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Money Talks is a series on personal finance sponsored by Metropolitan Bank & Trust Co. (Metrobank).听

Money is on the mind of many people, particularly amid the COVID-19 pandemic. A recent study titled 鈥淪tate of Banking and Financial Wellness鈥� by US-headquartered research firm Forrester, commissioned by fintech company Backbase, found that more than half (58%) of Filipinos identified building savings (58%) and planning for retirement (52%) among their concerns in personal finance. Debt is a top concern, with 70% of Filipinos citing it as a challenge in financial management.

In this B-Side episode, Chorie Chan, first vice-president and head of the Financial Markets – Investment Distribution Division for Countryside at Metrobank, talks money with 大象传媒, and how the pandemic has changed how we view and think about it.

TAKEAWAYS听

What has changed, and what hasn鈥檛

鈥淚 have been in banking for over 27 years now and what the pandemic taught me is this: the basic tenets of saving, budgeting and investing are still there. Am I saving enough? Am I spending too much? How should I budget my finances?鈥� Ms. Chan said.

鈥淣o matter how you think about it, no matter if you compute for unforeseen expenses, if you still have an extra amount that you couldn鈥檛 possibly need, then we talk about investing. That鈥檚 still a universal truth that has not changed over the years, pandemic or not. A universal truth that has probably evolved over the years and more so in the pandemic, would be the need to have better returns, and the need for diversity in what you can possibly invest in.鈥� 听

We must be able to assess our own financial wellness

People need to reassess how they view money in an environment of uncertainty.

鈥淏efore we seemed to have that confidence in stability. Stability of where we are if we have businesses, if we are employed. We kind of were able to project that 鈥業鈥檓 still going to have this income stream in the next couple of years.鈥� But lo and behold, the pandemic happened, and none of us are as certain as before that this could persist in the years or months to come,鈥� Ms. Chan said.

鈥淭his has become too pressing for all of us that we might want to consider expanding or deepening that amount of savings that we might need anytime soon to beyond the six-month requirement for expenses.鈥�

Saving is not investing

鈥淚 don鈥檛 equate saving with investing. A lot of us get confused that when we have extra from our inflows minus the outflow, we automatically consider that as an investable fund,鈥� Ms. Chan said.

鈥淟iquidity. The ability for anyone to convert savings into cash. Liquidity means that you are able to access your money in whatever form it is in and be able to use it for an unforeseen expense. So if there is any doubt in your mind that if say, a family member would need help or your car need maintenance in a few months, then there is an amount that you should always keep liquid, so you can spend for that unforeseen need.鈥�

Explore various ways to manage portfolio

At the end of the day, what you need to do about saving and investing will have to depend on what you need and what you hope to accomplish. 鈥淭here鈥檚 a whole wide world of ways… to discuss how and why and in what manner you can construct your portfolio. At the end of it all, it will have to be about your investment objectives, your tolerance for risk, and your requirement for liquidity,鈥� Ms. Chan said.

鈥淭he critical point that an investor has to be mindful about is the access to these financial investments, securities, or assets is so free that you can actually approach any financial institution that you鈥檙e comfortable dealing with and be led to talk to specialists within that institution. Ask them, feel free to explore, talk to people who are in touch with financial markets so they can sit down with you. Advice is free, I鈥檓 sure. And they can profile your suitability and your preferences and match these with your needs and objectives.鈥� 听

听听

Recorded remotely Nov. 4. Interview by Santiago J. Arnaiz,听大象传媒 contributor and chief operating officer of health startup Day3 Innovations. Research by Bjorn Biel 鈥淛B鈥� M. Beltran. Produced by Paolo L. Lopez听and Sam L. Marcelo.

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Companies might be spending on the wrong things when it comes to employee health. 鈥淲e found that businesses were losing P100 billion annually due to poor employee health. That鈥檚 in spite of companies already spending roughly P150 billion taking care of their employees,鈥� said Santiago J. Arnaiz, co-founder and chief operating officer of听, a health data consultancy.听

In this B-Side episode, Mr. Arnaiz (formerly of听大象传媒) and Project Fort co-founder and Chief Executive Officer Erika M. Modina tell听大象传媒听reporter Patricia B. Mirasol how the private sector can contribute to public health with the help of data.听鈥�If [companies] are given the right tools to collect data, then they can make evidence-based health strategies that save money and engage employees,鈥�听said Ms. Modina.听鈥�This is the perfect time to rebuild the health system because people understand its importance.鈥�听

TAKEAWAYS听

A data-driven culture situates a company for success.听

Having the infrastructure to analyze health data 鈥� and how it affects the听bottomline听鈥� serves a firm well as it digitally transforms its other areas of business.听

鈥淭here is a clear incentive to invest in data infrastructure for employee health,鈥� said Mr. Arnaiz. A data-driven community, he said, is one where the data infrastructure penetrates all levels of the corporation and everyone is unified in the mission of health.听

鈥淭his infrastructure becomes your jumping point for creating a data-driven culture,鈥� he added, 鈥渁nd that鈥檚 priceless when it comes to situating yourself for success as a company.鈥澨�听

Companies听spend money on the wrong things.听听

From听the policies they enact听to the resources they听provide,听companies control many factors in the day-to-day lives of their staff.听听

鈥淭he social networks that people belong to affect their health,鈥� said Ms. Modina. 鈥淥ne of those social networks is a person鈥檚 working conditions.鈥澨�听

The workplace听presents a prime opportunity to create听a healthier Philippines, and yet employers do not spend their money right when it comes to employee health.听听

听鈥淚n our research in Project Fort, we found that businesses were losing P100 billion annually due to poor employee health,鈥� said Mr. Arnaiz. 鈥淭hat鈥檚 in spite of companies already spending roughly P150 billion taking care of their employees.鈥澨�听

听Proper insights into employee care, Mr. Arnaiz听added,听are available through听health-tech听solutions. MSMEs (micro, small, and medium enterprises) with limited resources can likewise build a robust data infrastructure by prioritizing their needs first, and then finding a firm that understands their desired outcome.听听

听There are roadblocks听in听translating听data insights into meaningful policies.听

鈥淥ne problem is that people aren鈥檛 collecting data,鈥� said Ms. Modina, who is also president of听, a research institution advancing health equity through the conception, translation, and communication of health systems and policy research. 鈥淎nother problem is that they may be collecting data, but don鈥檛 know how to make sense of it.鈥澨�听

Making sense of, and collecting insights from, data means that听data collection听should have an aim from the very start. For companies, this means knowing their employees, having a baseline on their health, and realizing there are so many factors that come into play beyond a person鈥檚 individual choice.听听

鈥淚f companies have health champions, and if they鈥檙e given the right tools to collect data, then they could make evidence-based health strategies that save money and engage employees,鈥� she said.听

The听pandemic听is听an opportunity to rebuild the health system.听

鈥淲e have to do an analysis of what we already have and where we鈥檙e situated,鈥� said Ms. Modina, adding that this covers human resources, medical supplies, technologies, information systems, service delivery networks, finance, and governance.听

鈥淲e can鈥檛 solve what we don鈥檛 know.鈥� The data that is now being collected on COVID-19 hospitalizations and deaths, she said, can be expanded in the future to determine free bed space in a hospital, or that听quantity听of听available medicines in a pharmacy.听听

Determining all the factors that make up these building blocks gives a clearer picture on how partnerships between the public and private sectors can happen.听

鈥淭his is the perfect time to rebuild the health system because people understand its importance,鈥�听said Ms. Modina.听

Recorded remotely on May 5. Produced by Paolo L. Lopez, and Sam L. Marcelo.

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THE FIRST CALLS for volunteers went out in early March. As local government units scrambled to respond to the spread of COVID-19 in their municipalities, nonprofit Developers Connect (DevCon) decided to mine its nearly 40,000 Facebook followers for tech developers willing to help it 鈥渉ack the pandemic.鈥�

March 15 saw President Rodrigo R. Duterte formalizing a partial lockdown for Metro Manila. Classes were suspended. Non-essential businesses were asked to close shop. Checkpoints quickly became chokepoints, throttling the government鈥檚 ability to mobilize resources through the capital. On March 16, DevCon announced that its thousand-strong global army of volunteers was hacking together four initiatives. The flagship project was RapidPass, a QR code-based mobile system for quickly processing frontliners moving through Metro Manila鈥檚 checkpoints, enabling the distribution of vital goods to those who need it.

RapidPass was formally launched on April 3, backed by the Department of Science and Technology (DoST), as well as by the Inter- Agency Task Force Against Emerging Infectious Diseases (IATF). 鈥淗undreds of DevCon volunteers made this possible just three weeks after the quarantine,鈥� said Information and Communications Technology Secretary Gregorio B. Honasan during the platform鈥檚 launch. 鈥淭his proves to the world the triumph of the indomitable Filipino spirit.鈥�

The system had over 300,000 users in less than a month, streamlining movement through Metro Manila鈥檚 48 quarantine control points so effectively that Defense Secretary Delfin N. Lorenzana said he expects the security forces to deploy the system even beyond the pandemic.

RapidPass is one of the tech solutions that cropped up across the country these last few months. Another IATF-backed system, StaySafe.ph, was developed by software engineering solutions firm Multisys as the nation鈥檚 official app-based contact tracing platform. Futuristic Aviation and Maritime Entreprise, or FAME, received funding from the DoST to fabricate specimen collection booths, producing and distributing 132 units in Department of Health (DoH)-designated facilities. Thinking Machines, a data science consultancy firm, was similarly tapped by both the DoH and DoST to 鈥渄eliver quality insights to government agencies and the public to best respond to the pandemic.鈥�

These collaborations don鈥檛 stop at the national level. Medical imaging firm Lifetrack Medical Systems has begun working with local government units, offering its CT scan analysis services for free, promising to expedite the process of identifying potential COVID cases. As pressure mounts on the education sector to digitize, startups like DCLA, a gamified e-learning platform, have begun offering their digital solutions for struggling schools 鈥� allowing them to manage enrollment and payment systems online, digitize their curricula, and even access comprehensive training and certification programs on online teaching for their staff.

Across industries, startups and tech firms have taken the initiative to address the nation鈥檚 most pressing issues. The glaring gaps that COVID-19 has exposed span not only our healthcare systems, but also our infrastructure, logistics, and financial systems. In response, the innovation community has mobilized, partnering with the public sector to plug the gaps and reconnect a socially distanced nation. While the long-term impact of these initiatives remains to be seen, some experts believe that, should the embracing of these tech community-led efforts be sustained, it may trigger an innovation renaissance.

INNOVATING THROUGH CRISIS
In its Global Ecosystem Report 2020, research center StartupBlink analyzed the startup ecosystems of 1,000 cities across 100 countries, and found that in the efforts to develop innovative solutions around COVID-19, Manila ranked 64^th. Among the hundred countries analyzed, the Philippines ranked 29^th. While cross-sectoral projects like RapidPass, StaySafe.ph, and the like contributed greatly to those rankings, the study highlights a number of factors that make the Philippines such a hotbed for innovation 鈥� many of which predate the pandemic.

Whether it鈥檚 embracing fintechs like PearlPay or UnionBank to raise financial inclusivity, or looking to digital platforms like PayMaya to streamline LGU operations, the Philippines has a long track record of turning to the innovation community for tech-driven solutions. But it isn鈥檛 only partnership opportunities being extended to these startups. Over the years, government agencies have built a robust support system to help them grow.

鈥淭he first thing is just the formal recognition that startups need to be nurtured, prioritized, and separated from the traditional MSME,鈥� said Katrina Chan, executive director of QBO Innovation Hub. 鈥淭hey鈥檝e put in resources, funding, mentorship 鈥� all of these activities are very much supported by the government.鈥�

QBO itself was one of the first examples of collaboration between the government and the private sector, being one among a number of groups supported by the DoST鈥檚 Technology Business Incubation (TBI) program. Since 2009, 30 of these industry-based TBIs have been established all over the country. Through collaborations with higher learning institutions and global startup incubators, the DoST has directly invested over P413 million in the innovation community, helping the 556 startups it has incubated create a total of 1,960 jobs, secure P506 million in private investment, and generate P423 million in revenue.

According to Ms. Chan, even through the current crisis, the government has continued to bank on this community. 鈥淎cross-the-board, in order to be able to fund the coronavirus (response), the government has had to cut its budget on literally everything,鈥� she said. 鈥淏ut even in IATF meetings, it鈥檚 been recognized鈥� that supporting startups and our innovative technology companies are going to be a priority, and so the funding for these programs wasn鈥檛 touched.鈥�

Rowena L. Guevara, Science and Technology undersecretary for research and development, affirmed this policy, saying, 鈥渢he startup community will be the main movers in the new normal since they are agile and fast. Startups may provide solutions to problems in logistics, supply chains, work-from-home challenges, etc. and they are assured of government support through the implementation of the Innovative Startup Act where the DoST, the Department of Trade and Industry (DTI), and the Department of Information and Communications Technology (DICT) were tasked to provide programs, benefits, and incentives for startups.鈥�

Signed on Nov. 22, the implementing rules and regulations of the Innovative Startup Act promise to incentivize and empower the proliferation of innovative tech firms across the country, with a goal of generating 1,000 startups by 2022.

As with most developing nations, the Philippines suffers from a wealth of interlocking problems. But these present opportunities for innovative companies to enter the fray.

In Rwanda, a lack of infrastructure (e.g. power lines, airspace control, commercial flights) has made the nation a hotspot for the global drone industry. A Red Cross study published by Cambridge University Press in 2017 described African airspace as 鈥渓ess cluttered with flights that have slowed the adoption of commercial drones in North America and Europe.鈥� There, drones are deployed not only as a means for monitoring and data collection, but also as the primary logistics channels for humanitarian efforts, bridging the last mile to bring blood and other medical supplies to remote communities.

By leveraging this relationship between humanitarian crises and solution-driven innovation, Rwanda has managed to establish itself as Africa鈥檚 drone capital, incentivizing the adoption of these technologies through legislation and tech-friendly regulations.

Keller Rinaudo, CEO and founder of Zipline, one of the firms spearheading drone-based logistics to solve Rwanda鈥檚 health gaps, told 大象传媒 that 鈥渋t is precisely the countries that embrace innovation that will end up leapfrogging even developed nations.鈥� Looking to find new applications for its innovations, Zipline has recently expanded into the Philippines, recognizing its potential as a base of operations for Southeast Asia.

CO-CREATING A 鈥楤ETTER NORMAL鈥�
But adopting new technologies simply for the sake of innovation poses its own set of risks as well. The 鈥渇ail fast, fail early, and fail often鈥� mentality that drives much of the global tech community stands in direct contrast to the slow, deliberate pace of governance. Where failure might present opportunities to learn for a lean startup, it takes on a different weight when it comes to government projects.

In a lengthy post shared on his personal Facebook page, former DICT undersecretary for operations Eliseo M. Rio, Jr. warned of the wasted resources and potential harm the IATF鈥檚 adoption of StaySafe.ph might cause. Echoing IT experts wary of the data privacy concerns surrounding the contact tracing platform, he said that in their haste to put out and endorse a tech solution to the pandemic, the task force failed to allot enough time to complete the comprehensive tests needed to ensure its security and compliance with data-privacy regulations.

Mr. Rio said it was this stance on the StaySafe.ph project that ultimately lost him his post at DICT, though these allegations have been denied.

For all the traction and support structures already in place, the innovation community is still young by global standards. Just as COVID-19 has revealed the glaring gaps in our nation鈥檚 infrastructure, so has it revealed the gaps in its ability to support the firms innovating at the grassroots.

According to James Lette, executive director of the Manila Angel Investors Network (MAIN), these gaps are most evident in the funding opportunities currently available to our nation鈥檚 startups. On the long list of priorities the government needs to address in its COVID-19 response, Mr. Lette says that startups rightfully trail behind the health and livelihoods of the Filipino people. But that doesn鈥檛 mean that startups are going to keel over and die.

鈥淚鈥檝e been told of one startup that had an annualized revenue of over $1 million per year, but following lockdown, it saw revenue collapse to almost zero overnight,鈥� Mr. Lette said. 鈥淭his global health crisis that this pandemic has wrought is now not simply a health crisis, it鈥檚 become this economic calamity.鈥�

Mr. Lette said these kinds of dramatic crashes not only lead to staff layoffs, but also flow-on effects throughout the ecosystem, such as other companies reliant on them no longer being able to use their services. While the IATF has outlined at least 19 public-sector programs tailored towards assisting MSMEs through COVID-19, Mr. Lette believes that they just don鈥檛 meet the needs of startups.

鈥淪tartups take large risks with new and experimental business models,鈥� he said, pointing out that there simply is no way for programs designed for traditional MSMEs to properly service them. 鈥淭hese 19 programs provide fantastic and much-needed assistance to the backbone of the Philippine economy, but through their targeting, they exclude the majority of startups.鈥�

While the government has recognized this and begun taking strides towards plugging these gaps through legislation like the Innovative Startup Act, the clock is ticking for grassroots innovators. Immediate action is needed, and the slow, deliberate pace of the public sector may not get the job done in time.

As the executive director of MAIN, Mr. Lette has proposed establishing a government-partnered facility to issue bridge financing for tech startups. In these high-risk times, he argues that the government can do a lot to help mitigate those risks and allow private investors to step in where they can鈥檛 towards supporting the nation鈥檚 fledgling startups.

鈥淧eople know that startups have a high chance of failure under normal conditions, so it鈥檚 a fair question to ask why we should save them, and why we shouldn鈥檛 just let them fail,鈥� he said. 鈥淏ut startups are more than just businesses. They are a driver of economic innovation. If nothing is done and the startups are left to fend themselves, our greatest concern is that the startup economy of the Philippines will be severely weakened. The number of years and the level of investment that has gone into building the community to the point where it is now is going to be lost.鈥�

Times of crisis are a powerful motivator for innovation, and these last few months have seen the local community rising to meet the pandemic head-on.

鈥淵ou can look back at the last global financial crisis and see that there鈥檚 opportunity in this moment,鈥� Mr. Lette said. 鈥淚t was during the last recession that some of the world鈥檚 unicorns (companies valued at over $1 billion) were founded. What survives through this process proves the grit of its founders.鈥�

While the government has shown a clear interest in embracing these initiatives, only time will tell if these firms will live long enough to see the fruit of their efforts. Today, the innovation community stands at a crossroads. Will COVID-19 be the final curtain call on a generation of startup enterprises, or will it be the dawn of a new era for innovative entrepreneurship?

WHEN Keller Rinaudo founded his drone-based delivery start-up Zipline, it was with the lofty dream of building 鈥渁n instant, automated logistics system for the planet.鈥� It was 2014 and, at the time, AI-powered robots were commonplace only in the warehouses of the world鈥檚 tech giants: Alibaba, Amazon, and the like. But Mr. Rinaudo felt that the technologies of the future were being wasted on delivering tennis shoes and pizza. Instead, he believed 鈥渢he long-term impact of that technology is providing universal healthcare to every person on the planet.鈥�

Today, Mr. Rinaudo oversees the largest commercial autonomous logistics system in the world, delivering emergency medical supplies and relief packages to remote communities. Like his drones, Mr. Rinaudo is constantly travelling to far flung regions, finding new ways to partner with local governments and private institutions, taking his futuristic solution to as many places as possible.

鈥淧eople in Rwanda today say 鈥榊eah, of course we have drones that deliver blood. How else would you solve that problem?鈥欌�� Mr. Rinaudo said. 鈥淚t鈥檚 amazing how fast it goes from science fiction to totally boring.鈥�

While the team is headquartered in California, Zipline鈥檚 operations are halfway across the world in Rwanda, Ghana, and 鈥� following a meeting last month with the Department of Health and Department of National Defense 鈥� the Philippines.

It鈥檚 across the Philippine archipelago that Mr. Rinaudo believes Zipline will truly come into fruition as a game-changer in autonomous logistics. With their drones, Zipline will be able to send payloads of vital cargo across various bodies of water, instantly connecting remote islands otherwise considered unreachable in emergency situations.

The Philippines is a vast country, with an equally vast array of social ills, borne out of generations of band-aid solutions and neglect. Infrastructure gaps, wealth inequality, disproportionate allocation of private and public funding 鈥� all these and more constitute a nation rife with complex, interlocking problems.

But where there are problems, there are also opportunities. Just as Zipline hopes to address Philippine infrastructure gaps with artificial intelligence and robotics, the fourth industrial revolution presents a nearly bottomless toolkit with which enterprising firms might tackle the issues that plague our country.

And it鈥檚 in that intersection of emerging technologies and societal need that we鈥檙e seeing the rise of a new breed of enterprising pioneers: Start-ups.

LEADING THE CHARGE
As of 2017, Impact Hub Manila CEO Report 2018 found that Metro Manila alone was home to over 500 registered start-ups. In the same year, global investors funneled over $100 million into Philippine start-ups, outpacing the growth of the community鈥檚 Singaporean and Indonesian counterparts.

Since then, the local ecosystem ballooned, with more than half the current roster of start-ups founded in the last two years. Earlier this year, global business ranking report Start-upBlink found that the Philippine start-up ecosystem jumped up 16 slots to 54 out of 100 countries surveyed.

Today we see dozens of case studies of independent, homegrown companies that have leveraged their innovative business models to raise significant institutional funding, create thousands of new jobs, and quickly achieve liquidity.

Coins.ph, a regional success story that made headlines after its $72 million acquisition by Indonesian tech giant Go-Jek, drew massive support by allowing users to invest in cryptocurrencies. FlySpaces, another homegrown company, is now Southeast Asia鈥檚 leading provider of serviced office and co-working spaces, with locations all over the region. Similarly, Edukasyon.ph is now one of the fastest growing ASEAN-based education technology start-ups, with over one million monthly users covering more than 40 percent of Filipino students with internet access.

鈥淭he Philippines has incredible potential to be a leading start-up hub,鈥� said Katrina Chan, Director of QBO Innovation Hub, a public-private initiative supported by the Department of Science and Technology, Department of Trade and Industry, IdeaSpace, and J.P. Morgan. 鈥淲e are starting to see more elements come into place 鈥� increased investment activity, growing public -private support, rising interest in entrepreneurship 鈥� which makes me believe that the Philippines can live up to its promise and鈥� rival the biggest names in the region in the next few years.鈥�

Whether homegrown or foreign, start-ups are thriving in the Philippines and, in turn, the community is helping the Philippines thrive. But in order to understand how to best bolster that growth, it鈥檚 important to first understand what exactly that community looks like.

THE START-UP ECOSYSTEM
Pop culture is saturated with hero stories of visionaries reshaping entire industries with their revolutionary ideas. One imagines the founder leading a scrappy team of developers, bootstrapping their projects out of garages and studio apartments. While the reality of start-ups in the Philippines is not nearly as romantic, it is, at least, infinitely more interesting.

Today, there are at least 20 major incubators and accelerators offering mentorship and seed funding opportunities to start-ups in metropolitan cities across the country. Additionally, there are at least 30 angel investor and venture capitalist groups actively seeking new Filipino start-ups to fund and help scale.

And it doesn鈥檛 stop there. Many schools have launched their own business accelerator programs, to complement their management and entrepreneurship curriculums. Institutions like Ateneo de Manila University and the Asian Institute of Management boast robust accelerators, while modern schools like MINT College connect their students to the start-up world through partnerships with global networks like Impact Hub.

As with any major societal venture, the government plays a key role in creating the scaffolding against which entirely new industries are being built. Earlier this year in May, the Senate passed on third and final reading the Innovative Start-up Act, which aims to create a more conducive environment for start-ups to grow in the country.

鈥淭hese are start-ups that provide unique and relevant solutions to our problems, from daily hassles, like finding a taxi during rush hour, to improving the delivery of healthcare, providing support for our farmers, and addressing unemployment,鈥� said Senator Paolo Benigno 鈥淏am鈥� Aquino IV, the bill鈥檚 primary author. Under this act, start-up founders can expect tax breaks and expedited processes for securing business permits and certifications.

According to the Senate, the measure also includes a provision for the establishment of a P10 billion 鈥淚nnovative Start-up Venture Fund鈥� that entrepreneurs can apply for through the Department of Science and Technology.

Elsewhere in the executive branch, start-ups have found even more direct partners in offices such as the Department of Trade and Industry and the Department of Information and Communications Technology. Through their affiliate agencies both national and local, these departments have created innovation centers, competitions, workshop programs, and grassroots projects all directed towards equipping Filipinos with the tools needed to respond to the nation鈥檚 needs through entrepreneurship.

A COMMUNITY EFFORT
While the self-organizing founders of the local start-up scene have benefited greatly from academic and government support, it鈥檚 in strategic and funding partnerships with corporations that many of these founders have been able to take their businesses to the next level.

鈥淐orporations really want to work with start-ups,鈥� said Minette Navarete, vice chairman and president of Kickstart Ventures. Kickstart Ventures is one of the country鈥檚 leading venture capital firms, a subsidiary of Globe Telecom backed by Ayala Corporation and SingTel.

According to Ms. Navarete, large corporations benefit from the creativity and excitement that start-ups bring to the table. Whereas corporations like Globe Telecom and Ayala have the resources to fund large ventures, start-ups are agile enough to develop and scale solutions at a pace traditional firms just can鈥檛 keep up with. Far from the narrative of disruptor versus disrupted, corporations in the Philippines play a vital role in creating spaces for start-ups to flourish.

Building the Philippine start-up community is a tripartite effort that calls on the government, the academe, and private institutions across the spectrum to work together in unprecedented new ways. To pull that off requires no shortage of creativity and open-mindedness 鈥� a paradigm shift towards collaboration that, if properly structured, could see not only the start-up community, but the nation as a whole, flourish.

In choosing to expand into the Philippines, Zipline鈥檚 founder Keller Rinaudo echoed what many start-ups have already known about the local ecosystem. It鈥檚 not just the wealth of opportunity that firms like his can capitalize on, but the spirit of collaboration that permeates every facet of the local start-up community.

With the government鈥檚 scaffolding of legislative and executive support, the academe鈥檚 thrust towards equipping the next generation of business leaders with the business and tech know-how to thrive, and the entrepreneurial spirit that drives Filipino founders forward into the fourth industrial revolution, it鈥檚 no wonder why firms across the globe have their eyes on the Philippines.

鈥淢any people think the next big technological applications of our time will come out of places like Japan or the United States,鈥� Zipline鈥檚 Mr. Rinaudo said. 鈥淏ut it鈥檚 precisely the [countries] that embrace innovation that end up leapfrogging ahead of even developed nations.鈥�

VIDEOGRAPHY AND EDITING SANTIAGO J. ARNAIZ

INTERVIEW WITH ALICE REYES

National Artist for Dance and Ballet Philippines founder Alice Reyes talks about the importance of the Young Choreographers Showcase, which will be held from June 9-10 at the Cultural Center of the Philippines.

“Magdalena”
Choreography Bonifacio Guerrero Jr.
Music: Antonio Lucio Vivaldi

From the 鈥渂aro鈥檛 saya鈥� to crop tops and skinny jeans. From neatly kept hair to permed and rebonded hair. The Filipino woman has drastically changed over the years. Today, we have the 鈥淢agdalena鈥� identity. She is reserved, modest, obedient, and submissive to her partner. Yet, she is also seductive, immodest and domineering. Do we women stick to the old Filipina identity? Or do we move forward with this new Filipina persona?
Dancers: Ni帽o Royeca, Monica Gana, Graciela Andes, Karla Santos, Joanne Tangalin, Ramona Yusay, Jan Mikaella Villanueva, and Gia Cuerpo

“Danse Macabre”
Choreography Danilo Dayo
Music: Charles-Camille Saint-Sa毛ns

“Danse Macabre” or dance of death is a medieval allegory involving a procession of both living and dead figures. It originated from late 13th- and early 14th-century poems that combined the ideas of the inevitability and impartiality of death.
Dancers:听Luigie Barrera, Ace Polias, Justine Joseph Orande, Edgar Lacaba, and Mark Anthony Balucay

“The Weight on Our Toes”
Choreography Erl Sorilla
Music: Fr茅d茅ric Chopin

“The Weight on Our Toes” is a metaphor for gender fluidity. At times, we abuse ourselves by conforming to societal norms, which, in turn, leaves us feeling empty. From this emptiness may come a desire to break free from labels: shaping, pressing, conquering the weight on our toes by “filling our own shoes.”
Dancers:听Victor Maguad, Ni帽o Royeca, Alexis Piel, and Ricmar Bayoneta

“Sun Down”
Choreography Gia Gequinto
Music: Johann Sebastian Bach

“Sun Down” revolves around a woman who wears a cloth wrapped around her waist, hanging down loosely and covering her legs. The skirt is an inspiration to embrace the struggles, challenges and imperfections that one encounters in life. One moves through this journey, skirting the edges of their personal limits. As Jill Santopolo wrote: 鈥溾�nd though she was in this dark and broken place, she still able to create beauty.鈥�
Dancer:听Katrene San Miguel

“笔蝉蝉迟鈥�!!!”
Choreography John Ababon
Music: Johann Sebastian Bach & Edward Elgar

Everyone is searching to find their purpose in this journey we call life. Along the way, we discover many things about ourselves. These may be small, big, good or bad for us. But no matter what these discoveries are, what matters most is the satisfaction you have gained and found in yourself.
Dancers:听Carlo Padoga, Gianna Hervas, Isabel Shy, and Claire Jeng

“That Moment”
Choreography Monica Gana
Music: Wolfgang Amadeus Mozart

We encounter many people in our lives. But when we meet that one special person, a unique journey begins鈥攁lmost like a roller-coaster ride.
Dancers:听Gia Gequinto and Emmanuelle Guillermo

“MA”
Choreography Ronelson Yadao
Music: Yann Tiersen and Lucio San Pedro

“MA” is a tribute to Ronelson Yadao’s mama and to all the women that he was blessed to call “mami,” “nanay,” “ina.” Says Mr. Yadao: “My mama is my first mentor when it comes to strength.鈥� Strength in giving me breath inside her womb, milk from birth, sleepless nights just to give me a good night’s sleep, early call times for a good day breakfast and words of wisdom as I go through this lifetime.鈥� This may be a lifetime of exhausting tasks for a mother but the word 鈥榯ask鈥� is never listed in her vocabulary towards her children.听 The word 鈥榯ask鈥� is covered by 鈥楲ove鈥�.鈥� A Love in sacrificing and enduring everything and would never think twice to do it all over again.鈥� One of the greatest forms of Love, after Jesus, is from our Mothers.”
Dancers:听Sarah Alejandro, Jemima Reyes, Danilo Dayo, and Erl Sorilla

WORDS听 SANTIAGO J. ARNAIZ |听PHOTOGRAPHY听ALDWIN ASPILLERA

The old saying 鈥渢ime is money鈥� is attributed to American patriarch Benjamin Franklin. In a letter penned in 1748, he described the opportunity cost of wasted, idle time. Though the maxim was addressed to a businessman living and working nearly three centuries ago, one might imagine the late Franklin spending time in 21^st-century Manila gridlock traffic, frustratedly pulling out what sparse hairs he had left and arriving at the same conclusion.

That gridlock is an enormous issue, one that鈥檚 rattled local legislators and global leaders, many of whom warn that the nation鈥檚 major cities will soon be uninhabitable. President Rodrigo Duterte himself has gone on to say the capital will be a 鈥渄ead city in 25 years,鈥� setting his administration on a feverish infrastructure development push in response.

But while the government has fully committed itself to the monumental task of rehauling the nation鈥檚 infrastructure systems, many of these projects鈥攍ike the expansive Metro Manila Subway system鈥攚on鈥檛 be completed for another decade. As a result, the country is losing billions every day to congestion.

For most living in major cities around the country, that鈥檚 an inescapable reality. For those that can afford a premium alternative, that鈥檚 where aviation groups like PhilJets come in.

Catering to the country鈥檚 corporate elite, PhilJets is a leading player in the business aviation industry, offering chartered flight services with their fleet of private helicopters and jets. Thierry Tea, Chairman and CEO of PhilJets, said he started the company five years ago with two objectives: To promote the Philippine business aviation industry, and to connect Filipinos and tourists in the capital to more destinations around the country.

Currently, PhilJets is expanding their services to meet increasing demand for leisure trips, medical evacuations, and aircraft maintenance. But even then, most of their clients continue to come from the business sector. According to Mr. Tea, demand for VIP charter services is only going up from here.

In a country suffering from increasingly congested thoroughfares, alternative transportation solutions are sorely needed. Earlier this year, the National Economic and Development Authority cited a study they conducted with the Japan International Cooperation Agency, estimating that the country loses Php3.5 billion a day due to traffic congestion. That鈥檚 roughly Php1.28 trillion a year. By 2035, that number is expected to balloon to Php1.97 trillion, nearly 10% of the national GDP (gross domestic product) last year.

Granted, the average blue-collar worker won鈥檛 be swapping out their morning commute with a chartered helicopter trip. But the benefits that a business aviation firm that can offer C-Suite executives the means to get from Makati City to Quezon City in five minutes can鈥檛 easily be overlooked.

鈥淲e enable more people to do business in the Philippines,鈥� Mr. Tea said. 鈥淸Clients] can arrive at the airport, do one or two meetings, then go back to the airport and fly back to wherever they came from鈥攚hether it鈥檚 Hong Kong, Singapore, or even the United States. It might not look very substantial, but it enables big business to be done.鈥�

Mr. Tea, along with co-founder Matea Delen, started PhilJets in 2013, when he heard that an American television crew was looking for a helicopter chartering service in the Philippines. Mr. Tea had previously served as the CEO of Airbus Group Philippines for a number of years and so had the network and industry know-how to land the deal.

When they began, PhilJets was only a brokering service. Five years later, they鈥檝e built a fleet of 13 aircraft. According to Mr. Tea, they鈥檝e gone from holding 2% of the market to controlling 70%. Over the last three years, Mr. Tea said they鈥檝e managed to grow their revenues 100% year-on-year, with plans to expand even more.

鈥淲hen you are a startup company like us, you have to grow and grow fast,鈥� he said. 鈥淚n order to do so, we鈥檝e been investing a lot in trainings, in hiring the right people: The right pilots, experienced technicians, experienced mechanics.鈥�

Mr. Tea said one initiative his group decided to take on has been to bring Filipino talents abroad back home. 鈥淲e鈥檝e been able to attract experienced [Filipino] pilots who were flying, working abroad in Africa, in Thailand, [elsewhere] in Southeast Asia,鈥� he said. 鈥淭oday, they are all working back in the Philippines. We are very proud of that鈥攖hat we are able to bring back employees in the Philippines, so they can spend more time with their families.鈥�

PhilJets isn鈥檛 the only firm that鈥檚 recognized this growing need for premium transportation services. Geoffrey Cahen, head of sales and marketing for PhilJets, says the local industry is still young, but growing rapidly.

鈥淚 will say the competition is not like in some other countries, but it鈥檚 there鈥� Mr. Cahen said. 鈥淚t鈥檚 pretty aggressive. Everyone knows there is an increase in need for fixed wing and helicopter charter services as there are more and more businessmen looking to invest in the country.鈥�

鈥淚n terms of tourism, the country is also booming, with destinations like Palawan, Boracay, Bohol, or even Taal Volcano,鈥� he added. 鈥淲e鈥檝e seen that more and more players have joined the competition.鈥�

One such competitor, AirTaxi.ph, has been operating in the Philippines since 1996, and offers chartered flights from Manila to 22 cities all over the country, as well as a host of set day trip packages. Members of their 鈥渆merald class鈥� enjoy priority access to their fleet of helicopters and private planes for business, leisure, or emergency medical trips.

鈥淐ompetition is good,鈥� Mr. Cahen said. 鈥淚t pushes us to always offer to our clients better services, better packages. At the end, we just need to be more creative in targeting our clients and listening to them.鈥�

In addition to corporate executives and high-flying tourists, Mr. Cahen said PhilJets has seen a lot of demand from different sectors of the mining industry. In fact, after Mr. Tea landed his contract with the American television firm, the company really began to gain traction when they realized how the intricacies of the mining business could benefit from chartered flight services.

鈥淭he [Philippines] is also full of mining companies, and those mining companies sometimes are based in remote areas,鈥� Mr. Cahen said. 鈥淪o they need the choppers, not for personal use, but really for operations鈥攖o carry some of the equipment, some of the employees, and sometimes to also carry the precious cargo.鈥�

Though most of their clients look for customized services to take them to specific destinations, Mr. Cahen explained that they do also offer fixed packages, including a helicopter flight directly to Tagaytay. In this package, the chopper lands your group at world-famous destination restaurant Antonio鈥檚 for lunch, before flying you off again for an aerial tour around Taal Volcano.

鈥淚t takes more or less, five hours,鈥� he said. 鈥淥ne hour of flying time and four hours on site. It鈥檚 been a very popular package.鈥�

According to their team, PhilJets鈥� success can be attributed to the attention they pay to curating their services to meet the possible demands of their clients. 鈥淪ome clients they just want to do a ten-minute tour around Manila,鈥� Mr. Cahen said. 鈥淪ome clients they just want to avoid the traffic and are willing to pay for a premium service. Some clients just want to go to Tagaytay or to Baguio to play golf.鈥�

鈥淓ach client is very unique,鈥� he continued, 鈥渁nd we try to cater to these clients by offering a customized experience.鈥�

Currently, clients interested in taking to the skies to circumvent Manila鈥檚 clogged arteries need to rent out the entire aircraft. Unlike more robust services one might find abroad, local demand isn鈥檛 yet at the level necessary to support a pay-per-seat model. But Mr. Cahen said the industry is definitely headed in that direction.

鈥淔or now, [our services] can take you from Quezon City to Makati in more or less five minutes,鈥� he said. 鈥淪o the helicopter will pick you up somewhere in Makati. Then Makati to Q.C., we鈥檙e talking five minutes of flying time. Either the chopper will wait for you at Q.C.鈥攊f we are authorized by the building鈥攐r the chopper will fly back to Manila. The cost would be roughly Php30,000 for the entire helicopter.鈥�

The service is definitely pricey. But if time is money, it鈥檚 all about how much you value your time. 鈥淒o you want to spend two and a half hours in traffic, getting stressed?鈥� Mr. Cahen asked. 鈥淥r would you prefer to spend five minutes… saving a lot of time for more business with your team, with your partner?鈥�