Filipino youth worry about climate change, education

Around 44% of young Filipinos expect future generations to be “worse off than today,” amid rising concern over climate change, education and lack of jobs, according to a survey by the United Nations Children’s Fund (UNICEF).

Results of the U-Report survey also showed 37% of Filipino youth think the next generations will be “better off than today” while 19% believe conditions will be the same.

“While youth are split on whether the future generation is “worse off” or “better off” (44% vs 37%) they do see the value that rapid technological innovations and democratic access to information can bring,” UNICEF said in a statement.

According to the survey, 26% of young Filipinos see climate change, including natural disasters, as the biggest problem they will face in the future.

Also, 23% of respondents are concerned they will not be able to finish their education, while 22% are worried about finding a job and about their health (both physical and mental).

The results of the survey were released ahead of the Summit of the Future 2024 in New York on Sept. 22-23.

“The U-Report findings reveal the sobering, yet hopeful outlook young people have about their prospects for the future,” UNICEF Representative to the Philippines Oyunsaikhan Dendevnorov was quoted in a statement.

“We should listen to what they have to say and work together to address these issues so that every child is cared for, protected, and given a fair chance in life,” she added.

The U-Report poll was conducted online from June 13 to July 14, 2024. Of the 3,109 respondents, 44% were aged 15-19 and 37% were aged 20-24.

Asked what the biggest obstacle will be to getting their dream job or starting a business in the future, 33% of respondents were worried about the lack of jobs for people without experience.

Another 26% were concerned about the economic situation, while 20% said access to a good education is hampering their prospects.

Asked what they will do if given a chance to be the Philippine president, respondents said they will prioritize education, health and the economy to build a better future. They also want to address corruption as well as issues related to agriculture, poverty, and the environment.

“New generations are bringing a reinvigorated sense of solidarity and a compelling call for collective action. Both are essential to build the future we want,” UN Philippines Resident Coordinator Gustavo González was quoted as saying.

The survey also showed the majority, or 69%, of respondents said the United Nations (UN) is “very important’ in creating a better future for them as well as for future generations.

“Every young person’s concern has always been to finish their studies and find a job good enough to support their families. This is a fundamental aspiration, as quality education has a real corresponding impact on the quality of jobs offered to the youth in the future,” Terry L. Ridon, a lawyer and former party-list lawmaker, said in a Viber message.

The Philippine government should address climate-related challenges, Mr. Ridon said. It must also bolster measures to boost job generation and expand access to quality education.

Source: Business World

UK Househunters raise a glass to good pubs

Moving house for a good school has been a feature of the property ladder for decades, but for some buyers there are other priorities. A survey suggests that buyers would also consider moving house for a good pub.

As the number of classic local pubs declines, more homeowners consider them a local amenity worth considering when looking for a property. The survey, by the estate agent Jackson- Stops, found that 75 per cent of respondents rated a good pub as the most important “lifestyle” amenity when looking for a new home, ahead of a sports centre, health club and other bar.

Additionally, 26 per cent of buyers said that living near a National Trust property or stately home was a priority. Nick Leeming, chairman of Jackson- Stops, said: “It is heartwarming to see the nation’s support for local businesses, a yearning for the high streets of old.

Villages that still embody these characteristics undoubtedly command a sizeable house price premium as a result. “In particular, in the face of depleting local pubs, the popularity of villages and homes near well-regarded watering holes will continue to grab homebuyers’ attention. “Just like our homes, our local pubs can represent more than just a place to eat or drink, acting as a local focal point to make new acquaintances and connect to the community.

They say a dog makes a house a home; then perhaps for British homeowners a pub makes the perfect community.” The survey classified amenities into three categories: lifestyle, local services and shops. Pubs came out top on the lifestyle category, while among local services buyers prioritised GP services, broadband and public transport.

For shops, Britons are also drawn to the traditional high street: post offices, farm shops and butchers all made the top five. Leeming said: “In an economy where many small businesses such as pubs and farms are struggling to survive, those villages and towns with genuinely thriving high streets and well-regarded eateries will be harder to find, and as a result those left will become the focus for prime homebuyers.”

The decline of the local pub has long been linked to a loss of community feeling and belonging. One study by King’s College London even found that the loss of a local pub impacts political behaviour.

Researchers examined the characteristics of pubs across the country and identified those which they labelled community pubs: long-standing local watering holes, often independently owned, which had become the last remaining community space in predominantly working class areas.

Source: The Times

CEO optimism remains high

A majority of chief executive officers (CEOs) in the Philippines are confident that their organizations will see revenue growth in the next 12 months, despite geopolitical uncertainties, a survey showed.

Results of the survey conducted by PwC Philippines in partnership with the Management Association of the Philippines (MAP) showed that 85% of 168 CEOs are optimistic that their companies will post revenue growth in the next 12 months.

The results of the survey, which ran from July 8 to Aug. 9, showed improved optimism compared with the 79% of 157 CEOs who said they were confident of topline growth last year.

Meanwhile, 86% of CEOs are confident of revenue growth in the next three years, slipping from 87% in the previous survey.

The survey also showed that 86% of the CEOs are confident about industry prospects for the next 12 months, higher than the 83% seen in the previous survey. This is the highest level of optimism since the pandemic.

“What helped drive optimism among our CEOs here in the Philippines is mainly our country’s economic growth,” said Karen Patricia A. Rogacion, deals and corporate partner at PwC.

She noted the Philippines recorded faster economic growth despite geopolitical uncertainties, which have affected economies in the United States and Europe.

“When the year started, at the global level, we had a slow start. We are still feeling the impact of the Russia-Ukraine war as well as the impact of China’s real estate crisis,” she said.

“Several economies, such as the US and even Europe, were expecting a recession because of the high interest rates and unstable market conditions. In the Philippines, however, we showed fast growth,” she added.

The Philippine economy grew by 6% in the first six months of the year, hitting the low end of the government’s target of 6-7% this year.

In the survey, CEOs said infrastructure development, domestic consumption, and foreign direct investments are the main drivers of growth in the next 12 months.

“Given the top three drivers, it’s also been consistent that the CEOs say that our government is doing a good job in pushing for infrastructure development, forging stronger relationships with other nations, and also managing inflation,” Ms. Rogacion said.

However, 62% of the CEOs said geopolitical uncertainties arising from the Russia-Ukraine war, conflicts in the West Philippine Sea, and upcoming elections in other countries are keeping them awake at night.

“We have actually been indirectly and directly affected by challenges due to global supply chain pressures, inflation, and other related threats,” she said.

Donald L. Lim, chair of the MAP CEO Conference Committee, said CEOs fear geopolitical uncertainties as these may suddenly disrupt supply chains and operations.

“I think the geopolitics, whether Ukraine-Russia or even the West Philippine Sea, are a great unknown. We don’t know what will happen. But if that happens, it will have a severe impact on the business,” he added.

However, Roderick M. Danao, chairman and senior partner of PwC, said that some companies are already starting to manage and mitigate the effects of geopolitical uncertainties.

“A few local companies have effectively tried to manage to mitigate the effect [through] product diversification, market diversification, and supply-chain diversification,” Mr. Danao said.

“Of course, all of these have to be backed up by long-term risk management plans for the company to adapt and to proactively manage the impact of the geopolitical conflicts,” he added.

TECHNOLOGICAL INNOVATION

Meanwhile, the survey showed that 46% of the CEOs believe that their company will no longer be viable after 10 years if it continues running on its current path.

According to PwC, new technologies such as generative artificial intelligence (GenAI) are set to revolutionize business models, redefine work processes, and transform industries.

“I always believe that AI will certainly bring more opportunities rather than threats,” said Mr. Danao.

In the survey, 40% of the CEOs said that they have already adopted the technology, while 71% believe that GenAI will change how their companies create, deliver, and capture value.

Even though 78% of the leaders believe that the technology can improve the quality of their company’s products and services, the survey also showed 61% of the CEOs said that they are not yet widely adopting the technology in their operations.

Asked why there is still low adoption, Mr. Danao and Mr. Lim said that AI in the Philippines is still in its nascent stage.

“The awareness is still very low at the Philippine corporate level. We are all excited about what this AI can bring into our organization. But embedding AI is still a work in progress. There will be investments and workforce upskilling needed,” Mr. Danao said.

“We are just at the tip of the iceberg. I think you’ll be lucky to have real AI adoption across the majority, meaning more than 50%, in five years. It will be a long time,” Mr. Lim said.

Mary Jade Roxas-Divinagracia, deals and corporate finance managing partner at PwC, said AI adoption will be led by industries like healthcare, banks, financial institutions, and retail.

“And then you have one of the major industries in the Philippines, the business process outsourcing, and this can be a game changer for them, not just on the risk side, but on the opportunity side as well,” she added.

However, Mr. Lim said that the full adoption of AI may result in job losses if the workforce will not be able to keep up.

“AI won’t replace jobs. Those people who use AI will replace those who do not know how to use it. So, I think the problem is more on education because the teachers do not understand this,” he said.

“So, we have to make sure that the educational system prepares our next three batches of graduates to use and harness AI. Will there be a loss of jobs? I think there will be. Because it won’t be able to catch up,” he added.

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Source: Business World