Central bank launches second phase of SME credit risk database project

December 12, 2024 | 12:04 am

THE BANGKO SENTRAL ng Pilipinas (BSP) has launched the second phase of its credit risk database project, which aims to improve financial inclusion by helping boost lending to small and medium enterprises (SME).

“We already have seen many SME success stories. Each of them inspires us to keep pushing forward with the work we have already started as we end phase one and as we move to phase two of the CRD project,” BSP Governor Eli M. Remolona, Jr. said on Wednesday.

The CRD project was launched in 2020 in partnership with the Japan International Cooperation Agency (JICA). Last year, the BSP introduced the CRD scoring model.

A total of 33 financial institutions in the country have provided data for the project.

“In just four years, we’ve built a large database of SME data and developed a credit scoring tool. This tool is already helping participating financial institutions better assess credit risk, complementing their own methods,” BSP Deputy Governor Bernadette Romulo-Puyat said.

“It’s a step forward in making credit more accessible to SMEs. We are now transitioning this tool into a web-based service, which will make it even easier to use.”

Philippine banks continued to fall short of the mandated lending quota for small businesses at end-September, only extending 4.55% of their total loan portfolio. This was well below the 10% requirement under the Magna Carta for MSMEs.

Under the law, 8% of these loans must go to micro and small enterprises, while 2% must go to medium-sized businesses.

JICA Chief Representative in the Philippines Takema Sakamoto said the second phase of the CRD project will need to ensure sustainability.

“First, in particular, we have to maintain the robustness of the database through creating a secure environment and convenient data provision mechanism for our partner financial institutions,” he said.

He also noted the need to maintain the accuracy of the scoring model through regular, internal and third-party validation as well as the continuous development of institutional capacities.

“However, we are still in the middle or just in the beginning. We still need to do more to promote risk-based lending rather than just relying on conventional, collateral-based lending to enhance financial inclusion of SMEs,” Mr. Sakamoto added.

He also called for the establishment of a permanent body that will “operate and maintain the CRD services in the Philippines.”

“We believe that the principles of confidentiality, open or public access, transparency, and fairness are the foundations of a functional and sustainable CRD-operating entities.” — Luisa Maria Jacinta C. Jocson

Terra Solar seeks ERC nod for connection facility

December 12, 2024 | 12:04 am

SOLAR DEVELOPER Terra Solar Philippines, Inc. (TSPI) is seeking approval from the Energy Regulatory Commission (ERC) to establish a transmission facility for its P200-billion solar power and battery energy storage project.

TSPI aims to develop, own, and/or operate dedicated point-to-point limited transmission facilities to connect its power project to the Luzon grid, according to its filing with the ERC.

“Connecting the Terra Solar Project to the Luzon grid via bus-in connection along the Nagsaag-San Jose 500-kilovolt (kV) Transmission Line is an essential requisite to the plant’s commercial operations scheduled in the first quarter of 2026,” the company said.

The company is constructing a 3,500-megawatt-peak (MWp) solar power plant and a 4,500-megawatt-hour (MWh) battery energy storage facility in Central Luzon.

Now known as MTerra Solar, the project is targeted to be completed by 2027 and is expected to provide clean energy to more than two million households.

“After a thorough review of the available options, TSPI determined that the bus-in connection along the Nagsaag-San Jose 500-kV Transmission Line is the most cost-effective and technically viable option for the immediate interconnection of the Terra Solar Project,” the company said.

Once completed, the operation, service, and maintenance of the said facilities are proposed to be undertaken by the National Grid Corp. of the Philippines, consistent with the decision of the commission on similar applications, it said.

MGen Renewable Energy, Inc., the renewable energy arm of Meralco PowerGen Corp. (MGen), holds a controlling stake in SP New Energy Corp. MGen is a subsidiary of power distributor Manila Electric Co. (Meralco).

Last month, the companies officially broke ground for the MTerra Solar Project, marking the full swing of its construction.

TSPI tapped state-owned firms China Energy Engineering Group Co., Ltd. and Power Construction Corp. of China Ltd. for the construction of the project.

The company also inked a contract with Meralco Industrial Engineering Services Corp. to design and construct critical infrastructure that will connect the solar plant to the Luzon grid.

The total contract price amounts to P7.8 billion, while about $116.9 million (approximately P6.8 billion) was allocated for offshore equipment.

The MTerra Solar project is set to deliver electricity under a 20-year, 850-MW mid-merit power supply agreement to Meralco.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Organizations seen shifting to unified security platforms for data protection

December 12, 2024 | 12:04 am

A SHIFT from multiple cybersecurity tools to a unified data security platform is expected to happen among organizations next year to enhance visibility and control of artificial intelligence (AI)-driven threats, according to a cybersecurity company.

“We honestly believe organizations will start to move more and more to a single platform in order to address the types of sophisticated threats,” Steven Sherman, Palo Alto Networks regional vice-president for ASEAN, said in a media briefing last week.

Mr. Sherman said cyberattacks have become more sophisticated and faster over time.

“In the past, we would see an attack that would take an x time frame — say days or weeks — that became reduced to hours, which then became minutes,” he said.

“Organizations are being attacked quicker now at a greater scale, with a higher level of sophistication.”

Palo Alto said a unified platform will help organizations build better resilience against such cyber threats by providing end-to-end visibility and context, spanning code repositories, cloud workloads, networks, and security operations centers.

“The convergence of all security layers onto a unified platform will optimize resources, improve overall efficiency, and enable organizations to build more resilient, adaptive defenses against evolving threats,” it said.

“Ultimately, this creates a more holistic security architecture with fewer dashboards,” it added.

In the Philippines, 174 cybersecurity incidents have occurred in November, according to the Philippine National Computer Emergency Response Team (CERT-PH).

The latest report revealed 83 cases of data breaches (leaks/exfiltration), which was the most common incident last month. Malware followed with 55 cases, together with 19 cases of compromised system-web application cybersecurity management system issues.

Compromised systems-web application (framework), phishing, technical assistance, compromised server, compromised network/infrastructure, and ransomware issues are also included in the incidents handled by CERT-PH.

CERT-PH added that government and emergency services ranked first in the critical infrastructures that saw the highest rate of incidents last month at 100 cases or 57.5%. The academe, telecommunications, healthcare, private institutions, military, finance, and banking sectors also reported cybersecurity threats. — Almira Louise S. Martinez

The case for lying to kids about Santa — from a philosopher

December 12, 2024 | 12:03 am

I have a vivid memory of the moment I realized Santa didn’t exist. I was around six years old, it was the height of summer, and I was sitting on the step outside our back door, thinking about God. The existence of God, back then, was something that annoyed me: it meant that every Sunday, we had to go to church.

Then I realized: there isn’t actually any evidence God exists. I only think God exists, because this is something people have told me.

I remember bounding up, excited, ready to share with my family this wonderful news. No longer would we be forced to endure the drudgery of weekly Sunday schools and sermons. But then I remember checking myself and thinking, “oh no.” If God doesn’t exist, by the same logic, “Santa must be made up as well.”

Perhaps this was the moment I became a philosopher (though I should say that as an adult, I no longer think that the analogy between God and Santa really holds). Certainly it gave me a slightly ridiculous sense of my intellectual superiority to those around me — not least the other kids in my class who hadn’t seen through this hoax.

But now the tables have turned. Now I am a parent of young children, and I am the one enforcing hegemonic myths about Santa.

We all do it, of course. Our culture expects parents, basically, to lie to our children that their presents were left by a jolly fat man who flies in a sleigh pulled by reindeer through the sky. And so of course one might ask, is this OK? We all surely want our children to grow up to be honest people. Shouldn’t we set a good example, as far as possible, by telling them the truth?

To which I would say: well, no. We shouldn’t be honest about Santa — at least not at first. It is morally OK, to the point of being actively morally good, for parents to participate in the grand Santa lie.

WHY KIDS NEED SANTA
When you think back to your first experiences of Christmas, do you really think they would have been improved if your parents had been honest about Santa? Without that sweet embellishment, there would be no ritual of writing to him, of leaving out sherry and mince pies, of waiting desperately to see if “he’s been” on Christmas morning.

Without the Santa myth, what would Christmas for the average child even be? An arbitrary date when they are finally allowed to play with presents their parents maybe bought months in advance. What would be the point?

This also bears on the question of to what extent one ought to be honest with one’s children in general. What, after all, would being “fully honest” really mean?

If I felt compelled to tell my children everything, I would pull no punches in relating the wretched state of the world, of existence, of my still-deepening resignation that nothing positive can be done about it. I would inflict the full brunt of my money worries, my health concerns, my (mostly irrational) worries about them.

And this would leave them, what? Emotionally healthier than the children of parents who gifted them a moderately sugar-coated sense of the world? Think of Nietzsche’s argument in his early essay “On Truth and Lies in a Non-Moral Sense,” to the effect that we need to be at least somewhat deluded about reality in order to be able to bear it.

As we’re growing up, we probably do on some level need to believe that the world is good and just: the sort of place where a jolly man runs a workshop staffed by elves, rewarding the nice children and (lightly) punishing the naughty.

If not, would youngsters really find it in themselves to fight for a better world?

WHEN THE LYING SHOULD END
And when our children do finally see through the myth? This is surely good for their moral development as well. It was very positive for me to realize that I had seen through my parents’ lies. I didn’t feel angry at them — and research suggests only a minority of children do, in this situation. Instead, I was left with a healthy suspicion for the received wisdom being ventriloquized by my parents.

This I guess is the extent to which I think lying about Santa is justified. Parents should surely maintain the myth while their children remain small, but answer honestly when confronted directly. When a child finally asks, at the age of six or seven, “is Santa real?” — that’s when they no longer need the noble lie.

Ultimately in raising children, our concern should always be with how we are shaping them. If we want to raise critical citizens, with a powerful sense that the world can be improved — and with a healthy suspicion of those in charge — the Santa myth is surely one mechanism through which this might possibly be achieved.

THE CONVERSATION VIA REUTERS CONNECT

Tom Whyman is a lecturer in Philosophy at the University of Liverpool.

‘Butter’ holidays

December 12, 2024 | 12:03 am

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THERE’S nothing like a morning that starts off with a cup of coffee and bread with butter. We’re lining up some of our new butter discoveries, perfect for adding creaminess to your holiday celebrations.

BUTTER BUTLER OPENS IN MANILA
Butter Butler, a Japanese sweetshop from Tokyo, opened this month at the R2 Level of Rockwell, Powerplant Mall. The shop is known for its various butter-centric treats.

“We are thrilled to bring the unique and indulgent world of Butter Butler to the Philippines,” said Bryan Tiu, president and chief executive officer of iFoods Group, Inc. in a statement. “Our goal is to elevate the dessert experience by making butter the star of the show, and we believe we’ve achieved that with our delectable offerings.”

A Manila-only release is the Butter Croffle, with the crispy, buttery exterior of a croissant and the soft, fluffy interior of a waffle. However, those familiar with the Japanese offerings might look for their other treats (and they’re mostly all here). These include the Butter Financier, featuring a rich, moist texture and a golden-brown crust. It’s made with a special blend of two kinds of European fermented butter and a touch of French sun-dried Guérande salt. The Butter Galette uses the same European fermented butter and French sun-dried Guérande salt for a crispy, chewy texture. Other ingredients they use include maple syrup straight from Canada.

“The Butter Butler is not just a dessert, but a celebration of butter. It is a perfect omiyage, the Japanese tradition of travelers bringing gifts and souvenirs back from their destination to friends, family, and colleagues. One bite and the rich sweetness will fill your mouth. The butter, usually a supporting role in sweets, is the star here, providing a rich, savory texture and flavor that supports the deliciousness of the dessert,” Mr. Tiu added in a statement.

Follow Butter Butler PH (Facebook), @butterbutlerph (Instagram), and butterbutler.ph for updates.

INTRODUCING BÜT BÜTTER BÜTTEST
Büt Bütter Büttest is a home-based business in Quezon City offering six different flavored butters. Each can of butter is made from pure French butter. Fan favorites include Burnt Butter with Garlic and Shallots, and Sweet Cinnamon. Other flavors include Garlic and Shallots, Lemon and Herb, Sundried Tomato, and Roasted Seaweed.

The Just The Bütter gift set starts at P630. Check out their pages https://www.facebook.com/butbutter.buttest and https://instagram.com/butbutter.buttest, and message them to place orders.

Skyro, Paynamics partner to expand flexible payment options

December 12, 2024 | 12:03 am

digital payment — STOCK PHOTO | Image by David Dvořáček from Unsplash

FINTECH COMPANY Skyro and e-payment firm Paynamics Technologies, Inc. have partnered to expand and offer more flexible payment options for underserved Filipinos and small businesses.

“This partnership is another milestone for us, for Filipinos, and also for the businesses, including the small and medium enterprises (SMEs),” Skyro Head of POS (Point of Sale) Business Lowen Medina said during the contract signing on Wednesday.

“We don’t need to stop in making sure that we provide better, accessible, affordable, and definitely flexible financial services in the Philippines.”

Under the partnership, Skyro’s buy now, pay later (BNPL) scheme can now be used across 4,000 merchant-partners under Paynamics.

“This partnership actually highlights the mission of Paynamics in elevating Filipino businesses and the lives of Filipino people by making financial products such as the BNPL more accessible and convenient,” Mylene Chua-Magleo, Paynamics co-founder and chief executive officer, said.

“Together with Skyro, we bring stronger cash flow to businesses while offering flexible payment options to customers and flexible payment terms that fosters a more inclusive and digitally empowered economy,” she added.

Skyro aims to offer “humane” loan terms and interest rates. Its loan products have an approval rate of up to 80% with down payments as low as 20%. — Luisa Maria Jacinta C. Jocson

Regulator OKs NGCP’s P2.6-B Tarlac substation project

December 12, 2024 | 12:03 am

THE Energy Regulatory Commission (ERC) has approved the National Grid Corp. of the Philippines’ (NGCP) P2.59-billion Capas 230-kilovolt (kV) substation project.

The regulator said that the load growth in Capas, Tarlac is expected to reach “unprecedented levels,” according to a document posted on its website.

This is due to the anticipated connection of Shin Clark Power Corp., the distribution utility for New Clark City (NCC), along with Tarlac 1 Electric Cooperative, Inc. (Tarelco 1), Tarelco II, and Tarlac Electric, Inc.

“The proposed Capas 230-kV substation project aims to manage this growth and facilitate NCC’s connection to the Luzon grid,” the ERC said.

The regulator said that the substation project is “subject to optimization during the reset process for the subsequent regulatory period.”

“[This is] following the procedures stated in the Rules in Setting the Transmission Wheeling Rates and other relevant issuances of the Commission,” it added.

The NGCP earlier said that it had allocated more than P600 billion as a capital expenditure budget for over 100 transmission projects in the pipeline.

These grid projects form part of the Transmission Development Plan 2024-2050, which are “ready for implementation,” according to the company. — Sheldeen Joy Talavera

AI safety is hard to steer with science in flux, US official says

December 12, 2024 | 12:03 am

NEW YORK — Policy makers aiming to recommend safeguards for artificial intelligence (AI) are facing a formidable challenge: science that is still evolving.

AI developers themselves are grappling with how to prevent abuse of novel systems, offering no easy fix for government authorities to embrace, Elizabeth Kelly, director of the US Artificial Intelligence Safety Institute, said on Tuesday.

Cybersecurity is an area of concern according to Kelly, speaking at the Reuters NEXT conference in New York. Ways to bypass guard rails that AI labs established for security and other topics, called “jailbreaks,” can be easy, she said.

“It is difficult for policy makers to say these are best practices we recommend in terms of safeguards, when we don’t actually know which ones work and which ones don’t,” Ms. Kelly said.

Technology experts are hashing out how to vet and protect AI across different dimensions. Another area regards synthetic content. Tampering with digital watermarks, which flag to consumers when images are AI-generated, remains too easy for authorities to devise guidance for industry, she said.

The US AI Safety Institute, created under the Biden administration, is addressing such concerns via academic, industry, and civil society partnerships that inform its tech evaluations, Ms. Kelly said. She said AI safety is a “fundamentally bipartisan issue,” when asked what will happen to the body after Donald Trump takes office in January.

The institute’s first director, Ms. Kelly recently presided over the inaugural gathering of AI safety institutes from around the world, which took place last month in San Francisco.

Asked about the outcome of these meetings, Ms. Kelly said the 10 country members were working toward interoperable safety tests with the help of more technical, hoodie-wearing experts than in a typical diplomatic meeting.

“It was very much getting the nerds in the room,” she said. — Reuters

Philippine-Argentina trade and investment opportunities

December 12, 2024 | 12:02 am

Last Tuesday, Dec. 10, I was lucky to meet Argentina’s top diplomat to the Philippines, Ambassador Ricardo Luis Bocalandro. Two officials joined him: the Chief of the Consular Section, Fabricio Sordoni, and the Head of the Cultural, Educational and Tourism Section, Gabriel Hernan Rivera. We talked about economics, inflation, trade, investments, sports, and a bit of history — how some Filipinos went to Argentina and vice versa in the 1780s. And of course, the new Argentina President Javier Milei. I am fond of this leader because he is also free marketer like I am and my allies abroad.

Mr. Bocalandro is particularly concerned about the high inflation suffered by his countrymen for decades, narrating the hardships that his own parents experienced many years ago, a problem that has persisted and even worsened until this decade.

I constructed two tables here on economics, energy, trade and investments. Argentina is very lucky to have a huge land area of 2.74 million square kilometers or nine times that of the Philippines. Their agriculture and livestock business and potential should be big. But our coastline is seven times larger than theirs, mainly because we are an archipelago, and there is lots of water between our many islands.

Our population is 2.4 times larger than Argentina’s but our GDP sizes at purchasing power parity (PPP) values are nearly similar. Our average GDP growth is two to five times faster than theirs. Argentina’s primary energy consumption (PEC) per capita is four times larger than ours, but in total power generation, the Philippines is closing the gap. The average inflation rate in Argentina is indeed bad at 22% in the 2010s and 74% over the last four years (see Table 1).

Argentina’s advantage in power generation is because they have been using nuclear energy since the 1970s. It was the pioneer nuclear energy innovator in South America — they already produced one terawatt-hour (TWh) or 1,000 gigawatt-hours (GWh) of nuclear power in 1974, increasing to 2.9 TWh in 1978, and to 5.8 TWh in 1985, the year that our Philippine Nuclear Power Plant (PNPP) in Bataan should have started operation. Then it further increased to 8 TWh in 1997, slowing down after this, peaking at 10.2 TWh in 2021 and 9 TWh in 2023.

Brazil is the only other South American country that went into this technology. They started nuclear power generation in 1984 with 1.6 TWh. These Brazil nuclear power plants are “twins” or “sister” nuclear plants of our PNPP, along with Korea’s nuclear plants: the three countries’ nuclear plants were all built by Westinghouse, all started construction in the 1970s, all experienced cost escalations, all were scheduled for commissioning and operation in 1984-1986.

The Brazil and Korean nuclear plants have been operating from the mid-1980s to present, with zero accidents. Our PNPP did not start operations — it was killed by domestic politics and nuclear scaremongering. As there was no alternative to that huge 620-MW plant in Bataan, many investors did not come because they foresaw huge blackouts coming. And indeed, we suffered horrible daily blackouts from 1990 to 1992.

I checked the merchandise exports of Argentina and the Philippines, and I was surprised by the following trends in Argentina.

First: Total exports are declining, going from $76 billion in 2013 to $66.8 billion in 2023.

Second: The bulk of their exports are agricultural products including livestock, with $35.7 billion out of $66.8 billion.

Third: There has been a deep industrial hollowing out, with their manufactured exports coming to only $12.6 billion in 2023 or just one-half of the level in 2013.

Fourth: Their exports of office and telecom equipment, and integrated circuits and electrical components, are very small.

The Philippines is trending in the opposite direction.

First: Our agricultural exports are low, and we are a net importer of these commodities.

Second: We are seeing a rise in manufacturing exports, especially in office equipment, integrated circuits and electrical components (see Table 2).

So this is the complementarity in trade between the two countries. The Philippines can buy more agricultural products from Argentina, especially livestock, and Philippines can export manufactured products like office and telecom equipment, integrated circuits and electrical components to Argentina.

Plus we can transfer nuclear power technology, nuclear applications in medicine and healthcare, agriculture and post-harvest treatment, among others.

There is net gains in trade, always. Some losses but more gains. I hope that Philippines-Argentina trade and investments should expand soon.

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

South Korea’s fading nightlife signals shift in hard-drinking culture

December 12, 2024 | 12:02 am

South-Korea-face-mask — A MAN walks along a nearly empty street in Seoul, South Korea, July 12, 2022. — REUTERS

SEOUL — For pub owner Jun Jung-sook, Seoul’s once-vibrant Nokdu Street is not what it used to be when people queued for a table to end their day with Korean mung bean pancakes and shots of the fiery local rice wine makgeolli.

The more common sight now is of half-empty pubs and bars along the neon-lit alley and streets, a telling sign of a sharp shift in South Korea’s once-notorious drinking culture.

That change has been driven by corporate Korea slowing down on hoesik, or after-work drinking bouts, the emergence of an emboldened class of younger female workers who are refusing to be part of these drunken sessions and a general reluctance of consumers to open their wallets due to higher interest rates and lingering inflation.

The consumption downturn has dealt a major blow to popular second-round places like Ms. Jun’s and reflects a broader slowdown in domestic demand in Asia’s fourth-largest economy which barely grew in the third quarter.

It also underlines the challenges facing South Korean businesses, from noraebangs, or singing rooms, to retail rents and mom-and-pop pubs.

“I don’t see anyone drunk anymore. The streets here used to be packed… that’s long gone,” said Ms. Jun, 77, glancing over an empty hallway that once bustled with people playing drinking games such as one on “APT.,” the latest K-pop hit by Rosé.

While elevated borrowing costs remain a dampener on consumers generally, the fast-disappearing mom-and-pop beer halls like Ms. Jun’s that point to a shift in South Korea’s hard-drinking culture suggests other more enduring forces are at play.

The rise of a health-conscious younger generation across the region is one key factor.

In neighboring Japan, for instance, increased health awareness and the flexible working style brought about by the pandemic have also led to a decline in their alcohol consumption, according to a survey by Euromonitor.

At home, in the years following a 2007 ruling by the Seoul High Court that deemed it an offense to force subordinates to drink alcohol, an increasing number of women have started to complain about hoesik as it takes time away from childcare and due to the risk of sexual harassment.

Hailey Kim, a 40-year-old office worker at an auto parts company, attributes the fading of the after-work meal and drinks gatherings to the growing presence of younger and more outspoken women colleagues.

The introduction of an anti-graft law in 2016 which placed caps on meal expenses for public officials to weed out corruption is another contributory factor, she says.

“There used to be a pattern: starting with grilled pork, then a 2-cha (second round) at a beer place, followed by holding hands and singing at a noraebang. We definitely don’t do that anymore, just stop at the barbecue, thank God.”

The numbers tell the story.

Alcohol consumption in South Korea has dropped 12% from a 2015 peak, the second fastest rate of decline among Organization for Economic Cooperation and Development (OECD) nations.

An index measuring sales at local eateries was at a record low of 88.4 last year, according to latest available figures, while the number of noraebangs decreased to 25,990 as of July this year from 28,758 in 2020, a trade association said.

Just an hour’s drive inland to Jongno reveals a troubling sight as retail streets surrounded by office buildings were dotted by shuttered shopfronts and for-lease signs on noraebangs.

‘ALL DUTCH NOW’South Korea has one of the world’s highest proportions of self-employed people, about 25% of the job market, far higher than the average of 15% among OECD countries, making it particularly vulnerable to downturns.

The fading nightlife scene and shuttered noraebangs highlight a bigger problem for policymakers: how to address a disparity between solid exports and weak domestic consumption.

Robust external demand isn’t feeding into broader economic strength, complicating the Bank of Korea’s quest to engineer a soft landing for the economy in the current rate-cutting cycle.

“Weaker domestic spending goes to show that people are less well off. Retail sales show consumers increasingly spend more money on convenience stores for takeaways and are cutting back on restaurants,” said Lee Jin-kook, an economist at the Korea Development Institute.

For Ms. Jun, slower consumption amid the changing drinking culture means letting go of her bindaeddeok place she has been running since 1993. Her place has been put up for lease since 2022, but she hasn’t received a single offer.

“Some people used to pay for other tables just because they went to the same university, even if they are total strangers. That culture is gone, it’s all go-Dutch now,” Ms. Jun said, as the evening news on TV hummed in the background with North Korea’s latest missile launch. — Reuters

BSP ensuring ample supply of banknotes

December 12, 2024 | 12:02 am

THE BANGKO SENTRAL ng Pilipinas (BSP) is working to ensure ample supply of fresh banknotes amid increased demand over the holidays.

The BSP “continues to produce fresh banknotes and coins to make these available in banks amid the expected surge in currency demand during the Christmas season,” it said in a statement on Wednesday.

“Holidays usually usher in an increase in demand for new and clean banknotes and coins as Filipinos traditionally give cash gifts or aguinaldo to their godchildren, families, and friends.”

Meanwhile, the central bank also said that exchanging banknotes and coins for crisp bills with depository banks is free of charge.

Unfit currency should also be accepted by banks, the BSP said.

Banknotes are considered unfit if they are soiled, limp, stained, with obvious writings, and with faded print. Meanwhile, unfit coins have markings and signs of corrosion.

“The BSP also encourages the public to consider sending an e-aguinaldo instead of physical cash,” it said.

“Sending cash gifts electronically is convenient and efficient, and it promotes a more digital and inclusive Philippine economy,” it added. — Luisa Maria Jacinta C. Jocson

IWG eyes 17 new locations for hybrid workspace expansion in PHL

December 12, 2024 | 12:02 am

Regus-London — A VIEW of the Regus office in Paddington, 2 Kingdom Street in London. — COURTESY OF IWG/WORK.IWGPLC.COM

MULTINATIONAL office solutions firm International Working Group plc (IWG) plans to open 17 new coworking spaces in the Philippines next year, according to its founder.

“The need for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal,” Mark Leslie James Dixon, founder and chief executive officer of IWG, said in a statement on Wednesday.

“We are therefore pleased to announce the opening of these new locations in the Philippines in 2025 to meet this demand in both urban centers and key regional areas,” he said.

Hybrid and flexible workspaces seek to maximize office space and help businesses cut costs. To ensure productivity, these workspaces may be altered to a company’s needs.

According to real estate services firm JLL, hybrid workspaces are expected to take up 30% of corporate real estate by 2030.

The new hybrid working centers, under IWG’s Regus, HQ, and Spaces brands, will be built in Makati, Cavite, Tarlac, Batangas, Tuguegarao, Ilagan, Antipolo, Santiago, Pampanga, Malolos, and Montalban, Rizal next year.

These expansions would increase the number of IWG’s hybrid working spaces to 50 by the end of 2025 from 33 at the end of this year.

The new IWG locations will include facilities like private offices, meeting rooms, and co-working and creative spaces.

Likewise, IWG’s “Design Your Own Office” service allows companies to alter the working space according to their needs.

By March of next year, IWG is set to open its first Regus center in Antipolo through a partnership with Metro Retail Stores Group, Inc.

IWG will also open a center inside South Supermarket in Lipa, Batangas. The expansion, happening in the first quarter of 2025, will cater to the need for workspaces in the CALABA (Cavite-Laguna-Batangas) region.

“With its strong business process outsourcing (BPO) presence, top-tier talent, and rapid residential and commercial growth, Batangas is perfectly positioned for flexible workspaces,” IWG said.

The company is also partnering with Aurora Subic Leisure, Inc. to open a Regus center at the Subic Bay Freeport Zone in Pampanga. It will be opened in the first quarter of next year.

Other centers that will open next year will be in urban and regional locations such as the Sinocan Corporate Center in Parañaque (opening in May 2025), Tagbilaran, Bohol (June 2025, in partnership with Tagbilaran Uptown Realty Corp.), Carmona and Victoria de Makati (first quarter of 2025), and Mabalacat, Pampanga (first quarter of 2025).

Through its partnership with XRC Resources, Inc., IWG is opening centers in Xentro Mall in Batangas City, Metro Shoppers Mall in Tarlac, and in other cities in Luzon such as Malolos, Tuguegarao, Ilagan, Montalban, Antipolo, and Santiago. — Beatriz Marie D. Cruz