New Sustainable Banking and Finance Network Research Reveals Rapid Policy Reforms as Catalyst for Expanding Sustainable Finance in Emerging Markets

Sustainable finance in emerging markets

New Sustainable Banking and Finance Network Research Reveals Rapid Policy Reforms as Catalyst for Expanding Sustainable Finance in Emerging Markets

WASHINGTON D.C., April 24, 2024 – The IFC-facilitated Sustainable Banking and Finance Network (SBFN) has unveiled its 2024 Global Progress Brief and launched the innovative SBFN Data Portal, offering the most comprehensive benchmarking of sustainable finance trends and initiatives across sixty-six Emerging Markets and Developing Economies (EMDEs).

The 2024 Global Progress Brief highlights key achievements, challenges, and opportunities within the SBFN community across three pillars of sustainable finance defined in the SBFN Measurement Framework developed by members: Environmental, Social, and Governance (ESG) Integration, Climate and Nature-Related Risk Management, and Financing Sustainability. This year’s assessment included emerging priorities such as nature-related risk, inclusive finance, and new indicators on climate risk aligned with international good practices and standards.

Since the 2021 SBFN Global Progress Report, all SBFN countries have made swift efforts to introduce climate- and nature-related risk management frameworks, reflecting the translation of commitments made under the Paris Agreement into regulatory action. ESG Integration has also emerged as a cornerstone of sustainable finance, with thirty-nine countries implementing frameworks to manage Environmental and Social (E&S) risks in investment decision-making in line with international standards such as IFC’s Performance Standards, while leveraging them as tools to prevent greenwashing in sustainable finance instruments.

“The record growth of the network and tremendous member progress in shaping policy and influencing markets over the past three years signal the immense power of collaboration, partnerships, and knowledge sharing to steer financial systems toward sustainability,” said Alfonso Garcia Mora, Chair of SBFN Secretariat and IFC Vice President for Europe and Latin America & Caribbean. “SBFN members are demonstrating the importance of recognizing climate and environmental risks as contributors to financial system vulnerabilities, while also highlighting the potential to transform these challenges into opportunities for developing new markets in sustainable finance.”

Furthermore, the surge in the adoption of sustainable finance taxonomies and thematic bond guidelines in SBFN countries is mobilizing financial flows towards activities that support global and national sustainable development goals. Notably, an impressive US$759 billion of thematic bonds have been issued across forty-five SBFN countries.

SBFN comprises ninety-one financial sector regulators, ministries, and industry associations representing seventy countries, and $68 trillion (92 percent) of total banking assets in EMDEs. Moreover, member countries have launched over 400 policies, marking a remarkable 107 percent increase compared to the 2021 report.

In tandem with the Global Progress Brief, SBFN introduced its groundbreaking Data Portal, a dynamic tool designed to track sustainable finance initiatives across member countries on an ongoing basis. Providing detailed insights into SBFN members’ actions, this innovative platform enables regular and consistent monitoring of progress, facilitating multi-dimensional benchmarking across countries, regions, and indicators. The Data Portal will serve as a catalyst for peer-to-peer learning, knowledge sharing, and experience exchange among SBFN members.

“The launch of the SBFN Data Portal represents a significant milestone in our collective efforts to drive sustainable finance forward,” said Nezha Hayat, Chairperson and CEO of the Moroccan Capital Market Authority (AMMC), and Co-Chair of the SBFN Measurement Working Group. “This innovative platform will empower our members to track progress, identify best practices, and foster cross-learning, ultimately accelerating our journey toward a sustainable future.” (PR)

For more information on the 2024 Global Progress Brief and Data Portal, visit https://www.sbfnetwork.org/.

About IFC

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.

Stay connected with IFC on social media

About SBFN

Established in 2012, the Sustainable Banking and Finance Network (SBFN) is a voluntary community of financial sector regulators, central banks, ministries of finance, ministries of environment, and industry associations from emerging markets committed to advancing sustainable finance. The first global network of its kind focused on sustainable finance at market level, SBFN comprises 91 member institutions representing 70 countries and at least US$68 trillion (92 percent) of the total banking assets in emerging markets, as of April 2024. SBFN members are committed to moving their financial sectors toward sustainability, with the twin goals of improved environmental and social risk management (including disclosure of climate risks) and increased capital flows to activities with positive climate, environmental, and social impact. IFC, part of the World Bank Group, is SBFN’s Secretariat and knowledge partner, assisting members to share knowledge and access capacity building to support the design and implementation of national sustainable finance initiatives. For more information, visit https://www.sbfnetwork.org/

SM Foundation, DSWD Region XI to strengthen partnership for disaster relief

On disaster relief

SM Foundation, DSWD Region XI to strengthen partnership for disaster relief

SM Foundation and the Department of Social Welfare and Development (DSWD) Field Office in Region XI recently held a ceremonial MOA signing to strengthen their partnership in providing assistance to communities affected by calamities and disasters.

Joining the ceremonial signing of MOA are SMFI asst. vice president for livelihood and outreach programs Cristie Angeles and DSWD XI regional director Atty. Vanessa Goc-Ong.

The MOA is set to pave the way for the strengthened distribution of aid to affected areas during times of crisis and calamities in the region.

SM Group, through SM Foundation and SM Supermalls, activated the OPTE at Brgy. Pagsabangan, Tagum City, providing about 1,000 Kalinga Packs to families affected by flood.

OPTE is a social good program of the SM Foundation, in collaboration with SM Supermalls and SM Markets, which is dedicated to providing timely assistance to communities in times of calamities and crises. To date, the program has distributed over 800,000 Kalinga Packs to various locations in the Philippines. (PR)

NGCP energizes its Cebu-Negros-Panay Link, calls for more power generation projects to avoid outages in Visayas

Calls for more generation projects

NGCP energizes its Cebu-Negros-Panay Link, calls for more power generation projects to avoid outages in Visayas

As part of efforts to improve power transmission services in Cebu, Negros, and Panay, NGCP successfully energized the Cebu-Negros-Panay 230-kiloVolt (kV) Backbone Project Stage 3 (CNP3), increasing the transfer of power capacity from Panay to Negros to Cebu, and vice versa.

The remaining components of the multi-island interconnection project were energized at 10:01AM of 27 March 2024, strengthening the transfer of power from Panay to Negros to Cebu, and vice versa.

The new line, with a carrying capacity of 400MW, is the 3rd stage in the Cebu-NegrosPanay backbone. his upgrades the existing Amlan-Samboan submarine cable which currently connects Cebu and Negros islands. The first stage of the CNP Project added a new 230kV transmission line from Bacolod to E.B Magalona, while the 2nd stage upgraded the Cebu Substation into 230kV level.

While the energization of the line will definitely improve transmission services and the reliability of the grid, NGCP stressed the need for the implementation of strategic developments in the generation side to fully optimize the benefits of the strengthened interconnection.

“The project’s completion was touted by some parties as the primary solution to the recent spate of power outages in Negros and Panay. But CNP3 is not the sole or primary solution to the woes of Panay consumers. Transmission and power generation go hand in hand. Sufficient power generation development supported by reliable transmission is the formula for optimized energy development. This will support the country’s push towards economic recovery,” NGCP explained.

“We have long advocated for a holistic approach to energy industry development. Generation and transmission must be developed together. One cannot be made to bear the whole burden of keeping the industry stable,” NGCP stressed.

The CNP3 is the last of the three critical projects the transmission service provider delivered amidst mounting calls for completion of projects, and despite experiencing numerous challenges beyond its control. Difficulties in securing right-of-way, slow progress of expropriation cases, and permitting issues with several local government units have hampered the completion of the project’s critical components. The project was completed by NGCP in less than seven years, below the average of 7-10 years of project completion in first world countries.

“This is a big step towards improving power transmission services in the Visayas grid as its energization will allow the delivery of power to support Panay’s needs from Cebu or elsewhere from the grid, provided that there is an availability of excess power generation.

While the line will help improve the delivery of power, more baseload plants in Negros and more in-island generation in Panay are needed to prevent the occurrence of power outages,” NGCP said. “The energization of the CNP is a testament to NGCP’s commitment to complete this, and all its other projects,” the company added.

The CNP3 is comprised of 544 transmission towers spanning 354 circuit kilometers of overhead lines, 58 circuit kilometers of submarine cables, and 10 substations.

The project was filed for approval with the Energy Regulatory Commission (ERC) in 2016 with a project cost of PhP43.41 Billion. However, the ERC granted a provisional approval in 2017 for only one year’s worth of capital expenditure amounting to PhP176.75 Million. NGCP has yet to receive the ERC’s final approval.

“Despite awaiting the ERC’s final approval of the project and the corresponding budget for its construction, NGCP continued to pursue the completion of the CNP3 due to the critical operational need to strengthen the transmission backbone in the area,” said NGCP.

Aside from the CNP3, NGCP also recently energized the Mindanao-Visayas Interconnection, which fully links Mindanao to Luzon and Visayas, for the more efficient operation of a single Philippine grid. Last year, one circuit line of the Hermosa-San Jose 500kV Transmission Line (HSJ), critical to Luzon, was also energized. ###

SM Prime marks 30th anniversary with record-breaking income, PHP 100 billion investment for 2024

SM Prime reaffirms its position as a catalyst for economic development and community advancement.

SM Prime marks 30th anniversary with record-breaking income, PHP 100 billion investment for 2024

Manila, Philippines – SM Prime Holdings, Inc. (SMPH), the leading integrated property developer in the Philippines, marks its 30th anniversary as a publicly listed company with the announcement of its highest-ever recorded income and a ₱100 billion investment for its partners, stakeholders, and communities they operate in. With eyes set on the future, SM Prime reaffirms its position as a catalyst for economic development and community advancement.

SM Prime’s (L-R): Assistant Corporate Secretary Arthur Sy, Corporate Secretary Atty. Elmer Serrano, Chief Finance Officer and Chief Compliance Officer John Nai Peng Ong, President Jeffrey Lim, Independent Director Atty.  Darlene Marie Berberabe, Chairman of the Board Henry Sy Jr., Vice Chairman and Lead Independent Director Amando Tetangco Jr., Non-Executive Director Herbert Sy, Chairman of the Executive Committee Hans Sy, and Non-Executive Director Jorge Mendiola

Record-Breaking Performance

During the Annual Stockholders Meeting held on April 23, 2024, SM Prime announced its highest-ever recorded income, reaching PHP40 billion in consolidated net income, marking a 33% increase from 2022. Additionally, the company’s revenues surged by 21%, soaring to PHP128.1 billion, a notable growth from the previous year. The consolidated operating income also saw significant growth, rising by 24% to PHP61.3 billion.

The outstanding performance can be attributed to SM Prime’s mall business, driving 56% of consolidated revenues and a 30% growth to PHP71.9 billion in 2023. This growth was bolstered by a 24% increase in mall rental income, amounting to PHP61.3 billion. Moreover, the opening of four new malls in 2023 expanded SM’s retail presence to 85 malls in the Philippines and 8 malls in China.

Meanwhile, SM Prime’s residential business group, led by SM Development Corporation (SMDC), recorded an 8% growth in revenues to PHP43.1 billion in 2023. The residential group’s gross profit rose by 15% to PHP25.4 billion, with reservation sales standing at PHP102 billion.

In addition to its mall and residential businesses, SM Prime’s other key segments, comprising offices, hotels, and convention centers, contributed 10% of consolidated revenues, reported PHP13.1 billion in revenues in 2023, marking a remarkable 26% increase from the previous year.

Commitment to Shared Growth

At the core of SM Prime’s success is its unwavering commitment to shared prosperity in every city where they are present. With a strategic ₱100 billion investment capital expenditure in 2024, SM Prime aims to reinvest in its partners, stakeholders, and communities.

SM Prime aims to continuously expand and develop new places for every Filipino to enjoy. Sixty percent (60%) will be dedicated to enhancing its malls, development of new residential properties under SMDC, and construction of new hotels and convention centers. Forty percent (40%) will be directed towards acquiring new properties and coastal developments to pave the way for modern, eco-friendly urbanization.

Commitment to Environmental Sustainability and Disaster Resilience

SM Prime has always been committed towards creating a sustainable future. SM Prime continues to work towards its goal of achieving Net Zero carbon emissions by 2040, aligning with the Department of Energy’s target of reaching a 35% renewable energy share by 2030.  Through partnerships with renewable energy suppliers and organizations like the World Wildlife Fund for Nature (WWF), SM Prime endeavors to reduce its environmental footprint and advocate for sustainable practices in all areas of its operations.

SM Supermalls’ SM Cares and SMDC’s The Good Guys also remain actively engaged in various community initiatives, such as conducting community disaster preparedness programs, providing support programs for senior citizens and persons with disabilities, and promoting job generation and entrepreneurship through nationwide job fairs and MSME programs. Other initiatives include coastal clean-ups, the donation of school buildings and fire trucks, and the organization of eco-camps for youth.

Jeffrey C. Lim, President of SM Prime Holdings shared, “At SM Prime, we’re not just building spaces; we’re cultivating lifetimes of progress and shared growth. Our commitment lies in empowering Filipinos to thrive within their neighborhoods, whether through convenient shopping experiences at SM Supermalls, quality living in SMDC homes, or fulfilling work environments in our office properties. We believe that individual success fuels community prosperity, creating opportunities, and driving the nation’s growth for many years to come.”

SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people. For more information, visit http://www.smprime.com. ###

GREAT SAVINGS FROM OUR HOME DAVAO 3-DAY SALE

Best time to shop for the home ….

GREAT SAVINGS FROM OUR HOME DAVAO 3-DAY SALE  

Planning for a home refresh this summer?   As temperature rises, so do the savings at OUR HOME Davao on its 3-Day Sale from April 19-21!

Now is the best time to shop for the home refresh that you’ve been wanting to do with OUR HOME’s great selections of home furniture, decor and accessories.   Visit us and get inspirations for your living room, bedroom and dining room.  

Check out OUR HOME Davao’s great offers:   

Save up to 80% off on great finds for your living room, bedroom and dining room. 

Get extra 10% off with SMAC and SMAC Prestige cards. 

And here’s more.  Get another extra 5% off when you pay straight or extra 10% off when you avail of our Buy Now Pay Later installment offer using qualified BDO Credit cards with a minimum purchase required. T&Cs apply.     

We assemble for free and we also offer free interior design advice to help you out with your home styling.  Visit us to know more of our great offers.   

OUR HOME has something for everyone.  So, what are you waiting for?  Head on to OUR HOME Davao located at the Ground Level Annex Bldg. of SM City Davao where you can find great designs at great prices.   Call a personal shopper at 0977-8052231 or check out  www.ourhome.ph     

SM distributes 108 Kalinga packs to fire-affected families in Bucana

Kalinga packs for fire victims

SM distributes 108 Kalinga packs to fire-affected families in Bucana

A total of 108 families who were recently affected by fire incidents in Barangay Bucana received Kalinga packs from SM City Davao through SM Foundation’s Operation Tulong Express (OPTE).

Data from the City Social Welfare and Development Office (CSWDO) bared that a total of 90 families were affected in the fire incident last April 7 at Puroks 25 and 26a while 18 households in Purok 4, all in Barangay Bucana, Davao City.

The recent OPTE was in collaboration with CSWDO. Employees and agency personnel from SM City Davao also volunteered to join in the distribution of Kalinga packs, which consist of rice, canned goods, water bottles, and noodles.

Through this initiative, SM aims to be one of the first responders that provide immediate relief to individuals and families affected by calamities through its corporate social good arm, SM Foundation.

SM Foundation and the Department of Social Welfare and Development (DSWD) XI also signed the memorandum of agreement on April 15 during the Kapehan sa Dabaw in SM City Davao. The agreement intends to formalized the partnership with the department, including the deployment of donation boxes within SM malls in times of disasters.

With the partnership, proceeds from the donation boxes will be turned over to DSWD XI./PR

Sizzling summer finds at SM City Davao’s biggest sale this April 19 to 21

SM City Davao’s 3 Day Sale starting this Friday until Sunday.

Beat the heat and snag up to 70% discounts on a variety of items, mallwide in SM City Davao’s 3 Day Sale starting this Friday until Sunday.

Be summer ready and shop at a discounted price from different brands and stores in SM City Davao.

Shoppers can also get the chance to win Suzuki Dzire GL MT car when they join the e-raffle during the 3 Day Sale. To participate, shoppers shall purchase P1,000 or more, single or accumulated purchase receipt, from any of the stores.

Shoppers can also get extra 10% discount whole day on Friday for Prestige cardholders; and on Saturday to Sunday, from 3PM to 7PM for SMAC cardholders in The SM Store and select SM affiliates.

No SMAC or Prestige? An extra 10% discount at The SM Store can be also enjoyed on Friday only by all cardholders of Philhealth, Pag-IBIG, PRC License, and Ateneo de Davao Alumni; employees of City Government of Davao, AFP, PNP, BFP, BJMP, DepEd, Davao Doctors Hospital, Brokenshire Hospital, San Pedro Hospital, Adventist Hospital, CTTMO, LTO, and HPG; and residents of Matina Enclaves and Verdon Parc.

For more updates, join and visit SM City Davao Community, the official community group of SM City Davao in Facebook. Mark your calendars now and shop at SM City Davao’s 3 Day Sale beginning this Friday. /PR

New report identifies top 13 decarbonization ideas for SEA, presenting economic opportunity of up to USD 150B

• Five key accelerators to expedite region’s green transition • Green investments rose 20% to USD 6.3B yoy due to renewables and green data centers • Launch of Bain’s SEA Green Economy Index

SINGAPORE – April 15, 2024 – Southeast Asian markets now have a window of opportunity to accelerate decarbonization with actionable ideas and accelerators to unlock these ideas by 2030, according to Southeast Asia’s Green Economy 2024 – Moving the needle, a report by Bain & Company, GenZero, Standard Chartered and Temasek.

In its 5th edition, the report which covers 10 markets – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam – acknowledged that the region faces unique and complex challenges in decarbonization. As a growing economy, Southeast Asia needs to balance economic growth and the costs of the energy transition, as the region has legacy dependencies on fossil fuel for power generation.

The geographical dispersion of renewable resources has caused a mismatch on supply and demand across the region. In addition, limited incentives for carbon reduction and inadequate access to financing are creating barriers to the green transition.

“There is a reality gap between what many believe is happening and true progress on the ground. Despite Southeast Asia’s structural challenges, immense potential exists to accelerate the energy transition and build the green economy. Focusing on proven solutions to decarbonize and accelerators such as blended finance or other incentives can catalyze investment while governments need to figure out the more complex changes. We need to start with what we can do here and now and not miss the opportunity at hand. Our report highlights where we can accelerate progress and invest for a greener tomorrow today,” said Dale Hardcastle, Director of Global Sustainability Innovation Center at Bain & Company, based in Singapore.

Top 13 decarbonization investment ideas present USD 150B green economy market opportunities

The report first assessed 94 investable decarbonization ideas for Southeast Asia by abatement impact and deployability, based on six priority decarbonization opportunities including improved farming practices, nature-based solutions, green fuel source, process optimization, greener transport and energy efficient building. Out of this pool, the top 13 investable ideas across four sectorial themes – nature and agriculture, power, transport, and buildings – were identified. If materialized, these 13 ideas could generate USD 150 billion annual revenue by 2030.

“As one of the most vulnerable regions to climate change, Southeast Asia is experiencing a significant increase in greenhouse gas emissions driven by economic development. While climate investments increased by 20% to USD 6.3 billion in 2023, significant acceleration is needed to meet the USD 1.5 trillion required to achieve 2030 emissions targets. Amidst global competition for climate investments, countries which take the lead in charting out their decarbonization roadmap through clear policy frameworks, supportive regulations and concrete financing plans will be better positioned to attract private investment and accelerate their transition,” said Kimberly Tan, Head of Investments at GenZero.

Five accelerators to expedite region’s green transition

This year’s report highlighted five accelerators to expedite the green transition in the region: (1) a more comprehensive set of policy incentives, (2) innovative finance mechanisms, (3) scaling corporate investment, (4) cluster/ pilot developments and (5) regional collaboration.

Southeast Asia is making progress on policies for the green economy, but the region’s fiscal incentives remain limited and dispersed. The report mentioned the US Inflation Reduction Act (IRA) as a prime example of accelerating green investment in the US and for global players.

Southeast Asian governments should focus where strategic impact and acceleration is greatest to define their own ‘fit-for-purpose IRA for the region that strengthens green competitiveness’, says the report. Notably, the region’s fiscal incentives directed towards fossil fuels amounted to USD $117 billion in 2022, compared to USD $26 billion for renewables. This presents opportunities for the region to focus on green opportunities to capture advantages, by accelerating critical industries, strengthening green exports, promoting nature conservation, catalyzing grid infrastructure, incorporating programs to skill the workforce for new green jobs, and fostering the transition to sustainable agriculture.

Regional collaboration is fundamental to push the green agenda further, according to the report. For instance, a regional cross-border grid would unlock greater access to renewables for the region and increase energy security with effective utilization and resource sharing.

Growing a high integrity voluntary carbon market could unlock and scale supply of nature-based solutions through cross-border carbon market funding and boost investor confidence and corporate demand by capturing full value of credits.

Expanding the ASEAN Taxonomy could help regional stakeholders align on definitions of credible transition and green finance, which improves investor confidence and increases green capital inflows. Joint effort among governments, corporates and investors to play their respective parts is also equally important, says the report.

“Southeast Asia has an outsized role to play in the global net zero ambition. However, the region faces the dual, often conflicted challenge of meeting the rising need for affordable and reliable energy while simultaneously cutting emissions. To seize the green growth opportunity and accelerate the transition in a just and inclusive manner, we need radical collaboration across the public and private sectors, as well as harness the breadth of financial toolkits to catalyze investment flows for sustainable infrastructure and collectively raise the bankability of such projects,” said Kyung-Ah Park, Head, ESG Investment Management & Managing Director, Sustainability at Temasek.

Southeast Asian funds and banks are starting to address financing challenges via innovative mechanisms, and one example is blended finance, says the report. Blended finance is a structuring approach that combines catalytic capital to attract more commercial capital from the private sector. By leveraging catalytic capital to help derisk projects, reduce high cost of capital, and address other investment barriers, the blended finance structuring approach of combining catalytic capital to attract more commercial capital from the private sector helps to increase the bankability of projects and crowds in mainstream capital to unlock greater decarbonization opportunities in the region. Scaling concessional capital and other enablers can unlock an additional pool of up to USD 20 billion for blended finance per year if a common approach is developed for Southeast Asia.

“ASEAN requires an additional USD 1.5 trillion by 2030 to support the transition, but the region offers great potential for climate action at scale. To tap into growing opportunities, we need a coordinated and collaborative approach that builds an ecosystem where private investors and public entities can come together to act against the worst effects of climate change, leveraging catalytic capital to lower the cost of investment and derisk commercial opportunities,” said Tracy Wong Harris, Head of Sustainable Finance Asia, Standard Chartered Bank.

Green investments rose 20% to USD 6.3B yoy due to renewables and green data centers

Southeast Asia requires USD 1.5 trillion in cumulative investment in the energy and nature sectors to reach nationally determined contribution targets by 2030. However, only 1.5% has been invested to date. 2023 saw a notable 21% year-on-year (yoy) uptick in green investments in the region to USD 6.3 billion, reversing the downward trend in previous years. Corporates invested in large-size deals while climate funds invested in start-ups. In addition, there were more domestic investments within the region with a consistent decline in foreign investments.

While power, and in particular renewables, remained the largest green investment theme in 2023, it is the increase in investments in green data centers driven by energy efficiency regulations in Malaysia and Singapore, as well as investments in waste management towards water treatment and plastic recycling in the region that drove the largest investment dollars.

By country, Malaysia and Laos made the biggest yoy jump in green investments, 326% and 126% respectively. Malaysia attracted large-scale green financing for data centers in Johor and Kulai, while a large-scale project to unlock Laos’s renewable potential is being carried out by foreign investors.

Launch of region’s first SEA Green Economy Index

To better help Southeast Asian markets track their decarbonization progress, the report unveiled the region’s first SEA Green Economy Index which examines how each country is progressing across five metrics with varying weightage totaling 100% – ambition (20%), progress (25%), roadmap (20%), accelerator (25%), and investment (10%).

“The index helps provide an objective snapshot of how each country is performing year-on-year and relative to peers. It shows an overview of areas they are doing well and recognizes where progress is being made. It is important to note that this index is constantly evolving as the region continues to tweak initiatives to fit respective markets’ needs,” said Hardcastle.

The index shows that Southeast Asia has made some encouraging moves to reduce greenhouse gas emissions, with Singapore and Vietnam making the most progress over the last year. Eight out of 10 countries have net zero targets, and while they have remained the same as the previous year, more than half of the region’s top emitting corporates have set net zero or emission reduction targets, 15 more compared to 2023. In addition, seven countries have shown progress in adopting renewable energy and electric vehicles, preserving forestland, and enhancing health of cropland soil.

Translating ambition to action and results will take time. Southeast Asia is still in early adoption and has the opportunity to capture proven and the most cost effective decarbonization initiatives. In 2024, the region needs to double down on the top 13 investable ideas, leverage on the key accelerators to unlock these ideas and ensure better cooperation among governments, corporates, and investors.

Emerging trend of Job Title Inflation in the Philippines sees limited success in Attracting and Retaining Talent

Emerging trend of Job Title Inflation in the Philippines sees limited success in Attracting and Retaining Talent

….. there has been a noticeable rise in job title inflation among employers in the Philippines.

Philippines, 5 April 2024 –Over the past year, there has been a noticeable rise in job title inflation among employers in the Philippines. Positions with titles such as ‘Directors’ have seen a significant 34%^[1]  increase and a 22% increase in titles like ‘Presidents’ for jobs intended for professionals with only two years of experience. While using inflated titles may be seen as a strategy to attract and retain talent, it is crucial to carefully consider the implications when making hiring decisions, as this can potentially lead to challenges for both employers and employees alike. These are among the observations and insights from Robert Walters Philippines about this trend.

Job title inflation refers to a practice by companies to offer inflated or exaggerated job titles that may not accurately reflect the responsibilities, seniority, or even salary of the position.

Using inflated job titles to attract and retain talent

Job titles and promotions are valued by professionals. Based on LinkedIn polls conducted by Robert Walters Philippines in January, 92% of professionals agree that the job title is important or very important when applying for a role. Among young professionals, 23% also expect to be promoted within 12 months of working in a company.

While some companies have tried inflating job titles, the success rate varied. Among companies, 38% of hiring managers surveyed shared that they have or are considering inflating a job title to attract or retain professionals to a role within their organisations. However, only 3% shared that this move has worked to its desired effect while a significant 59% have not adopted this strategy at all.

Inflating job titles can present challenges, as professionals may not view them as a meaningful indicator of seniority. According to our recent findings, factors such as managing a team (44%) and the perceived importance of the role (41%) hold greater weight in determining seniority. Surprisingly, only a small percentage (15%) consider a C-Suite or Head-of title as a true sign of seniority. This underscores the notion that while an inflated job title may seem appealing, factors such as team leadership and the perceived significance of the role are more influential in establishing seniority than the title itself.

“While job title inflation may offer certain advantages, it also carries the risk of causing confusion regarding the actual roles and responsibilities associated with these positions. Additionally, using overly inflated titles may lead to disillusionment among employees if their job titles do not accurately reflect their duties or level of seniority. It is worth noting that this trend is not applicable to all industries, but is commonly seen in technology, startups, digital media, marketing, advertising, and professional services sectors due to the intense competition for talent and strong reliance on innovation and creativity,” shares Jayson Mendoza, Manager of Human Resources and Industrial at Robert Walters Philippines.

Robert Walters Philippines strongly advises hiring managers to exercise caution and thoroughly evaluate the situation before considering the option to inflate a job title. While there may be valid reasons to consider this approach, it is crucial to weigh the pros and cons and fully understand the potential long-term implications for the organisation.

“Elevated job titles can often create a mismatch between the skills and qualifications of employees and the actual requirements of the job. When hiring individuals solely based on their desire for a grandiose title rather than their suitability for the position, organisations run the risk of experiencing poor performance, increased turnover, and wasted resources. Therefore, it is crucial to maintain accurate and meaningful job titles to ensure clarity, fairness, and trust within the workplace,” concludes Mendoza.

For more information on Robert Walters in the Philippines, please visit www.robertwalters.com.ph. (PR)

^[1] Based on LinkedIn Talent Insights

TASTE THE WORLD AT SM LANANG FOODHALL

Flavors of the world in SML

TASTE THE WORLD AT SM LANANG FOODHALL

Japanese bento from Ureshi Japanese Restaurant

Taste the flavors of the world in one hub when you drop by the SM Lanang Foodhall for an elevated dining experience with family and friends.

For the adventurous palate, SM Lanang Foodhall offers a unique blend of flavors with its diverse mix of tenants offering well-loved dishes and delicacies from Japanese, Korean, American, Chinese, and even Filipino cuisines.

Shoppers and tourists alike can explore distinct flavors that suit their cravings from Panda Shabu Shabu, Lakuseana, Yoo Dae Bak, JG Salo, Red Corner, Coffee Box, Potato Corner, Juice Co., and Ureshi Japanese Restaurant.

The SM Lanang Foodhall also boasts of being an inclusive food hub as it welcomes restaurants such as GreenEats which offers 100% plant-based options for people opting for a healthier diet.

To add to the delight, Foodhall diners with a minimum single receipt of P499 who also purchase a 1.5L bottle or three 16 oz of Coca-Cola beverages from any of its stores are also entitled to a free tote bag which they can claim from the designated redemption booth up until April 28.

To know the latest buzz at SM Lanang, follow its official social media pages on Facebook, Instagram, and TikTok.#