While our National Flag Day is observed on May 28, as declared by Presidential Proclamation No. 374 on March 6, 1965, the celebration of the said day extends until June 12, as ordered by Executive Order No. 179 on May 23, 1994.

Executive Order No. 179, which was signed by Former President Fidel V. Ramos, recognized that the period spanning the commemoration of the National Flag Day and Independence Day is an 鈥渙pportune time for all Filipinos to collectively reflect on the significance of the National Flag.鈥�

Furthermore, as Proclamation No. 374 signed by Former President Diosdado Macapagal stressed, the National Flag 鈥渋s the consecrated repository of our ideals and traditions and the historic symbol of our nation as a sovereign people,鈥� and so the National Flag Day seeks to address the 鈥渘eed of instilling and perpetuating in the minds and hearts of the citizenry greater honor, respect and reverence for our flag.鈥�

The National Flag Day recognizes the significant day when the Philippine flag was first unfurled and 鈥渞eceived its baptism of fire and victory,鈥� as Presidential Proclamation No. 374 puts it, in the Battle of Alapan in Imus, Cavite, on May 28, 1898.

The Battle of Alapan resulted in Filipino revolutionaries winning a major battle against Spanish forces, capturing close to 300 troops. After the victory, Gen. Emilio Aguinaldo first unfurled and hoisted the Philippine Flag at Teatro Cavite帽o at the present-day Cavite.

The flag he waved there was sewn in Hong Kong by Marcela Agoncillo, the so-called 鈥淢other of the Philippine Flag,鈥� and her daughter, with the help of Delfina Herbosa de Natividad, the niece of Jos茅 Rizal.

Bookending the National Flag Days is June 12, 1898, when the Philippine flag was waved following the formal proclamation of independence at the ancestral home of Mr. Aguinaldo in Kawit, Cavite.

The Proclamation of Philippine Independence stated the flag鈥檚 original symbolism: 鈥渢he three aforementioned forces representing the white triangle as the distinctive symbol of the famed Society of the Katipunan, which through the blood compact impelled the masses to rise in revolt; the three stars representing the three principal islands of this Archipelago 鈥� Luzon, Mindanao, and Panay (Visayas) in which the revolutionary movement broke out; the sun indicating the gigantic steps taken by the children of this country on the road to progress and civilization; the eight rays symbolizing the eight provinces of the Philippines; and the colors of blue, red and white commemorating the flag of the United States of North America as a manifestation of our profound gratitude towards this Great Nation for its disinterested protection which it lends us, and continues to lend us.鈥�

At present, the white equilateral triangle symbolizes liberty, equality, and fraternity. The horizontal blue stripe stands for peace, truth, and justice; while the horizontal red stripe symbolizes patriotism and valor.

The golden sun at the center of the white triangle symbolizes unity, freedom, people鈥檚 democracy, and sovereignty. The eight rays, meanwhile, have been found to symbolize the first eight provinces of the Philippines which was declared under Martial Law during the Philippine Revolution; namely Batangas, Bulacan, Cavite, Manila, Laguna, Nueva Ecija, Pampanga and Tarlac.

Throughout the National Flag Days, all Filipinos are encouraged to display the Philippine flag in all offices, agencies and instruments of government, business establishments, schools, and private homes.

A statement by then Presidential Spokesperson Edwin Lacierda on the National Flag Days back in 2011 even gave a fresh reminder of the significance of honoring our flag.

鈥淢ay our flag be a symbol that unites us as a people moving toward progress. It is time we recognize this, and build a nation that every Filipino deserves,鈥� the statement read. 鈥� Adrian Paul B. Conoza

Web3, considered the next, decentralized form of the World Wide Web powered by blockchains, cryptocurrencies, and non-fungible tokens (NFTs), is giving way to the emergence of a new kind of profession and a new kind of business model in the Philippines, executives from Web3- and blockchain-based startups said.

Gabby Dizon, co-founder of play-to-earn (P2E) gaming guild Yield Guild Games (YGG), observed that as Web3 has given Filipinos new income opportunities by allowing them 鈥渢o own a piece of the online economy鈥� 鈥� as exemplified by owning an NFT in popular P2E game Axie Infinity 鈥� Web3 is initially driving the rise of what he calls the 鈥渕etaverse Filipino worker鈥� (MFW).

鈥淲hat we鈥檝e seen in opportunities with Web3, NFTs, and games like Axie, people can go into these virtual worlds, be a top player, a scholar manager, or even a content creator. Basically, you can find a way to earn a living there [in the metaverse] and help sustain your family without having to be physically separated from them,鈥� Mr. Dizon explained during the Philippine Web3 Festival held earlier in November.

The Web3 space is also seen bringing a new, digitally-native business model in the form of gaming guilds.

Peter Ing, chief executive officer of BlockchainSpace, a one-stop shop for gaming guild needs, said that guilds have emerged like cooperatives, with members navigating a new industry and trying to monetize and generate revenue together.

鈥淲e realized that over 20,000 of those micro-communities suddenly came together… [Their numbers are] usually anywhere between 50 to 100 people online; but in person, they might only be five to 10 people running that. And we realized that these people were running their own businesses. They held these assets, rented them, leased them to someone else, and at the end of the month, they [get their share]. And now they鈥檙e looking for more business opportunities,鈥� Mr. Ing said during a press conference prior to the Web3 Festival.

鈥淲e鈥檝e already seen version 1 of the business model, and I think there鈥檚 going to be a lot more business models coming out. We鈥檒l definitely see these skills as the new business model for the new digital economy,鈥� he added.

Philippine startups

Mr. Dizon also observed that the Philippine startup scene has largely contributed to the growth of the Web3 space.

He said that after YGG started and was able to raise funding from international investors, other startups emerged, such as BlockchainSpace and BreederDAO, a startup specializing in breeding and crafting NFT characters and game items to be used in P2E games.

鈥淲hat鈥檚 exciting, not just on the usage front, is that a lot of talented Filipino entrepreneurs who might have been employees of growth-scale startups… are now striking out, becoming founders of their own, getting VC (venture capital) funding, and basically competing with the best in the world in Web3,鈥� Mr. Dizon added during the aforementioned press conference.

Such talents are given a great opportunity to propel their startups to further grow the Web3 space, he continued.

鈥淭hey now have a much larger opportunity because the funding is open. You can get VC funding from anyone around the world, including the best VCs like Andreessen Horowitz, for example; and this is open to anyone who has a good idea and can refine it into a pitch and gain traction,鈥� Mr. Dizon explained.

Mr. Ing said the future looks optimistic for Web3 the Philippines, and the rest of the world is watching.

鈥淓ducation and regulation are important aspects of Web3 adoption in the Philippines. Education erases the stigma, enables Filipinos to understand what they are getting into, and builds on that community that they have surrounded themselves with. Regulation, on the other hand, legitimizes the players in the Web3 space. It is a good thing that government institutions here in the Philippines are very open-minded and forward-thinking when it comes to innovations like Web3,鈥� he said.

Held last Nov. 14-18 in Bonifacio Global City, Taguig, the Philippine Web3 Festival, gathered global leaders from the world of cryptocurrency and Web3 to discuss the future of Web3 and learn from Filipino founders, investors, artists, content creators, and blockchain gamers on how they are advancing the industry in the country. 鈥� Adrian Paul B. Conoza

According to the Department of Human Settlements and Urban Development (DHSUD), the housing backlog is estimated at 6.5 million homes. This number is actually what was reflected in 2030 projections shared by the Board of Investments, assuming that production of housing units would average 200,000 units every year from 2012 to 2030.

From 2021 to June 2022, the DHSUD reportedly produced 294,142 housing units.

In a previous finance committee hearing at the Senate, DHSUD Assistant Secretary Avelino Tolentino III said that if housing production continues 鈥渂usiness as usual,鈥� the backlog might end up rising to 10.9 million by the end of the current administration.

Recognizing such alarming occurrences, a new housing production target has been set for the next six years.

Under the 鈥淧ambansang Pabahay Para sa Pilipino鈥� program, DHSUD is given a directive to work towards clearing up the backlog by building one million houses, particularly affordable and accessible ones in selected areas every year, until the President completes his term.

As 大象传媒 reported about the announcement of this program last October, the housing program will require P1 trillion to realize at a cost of P1 million per home, which will need to be subsidized.

An annual subsidy budget of P36 billion is proposed to cover the difference between commercial mortgage rates and the expected preferential interest for home buyers of one percent.

鈥淭he intention is to bring interest rates to 1%, so that鈥檚 where the interest subsidy will come in. The market rate that we鈥檙e looking at for this marginalized sector is 6%,鈥� Human Settlements Undersecretary Roberto Juanchito T. Dispo was quoted as saying.

Moreover, Human Settlements Undersecretary Henry L. Yap said the DHSUD wants to tap the private sector, particularly banks, to participate in the program.

鈥淲e鈥檝e been going around talking to the developers. They have expressed their support for this project. The SHDA (Subdivision and Housing Developers Association) is one of the housing organizations that we鈥檝e been meeting with and many of them have expressed support,鈥� Mr. Yap was also quoted as saying.

The department added that the 鈥淧ambansang Pabahay鈥� program can trigger economic activities in 80 allied industries of the housing sector once it goes full blast in the construction.

鈥淎mong the top 10 out of 80 industries that could benefit from the housing program once fully implemented include steel and metal manufacturing, cement, veneer and plywood, refine petroleum producers, sawmills and wood and wholesale/retail businesses,鈥� the DHSUD said in a statement.

The program is also seen as a means for the Philippine real estate sector to further recover from the coronavirus pandemic, when community quarantines and other restrictions slowed down construction and other development projects.

鈥淭his program will be a big market for private developers as we will be building one million housing units a year in the next six years鈥� this will trigger much-needed economic activities in the sector and propel its recovery from the adverse effects of the pandemic,鈥� DHSUD Secretary Jose Rizalino L. Acuzar said in a separate statement.

Meanwhile, for the private sector, the need to make getting permits easier is seen as key to developers鈥� participation in an intensified drive to clear the backlog.

In another 大象传媒 report, 8990 Holdings Chairman and Co-founder Mariano D. Martinez said that the government has to support the private sector as well, especially by cutting the length of permitting processes 鈥� which he finds as 鈥渙ne of the hardest hurdles or longest hurdles鈥� in housing production 鈥� from 24 months to six months.

鈥淸I]f they want to achieve a million houses that should really [be a] number one [priority],鈥� Mr. Martinez as quoted as saying.

As part of the housing program, DHSUD recently broke ground for housing projects in the cities of Iloilo, Bacolod, and Roxas in Western Visayas. The units are said to be used for the relocation of informal settlers and offered to low-income families in the said cities. 鈥� Adrian Paul B. Conoza

Breast cancer is a type of cancer where cells in the breast multiply abnormally. It can be detected through self-breast examination and screening.

While men can get diagnosed with breast cancer, the disease is more common in women. According to the Philippine Cancer Society (PCS), the following risk factors contributing to breast cancer include among others, age (higher incidence at a higher age), genetic risk factors, family history, not having children or having them later in life; as well as lifestyle factors such as alcohol, being overweight or obese, and exercise.

According to the International Agency for Research on Cancer (IARC), breast cancer became the most commonly diagnosed cancer type in the world in 2020. Breast cancer was also found to be the most common cause of cancer death in women, and the fifth most common cause of cancer death overall.

During the said year, IARC found that about 2.26 million women were diagnosed with breast cancer, and about 685,000 women died from the disease.

Here in the Philippines, breast cancer is the most common type of cancer in women, according to the Department of Health (DoH).

As noted by a study by the Philippine Statistics Agency (PSA) in 2019, the Philippine Society of Medical Oncology (PSMO) reported that three out of 100 Filipino women are estimated to develop breast cancer before the age of 75. It was also noted that breast cancer accounts for 15% of all new cancer cases and 8% of all cancer deaths in the country.

In addition, the Philippine Obstetrical and Gynecological Society found that the Philippines had the highest prevalence of breast cancer among 197 countries in 2017. World Health Organization (WHO), in its Cancer Country Profile 2020, said that breast cancer is considered the most common type of cancer in the Philippines and has the highest incidence rate of 17.6%.

鈥婽hese figures just show how crucial it is for women to self-examine and then get screened for breast cancer and so get treated upon detection of the disease.

According to the United Kingdom-based organization Breast Cancer Now, self-examination can be done in three steps: touching one鈥檚 breasts for feeling anything unusual, looking for changes in appearance, and checking for any changes with a general practitioner. On its website, our very own PCS has a guide on how to self-examine the breasts for any symptoms.

The WHO affirms that early detection of breast cancer affects survival rates, and when the disease is identified early the treatment can be more highly effective.

However, access to breast cancer screening and treatment is found to be not uniformly high globally, which means that survival from breast cancer gets compromised in some countries or regions.

鈥淭here are substantial disparities in survival between more-developed and less-developed countries, as well as between different social groups within countries. These disparities are due in part to reduced access to early diagnosis and timely completion of treatment,鈥� the IARC, which is part of WHO, explained in a statement on its website.

A study recently published in the journal Preventive Medicine Reports in October highlighted the current challenges in screening breast and cervical cancers in the Philippines.

The study highlighted that most Filipino breast and cervical cancer patients are diagnosed with late-stage disease, and several factors have contributed to these late diagnoses.

鈥淸M]ajority of breast and cervical cancer patients are diagnosed at advanced stages, as high out-of-pocket healthcare costs, the centralization of health human resources and infrastructure in the capital, and the absence of organized national screening programs preclude access to breast and cervical cancer screening,鈥� the study noted.

Sociocultural factors also contribute to low screening uptake for women鈥檚 cancers, the study recalled. Such factors include poor knowledge of cancer screening, fatalistic attitudes toward cancer, and stigma associated with a cancer diagnosis, such as the perception that mammography is a painful experience.

The authors of the study found that the passage of the Universal Health Care Law and the National Integrated Cancer Control Act provides an opportunity to reduce disparities in access to cancer screening.

鈥淭his begins with investing in organized cancer screening programs, collaborating with multiple stakeholders on community-based educational campaigns, and addressing the social determinants that underlie women鈥檚 cancers,鈥� the authors wrote.

Several brands, hospitals, and institutions are observing Breast Cancer Awareness Month through various promos, deals, and other initiatives. The PSMO, for its part, has begun its online breast cancer education this month. Its Abot Kamay Ako at Ang PSMO (AKAP) program currently offers free breast cancer education for patients, caregivers, patient support, and cancer advocates. Those interested in availing of this free learning program can visit . 鈥� Adrian Paul B. Conoza

The 48^th Philippine Business Conference & Expo (PBC&E) is happening today (Oct. 19) until tomorrow (Oct. 20) at the Grand Ballroom, The Manila Hotel, with the government鈥檚 top executives and economic managers, as well as business leaders from here and overseas coming together to once again exchange ideas on current issues and business opportunities.

This year鈥檚 conference is highlighted by the attendance of President Ferdinand R. Marcos, Jr. and Vice-President Sara Z. Duterte as they are expected to address the Philippine business community.

Mr. Marcos and Ms. Duterte will serve as the concluding and opening guests of honor and speakers, respectively, in what is set to be the biggest business face-to-face gathering in the country after two years of grappling with the pandemic.

Philippine Chamber of Commerce and Industry (PCCI) President George T. Barcelon said that the chamber, the organizer of the two-day business summit, is honored and extremely delighted to receive the President鈥檚 confirmation to attend the conference.

鈥淎s we speak, we are now in full capacity and we are trying to find ways to accommodate those on the waitlist,鈥� Mr. Barcelon said, adding that PBC delegates will be coming from across the country and overseas.

The PCCI president also said that the chamber has also organized a huge batch of business delegations from countries like the United States of America (USA), Sri Lanka, Pakistan, and Japan to attend the conference.

Foreign delegates attending the conference are set to explore business opportunities and joint ventures in a business-to-business session with Filipino businessmen.

This year鈥檚 conference carries the theme 鈥淭he Philippines is ready and open for business,鈥� which PCCI finds a very timely theme befitting the chamber鈥檚 vision to be the 鈥淰oice of Business.鈥�

鈥淲e have been consistent in our position to fully open up our economy because we need to get back on track to sustain our growth momentum,鈥� Mr. Barcelon added about this year鈥檚 theme.

With the said theme, the 48^th PBC&E will be looking at how the new government will build on the previous administration鈥檚 reform measures to make a real difference to the economy going forward.

In a media briefing last Oct. 12, Ferdinand A. Ferrer, the chair of this year鈥檚 PBC&E, recalled the previous administration has laid down the groundwork to attract more foreign direct investment with the amendment of important legislation such as the Public Service Act, the Foreign Investment Act, and the Retail Trade Liberalization Act. The Ease of Doing Business Act and the Corporate Recovery and Tax Incentives for Enterprises Act, meanwhile, are likewise seen to support the expansion of domestic enterprises and recovery from two years of lost opportunities.

鈥淲e have a roster of highly renowned speakers and experts from both the government and business sectors to share insights and strategies on how we can sustain our growth momentum and, eventually, achieve the country鈥檚 vision of Ambisyon 2040 where Filipinos enjoy a stable and comfortable life,鈥� Mr. Ferrer said.

The 48^th PBC&E will start with the opening keynote message from Vice-President Duterte. Then, to set the tone of the conference, Finance Secretary Benjamin E. Diokno will deliver a keynote presentation, followed by a fireside chat with Socioeconomic Planning Secretary Arsenio M. Balisacan of the National Economic and Development Authority.

The conference will also have interesting discussions with some of the country鈥檚 top executives to highlight the business prospects under the new administration and the priorities moving forward.

The conference will also have a session with US Ambassador Marykay Carlson and Chinese Ambassador Huang Xilian on building strategic alliances to create new markets and attract more investments.

The closing ceremony will feature the presentation of Resolutions to the President, as well as the awarding of the Most Outstanding Local Government Unit, Most Outstanding Chamber, and the 47^th PBC Chairman.

The resolutions to be presented to President Marcos, Jr. during the conference cover a wide range of issues, such as achieving food security, transparent and affordable health care, employment generation, globally-competitive education and training standards, strengthened national security, reliable and competitive digitalization, climate change resilient and environmental-friendly policies, affordable power, safe and efficient transportation, and an outward and forward-looking trade policy.

鈥淭he set of resolutions capture the collective aspirations and expectations of the Philippine business community to the new administration as it steers the direction of the Philippine economy rebounding from the pandemic,鈥� Mr. Ferrer said.

Mr. Ferrer is the chairman and chief executive officer of Gruppo EMS Inc., a company engaged in providing semiconductor engineering and electronic assembly services in the country and overseas.

Known to many as 鈥淧erry,鈥� Mr. Ferrer returned to the Philippines after 22 years of being assigned in the Military & Aerospace Electronics in various foreign countries like the USA, Canada, Europe, and China.

Mr. Ferrer graduated Bachelor of Science in Marketing Management from the De La Salle University, Philippines. 鈥� Adrian Paul B. Conoza

Since the coronavirus crisis has accelerated the use of digital means, organizations have been undergoing their respective digital transformations. Alongside this move, however, cyberattacks like malware and phishing have escalated, which for businesses might result in losing important information, as well as crippled operations and consumer trust.

In a recent 大象传媒 Insights forum, themed 鈥淚mproving Cybersecurity in the Digital World,鈥� experts from government and private sectors recognized the need for seriously implemented policies as well as comprehensive solutions for businesses amid increasing threats from cyberattacks.

Melchor T. Plabasan, director and head of the Technology Risk and Innovation Supervision Department of the Bangko Sentral ng Pilipinas (BSP), noted that amid the growth of digitalization, there has likewise been an increase in threat actors trying to exploit consumers and organizations that cybersecurity has now become a 鈥渘ever-ending battle鈥� across sectors.

From the central bank鈥檚 end, he shared, the top three incidents in 2021 spotted by the BSP鈥檚 cyberthreats surveillance are card-not-present fraud, phishing, and account takeover or identity theft.

鈥淭here is now what we call more elbow room on the part of these threat actors on attack surfaces by which they can operate,鈥� he observed.

Citing findings from Checkpoint Threat Intelligence Report, Globe Business Enterprise Group Vice-President for Partner Ecosystem Francisco Claravall noted that cyberattacks have threatened the Philippines more than Southeast Asian neighbors.

According to Checkpoint鈥檚 findings, an average of 2,115 weekly attacks were found in Philippine organizations from both government and private sectors.

鈥淲e actually see [the] government as actually the top [sector] being attacked, followed by manufacturing and then finance and banking,鈥� he added, noting as well that most of the attacks occurred through email attachments.

Another finding Mr. Claravall noted was that most Philippine organizations (64%) were exploited through remote code execution, which is defined as an attack where a threat actor illegally accesses and manipulates a computer or server without authorization from its owner.

Ana Margarita Sanchez, vice-president for strategy and engagement at Philpacific Insurance Brokers & Managers, Inc. (Philinsure), pointed out that as the move 鈥渢o the web on the cloud鈥� drives an exponential growth of data stored online in the future, exposure to cyberthreats are bound to increase. This should alarm Philippine companies to better secure themselves digitally since losses from cyberthreats are very costly.

Ms. Sanchez cited a study by online marketing firm Reboot Digital PR Services, which revealed the Philippines is the ninth least cyber secure in Asia, mainly due to a huge number of phishing and malware-hosting sites.

鈥淐an we afford the loss of our data? Because it costs money when our systems are breached. The cost of repairing our data systems and of restoring the data 鈥� that鈥檚 something that every business owner should consider and even our government,鈥� she said.

鈥淎nd when we lose our data, we鈥檙e not only talking about data and system recovery costs. We鈥檙e also talking about business interruption, reputational and brand costs, and also legal and regulatory costs,鈥� she added.

Ms. Sanchez highlighted that cyberattacks cost a global average of US$ 200,000, or about P11 million 鈥� which puts small and medium enterprises (SMEs) mostly at risk.

“SMEs in Asia-Pacific are actually very exposed… and the fear is real for these businesses because even Cisco came out with the study that 56% of Asia-Pacific SMEs have suffered a cyber incident in the last twelve months,鈥� she added.

Implementing policies

Given the stronger need for cybersecurity in the country, Allan S. Cabanlong, founder and chief executive officer of CyberGuardians, Inc., stressed throughout the forum that the Philippine government needs to fully implement the National Cybersecurity Plan 2022, which was drafted and launched by the Department of Information and Communications Technology back in 2016 and 2017.

The plan envisions having a trusted and resilient information infrastructure, or infostructure, in the country. Its goals include assuring the continuous operation of the nation鈥檚 critical infostructures, public and military networks; implementing cyber-resiliency measures to enhance ability to respond to threats before, during and after attacks; effective coordination with law enforcement agencies; and a cybersecurity-educated society.

鈥淭he main challenge now with the government is the implementation. All the plans have been laid out already. The laws have been created already, although there are other laws that are still sought,鈥� Mr. Cabanlong, who is also a former DICT assistant secretary, said.

Aside from implementation, Mr. Cabanlong continued, putting the right people to handle cybersecurity and developing the cybersecurity workforce in the country are also important.

Agreeing with Mr. Cabanlong, central bank鈥檚 Mr. Plabasan noted that while the Philippines has a Cybercrime Prevention Act, a cybersecurity law is still needed to clearly delineate the responsibilities of the government and the private sector in terms of protecting critical infrastructure.

鈥淎lthough the National Cybersecurity Plan also identifies these critical sectors that need to be protected, we believe that this should be enacted into law because cybersecurity is a very expensive endeavor, [and] so that there [will be] steady source of funding that would finance activities related to protecting our systems,鈥� Mr. Plabasan said.

Initial steps for businesses

On the other hand, businesses should start 鈥渃ybersecuring鈥� themselves by having a security assessment of their company, creating their zero-trust framework, and staying up-to-date on the evolving threat landscape, Mr. Claravall advised.

鈥淜eep your team, as well as your executive stakeholders, informed; because unless they know what鈥檚 happening, they will not mind you,鈥� Mr. Claravall said.

Mr. Plabasan remarked that a cybersecurity culture must be built among organizations, particularly embedding cybersecurity across all facets of their operations.

鈥淲e also need to make the board aware or, sometimes, to moderately scare them about the risk that the organization is facing, so that they can also fully support initiatives to strengthen the cybersecurity posture of their organization,鈥� he said.

Mr. Claravall added that businesses should assess the impact of losing critical data, out of which they should create a business continuity plan.

鈥淲hen a cyber breach happens, where is your critical data?鈥� he said. 鈥淵ou have to make sure that you have that plan in place and then make sure you review and test your incident response plan. This should not be at a time when you鈥檙e just starting to test what you鈥檝e planned.鈥�

The Globe Business executive also stressed that in getting cybersecurity solutions, companies should not pick and assemble them on their own.

鈥淢ost customers try to do it per product and try to assemble it. What we realize is you don鈥檛 really choose a solution or a product. Look for a strategic partner that can understand your needs end to end,鈥� Mr. Claravall said.

鈥淭hat鈥檚 why things like managed security services are actually booming right now because the expertise is there for you to be able to avail of it,鈥� he added. 鈥淵ou have to worry about technology and you don鈥檛 have to worry about making sure you keep the people, upskill them, and train them.鈥�

Innovations for cybersecurity

Globe Business, for its part, has been offering clients bundles of cybersecurity services, which include endpoint security cloud applications, as well as governance, risk management, consulting, and incident management solutions.

鈥淲e think of ourselves as curating the best solutions that customers may need,鈥� Mr. Claravall said.

The Globe Business executive also mentioned a solution called incident management response retained, which he observed their brand has succeeded in getting client companies subscribed to.

鈥淎 company without sort of an incident management response retainer, when something happens to them, will crumble from scratch on how to handle the situation. This retainer helps them, in the event something happens, to respond in an organized and quick manner,鈥� he explained.

Another safety net businesses can go to is insurance, as Philinsure鈥檚 Ms. Sanchez shared.

Philinsure鈥檚 cyber insurance called CyberSecure, as advertised, intends to accompany companies by coming up with an immediate breach response in case of a suspected data or security breach; as well as by providing experts to regain access, replace, or restore data; and getting reimbursements.

Through neoinsurance, businesses can assess their risk, automatically get a quotation, and easily get CyberSecure on a single online platform.

鈥淯sually if it鈥檚 cyber insurance, it鈥檚 voluminous pages of things you must go through. But here, we鈥檝e made it kind of plug and play,鈥� Ms. Sanchez said. 鈥淚n our platform, at least, there are several options for enterprises, particularly for SMEs who are the most vulnerable at this point in time.鈥�

Ms. Sanchez hopes that more insurers will get into the cyber insurance space as this kind of protection is becoming more critical as a fiscal response to any cyber breaches.

This session of 大象传媒 Insights is in partnership with Globe Business and is supported by the Asia Society-Philippines, British Chamber of Commerce of the Philippines, Financial Executives Institute of the Philippines, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, Philippine Franchise Association, and The Philippine STAR.

With the opening of its Innovation Campus and the launch of its Innovation Festival, the UnionBank of the Philippines, Inc. (UnionBank) reiterates its support for and openness to collaboration with startups in the country.

Located in San Pedro City, Laguna, the newly-opened UnionBank Innovation Campus serves as a hub for research and development that intends to further boost the bank鈥檚 digital capabilities.

As Transaction Banking Center Head Ramon G. Duarte shared in a media briefing last Sept. 7, the campus is intended to be a venue where customers, partners, communities, and the government can collaborate in creating innovative banking solutions.

鈥淭his is going to be a venue for coordination and applying techniques and technologies to be able to figure out and introduce new banking solutions,鈥� Mr. Duarte said. 鈥淚n cases where we also want to equip our collaborators to work on projects, we can be a venue to scale them up and train them.鈥�

The campus, which was inaugurated during the bank鈥檚 inaugural three-day Innovation Festival last week, houses training facilities for the bank鈥檚 workforce; workspaces for the bank鈥檚 contingent of developers, systems engineers, and designers who will collaborate with stakeholders; the recently-launched Asian Institute of Digital Transformation (AIDT); and the headquarters of UnionBank鈥檚 digital bank UnionDigital.

Moreover, UnionBank鈥檚 Chief Information Officer and IT Services Group and Operations and Shared Services Group Head Dennis D. Omila stressed that the bank believes in the unique value of startups, which can complement with theirs.

鈥淲e know they have a part in the ecosystem and if we put their unique value and ours together, we can serve communities better,鈥� Mr. Omila said.

鈥淲hen you innovate, you have to have diverse groups; and when [these groups] come together, the ideas become better and the executions become together 鈥� and in the process, we learn from each other,鈥� UnionBank Chief Human Resource Officer Michaela Sophia E. Rubio said.

With the said mindset, Mr. Omila added, UnionBank exposed its capabilities by bringing patented application programming interfaces (APIs) that startups, particularly those under financial technology (fintech), can embed on their applications.

鈥淎 lot of fintechs today actually pursue our capabilities, since it鈥檚 already embedded in their apps. You don鈥檛 have to use our app… but it鈥檚 actually powered by us,鈥� he said.

These APIs, spanning from disbursements to blockchain functions, can be found on UnionBank鈥檚 API Marketplace online.

UnionBank Senior Executive Vice-President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Rhoel R. Aguda added that the bank has been supporting and investing in startups through its fintech venture studio and fund UBX.

UBX鈥檚 ventures include, among others, BUx, an end-to-end payment gateway focused on micro, small, and medium enterprises; SeekCap, a same-day approval digital lending marketplace; and Assured, the Philippines鈥� first embeddable insurance platform.

More recently, UBX launched Xpanse, a recently-launched open finance platform that intends to enable banks, fintechs, and startups to build new financial solutions through APIs and customer-controlled data sharing across member institutions in the country.

The fintech arm also held its UBX Lounge 48 Mixer event back in June, where it gathered startup founders, venture capitalists, industry leaders, and investors to meet, collaborate, and exchange ideas.

Mr. Aguda also noted that the three-day Innovation Festival, with its panel discussions, learning sessions, and activities such as a hackathon in partnership with the Department of Trade and Industry, also serves as an additional venue for the startup community to gather.

鈥淲e鈥檙e giving them a venue to experiment and come together as a community,鈥� he said. 鈥淲hat we鈥檝e noticed is when you bring startups together, they create and aggregate new inventions and technologies.鈥�

On top of these initiatives, UnionBank seeks to work with startups with a passion to address the needs of the communities that the bank also seeks to meet, as well as those who are looking to tap emerging technologies.

鈥淚f it just picks our interest more, if they are thinking about enriching the lives of the communities we would also want to serve, and if they are forward-looking into technology like the metaverse and blockchain, then let鈥檚 talk on how we can collaborate,鈥� he added.

According to its 2021 annual report, 2,253 companies covering over a third of global economy market capitalization were working with the Science Based Targets initiative (SBTi), a global body that enables businesses to set emissions reduction targets in line with the latest climate science. This is a large acceleration compared to 918 companies recorded in 2020.

SBTi added that companies with approved targets are reducing emissions at an accelerating pace. In 2020, these companies collectively reduced scope 1 and 2 emissions by 12%, which resulted in a total-emissions decrease of 29% between 2015 and 2020, compared to a 25% reduction between 2015 and 2019.

Scope 1 emissions cover direct emissions from owned or controlled sources, while scope 2 emissions cover indirect emissions from the generation of purchased electricity, steam, heating, and cooling consumed by the company.

鈥淎n annual 4.2% emissions reduction is required for 1.5掳C-aligned science-based targets. A typical SBTi-approved company has been even more ambitious than the 1.5掳C trajectory, with a linear rate of 8.8% scope 1 and 2 reductions a year during the period with approved targets,鈥� SBTi added in its report.

The previous years have also seen corporations going public with their net-zero ambitions.

The Climate Pledge, co-founded in 2019 by Amazon and Global Optimism, has been inviting well-known companies to reach net-zero carbon emissions by 2040, or 10 years ahead of the United Nations鈥� timeline.

As stated on their website, signatories to the said pledge must agree to measure and report greenhouse gas (GHG) emissions on a regular basis; implement decarbonization strategies in line with the Paris Agreement through real business changes and innovations; and neutralize any remaining emissions with additional, quantifiable, real, permanent, and socially beneficial offsets.

Since last March, The Climate Pledge has had more than 300 signatories. Among the companies that joined this pledge are consumer electronics retailer Best Buy, technology companies IBM and Microsoft, consumer goods companies Procter & Gamble and Unilever, software company Salesforce, wireless network operator Verizon, container shipping company Maersk, enterprise software developer SAP, and connected car and audio services brand HARMAN.

Investors and companies have also grouped together for Climate Action 100+, which is considered the world鈥檚 largest investor engagement initiative on climate change. The initiative has 615 signatories as of 2021, accounting for a record US$65 trillion in assets under management.

鈥淭hese investors are engaging with 167 of the world鈥檚 biggest listed corporate emitters and driving faster corporate climate action in line with the global goal of reaching net-zero emissions by 2050 or sooner,鈥� Climate Action 100+ said in its 2021 Progress Report.

The report also highlighted companies鈥� faster and more ambitious climate commitments resulting from investor engagement through the initiative.

Bloomberg New Energy Finance analysis from September 2021, which builds on Climate Action 100+鈥檚 Net-Zero Company Benchmark, found that 111 focus companies have set net-zero targets for 2050 or before, compared to just five in 2018 after the initiative鈥檚 launch.

鈥淭o demonstrate the scale of impact, it is estimated that these net zero targets 鈥� which Climate Action 100+ investors have played a significant role in securing 鈥� will reduce GHG emissions by 9.8 billion metric tons annually by 2050, roughly equivalent to China鈥檚 annual emissions,鈥� the initiative added.

Philippine companies have also stepped up to join the global race to net-zero targets.

In October last year, Ayala Corp. announced its pledge to work towards achieving net zero carbon emissions by 2050. Each business unit of the group is expected to have its own regularly-updated net-zero roadmap.

Moreover, Globe Telecom, Inc., which is under Ayala Corp., is the first Philippine company that committed to the SBTi. More recently, Globe was included in the list of top 200 Climate Leaders in Asia Pacific, based on a special report developed by the Financial Times, Nikkei Asia, and Statista.

Among Globe鈥檚 initiatives in reducing its GHG emissions, it has deployed over 8,500 green network solutions such as fuel cell systems, direct current-hybrid generators, free cooling systems, and lithium-ion batteries.

In line with the multinational鈥檚 push, Nestl茅 Philippines is targeting net-zero as well by 2050. The company seeks to achieve the target by switching to renewable energy and implementing circular economy practices.

Office developer NEO, meanwhile, has achieved five-star certifications for net-zero carbon energy in three of its buildings under the Philippine Green Building Council鈥檚 Advancing Net Zero Philippines Program, which verifies a development鈥檚 net-zero carbon energy emissions.

Both Nestl茅 Philippines and NEO are supported by power distribution company AboitizPower in their net-zero targets. Both companies use 100% clean and renewable energy from AboitizPower鈥檚 MakBan geothermal power plant.

Last August, building materials company Cemex Philippines announced its plan to be a net-zero company by 2050. It also introduced in its portfolio a new low-carbon and eco-friendly product line.

In just a few years, triggered by the coronavirus pandemic, targeting net zero is now more seriously considered by organizations. Yet, with all the commitments and plans, achieving net-zero seems to be a starting point for better goals.

Economics researcher Oliver Miltenberger of the University of Melbourne and environmental policy expert Matthew D. Potts of the University of California, Berkeley stressed that while the world can keep global warming in check if emissions reach net-zero by 2050, there is still a need for GHG removal beyond net-zero emissions targets. The 鈥渞eal act of climate cleanup鈥� is thus seen to only begin when more than net-zero emissions are eliminated.

鈥淲hile net zero is a critical step toward addressing climate change, it must be achieved smartly. And, importantly, it can鈥檛 be the end goal,鈥� the researchers wrote in The Conversation. 鈥� Adrian Paul B. Conoza

Business leaders and education experts have largely recognized that education in the Philippines has been facing a lot of difficulties, and the coronavirus pandemic has exacerbated such difficulties as schools adopted distanced or 鈥榖lended鈥� learning in the past two years. The consensus has been that the Philippines 鈥� and the world in general 鈥� has been facing a 鈥渓earning crisis,鈥� and it is hoped that the new administration will exert great effort in resolving this another crisis in the country as face-to-face classes have resumed.

To recall, the most recent results of the Program for International Student Assessment (PISA) conducted by the Organization for Economic Cooperation and Development (OECD) showed that 15-year-old students in the Philippines scored lower in reading, mathematics, and science than those in most of the countries and economies that participated in the survey back in 2018.

The Philippines scored the lowest in reading comprehension with a mean score of 340 points, below the survey average of 487 points; while it was the second-lowest in Science at 357 and in Math at 353, below the average of 489 points in both subjects.

Interpreting the findings in context, OECD notes that expenditure per student in the Philippines was the lowest amongst all PISA-participating countries, and the expenditure was 90% lower than the OECD average.

鈥淏y comparison, expenditure per student in Indonesia was 83% lower than the OECD average and students there outperformed students in the Philippines, although their scores were still lower than those of students in between 66 and 70 other countries/economies,鈥� the PISA report added.

Fast-forward to the past two years, when the pandemic forced schools to continue their classes virtually and even some to halt their operations, the difficulties in the country鈥檚 education system have been found to be much deeper.

A report by the World Bank (WB) last year highlighted that the Philippines鈥� learning poverty 鈥� defined as the share of 10-year-old children who cannot read and understand a simple story 鈥� was estimated at 69.5% in 2019, based on Trends in International Mathematics and Science Study 2003 outcomes.

On the other hand, based on Southeast Asia Primary Learning Metrics from 2019, as published in United Nations Children鈥檚 Fund鈥檚 (UNICEF) report on the State of Learning Poverty, the country鈥檚 learning poverty is at 90.9%.

According to WB, school closures and learning loss during the pandemic can have a long-term negative impact on the current cohort of school children, and these two factors are likely to affect the children鈥檚 economic potential and productivity in adulthood.

WB estimated that due to learning losses, an average annual earning per student will decrease by $893 to $1,137, or a loss of present value of individual lifetime earnings by $16,287 to $20,752.

Further on the pandemic鈥檚 impacts, WB observed that an additional 1.6 million students were out of school in 2021 as overall basic education enrollment was 6% lower than in 2020. Enrolled children, meanwhile, faced many challenges to effective learning under a distance learning modality; and such challenges have been found greater for lower-income households who have limited resources for better access. This likely explains the high demand for returning to in-person classes, highly driven by lower-income households and women.

Cited by advocacy group Philippine Business for Education (PBEd) in a statement, a survey by Samahan ng Nagkakaisang Pamilya ng Pantawid of more than 9,000 parents revealed that they spent 40% more because of distance learning compared to 2020; while a Pulse Asia survey said that one out of four parents think their children are not learning in the remote setup.

More recently, according to UNICEF鈥檚 report, jointly published in partnership with United Nations Educational, Scientific and Cultural Organization (UNESCO) and WB last March, nearly six out of every 10 10-year-olds in low- and middle-income countries suffering from learning poverty. Translated to the Philippine context, less than 15% of Filipino children are found to be capable of reading a simple text at age 10 鈥� placing the country鈥檚 learning poverty somewhere around 85%.

Another highlight of the report confirmed that the Philippines has the longest duration of school closures, as of last February. Year 2020 figures cited by PBEd showed that private school closures reached a total of 1,179.

Strongly recognizing the struggles the country鈥檚 education system has been through, especially amid the pandemic, PBEd sees the need to immediately resolve the difficulties.

鈥淐learly, we need to stop the learning crisis. All sectors of society need to take part in solving this crisis, with the government taking the lead. We must demand for better education, for quality education enables individuals to enjoy strongly rooted and secure lives as reflected in Ambisyon Natin 2040,鈥� PBEd Chairman Ramon del Rosario, Jr. said in a statement.

Sharing in a compilation of insights published on 大象传媒鈥檚 anniversary report last July, Mr. del Rosario noted that the longstanding education crisis is what currently hurdles the country from reaching its goal of slashing Philippine poverty to a single digit, as shared by the current President in his trust state of the nation address.

鈥淲e cannot address our learning losses without sufficient resources. Historically, only 3% of our GDP (gross domestic product) has been allotted for the education sector. While the proposed budget for basic education now is at 4.3%, we still do not meet the global standard of 6%. We should spend as much for education as we do for physical infrastructure,鈥� the PBEd chairman continued.

PBEd, together with Philippine Business for Social Progress, Makati Business Club, and Management Association of the Philippines, proposes the following policy directions for improving the country鈥檚 education system: (1) bringing all children to quality pre-Kindergarten to Grade 3 education and developmental programs; (2) improving the quality of instruction and teachers with the target that all learners meet basic skills based on international standards; (3) using the lens of lifelong learning in workforce development; (4) fully leveraging private education to better complement delivery of services; and (5) strengthening autonomy, coupled with accountability, of school leaders and local governments.

The Philippine office segment has seen indications of an initial rebound so far this year, and this has been largely marked by the growing preference for flexibility at work.

As shared by Joey Roi Bondoc, associate director and head of research at Colliers Philippines, in a special report in 大象传媒 earlier this month, data from their firm recorded that 306,100 square meters (sq.m.) of new supply completed in the first quarter (Q1) of 2022, exceeding the 114,300 sq.m. (1.2 million sq. ft.) completed in the fourth quarter (Q4) of 2021.

鈥淎mong the buildings completed in the first quarter were One Ayala Towers 1 & 2 in Makati CBD (Central Business District), DoubleDragon Tower, Four E-com Tower 3 and Iland Bay Plaza in the Bay Area, NEX 54 in Ortigas Fringe and Savya Financial Center North in Arca South,鈥� Mr. Bondoc added.

Net take-up, meanwhile, escalated from minus 130,100 sq.m. in the Q4 of 2021 to 26,400 sq.m. in Q1 2022 鈥� the first recorded positive net take-up after seven consecutive quarters of negative net absorption.

Colliers also noted that office transactions in the capital region totaled 146,100 sq.m., an increase of 30% year-on-year.

Robinsons Land Corp. (RLC) finds themselves in a similar path with these positive observations, as Jericho P. Go, the developer鈥檚 senior vice-president and business unit general manager for Offices, said.

鈥淲e have seen a positive uptick in office leasing transactions with the way we have configured our developments,鈥� Mr. Go told 大象传媒 in an e-mail.

Hub-and-spoke

In addition, Colliers observed that traditional and outsourcing firms took up space during Q1, both inside and outside the metro. Most of the firms leased space in Fort Bonifacio, the Bay Area, and Makati CBD. Outside of Metro Manila, absorption of new office space was spotted in Pampanga, Cebu, Iloilo, Davao, and Cagayan de Oro.

This expanded presence of offices is reflected by the implementation of a hub-and-spoke strategy, where offices retain operations in urban centers or CBDs while expanding them in 鈥渟econd-and third-tier cities and locations.鈥�

On RLC鈥檚 end, this strategy has been applied even before the pandemic hit the property sector.

鈥淚n Metro Manila, we have the largest population base and a wealth of labor resource in terms of complexity, availability, and diversity,鈥� Mr. Go said.

While maintaining presence in Metro Manila, RLC is aggressively expanding in key cities in the provinces.

鈥淕oing into these provinces, we provide options to those who want to work near their families. We are experiencing an increase in inquiries and signups in key cities,鈥� the developer said.

Alexis Ortiga, vice-president of the SM Commercial Properties Group, under SM Prime Holdings, Inc. (SMPH), also observed an increase of offices in the fringe areas going into the provinces.

鈥淚loilo is a very popular market right now. The Cavite, Laguna, and Batangas areas are also popular for both warehouses and offices,鈥� Mr. Ortiga said.

Emphasis on flexibility

Also being realized in the past six months, and beyond, is stronger flexibility in work, where on-site and remote modes converge.

The latest Asia Pacific Workforce Preferences Barometer of Jones Lang LaSalle (JLL) highlighted that an 鈥榦ptimal point鈥� has been reached among office workers, with hybrid work preferred by 60% of employees surveyed and being implemented already by 55% of respondents. The research also found that three in four employees agree that hybrid is a non-negotiable factor in talent retention, and 78% of respondents who advocate remote working are actually managers.

JLL鈥檚 research further noted that the office is set to become a hub for human connection and innovation, as 56% of organizations plan to refit or redesign their office space in the next 12 months.

In addition, based on its workplace strategy tool called Experience per Square Foot TM, Cushman & Wakefield expects greater workplace flexibility to take further shape in the post-pandemic period.

鈥淲e can expect a significant flight to quality among corporate occupiers, with state-of-the-art buildings featuring smart technology considered attractive by employees. Moreover, office spaces with flexible floor plans are preferred, to accommodate increased allocation for collaboration areas and well-being facilities,鈥� Claro Cordero, Jr., director and head of research, Consulting & Advisory Services at Cushman & Wakefield, explained in another outlook previously published in 大象传媒.

Mr. Ortiga of SMPH agrees that flexible office spaces are now preferred by a lot of tenants.

鈥淭hey want more open layouts, higher floor-to-ceiling clearance, and of course a lot of them have heavily invested in safety protocols,鈥� he said.

RLC, for its part, observed similar needs for flexibility amid the pandemic, and so has resolved to reconfigure their workspaces to meet employees鈥� needs in the new normal, as shown in their headquarters at the 25^th floor of Robinsons Cyberscape Alpha in Ortigas Center, Pasig City.

鈥淧rofessionals have grown accustomed to working from home during the pandemic, but the disadvantages in that include interruptions in power supply, internet connection, and mental health because of the relative isolation as one works alone and is not in personal contact with peers,鈥� Mr. Go observed.

Considering these factors, RLC developed an environment designed for employees to 鈥渆njoy the best of both worlds.鈥� The developer incorporated elements of a home, such as the living room area, the pantry, and the bar; while also adding 鈥榝un鈥� elements such as a billiards table, a Ping-Pong table, a foosball table.

鈥淎ll of these facilitate collaboration, interaction, coordination, camaraderie, and synergy within the workplace, ultimately creating a winning culture so that when employees go back to the office, they are inspired to create innovations and new ways of doing business,鈥� Mr. Go explained.

Relevant technologies have also been rolled out, alongside health and safety protocols.

鈥淔or instance, we installed generous provisions for treated outdoor air to deliver airflow rates that exceed the [Department of Labor and Employment] standard. Through this, we ensure a healthy work environment with air exchange that expel virus. More and more people would want to have that,鈥� Mr. Go said.

Safety features have been a long-standing practice for SMPH鈥檚 offices.

鈥淔or example, hourly cleaning and sanitation of high touch point areas 鈥� we鈥檝e been doing that for a long time now. Having MERV 13 filters in our ventilation systems so that the air we breathe inside SM Offices is cleaner,鈥� Mr. Ortiga shared.

Looking ahead

Backed by a good start, the office segment is expected to sustain its progress towards recovery.

Lobien Realty Group (LRG) notes that this recovery, particularly in the Metro Manila market, is set to start in Q4 2022. LRG reported that the office vacancy rate in the said market is expected to improve from first half鈥檚 19% as office demand picks up with increased economic activity.

LRG also found that the Makati CBD has a pipeline of 307,000 sq.m. in office spaces that is expected to be completed by 2028. Taguig鈥檚 business district is found to have 250,000 sq.m. of office space in the pipeline, while Pasig has 139,000 sq.m.

鈥淥pportunity is seen for office space tenants and locators due to the 19% vacancy rates, ample supply of office space pipeline in all office space grades, and the possible weakening of rental rates for landlords to shed the available office supply in the market,鈥� LRG was quoted as saying in a recent 大象传媒 report.

Colliers, for its part, projects new supply to reach 821,900 sq.m. this year, a 30% increase from 2021 completions.

Further on demand, Mr. Cordero of Cushman & Wakefield spoke of a favorable long-term outlook for the major demand drivers of office space.

Citing a recent study of the firm on the Asia-Pacific office market, Mr. Cordero said total employment in office-using jobs in the Philippines is expected to grow by more than 2.4 million, which translates to more than 8.3 million sq.m. in office space demand. This is equivalent to a more than 70% increase in the current stock of office space in the country.

鈥淭he near-term outlook on net office space absorption in the Philippines will still be lower than the estimated average in the last 15 years,鈥� Mr. Cordero continued. 鈥淭he expansionary demand in the medium term, however, will come from the continued growth of the outsourcing and information technology and business processing management (IT-BPM) companies.鈥�

RLC鈥檚 Mr. Go also shared other potential drivers in the office segment.

鈥淚n the office sector where there is an oversupply, the return of POGO (Philippine offshore gaming operators) may reduce vacancies. When the supply and demand imbalance is corrected, there is an expectation that rental rates will improve. We also see an opportunity with the requirements on data centers. Sectors such as data analytics, robotics, and artificial intelligence, will benefit from the infrastructure technology provided by data centers to help them grow. These industries are expected to take up office spaces,鈥� he said.

Challenges

However, caution is indicated on JLL鈥檚 most recent outlook. In its 鈥淕lobal Real Estate Perspective鈥� for the office segment this month, JLL found that current economic headwinds are impacting the construction sector and will flow through to the development pipeline over the coming 12 to 24 months.

鈥淩ising construction costs, a shortage of labor (especially in Eastern Europe due to the war in Ukraine), and supply chain disruption are creating uncertainty and will help to shape the development pipeline. The future supply pipeline is consequently anticipated to tighten and there is potential for deliveries to be delayed,鈥� JLL explained on its website.

Likewise, RLC, as an importer of raw materials and equipment for office developments such as building elevators, generation sets, air-conditioning units and escalators, sees certain global events as a cause for concern.

鈥淪uch events may affect the flow of goods and services and the deliveries on raw materials and equipment. When deliveries are disrupted, it will affect the completion and handover of projects,鈥� Mr. Go said.

Amid these challenges, for Mr. Go, the segment鈥檚 recovery is sure to happen.

鈥淪lowly but surely, we are nearing pre-pandemic levels. We are optimistic because of the hub-and-spoke strategy that we have adopted even before the pandemic hit, with Metro Manila as the base of operations. This strategy effectively brings in new inquiries and signups for the business,鈥� Mr. Go said.

Mr. Go also believes that RLC鈥檚 large investment in flexible spaces will start its growth for a 鈥榖etter normal.鈥�

鈥淎s we go back to the office, performance is expected to improve for our company and like-minded companies, who would want to start again and enjoy the same benefits of collaborative workspaces, gaming areas, airflow rates, etc. That concept is resonating well to office locators as evidenced by the increase in inquiries and signups year-on-year since 2020,鈥� Mr. Go said.

SMPH, meanwhile, believes it has figured out a design formula that works well for employers, tenant-partners, and their employees and guests.

鈥淕iven our amenities and conveniences, I鈥檓 proud to say we give real meaning to the phrase 鈥榳ork-life balance鈥�, and how we鈥檙e able to treat each tenant-partners and their employees as human beings, not just tenants that fill up our spaces,鈥� Mr. Ortiga said.

According to a recent survey by technological research and consulting firm Gartner, Inc., attracting talent with nontraditional skills is found to be the top challenge for audit leaders or chief audit executives (CAEs), represented by 57% of the respondents.

Related challenges cited by over half of audit leaders surveyed as important to solve in the next 12 months include: making the leap to more advanced analytics applications (e.g., continuous monitoring, automation and artificial intelligence) (56%); inadequate assurance over cybersecurity (53%); IT auditing practices not keeping pace with the need to audit new technologies and IT risks (53%); and measuring the impact of higher-value activities our team performs (51%).

鈥淭op challenges for audit leaders reflect the increasing need for their audit teams to provide assurance over rapidly evolving technologies and expanded digital transformation initiatives,鈥� Gartner鈥檚 report noted.

This difficulty in attracting talent to internal audit is even seen as a major factor driving many of the other top challenging facing audit leaders.

鈥淸M]any audit leaders also expressed lower confidence in their team鈥檚 ability to audit evolving areas, such as cybersecurity, ESG (environmental, social, and governance standard) and talent risks in the broader organization, and increase the department鈥檚 use of data analytics and technology,鈥� the report read. 鈥淭hese areas often require specialized skills audit teams are trying to attract or effectively upskilling existing talent, which also presents its own challenges.鈥�

Such findings mirror what was explored by the Internal Audit Foundation (IAF) of the Institute of Internal Auditors, in collaboration with professional services firm Deloitte, in a research report published last year that assessed internal audit competency.

The report highlighted that while internal auditors are confirmed to have strong competence in core knowledge areas, a critical need is sought for them to have an additional focus on the use of innovative technologies.

鈥淏usiness strategy and technology strategy are converging. Today, many business models could not exist without digital technologies, such as cloud-based platforms, automation, machine learning, advanced analytics, and blockchain,鈥� read the report. 鈥淒espite the criticality of these technologies, many auditors do not believe they have the skills needed to provide effective assurance and advisory services in these areas.鈥�

These seen gaps, nonetheless, can be considered as opportunities for auditors moving forward.

鈥淭his unique point in time offers internal auditors an opportunity to articulate the value they could add to their organizations if adequately enabled by relevant transformative technology and upskilling opportunities,鈥� Mike Schor, risk & financial advisory partner at Deloitte, was quoted as saying in a comment to the report鈥檚 findings.

Opportunities amid risks

In an annual perspective of its internal audit specialists, Deloitte identified key risks and opportunities that it believes internal auditors should consider in their audit plans this year.

Among the numerous considerations, Deloitte agrees that adopting the ESG standard is imminent in several major economies, and so internal audit should not delay in tackling the issue, 鈥渁s the stakes are simply too high, with pressure exerted by regulators, investors, customers, third-party affiliates, and society at large.鈥�

A challenge internal audit (IA) functions just starting on their ESG journey should brace for is identifying responsible parties within the organization, the firm noted.

鈥淥ftentimes, we find the CFO (chief financial officer) pointing to investor relations, who look to HR (human resource), which passes the buck to legal, who redirects to marketing. Effective coordination among these groups and a focal point of responsibility will be critical to progress,鈥� Deloitte wrote in the report.

Deloitte also recommends initiating training as needed to fill knowledge gaps, both within IA and throughout the organization at large.

鈥淚nvest in resources with the right experience and skillset to understand, recognize, and assess ESG risks. Consider creating ESG-dedicated position(s) within internal audit to allow for specialized expertise and increased focus,鈥� Deloitte added.

IA functions are also encouraged to get involved with organizations as they embark on automation in order to realize business value.

鈥淪tart by helping management find a balance between risk taking and risk appetite. Connect early in the process, when strategic decisions about automation are first being made. Ideally, the relationship will include both advisory and assurance elements 鈥� helping the organization realize [return of investment] and then providing assurance services for its automation deployment,鈥� Deloitte explained.

鈥淪imultaneously, adapt your audit plan to the new environment,鈥� the firm added. 鈥淩isk assess new capabilities (impacted business processes, ways of working, and new enabling technologies) across key risk domains, such as financial, operational, regulatory, technology, and strategic, and then prioritize based on impact and vulnerability criteria.鈥�

Regarding cybersecurity, CAEs are advised to pay particular attention to leveraging the 鈥渃yber cloud skills鈥� of auditors as the cloud bring a concurrent set of risks while enhancing the ability to quickly leverage new capabilities such as AI, machine learning, blockchain, and data lakes.

鈥淐onsider approaches such as a risk-based 鈥渁ssurance by design鈥� cloud migration strategy; take advantage of native cloud services; and embed security and engage in a multi-cloud strategy. For IT IA, cloud assurance will be a multi-year journey 鈥� not one audit and done,鈥� Deloitte advised. 鈥� Adrian Paul B. Conoza

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By Adrian Paul B. Conoza, Special Features Assistant Editor

The past 35 years have seen 大象传媒 evolving from solely a newspaper covering business developments to a platform for events where its intended audience get to hear discussions about the latest insights and outlooks. Among these events that the media outfit holds regularly, the 大象传媒 Economic Forum has established itself as one of the most-awaited annual gatherings for the Philippine business community.

The forum started in 2016, when 大象传媒 saw potential in mounting an annual on-ground large-scale event as an additional revenue stream and content platform. By that time, the newspaper industry started seeing a continuous decline in print revenue.

The inaugural Economic Forum was themed 鈥淐harting Progress to 2020,鈥� with MVP Group of Companies Chairman Manuel V. Pangilinan, former Finance Secretary Carlos G. Dominguez III, and former Vice-President Maria Leonor G. Robredo as key speakers, alongside several panelists from both public and private sectors. The forum was attended by 850 top executives, business owners, and decision-makers from different sectors in the country.

Succeeding editions further made the Economic Forum an event that the business community cannot afford to miss since it highlights the latest key issues, developments, challenges, and opportunities shaping the economy.

Bringing these things to the fore has been the forum鈥檚 trademark, 大象传媒 Executive Vice-President Lucien C. Dy Tioco noted.

鈥淭he Economic Forum really speaks of 大象传媒鈥檚 clout over the business community, and it has served as the brand鈥檚 premium that people have regarded as the benchmark for knowing the state of our economy,鈥� he shared in an interview.

The annual 大象传媒 Economic Forum is also notable for bringing together government officials, executives, thought leaders, and industry experts from the country and even abroad in one place.

鈥淚t (the forum) helps bridge the gap between the private and public sector, and it gives them the opportunity to dialogue and eventually work together for the benefit and growth of the country as a whole,鈥� 大象传媒 Sales and Marketing Director Jay R. Sarmiento shared.

鈥淓ven when we were doing a physical event (of the forum), you could really see the people who are the 鈥榃ho鈥檚 Who鈥� of business in one place. That is remarkable, which you don鈥檛 see in other business conferences,鈥� Mr. Dy Tioco added.

Year 2020 brought a long lockdown across the country due to the coronavirus disease 2019 (COVID-19) pandemic, but this did not stop 大象传媒 from holding the forum. Instead, it shifted from on-site to online in November that year as the 大象传媒 Virtual Economic Forum (BWVEF), with the theme 鈥淔orecasts 2021: Reboot. ReThink. ReShape.鈥�

That edition had 43 local and international personalities, including B酶rge Brende of the World Economic Forum (WEF), Bernardo Mariano, Jr. of the World Health Organization, Ndiam茅 Diop of World Bank, and Kelly Bird of Asian Development Bank (ADB). The discussions focused on how businesses and the economy can move forward amid the pandemic, with topics like 鈥淭he Great Reset,鈥� COVID-19 vaccination, digital transformation, and 鈥渘ew normal鈥� trends, among others.

As digitalization has accelerated during the pandemic 鈥� from businesses digitally upgrading their operations to consumers turning to digital tools for work and transactions 鈥� 大象传媒 put the digital economy in focus with a special edition of the BWVEF, themed 鈥淭he Digital Economy PH: Towards a Faster Economic Recovery,鈥� in May 2021.

Keynote addresses were delivered by Fernando Zobel De Ayala, president and chief executive officer (CEO) of Ayala Corp.; Bernadette Nacario, country director of Google Philippines; and Kais Marzouki, chairman and CEO of Nestl茅 Philippines. Discussions centered on bridging the 鈥榙igital divide,鈥� hybrid work, and omnichannel strategies, to name a few.

The following November, the virtual forum brought together almost 50 international and local experts to draw and form the 鈥淩ecovery Roadmap PH: 2022 and Beyond.鈥� This edition was highlighted by keynote presentations from Changyong Rhee of the International Monetary Fund and Francisco Betti of the WEF. Discussions tackled pandemic-led shifts, business resilience and sustainability, emerging industries, and connectivity, smart cities, climate change, and circular economy, among many others.

鈥淚t really showcases the Philippines鈥� resiliency… because we have provided several cases where there have been success stories and several innovations by the Filipino business community,鈥� Mr. Dy Tioco said of the 2021 edition.

Conversations on moving forward in the new normal continued last May when the forum delved into the various accelerated and emerging changes that are set to influence businesses in the near future.

With the theme 鈥淩evolutions 2022: Navigating the Changed World,鈥� the recent BWVEF featured presentations on four tracks characterizing the 鈥榬evolutions鈥� that are set to define the global landscape, namely Sustainability, Industrial, Internet, and Human Revolutions.

An economic outlook and agenda for developing Asia, delivered by ADB Chief Economist Albert Park, set the tone for the forum鈥檚 track presentations and related discussions, which covered topics like transformations in corporate leadership, setting net-zero targets, shifting business game plans, the metaverse, and the 鈥淕reat Resignation鈥� trend, among others.

BWVEF has been hosted on an interactive platform featuring a 360-view degree, animated videos mimicking a physical venue; an open room for networking opportunities; exhibit hall; live polls; photo booth; and a comments and questions tab for interaction with the speakers.

MEANINGFUL DIVERSIFICATION
With the insightful discussions it has held with top local and global minds, the 大象传媒 Virtual Economic Forum has become a valuable asset for 大象传媒, making the brand further stand out among other media companies. Along with other digital-focused initiatives, the forum has helped the company ride the disruptive tides of the pandemic.

The BWVEF in 2020 is notable for having gathered 1,200 attendees, with 40% of attendees comprising C-level executives and department heads. Going beyond its target attendees by 108%, BWVEF 2021 had a total of 538 attendees, 66% of which are presidents, vice-presidents, C-level executives, directors, and regional heads. BWVEF 2022, on the other hand, garnered 651 registrants.

Complementing these numbers, feedback from attendees, speakers, and sponsors further shows the forum鈥檚 established relevance.

鈥淭he expressions of gratitude given to us by the attendees from the comments box, the positive feedback from speakers as well as their willingness to always accept our invitation, the influx of new sponsors, and the other sponsors鈥� continued patronage of our forum from physical to digital are clear proof of the success of the forum,鈥� Ms. Sarmiento shared.

Further testifying to the Economic Forum鈥檚 solid relevance are recent recognitions 大象传媒 received from esteemed award-giving bodies.

The first BWVEF is among the winning entries in the 19^th Philippine Quill Awards, which honors the best communication programs, tools, and research projects. That edition is also one of the top contenders under the Communication Skills division of the awards program. The top awardees of the 19^th Philippine Quill Awards will be announced on Aug. 18.

BWVEF 2021, meanwhile, won a special award from the 21^st Asian Media Awards (AMA) of the World Association of News Publishers, the global organization of the world鈥檚 press.

The said edition was given a special Silver award for the Best Revenue Diversification Project/Product/Service under small/medium news media companies with annual revenue of less than US$10 million. The category recognizes 鈥渘ew innovative news-related projects/products/services which engage audiences and increase media brand awareness while creating a new and sustainable revenue stream.鈥�

For 大象传媒 Editor-in-Chief Wilfredo G. Reyes, this most recent award proves how 大象传媒 can effectively and productively transcend from the paper into a very different platform.

鈥淭his achievement acknowledged our ability to promptly seize opportunities to produce and deliver content, and at the same time earn from doing so. Meaningful revenue diversification has been newspapers鈥� elusive quest for decades,鈥� Mr. Reyes said.

With the special award from AMA, 大象传媒 joins this year鈥檚 roster of reputable Asian publications, which include Japan鈥檚 Nikkei Asia, Hong Kong鈥檚 South China Morning Post, Singapore鈥檚 SPH Media, and Indonesia鈥檚 Media Indonesia.

鈥淚 just feel that our win on the Asian stage is just one step over being recognized globally,鈥� Mr. Dy Tioco shared.

The next 大象传媒 Economic Forum is planned to be held this November in a hybrid mode. Delegates can choose between attending online or on-site.

鈥淲e鈥檙e really excited because it鈥檚 a chance to be seeing face-to-face again. Fingers crossed, hopefully, there鈥檚 nothing untoward that will happen by that time,鈥� Mr. Dy Tioco said.

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By Adrian Paul B. Conoza, Special Features Assistant Editor

Earlier in the first months of the coronavirus pandemic, business owners, executives, and teams were in search of guidance for managing and surviving the massive impacts and disruptions brought or exacerbated by the said crisis. 大象传媒, as it kept a close eye on the country鈥檚 economic narrative amid the pandemic, has endeavored to get insights from top executives and experts that will greatly help the business community at such a challenging time.

While the award-winning 大象传媒 Insights and 大象传媒 Virtual Economic Forum have primarily fulfilled these objectives, it was the media outfit鈥檚 one-on-one interviews with top movers in business where inspiring learnings on moving forward amid the pandemic were mined. And as the Philippines has opened a new chapter with a new administration taking over around a month ago, 大象传媒 also gleaned firsthand views of the potential makeup of the country鈥檚 economic policy.

Launched in July 2020 as part of its 33^rd anniversary multimedia report, 大象传媒 One-on-One has served as an exclusive venue for top business people to be interviewed by 大象传媒 Editor-in-Chief Wilfredo G. Reyes.

Mr. Reyes noted how the interviews help audiences take notes from executives on what they have learned during the pandemic, which perhaps can be appended to their organizations鈥� respective playbooks.

鈥淭here鈥檚 been a wealth of information on best practices built in the past two years on crisis management, taking better care of talent, and developing new revenue streams,鈥� Mr. Reyes shared.

鈥淓very One-on-One interview is an opportunity to learn from the experiences of other sectors. Many times, you get great tips that can be adapted to one鈥檚 situation, so these interviews contribute to our continuing accumulation of knowledge,鈥� he added.

The first iteration of the interview series was themed 鈥淎 Time for Leadership and Resilience,鈥� which featured business leaders sharing their defining moments in the midst of the global pandemic, as well as learnings on surviving and performing amid economic shocks.

First to be featured in the week-long series was Joo-Ok Lee, head of regional agenda, Asia-Pacific at the World Economic Forum. He shared that holistic and systematic approaches are much needed in dealing with challenges as complex as the pandemic. 鈥淚ncreasingly, challenges that we will see are going to be more interconnected. They will be more complicated, and unless there is a holistic approach, unless there is a systematic and systems-driven approach, these issues will be very, very difficult to resolve,鈥� he was quoted as saying.

In the following episode, Emmanuel P. Maceda, worldwide managing partner at Bain & Company, talked about a 鈥渕icro-battle鈥� means of balancing companies鈥� investment strategies. 鈥淭he idea of a micro-battle concept is to define units of strategic choice in smaller terms, in micro-terms so that you can see the results faster, then you can build the second micro-battle and the second micro-battle after that,鈥� he said.

Looking after employees, meanwhile, was a highlight of the interview with Nina D. Aguas, executive chairman of Insular Life Assurance Co. Ltd. 鈥淩eally look out for the people within your organization because they will carry it through the very difficult times,鈥� Ms. Aguas advised.

MVP Group of Companies Chairman Manuel V. Pangilinan, in another episode, shared that the pandemic could bring out the 鈥渘ext big idea,鈥� and the person with such an idea 鈥渨ill probably win.鈥�

Completing the series, Globe Telecom President and Chief Executive Officer (CEO) Ernest L. Cu shared that their company conditioned themselves on the notion that recovery will take time 鈥� something other businesses must have also kept in mind in the past months.

鈥淲e have to make this a working condition and the given that we have to get around with, just like any other business constraint that we are used to,鈥� he said.

The following year, in conjunction with a joint special report with The Philippine STAR titled 鈥淧hilippine Business Outlook 2021: Towards a More Resilient and Sustainable Economy,鈥� 大象传媒 held a One-on-One interview with Benjamin E. Diokno, formerly Bangko Sentral ng Pilipinas (BSP) Governor and now Department of Finance Secretary.

In that interview, Mr. Diokno expressed optimism regarding the recovery of the Philippine economy in terms of gross domestic product growth, remittances from overseas Filipino workers, and employment rate amid a 鈥測oung population.鈥� The previous BSP governor also noted there that the country鈥檚 push for a 鈥榗ash-lite鈥� society is bound to continue, and it might go as far as going coinless by 2025.

Three months after, 大象传媒鈥檚 motoring sectionVelocity, in celebration of its anniversary, held a two-part One-On-One interview with the country鈥檚 automotive industry leaders. Velocity editor, Kap Maceda Aguila, had virtual exchanges with Atty. Rommel Gutierrez, president of the Chamber of Automotive Manufacturers of the Philippines, Inc., on his perspectives about the Philippine automotive industry; and with Maria Fe Perez-Agudo, president of the Association of Vehicle Importers and Distributors, Inc., about future innovations paving the industry鈥檚 future track.

The following April, 大象传媒 One-on-One put the spotlight on Yasuyuki Sawada, then chief economist of the Asian Development Bank, as he and Mr. Reyes took a deep dive into the multilateral lender鈥檚 202 1 Asian Development Outlook.

Five months later, as 大象传媒 marks its 34^th anniversary in September, another weeklong One-on-One series was held, this time with four Philippine business tycoons. Each shared their experiences and realizations out of the pandemic, as well as their company鈥檚 resilience stories and updated visions.

Kevin L. Tan, chief executive officer of the Alliance Global Group, Inc., shared in the first episode that the township concept of the company鈥檚 real estate arm Megaworld Corp. became 鈥渋deal and quite compelling鈥� amid the pandemic, and so he believes this concept 鈥渃an be a catalyst for economic development in other cities.鈥� Grounded on this belief, Megaworld announced its plans to launch three townships within Luzon that year.

Meanwhile, moving to a digital and omnichannel strategy is seen to drive a leading retail company forward even beyond the pandemic. Robina Y. Gokongwei-Pe, president and CEO of Robinsons Retail Holdings, Inc. (RRHI), shared in the second installment that as their company pivoted to e-commerce fast, 鈥渢he percentage contribution of e-commerce to total sales is growing very fast.鈥� So, while brick-and-mortar stores have made up for a big part of total sales, RRHI has planned on working on its presence both offline and online.

Health and sustainability were the highlight of the One-on-One with Monde Nissin Corp. President and Director Betty T. Ang as she shared that the company saw 鈥渟ignificant progress鈥� in several of its long-term growth plans in production capacity, new product developments, and brand awareness initiatives. 鈥淥ur ramped-up research and development is focused on new product development that is aligned with our aspirations for sustainability and health for customers and for the planet,鈥� she was quoted as saying.

Dennis Anthony H. Uy, founder & CEO of Converge ICT Solutions, Inc., completed the series by sharing his company鈥檚 target up to P26 billion in gross revenue by end-2021 and 55% nationwide household coverage by 2025 as demand for connectivity increases. He stressed that fiber broadband technology, which Converge delivers, can best deliver a minimum of 500 gigabytes for every individual home.

In line with its 35^th anniversary celebration, another engaging 大象传媒 One-on-One series, with the theme 鈥淚nnovations Reshaping the Future of Key Industries,鈥� is shown live and free in 大象传媒鈥檚 Facebook page this month.

Mr. Reyes conversed with Dr. Diana Edralin, president of Pharmaceutical and Healthcare Assocation of the Philippines and general manager of Roche Philippines, and Subra Ramakrishnan, chief business transformation officer of Sun Life Philippines, last Aug. 15 and 16, respectively.

These will be followed by interviews with Jose Maria M. Atienza, senior vice-president of Toyota Motor Philippines Corp., on Aug. 22; and with Jericho P. Go, president and chief executive officer of RL Commercial REIT, Inc., on Aug. 23.

Roundtables

This year, a few weeks before the new administration started taking office, 大象传媒 brought to the online public two roundtables of 大象传媒 editors with some of the key people making up the administration鈥檚 economic team.

Themed 鈥淭he View from the Starting Line,鈥� 大象传媒 Roundtable featured BSP Governor Felipe M. Medalla and Socioeconmic Planning Secretary Arsenio M. Balisacan last June 20 and June 27, respectively.

Mr. Medalla told 大象传媒 editors that the BSP is likely to raise its key interest rate at its next two meetings to curb inflation, while the pace of subsequent tightening will be gradual. He also shared that 鈥�2022 will be a high-growth year, simply because of the huge pent-up demand.鈥�

Mr. Balisacan, meanwhile, shared that new taxes may have to be introduced to fund priority projects, but they should be carefully timed. 鈥淚f you want more public services, if you want to invest a lot into our health and education, and social sector, and to our farmers, you must have sources of money for that. Obviously, you can only go so far with an improved tax administration,鈥� he was quoted as saying.

The current National Economic and Development Authority chief also shared during the roundtable that he seeks better coordination with the 19^th Congress on priority bills and the 2023 national budget, and so he considers frequent meetings with legislators through the Legislative-Executive Development Advisory Council.

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By Adrian Paul B. Conoza, Special Features Assistant Editor

Along with the reputation 大象传媒 has established with the business community and the general public, another contributing factor to the paper鈥檚 continuing success for 35 years is the trust it has built with top brands and advertisers.

Through the years, brands have not only regularly kept in touch with 大象传媒 for the placement of their advertisements in print and for sponsorships for in events. More recently, brands have also collaborated on projects where their messages have been amplified on 大象传媒鈥檚 various platforms.

This growing synergy 大象传媒 has had with brands, for Executive Vice-President Lucien C. Dy Tioco, is generally built on the long-stand trust the media and content company has built for its excellence and quality in economic journalism.

鈥淚t boils down to three factors: our credibility that we have established over the years, our clout and influence over the business community, and the quality of content that we produce which is very attuned to the needs of the business community,鈥� Mr. Dy Tioco said.

鈥淚 think one of the reasons why advertisers choose to work with us for their content over and over again is because we have managed to maintain our integrity despite the changing times. They know, respect, and value our journalism standards and editorial guidelines. There鈥檚 no need to sacrifice our own brand of integrity to better serve our advertisers,鈥� 大象传媒 Special Features Editor Josielyn Luna-Manuel added.

These defining trademarks of 大象传媒 have been the solid convictions for Cocolife, one of the paper鈥檚 top advertisers, to let their messages be amplified through 大象传媒鈥檚 features and platforms, as the insurer鈥檚 president Atty. Martin B. Loon, shared.

Sharing the same vision with 大象传媒 has been a solid factor for another top advertiser, Toyota Motor Philippines (TMP).

“Over the years, 大象传媒 has been one of our trusted partners in delivering information about our products and services to our customers. This partnership with 大象传媒 over 3 decades has made us achieve our common vision of helping build and transform the industry for the better,” TMP First Vice-President for Vehicle Services Operations Sherwin Chualim said in an e-mail.

鈥淎s the first Filipino-owned and ISO-certified Life Insurance company, it has been our mission to help Filipinos reach their goals, financial or otherwise, in any way that we could assist them. Needless to say, 大象传媒 shares the same sentiment as us, and they too 鈥楤elieve in the Filipino鈥� as much as we do,鈥� he said.

In addition, Jay R. Sarmiento, 大象传媒鈥檚 sales and marketing director, credited the people in her department for making the brand partnerships and advertising deals productive for both ends.

鈥淲e have the best Sales and Marketing team who deliver what we promise to advertisers. The Sales and Marketing team, as well as the Special Features team, are organized and consistent when it comes to servicing the needs of the clients,鈥� Ms. Sarmiento said.

Ms. Manuel described how close collaboration with advertisers has made it possible for the whole 大象传媒 Sales and Marketing department, which includes the Special Features team, to come up with projects that 鈥渉elp brands effectively reach out to their target market and our audience, and achieve their desired communication goals.鈥�

鈥淚 believe that the success of the many projects we鈥檝e done for and with the advertisers were really a result of great collaboration 鈥� from ideation to actual production and publication 鈥� between 大象传媒 and clients,鈥� Ms. Manuel said.

鈥淔rom our end, every time we get on board a client鈥檚 project, we always think that their project is our project, and their success is our success. Hence, we strive to offer them the best inputs and outputs given the time and resources that we have,鈥� she added.

Among special projects that brands have embarked on with 大象传媒 include special editions of 大象传媒 Insights, notable of which, for Ms. Sarmiento, are those with nonprofit organization Habitat For Humanity on a 鈥淏AHAYnihan鈥� forum; with Parkway Cancer Centre Singapore for webinars on diagnosing and treating various cancers; and a three-part Fintech Series held in partnership with the recently-rebranded Maya.

Such online fora gave the brands, through their representatives or experts, an opportunity to share information that would be relevant to 大象传媒鈥檚 audience and even those who chance upon the webinars.

Aside from online webinars, special editions of the 鈥湸笙蟠� B-Side鈥� podcast have been an area of collaboration for some brands like Tata Consultancy Services (TCS).

鈥淭CS is delighted to have found a partner in an equally established and trusted brand that is 大象传媒. It has been a joy collaborating with the different teams at 大象传媒 to share our story and guide the way for Philippine businesses to innovate for greater futures,鈥� Michelle Bautista, marketing manager at TCS Philippines, shared.

More notably, nonetheless, brands have also tapped the capabilities of 大象传媒 for creating quality commemorative special projects.

鈥淧ersonally, my favorites are the false cover we did for Asian Development Bank鈥檚 50^th Anniversary in 大象传媒 and the special 35^th Anniversary Magazine of the Makati Business Club,鈥� Ms. Manuel shared. 鈥淥ur team鈥檚 hard work paid off because it鈥檚 an honor for us to be part of these two well-respected organizations鈥� milestones and to help them put on paper their stories about building a better future for our country.鈥�

More recently, Mr. Dy Tioco noted that 大象传媒 plays a very important role in the PhilSTAR Media Group鈥檚 (PMG) advocacy program 鈥淣akakalocal: Love Local, Grow Global.鈥� The initiative, launched earlier this year, aims to promote and encourage consumers to buy local and support local businesses, particularly small and medium enterprises (SMEs), that produce great products.

鈥淣akakalocal鈥� maximizes PMG鈥檚 assets, including 大象传媒, for a noteworthy advocacy. Moreover, the initiative is supported by the country鈥檚 biggest corporate institutions, which paves the way for creating a vast support ecosystem for Filipino SMEs.

鈥淥ur newest advocacy is very well-received by brands. They see several areas of collaboration that we can do together. And the wonderful thing about those collaborations is that there鈥檚 really a common goal. It鈥檚 not just serving one brand or the other, but it鈥檚 really about serving a common goal of trying to uplift the economy by helping our SMEs and inspiring people to really start their own business,鈥� Mr. Dy Tioco, who also serves as PMG鈥檚 executive vice-president, shared.

For the years ahead, as new platforms for informing and engaging the business community have been productively explored, 大象传媒 looks forward to further collaborating with brands and help get their messages across meaningfully.

鈥淲e are open for collaboration; we can create content for them online and offline. We can explore a lot of possibilities,鈥� Ms. Sarmiento said.

Thanking partners for the trust and confidence they have given to 大象传媒, Mr. Dy Tioco said that the trusted media company will continue to be with them as they move forward, step by step, to the continuous transformations they are embarking on.

鈥淲hatever crisis or success that you are going through, 大象传媒 will always be there for you,鈥� Mr. Dy Tioco said.

Driven by the Innovative Startup Act of 2019, the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEERD) under the Department of Science and Technology (DoST) has been bringing a much-needed boost to the Philippine startup ecosystem. While its programs and incubators have been running for around two years, however, the council still seeks to support startups that offer fresh solutions to the market.

PCIEERD, one of the three sectoral planning councils of DoST, has been backing up the country鈥檚 startups, in fulfillment of its mandate to support technology transfer and commercialization.

DoST, together with the Department of Trade and Industry and the Department of Information and Communications Technology, is assigned by the Innovative Startup Act of 2019 to assess, monitor, develop, and expand the Philippine Startup Development Program.

鈥淲e want [startups] to be out there and succeed through some kind of expansion. But in order to do that, they need to develop the product and penetrate into the market; and for the development of the product, services, and technologies, they have to undergo R&D (research and development). That鈥檚 where we come in essentially through the programs that we have,鈥� Dr. Enrico C. Paringit, executive director of PCIEERD, told 大象传媒 in an online interview.

The council currently holds two main programs. The Startup Grant Fund (SGF) Program, which is also in line with the Innovative Startup Act, is a fund assistance program that aims to help startups overcome their R&D roadblocks, strengthen their intellectual property, establish initial traction in the market, refine their business models, and prepare their respective business continuity plans.

The program has been seeking to fund startups in the areas of supply chain and logistics, education and learning, remote work and productivity tools, content and talent development, sustainable industries, and digital tools for public service.

Women-Helping-Women: Innovating Social Enterprises (WHWise), meanwhile, supports women social enterprises who need to access technology, early-stage funding, and customized gender-focused support. 鈥淲e鈥檙e trying to merge the pursuits of social entrepreneurs with that of the technologies that could help them make it,鈥� Dr. Paringit said of WHWise.

PCIEERD also operates Technology Business Incubators (TBI) that provides business development services to technology entrepreneurs and startups.

Dr. Paringit shared that in the previous rounds of the annual SGF program, 27 proposals were approved among the 120 proposals received, while the approved funding amounted to P89 million.

For this year, PCIEERD targets to fund 40 startups 鈥� 30 under SGF and 10 under WHWise 鈥� as well as around P200 million worth of funding.

Dr. Paringit hopes this year and in future cycles that they will find startups proposing novel and diverse ideas.

鈥淒espite the numerous applications in the last two rounds of calls, we鈥檝e noticed that the quality of submissions has tapered,鈥� the executive director said. 鈥淚t seems like there has been a saturation in terms of key ideas; the ideas are almost similar and no longer that fresh.鈥�

He observed that most of the ideas they have reviewed have concentrated on the 鈥渕arketplace type of startups,鈥� with only the products offered setting them apart.

鈥淲e really wanted to move them out of that basic paradigm. We want them to be creative. We want them to be bold. We want them to be a little bit resourceful,鈥� he continued.

Dr. Paringit attributed such tapering in quality to the lack of exposure and stimulus that could inspire new ideas.

鈥淸Y]ou could perhaps draw some inspiration from the lockdown and reflect about what the needs are, but that could only bring you so much; because the other source of inspiration is really where you have the opportunity to go and reach out, be exposed, and explore the greater environment,鈥� he explained.

In the meantime, PCIEERD held mentoring and training for aspiring grantees to help them shape their proposals better. 鈥淲hat we actually did was to come up with mentoring and training sessions with the startups so that they could fully develop their ideas and so that [when] they submit their proposals they would be able to pass the hurdles that were limiting them,鈥� Dr. Paringit shared.

The executive director also stressed that PCIEERD is very keen to support creative industries that will make creative services more accessible even for certain occasions and communities; climate entrepreneurs who will help deal with the impacts of climate change; and energy 鈥榯echnopreneurs鈥� who will help bring better ways of managing energy and power resources even at the home level.

鈥淭he challenge of environment and climate is such that there are not too many willing to take it as a business and enterprise. But… it needs to be proactively supported so that many more will be inspired to put out solutions that would help us adapt or mitigate some of the effects of climate change,鈥� he said about supporting climate-oriented solutions.

building up entrepreneurs

Dr. Paringit shared that as of 2021, the SGF program raised P68.2 million in capital, generated P202.7 million in revenues, acquired 565 clients, and created 356 jobs since the program kickstarted with initial fund support worth P64 million.

Among the startups backed up by the SGF are Futuristic Aviation and Maritime Enterprise, Inc. (FAME), which builds transponders that can track aircraft and boats without having to rely on a satellite or telco tower; The Green Table, which delivers farm-fresh, natural, and locally-grown farm products to consumers; and Oh My Genie!, a Cebu-based business solutions provider that aims to disrupt what it considers a currently centralized fulfillment and shipping model.

Augusto Martinez III, co-chief executive officer (CEO) of FAME, said that working with PCIEERD has greatly helped them from the start of their business, right until the present. 鈥淲e don鈥檛 know where we would be without them. It was difficult at the start,鈥� he said. 鈥淭hey will work with you; they will support you; and they will guide you, especially with the documentation.鈥�

Oh My Genie! Co-Founder and CEO Karl Frederick Kesner noted that SGF helps startups get everything in their business accounted for, as well as make sure their products make an impact to the market. 鈥淚t鈥檚 not just an investment. They really make sure that your business will contribute to the progress of the Philippines,鈥� he said.

For Neil Clyde Kho, founder and CEO of The Green Table, PCIEERD has brought an innovative and learning culture that the whole ecosystem can benefit from. 鈥淥ne thing I really appreciate [from them] is the culture. [They are] people with really great minds but a humble heart,鈥� he said.

Among social enterprises boosted by WHWise, Empath offers mental healthcare services such as counseling, workshops and webinars, and wellness classes. Founder Stephanie Angelica Naval considers PCIEERD鈥檚 program for women entrepreneurs, and DoST鈥檚 support overall, a gamechanger for their business.

鈥淚t鈥檚 really not just about [having] the grant, but really making sure you have steps to succeed,鈥� Ms. Naval said of the program, adding that the department鈥檚 support enables the Philippine startup community to get closer to becoming a more competitive sector in the Southeast Asian region.

鈥淚 previously came from a mindset that it鈥檚 very difficult for the Philippines to thrive and be one of the leaders in the Southeast Asian region,鈥� she added. 鈥淏ut, honestly, initiatives like this make me very hopeful that it is something that we could achieve.鈥�

Several property firms have shared the observation that the said segment remained steady last year and is expected to stay so this year.

As reported by The Philippine STAR earlier this year, professional real estate brokerage services company Leechiu Property Consultants (LPC) noted that luxury village land values and luxury condominium prices continue to increase in spite of the 18 months of lockdowns.

鈥淐apital values for luxury projects have continued to grow despite the economic downturn which shows the strong capital preservation of these assets,鈥� LPC was quoted as saying in its first quarter briefing.

The firm further stressed that among the luxury villages, land values in Ayala Alabang in Muntinlupa have reached an all-time high of P200,000 per square meter (sq. m.) as of the said quarter, up from P150,000 per sqm in the same period last year. The village also tallied the highest prime lot change of 58%, followed by San Lorenzo (19%) and Greenhills (14%). Dasmarinas Village posted the highest value, with a range of P400,000 to P550,000 per sq.m.

Meanwhile, among the luxury condominiums on LPC鈥檚 list, Aurelia Residences of Robinsons Land Corp. in Bonifacio Global City, Taguig showed the highest prime unit change at 17%, with value going as high as P657,000 per sq. m. Horizon Homes posted the highest values, ranging from P599,000 to P786,000 per sq.m.

In addition, Michael McCullough, managing director of real estate consultancy KMC Savills, said in PropertyGuru Property Report that within the general residential market 鈥� which he observed remained weak but improved relative to 2020鈥檚 performance 鈥� the luxury segment was the most resilient while the mid-segment showed recovery signs.

Much earlier, in a 大象传媒 report published before the previous year closed, Mr. McCullough said demand for luxury condominium units will remain stable this year as high net-worth individuals renovate units in the major central business districts (CBDs) on expectations of higher returns.

Sharing a similar view, Joey Roi H. Bondoc, associate director of real estate services company Colliers Philippines, said in the same report that mid-income and upscale residential units will continue to dictate launches and take-up of condominium units in Metro Manila.

These outlooks seem to have started materializing, as hinted in online real estate marketplace Lamudi鈥檚 most recent quarterly outlook.

The outlook highlighted that during the first quarter (Q1) of the year, Taguig, compared to Makati and Pasig CBDs, exhibited the largest increase in leads for residential rentals which belong to the upscale and luxury (with prices at P200,000 and above) segments. Lamudi sees this as 鈥渁 trend that may be influenced by returning expats and C-level executives amid an improving business environment.鈥�

This is a boost from a finding in the company鈥檚 earlier 鈥淧roperty Seeker Trends鈥� from the second half of 2021, which stated that luxury listings attracted 2% more leads from the third quarter to the fourth quarter of the said year.

Moreover, in Lamudi鈥檚 outlook from Q1 of last year, within leads for luxury properties for sale, those listings priced at more than P20 million got the largest chunk. Leads for luxury properties for rent were much diversified, with those ranging from P60,000 to P100,000 getting the biggest share.

This positive picture is being painted in spite of a declined performance 鈥� and the Manila market鈥檚 steepest decline yet 鈥� on a global scale.

In Knight Frank鈥檚 PIRI 100, an annual assessment of prime residential prices across 100 locations around the world, Manila currently ranks 97^th out of 100 key cities; and it has the second-lowest contraction in luxury residential prices in Asia-Paci铿乧 in 2021. Having recorded a 1.5% decline in the prices of luxury residential properties, the Philippine capital plunged 96 places from being the hottest prime residential market in 2020.

Prior to its current ranking, Manila was one of the top five Asia-Pacific markets from 2018 to 2020, when it recorded a 19.4% annual incline in prices.

The whole PIRI 100 increased in value by 8.4% in 2021, up from just under 2% in 2020 and its highest annual increase since the index was launched in 2008.

鈥淥f the 100 luxury residential markets tracked, only seven saw prices decline in 2021 while a staggering 35% of locations saw them increase by 10% or more, underlining the strength of the sellers鈥� market during the pandemic,鈥� Kate Everett-Allen, head of International Residential Research at Knight Frank, wrote in the firm鈥檚 The Wealth Report.

With a resilient performance amid the pandemic to ground itself with, the Philippine luxury property segment has an opportunity to attract demand beyond leads and complete this year with better performance and, perhaps, a better ranking in the global market. 鈥� Adrian Paul B. Conoza

Sazan Rahman, a PhD candidate and teaching assistant at McGill University whose research is mostly about green walls, green roofs, and green buildings with other green technologies, noted that research has proven that green buildings greatly benefit workers in their productivity and well-being.

鈥淪ome planners might worry about the added design and construction costs of a green building. But detailed analyses show that the small increase in building costs has noticeable benefits on the health and wellness of those working or living inside the building 鈥� or nearby,鈥� Mr. Rahman wrote in an article in The Conversation last February.

鈥淕reen workplaces meet all the criteria of the 鈥榯riple bottom line,鈥� summarized as 鈥榩eople, planet and profit.鈥� These improve the health and well-being of people, improve energy efficiency and boost productivity,鈥� he further stressed.

The engineering academic wrote that interior spaces with green walls, vertical gardens, or potted plants can reduce noise levels, which helps occupants concentrate on their work.

On the other hand, outdoor permeable surfaces like soil, rock wool, and vermiculite, and plants on buildings鈥� roofs and courtyards reduce echos.

With green roofing, green buildings are also seen to reduce the 鈥渦rban heat island鈥� effect, which occurs when a city replaces natural land cover with dense concentrations of pavement, buildings, and other surfaces that absorb and retain heat, resulting in a city experiencing much warmer temperatures than nearby rural areas.

Covering the roof of an uninsulated building with plants, Mr. Rahman explained, reduces cooling energy by as much as 33%, particularly in the summer season; and such roofing also reduces daytime indoor temperature fluctuations in the absence of air conditioning.

鈥淪tudies show people working or living in areas with high proportions of green roofs have better mental health, heal more quickly after an illness and are more productive at work,鈥� he added.

Green buildings, or at least putting more greens in one, also pave way for occupants to breathe cleaner air. Mr. Rahman cited a study way back in the 1990鈥檚 which showed that there were fewer mold spores and microbes in a room where houseplants covered one-third of the floor space compared to a room with no house plants.

鈥淧lants also increase indoor humidity levels in dry climates, reducing the likelihood of dry eyes, itchy or scratchy throat or chapped lips,鈥� he added.

More recently, the engineering academic added, latest research has also shown that plants can help hospitalized patients heal faster.

鈥淎 report by the Green Building Council of Australia found that hospitals with green infrastructure, such as an ornamental green wall, plants on every balcony and large trees around the building, reduced average hospital stays by 8.5%, sped up recovery time by 15%, reduced the rate of secondary infections by 11% and lowered the need of pain medication by 22%,鈥� Mr. Rahman shared.

鈥淣ot only do buildings with plants help patients heal faster, but they also energize the doctors, nurses and other staff who work there, and provide esthetic, acoustic and air quality benefits.鈥� 鈥� Adrian Paul B. Conoza

鈥淲e believe the industry is poised for a period of purposeful growth, despite daunting macroeconomic and structural challenges, fierce competition and ongoing tech-driven disruptions,鈥� the outlook鈥檚 authors wrote in the report.

Driving that dynamic moment are three trends that are expected to reshape the insurance market, as well as open opportunities for insurers to make more meaningful decisions for their clients and workforces.

鈥淭he decisions and actions leaders take today can meaningfully influence the future of the industry 鈥� and the lives and livelihoods of billions of people around the globe,鈥� EY鈥檚 Global Insurance leadership team wrote in a message in the outlook.

Recognizing the rise of open finance and the ecosystems of financial solutions it enables, EY sees an emergence of open insurance, where insurance-related data and other types of personal information are shared among different organizations through application programming interfaces (APIs) that connect disparate systems.

Like how open finance can transform the delivery of financial services, open insurance makes it possible for insurers to tailor-fit policies or packages for customers.

鈥淎cross all lines of business, there is increased demand for more affordable, transparent and customized insurance that better suits evolving conditions and can be easily adjusted as the needs change,鈥� EY鈥檚 outlook read. 鈥淐ustomers are increasingly willing to buy that insurance from other companies (e.g., retailers, other financial institutions, tech platforms) that offer intuitive personalized experiences.鈥�

In addition, global professional services company Accenture recognized that technology, as it is integrated within traditional insurance products, will enable the personalization of solutions.

鈥淲earables and Internet of Things (IoT) sensors are creating new ways to track, price and promote health, home safety and security and auto insurance solutions,鈥� Accenture wrote in its recent analysis of the insurance revenue landscape in the future. 鈥淭echnology allows for increased personalization of products, services and rates, but insurers need to be prepared to operate on the right platforms and with the right partners to enable that personalization.鈥�

Whereas before technology and automation is considered to cause job reductions in the insurance industry, at present the industry is set to have a more nuanced and interdependent human-tech dynamic 鈥� the second trend EY spotted.

鈥淭he consensus among forward-looking executives is that human talent is every bit as important to future success as AI, machine learning and modernized processing platforms, the firm鈥檚 outlook read. 鈥淵et the scarcity of key skills and 鈥渢he Great Resignation鈥� mean that insurers must address the traditional view of the industry as slow-moving and dull if they are to become employers of choice.鈥�

In attracting talent, EY recommends insurers to take stronger positions on social issues that matter most to rising generations of workers (e.g., diversity and inclusion, sustainability); provide meaningful work; and enhance their benefits, performance recognition and compensation models.

鈥淵ounger workers are also looking for more purposeful work, which gives an advantage to insurers that can articulate a clear story about how their products and services benefit society as a whole,鈥� EY added.

Also, Accenture observed that the coronavirus pandemic and 鈥渢he Great Resignation鈥� are creating the pressures and shifts that will force insurers to disrupt long-standing apprenticeship models for skilling in essential functions like claims and underwriting. These forces are also pressing the need to attract and retain talent that are critical in roles critical to insurance workforce transformation like technology, analytics, and actuarial.

鈥淚nsurers will always need humans. But with fewer workers, they increasingly need humans enabled by machines, transforming how work gets done regardless of who鈥檚 doing it or where,鈥� Kenneth Saldanha, senior managing director 鈥� Global Insurance lead at Accenture, wrote on the company鈥檚 website.

As insurers are seen to be seriously considering the impact of their actions to the environment and society around them, sustainability, the third trend, brings 鈥渁 historical opportunity鈥� for the industry to purposefully lead, innovate, and grow.

鈥淧revious discussions about sustainability were largely theoretical and centered on making public pledges of support. Today, however, leading insurers are taking tangible steps and adopting hard metrics to address the full range of environmental, social and governance (ESG) issues and opportunities,鈥� EY鈥檚 outlook added.

For most insurers, the outlook continued, the focus is squarely on the 鈥淓鈥� in ESG, as climate change is expected to have the biggest and most immediate impact on the industry鈥檚 financial performance.

Accenture even recognizes climate change to drive innovation in the insurance industry, in spite of the growing volatility of environmental catastrophes and damage linked to climate change being a complex risk to insure.

鈥淭echnology can help shape and improve that response with more sophisticated risk modeling, enabled by digital technology such as AI and analytics. Insurers can improve pre- and post-incident handling around climate-related disasters,鈥� Accenture鈥檚 analysis read.

Social issues, nevertheless, are also needing urgent responses, and so insurers must lay out their strategy with specific targets and quantifiable performance metrics, EY advised.

鈥淲ithin a broader ESG strategy, insurers must identify priority focus areas, clarify why they are allocating resources to them, and determine what benefits they expect to achieve,鈥� the outlook鈥檚 authors wrote. 鈥� Adrian Paul B. Conoza

Among those providers that have recognized and responded to such increased demand is the PLDT Group, chaired by Manuel V. Pangilinan (MVP).

In his message in PLDT鈥檚 most recent annual report, Mr. Pangilinan noted that the group is thriving on new historic highs in spite of the 鈥渉yper-competition鈥� in telco and financial technology (fintech), as well as the onslaught of Super Typhoon Odette before 2021 ended.

鈥淎mid the calamity and continuing pandemic, we transformed and performed. Addressing the sustained and shifting demands for connectivity, we scaled new all-time highs on revenues and EBITDA (earnings before interest, taxes, depreciation, and amortization),鈥� the chairman wrote. 鈥淲e expanded our fixed and mobile networks nationwide, powering more hybrid workspaces and online learning, enabling more businesses to thrive.鈥�

The PLDT Home unit, to begin with, was seen with notable growth, enabled by a fast-tracked nationwide fiber rollout, which led to an increased pace of installations. Exceeding original targets, PLDT鈥檚 total fixed broadband customers reached a record-high of nearly three million, a growth of 30% year-on-year (y-o-y). Total fiber capacity of PLDT Home now stands at 5.77 million ports following the completion of 1.7 million fiber ports last year.

From previously P29.3 billion, PLDT Home鈥檚 revenues grew 24% to P47.8 billion, which is another record for the particular business. Fiber revenues grew 82% y-o-y to P33 billion, while broadband revenues grew 29%.

Likewise, the Enterprise business of PLDT has performed well in helping businesses and organizations 鈥渂uild back better鈥� in the new normal. In 2021, the corporate business unit earned P42.2 billion, up by 4% from 2020, with fourth-quarter (Q4) earnings surpassing P11 billion for the first time.

Alfredo S. Panlilio, president and chief executive officer of both PLDT and Smart Communications, Inc. (Smart), noted that within data/broadband revenues, information and communications technology (ICT) and corporate data increased by 14% and 6% y-o-y, respectively.

鈥淲ireless Enterprise revenues increased significantly beyond mere connectivity, rising on the back of wireless solutions availed of by enterprise clients,鈥� he added in his message in the group鈥檚 annual report.

Furthermore, Mr. Panlilio stressed, the enterprise business seeks to outperform last year鈥檚 feats as PLDT鈥檚 ICT arm ePLDT, Inc. invests in building its digital transformation domain expertise through the construction of what is seen to be the largest data center campus in the country.

鈥淭he soon-to-rise LEED certified, Tier-3 Certified, and Tier-4 Ready hyperscale facility in PLDT鈥檚 five-hectare property in the booming industrial city of Sta. Rosa, Laguna will be the most robust facility in our suite of 11 data centers,鈥� the president and CEO explained. 鈥淎 facility of this caliber only ensures the best possible customer experience not only for our hyperscaler clients, but also for the Filipino end-users consuming their services.鈥�

Smart, PLDT鈥檚 wireless arm, also saw sustained performance in 2021, with full-year revenues of P86.2 billion, 80% of which were contributed by data and broadband. Also, Smart鈥檚 42.6 million active data users posted double-digit growth of 11% y-o-y.

鈥淪trategic brand building campaigns and product innovations, funneled mainly to more than 10 million users of Smart鈥檚 GigaLife mobile app, increased brand relevance and enabled stronger customer digital adoption,鈥� Mr. Panlilio added.

Moreover, fifth-generation (5G) technology is seen to be driving the individual wireless business in the years ahead, with data traffic on Smart鈥檚 5G network seen to have grown in Q4 2021 by 72% quarter-on-quarter and over 33 times more y-o-y.

鈥淭his growth was driven by aggressive 5G handset and usage offers of Smart Signature, the launch of Smart Bro鈥檚 5G Rocket Wifi, and the Unli 5G offers via the prepaid brands,鈥� Mr. Panlilio wrote, adding that investments in 5G will be maximized moving forward.

PLDT Group鈥檚 delivery of connectivity has been recognized by international user-based studies. Smart won Ookla鈥檚 Speedtest Awards for Q3-Q4 2021 with a Speed Score of 201.95, while PLDT is regarded the 鈥渇astest broadband鈥� in the country听 during the same period with a Speed Score of 77.24.

Also, in Opensignal鈥檚 first 5G Experience Report for the Philippines, Smart wins outright in five out of seven categories: 5G Availability, 5G Download Speed, 5G Upload Speed, 5G Video Experience, and 5G Games Experience.

Not only is PLDT Group progressing in connectivity, but it has also been an active participant in the fintech space by maximizing the synergies between PLDT, Smart, and PayMaya, the group鈥檚 financial technology affiliate, which has recently rebranded as Maya 鈥� around six months after Voyager Innovations, Inc. (Maya鈥檚 operator) secured a digital bank license.

鈥淲ith PLDT and Smart鈥檚 unrivaled network and PayMaya鈥檚 unique end-to-end financial services ecosystem, we are making the everyday lives of Filipinos better through technology,鈥� Mr. Pangilinan wrote.

鈥淧owered by our robust integrated network, PayMaya鈥檚 end-to-end financial services ecosystem is expected to make digital payments and e-commerce more accessible to PLDT and Smart customers, aligned with our group-wide commitment to bring world-class services to more Filipinos,鈥� Mr. Panlilio noted.

PLDT鈥檚 annual report highlighted that PayMaya garnered 44 million registered customers and half-a-million points of acceptance nationwide as of end-2021. Part of these touchpoints is Smart Padala centers, with over 63,000 agent network touchpoints that largely cater to grassroots communities.

Outside the PLDT Group, Radius Technologies, Inc., a wholly-owned subsidiary by the MVP-chaired MERALCO, has leveraged fiber technology to make enterprises, businesses, and homes more connected.

Under an agreement inked in 2020, the company partnered with pay TV service provider Cignal TV to roll out RED Fiber, a bundle of fiber internet and pay TV services.

Radius also launched its Optical Transport Network Suite in April last year. According to a statement from Radius, this suite 鈥渓everages a next-generation, industry-leading network protocol that provides an efficient and a globally accepted way to multiplex different services onto optical light paths, offering up to 200 Gbps (gigabits per second) of network capacity to customers.鈥� 鈥� Adrian Paul B. Conoza

From acquiring several media companies since its establishment in the 1990s by PLDT through its Beneficial Trust Fund, MediaQuest is seeing its investments come to fruition as the brands it carries are being widely recognized by the general public and also particular demographics.

After a decade of becoming the notable 鈥榯hird player鈥� in what used to be a 鈥榯wo-network town,鈥� TV5 Network Inc. (TV5) has become a more competitive player in the industry, actively stepping up in response to significant disruptions in Philippine media 鈥� particularly the shutdown of broadcasting giant ABS-CBN on terrestrial TV 鈥� that took place in the midst of the coronavirus pandemic.

Earlier in 2020, TV5 partnered with its sister company, pay TV provider Cignal TV, Inc. (Cignal), with the latter serving as the channel鈥檚 main content provider to handle the network鈥檚 programming. Following this partnership, the network embarked on collaborations with many production companies such as APT Entertainment, Brightlight Productions, Viva Entertainment, The IdeaFirst, and Cornerstone.

TV5 and Cignal also partnered with ABS-CBN Entertainment to carry the content from the latter, which include several dramas like the long-running FPJ鈥檚 Ang Probinsyano, as well as the Sunday noontime variety show ASAP Natin 鈥楾o and, soon, the popular noontime program It鈥檚 Showtime.

This boost in TV5鈥檚 programming has opened doors for new viewers, which eventually lead to nationwide viewership growth. Nielsen ratings indicated that as of July last year TV5 has registered an 89% growth in total viewership and is now the country鈥檚 second most highly rated channel. The network鈥檚 weekday primetime block grew from a 5.3 audience share in January 2021 to 12.9 as of end-June 2021, while its weekend primetime improved from a 4.2 audience share to 6.9.

Having expanded its services from direct-to-home satellite to content production, Cignal has likewise seen growth, with Mr. Pangilinan noting in a televised interview that Cignal is on track to hit P1 billion profit in 2021, driven by a 鈥渕agnificent鈥� performance in the first half of that year, having earned P510 million, up 608.3% from P72 million in the same period in 2020.

鈥淭heir EBITDA (earnings before interest, tax, depreciation, and amortization) was close to P2 billion,鈥� Mr. Pangilinan was quoted as saying in a 大象传媒 report. 鈥淚 think that puts Cignal in a position to help TV5 [grow] without much help from PLDT.鈥�

As a content producer, Cignal is behind channels such as English-language news channel One News, which binds the forces of media outfits The Philippine STAR, 大象传媒, and News5; Filipino-language channel One PH, bringing together the forces of Pilipino Star Ngayon, The Freeman, radio station Radyo 5 92.3 News FM (owned by MediaQuest asset Nation Broadcasting Corp.), and also News5; sports channels One Sports and One Sports+; and entertainment channels Sari-Sari Channel (in partnership with Viva Entertainment) and BuKo (in partnership with APT Entertainment).

Aside from carrying well-known local basketball and volleyball games, Cignal also served as the official broadcaster for the 2020 Tokyo Olympics, which pushed through last year; 2022 Beijing Winter Olympics last February; and Hanoi 2021 Southeast Asian Games, which pushed through last May.

The company also partnered with the University Athletic Association of the Philippines (UAAP) to carry live collegiate games, as well as additional programming and classic games via the UAAP Varsity Channel 鈥� the first of its kind in the country.

MediaQuest, through its unit Hastings Holdings, Inc., is also a big player in the print and digital media through the PhilSTAR Media Group (PMG), which holds some of the country鈥檚 leading newspapers such as broadsheet The Philippine Star, the country鈥檚 first business daily 大象传媒, Filipino tabloids Pilipino Star Ngayon and Pang-Masa, Cebu-based English-language paper The Freeman, and Cebuano-language tabloid Banat News.

In the digital space, five of PMG鈥檚 six titles have a solid online presence through Philstar.com, owned and operated by Philstar Global Corp. Beyond being an online edition of The STAR, Philstar.com has grown into one of the country鈥檚 biggest digital news outlets with its own editorial team and content. Philstar Global Corp. also operates Interaksyon.com, which has evolved from TV5鈥檚 news website to a platform publishing features and analyses on social issues and current events from the perspective of social media.

The Philippine STAR鈥檚 digital presence has been further enhanced with PhilSTAR L!fe, which expands the paper鈥檚 lifestyle content from the physical pages to an online platform brimming with 鈥渆verything you love, want, need and more,鈥� as the website states, and built on 鈥渁 connection based on trust and discovery.鈥�

More recently, the PMG intends to make a bigger impact that transcends its regular content and pages as it launched a year-long advocacy titled 鈥淣akakalocal: Love Local, Grow Global.鈥�

Bringing the spotlight on the country鈥檚 small and medium enterprises and proudly-made Filipino products, this initiative will set online features, fun bazaars, enriching talks, e-convention, and business pitching and mentoring events in the coming months.

A highlight of this initiative is the search for 鈥淪TAR36 SMES鈥� which the media group will help in promoting their businesses. Registered businesses with products that present a unique value, have a strong and patriotic vision, support sustainability, and are ethical and socially responsible, are sought for the 鈥淪TAR36 SMES.鈥� 鈥� Adrian Paul B. Conoza

With the worsening global issue of climate change and, in turn, the rising call to reduce greenhouse gas emissions, particularly carbon dioxide, the energy sector is further pushed to expand the share of renewable and cleaner sources like biomass, solar, wind, geothermal, ocean energy, hydropower in the grid.

Reflecting such push, at least initially, is the updated Philippine Energy Plan (PEP) 2020-2040 of the Department of Energy (DoE), which is highlighted by increased targets of 35% share of renewable energy (RE) in the power generation mix by 2030 and 50% share by 2040.

These targets aim to tackle the observed decline in the recent share of RE in the mix. In a report by the Philippine News Agency last November, Director Mylene C. Capongcol, officer-in-charge of DoE鈥檚 Renewable Energy Management Bureau, shared that from about 34% in 2008, the share of RE has gone down to 21%, or 21,609 gigawatt-hours (GWh), out of a total 101,756 GWh of power generated.

The 50% target for RE is part of the updated PEP鈥檚 Clean Energy Scenario (CES), under which oil, coal, and natural gas reduce their levels in the total primary energy supply (TPES) to 35.5%, 20.8%, and 11.6%, respectively, by 2040.

In comparison, the PEP revealed that as of 2020, coal served as the country鈥檚 biggest energy source, with 30.8% share of TPES, while oil had 29.2% and natural gas had 5.8%, totaling fossil fuels鈥� share to 65.8%. Renewables, meanwhile, increased their share to 34.2%, from 32.9% in 2019.

Moreover, the CES sets about a fourth of the power generation to come from natural gas with 26.6% share and coal with 23.1%; while solar and hydro comprise 20.6% and 18.0, respectively, by 2040. The remaining share is hoped to be contributed by geothermal, wind, biomass, and oil, altogether bringing 11.7%.

In 2020, coal power plants contributed more than a half of the power generation output at 57.2%, natural gas at 19.2%, geothermal at 10.6%, and hydropower at 7.1%. The combined generation output of solar, wind, and biomass comprised a 3.6% share of the total generation mix during the period.

The CES also aims to increase RE鈥檚 total installed capacity to 81.5 GW by the same period, translating to 68.7%. Particularly, solar鈥檚 share is pegged at 46.1 GW, wind at 11.8 GW, and 20.1 GW for hydro. Gas, on the other hand, drops to 18.9 GW.

In a 大象传媒 report last February, the DoE said that the country鈥檚 energy system is expected to add capacity of 7,910.96 megawatts (MW) by 2027, with coal-fired plants accounting for 46.68% of the capacity, natural gas 38.71%, RE 11.39%, and oil-fueled facilities 6.67%.

With 901.27 MW projected to be added to RE capacity, solar is calculated to account for 488.27 MW, hydropower 232.50 MW, geothermal 115.60 MW, and biomass 64.60 MW.

Razon-led Prime Infrastructure Capital, Inc. or Prime Infra (formerly known as Prime Infrastructure Holdings, Inc.) recognizes the PEP as the blueprint toward a more sustainable and resilient future where critical energy infrastructure are delivered with sustainability in mind 鈥� energy security, social relevance, and environmentally resilient.

鈥淭he national government鈥檚 pivot to renewable power projects is very much aligned with our business direction where sustainability is both a guiding philosophy, and a commitment to our stakeholders,鈥� Prime Infra told 大象传媒 in an e-mail.

In line with this plan, Prime Infra said it actively seeks out opportunities to deliver clean energy projects and technologies that will support the RE landscape set out by the government for the next two decades.

鈥淭he close collaboration of government and private entities is crucial to help transition away from GHG intensive energy sources, such as coal and oil, and increase the supply of renewable and sustainable energy,鈥� the company shared. 鈥淭his is why Prime Infra will continue to pioneer power projects 鈥� as our track record shows 鈥� in line with our goal of empowering communities and fostering positive socio-economic development.鈥�

One power infrastructure project Prime Infra is taking on to support the national government鈥檚 energy plans involves solar energy.

Terra Solar Philippines, a unit of Terra Renewables Holdings, Inc., which is a power subsidiary under Prime Infra鈥檚 control, has partnered with Solar Philippines Power Project Holdings, Inc. to develop what is claimed to be the world鈥檚 largest solar power facility.

鈥淭he solar project is envisioned to have a capacity of 2,500MW to 3,500MW, combined with 4,000 MWh (megawatt hour) to 4,500 MWh battery energy storage system (BESS) boosting the supply of renewable energy in the country,鈥� Prime Infra said.

鈥淭aking advantage of the steep decline in installation costs of solar panels and the improved BESS technology will allow Prime Infra to build an economically critical and socially relevant infrastructure at a scale the world has never seen before,鈥� it added.

This facility, the company continued, will serve as a crucial part of how it will help address an anticipated heightened energy demand post-pandemic.

鈥淥ur Terra Solar project is a model of dependable renewable energy, which represents a stable price not subject to fuel imports volatility for the rest of the 20-year contract,鈥� Prime Infra explained. 鈥淭he听 850 MW supply to offtaker Manila Electric Company can displace an annual consumption of approximately 1.4 million tons of coal or 930 million liters of oil. This means a reduction in both greenhouse gas emissions and import dependency for the country from 2026 to 2046.鈥�

Prime Infra is also keen on building a hydropower project that will further contribute to the country鈥檚 RE mix. It is also poised to acquire a controlling stake in the Malampaya deep-water gas-to-power project, as natural gas is seen to contribute more to the country鈥檚 transition from expensive coal and imported fuel prices to affordable and cleaner domestic energy resources.

The company has also established a new subsidiary that will help solve municipal waste problems and minimize methane emissions from landfills. WasteFuel Philippines was established last year for a waste-to-fuel project to be developed in partnership with US-based WasteFuel Global.

鈥淲ith the goal of turning waste into a valuable source of clean energy, the company is eyeing to put up by 2025 a biorefinery in Luzon that would convert municipal solid waste and agricultural feedstock into fuels for the maritime and aviation industries,鈥� said Prime Infra.

In spite of several challenges impacting both global and local economies, the Philippine real estate sector had a good start this 2022. In its most recent reports, professional services and investment management company Colliers Philippines observed optimism across property segments.

Within the residential segment, Colliers recorded demand having increased by 640 units in the first quarter (Q1) of the year. Demand is projected to reach 9,610 units for the whole year. While only 560 units were recorded for the same quarter, which is down 86% year-on-year (YOY), supply is expected to pick up by 20% with the delivery of 10,500 units by the end of 2022.

Colliers also found that rents declined by 0.2% quarter-on-quarter (QOQ), but it forecast rents and prices to increase by 1.5% and 2.7%, respectively, for the entire 2022. Vacancy, meanwhile, reached 17.8%, and is expected to further recede to 17.2% by the end of 2022.

Overall, the residential market is marked with optimism as economic sectors are opening up and returning to on-site work is being encouraged, Joey Roi Bondoc, Colliers Philippines鈥� associate director for research, observed.

鈥淭his, coupled with the return of more foreign employees should have a positive impact on residential leasing. Hence, we are projecting a gradual recovery in rents and prices which should extend beyond 2022,鈥� Mr. Bondoc wrote in a report published last April. 鈥淏usiness and consumer confidence should spillover to the pre selling market. Hence, we project a recovery which should start by the second half of 2022.鈥�

Optimism is likewise seen within the mass housing market, even amid the coronavirus pandemic, as Pammy Olivares-Vital, president of real estate developer Ovialand, noted.

鈥淭he home-buying market realized early on during the pandemic that a house and lot investment is more convenient, comfortable and long-term, that鈥檚 why it has been a very busy time for us since 2020,鈥� Ms. Vital told 大象传媒 in an e-mail.

She shared that Ovialand鈥檚 revenues grew 91% in 2021, attributing such growth to the developer鈥檚 edge in swiftly building and turning over homes to its clients. It projects to grow by 35% to 40% this year.

鈥淓ven as we see signs of returning to pre-pandemic mobility, we still see a strong demand for our housing product as many Filipinos are choosing the option of living outside Metro Manila,鈥� Ms. Vital continued.

Ovialand鈥檚 developments, which cater to the premium affordable category, are currently centralized in the Southern Luzon region, particularly in San Pablo, Laguna; Sto. Tomas, Batangas; and Candelaria, Quezon.

For Ms. Vital, the location of their developments matches very well with the increasing infrastructure and transport options in the said area. This, in turn, allows more Filipino homebuyers to explore their options outside Metro Manila.

The Ovialand president thus hopes that the incoming administration will continue ongoing infrastructure and transportation plans, 鈥渁s the connectivity of towns and cities allow developers to find new areas of development rather than be limited to progressive areas already where land prices are no longer feasible for affordable house and lot.鈥�

鈥淲e are looking forward to the rehabilitation of the PNR Train Systems as well, allowing the Makati CBD to be only a train ride away from our areas of development,鈥� she added.

Building costs

One of the challenges the real estate sector has been dealing with recently is the increase in prices of building materials.

Reported earlier in June, preliminary data from the Philippine Statistics Authority showed that retail prices of construction materials in the National Capital Region last February grew to its fastest pace in more than five years. Metro Manila鈥檚 construction materials retail price index increased from 3% in January to 3.3% in February, up by 1.1% YOY.

Feeling the impact of these increased prices, Ovialand responded by securing bulk supply with suppliers and committing to its fast building of houses.

鈥淥ur speed and efficiency is one way for us to combat the rising prices. By selling houses closer to the date of procurement of materials, we are able to price our house and lot products accordingly,鈥� Ms. Vital said.

Office segment

A positive picture was also seen in the office segment, with Colliers having tallied a positive net take-up in Q1 2022 after seven consecutive quarters of negative absorption. About 146,100 square meters (sq. m.) of office deals were recorded in Q1 2022, more than the 134,100 sq. m. in the fourth quarter (Q4) of 2021. 306,100 sq. m. of new office space was added to the market鈥檚 supply, more than double the 114,300 sq. m. from Q4 2021.

鈥淭raditional and outsourcing companies continue to dominate demand as they take advantage of the rental correction and availability of new office buildings in major business districts,鈥� Colliers鈥� report explained. 鈥淐ompanies鈥� return to office mandates should also support office absorption over the next 12 months.鈥�

Office rents declined by an average of 3.1% QOQ in Q1, and it is projected to drop by about 5% this year before a recovery starts next year. Office vacancy, meanwhile, increased to 17.3% in Q1 from 15.7% in Q4 2021. With the projected completion of about 821,900 sq. m. of new supply, Colliers revised its year-end forecast to about 18.2% from 18.9%.

Retail market

The retail market is also seeing a good start this year as consumer confidence improves and malls get more foot traffic recently.

Demand for retail space, which Colliers tallied at an increase of 74,000 sq. m., is expected to be led by food & beverage retailers for the remainder of this year, although clothing segments are also seen to be picking up demand. Also, from Q4 2021 to Q1 2022, 130,000 sq. m. of new retail space was completed, and a total of 409,000 sq. m. is expected to be completed in 2022.

Retail rents, meanwhile, have dropped by 15% compared to levels before the pandemic, but a slow recovery is forecast as the rise in household spending and consumer traffic influences rents starting in the second half of 2022.

Retail vacancy, on the other hand, continued to rise in Metro Manila at 15.2% in Q1 2022 from 14.8% in the third quarter of 2021. It is seen to reach 16% by the end of 2022.

鈥淎side from revenge shopping and dining which we project to kick in starting Q2 (second quarter) 2022, we see more opportunities in the market given mall operators鈥� and retailers鈥� propensities to innovate amid a liberalized playing field. Consumer confidence abounds and this should have a positive impact on mall space absorption and rents in 2022,鈥� Colliers explained in a separate report.

Cause for discernment

While positive performances and outlooks have largely characterized property segments in the country for the first three months, global challenges such as the war between Russia and Ukraine and the inflation in the United States bring a cause for discernment among investors.

鈥淭hese global challenges will definitely have direct impacts on us locally 鈥� and while I believe this will not slow down the real estate industry 鈥� it will make the market more discerning and astute when it comes to their investments,鈥� Ms. Vital of Ovialand said.

鈥淒evelopers and business owners alike must be in tune with their market to understand the changing needs of the people,鈥� she added.

In fact, the profile of a father has changed through time, as the American Psychological Association (APA) noted. “He can be single or married; externally employed or stay-at home; gay or straight; an adoptive or step-parent; and a more than capable caregiver to children facing physical or psychological challenges,” the APA wrote on its website.

APA attributes such change to two factors, one of which is economic trends. “Two to three centuries ago, fathers鈥� roles were primarily to serve as breadwinners and the conveyers of moral values and religious education to their children,” the association explained. “However, with the advent of industrialization and urbanization and as factories emerged as major sources of employment, fathers became distanced from the household and their families.”

Such circumstances are coupled, however, with the changing economic role of women as more of them get employed and their financial power has increased.

“In tandem with the growing autonomy of women, related trends such as declining fertility, increasing rates of divorce and remarriage, and childbirth outside of marriage have resulted in a transition from traditional to multiple undefined roles for many fathers. Today鈥檚 fathers have started to take on roles vastly different from fathers of previous generations,” APA observed.

Alongside those economic trends, research on child development was observed to have increasingly focused on fathers in the last 20 to 30 years.

APA highlighted a study conducted by United States’ National Institute of Child Health and Human Development, which found that fathers tended to be more involved in caregiving when they worked fewer hours than other fathers; had positive psychological adjustment characteristics like high self-esteem and lower levels of depression and hostility; when mothers worked more hours than other mothers; when mothers reported greater marital intimacy; and when children were boys.

“Other research on the role of fathers suggests that the influence of father love on children’s development is as great as the influence of a mother’s love. Fatherly love helps children develop a sense of their place in the world, which helps their social, emotional and cognitive development and functioning,” the association added.

Notably, a study published in the International Journal of Scientific and Research Publications in 2018 delved into the role of Filipino fathers as caregivers. The study interviewed 16 Filipino fathers based in south-central Mindanao who served as the primary caretakers of their children while their wives were working outside the Philippines.

The authors noted from their analysis of the respondents’ interviews that in fulfilling their caregiving roles, these fathers are deeply involved in maintaining the hygiene of their children, as well as in preparing their meals, guiding them in their studies, and attending to them in their sickness 鈥� which the fathers considered as the most difficult part of their duty.

“Fathers claimed they did everything for their children. This responsibility started the moment they woke up until they retired at night,” the authors wrote. “These responsibilities covered not only the concern on their children鈥檚 activities of daily living like grooming, feeding, schooling and a lot more, but also the household tasks that were traditionally done by women in the Filipino culture.”

This diversity in fatherhood roles actually got more emphasis in the midst the coronavirus pandemic. As shared in a story published on the website of public broadcaster NPR, fathers have faced the challenge of striking a balance between work and family over the last two years.

“You basically have to shift your role from being dad, to your role being dad, teacher, caretaker, [physical education] instructor, nutritionist, because all meals are eaten at home…. But also kind of finding that sense of balance on how beautiful it was that the family was together for just about all three meals every single day,” one father based in New York was quoted as saying.

Given these enhancing of fatherhood roles, the stereotypes of dads as mere providers and babysitters who hardly help in parenting and household chores are far from the reality.

JR Santiago, founder of the Dadvocacy Community on social media, has been showcasing Filipino fathers who are breaking such stereotypes.

“In doing this advocacy, I see that more dads are breaking the stereotypes and are stepping up to become more involved parents. In the years to come, I look forward to seeing more Pinoy dads not only change the fatherhood narrative but to also help change the world, one dad at a time,” he wrote in an article on the Smart Parenting website. 鈥� Adrian Paul B. Conoza

As of 2021, Singapore-based cryptocurrency payments company Triple A estimated global crypto ownership rates at an average of 3.9%, with over 300 million crypto users worldwide, plus over 18,000 businesses already accepting cryptocurrency payments. Among continents, Asia gets the biggest share with 160 million, followed by Europe with 38 million and Africa with 32 million.

Year 2021 has even been considered a defining year for cryptocurrency, with all-time highs for the world鈥檚 top two cryptocurrencies by market value and heightened popularity of non-fungible tokens (NFTs).

The first quarter of 2021 witnessed bitcoin, the first and top cryptocurrency, hitting $1 trillion in market value, according to digital currency information platform Coindesk. Bitcoin reached its record high of $67,016.5 in October 2021. Ether, meanwhile, peaked its price to as high as $4,643 in November 2021. As of the same month, cryptocurrency data aggregator Coin Gecko estimates the cryptocurrency market鈥檚 worth at over $3 trillion.

The uptick in bitcoin鈥檚 market value, CNBC.com reported in February that year, has been fueled in part by increased adoption of bitcoin by companies like automotive and clean energy company Tesla, which announced a $1.5 billion investment in bitcoin under its changed policy as well as its acceptance of the currency as payment for cars.

The previous year also witnessed the increased attention over NFTs, or digital assets representing real-world objects like art, music, in-game items and videos which are bought and sold online, frequently with cryptocurrency. One notable proof of this hype was when Christie鈥檚 was the first auction house to sell a fully digital, NFT-based artwork. The artwork, a digital collage, was sold for over $69.3 million, which is considered record-breaking for a sale of an NFT.

Alongside these developments, cryptocurrency is gaining more interest in the Philippines. Triple A estimates that over 4.3 million people, or 4.0% of Philippines鈥� total population, currently own cryptocurrency.

As 大象传媒 reported last December, the Bangko Sentral ng Pilipinas (BSP) recorded that cryptocurrency transactions in the Philippines rose 362% as of the first half of 2021. According to BSP Governor Benjamin E. Diokno, these transactions were worth P105.93 billion in June that year, which is up 71% over the same period.

This rise follows a five-fold increase in the value of transactions processed by virtual currency exchanges (VCEs) to P76 billion in end-September 2020 from P14.9 billion in end-September 2019. The volume of transaction, meanwhile, went up by nearly 36% to 7.2 million from 5.3 million in 2019.

The country has ranked well in cryptocurrency adoption indices. In the Cryptocurrency Adoption Index of Australian global fintech platform Finder, the Philippines currently ranks 10th out of 27 countries. The country鈥檚 crypto ownership rate is at 16.6%, which is higher than the global average of 14.6%.

Moreover, the Philippines is also seen as a top adopter and owner of NFTs, largely attributable to play-to-earn (P2E) NFT games like Axie Infinity. Another survey by Finder showed that the country ranked first in NFT ownership out of 20 countries, with 32% of Filipino internet users saying that they own NFTs. In the platform鈥檚 NFT Gaming Adoption Report, meanwhile, the Philippines ranks the 4th highest out of 26 countries, with one in four Filipinos having played P2E NFT games.

Meanwhile, in the Global Crypto Adoption Index by blockchain data analytics firm Chainalysis, the Philippines ranked 15^th out of 157 countries. On a scale of 0 to 1, with a number closer to 1 indicating a higher rank and higher adoption, the country scored 0.16.

Furthermore, the country鈥檚 cryptocurrency space has been expanding with the active participation of several local financial institutions and fintech companies.

As early as 2019, for instance, UnionBank has done its share when it set up the country鈥檚 first cryptocurrency automated teller machine that enables users to exchange digital units for cash. More recently, the Aboitiz-led lender has partnered with digital asset custodian Hex Trust to pilot its digital asset custody service. The pilot is set to run first as an internal service for UnionBank employees to prepare the bank to launch a fully commercialized service for customers.

Digital bank Paymaya Philippines, Inc., which recently relaunched its mobile app as Maya, has rolled out a cryptocurrency feature in its app which allows its users to buy and trade digital currencies, and so help make cryptocurrencies more accessible to the public.

GCash is also moving into the cryptocurrency space as the mobile wallet has allowed its users to buy crypto from their GCash wallets across VCEs such as Binance, Philippine Digital Asset Exchange (PDAX), and Paxful.

Last year, PDAX added seven new cryptocurrencies which for the first time are offered on a local exchange and available to trade directly with the Philippine peso. Then, earlier in February, the exchange added five more coins to its list, totaling the currencies available on its mobile app to 19.

Another interesting development within the local cryptocurrency space is the possibility of the Philippine Stock Exhange (PSE) to host crypto trading. In July last year, PSE President Ramon S. Monzon said that since crypto is an asset class that cannot be ignored, a structured trading of crypto in the country should be hosted by the local bourse so that it can engage in investor education and protection.

鈥淲e鈥檙e waiting for the rules from the Securities and Exchange Commission on how crypto or digital asset trading will be governed,鈥� Mr. Monzon, was quoted as saying in a 大象传媒 report. 鈥� Adrian Paul B. Conoza

Such increased interest spurred by the ESG standard can also be seen recently in the Philippines, with the accelerated push for ESG reporting among companies and for sustainable finance initiatives in the financial ecosystem.

In a brief published by SyCip, Salazar, Hernandez, & Gaitmaitan (SyCipLaw), the emergence of ESG investing in the country was traced back to as early as 2016 when the Securities and Exchange Commission (SEC) issued the Code of Corporate Governance for Publicly-Listed Companies (CG-PLC), which adopted an expansive view of corporate purpose, reinforced the idea of stakeholder governance, and introduced sustainability reporting in the governance framework of publicly-listed companies (PLCs).

Notably, the CG-PLC recommends that 鈥渢he board of directors have a clear and focused policy on the disclosure of non-financial information, with emphasis on the management of economic, environmental, social and governance issues of its business which underpin sustainability.鈥�

A counterpart of CG-PLC for public companies was issued in 2019, containing the same concepts, principles, and recommendations on stakeholder governance and sustainability reporting as those in the CG-PLC.

Furthermore, in February 2019, SEC released Memorandum Circular No. 4, series of 2019, titled 鈥淪ustainability Reporting Guidelines for Publicly-Listed Companies,鈥� which specifies the procedure for sustainability reporting in the Philippines. With the issuance of these guidelines, PLCs are now required to submit a sustainability report as part of their annual report each year.

鈥淭he Sustainability Reporting Guidelines seek to, among others, help PLCs identify, evaluate and manage their material economic, environmental, and social risks and challenges, and measure and monitor their contribution towards achieving universal targets of sustainability, such as the United Nations Sustainable Development Goals (UN SDGs), and national policies and programs,鈥� SyCip Law鈥檚 brief noted.

One year after SEC鈥檚 guidelines on ESG reporting were enforced, SyCip Gorres Velayo & Co. (SGV & Co.) reviewed how PLCs responded to SEC鈥檚 requirement to publish sustainability reports.

The firm鈥檚 study, titled 鈥淏eyond the Bottom Line: Sustainability Reporting in the Philippines,鈥� found that 64% out of the 73 PLCs that submitted sustainability reports for the financial year ending December 31, 2019 used the reporting template provided by the SEC to ensure compliance on the first year. Of these PLCs, 40% released stand-alone sustainability reports, while 30% disclosed sustainability information as part of their annual reports.

The study also found that 77% of the sustainability disclosures were focused on UN SDGs, while 45 PLCs used the SDGs to inform about their sustainability strategy, materiality assessment process and/or material sustainability issues.

Discussing these findings, Benjamin N. Villacorte, a partner at SGV & Co., and Yna Altea D. Antipala, a senior associate of the firm鈥檚 Climate Change and Sustainability Services team, observed that while the first year of ESG reporting focused more on compliance, such efforts still met the objective of creating awareness and inclusion of sustainability on the board and management agenda.

鈥淚n addition, PLCs can improve their reporting on topics such as waste management to address pressing global concerns; resource management, specifically of materials and water, since unhampered consumption is not sustainable; and the protection and rehabilitation of biodiversity and ecosystems affected by operations to minimize negative environmental impact,鈥� Mr. Villacorte and Ms. Antipala wrote in a 大象传媒 column last year.

They also noted that PLCs can further improve on addressing social issues, 鈥減articularly privacy and data security, after the pandemic rapidly shifted professional communications into the digital space.鈥�

Also, the Anti-Corruption & Governance Center of the Center for International Private Enterprise (CIPE) stated that the SEC鈥檚 initiatives in 鈥渆stablishing a market-wide culture of sustainability鈥� by mandating ESG disclosures is 鈥渁dmirably forward-looking.鈥�

鈥淭hey have not only helped the Philippines prepare for impending ESG requirements in the EU and US; they have also helped them adapt quickly to growing due diligence demands in global supply chains,鈥�听 CIPE wrote on its website.

ESG standards have also begun influencing sustainable financing, starting from as early as 2018 and 2019, when the SEC promulgated guidelines on the issuance in the Philippines of green, social and sustainability bonds under the ASEAN Green Bond Standards, the ASEAN Social Bond Standards, and the ASEAN Sustainability Bond Standards.

Then, in 2020, the Bangko Sentral ng Pilipinas issued Circular No. 1085, more known as the Sustainable Finance Framework, which requires banks to embed sustainability principles, including those covering environmental and social risk areas, in their corporate governance framework, risk management systems, and strategic objectives consistent with their size, risk profile, and complexity of operations. After the launch of this framework, banks such as BDO Unibank, Inc. and Rizal Commercial Banking Corp. started offering sustainability bonds.

More recently, in February of this year, the SEC, along with the ASEAN Capital Markets Forum, is planning to develop Sustainable and Responsible Fund Standards (SRFS), which aim 鈥渢o provide disclosure and reporting requirements that can be consistently applied by fund managers鈥� in the jurisdiction of the Association of Southeast Asian Nations.

As 大象传媒 reported the same month, the ASEAN SRFS would make investment funds provide disclosures on ESG initiatives, sustainable and responsible investment objectives, and sustainability investment strategies. The standards to be developed will also require disclosure of the processes in place to ensure ESG compliance. 鈥� Adrian Paul B. Conoza

One of the many things that has gone widespread in the past years since the coronavirus disease 2019 (COVID-19) pandemic brought our then normal ways of life and work to a pause are collaborations. This was seen among companies within their respective industries as they dealt with their respective disruptions and, much more, between the private and public sectors in responding to the pandemic.

The latter was very much noticed in efforts to expand COVID-19 testing in the country; and, as representatives from the Asian Development Bank and ThinkWell Philippines noted, there is much to learn from it.

“The very nature of both public and private sectors allows for a more synergistic response as they bring to bear their respective strengths and adapt these to the context of the greater challenges and needs confronted by our country, such as the COVID-19 pandemic,” the authors wrote in a piece published on the website of Health Systems Governance Collaborative back in 2020.

This is also apparently a lesson companies are beginning to further appreciate as they push forth their corporate social responsibility (CSR) programs in the new normal.

For one foundation, the public-private model serves as the guidepost that drives its current CSR efforts and aligns them with what their partners in the public sector require.

“The collaboration between the public and private sectors is an integral partnership that sees both sides addressing what the other may not be able to. It is a co-beneficial collaboration that allows the private sector to alleviate some of the weight carried by the government, all for the upliftment of the lives of the Filipino people,” Melody M. Del Rosario, president of Metro Pacific Investments Foundation (MPIF), told 大象传媒 in an e-mail.

The CSR arm of the Metro Pacific Investments Corp., MPIF aims to address the socioeconomic issues of unemployment by creating livelihood opportunities for locals; access to quality education, by supporting scholars from underprivileged families; access to quality healthcare by mobilizing medical missions for coastal community folk; and access to nutrition and food security by distributing at-home planting kits and fresh vegetables to vulnerable communities.

“MPIF鈥檚 corporate social responsibility is not only confined to helping in times of need. Beyond relief and response, we have invested our efforts into long-term commitments with our partner communities 鈥� to inspire a movement that prioritizes positive and sustained impact in the long run,” Ms. Del Rosario, who also is MPIC’s vice-president for public relations and corporate communication, added.

The MPIF president shared how they apply public-private collaboration in their programs. “Across our main guiding pillars of social infrastructure, particularly for environment and economic empowerment, it is part of our program process to engage in meaningful discourse with our partner local government units to determine what initiatives will best benefit their communities in the long run, as well as which sectors of the community will best benefit from them. The public sector is involved throughout the implementation of our efforts from beginning to end,” she shared.

MPIF, nonetheless, has been an active collaborator with fellow companies within the Manuel V. Pangilinan (MVP) Group of Companies through Tulong Kapatid, the corporate social responsibility alliance of foundations and companies within the MVP group.

With sister companies and foundations such as One Meralco Foundation, PLDT-Smart Foundation, Makati Medical Center Foundation, Alagang Kapatid Foundation Inc., and Maynilad, Ms. Del Rosario shared, MPIF has determined its CSR pivot to be the champion of coastal and underwater protection and conservation in the group.

“Aligned with this is the empowerment of coastal communities, primarily with the provision of employment opportunities for the benefit of locals. The other companies focus on addressing other areas of social development,” the MPIF president continued.

Having witnessed these dynamics of collaboration adding further meaning to MPIF’s CSR initiatives, Ms. Del Rosario noted that CSR has been redefined from corporate social responsibility to collaborative social response.

“Rooted in the idea that no single company, organization, or government unit can take on this responsibility alone, it is imperative that we create, develop, and continue to foster meaningful partnerships that will benefit our country and our fellow Filipinos the most. Every ripple of intention and initiative that each sector makes can result in a greater wave of purpose and passion that will create a better and brighter future for everyone,” the MPIF president shared.

Moving forward from the pandemic, Ms. Del Rosario expects MPIF to continue addressing the same societal issues of unemployment, while nonetheless aiming to help more communities and organizations through their “tried-and-tested processes.”

“The public-private partnership will remain as our guidepost in developing our efforts and ensuring their long-term sustainability,” she stressed. “Guided by our mutual purpose of reaching out to change and uplift the lives of Filipinos, the collaboration with the public sector is at the heart of the legacy projects that we create and leave behind for our countrymen.”

The 8.9-kilometer (km) toll bridge, which costs P33 billion to build, links mainland Cebu in Cebu City to Mactan Island through the coastal municipality of Cordova. Estimated to benefit 50,000 vehicles daily, the expressway is seen to ease the traffic on the existing Marcelo Fernan Bridge and the Mandaue-Mactan Bridge.

CCLEX has two lanes in each direction and also features the main navigation span twin-pylon cable-stayed bridge, viaduct approach bridges on Cebu City and Cordova sides, Cebu South Coastal Road on- and off-ramps, a causeway, and a toll plaza.

Further highlighting the expressway are eight 40-meter crosses on top of the pylons, designed to symbolize Cebu鈥檚 significant role as the cradle of Catholic devotion. The crosses were lit up in April 15 last year, in time with the celebration of the 500^th anniversary of Christianity in the country.

The bridge has a design speed of 60 to 80 kilometers per hour, and a 52-meter height or navigational clearance to allow large vessels to pass underneath. It can also withstand up to magnitude 10 earthquake and is vessel-collision proof.

A major construction milestone that closes the gap between Cebu City and Cordova is CCLEX鈥檚 main bridge, which was completed last Oct. 5. The main bridge, spanning almost 2.8 k.m., consists of the main bridge structure (653 m), the Cebu South Coastal Road on- and off-ramps (779 m), the Cebu Viaduct (432.80 m), and the Cordova Viaduct (917.30 m). Its two main bridge towers, meanwhile, are 145 m tall.

CCLEX鈥檚 main bridge is fitted with several state-of-the art equipment, such as a Road Weather Information System that provides weather watches and warning for public safety; stay cable accelerometers to monitor stay cable movements; GPS geometric controls at the two towers; and expansion joint movement sensors.

鈥淲e have finally reached the epic milestone of the CCLEX construction project, which truly lives up to the expressed view of builders and development leaders that CCLEX is truly an 鈥榚ngineering marvel,鈥� MPTC President and CEO Rodrigo E. Franco said in a statement last year. 鈥淚t gives me and my corporate and government colleagues a deep sense of pride and accomplishment for this region and the entire country,鈥� he said.

CCLEX鈥檚 other features include 56 installed stay cables, a 200-meter pedestrian footbridge, as well as four low-level bridges for fishermen and 20 vent pipes for water channel equalization at the Cordova side.

The CCLEX will be using a full electronic toll collection system, powered by radio-frequency identification (RFID), for more efficient lane throughput. RFID installation has been ongoing as early as December last year.

Other features that ensure safe and convenient travel for motorists include weigh-in-motion sensors for detecting overloaded vehicles and IP-based speed detection cameras and high-definition closed-circuit television systems for traffic monitoring and incident detection.

The expressway will also have service facilities such as gasoline stations, retail outlets, convenience stores, restaurants, as well as security, medical, and maintenance centers that will address the needs of every motorist who passes through the toll road.

The Cebu Cordova Link Expressway Corp. (CCLEC), a subsidiary of Metro Pacific Tollways Corp. (MPTC), built, operates, and maintains CCLEX under a joint venture agreement with the local governments of Cebu City and Cordova. This makes the expressway MPTC鈥檚 first expressway project outside Luzon.

CCLEC has selected a multi-disciplined technical team for the project. Back in November 2017, CCLEC issued the notice of award for the 鈥淏uild and Design鈥� contract of CCLEX to Cebu Link Joint Venture (CLJV), a consortium of Spain-based infrastructure leader Acciona Construccion S.A. and Filipino companies First Balfour, Inc. and D. M. Consunji, Inc. The contract was signed the following December.

CCLEC also engaged the services of COWI A/S of Denmark with the Philippines鈥� DCCD Engineering Corp., as its sub-consultant, to be the project鈥檚 technical advisor/owner鈥檚 engineer. Norconsult, a Norwegian consultancy firm, was also tapped as the project鈥檚 independent consultant.

CCLEC secured a P19-billion syndicated loan facility to bankroll the project. In February 2019, CCLEC inked a 15-year omnibus loan and security agreement with the Rizal Commercial Banking Corp., Development Bank of the Philippines, Robinsons Bank Corp., Union Bank of the Philippines, Bank of the Philippine Islands, and Security Bank Corp. The remaining funding requirements for the project are shouldered by the project company.

New path for development, investment boost

Aside from beefing up the road network of Cebu, CCLEX is eyed to spur economic growth and boost investments not just in Cebu City and Cordova, but also in the entire Cebu province and Visayas region. During the main bridge deck connection ceremony last October, Felix Taguiam, immediate past president of the Cebu Chamber of Commerce and Industry, noted that the bridge is set to open up the region to new developments.

鈥淲ith Cebu City and Cordova connected, we will see the enhancement of trade, tourism, and business. Communities on each side of the border will then know one another better and be able to help one another grow and prosper through trade and development,鈥� Mr. Taguiam said.

For Cordova Mayor Mary Therese Sitoy-Cho, the expressway has the potential to boost the current municipality and transform it into a city in the near future. 鈥淟inking Cordova to the highly urbanized Cebu City brings the inevitable economic development to our small, dynamic town. It has been my father鈥檚 dream for Cordova to become a city and I believe that with this bridge, this is bound to happen in the next few years,鈥� Ms. Sitoy-Cho said.

In addition to easing up the mobility of people and goods within Cebu鈥檚 traffic-congested metropolis, CCLEX also aims to improve access to the redeveloped Mactan-Cebu International Airport, as well as provide a faster connection from Mactan Island to mainland Cebu for business travelers and tourists alike.

The expressway is also seen to be sustaining investor interest in Cebu, which is one of the country鈥檚 various economic hubs outside Luzon and is the second-most populous province in the country next to Metro Manila.

Notably, more investments within Cebu have been pouring in from the country鈥檚 largest corporations. Ayala Corp. and SM Prime Holdings, Inc., for instance, have joined forces for the establishment of a 16,000-seater convention center in South Road Properties. Ayala Group鈥檚 property arm Ayala Land Inc., meanwhile, also introduced a prime commercial project called District Square that will be located within the seaside South Coast City on Cebu City鈥檚 South Coastal Road.

Also, the Gokongwei Group, which traces its roots to Cebu, puts up a gaming business in Cebu with the NUSTAR Resort and Casino. Developed by Universal Hotels and Resorts Inc., NUSTAR is located at Kawit Point at South Road Properties in Cebu City. Considered first and biggest of its kind outside Metro Manila, it will have a gaming facility with a gross floor area of 21,000 square meters, numerous spaces for luxury retail and dining, a convention center that can accommodate 2,000 participants, plus three hotel towers with over 1,000 rooms. In addition, Robinsons Land Corp. has several office and residential developments in Cebu. 鈥� Adrian Paul B. Conoza

With global institutions like the Financial Action Task Force (FATF) taking the lead in these areas, the Philippines has likewise been active in anti-money laundering and combating the financing of terrorism (AML/CFT), although the FATF鈥檚 latest evaluation reveals that much more needs to be achieved.

In the Philippines, the Anti-Money Laundering Act (AMLA) of 2001 serves as the framework by which efforts AML/CFT efforts are pushed. In efforts to improve its the country鈥檚 AML/CFT drive, the AMLA was amended several times, the latest of which was signed by President Rodrigo R. Duterte in January 2021. The Anti-Money Laundering Council (AMLC), the country鈥檚 financial intelligence unit (FIU), is tasked to implement AMLA, along with the 鈥淭errorism Financing Prevention and Suppression Act of 2012.鈥�

Republic听 Act听 No. 11521, which is said to further strengthen AMLA, gives additional powers to the AMLC, namely: applying before a competent court for a search and seizure warrant and a subpoena; preserving, managing or disposing of assets pursuant to a freeze order, preservation order or judgment of forfeiture; and implementing targeted financial sanctions against the proliferation of weapons of mass destruction and its financing. The amendment also expands the list of covered persons, which now includes real estate developers and brokers and Philippine offshore gaming operators (POGOs) and their service providers.

For over two decades now, AMLC has been steadfast in pushing AML/CFT in the Philippines. Its current chairman, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno, recalled the council鈥檚 recent initiatives last year at an annual AML/CFT summit.

鈥淭he AMLC is closely coordinating with law enforcers, such as the National Bureau of Investigation and the Philippine National Police, as they are the primary investigators for predicate crimes. For the first eight months of 2021, the AMLC has filed a total of 85 cases, varying from civil and criminal cases and involving over P1.31 billion and other assets,鈥� Mr. Diokno started sharing in a message during the summit.

The BSP governor also noted the continued progress in the National Anti-Money Laundering and Countering the Financing of Terrorism Strategy (NACS) for 2018 to 2022, which is aimed at coordinating efforts of relevant agencies in AML/CTF.

鈥淭he NACS has also integrated the International Co-Operation Review Group (ICRG) Action Plan to ensure a whole-of-nation approach in addressing our country鈥檚 shortcomings in its AML/CTF system,鈥� he added.

AMLC, Mr. Diokno continued, is sharing its risk assessments, strategic studies, and typologies with law enforcement agencies and covered persons to increase awareness of money laundering and terrorism financing typologies and red flags.

FATF, in a statement last month, recognized the country鈥檚 progress in AML/CTF. 鈥淪ince June 2021, when the Philippines made a high-level political commitment to work with the FATF and APG (Asia/Pacific Group on Money Laundering) to strengthen the effectiveness of its AML/CFT regime, the Philippines has taken steps towards improving its AML/CFT regime, including by increasing the resources of its FIU and utilizing its targeted financial sanction framework for terrorism financing, ahead of any relevant deadlines expiring,鈥� the global financial crime watchdog said on its website.

Additionally, AMLC Executive Director Mel Georgie B. Racela said in a recent 大象传媒 report that more financial intelligence analysts, investigators, and lawyers were hired to boost the operational capabilities of their units on compliance as well as litigation and evaluation. 鈥淩elevant Philippine authorities continue to work together in strengthening the country鈥檚 AML/CFT measures and in showing progress toward effectiveness,鈥� Mr. Racela added.

In spite of these efforts, however, the Philippines is yet to get out of FATF鈥檚 鈥済ray list鈥� of jurisdictions subjected to increased monitoring for 鈥渄irty money鈥� risks.

In the same statement, FATF calls for the Philippines to keep working on implementing its action plan by demonstrating that effective risk-based supervision of designated non-financial business and professions is occurring, as well as that supervisors are using AML/CFT controls to mitigate risks associated with casino junkets.

Among several organizations actively collaborating in combatting financial crimes, the Philippine Amusement and Gaming Corp. (PAGCOR) is expected to play an important role in mitigating risks associated with casino junkets.

Aside from creating the PAGCOR Anti-Money Laundering Supervision and Enforcement Department (PASED), PAGCOR signed a memorandum of agreement with AMLC in 2020, enjoining both parties to cooperate in the area of capacity building to enhance both of their capabilities in addressing AML/CTF issues and concerns. Last January, PAGCOR was recognized by AMLC for its invaluable contribution AML/CFT efforts.

Furthermore, FATF also seeks progress on how the Philippines implements new registration requirements for money or value transfer services and applies sanctions to unregistered and illegal remittance operators, as well as on how it implements measures with respect to non-profit organizations without disrupting their legitimate activities.

The watchdog also sees the need to ensure that beneficial ownership information is accurate and up-to-date and that its access is streamlined for law enforcement agencies.

Moreover, the task force said it will keep checking for increases in the use of financial intelligence; in money laundering investigations and prosecutions; and in the identification, investigation, and prosecution of terrorism financing cases. It will also monitor for enhancements in the effectiveness of the country鈥檚 targeted financial sanctions framework for both terrorism financing and proliferation financing. 鈥� Adrian Paul B. Conoza

By Adrian Paul B. Conoza, Special Features Assistant Editor

It usually takes decades to build a legacy in the Philippine legal industry 鈥� an industry that heavily depends on long-term client relationships, consistent exemplary services rendered, and leading expertise in the multitude of legal fields. And yet, defying odds, within seven years from its inception, Gorriceta Africa Cauton & Saavedra (Gorriceta) already propelled itself as among the top-tier full-service law firms in the country, moreso claiming undisputed leadership in a hotly contested field of law 鈥� Technology, Media, and Telecommunications (TMT).

When Gorriceta started in 2015, it heavily focused on Corporate, Capital Markets, Mergers & Acquisitions, Taxation, Intellectual Property, and Litigation Law, which Gorriceta鈥檚 managing partner, Atty. Mark S. Gorriceta, noted are relatively traditional practice areas for any Manila-based law firm.

鈥淭his has allowed the firm to build its initial set of clients and foster a culture of excellence amongst its founding team of lawyers,鈥� Mr. Gorriceta told 大象传媒 in an e-mail.

Later on, Gorriceta expanded to Anti-Trust and Competition, Project Development and Finance, Labor and Employment, Real Estate, Infrastructure and Special Projects, Immigration, Data Privacy & Cybersecurity, Banking and Financial Services, and of course, TMT Law.

Key to its fast-paced growth is its relentless and driven team of legal professionals which, as Atty. Gorriceta described, 鈥渙n average, are young, tech-savvy, and agile in adopting and spearheading legal developments to meet innovations in the market鈥� as led by its current nine partners, three junior partners, and seven counsels.

Gorriceta鈥檚 remarkable growth is easily validated by its numerous recognitions by reputable legal ranking institutions here and abroad.

Leading its trophy cabinet is its three-year reign (2019, 2020, & 2021) as the top TMT Law Firm in the Philippines recognized by Asia Business Law Journal in its annual Philippines Law Firm Awards. Gorriceta has also been awarded for three consecutive years (2019, 2020 & 2021) as the TMT Law Firm of the Year by Asian Legal Business, a Thomson Reuters company.

Since 2017, when it won as Rising Law Firm of the Year, Gorriceta has steadily increased its nominations and wins in the Philippine Law Awards, bagging Innovative Law Firm of the Year (2019 and 2021), Construction and Real Estate Law Firm of the Year (2020), Data Privacy and Protection Law Firm of the Year (2021), Philippine Deal Firm of the Year (2021), and Equity Market Deal Firm of the Year (Midsize) (2021), among others.

Atty. Gorriceta was also awarded as Managing Partner of the Year in 2020 and Dealmaker of the Year in 2021 in the Philippine Law Awards. The Legal 500 also names Gorriceta as among its recommended Philippine firms in the Capital Markets, Mergers & Acquisitions, TMT, Intellectual Property, Dispute Resolution, and Labor and Employment.

With TMT as its current legal centerpiece, Atty. Gorriceta鈥檚 open secret is the firm鈥檚 鈥渉eavy investment and expansion in TMT projects, by engaging both stakeholders: from regulators, to startups, to the general public in developing TMT as an instrument of public good.鈥�

鈥淲e have built strong links with the TMT and FinTech space 鈥� whether globally or locally, private or governmental 鈥� in order to have firsthand knowledge of the new technologies that could be brought into or developed within the Philippine market,鈥� Mr. Gorriceta explained. 鈥淚n turn, [as we open ourselves to] discovering and/or familiarizing ourselves with such new technologies, we bridge regulators and private stakeholders into applicable Philippine laws and regulations that allow for the creation of entities or structures that can roll out these new products and services.鈥�

This has been a winning formula, with heavyweights in the Philippine TMT space adorning its roster of clients, such as: UnionBank, UBX, Coins.PH, GCash, Kumu, Shopee, ShopeePay, Robinsons Group, Filinvest Group, Multisys Technologies, Angkas, and Foodpanda. It also holds an expansive list of up-and-coming startups and organizations that rely on the firm for Philippine legal and regulatory advice in the TMT/fintech space.

As part of its professional responsibility, Atty. Gorriceta continued, the firm also assists legislators and government regulators in developing and upgrading existing laws and regulations to meet the demand for innovative products and services that are potentially of great benefit to the public 鈥� such as the open finance ecosystem, the rise of blockchain-based technologies, and many others, thus acting as a key mediator at the crossroads of innovation and regulation.

鈥淲e have assisted traditional business clients in developing a tech and/or fintech arm to bridge their products and services into the growing digital economy. We have also facilitated several Securities and Exchange Commission (SEC) and Bangko Sentral ng Pilipinas (BSP) license applications that have enabled the expansion of much-needed financial services in the country, which in turn, propelled more business growth for our clients,鈥� Atty. Gorriceta said.

Beyond its leadership in the TMT space, Gorriceta has also solidified its track record in equity market deals and closed notable mergers and acquisitions that continue to change the business landscape in the country. Its all-around legal services have also been heavily tried and tested during the pandemic, emerging triumphantly when the firm saw 鈥渁n exponential increase in legal services rendered.鈥�

Yet, with such an expansive reach and steady leadership, Gorriceta remains hungry for new opportunities.

鈥淭he firm is now looking to expand to energy law in order to assist the energy sector and the country with the ever-pressing demands for energy regulation, project development for renewable and non-renewable energy, electric generation and transmission, and various other environmental law concerns,鈥� Atty. Gorriceta said. To realize this, it has further boosted the number of its legal professionals and invested heavily on further legal training and development, particularly in this new journey towards Energy Law.

While Gorriceta acknowledges that its legacy in the Philippine legal industry remains young and suspect to an unfathomable set of future challenges, it remains optimistic that these challenges can be met by a culture of perseverance, dedication to legal excellence, and a penchant for finding and developing the right lawyers that are driven to make a mark for themselves.

Horizontal is often associated with individual spaces like houses and apartments sprawled outside metropolitan areas, while vertical often refers to condominiums and shared spaces that usually fill urban spots.

Such descriptions have been reflected in the recent 鈥淗otspots Unwrapped鈥� reports of online real estate marketplace Lamudi. Back in 2020, the figures 鈥� based on the website’s pageviews 鈥� show that demand for houses was higher than that of condominiums and even apartments.

With houses earning the most number of pageviews and leads in provincial cities, Lamudi hinted that 鈥渢he market has gained greater appreciation for living spaces that offer bigger rooms, which will accommodate work-from-home and distance learning arrangements, or outdoor areas that provide safe recreational opportunities.鈥�

In the metro, meanwhile, houses and condos remain the most popular choices. 鈥淚n Quezon City, units in horizontal developments represent 29.25% of the leads. In Makati, condos dominate with 34.90% of the leads,鈥� Lamudi’s report further detailed.

A more recent edition of its 鈥淗otspots Unwrapped,鈥� which listed the cities around the country to watch this year, observed a sustained trend in demand for horizontal developments.

鈥淩esidential properties such as houses flexed a large share of leads out of all property types, a trend common to most of the aforementioned cities. This is consistent with 2020 trends, which saw an increase in demand for horizontal developments,鈥� the report stressed.

Among the cities, San Juan City was recognized for its 鈥渂lend of both horizontal and vertical residential developments as well as its varied retail offerings,鈥� which Lamudi noted 鈥渉ave made the city an attractive residential destination for families.鈥�

Lamudi also observed that in Pasay City, new vertical developments such as condominiums and office towers are continuing to crop up. 鈥淭he city continues to be an attractive investment destination especially for employees of firms and government offices in the area as well as those who frequently fly for work,鈥� the report read.

Recently, however, the concepts of horizontal and vertical development have apparently evolved as the perks and advantages of both types have been bundled into new offerings.

Take horizontal multifamily, for example. A popular trend in the United States, horizontal multifamily can be described as a type of property that brings to residents the privacy of single-family homes (often a horizontal development attribute), while still reaping the benefits of multifamily amenities and on-site property management (something likely picked up from vertical developments like condos).

鈥淗orizontal multifamily lets renters have the best of both worlds: an apartment where maintenance is taken care of as well as privacy and potentially a backyard,鈥� real estate writer Deidre Woollard wrote in The Motley Fool-owned Millionacres website.

There has also been an emerging preference for 鈥渉orizontal condominiums.鈥� This type of condominium, according to Architect John Ian Lee Fulgar in an online article, brings the lifestyles that mark high-rise condominiums into typical Filipino houses similar to regular house-and-lots, rowhouses, or even townhouses. In terms of location, this type is often found near beaches or vacation spots. Kasa Luntian in Tagaytay City and Vista de Loro in Batangas are cited as examples of horizontal condominiums.

The concept of 鈥渧ertical village鈥� has also been on arising, as shown in the launch of a Camella Manors project in Davao. As 大象传媒 reported last year, Camella Manors Operations Head Marlon B. Escalicas said the development is positioned as 鈥渧ertical villages鈥� as 鈥渁s these combine the conveniences of condominium living within a community in a prime location with commercial establishments, public transport access, and medical facilities, among others.鈥�

From 鈥榩ancakes鈥� to 鈥榩yramids鈥�

No matter how horizontal and vertical developments have evolved, both are seen to be taking the shape of cities in the future.

A World Bank (WB) report published last year, based on satellite data analysis for almost 10,000 cities, analyzed the link between a city鈥檚 economic growth and the floor space available to residents and businesses.

鈥淚t finds that a city is most likely to be its best version when its shape is driven by economic fundamentals and a conducive policy environment 鈥� namely, a robust job market, flexible building regulations, dependable public transit and access to essential services, public spaces, and cultural amenities,鈥� WB said in a statement.

The report noted three margins along which cities are projected to grow, depending on the aforementioned fundamentals. These three are horizontal spread, where cities extend beyond their previously built-up area; vertical layering, where cities raise the skyline of the existing built-up area; and infill development, where cities close gaps between existing structures.

Low-income cities tend to spread horizontally, looking like what the report termed as 鈥減ancakes,鈥� as newcomers crowd into low-built quarters or settle on the outskirts where land is cheaper. Cities with higher incomes and productivity, meanwhile, are found to be taking the shape of 鈥減yramids,鈥� as they experience horizontal spread, infill development, and vertical layering altogether.

鈥淎 rising demand for floor space in economically productive cities… combined with a related rise in housing investment and consumption, leads developers to fill vacant or underused land at and within the city edge with new structures,鈥� the report explained. 鈥淭hese pockets of close-in land become dense with office and residential space… Structures are built taller on average, and at the urban core, they are built much taller, forming sharply peaked skylines.鈥� 鈥� Adrian Paul B. Conoza