IMF vows fair review of ‘Doing Biz’ reports
T
HE International Monetary Fund (IMF) has vowed to conduct a thorough, objective and timely review of the irregularities in the Doing Business reports for 2018 and 2020. In a statement on Tuesday, IMF spokesman Gerry Rice said the IMF Executive Board recently met with representatives of the law firm WilmerHale in the ongoing review and will soon meet with Managing Director Kristalina Georgieva on the issue. WilmerHale was the law firm that raised issues on the World Bank’s Doing Business 2018 report. Georgieva, meanwhile, was the IMF official implicated in the report released by the law firm. “The IMF Executive Board met today with the representatives of the law
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
firm WilmerHale as part of its ongoing review of the matter raised by WilmerHale’s investigation of the World Bank’s Doing Business 2018 report. The Executive Board will also meet on the matter soon with the Managing Director as part of this process,” Rice said. “The Executive Board remains committed to a thorough, objective, and timely review.” WilmerHale’s report stated that Georg ieva wa s “t he responsible person at the Bank to ‘ensure’ that China’s reforms were acknowledged in the report.” Efforts to do this included changing the methodology used in the report to “boost China’s score” and “make specific changes to China’s data points” to improve its ranking. Georgieva denied these allegations
in the WilmerHale report. “I disagree fundamentally with the findings and interpretations of the Investigation of Data Irregularities as it relates to my role in the World Bank’s Doing Business report of 2018. I have already had an initial briefing with the IMF’s Executive Board on this matter,” Georgieva said in September. Earlier, the Anti-Red Tape Authority (Arta) was set to create a technical working group (TWG) tasked with developing methodologies or criteria for the localized Doing Business (DB) report. Arta Director General Jeremiah Belgica raised the proposal in a recent meeting of the Ease of Doing Business (EODB) and Anti-Red Tape Advisory Council, which it approved as well. The TWG will be led by Arta Deputy Director General for Operations
Ernesto Perez and will be composed by the members of the said council. Crafting a “more personalized and localized” version of the DB report, Belgica said, will bode well for the EODB efforts of the government agencies. The anti-red tape agency is also eyeing to launch a Report Card Survey, which seeks to measure the EODB compliance of government agencies. Arta will coordinate with the Civil Service Commission and the Philippine Statistics Authority in rolling out the new initiative. The move to localize the DB report followed the World Bank’s (WB) announcement that it would discontinue the survey after finding “data irregularities” due to potential manipulation.
Cai U. Ordinario
BusinessMirror
ejap journalism awards
business news source of the year (2017, 2018) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY
DATA CHAMPION
A broader look at today’s business
SEPT INFLATION EASES, BUT OIL TO HIKE COSTS www.businessmirror.com.ph
n
Wednesday, October 6, 2021 Vol. 16 No. 357
P25.00 nationwide | 2 sections 26 pages | 7 days a week
BRAIN DRAIN HITS PHL GAME DEVT INDUSTRY By Tyrone Jasper C. Piad
T
HE local game development sector is expected to further flourish despite the pandemic, but the socalled brain drain may pose some risks to the industry’s talent pool. At a recent virtual event during the Cebu Creative Entertainment Week, Game Developers Association of the Philippines (GDAP) President James Lo said the increasing adoption of remote work has allowed more talents to seek job opportunities outside the country. “Some of our talents get hired outside the country and they move to other companies,” he
School Principal Sonia Padernal demonstrates the reconfigured face-to-face learning setup with teachers acting as students at the Dagat-Dagatan Elementary School in Navotas City. The school has allotted two classrooms for such mode of teaching instructions in the future even in the midst of the pandemic. NONOY LACZA By Cai U. Ordinario
I
@caiordinario
NFLATION may have slightly eased in September but Filipinos should still brace for higher commodity prices on account of more expensive oil products, according to local economists and the National Economic and Development Authority (Neda). See “Oil,” A2
@Tyronepiad
said. “I’m starting to feel this [brain drain] already. It [brain drain] is very serious in my opinion.” Brain drain is a phenomenon whereby highly skilled professionals emigrate usually due to more favorable job opportunities. Lo was referring to the outsourcing segment of the industry, which has 4,000 full-time employees as of 2020 data. This portion—which has been growing in the past five years—accounts for most of the sector while the remainder comprises the original intellectual property (IP) game developers, he said. See “Game,” A2
MICE events for vaccinated parties pushed By Ma. Stella F. Arnaldo @akosistellaBM
Special to the BusinessMirror
B
USINESS meetings and conferences can be held safely, according to event organizers and venue operators, as long as participants are vaccinated. Peggy E. Angeles, executive vice president of SM Hotels and Conventions Corp. (SMHCC) told the BusinessMirror, “We need to kickstart the MICE [meetings, incentives, conferences, and exhibits] business,
even at reduced capacity for social distancing, as long all staff and all participants/attendees are fully vaccinated.” She added, “Just like in hotels, those given the Safety Seal [should] be allowed to increase capacity.” Government on Tuesday said it has issued safety seal certificates to some 43,000 establishments. (Related story on page A4.) SMHCC has over 38,000 square meters of leasable space in its SMX Convention Centers and trade halls. Angeles said their convention centers
“practically have no revenues,” adding, “reservation fees and other deposits [for canceled events] were reimbursed to the organizers.” Marisa Nallana, board director of the Asian Federation of Convention and Exhibition Associations, echoed Angeles, saying MICE events can be held safely, “as long as organizers are strict and make sure the visiting public follow protocols set in and out of the venue.” She likewise underscored, “Most MICE organizers, venue operators and their staff are vaccinated.”
Revenue losses from canceled events
The former president of the Philippine Association of Convention and Exhibition Organizers and Suppliers (Paceos) added, “Once MICE is declared open, vaccination as requirement and maybe easy tests which we can coordinate with DOH [Department of Health] may be implemented. The objectives are to bring back confidence to attend MICE events, and See “MICE,” A2
PESO exchange rates n US 50.7440 n japan 0.4575 n UK 69.0778 n HK 6.5164 n CHINA 7.8412 n singapore 37.4053 n australia 36.9822 n EU 58.9747 n SAUDI arabia 13.5303 Source: BSP (5 October 2021)