealing with disaster risk reduction and resilience-building measures. Several Internet apps on early warning systems can enable local officials to develop real-time analyses and adopt swift solutions as part of disaster preparedness and mitigation efforts. The LGUs’ crucial role in this effort should cascade to their respective communities through early warning systems. Also, due recognition should be given to their powers, authority, and corresponding responsibilities to lessen the adverse effects of calamities descending on their shoes, especially in places with no previous history of disasters. But then again, the question of financial capability comes into play because no local governments are equal in the budget, with bigger LGUs getting a bigger slice of the pie from local revenues than the smaller ones. Observers have cited areas of concern: insufficient data and contingency funds of LGUs, lack of adequate disaster risk reduction skills among political leaders, and not enough planning and contingency measures on the part of school authorities on how to deal with problems arising from the use of their grounds and facilities as evacuation sites. The Philippines, however, is not alone in this regard. In the highly-developed United States, for example, it has been observed that not all state officials “have a game plan for local emergency management that encompasses pre-disaster resilience and long-term rebuilding and recovery. Most solely have a short-term emergency response strategy.” Still, it is never too late to catch up, even if this will require spending more on preventive measures like investing in equipment warning residents of impending disasters, anticipating the problems of evacuees by building safer and more permanent shelters instead of displacing school children from their classrooms, extending safety zones and relocating homes away from risk areas, and planning recovery steps once the disaster blows over. We can no longer afford to sit back and wait for the point of no return, acting only when calamity strikes. Being prepared can save thousands of lives, homes and livelihoods. The post How disaster-resilient are we? appeared first on Daily Tribune......»»
Facing unprecedented fire season, Canada confronts logistical challenge
Larger and more powerful wildfires than ever have scorched millions of hectares of Canadian forests and displaced tens of thousands of residents. With so many fires out of control and no relief in sight, the nation is facing a logistical nightmare. After an early start, it is on course to be the worst wildfire season on record as hot, dry conditions are forecast to continue through August. "The distribution of fires from coast to coast this year is unusual," said Michael Norton, an official with Canada's Natural Resources ministry. "At this time of year, fires usually occur only on one side of the country at a time, most often in the West." But in the last month fires have erupted in almost every province across Canada. As a consequence, Canada has had to juggle resources and call in reinforcements from abroad, including more than 1,000 firefighters from Australia, the United States, Mexico, New Zealand, South Africa, France, Spain and Portugal. How is the fight to tame fires organized? Canada's 10 provinces are each responsible for managing wildfires, with help from the Canadian Interagency Forest Fire Centre. Alberta, Nova Scotia and Quebec have also asked Ottawa to send in the military. Additionally, 1,000 new firefighters are being trained to deploy this summer, and the military's firefighting capabilities are being expanded. They face an arduous task: "When a big fire is burning, it is impossible for the firefighters to make a direct attack," explains Marc-Andre Parisien, a specialist in fire risk management. And then "sending water bombers to douse flames 30 meters high is like spitting on a campfire, it is ineffective," he said. One solution is to use controlled burns to halt advancing blazes, but with big fires, "only a big rain" will extinguish them. What are the logistical challenges? Quebec notably has struggled to fight all of the many fires burning in the province at once, due to a lack of resources. "With the current hands, we can fight about 40 fires at a time, but 150 fires are burning," Quebec Premier Francois Legault told a news conference this week. The focus has been to try to save lives and the mostly urban properties under threat. Canada has an aging fleet of 55 water bomber aircraft. "But it's getting more and more difficult to maintain them due to the age of this fleet," which is now 50 years old, said John Gradek, head of McGill University's aviation management program. With half of the fleet in poor condition, and with more extreme weather expected in the years to come, another 75 water bombers are urgently needed, he estimated. How do you prepare for new normal? In a typical year, about 7,500 wildfires burn more than 2.5 million hectares of forests in Canada. So far this year, 2,293 fires have already burned more than 3.8 million hectares. The amount of burned forest area is projected to double by 2050. Wildfires researcher Yan Boulanger noted, "for each degree increase in temperature in the boreal forest, expect the size of fires to triple." Canada is warming faster than the rest of the planet, according to climatologists. This May was one of the warmest on record. And eastern Canada sweltered under an early heatwave in June. Prime Minister Justin Trudeau has acknowledged: "Our resources are stretched." "There is no doubt that in coming years we will have to reflect seriously on how we can equip ourselves to deal with this new reality. We will be facing more and more extreme weather events," he said. Emergency Preparedness Minister Bill Blair said Canada is looking to acquire additional equipment and water bombers. Parliament is also considering upping tax credits for volunteer firefighters to entice more to join their ranks. An estimated 15,000 more are needed. Many experts also called for updated building codes for rural construction -- requiring fire-proof roofs on cottages, for example -- and even planting less-flammable trees. "You need to have a buffer zone between the wooded area and your town site. And so if a fire starts raging, it'll run out of fuel by the time it gets to your front porch," said climatologist Dave Phillips. Ottawa is also tapping Indigenous knowledge and practices used to fight wildfires for millennia. The post Facing unprecedented fire season, Canada confronts logistical challenge appeared first on Daily Tribune......»»
Fried in own lard
While the National Transmission Corp. or TransCo concessionaire National Grid Corp. of the Philippines has been awash with cash as reflected in its billions of pesos of early dividends, it has not paid the government P3 billion plus interest on transmission fees before 2009 when the private firm took over operations of the power grid. The amount represents collections from power plants to which TransCo is entitled but remains unremitted. Under a privatization program, former President Gloria Macapagal-Arroyo approved a plan to privatize TransCo through a 25-year Operation and Management Concession Agreement. The bidding for the license to run the Philippine power grid was won by the NGCP in 2007, while Congress approved the bicameral resolution granting its franchise in 2008, and PGMA signed RA8511 into law, granting NGCP its franchise. On 15 January 2009, TransCo turned over the management of the country’s power grid to NGCP. TransCo, owner of the electricity network, and energy assets holding firm Power Sector and Liabilities Management Corp. have been demanding the payment of the amount. An energy official said the government can use the money to reduce power rates by deducting this from the monthly bills under the item universal charges. Universal charges include the so-called stranded costs or payables to Independent Power Producers that PSALM assumed from state firm National Power Corp. Instead, the energy official suspects NGCP used the withheld payments for its benefit to consistently pay fat dividends to its shareholders. In the recent Senate inquiry on the power industry, NGCP said of its P20.3 billion net income in 2019, P15 billion, or around 74 percent, went to dividends. In 2017, around 90 percent of its P20.6 billion net income went to dividends. For 2015, the NGCP distributed around 93 percent of its P22.5 billion profit as payouts to shareholders. The company particularly made its investors happy in 2014, when it said dividends exceeded its net income or P24 billion handed to stockholders against P22 billion in profit. Counting the potential interest, an energy source said the receivables from NGCP have now ballooned to more than P6 billion. NGCP’s rampant violation of the provisions of the concession agreement had resulted in a serious financial drain on the government. The provisions of the 2009 deal, which included the settling of all arrears such as the TransCo collectibles, also provided separate audited accounts for each related business and the need for NGCP to hold an initial public offering that it skirted through the back door listing of a holding company. TransCo’s financial claim from NGCP was upheld by an opinion on 18 April 2012 by the Office of the Government Corporate Counsel. “TransCo has already acquired immutable vested rights over the contested revenues,” the OGCC decision indicated. “Public policy considerations and the public nature of the receivables impose upon TransCo the obligation to recover the disputed amount for its benefit,” it added. NGCP holds a renewable 25-year concession contract and a 50-year franchise to operate the power transmission network in the country. Since the agreement was signed in 2009, the contract will run until 2034 and from then, the government has the option to renew it for another 25 years. An audit that has long been blocked by NGCP should happen and from there, the government should muster the will to take the necessary steps if abuse is found in the performance of the provisions of the concession agreement. The post Fried in own lard appeared first on Daily Tribune......»»
Taiwan teenager, heir to NT$500M estate, found dead
The mother of a teenage heir to a NT$500M (roughly P905M) estate cried foul after he was found dead two hours after getting married to an escrow official supposedly working on the inheritance. The 18-year-old student in Central Taichung City surnamed Lai, was found dead on the ground floor of a 10-story residential building last 4 May, according to the Straits Times. Initial reports said he took his life by jumping off the building. It was the same building where the escrow official, surnamed Hsia, lives. It was found that Lai and Hsia, 26, had been legally married two hours before his death. Same-sex marriage is legal in Taiwan. The mother, surnamed Chen, questioned the circumstances of the death considering that her son stands to acquire a large amount of wealth left by his father who died in late April. Lai has been dubbed in Taiwan media as a “$500M high schooler.” Reports said Lai and Chen were supposed to deposit the father’s cremains to a columbarium on the day Hsia asked Lai to accompany him and deal with portfolio management. In a press conference on 19 May, Chen told reporters she “would never accept” that her son had committed suicide. She said her son is not gay and is an "obedient boy." Lai just obtained a license to drive a motorcycle, according to Chen. She added that her son only met Hsai only twice, the first time at his father’s funeral. Forensic medical expert Kao Ta-cheng, invited by the family to investigate, claimed that Lai could not have died from the fall because of the absence of head or abdominal hemorrhages. “Normally, injuries caused by falling (from a building’s 10th floor) could not be so slight,” Kao was quoted by Taiwan’s CNA News as saying. He suspected Lai was poisoned as evidenced by a bald patch of grass. He added he could have vomited on the spot he was found. The post Taiwan teenager, heir to NT$500M estate, found dead appeared first on Daily Tribune......»»
Katrina Ponce Enrile: A woman worthy of her name
Anyone who had come of age in the late 1970s and the 1980s would surely know about the most famous names and faces of the younger set of the era known for the coming of age of feminism and women’s lib. The 1960s may have ushered in a cultural revolution but it was in the succeeding decades that the cataclysmic events of the decade that was, in the Philippines, would manifest in the ways and attitudes of Filipino women. I mention this phase in our history because I am sharing my thoughts on one woman whom many consider as one of the country’s most powerful, influential and successful. She is Katrina Ponce Enrile. I may not privy to the growing-up years of Katrina Ponce Enrile, and I would not have the advantage of seeing her from the point of view of someone old enough to observe the growth of a child, but as a teenager, I would occasionally read about her and see her on photographs published in newspapers and magazines, although not too frequent. I just knew she was not only well-bred and beautiful in the mestiza sense being the daughter of a striking beauty of a mother (and the granddaughter of a handsome playboy of a paternal grandfather), but that, she too was brilliant. I would assume that she got her brains from her father, one of the wonder boys of the Marcos administration. Katrina would, in time, be mentioned in juicy gossip now and then, but it was her smarts in enterprise and management that she would eventually be recognized, this notwithstanding the controversial stories that one occasionally heard of her family members. [caption id="attachment_134172" align="aligncenter" width="525"] KATRINA Ponce Enrile has always lived up to her parents ‘ expectations.[/caption] ‘Treat everybody with respect’ But to imagine her childhood and teenage years, one would suppose that for all the comforts that she might have enjoyed while living first in Urdaneta and then Dasmarinas Village, she had had to assert herself, she had once been overheard to say: “At 10, I had to fight a little bit harder to be heard” -- which was expected if one were the only daughter of a famous lawyer of a father and a lovely talented mother, herself a respected stage actress. But no matter that she had to deal with being the daughter of awe-inspiring parents, what she had been showered with, aside from her parents’ affection, was well-meaning advice. For one, it was from her dad and mom that she first heard the word of wisdom. “Treat everybody with respect — everybody. Because you don’t know what fate will bring you or them. People that you meet when you are going up, you also meet when you are going down.” No wonder that years later, as a businesswoman, she was very thoughtful in making decisions whether she was dealing with other top businessmen, her executives or the employees who served the family company at her beck and call. “I always think of how my actions and decisions would affect others,” she said in an interview with the Daily Tribune Lifestyle. No, for all the feisty woman that we know her to be, Katrina, was not advised to be aggressively pro-active when facing a conflict. The legendary Juan Ponce Enrile, instead, cautioned his daughter: “Never throw the first punch. But if they throw the first punch, then…” This, she would take to heart whenever she had had to face corporate, social or emotional bullies, not that she is one to attract people prone to violating her rights. [caption id="attachment_134173" align="aligncenter" width="525"] As the only daughter of Juan Ponce Enrile, the most famous native son of Cagayan, Katrina brings to her new job an affection for the province and Cagayanos and the whole Cagayan Valley.[/caption] One imagines her father might have preferred her to be a boy, JPE being a man’s man, but to which she would have retorted: “Dad, I don’t have to be a boy to be what I am now… Girls can do it too.” Call it outright confidence, or chutzpah, or maybe it’s Pinay pride, but Katrina is not one to be cowed. And yes, she could lead and fight and attack, but as her father would most likely say: “Only if they attack first.” Self-assured executive What I have heard of Katrina, especially from my dear friend, Carol Mercado, who was her classmate at St. Paul College, is her signature confidence. “From our youth, when she could be stubborn, she has matured steadily into a self-assured executive no wonder that she has accomplish much as an entrepreneur. “It’s a paradox that while she may have been underestimated at times and even flat out rejected, she knows how to overcome these challenges because she is one creative person and she is not one to easily bow down or to say no. But then, she is not even outright assertive. She could be very charming and before any nemesis would know it, she has gotten what she wants without lifting a finger.” It would seem that the lady would have aimed for political eminence, being the daughter of the powerful JPE, but to everyone’s surprise, she had chosen to create a name outside of her inherited box (or confines), so to speak. While she takes pride in being an Enrile, she has not taken advantage of her family name as though an amulet that would do wonders for her. Instead, she has chosen to rely on the old-fashioned values of industry, respect for others, commitment and determination. She might as well be girl scout, except more courageous, daring and trailblazing. Flexing her risk-taking muscles In her 20s, when her friends were disco dancing, she was, to use another friend’s words, “flexing her risk-taking muscle and sharpening her foresight for the first time — pivotal experiences that would shape her business sense now admired by many.” She surprised everyone when, at 26, she bought properties in Palawan. “It was a big joke to many,” she recalled. “They could not see any reason I should take the risk and invest in a place where no one dared go. It was then no man’s country and perceived to be mosquito-infested.” Today, Palawan is a safe haven from the pandemic, and, of course, an investors’ paradise. On the other hand, her parents saw a promise in her, someone who would play a key role in the family enterprises. They appointed her as Group Treasurer even before her 30th birthday, and with it the added role of overseeing the many concerns of the JAKA Group of Companies. It is quite a daunting responsibility given its extensive industrial reach –- food manufacturing and product distribution to marketing and logistics; forest plantation management; safety match manufacturing, property management and development; as well as IT, security and financial services. It would seem that, for a “beginner” in the big league, it was beyond Katrina’s grasp, and yet she lived up to her parents’ expectations. [caption id="attachment_134175" align="aligncenter" width="525"] SOME of Delimondo’s best products.[/caption] In time she would qualify as the firm’s COO and eventually CEO. Not one used to trumpeting her achievements, Katrina candidly shared: “I was able to turn around the company, helping navigate it through the debilitating Asian Financial Crisis in the mid-1990s. And when the peso devalued in 2008 to 2009, when we had [a] one dollar denominated loan which I had to quickly deal with, I was able to restructure our company and keep it afloat.” Soon, she would be trusted to manage JAKA’s investments, which “allowed me to dream of bigger things, this in the midst of an economic crisis and the pressure to survive it.” Her baby Delimondo When shopping in a supermarket or a grocery, the Filipino consumers, especially those who take their corned beef seriously, would pick the Delimondo brand. They would also put the brand’s Bolognese Pasta, Luncheon Meat, Yellowfin Tuna spreads and aromatic oils in their cart or shopping bags. Katrina confides, “Delimondo was my baby and was purely our family’s venture.” Her was a one-woman team that managed the brand’s marketing, sales and R&D. To introduce it to the market, she gave away cans of their initial recipes for free. “I wanted to offer something deliciously different, one that I enjoyed from my travels abroad.” [caption id="attachment_134174" align="aligncenter" width="525"] SHE is most proud of her baby, Delimondo.[/caption] It wasn’t long before investors would come in too aware that Delimondo operates its own plants that produce and package its own products. The company would soon expand and offers its manufacturing services to other products all the way to exporting them. In time and with Katrina at the helm, JAKA shifted to investing in other companies. But if her JAKA performance is impressive, anyone should take a look at her other achievements. To cite one, as the Philippines Overseas Telecommunications Operations director and CEO/president. She led the efforts to renew the company’s franchise that would allow it to provide the Philippines satellite services. For another, as director and president, she has brought into the Montemar Resorts Development Corporation and Montemar Beach Club Inc. not only her management expertise, but her exposure to top international resorts as a frequent guest. No wonder that Manila’s well-heeled consider these resorts as standard-bearers of local luxury travel. [caption id="attachment_134171" align="aligncenter" width="525"] ‘Delimondo was my baby and was purely our family’s venture,’ said Katrina.[/caption] Transforming the upper east corner of Luzon Katrina also sits as the Cagayan Economic Zone Authority’s vice chairperson. In this role, she envisions making the province a model destination that easily rivals the country’s capital. “They’re considering appointing me as administrator. Once that post is confirmed, I will be fully committed to transforming the upper east corner of Luzon into another business area that the Philippines will be proud of.” As part of her vision, she plans to build a stronger point of economy with the available freeport and expand its potential by constructing an airport. To attract investors, she plans to boost incentives to encourage more players to relocate. “We plan to make smart cities there. I plan to make it very green. I plan to protect the lush forests. It’s really also known as the rice granary of the Philippines. I plan to push the transition from GMOs (genetically modified organism) to non-GMOs. I know that that will be a hard task but I plan to do it. I want to give the Filipinos healthy food for the next generations to come,” she states. Worthy and deserving As the only daughter of the most famous native son of Cagayan, Katrina brings to her new job an affection for the province and Cagayanos and the whole Cagayan Valley. She may have grown up in Manila, travelled the whole world, but her heart has always remained in the home of her father, Juan Ponce Enrile, and it is among his people, relatives and townsmen that she intends to pursue her next dream. There is no stopping this feisty Cagayanon. For her home province, she is out to conquer the world. But then, I must insist that this is not about being her father’s daughter, although there is no denying the great influence of JPE on Katrina becoming the woman that she has become -- strong-willed, passionate, forward-thinking. Still, Katrina could only thank herself most for being herself. That she accepted the challenges that came her way and faced them head on using her own gifts and advantages – which undoubtedly brought her to her destiny, one that she has arrived at and one that she has yet to fulfill. Indeed, if the women’s movement has reached this far, and women today now enjoy key positions in government, private sector and civil society, this may be attributed to the generations of women who have looked toward the future and embraced their destinies as key players in the affairs of humanity. Katrina is one of these women and we wish her all the best. No one could be more worthy of the challenge and deserving of the honor. The post Katrina Ponce Enrile: A woman worthy of her name appeared first on Daily Tribune......»»
GCash hailed on swift phishing ward-off
Personalities and netizens have aired relief and gratitude over the quick resolution by GCash of the irregular funds’ movement which, it said, was caused by what internet authorities described as ‘phishing.’ The expression of grateful thoughts followed the timely detection by GCash of the cause of the unauthorized funds’ transfer which was reported to the mobile wallet company by several subscribers, including well-known personalities. “The digital scammers could have siphoned off over the weekend some P37 million from various GCash accounts if it were not detected timely by our IT experts,” said GCash, adding that “the subscribers’ irregularly transferred funds have already been reverted entirely to their wallets and are assuredly safe.” For social media celebrity and actor Chad Kinis, GCash has immediately acted on his concern after he reported the anomalous movement of funds from his mobile wallet. “Naalarma agad sila (GCash) at ginawan ng paraan within the day. Tumawag sila sa akin at na i-reverse ‘yung pera… Thank you po for that. Maraming salamat sa pag-assure na okay po ang pera naming sa GCash,” Chad said in a video he posted on Facebook. Lawyer and social media personality Jesus Falcis also lauded GCash’s quick response to the incident and advised netizens to be careful of what they’re clicking online. “The good thing is, GCash has detected right away and stopped the unauthorized transfer. Always be skeptical of links in emails or other websites. Click only if you know of what you’re clicking and never share your mobile number or PIN in exchange for any online reward,” Falcis said on Twitter. GCash also assured its subscribers and the public that its application remains safe to use since its management maintains a cybersecurity program and policy that could deal with any arising internet challenges and anomalies. Gilda Maquilan, GCash vice president for public affairs and corporate communications, has earlier reported that after receiving reports of irregular funds’ movement from the subscribers accounts, the mobile wallet management immediately conducted a probe and detected phishing as the cause of the problem. She said that the suspects could have taken advantage of the ongoing SIM card registration and have managed to snatch certain vital personal information of the victims which were used in the anomalous funds transfer. Maquilan added that the stolen funds were then traced to various accounts registered with Asia United Bank and East West Bank, after which, the full amount were reverted to their GCash virtual wallets. The post GCash hailed on swift phishing ward-off appeared first on Daily Tribune......»»
Taft Properties and JLL inked a deal
Taft Properties and Jones Lang LaSalle Incorporated (JLL) signed a Memorandum of Agreement (MOA) for East Gate Property Management. Steadily rising to become one of the leading real estate developers in the Philippines, Taft Properties has set its sights on even bigger goals in celebration of its 25th Anniversary. Continuously developing the finest master-planned communities […] The post Taft Properties and JLL inked a deal appeared first on Cebu Daily News......»»
HRRACI, AirAsia ink partnership deal to boost tourism in Cebu
To prepare for a strong post pandemic tourism rebound, the Hotel, Resort and Restaurant Association of Cebu, Inc. (HRRACI), has partnered with AirAsia, making the airline company as its official corporate airline partner. HRRACI and the airline, who sealed the partnership deal last June 25, 2021, aim to promote safe domestic travel in Cebu, which […] The post HRRACI, AirAsia ink partnership deal to boost tourism in Cebu appeared first on Cebu Daily News......»»
Big businesses sacrifice to prop up economy during pandemic
The country’s top corporations have shown that they have been walking the talk even before signing the Covenant for Shared Prosperity wherein they have sacrificed profitability in order to take care of their stakeholders and ensure sustainability. SM Prime Holdings Inc. Chairman Hans T. Sy said that, during this pandemic, “We were the first to announce to continue all the salaries even when we were all down. So these are all sacrificing profits. Why do we do that? …We are all looking into long term. Investment is not only just for the short term basis, it is really for the long term we’re in here.” SM Prime Holdings Inc. Chairman Hans T. Sy (left) and Ayala Corporation Chairman Jaime Augusto Zobel de Ayala. Ayala Corporation Chairman Jaime Augusto Zobel de Ayala agreed with Sy, noting that most businesses, “in one way or another has suffered a great deal of pain and, in many ways, to preserve the ecosystem, to retain their employees, the people that support them.” “I have 1001 examples that I’ve seen during this crisis of everybody sacrificing a great deal,” he noted. Sy and Zobel were keynote speakers during the launching of the Philippine Business Community’s Covenant for Shared Prosperity organized by the Management Association of the Philippines. “As we struggle with the COVID pandemic, we also need to address the critical longer-term global issue of inequality which has worsened because of the current health crisis. Many businesses have closed, millions have lost jobs and many are going hungry,” said MAP President Francis Lim. He noted that, “When the crisis is over, we at MAP would like to see a new ‘normal’ in the way we deal with our stakeholders — our employees, customers, product/service/fund providers, the communities we serve (especially the bottom of the pyramid), the environment and our shareholders (both majority and non-controlling shareholders).” Lim explained that, “The Covenant… is envisioned to be the private sector’s response to the stakeholder theory now enshrined under the Revised Corporation Code.” Securities and Exchange Commission Chairman Emilio Aquino explained that the stakeholder theory is a major shift in focus of businesses which used to be focused only in the interests of its stockholders. Aquino said that, now, publicly-listed companies “are mandated to report on their economic, environmental and social impacts which further strengthened the Stakeholder Theory. At this point, we have seen a drastic paradigm shift in the way corporations do business and create shareholder value. Profit, while essential in the survival of the corporation, is not anymore the sole focus of corporate ventures.” “Maybe it had to take a beast like COVID-19 for all of us to understand that we all have to support each other as communities and institutions if we are to rebuild successfully,” said Zobel. He added that, “Now, more than ever, we have to find ways to expand our traditional definition of who we are responsible for and accountable to – well beyond our shareholders and other providers of capital; well beyond the sole pursuit of profit.”.....»»
Xinhua world economic news summary at 0900 GMT, March 6
MANILA -- The Philippine government said Wednesday that the El Nino dry spell and drought has cost Philippine agriculture over 1 billion pesos (roughly 18.9 million U.S. dollars) while the climate pattern may persist till the second quarter this year. The National Disaster Risk Reduction and Management Council said El Nino has affected over 23,000 farmers and fisherfolk, damaged nearly 18,000 hectares of crop ar.....»»
Jaymes of all Trades: Actor, Performer, Filmmaker, and more
How can someone so young do a lot of things at once? 21-year-old Arts and Design Senior High School student, Jaymes Niño Nudalo set a prime example of pursuing various endeavors in harmony as he maneuvers through the rugged terrains of corporate work, academics, filmmaking, performing arts, and events management. As a young creative, his.....»»