 | |
 The front page ofBusinessWorld on April 13, 2018 | |
| Type | Dailynewspaper (excluding weekends) |
|---|---|
| Format | Broadsheet |
| Owner(s) | Philstar Daily Inc., (70%) World Press, Inc. (30%) |
| Founder | Raúl L. Locsin |
| Publisher | BusinessWorld Publishing Corporation |
| President | Miguel G. Belmonte |
| Editor-in-chief | Cathy Rose A. Garcia |
| Associate editor | Alicia A. Herrera Bettina Fay V. Roc Timothy Roy Medina Arjay L. Balinbin |
| Opinion editor | Alicia A. Herrera |
| Founded | February 27, 1967; 58 years ago (1967-02-27) (21,540 issues) |
| Political alignment | Centre |
| Language | English |
| Headquarters | 95 Balete Drive Extension, Brgy. Kristong Hari,New Manila, Quezon City,Metro Manila, Philippines |
| City | Manila |
| Country | Philippines |
| Circulation | 117,000 (as of March 31, 2014) |
| Website | www |
BusinessWorld is a businessnewspaper in thePhilippines with a nationwide circulation of more than 117,000 (as of March 2014).[1] Founded in 1967 asBusiness Day, it isSoutheast Asia's first daily business newspaper.[2]
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Raul L. Locsin became a business reporter for theManila Chronicle in 1963. He helped establish theEconomic Monitor, the first business weekly in the Philippines. Then, he foundedBusiness Day, the firstSoutheast Asian business daily.[3]
In its debut issue, released on February 27, 1967,Business Day promised "competent and responsible reporting of the news."[4] Aseditor-in-chief, Locsin aimed to demystify business and economics and make the subject more accessible to the general public. Duringmartial law under Ferdinand Marcos (1972–1981),Business Day was the only independently owned newspaper inManila. It gained a reputation for accuracy inan era of misinformation,[5] as Locsin was committed to the tenet that "a newspaper is apublic trust" and promised editorial freedom.[3]Business Day ran articles critical of President Marcos.[6][7][8]
After alabor strike byleftist staff, Locsin resigned and closedBusiness Day in 1987. Four months prior, he had finished repaying the newspaper's accumulated debt. The majority of his former staffpicketed his house to convince him to return. They set up a new corporation, BusinessWorld Publishing Corporation, with Locsin accepting the position of publisher, president, and editor.[3][9]
The first issue ofBusinessWorld, the successor ofBusiness Day, was released on July 27, 1987.[10] In the same year,BusinessWorld became the first among local dailies to usedesktop publishing, and in 1991 it incorporated World Press, Inc., a fully owned printing subsidiary of the firm located inAntipolo, Rizal.
World Press, which started with a five-unit web offset printing press, already had nine units by 1995. In two years, it was able to own pre-press facilities that allowed for the Color ElectronicPagination System, which madeBusinessWorld the country's first newspaper printed in full color.
Previously housed inOrtigas Center,Pasig,BusinessWorld moved to its current location inNew Manila,Quezon City in 1994. The building was designed by Locsin's cousin, the lateNational Artist for ArchitectureLeandro V. Locsin, who also worked on thePhilippine Stock Exchange Plaza inMakati.
When Locsin died in May 2003 after a long-term illness, his wife, executive editor and chief operating officer Leticia Locsin, took over as the paper's president, publisher, and chairperson until her death in August 2005. Their daughter, Barbara Locsin, headed the paper for a while, later succeeded by Anthony Cuaycong as chief operating officer.
In 2004, thePhilippine Long Distance Telephone Company (PLDT), led by businessmanManuel V. Pangilinan, acquired a minority stake inBusinessWorld through PLDT's Beneficial Trust Fund unit,MediaQuest Holdings, Inc.
In September 2013, MediaQuest assumed control of the paper, with its subsidiary Hastings Holdings Inc. increasing its stake from 30% to 76.67% and infusing₱100 million into the company over the next 12 months.Smart Communications, Inc. co-founder and chief wireless advisor Orlando Vea was named acting president.[11] In March 2014, José Roberto "Roby" A. Alampay, head of Philippinenews portal and PLDT subsidiaryInterAksyon.com and aNews5 anchor, was appointed concurrent editor-in-chief of the newspaper.[1]
In July 2015,The Philippine Star acquired the entire 76.63% stake[12] of its sister broadsheetBusinessWorld from Hastings Holdings Inc., the subsidiary ofThe Star's parent, MediaQuest.The Philippine Star president Miguel G. Belmonte was named concurrent president of the broadsheet.[13]
In January 2020, managing editor Wilfredo G. Reyes was appointed as the paper's new editor-in-chief replacing Alampay.[14]
In 2018,BusinessWorld became part of theOne News organization, a 24-hourEnglish-language news channel owned and operated byCignal TV, the cable TV business of the MVP Group's Mediaquest Holdings, Inc. The newspaper launched its own business news program,BusinessWorld Live, in the channel. The one-hour program premiered on May 28, 2018, and airs every weekdays, 9:00 to 10:00 a.m. (PST). Due toCOVID-19 pandemic,BusinessWorld Live temporarily broadcasts from 10:30 AM to 11:00 AM. TV personalities Danie Laurel and JP Ong (replaced by Jes delos Santos in 2019) hosts the business news program.
In 2016,BusinessWorld hosted the inauguralBusinessWorld Economic Forum at theBonifacio Global City inTaguig, Philippines with the theme "Charting Progress to 2020: What to Expect from the New Presidency". The annual business forum gathers some of the biggest names in Philippine and global business for a day of discussion sessions on different trends and events affecting the future of business, trade and economics.[15][16]
Since its inception, the forum has been held three times already, each with a different theme and set of speakers. In 2020, the event will be held online due to theCOVID-19 pandemic in the Philippines.[17]
Business World Magazine's annual ranking of the Philippines' largest corporations, ranked by revenue, is known as the BusinessWorld Top 1000 Corporations in the Philippines. The list provides detailed information about each company, such as after-tax profits, assets, investors and shareholders' assets, and market value. Public companies with their corporate offices and incorporation in the Philippines are included in the top 1000.Meralco,Petron Corporation,Toyota Motor Philippines,Pilipinas Shell,Texas Instruments Philippines,Toshiba Information Equipment,Philippine Airlines,Mercury Drug,BDO Unibank, andNestlé Philippines are among the Top 1000 Corporations in the Philippines.
According to thePhilippine Star, the BusinessWorld Top 1000 firms’ performance in 2016 is reflective of the overall economic performance that year with gross domestic product growth of 6.9 percent being the fastest in three years as well as the second fastest among its Asian neighbors.[21]
The Top 1000 list has become vital to the research on performance of Philippine companies and domestic economy that the Business Expectations Survey[22] that is released on a quarterly basis by theBangko Sentral ng Pilipinas is drawn from a pool of the Securities and Exchange Commission’s Top 7,000 Corporations in 2010, and Business World’s Top 1,000 Corporations in 2013.[23]
Additionally, the Conduct of the Corporate Financial Trends Survey (CFTS) by the Philippine Financial Stability Coordination Council (FSCC) also selected sample establishments/enterprises from the list of Top 1,000 Corporations released by the BusinessWorld. The FSCC consists of Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Insurance Commission (IC), Philippine Deposit Insurance Corporation (PDIC), and Securities and Exchange Commission (SEC).[24]
A study published inDLSU Business & Economics Review evaluated the Web presence of the top multinational manufacturing corporations in the Philippines from a sample of 70 Web sites of companies in BusinessWorld’s list of the Top 1000 Corporations in the Philippines for 2006. The websites were subjected to a framework of ten critical factors; and comparisons were made against existing benchmarks. Thereafter, the functionality of the Web sites of the three top-ranked companies was analyzed using a two-dimensional grid for Web site evaluation. Results indicate that there is a need for improvement in the design and quality of the Web sites of manufacturing firms in the Philippines.[25]
About one-third of the large establishments make it to the list of the Philippines’ Top 1000 Corporations, which is published annually by BusinessWorld and its predecessor, Business Day, in cooperation with the Securities and Exchange Commission (SEC). From 1970 to 2009, industrial sector has consistently dominated the list of Top 1000 corporations.[26]
During pandemic, the drop in gross income mirrored a drop in economic output following the outbreak of the coronavirus disease 2019 (COVID-19) pandemic. In actual terms, the Philippine economy fell by 9.6% in 2020 (-8.1 percent in current prices), the lowest result since the 1940s. Manila Electric Co. (Meralco) took the top rank in this year's edition with gross revenues of P266.055 billion, down 13.9 percent from P309.090 billion the previous year. San Miguel Corp. and SM Investments Corp.'s combined business units came in second and third, with gross earnings of P773.569 billion (-27.6%) and P396.751 billion (-21.7%), respectively. 370 international corporations made the list, accounting for 37.1 percent of the top 1000's total gross revenue this year. Its total revenue[27]
BusinessWorld researchers use a "tickmarking" guide in their methodology for the Top 1000 publication, which is a way for them to identify items considered as the net sales, cost of sales, debt, or inventory in the financial statements since such items would depend on the industry where companies belong.[28]