The Economic Journalists Association of the Philippines (EJAP) and the University of Santo Tomas (UST) Faculty of Arts and Letters, in partnership with San Miguel Corporation, hosted “Beyond the Numbers 2024: Understanding Business Journalism” on Saturday, November 9, at the UST Central Laboratory Auditorium.
Notable speakers and seasoned business reporters from reputable news outlets highlighted the diverse field of business journalism including its role across television, print, and social media, as well as in reporting banking, agriculture, and telecommunications-transportation.
The face-to-face event was attended by students and campus journalists from the Polytechnic University of the Philippines, University of Santo Tomas, University of Perpetual Help System DALTA, Colegio de San Juan de Letran, and Lyceum of the Philippines University.
Exploring business journalism across platforms
NewsWatch Plus Senior Vice President Cecilia Tek Ramos-Major opened the seminar by discussing the “business” of business journalism, emphasizing that financial support is essential for reporters in producing fair, accurate, and balanced news stories.
Ramos-Major enumerated the various revenue sources across all media platforms, which include assessing current assets, investing in technology and skill development, collaborating and forming partnerships, understanding the changing behavior of digital audiences, and maintaining integrity in the newsroom.
As Ramos-Major emphasized the financial backbone of business journalism, EJAP Vice President for External Affairs and ABS-CBN News Channel anchor Michelle Ong addressed the art of TV business reporting. She stressed that TV reporters must develop a personal style, maintain professionalism on air, and ensure thorough preparation for interviews.
Ong also shared insights on nailing interviews by highlighting the importance of active listening and conciseness, noting how silence can be a powerful tool in conversations.
Despite its broad scope, business journalism often goes unnoticed and is overshadowed by other beats, even though much of what affects society is closely tied to the economy. As The Philippine STAR columnist and business editor Iris Gonzales pointed out, greater focus should be given to business and economic reporting.
Business journalism goes beyond just reporting news, she added. It involves holding corporations accountable, promoting transparency, and providing insights into economic health and business trends.
“Journalists put their names in every story, unlike other professions. Our stories stay in archives and libraries permanently,” said Gonzales on the need for accuracy, as each story becomes part of the public record.
On bank reporting
Delving into a specialized area in business journalism, EJAP President and Reuters news correspondent Jerome Morales acknowledged that while banking coverage is indeed technical, it should remain accessible to the audience it serves.
Morales covered stories on banking and the key players in the industry such as financial technology (FinTech) companies GCash, Maya, and other conventional and e-money banks. He emphasized the essential role of the Bangko Sentral ng Pilipinas (BSP) in ensuring the security of our finances which entails issues relevant not only to the professional business sector but also to everyday consumers.
Business journalists covering the banking beat offer an essential service to the people as they provide readers valuable insights on how to save money, avoid scams, and stay informed through business narratives, Morales emphasized.
“The banking beat is a rich source of stories. Stories na malapit sa puso at malapit sa bulsa. Don’t be intimidated.”
Students were told that it is the duty of business journalists to share approachable and relevant information on financial matters, as money is the lifeblood of the economy.
Agriculture journalism is ‘sexy’ too
As agriculture touches every Filipino household, especially in basic commodities such as rice, pork, and vegetables, The Philippine STAR business reporter and UST Journalism lecturer Jasper Arcalas bared that the field is far more extensive than many realize.
“Ang agricultural journalism ay (masinsing) paglalahad ng kapaki-pakinabang na impormasyong makatutulong sa mga mambabasa kung siya ba ay bibili ng baboy o hindi,” Arcalas defined.
Critical reporting on agricultural issues aims to inform the public and shape government policy, he said, stressing that the ”so what” factor—the reason why a story matters—turns a simple fact into something impactful.
Agriculture stories should be made “sexy,” he enticed the audience. For him, the sexiness of agriculture journalism is embodied in its significant and explanatory presentation, making it not only interesting but also deeply relevant to the everyday lives of people.
“Basic naman sa atin na we do share and write information. Pero ‘di naman lahat may silbi,” Arcalas said.
Two Ts of Business Journalism
“Para sa akin, ang mas karapat-dapat na tawag sa kanya (Telecommunications and Transportation beat) ay Connectivity beat. Why? Because it connects people through physical and digital assets,” The Philippine STAR business reporter Elijah Rosales said.
Covering telco and transport is vital due to their direct impact on the daily lives of millions, Rosales highlighted. With 87 million daily internet users, it is evident how integral telco is to modern existence. Likewise, transport plays a crucial role in the movement of people and goods, with millions of daily commuters relying on public transport systems.
The roles of the government and the private sector are important in strengthening the country's infrastructure, he stated. Given the empathy of having firsthand experience in commuting and availing of telco products, journalists can highlight the challenges and developments that affect Filipinos every day.
As a business journalist covering these industries, Rosales advocates for a comprehensive approach to reporting. Whether addressing government initiatives or private sector innovations, the reportage of business journalists is pivotal in keeping the public informed about the developments that shape their daily experiences.
“Kaya mahalaga ang telco-transport reporting dahil kailangan nating i-highlight ang issues para magawan sila ng resolusyon. If we turn a blind eye on the issues, then might as well pabayaan na lang natin ‘yung public transport system natin.”
“Nothing beats being there,” says Jerome Morales, highlighting the value of firsthand experience for aspiring journalists. Rosales echoed this, noting that every Filipino’s daily experience with telco and transport is an advantage in reporting these beats, bringing authenticity and relatability to stories that matter the most.
Article: Jane Andes and Maicah Rachel Eugenio
Graphics: Kent Bicol
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