Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11521

Citizen Jake: Of fathers and sons

By Menchu Aquino Sarmiento

Movie Review
Citizen Jake
Directed by Mike de Leon

FILIPINO FILM auteur Mike de Leon’s varied oeuvre spans musical screwball comedy (Kakabakaba Ka Ba, 1980), dark twisted psychodrama (Kisapmata, 1981), the inspiring politicization of once complacent religious during Marcos martial law (Sister Stella L., 1984), and the harrowing indictment of the so-called hope of our nation, our students’ complicity in mindless institutional conformity as manifested in brutal fraternity hazing rituals (Batch ’81, 1982). Each of these very different films is characterized by a singular intelligence and consummate cinematic craftsmanship.

It has been 18 years since De Leon’s last full-length feature, the slickly clever, dead pan Bayaning Third World (2000). He became to Philippine cinema, what J.D. Salinger was to American arts and letters. Thus local cineastes eagerly awaited Citizen Jake, said to have been three years in the making, and still fresh from the editing room, when it premiered on March 10 at the University of the Philippines’ Cine Adarna.

De Leon has described Citizen Jake as a family drama. It is a reflective, occasionally bombastic narrative of the inner and outer journeys of an erstwhile newsman turned blogger: Jacobo “Jake” Herrera, Jr. (Atom Araullo), whose story is played out against the backdrop of Philippine political wheeling and dealing, killing and whoring, with a teensy dash of romance for the kilig factor, what with two gorgeous leads like Max Collins (an earnest and tender-hearted college instructor) and Araullo.

This may be Mike de Leon’s most personal work to date. Much of the film is set in his grandparents’ family vacation home in Baguio City where the eponymous protagonist chooses to live. A portrait of the matriarch Narcisa de Leon, the founder of LVN Studios, is prominently displayed in the living room. Ominously, Jake hangs on his bedroom wall a large colored photograph of a wrecked red Volkswagen, its innards exposed. It might be the car in which Christopher de Leon romanced Hilda Koronel all over Baguio, in the seminal but bittersweet Kung Mangarap Ka’t Magising (1977), which De Leon had dedicated to his grandmother Doña Sisang, on the occasion of her birth centenary.

Early on, the film reminds us that this is not the dew-kissed, pine-scented, misty mountaintops Baguio of old, but it is still less congested and filthy than Metro Manila. Besides, the Baguio house holds precious final memories of Jake’s mother Victoria (Dina Bonnevie) who inexplicably abandoned her family when her sons were young children. Jake continues to have restless dreams of his lost mother, vaguely babbling with a martini glass permanently fused to her hand. Still he loves this missing parent far more than he does his father, Senator Jacobo Herrera, Sr. (Teroy Guzman), a reptilianly cunning and pragmatic Marcos loyalist who thrives under whichever regime is in place. The senator eagerly awaits the second coming in the incarnation of BBM. The house of Jake’s policeman compadre/informant is plastered with campaign banners for Duterte-Cayetano and BBM, proclaiming “Itutuloy (They will go on).”

It is said that the very old, like the very young, can get away with saying things that might give lesser mortals pause. De Leon was turning 70 when he started filming Citizen Jake. He is of the age and stature where he can let the chips fall where they may. Throughout the film, he proclaims his contempt for the late Ferdinand E. Marcos and his immediate family, with their various cronies, raising howls of shocked hilarity and raucous approval from the mostly baccalaureated movie premiere crowd. One wonders though, how a less educated and more historically clueless audience might react during the film’s commercial run.

The male power of fathers is pervasive, looming larger than life as the Apo, whose mountainside monument Jake sees from his bedroom window even though the film is set in 2016. In reality, this statue was heavily damaged first in 1989 and further damaged in 2002. Towards the film’s end, it morphs into the leonine visage of Jake’s father, Senator Jacobo Herrera, Sr. Even the beloved Baguio house where Jake lives rent-free is in his father’s name.

Try as Jake does to dissociate himself from his father and his cohorts — choosing the ideals of journalism over the material rewards of politics, living away from his father’s domain — the reality is that doors open to Citizen Jake as a journalist because he is the son of Senator Herrera, Sr. He identifies as such when it’s convenient. There’s no getting away from his legal identity, as the most powerful woman in the film, Patty Medina (Cherie Gil), makes clear to him, even as she mocks him and toys with him. The success of her enterprise also depends on the protection of her well-connected male clientele. Her power as a woman is derivative and invisible.

Jake Herrera actually believed he was sincere in wanting to be just a “citizen.” He and Jhonie (Luis Alandy) the son of the Baguio house caretakers, would talk about the time when the social order would be turned upside down. As young boys, they were summer vacation best friends. Yet, when he reached manhood, the trust fund baby Jake never helped his impoverished BFF go beyond a high school education or rewarded his family’s loyal service by helping them to get some security through owning their own home. Believing that Jhonie betrayed him, Jake is sincerely hurt and harshly declares it’s impossible to be friends with someone from a different social class. Friendship Lesson No. 1: you don’t make your best friend get the gate for you or fetch and carry.

Later the senator mentions that one of the reasons for his wife’s disappearing was that she wanted to turn him in, and all his ill-gotten wealth over, to the revolutionary government. Now we know where Jake got his conflicted priggishness. He wants nothing to do with the family business of extortionate, rent-seeking politics. He hates being related to his older brother Roxie, (delightfully played by Gabby Eigenmann), whose peg is Coppola’s Godfather film series. Roxie gets a chance to re-enact a bloody sequence in the Godfather vein, but no big people die. As in real life, it’s the little people who pay with their lives. Remember that saying about how when the elephants dance, the grass gets trampled upon. That happens here too.

Bono sorry after bullying claims at ONE charity

LONDON — U2 frontman Bono has apologized after claims emerged Sunday that workers at his ONE charity were subjected to a culture of abuse and bullying. The Irish singer, 57, said he was “deeply sorry” and “furious” about the allegations, which appeared in The Mail on Sunday newspaper, and pledged to meet victims to apologize in person. The British tabloid detailed a string of incidents, including claims from a married woman who said she was demoted after refusing to have sex with a Tanzanian member of parliament. “We are all deeply sorry. I hate bullying, can’t stand it,” Bono said in a statement. “The poorest people in the poorest places being bullied by their circumstance is the reason we set up ONE. So to discover last November that there were serious and multiple allegations of bullying in our office in Johannesburg left me and the ONE board reeling and furious.” The board of directors includes former British prime minister David Cameron, Facebook chief Sheryl Sandberg, and African telecoms magnate Mo Ibrahim. Bono said things had gone “badly wrong” and he needed to “take some responsibility for that.” He added he would like to meet the complainants and “apologize in person.” ONE describes itself as a campaigning and advocacy organization taking action to end extreme poverty and preventable disease, particularly in Africa. Bono cofounded the nongovernmental organization in 2004. Its headquarters are in Washington. — AFP

Davao-based Skynora opens shared office, BPO space at Robinsons Cybergate

By Carmencita A. Carillo
Correspondent

DAVAO CITY — Skynora Corp., a newly-established Davao City-based firm, has opened a shared office facility and business process outsourcing (BPO) center at the Robinsons Cybergate Delta, catering to the demand of freelancers and online workers and boosting corporate office space here.

“Skynora is our initial venture. We believe it is a good time to tap the opportunity provided by a strong government leadership amid the increasing demand for office space in Davao City,” Skynora Corp. Vice-President Julie J. Go said in an interview with BusinessWorld during the launch of the Skynora Hub last week.

Skynora Hub occupies two floors of the Robinsons Cybergate building, with a total floor area of around 5,000 square meters.

The co-working space is on the fourth floor, with a 491-seating capacity per shift. It also has meeting rooms, lounges, and will soon be offering printing services, lockers for rent, mailbox, and equipment.

The fifth floor is reserved for BPO companies.

Ms. Go said they currently have two foreign locators, but both have yet to give the green light to be identified. One is a US-based company with 246 seats, and the other also an international firm occupying 119 seats.

“The main reason for Skynora is to provide office spaces, but we won’t stop there as we have already forged a partnership with the European Chamber of Commerce of the Philippines (ECCP) for a monthly workshop,” she said.

DOWNTOWN
“We believe this is a good time to take advantage of new investors coming to Davao who demand office space for BPO and outsourcing companies,” she added.

A study by real estate service and consultancy firm Property Interactive Marketing Enterprise (PRIME Philippines) shows a growing demand for office space in the city as of the third quarter of last year.

In the downtown area, there is currently a 95% take-up of office space, while other areas’ take-up ranges between 77% and 93%.

Skynora 2
Skynora Corp. Vice-President Julie J. Go delivers a speech during the launch of Skynora Hub last week. — CARMENCITA A. CARILLO

Raphil D. Saguan, PRIME Philippines associate for capital markets and investments, said in a forum in Davao City last March 7 that the city continues to be a viable investment destination given the available “highly-skilled labor market, extensive infrastructure network, and its competitive ranking.”

Skynora Corp. President and Chief Executive Officer Asaad Qureshi, meanwhile, said Skynora Hub offers flexible rates to cover a bigger market, including students and freelancers.

“We are in line with Regus… and our rates are very competitive. We chose Davao because it has many potentials and there are many freelancers,” Mr. Qureshi said.

Regus, an international flexible workspace provider, has a facility in Davao City, which is the biggest among its Philippine branches.

Davao City Investment Promotion Center Chief Lemuel G. Ortonio, for his part, said during the Skynora Hub launch that the opening of office spaces bodes well for the city.

“Your (Skynora) presence in Davao City is indeed timely as the city has been receiving strong interest from potential investors from varying sectors and industries who are looking for convenient, functional and flexible workspaces,” he said.

Mr. Ortonio said the city had about 40,000 registered businesses as of end-2017, a 6% increase from 2016. Last year’s total investment value was P270 billion, 18% higher than the previous year.

“We expect this growth to continue in 2018 with a projected increase of 6% in the number of business establishments,” he said.

Robinsons Cybergate, one of the three Information Technology (IT) Parks of Robinsons Land Corp., is accredited by the Philippine Economic Zone Authority (PEZA).

There are several PEZA-accredited IT centers in the Davao Region, namely: Robinson’s Cybergate, Damosa IT Park, Filandia IT Park, Luisa Avenue Square IT Center, Matina IT Park, Ayala Business Center, SM Lanang Premier IT Center, and The Annex-SM City Davao IT Center.

Gov’t partially awards T-bills as rates rise

By Elijah Joseph C. Tubayan
Reporter

THE GOVERNMENT made a partial award of the Treasury bills (T-bill) it planned to raise on Monday as yields increased across tenors due to the hawkish tone of the US Federal Reserve.

The Bureau of the Treasury’s offer yesterday was met with tenders of P26.6 billion, slightly above the P20 billion it placed on the auction block, but only accepted P13.2 billion amid higher rates.

Broken down, the government just borrowed P7.773 billion in 91-day notes, below the programmed P9 billion despite bids reaching P16.123 billion. The paper fetched a 3.024% average yield, up from the 2.67% quoted in the previous auction.

For the 182-day tenor, only P3.515 billion of the P6.715 billion banks and financial firms wanted to lend was accepted, about half the P6 billion the Treasury wanted to raise. The average yield rose to 3.165% from 2.854% previously.

Meanwhile, the government borrowed only P1.885 billion via the 364-day T-bills even as tenders reached about twice as much at P3.785 billion, below the P5-billion offer. Yields fetched likewise rose for the one-year paper at 3.311% from the 3.04% in the previous auction.

At the secondary market before the auction, the three-month papers were quoted at 3.4523%, while the six-month tenor fetched 3.7143%. The yield on the one-year T-bill was at 3.0441%.

Yields on the papers increased as trading closed, with the 91-day T-bills fetching 3.469%. The 182-day securities saw its rate rise to 3.7321% and 364-day papers also climbed to fetch 3.6851%.

“Again we have to align our awards regarding the rates in terms of our secondaries,” National Treasurer Rosalia V. De Leon told reporters yesterday when asked why the auction committee decided to do a partial award.

She noted that there is uncertainty in the market over possible interest rate hikes from the Bangko Sentral ng Pilipinas (BSP) as well as the US central bank.

“The bids were higher than our own estimates, given that market has uncertainty over the rate hike. Of course, the trajectory (of the yields) is really going up, but in terms of how many hikes there [will] be for both the Fed and the BSP, so that remains an uncertainty,” said Ms. De Leon.

Traders meanwhile said that the auction results were expected, noting the future rate hikes here and in the US as well as the latest local inflation figure.

“This is expected because of the recent spike in yields across the board, including the US Treasuries…and also the strong numbers like the non-farm payrolls data in the US especially,” a bond trader said in a phone interview.

“Likewise, a hawkish stance from the US central bank,” the trader added.

Another trader said the market was pricing in the latest inflation figure the Philippine Statistics Authority (PSA) released last week.

“Inflation is now higher, so that has an effect that brought about higher yields across. So this is expected,” the second trader said in a separate interview over the phone.

Headline inflation picked up to 3.9% last month using the new 2012 base year, up from 3.4% in January and the 3.1% reading in February 2017. Using the previous 2006 base year, inflation stood at 4.5%, above the BSP’s 2-4% target range.

The Treasury plans to auction off P120 billion worth of Treasury bills and another P120 billion worth of Treasury bonds in the January to March period. This is higher than the P200 billion it offered in the last quarter of 2017.

The government borrows from local and foreign sources to fund its budget deficit, which for this year is capped at 3% of the country’s gross domestic product.

Powering buildings with energy-efficient technologies

By Mark Louis F. Ferrolino
Special Features Writer

AS EXCESSIVE electricity consumption increasingly takes its toll on the environment, building administrators will have to adopt energy-efficient technologies to save power. They can start with elevators and air-conditioning systems.

Rajan Komarasu, group director of Alstra, the commercial division of Concepcion Industrial Corporation (CIC), said that the adoption of environmental-friendly solutions in the country is primarily low, but companies today — especially those that are managed by millennials — are showing interest to try energy-efficient technologies.

“In the last two years, there’s a shift. The management of most of the buildings, of most of the companies, is run by millennials. They tend to be technology savvy, so they want to try out new things,” Mr. Komarasu told BusinessWorld in a Feb. 28 interview.

“We are very confident [that] in the next five years we’re going to see a shift. More and more developers are going to start asking for solutions that can bring up the image of their building,” he added.

Many countries, including the Philippines, depend on non-renewable energy sources such as coal, fossil fuels, petroleum, and natural gas to meet the demand in electricity.

Almost half or 48% of the total power generation in the country comes from coal, 22% from natural gas, 6% from oil-based generation, and the remaining 24% from renewable energy-based generating facilities, according to a 2016 report by the Department of Energy.

“Imagine the amount of energy being consumed. You’re burning more fuel to generate energy. Obviously, it has an environmental impact,” Mr. Komarasu said. “When you burn a lot of fuel, of course, there’s an accumulation of carbon dioxide that has an implication to climate change and emits greenhouse gases and so on.”

In terms of energy consumption, buildings are the largest energy consumers, accounting for 40% of the total. Air-conditioning systems alone take about 40% of the energy buildings consume, Mr. Komarasu said.

Alstra continuously seeks ways in developing technologies that help buildings save power, he said.

Last year, the company, under its Carrier brand, introduced the AquaEdge 19DV, the next-generation chiller that utilizes lift optimization technology which allows “excellent” cooling efficiency. It also upgraded its existing VRF system under the Toshiba brand with Super Modular Multi System (SMMS) 7. It has an improved energy efficiency of around 15% compared to its older version.

For elevator — which is also an important machinery in buildings — Alstra, under the Otis brand, sets the standard in energy efficiency with the GeN2-Regen. It has an energy saving feature that uses up to 70% less energy than the traditional elevators.

When the lift moves down with heavy load or moves up with light load, the difference in the amount of energy unused is recycled somewhat and fed back to an internal grid to power the rest of the building.

“The amount of money you’re investing in running these solutions can be offset. In some cases that we have seen — by introducing this technology — you can actually get your investment in six months,” Mr. Komarasu said.

He added, “If you start to focus on introducing energy-efficient technologies, you [can] save money from it and you [can] direct that savings to other places… You can also get better image if you have green and sustainable buildings. You can command higher renters and tenants.”

To make buildings more energy efficient, Mr. Komarasu said that building operators and developers must also give attention to the design of the structure up to the installation and maintenance of the air conditioning system.

S. Korean actor accused of sexual assault found dead

SEOUL — A South Korean actor accused of sexual assault was found dead Friday, reports said, as a wave of #MeToo accusations sweeps the country’s still male-dominated society. Jo Min-ki, 52, who had been accused of sexually molesting at least eight victims, was found hanged in a storage area in the building where he lived in Seoul, Yonhap news agency cited police as saying, adding suicide was suspected. Most of his victims were drama students at a provincial university where he taught, it said, adding he had been forced out of his professorship over the scandal, leaving his career in tatters. Jo’s roles were mainly in television series, but he also appeared in a number of films. Allegations of abuse have been made against prominent men in fields ranging from politics to the arts. In the arts, the most high-profile figures to be accused are award-winning film director Kim Ki-duk and poet Ko Un. An actress who refused to be named accused Kim and a top actor of rape, saying she had quit acting afterwards and was in therapy for years. The allegations came after Kim’s presence at this year’s Berlin Film Festival caused controversy following a fine for physically assaulting a different actress. Kim told MBC television in text messages that he was only involved in “consensual sexual relationships.” Seoul poet Choi Young-Mi accused Ko Un, a top poet regularly tipped for the Nobel Prize for literature, of sexually abusing many women in literary circles, after publishing a thinly veiled poem “Monster” in which she detailed her experiences at his hands. His works and almost all references to him and two other alleged perpetrators will be erased from school textbooks, Seoul’s education ministry said this week. Ko denied the allegations against him in a statement to the Guardian. — AFP

BSP warns vs cryptocurrency use

By Karl Angelo N. Vidal

THE CENTRAL BANK is not endorsing cryptocurrencies as mediums of exchange or investment vehicles despite their growing popularity amid continued concerns over the technology.

“To be clear, we do not endorse privately issued cryptocurrency as a medium of exchange. Moreover, given their highly speculative and volatile nature, we do not endorse them as investment vehicles either,” Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr. said in his keynote speech at the Cryptocurrency: The Truth & The Myth forum in Makati City yesterday.

Mr. Espenilla also reiterated the central bank’s stance that cryptocurrencies are not legal tender.

“It is important to note that privately-issued cryptocurrency is not legal tender. Unlike fiat money, such cryptocurrencies are not backed or guaranteed by any central monetary authority,” Mr. Espenilla said, adding that the BSP has the sole power to issue money within the country.

Cryptocurrencies such as Bitcoin, Etherium and Ripple are virtual currencies that are not regulated by any state or central bank. They rely on cryptography to secure and verify transactions and control the creation of more units.

Cryptocurrencies can also be used to pay for goods through Internet, and can be treated as an investment given their fluctuating valuations.

“Until such time that such cryptocurrencies are able to fully demonstrate stability, the prospect that they will replace fiat currencies appears to be far off,” Mr. Espenilla said. “They’re simply too volatile.”

After Bitcoin’s ascent to almost $20,000 per unit in December, it plunged below the $10,000 mark a month later following concerns of increased regulation in South Korea and China. Currently, Bitcoin sits at the $9,000-per-unit level.

On the other hand, cryptocurrencies’ attractiveness to be used in illegal activities such as money laundering and terrorist financing is another “serious concern,” the central bank chief said.

“This attractiveness stems from the anonymous and encrypted identities of transactors in private cryptocurrencies. It enables them to transact in the so-called ‘dark web’,” Mr. Espenilla explained.

With this, he then warned potential investors to fully understand the concept and risks of investing in cryptocurrencies.

“We earnestly caution the public that before speculating and investing their hard-earned money in cryptocurrency, as with any other type of currencies, prospective investment should know and fully understand the risks involved,” Mr. Espenilla said.

However, the BSP maintained its stance to regulate the use of cryptocurrencies rather than prohibiting it.

In line with this, Mr. Espenilla said it is eyeing to embark on a nationwide public information campaign on cryptocurrencies, together with other government agencies such as the Securities and Exchange Commission.

“The purpose is to educate the public on what cryptocurrencies are, the uses and risks, related policies and regulations in the Philippines, and possible benefits,” he said, adding that fostering such technology is in line with the BSP’s advocacy of financial inclusion.

In February 2017, the BSP required cryptocurrency exchanges to be registered as remittance companies which are subject to anti-money laundering rules, among others.

Since then, the monetary authority has authorized two virtual currency exchanges namely Betur, Inc. (also known as Coins.ph) and Rebittance, Inc., last year. Twelve other entities are also seeking to operate as a Bitcoin exchange.

Pritzker prize goes to Indian architect Balkrishna Doshi

NEW YORK — Indian architect Balkrishna Doshi, a pioneer of low-cost housing design, won the prestigious Pritzker Prize on Wednesday, considered architecture’s Nobel equivalent.

The 90-year-old Doshi — one of the last living architects to have apprenticed with the Franco-Swiss trailblazer Le Corbusier — distinguished his work by committing to sustainable architecture and inexpensive housing, bringing modernist design to an India rooted in traditionalism.

He is the 45th Pritzker laureate and the first from India.

“Balkrishna Doshi has always created an architecture that is serious, never flashy or a follower of trends,” said the Pritzker jury, which said Doshi “has continually exhibited the objectives” of architecture’s highest honor.

“Balkrishna Doshi constantly demonstrates that all good architecture and urban planning must not only unite purpose and structure but must take into account climate, site, technique, and craft, along with a deep understanding and appreciation of the context in the broadest sense,” the jury said.

“Projects must go beyond the functional to connect with the human spirit through poetic and philosophical underpinnings.”

Over the course of his career spanning six decades Doshi developed an architectural style that considered human needs as well as sociocultural context, all while infusing his designs with Modernist elements that reflected what he called “contemporary expression for a sustainable holistic habitat.”

His accomplishments include everything from working on the Indian Institute of Management to designing the Aranya Low Cost Housing bloc in the city of Indore, completed in 1989 in the Indian state of Madhya Pradesh.

The intricate labyrinth of houses, courtyards and internal trails today houses some 80,000 low to middle income people, with more than 6,500 units ranging from modest one-bedrooms to spacious homes.

“It seems I should take an oath and remember it for my lifetime: to provide the lowest class with the proper dwelling,” the architect said in 1954.

“My works are an extension of my life, philosophy and dreams trying to create treasury of the architectural spirit,” Doshi said in a statement thanking the Pritzker jury, in which he also cited the influence of Le Corbusier.

Indian Prime Minister Narendra Modi congratulated Doshi on Twitter, writing: “This honor is a fitting recognition of his outstanding work, which has spanned decades and made a notable contribution to society.”

ARCHITECTURAL ‘SYMPHONY’
Exhibiting an aptitude for art and an acute sense of proportion at a young age, Doshi began studying architecture in 1947, the year India gained independence.

Working under Le Corbusier, he returned to his native country in 1954 to oversee two of his Modernist guru’s projects in Chandigarh and Ahmedabad. The Indian architect also collaborated with Louis Kahn, another of the 20th century’s Modernist giants.

The laureate’s son-in-law and partner Rajeev Kathpalia told AFP the family is “honored and thrilled” to receive the Pritzker news, calling Doshi “one of those rare architects who has worked with all spectrums, a wide range from urban planners to slums and beyond.”

“He is passionate about everything that is alive. His name is Balkrishna, which means ‘child Krishna,” Kathpalia said.

“And like a child, he is always curious about everything. It is as if he is growing young as we grow older.”

Doshi’s many accolades include the Officer of the Order of Arts and Letters and France, which he received in 2011, as well as the 2007 Global Award for Lifetime Achievement for Sustainable Architecture from Paris’s Institut Francais d’Architecture. In 2000 he won India’s Prime Minister National Award for Excellence in Urban Planning and Design.

The international Pritzker prize, established by Chicago’s Pritzker family in 1979, bestows laureates with $100,000 along with a bronze medallion.

Calling the preeminent award “deeply touching and rewarding,” Doshi said the recognition reaffirms his belief that “life celebrates when lifestyle and architecture fuse.” — AFP

Obama in negotiations to create Netflix series — report

SAN FRANCISCO — Former US president Barack Obama is in negotiations with Netflix about producing a series of shows for the online streaming giant, according to US media reports. Obama and former first lady Michelle Obama would provide Netflix with exclusive content, with the format and number of shows yet to be determined, The New York Times reported citing people familiar with the matter. Netflix declined to comment. As the world’s leading on-demand Internet television service, Netflix would offer Obama a global platform to delve into topics that marked his presidency, such as health care, immigration, foreign policy, and fighting climate change. His wife, Michelle, would also have a stage to explore subjects she was passionate about while first lady, such as nutrition. The format could include talk-show-style or documentary productions. Obama does not plan to use shows to respond directly to President Donald Trump or other critics, but instead to showcase inspirational stories, according to the Times. — AFP

Rediscount borrowings surge in Feb.

PHILIPPINE BANKS resumed availing of rediscount loans from the Bangko Sentral ng Pilipinas (BSP) in February after it stood untapped the previous month, the central bank reported yesterday.

Peso rediscount loans stood at P5.81 billion as of February, after lenders did not avail of the loans in January. This is also larger than the P447 million they borrowed in December.

Philippine banks may borrow from the BSP’s rediscount facility so that they can meet their short-term funding needs, which also allows the central bank to fulfill its duty as lender of last resort.

The facility lets banks submit promissory notes from outstanding debts as collateral to acquire fresh money supply. The cash — which may come in the peso, dollar or yen — can then be used to grant more loans or service withdrawals.

The BSP said the majority of the availments, or 71.86%, went to other credits, when broken down, are particularly distributed to capital asset expenditures (67.78%), permanent working capital (3.94%), housing (0.09%) and other services (0.05%). The remainder went to commercial credits at 28.1% and production credits at 0.04%.

All rediscount loans are now charged a uniform rate after the BSP shut down the special window for thrift, rural and cooperative banks in July last year. The central bank removed preferential rates imposed on small lenders due to low availments, with the BSP seeing that these lenders do not need to rely on the facility to remain liquid.

Since then, only two rates are imposed for short-term peso borrowings secured by banks: 90-day loans will carry a 3.5625% rate, while 180-day credit lines will carry a 3.625% margin. These are based on the BSP’S 3.5% overnight lending rate, plus term premia.

For March, rates for dollar loans rose further to 4.01719% for 90-day loans; 4.07969% for 91- to 180-day loans; and 4.14219% for 181- to 360-day loans.

On the other hand, margins for yen-denominated borrowings slipped anew to 1.93983% for one to 90-day loans, 2.00233% for 91- to 180-day loans, and 2.06483% for 181- to 360-day loans.

The central bank’s rediscount window for foreign currencies still stood unused last month, as it had been throughout 2017. In particular, the facility for dollar-denominated debts has been untapped since June 2015.

Central bank officials have said there remains abundant liquidity in the financial system, leaving local lenders with enough cash to service day-to-day transactions. — Karl Angelo N. Vidal

MGI’s Sto. Tomas plant begins exporting power to Luzon grid

THE SECOND UNIT of Maibarara Geothermal, Inc. (MGI) has started exporting power to the Luzon grid on Friday, its listed parent firm told the stock exchange.

MGI’s facility in Sto. Tomas, Batangas is its second geothermal unit (M2) with a capacity of 12 megawatts (MW).

“M2 was put online at 12:04 p.m. on March 9, marking as well its first export of power to the Luzon grid. After its synchronization to the grid, the M2 unit is currently undergoing a series of capability and reliability tests,” said Paul Elmer C. Morala, MGI power plant manager.

During the tests, the Energy Regulatory Commission will conduct a technical inspection as part of its requirements for the issuance of a certificate of compliance. The certificate is proof that a power plant complies with the applicable regulations, making it safe to switch on and operate.

“Commercial operations of M2 will follow with the [certificate of compliance] award,” Mr. Morala said.

MGI is a joint venture of PetroGreen Energy Corp., with a 65% stake, Phinma Energy Corp. (25%), and state-led PNOC Renewables Corp. (10%). PetroGreen is the renewable energy holding unit of publicly listed PetroEnergy Resources Corp.

MGI President Francisco G. Delfin, Jr. said M2 is the first geothermal facility to be put up under the current administration and “the only geothermal power plant installed in the country since 2014.”

“MGI began construction of the facility in March 2016, employing several local construction companies but retaining Fuji Electric of Japan as the supplier of the plant’s turbine-generator and other major equipment. This capacity expansion will also provide additional royalties and taxes to the national and host local governments,” he said.

In December last year, PetroEnergy said its geothermal power unit had secured approval to participate in the wholesale electricity spot market, paving the way for its commercial operation.

Philippine Electricity Market Corp. (PEMC), which operates the spot market, gave its nod on Dec. 7, 2017 for MGI, which sought the registration of its facility expansion. PEMC earlier included M2 in its market network model, allowing the facility’s dispatch to be accurately monitored in the spot market.

PetroGreen President Milagros V. Reyes said M2 is the fourth power generating plant completed by the company and put online in four years.

“It marks the second wave of our judicious investment and operation in the renewable energy sector following the first wave with the 20 MW Maibarara-1 unit in February 2014, the 36 MW Nabas-1 wind farm in June 2015, and the 50 MW Tarlac-1 solar facility in February 2016,” she said.

“This second wave of investment, that will also see the expansion of our Nabas and Tarlac facilities and new greenfield projects, have to be even more deliberate, considering the challenges in securing new offtake contracts and more importantly the uncertainty in some government energy policies and direction,” she added.

On Monday, shares in PetroEnergy closed lower by 0.20% at P5.03 each. — Victor V. Saulon

Transporting food safely to urban centers

A WORKSHOP at the Far Eastern University (FEU) is teaching architecture students how to create sustainable communities to avoid amplifying urban problems.

A case in point raised by visiting professor Regina Mapua Lim, associate lecturer at the Joint Center for Urban Design at Oxford Brookes University, was how to transport food safely to urban centers from rural towns as mobility is a factor in making a city livable.

Cities usually source food and water from rural communities and “cities must be able to provide the means to transport those raw materials while following stringent safety standards,” read a statement e-mailed by the FEU’s public relations staff.

Ms. Lim “illustrated that constructing too many commercial spaces, for example, may just worsen traffic and pollution, affecting the transfer of goods within the city.”

The workshop involved presenting student research findings on public markets in Manila.

Some groups investigated the topography of the Sta. Ana and Dangwa markets and proposed green roadways and balanced public-private road allocations to ease traffic and transport food safely.

Other students also thought of using the estero system in Manila, drafting plans for possible river rehabilitation programs and future trade routes. They also studied the effect of large supermarkets on equitable access to food and livelihood opportunities provided by public markets.

Urban design is more than just aesthetics, the statement quoted Ms. Lim as saying.

“We have to consider all the stakeholders, motorists, pedestrians, vendors, among others, when we draft our plans,” the London-based architect added.

The talk was titled “Livable Cities in the Philippines: A forum on Design Possibilities for Urban Centres in the Developing World.” It was conducted in collaboration with the FEU Public Policy Center.

1...11,52011,52111,522...12,848Page 11,521 of 12,848
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube