While many large scale infrastructure and local government projects have traditionally required surety bonds to cover 100% of the contract value for large infrastructure projects, there is a growing trend in procurement to allow flexibility in reducing performance bonds primarily to encourage competition during the bidding process.

Understanding the financial risk of doing business with a supplier or vendor is vital to an organization’s long-term stability. A comprehensive financial condition analysis is a must in order to prequalify and assess the financial stability of every potential and current supplier, not just the big ones.

Updating the requirements to include a full financial condition analysis of a contractor or vendor would ensure that only those with appropriate and adequate financial capacity, proven financial performance and acceptable financial condition rating, as assessed against a qualification criteria, will have its bids and proposals progress into the next stage of evaluation.

The Philippine economy can expect to benefit from revived infrastructure spending in the latter half of this year. Given the importance of ensuring that planned infrastructure projects are not plagued by delays and cost overrun, it would be much appreciated to ensure that the bidding process is protected from one perennial reason for such problems: inappropriate and inadequate procurement.

Clearly, transformation is the new normal for organizations. Yet, for the many successes, there are failures. So why change at all? Here's a road map that you can use in your own change process.

Gone are the days when organizations push products based on their product goals. Today's consumer expects their primary financial institution to know then, look out for them, and reward them. This requires new sales tools and new sales strategies.

Who says change needs to be hard? In an inspiring TED Talk, organizational change expert Jim Hemerling outlines five imperatives, centered around putting people first, for turning company reorganization into an empowering, energizing task for all.

Here are 2 conversations you need to have in order to overcome resistance to positive change in your organization.

As a business owner of an SME, it is important that you are made aware of the most crucial elements in a business loan application. Check out the 5Cs of credit analysis for effective credit risk management process.

What is credit risk management and why is it important in your role as a business owner? Here’s what you need to know.