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Chua steps down as BankCom chairman

AMBASSADOR FRANCIS C. CHUA will step down as Bank of Commerce (BankCom) chairman effective May 27 following his resignation from its board.

Mr. Chua announced his resignation as chairman and member of BankCom’s board of directors at a meeting held on Tuesday.

“His resignation is due to personal reasons,” the bank said in a disclosure to the stock exchange.

“The nominee director to replace Mr. Chua for election to the board of directors shall be included in the list of nominee directors for election during the annual stockholders’ meeting of the bank on May 27, 2025,” BankCom added.

Mr. Chua has been a member of BankCom’s board of directors since 2008. He was elected as chairman in 2022.

He is the Honorary Consul General of Peru in the Philippines.

Mr. Chua has held leadership posts in various companies in the country. He is the chairman emeritus of the Philippine Chamber of Commerce and Industry and the honorary president of the Federation of Filipino-Chinese Chamber of Commerce and Industry, Inc. — A.M.C. Sy

New Tata plant starts iPhone production; Foxconn close behind as Apple looks to India, sources say

NEW DELHI — A new plant making iPhones in southern India has started production and another will begin shipments in May, as Apple looks to boost manufacturing beyond its tariff-hit main manufacturing hub, China, sources said.

Apple is positioning India as an alternative manufacturing base to China as a trade war flares between Washington and Beijing, with US President Donald J. Trump’s more than 100% tariffs on China threatening supply chain disruptions and stoking fears of a rise in iPhone prices.

The Trump administration has so far spared China-made electronics from tariffs, but Washington has signaled that some levies could come in the coming weeks.

A new Tata Electronics plant in Hosur in south India’s Tamil Nadu state started operations in recent days to make older iPhone models on one assembly line, one source said.

Another $2.6-billion plant run by Taiwan’s Foxconn that is under construction in Bengaluru, Karnataka state, will also start initial operations with one assembly line within days, according to four sources, including one government official.

One source said around 300 – 500 iPhone units per hour can be made at the factory where, according to another, iPhone 16 and 16e models will be produced. The plant is expected to create 50,000 jobs at full capacity when construction is fully completed, which is expected by December 2027.

Tata declined to comment, while Apple and Foxconn did not immediately respond to requests for comment.

China accounts for more than 75% of iPhone production globally, while India contributes to about 18%, research firm Counterpoint estimates. Apple is taking urgent steps to move production of most of its US-sold iPhones to factories in India by the end of 2026, Reuters has reported.

Apple in recent weeks has stepped up production in India to beat US tariffs, shipping some 600 tons of iPhones worth $2 billion to the US in March, a monthly record for both Tata and Foxconn, with the latter alone accounting for smartphones worth $1.3 billion.

Tata, a relatively new Apple supplier, has quickly emerged as a key Indian contractor. With the new facilities, Foxconn and Tata will together operate a total of five iPhone factories from India. — Reuters

AboitizPower says P30-B bonds received highest rating from PhilRatings

ABOITIZPOWER.COM

ABOITIZ POWER Corp. (AboitizPower) said on Wednesday that its proposed P30-billion fixed-rate retail bonds received the highest credit rating from the Philippine Rating Services Corp. (PhilRatings).

PhilRatings issued a credit rating of PRS Aaa with a stable outlook for the offering, which consists of P20 billion worth of retail bonds, with an oversubscription option of up to P10 billion, and a tenure of up to 10 years, the company said in a regulatory filing.

The proposed issuance is the first tranche of AboitizPower’s planned P100 billion fixed-rate retail bonds.

The initial tranche consists of P20 billion, with an oversubscription option of up to P10 billion, and a tenure of up to 10 years.

PRS Aaa is the highest rating issued by PhilRatings and is given to obligations with minimal credit risk, while a stable outlook is assigned when a rating is likely to be maintained in the next 12 months.

The rating and outlook were given based on AboitizPower’s diversified portfolio with good growth prospects; highly experienced management team; healthy liquidity and ample coverage ratios; and sound capital structure.

On Tuesday, the company disclosed that it had filed a registration statement with the Securities and Exchange Commission for the planned issuance following the approval of the board of directors in February.

The first tranche of the retail bonds is expected to be issued in the second quarter of 2025. Upon issuance, the initial tranche is set to be listed on the Philippine Dealing and Exchange Corp.

AboitizPower said the proceeds from the first tranche of the retail bonds will be used to refinance corporate debts.

For the proposed offering, the company has appointed BDO Capital & Investment Corporation (BDO Capital), First Metro Investment Corporation (FMIC), and Union Bank of the Philippines (UnionBank) as joint issue managers.

It also tapped BDO Capital, FMIC, UnionBank, China Bank Capital Corp., Landbank of the Philippines, PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. as joint lead underwriters and joint bookrunners.

BDO Unibank, Inc. – Trust and Investments Group serves as the trustee.

AboitizPower serves as the Aboitiz Group’s investment vehicle for power generation, distribution, and retail electricity, as well as related energy solutions.

The company aims to expand its total attributable net sellable capacity to 9,200 megawatts with an equal share of renewable and thermal capacities by 2030.

At the local bourse on Wednesday, shares in the company declined by 0.66%, closing at P37.60 apiece. — Sheldeen Joy Talavera

Electronic Arts lays off hundreds, cancels Titanfall game

EA.COM

ELECTRONIC ARTS is laying off hundreds of workers and is canceling a Titanfall game that was in development at its Respawn Entertainment unit, Bloomberg News reported on Tuesday.

About 300 to 400 positions were eliminated, including around 100 at Respawn, the report said, citing a person familiar with the matter.

“As part of our continued focus on our long-term strategic priorities, we’ve made select changes within our organization that more effectively aligns teams and allocates resources in service of driving future growth,” a company spokesperson told Reuters in an e-mail.

As of March 31, 2024, the company had roughly 13,700 employees globally, with 66% located internationally.

“We’ve made the decision to step away from two early-stage incubation projects and make some targeted adjustments across Apex Legends and Star Wars Jedi,” Respawn said in a post on X.

Respawn added it would continue working on an upcoming season of Apex Legends and for its Star Wars endeavors, the studio said “the next chapter of the Star Wars Jedi series is aiming to raise the bar again for storytelling and gameplay.”

In January, Electronic Arts lowered its annual bookings forecast, citing weak in-game spending for FC 25 and underperformance of its new Dragon Age title amid an uncertain economic environment marked by high inflation. — Reuters

For disposal

FREEPIK

IN HER best-selling book, The Life-changing Magic of Tidying Up, Marie Kondo counsels a once-in-a-lifetime effort to tidy up space and lift the spirit. Decluttering is a matter of clearing up space. The rest is for disposal. These may include items like old records, clothes and shoes no longer worn, books (before the e-book dominated the reading library) as well as furniture and accessories that no longer provide a “spark of joy” for the owner.

Disposing of junk used to be a simple matter of throwing it away for collection by the garbage truck — old boxes, which had been recycled once too often for different uses, broken shoes no longer fit even for donating to Church bazaars, and unrepairable appliances that take up space and no longer work.

Garbage disposal is no longer the routine process it used to be. One doesn’t just throw junk together and put this in a black bag. There’s the need to segregate the different kinds of trash, separating the bio-degradable stuff from plastic and hard junk. Also, not everything that is meant to be picked by the truck is cleared. A special pick-up arrangement is needed for the big pieces.

Just go over your phone directory — the one on your mobile, of course. (The paper directory with its small print and the yellow pages that advertise and provide contact numbers was junked a long time ago.) There are listings there of people one no longer remembers, or others who have passed on. If one gets a message or call from this last category, there is no need to reply.

Even keys in the keychain one carries around every day are not all accounted for. What is this one supposed to open (or close)?

Every home has items that someone in the family (usually the father) has decreed should be left untouched, mainly because he doesn’t know what to do with them. These can include electric typewriters with that whirling ball, water-proof wristwatches for swimming, old trophies for high-school volleyball, a portable compact disc player that plays one CD at a time, and early digital cameras before phones started having more advanced settings. The retained junk collects dust and occupies storage space.

Analog junk like manual typewriters with an “e” that sticks and grandfather clocks don’t pose any disposal problem. These are expected to increase in value over time as antiques, although no longer necessarily used for their original purpose.

Old homes can be cannibalized for their wood and accent arches. Air-conditioners find some profitable use as metal junk or a prop for a sex video. Even 50-year-old Beatles records can be resurrected as vintage items and old comic books are tradeable on E-bay. Vinyl is making a comeback.

But what does digital junk have to offer? It is too obsolete to give away and may be as desirable as moldy fruit cake from last Christmas. Digital accessories are designed not to be recycled or even repaired, but replaced, totally and often. Even their parts cannot be rescued, as they are all welded together and self-destruct when pried apart.

The consumer’s revenge may be to just keep what she has until it breaks down and really needs to be replaced. This means suppressing one’s latent gadget envy (I also want the latest phone with three lenses for the camera) and resisting all conversations relating to newer models of anything — what model do you drive? One must ask what gadgets are supposed to do. If they are still providing their intended function, shouldn’t they be kept and recharged regularly?

Of course, there is a separate category for people, especially politicians. These have no “sell-by” dates to guide the consumer on expiry of usefulness, or replacement by newer models. Some can be categorized as social clutter that needs to be junked or stored away in a foreign country.

The first step in the decluttering process involves determining what to keep, and store. This category covers a wide range from antiques and collectibles to those items still being used regularly or are worth keeping even for a rainy day, like raincoats and umbrellas.

But surely for immediate disposal are bad memories that occupy too much space in the attic of the mind. Clearing these out can bring back the spark of joy.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

How PSEi member stocks performed — April 30, 2025

Here’s a quick glance at how PSEi stocks fared on Wednesday, April 30, 2025.


Data center projects targeted to enable more infotech activity

INVESTMENT promotion agencies (IPAs) are looking to register more data center projects, saying that such infrastructure will enable more information technology (IT)-related activities.

“Data centers and telecommunications infrastructure are on the list of Board of Investments (BoI) priority sectors along with renewable energy, electric vehicles, and green metals,” BoI Director for Infrastructure and Services Industries Service Mary Ann E. Raganit told reporters on Wednesday.

So far, the BoI has approved the registration of four data center projects, which have a total project cost of P40.14 billion and 81 megawatts (MW) of IT load capacity.

These include the recently launched VITRO Sta. Rosa, the country’s first hyperscale data center equipped to support artificial intelligence workloads.

Located in Sta. Rosa, Laguna, the 50-MW data center is being developed by VITRO, Inc., a subsidiary of ePLDT.

“Next management committee (meeting), I will present the two data center projects of Globe STT GDC, Inc., which are in Fairview and Cavite,” she added.

According to the BoI, Globe STT GDC is applying as an operator of telecommunication infrastructure under Tier I of the 2022 Strategic Investment Priority Plan.

The application covers the company’s STT Cavite 2 Data Center, which has a 6 MW capacity and 916 racks, and STT Fairview 1 Data Center, which has a 28 MW capacity and 4,200 racks.

According to Globe Telecom, Inc., the projects will be ready for service within the year.

Meanwhile, the Philippine Economic Zone Authority (PEZA) is also registering data center projects.

To date, PEZA has registered four data center projects involving P3.96 billion worth of investment. 

These projects are Accenture, Inc., Alorica Teleservices, Inc., Foundever Asia, Inc., and YCO Cloud Malvar, Inc.

PEZA Director General Tereso O. Panga said that he is also looking forward to the registration of a data center project from a US firm.

“It is a priority sector because if you invite data storage facilities, that will invite more IT companies that require a lot of storage,” he said in an interview.

“So, it will be a plus to the Philippines especially for economic sources as we will attract more information technology and business process management-related activities,” he added. — Justine Irish D. Tabile

Bidders invited for P252-million EDSA Busway station rehabilitation

PHILIPPINE STAR/ BOY SANTOS

THE Department of Transportation (DoTr) has issued an invitation to bidders for the design and development of the EDSA Busway stations rehabilitation phase 1 project.

The project is valued at P252.80 million.

In the bid invitation, the DoTr Bids and Awards Committee for Road Transport and Infrastructure set May 19 as the deadline for submissions.

The winning bidder will be given one year to complete the project, the DoTr said.

The DoTr has said the planned privatization for the EDSA Busway project is currently on hold as the agency plans to focus on improving the busway system first before tapping the private sector for its operation. 

In February, the DoTr said it will fund the upgrades from its own resources.

The DoTr said the feasibility study for the EDSA Busway project is expected to be completed within the year pending finalization of the terms of reference by its consultant.

The privatization is now expected to take place by 2026.

The EDSA Busway Project initially involved the financing, design, construction, procurement of low-carbon buses, route planning, and operations and maintenance of the busway, according to the Public-Private Partnership Center. — Ashley Erika O. Jose

K-Water to develop smart water systems for BCDA properties in Baguio, La Union

PHILSTAR FILE PHOTO

THE Bases Conversion and Development Authority (BCDA) said it tapped Korea Water Resources Corp. (K-Water) to develop the smart water management systems in Camp John Hay in Baguio City and Poro Point, La Union.

“K-Water is the ideal partner to address the critical water management challenges we face in the revitalization of Camp John Hay and the continued development of Poro Point,” BCDA President Joshua M. Bingcang said in a statement on Wednesday.

“By partnering with K-Water, we are embarking on a transformative journey that will drastically reduce water loss and establish artificial intelligence (AI)-powered water purification plants that will ensure a stable and high-quality water supply for the communities we serve,” he added.

The BCDA said it signed memoranda of understanding (MoU) with the Korean firm and John Hay Management Corp. and Poro Point Management Corp.

“Under the agreements, K-Water will contribute its extensive expertise and proven track record in water resources development, management, and cutting-edge smart water technology,” the BCDA said. 

“The project will commence with the deployment of experts to assess existing infrastructure and develop a strategic implementation plan,” the BCDA said.

Besides addressing water management challenges due to climate change, the MoUs are also expected to help the BCDA focus on “diagnosing and improving water supply stability, investigating new water resources, reducing leakage, and sharing knowledge in the water sector.”

K-Water is also BCDA’s partner on water resource development in New Clark City. Under which, the Korean firm has conducted feasibility studies for a comprehensive water management plan within the development. — Justine Irish D. Tabile

First Circle offers business accounts for SMEs with unlimited money transfers

FIRSTCIRCLE.PH

FINANCING COMPANY First Circle said it is offering business bank accounts for small and medium enterprises (SMEs) in partnership with Netbank.

The account offers no fees, limitless money transfers for SMEs, and requires no maintaining balance.

Users can schedule payments, make batch payments, scan and store digital checks.

“These products are not designed for monetization — we want SMEs to use them for free, give us feedback, and help us shape financing and smart banking solutions that truly reflects their needs,” First Circle Chief Investment Officer Chris Burgess said in a statement on Wednesday.

“Every product we design is digital, instant, and created to move as fast as your business. For the past nine years our goal has always been the same: to drive economic growth by pairing SMEs with the financial services they deserve,” he said.

“All transactions use InstaPay and are made in real time within a seamless and paperless digital environment, with all deposits insured by the PDIC (Philippine Deposit Insurance Corp.),” First Circle said.

The company also launched a Solar Financing facility for SMEs in partnership with Netsolar.

“First Circle and Netsolar cover the feasibility, permitting, installation, servicing, and insurance of rooftop solar panels for interested clients. The panels can be owned (within) 8-12 years; until then, clients will only have to pay a small, fixed monthly rate for panel maintenance and insurance,” it said.

The company is also adding Business Credit Line Plus, which offers SMEs loan terms of up to two years with interest rates starting at 1.49%, and an Express Business Loan, which provides bridge financing approvable and disbursable in one day with no paperwork or collateral required.

“SMEs can apply for First Circle’s Business Banking Account, Solar Financing, Business Credit Lines, and Express Business Loan at firstcircle.ph,” the company said. — Aaron Michael C. Sy

10 green-lane projects reach operational status, BoI says

BW FILE PHOTO

TEN out of the 203 projects registered for green-lane treatment have been declared operational, while an additional three are close to operational and 36 being constructed, the Board of Investments (BoI) said. The projects in pre-development number 154.

To date, the projects endorsed by the BoI to the One-Stop Action Center for Strategic Investments since February 2023 are valued at P5.168 trillion.

“The data reveal a strong pipeline of early-stage projects, with renewable energy (RE) leading at 134 in pre-development but only three reaching operational status. Food security projects show steady progress, while digital infrastructure and manufacturing have fewer projects overall,” the BoI said.

“With just 10 fully operational projects, the data suggest many are still in transition, highlighting potential bottlenecks in later stages,” it added.

Established through Executive Order No. 18 in February 2023, green lanes were constituted to enhance ease of doing business by accelerating and simplifying the permit and licensing processes for investments deemed strategic.

“If all the projects listed can effectively meet their business requirements based on the firm’s time frame, they have the potential to attract more significant investment, particularly in the supply chain,” according to Ernesto C. delos Reyes, Jr., BoI director for Investment Assistance Service.

“This could foster a surge of trust and confidence among investors. The excitement surrounding this initiative could be a game-changer for everyone involved,” he added.

The RE industry accounted for 159 of the green lane-certified projects, valued at a combined P4.75 trillion. These are projected to create 269,751 jobs.

RE has attracted a surge in investment after full foreign ownership was allowed for the industry, previously capped at 40%. — Justine Irish D. Tabile

PHL wins approval for $10-million Tawi-Tawi climate change project

PHILSTAR FILE PHOTO

THE PHILIPPINES has obtained approval for a $10-million climate-proofing project for Tawi-Tawi’s water systems, the first such approval from the Adaptation Fund (AF), the Department of Finance (DoF) said on Wednesday.

The project, known as “Harnessing the water-energy-food nexus to address and adapt to climate change impacts in Tawi-Tawi,” seeks to build the climate resilience of communities in the province.

“This includes deploying resilient water supply systems integrated with existing renewable energy infrastructure in Tawi-Tawi,” it said.

The project was approved during the 44th Board Meeting of the Adaptation Fund in Germany, earlier in April.

The project will be implemented by “supplying local capacity building for sustainable water management, building the local communities’ resilience and strengthening their livelihoods, and providing knowledge management to scale up the project’s activities in the Philippines.”

It is estimated to directly benefit 71,562 people and more than 150,000 people indirectly.

According to the project document, it will be deployed in the municipalities of Sitangkai and Sibutu, Tawi-Tawi.

“It is targeting the water security issue in these two island municipalities. The islands are increasingly affected by climate change through a sea-level rise (saline water intrusion) and more unpredictable rains, impacting water resources available for the communities on the islands.”

The United Nations Industrial Development Organization and the Mindanao Development Authority will be in charge of the project, in coordination with the Department of Environment and Natural Resources as the National Designated Authority.

The Philippines is a member of the AF Board, representing the Non-Annex I Parties which mostly consist of developing countries.

At the same meeting, the DoF worked on its application to be a national implementing entity of the fund.

This will allow the country to receive direct financial transfers for adaptation projects and programs, the DoF said. — Luisa Maria Jacinta C. Jocson