ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year
BusinessMirror A broader look at today’s business
Saturday, August 10, 2019 Vol. 14 No. 304
2018 EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY
DATA CHAMPION
The white-collar slant www.businessmirror.com.ph
n
P25.00 nationwide | 24 pages | 7 DAYS A WEEK
MADAMLEAD | DREAMSTIME.COM
SURVEY AFFIRMS FILIPINO PARENTS’ PREFERENCE TO SEND CHILDREN TO COLLEGE RATHER THAN TO TECH-VOC SCHOOLS
I
By Cai U. Ordinario
N the age of automation and artificial intelligence, Filipino parents still prefer that their children pursue traditional professions, according to a survey commissioned by the Department of Education (DepEd) and the Asian Development Bank (ADB).
In the survey report on the “Youth Education Investment and Labor Market Outcomes in the Philippines” (YEILMOS), majority of parents in both rural (67.8 percent) and urban (73.2 percent) areas expect their children to become professionals when they become adults. Traditional professions can only be pursued through college education, which, under the K to 12 system, has become an option rather than a requirement for employment. “These expectations need to
be aligned with recent labor market trends of automation, artificial intelligence, rapid innovation, job mobility, and government development targets,” the report stated. “The government must design and implement policy initiatives that explore how these expectations, particularly those of the parents, can be better informed,” it added.
Original preference
THE survey gathered data from 238 schools; 3,172 junior and senior high-school students; and 2,819
households randomly selected in the National Capital Region, as well as provinces of Ilocos Sur, Eastern Samar and Davao del Sur. It also showed that in terms of choosing an education track, majority of parents in all regions preferred their children go through college. Only 31.9 percent said they would rather that their children pursue the technical-vocational and livelihood (TVL) track. Survey results also showed that only 1 percent of parents in rural areas and 0.2 percent in ur-
ban areas expect their children to become agricultural workers when they reach adulthood. Filipino parents also expect their children to work in cities or abroad. Those in NCR or Metro Manila expect their children to go overseas, while parents in provinces like Davao del Sur expect their children to work in the city.
Info gaps
“MORE rural households [50 percent] expect their children to be Continued on A2
Robots are solving banks’ very expensive research problem
A
By Charlotte Ryan | Bloomberg
to filter through the noise in faraway lands.
S lawmakers in Brasilia debated a controversial pension overhaul for months, a robot more than 5,000 miles away in London kept a close eye on all 513 of them. The algorithm, designed by technology startup Arkera Inc., tracked their comments in Brazilian newspapers and government web pages each day to predict the likelihood the bill would pass. lows in May. It’s since rallied more than 8 percent. This is the kind of edge that a new generation of researchers are betting will upend the research marketplace. For Arkera’s clients on Wall Street and in the City of London, that means getting robots
PESO EXCHANGE RATES n US 52.2300
BLOOMBERG
Weeks before the legislation cleared its biggest obstacle in July, the machine’s data crunching allowed Arkera analysts to predict the result almost to the letter, giving hedge fund clients in New York and London the insight to buy the Brazilian real near eight-month
The solution
“THERE’S too many people to follow on Twitter, too many websites, too many articles,” said Nav Gupta, the 48-year-old cofounder of Arkera, which says its software can process as much information as 1,000 human analysts. “That’s a very expensive problem and everybody faces it.” The company raised £4 million ($4.9 million) last year from investors including Alan Howard of hedge fund Brevan Howard Asset Management LLP. Using so-called artificial intelligence to automate swathes of the research process is quickly gaining traction because cost-conscious investment banks are downsizing. In the UK alone, there was a 30-percent drop in research budgets last year, Financial Conduct Authority data show. At the 12 biggest banks, there’s been a 7-percent drop since 2015 in the number of front-office Continued on A2
n JAPAN 0.4925 n UK 63.3759 n HK 6.6612 n CHINA 7.4133 n SINGAPORE 37.8013 n AUSTRALIA 35.5164 n EU 58.4036 n SAUDI ARABIA 13.9250
Source: BSP (August 9, 2019 )