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IMI expects $5-M boost from global restructuring

INTEGRATED Micro-Electronics, Inc. (IMI) expects a $5-million boost to its net income as a result of its global restructuring, the company said on Wednesday.

“The office restructuring efforts in the four locations (United States, Japan, Singapore, and Malaysia) are part of the company’s initiatives to align the cost structure with the current business needs and are not expected to disrupt the company’s operations. These activities will yield annual cost savings of approximately $5 million, improving net income,” IMI said in a regulatory filing.

On Tuesday, IMI said it would close its Japan sales office. It is also currently downsizing its Singapore and Malaysia offices to improve margins.

The company also said that IMI USA would stop prototyping and manufacturing activities by yearend. The production functions of IMI USA will be transitioned to IMI facilities across North America, Europe, and Asia.

“The cessation of prototyping and manufacturing activities in IMI USA will have a minimal effect on IMI group’s revenue since it is only approximately 0.30% of the total IMI group revenues,” IMI said.

IMI USA will also channel prototyping needs of selected customers to California-based XLR8 Corp. as part of a new agreement. In turn, XLR8 will transition mass production projects to IMI as its preferred manufacturing partner.

For the first half, IMI trimmed its attributable net loss by 89.5% to $8.77 million from $83.66 million last year on “cost rationalization activities.”

January-to-June revenue dropped by 18% to $565.8 million from $691.89 million last year, partly attributed to the divestment of British subsidiary STI Enterprises Ltd., which was still part of the group in early 2023.

“Market softness in the industrial sector has affected IMI’s Philippine operations, with reduced demand from end markets delaying launches of new models as customers continue to trim down existing inventory levels,” IMI said.

“In response, IMI continues to optimize its customer portfolio by reducing involvement in lower-margin projects, aiming to enhance profitability and focus on higher-value opportunities within its pipeline,” it added.

IMI is a global electronics manufacturing solutions expert specializing in highly reliable and quality electronics for long product life-cycle segments in the automotive, industrial, power electronics, communications, and medical industries.

On Wednesday, IMI shares fell 4.92% or nine centavos to P1.74 per share. — Revin Mikhael D. Ochave

Tasty tater recipes

FILIPINOS often think of potatoes in the context of snacks, like fries or chips. After all, the US potato industry supplies their products mainly to various snack food manufacturers in the Philippines.

Potatoes USA, the marketing arm of the US potato industry, introduced members of the media to different recipes that Filipino consumers can try. These all have potatoes as the main ingredient, using their fresh, frozen, or instant (dehydrated) potatoes, all found in Philippine supermarkets.

Mapo Tofu Potato Cheese Fries

Chef Kalel Chan of The Raintree Restaurant Group told BusinessWorld that a fun way to jazz up a serving of fries is to incorporate a spicy dish like mapo tofu to the mix. “I make this a lot at home and it really hits the spot,” he said.

INGREDIENTS
Cooking oil, 20 gm
Garlic, 20 gm
Ginger, 20 gm
Onions, 20 gm
Ground pork, 200 gm
Shoyu, 40 gm
Sake, 60 gm
Mirin, 20 gm
Sugar, 20 gm
Water, 200 gm
Sichuan ground pepper, 2 gm
Tobanjan bean paste, 60 gm
Sesame oil, 30 gm
Soft tofu, 200 gm
Grated cheddar cheese, 50 gm
Grated pepper jack cheese, 50 gm
Chopped spring onions, 20 gm
US seasoned crisp fries, 400 gm
Slurry, 10 ml

PROCEDURE
1. Heat oil and sauté garlic, ginger, onions, and ground pork.
2. Brown the ground pork and add sake, mirin, shoyu, sugar, Sichuan pepper, tobanjan paste, sesame oil, and water.
3. Simmer for 2 minutes and thicken with slurry.
4. When the sauce becomes thick add in the soft tofu.
5. Pour the mapo tofu on the side of the fried seasoned crisp fries and top it off with grated cheese.
6. Garnish with chopped spring onions.

Cheesy Potato Kaldereta Bake

This is a layer of potatoes with spicy tomato-based beef stew, topped with grated cheese then baked until melted. It is a dish for those seeking a twist on a classic Filipino dish.

INGREDIENTS
US fresh potatoes, sliced thinly and pre-boiled, 200 gm
Beef sirloin, pre-boiled and shredded, 500 gm
Garlic, minced, 4 cloves
Beef broth, 1 cup
Tomato paste, 2 tbsp
Tomato sauce, 1 cup
Liver spread, 1/2 cup
Siling labuyo (bird’s eye chili), chopped, 1 piece
Bay leaf, 1 piece
Carrot, small cubes, 1 piece
Pepper
Fish sauce
Cooking oil, 2 tbsp
Cheddar cheese, 1/2 cup
Mozzarella cheese, 1/2 cup
Basil for garnish

PROCEDURE
1. Cook the kaldereta: Saute onions and garlic. Add beef. Add carrots and cook until soft.
2. Add the tomato paste and cook.
3. Add the tomato sauce. Pour in the beef broth.
4. Add the liver spread. Let simmer and season with pepper and fish sauce, then add the bay leaf.
5. Place the thinly sliced potatoes at the bottom of an oven proof dish.
6. Top with the kaldereta mixture.
7. Combine the cheeses and place on top of the kaldereta mixture.
8. Broil in the oven for at least 10 minutes at 150C or until the cheese melts and has browned.
9. Serve hot.

US Potato Ramen

Mr. Chan recommended this next dish for those curious about the taste and texture of noodles made of potato. “It’s a very filling and satisfying dish consisting of handmade potato noodles with Sichuan dandan sauce,” he said.

INGREDIENTS
Standard potato granules, 200 gm
All-purpose flour, 250 gm
Salt, 3 gm
Egg, 4 pieces
Water, 200 ml
All-purpose flour (for dusting), 50 gm
Dandan sauce
Sichuan ground pepper, 3 gm
Sugar, 10 gm
Prepared chili oil (ryu oil), 20 gm
Grated garlic, 5 gm
Tahini, 100 gm
Soy sauce, 15 gm
Five spice, 1 gm
Hot chicken stock, 1 cup

PROCEDURE
1. Mix the dry ingredients together in a big stainless bowl, with a wire whisk, except the 50 gm of flour for dusting.
2. Make a well in the middle of the dry ingredients and mix the wet and dry ingredients together.
3. When it gets stiff, knead the dough by hand.
4. When a ball of dough is formed, rest the dough in the chiller for one hour.
5. After one hour, cut the ball into four and form each part like a ball.
6. Dust the table with flour and dust the four balls.
7. Flatten the balls one by one with a rolling pin.
8. When flattened to the desired thickness, fold and cut out the noodles by hand.
9. Dust with flour so it won’t stick together.
10. Boil water with salt and cook the noodles for two min.
11. Strain and pour the dandan sauce on top.
12. Add chicken stock if you want to make the dandan sauce thinner.
13. In a bowl, mix tahini, soy sauce, prepared chili oil, sugar, Sichuan pepper, grated garlic, and five spice.
14. Add hot chicken stock till the sauce is of the desired thickness.

Shrimp Skewer and US Tater

Finally, the shrimp and US tater drum cocktail is for those who want the taste of seafood with potatoes.

INGREDIENTS
US Tater Drums, 500 gm
Seasoning, 1 tsp
Lemon rind and juice, 1 tbsp
Garlic, minced, 1 tbsp
Salt, 1 tsp
Shrimp, 200 gm
Tomato, crushed, 1/2 cup
Chili ketchup, 1 tbsp
Horseradish, 1 tbsp
Sugar, 1 tsp
Salt, 1/2 tsp
Olive Oil, 1 tbsp
Lemon juice, 1 tbsp
Cilantro, 5 gm
Garlic, fried

PROCEDURE
1. Skewer the shrimps and season with seasoning, lemon, garlic, and salt.
2. Grill or bake at 350°F until the color turns pink. Set aside.
3. Spray US tater drums with olive oil and bake/air fry at 232°C (450°F) for 17 minutes.
4. Mix all the ingredients of the cocktail sauce and refrigerate.
5. Garnish the shrimp and US tater drums with garlic and cilantro.
6. Serve with cocktail sauce.

— B.H. Lacsamana

Oil prices may climb with tensions, but bearish factors persist — DoE official

PHILSTAR FILE PHOTO

By Sheldeen Joy Talavera, Reporter

THE TENSION between Israel and Iran could cause upward adjustments in the prices of petroleum products if it continues to escalate, but other factors such as oil production still weigh down possibilities, an official from the Department of Energy (DoE) said on Wednesday.

“If the tensions continue to escalate, expect increases in the prices of petroleum products but there are lingering bearish factors that pull the prices down such as increased oil production, economic indicators and supply and demand outlook,” DoE Oil Industry Management Bureau (OIMB) Assistant Director Rodela I. Romero said in a Viber message.

Oil prices rose by more than 2% on Wednesday as the tensions in the Middle East raised concerns that it could escalate and disrupt crude oil output from the region, following Iran’s missile attack on Israel, Reuters reported.

In separate advisories on Monday, oil companies said pump prices would climb by P0.45 per liter of gasoline, P0.90 per liter of diesel, and P0.30 per liter of kerosene.

This marks the second straight week that prices of gasoline and diesel have increased.

The latest adjustments bring the year-to-date net increases of gasoline and diesel prices to P6.40 per liter and P2.85 per liter, respectively. Kerosene has a net decrease of P6.05 per liter.

Ms. Rodela said that the oil price hike has already factored in the geopolitical conflict in the Middle East, along with the US Federal Reserve rate cut, the withdrawal in the US inventories, and production cut of the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+.

“On the increase yesterday (Oct. 1), part of the reasons is the fear over escalated tension due to the Israel and Iran conflict because of additional premium on the cost of the petroleum products plus the potential supply disruption,” she said.

OIMB Director Rino E. Abad said that the agency bases its reference on Mean of Platts Singapore price benchmarks, hence the actual movement of the daily price will dictate the adjustment next week.

“The daily price movement for the past two days indicated a decreasing trend, hence the estimate of possible decrease of price adjustment next week, but still subject to the price movements in the next three days of the week,” Mr. Abad said.

The Philippines is a net importer of petroleum products. In the first half of 2023, the country imported 3.476 billion liters of crude oil, up 23.7% from 2022, data from the DoE showed.

Gerry C. Arances, executive director of the Center for Energy, Ecology, and Development, said that the possible rise in oil and diesel rates due to the Middle East conflict puts off-grid areas in a dire situation as they rely on diesel-powered plants for electricity.

“The Philippine government must immediately implement measures to relieve consumers from fuel price hikes, especially in transport, and in electricity in off-grid areas. If circumstances take the turn for the worse, price caps should also be put in place,” he said in a Viber message.

Dining In/Out (10/03/24)

Hope & Sesame’s Bastien Ciocca takes over The Pen’s Bar

ON FRIDAY, Oct. 4, starting at 8 p.m., The Bar at The Peninsula Manila welcomes cocktail aficionados for an evening with Bastien Ciocca, co-founder of Guangzhou’s speakeasy, Hope & Sesame. Hope & Sesame has been a consistent standout in Asia’s 50 Best Bars list for the past six years, and ranked No. 14 in the 2024 list. Mr. Ciocca is the final guest mixologist in The Peninsula Manila 2024 Bar Takeover Series. This year, Masahiko Endo of The Library in Hong Kong, Toru Ariyoshi and Keisuke Yamamoto of Kyoto’s Bee’s Knees, Fauzan Ramon and Fabri Duemillio of Jakarta’s top-rated Pantja, and Ryota Tokomitsu of Tokyo’s legendary The SG Club have collaborated with The Bar in a bid to introduce to the city the cocktail cultures of Japan, Indonesia, and Hong Kong. During his one-night takeover, Mr. Ciocca will take Manila on a sensory cocktail journey. For inquiries, call 8887-2888, extension 6694 (Restaurant Reservations) or e-mail diningpmn@peninsula.com.

Nobu Manila celebrates brand’s 30th anniversary

THE MANILA outpost of Nobu Restaurant is among the 57 Nobu locations in the world celebrating the 30th anniversary of the brand. The milestone celebrates chef Nobu Matsuhisa’s innovative take on Japanese cuisine with Peruvian ingredients. For the occasion, Nobu presents a special five-course dinner omakase menu that is offered worldwide from Oct. 7 to 13, celebrating the rich three-decade history of Nobu. Each featured dish is imbued with Chef Nobu’s personal story. The limited-time special tasting menu is priced at P8,871.43 net per person, which commences with a four-way starter of Toro Tartar, Salmon Tataki in Karashi Su Miso, White Fish Tiradito, and Yellowtail Jalapeño. A selection of sushi will then be served, followed by Black Cod Butter Lettuce and Crab Amazu Ponzu, Japanese Beef Anticucho with hijiki seaweed, grilled tomato, and oshinko. The meal concludes with a selection of mini desserts. The experience offers diners a full taste of Nobu’s signature dressings and sauces. For pre-dinner cocktails or simply to hang out, Nobu Manila also offers during the same period Nobu’s Anniversary Bar Bites. Guests can opt to lounge at the Nobu bar, cabanas, or main dining area and pair their choice of bar bites with the featured anniversary cocktail Matsuhisa Martini (P560) or their favorite beverage. Nobu Hotel’s in-room dining menu also offers the anniversary special Four-Way Starter selection. Nobu Manila is open from 5 to 10 p.m., Sunday to Thursday, and until 11 p.m. on Fridays and Saturdays. For inquiries, call 8800-8080 or e-mail noburestaurant@cod-manila.com.

Newport World Resorts does Jura

THE Whisky Library opens its doors to Jura Single Malt Scotch Whisky. Brand spokesperson George Schulze will oversee the single-malt whisky flight showcasing the Jura 12, Jura 12 Sherry Cask, and newly launched Jura 15 Sherry Cask. The session will also feature a bespoke menu that pairs with the whisky flight. The exclusive masterclass is on Oct. 16, 6:30 to 8:30 p.m. Tickets are P4,000 net per person via https://tickets.newportworldresorts.com/products/jura-masterclass?group=experiences.

Jollibee has a new dessert

JOLLIBEE now offers its new Cookies & Cream Sundae: creamy vanilla soft serve topped with crushed Oreo cookies and a chocolate shell coating. The Jolly Sweet Treats lineup also includes Iced Mocha and Peach Mango Pie. They are available at Jollibee branches via dine-in, take-out, or drive-through, with prices starting at P40. Delivery is available via the Jollibee App, JollibeeDelivery.com, #87000, GrabFood, and Foodpanda.

Financial sector cloud adoption slowed down by privacy issues

PHILIPPINE financial institutions’ adoption of cloud technology has been slower than other industries amid privacy and security concerns, according to Rocket Software, Inc.

“I think the adoption that we have noticed while we engage with the other sectors has been equally high. The financials have been a little more constrained because of the privacy as well as the security rules that have been set up by the central bank,” Praveen Kumar, vice-president for Asia-Pacific at Rocket Software, said in an interview.

Financial firms without local data centers face challenges when transitioning to the cloud, he said.

Rocket Software has been operating in the Philippines since 2008 and mostly deals with banks and other financial institutions. The Philippines is a big market for the company as many businesses in the country are still using mainframes or legacy systems such as banks, insurance, healthcare, and more, Mr. Kumar said.

“The financial sector’s adoption has been a little slower compared to the other industries because for the other industries, operational expenses are a huge chunk of their cost and that is not something that they can recover easily,” he said.

Still, increased demand for electronic banking among younger individuals has led to hybrid cloud adoption among Philippine banks, he added, especially for those banks with legacy infrastructure that mainly cater to branches and clients who do in-person transactions.

“The Gen Z is all about mobile — it’s less about branches. It’s more about self-service, whereas the elderly population is all about ‘I need someone to assist me to do anything, whether it be deposit money, withdraw money, update my statement, look at my passport,’ ” Mr. Kumar said.

“Legacy infrastructure need not always to run on-premises but can be on the cloud as well. While Rocket is all about protecting legacy, most of the cloud service providers can provide security as well,” he added.

One of the benefits of moving to the cloud is the digitalization and safe storage of old documents such as invoices and receipts, Mr. Kumar noted.

“If you keep all of that stored in a production storage environment, your costs may go up, even if you don’t need them. So, you can move them to a virtual storage environment in the cloud itself and make it cheaper in terms of how you store them and retrieve them in real time, whenever you want to,” he said.

Rocket Software provides solutions for unstructured and structured documents so that invoices and receipts that are 10 years old that were scanned and stored can be moved to the cloud, leading to cheaper storage costs, he added. — Aubrey Rose A. Inosante

Yields on central bank’s term deposits go down

BW FILE PHOTO

TERM DEPOSIT yields went down on Wednesday ahead of the upcoming cut in banks’ reserve requirement ratios (RRR) and expectations of further policy easing by the Bangko Sentral ng Pilipinas (BSP).

The BSP’s term deposit facility (TDF) attracted bids amounting to P239.098 billion on Wednesday, above the P190 billion on the auction block as well as the P175.473 billion in bids seen a week ago for the same offer volume.

Broken down, tenders for the seven-day papers reached P120.556 billion, higher than the P100 billion auctioned off by the central bank. This was also well above the P93.206 billion in bids seen for the same volume of seven-day deposits offered the previous week.

Banks asked for yields ranging from 6.2575% to 6.3%, a narrower band compared with the 6.25% to 6.31% seen a week ago. This caused the average rate of the one-week deposits to drop by 0.82 basis point (bp) to 6.279% from 6.2872% previously.

Meanwhile, bids for the 14-day term deposits amounted to P118.542 billion, higher than the P90-billion offering and the P82.267 billion in tenders for the same offer volume recorded on Sept. 25. 

Accepted rates ranged from 6.3% to 6.38%, also slimmer than the 6.298% to 6.41% margin recorded a week ago. With this, the average rate for the two-week deposits fell by 1.36 bps to 6.3601% from the 6.3737% logged in the prior week’s auction of 14-day papers.

The BSP has not auctioned off 28-day term deposits for nearly four years to give way to its weekly offerings of securities with the same tenor.

The term deposits and the 28-day bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

TDF yields went down ahead of the reduction in banks’ reserve ratios, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The BSP last month announced that it would reduce the RRR for universal and commercial banks and nonbank financial institutions with quasi-banking functions by 250 bps to 7% from 9.5% effective on Oct. 25.

It will also cut the RRR for digital banks by 200 bps to 4%, while the ratio for thrift lenders will be reduced by 100 bps to 1%. Rural and cooperative banks’ RRR will likewise go down by 100 bps to 0%.

Mr. Ricafort added that TDF yields declined following dovish policy signals from the BSP chief.

Mr. Remolona last week said the Monetary Board could slash benchmark interest rates by 50 bps more this year and deliver two more 25-bp cuts at its next two meetings scheduled for Oct. 16 and Dec. 19.

The central bank began its easing cycle in August, cutting its policy rate for the first time in nearly four years by 25 bps to 6.25% from the over 17-year high of 6.5%.

On Monday, Mr. Remolona said that while the BSP has the space to reduce borrowing costs by 50 bps in one meeting, this would only be done in a “hard landing” scenario. — Luisa Maria Jacinta C. Jocson

How MediaQuest’s ThinkAMuna aims to address AI-driven lies

MEDIAQUEST Holdings, Inc.’s media information literacy (MIL) initiative ThinkAMuna Pilipinas hopes to combat artificial intelligence (AI)-driven disinformation beyond the election period, aiming to promote critical thinking and media literacy year-round.

“The elections are going to be one period where the threat of disinformation will become much more elevated, but if you look at it, disinformation is there every day of the year,” Ramon “Mon” R. Isberto, communication consultant of Pangilinan-led MediaQuest, told BusinessWorld on Oct. 1.

ThinkAMuna Pilipinas was initially implemented as part of the election coverage program “Bilang Pilipino 2025, Bayan ang Ipanalo.”

“What we’re hoping to achieve is that over time, we help build the counterculture of critical thinking upon which media information literacy is really the core of critical thinking,” Mr. Isberto said.

MediaQuest news organizations include News5, One News, One PH, Radyo5 TrueFM, The Philippine Star, BusinessWorld, The Freeman, and Pilipino Star Ngayon.

The group partnered with the Kapisanan ng mga Brodkaster ng Pilipinas.

“We want to make this part and parcel of the information flow of the news coverage agenda of our organizations,” Mr. Isberto said.

“ThinkAMuna” is about the first thing you should do when dealing with information, he added.

He said that with the flood of information, it has become increasingly difficult to distinguish what is real or not, especially with AI.

Moving forward, MediaQuest would like to establish working relationships with schools and community organizations that are conducting MIL activities or programs themselves in the later stages, Mr. Isberto added.

He also noted that false news stories were 70% more likely to be re-tweeted than true stories. Meanwhile, it takes true stories around six times longer to reach 1,500 people.

“All those who wish to push disinformation and misinformation design it so that it stimulates an emotional reaction from you. Because an emotional reaction short-circuits the normal thinking of individuals,” Mr. Isberto said. — Aubrey Rose A. Inosante

China hasn’t destroyed the tech sector. It’s sharpened it

FREEPIK

TO MOST Western observers, it would appear that China has driven its technology industry off a cliff.

The number of startups fell by 50,000 between the peak in 2018 and 2023, with this year on track to be even lower. The market capitalizations of the biggest tech companies, including Alibaba Group Holding Ltd. and Tencent Holdings Ltd., have shrunk to the tune of hundreds of billions, and pale in comparison to US peers. There is no sign that the sector will ever rebound to what it was before a government crackdown that kicked off in late 2020, even as policymakers have signaled it’s over. Becoming a billionaire entrepreneur has become something to be feared, rather than celebrated.

It’s easy for US policymakers to see this with vindication and yet more evidence of a superior tech landscape at home. And from their vantage point, they are correct: President Xi Jinping strangled a generation of entrepreneurs who could have benefited consumers and made investors a lot of money.

But that doesn’t mean China’s innovation ecosystem is slowing. If anything, Xi has only sharpened its goal to focus on national clout and security in a way that could shift the global balance of power.

Beijing has given its tech industry something that Silicon Valley can only dream of: a mission. It may be easy for investors and free-market capitalists to scoff at the idea of innovation being driven by a purpose. But as the ongoing drama at OpenAI has laid bare — and as my colleague Parmy Olson has recently written — US tech entrepreneurs and workers alike have long been obsessed with this concept. And a vast majority of Gen Z say having a sense of purpose is an important factor for work. OpenAI started as a nonprofit research organization with the goal of creating artificial intelligence that “benefits all of humanity,” and ended up launching ChatGPT, spurring the global AI boom. As it evolved to a “capped-profit” and now is poised to become a for-profit company, it has seen an exodus of much of its founding team.

Many Chinese, meanwhile, now believe the world is less secure than it was five years ago, and see tensions with Washington as one of the most pressing concerns. This existential threat of losing to the US is being used as a driving force for China’s tech ambitions.

Fresh off dismantling the get-rich-quick era, Xi has doubled down on a push for tech-driven “high quality growth” as well as “common prosperity.” The government has laid out a vision for a technological future where China leads in strategic areas such as artificial intelligence, advanced manufacturing, and green industries like solar and electric vehicles. This is already reaping dividends as exports of batteries, electric cars, and solar panels hit records.

The US may currently have a lead in advanced technologies such as AI, but China is progressing rapidly with a laser-sharp focus to close that gap. New research suggests that the Communist Party’s top-down determination to dominate these global markets is driving innovation at a faster pace than thought, and many Chinese tech firms will likely equal or surpass Western companies within roughly a decade.

Washington seems acutely aware that Beijing’s tech prowess is posing a threat, and has reacted with a slew of export measures to prevent China from accessing cutting-edge AI chips and manufacturing equipment. But these policies have further spurred Beijing’s commitment to its tech self-sufficiency goals. A recent teardown of Huawei’s Xinchuang laptop shows that the country is making rapid progress on this front, with most of the important chips in the device coming from Chinese groups.

More recently, Beijing has been supporting this push by asking tech firms and electrical vehicle makers to buy more locally produced chips. This has provided a market for domestic semiconductor firms, and also opened sources of revenue that can be used for research and development as well as expansion.

The US innovation ecosystem, driven by entrepreneurship, has spurred decades of rapid economic growth and consumer benefits. But after startups became the biggest companies in the world, the incentive to experiment and invent something truly new became obfuscated. It’s no longer innovate or die, but create shareholder value or perish. This has encouraged the brightest minds in Silicon Valley to focus on short-term returns rather than novel breakthroughs. It has turned once-exciting product launch events into boring updates.

China’s use of national interests as an incentive for innovation isn’t as far off from an all-too-American playbook that predated the US tech revolution. Like the space race during the US-Soviet Union Cold War that paved the way for Silicon Valley, many of these developments may end up having a dual use, providing downstream benefits to consumers.

It’s too soon for US policymakers to look at the decimation of China’s internet and consumer tech sectors as signs of victory in this Cold War. Washington would be wise to foster purpose-driven research, whether at universities or independent labs, rather than leave America’s boldest ambitions to the whims of Big Tech interests.

BLOOMBERG OPINION

GoTyme Bank deposits hit P19 billion

GOTYME BANK reached P19 billion in deposits as of August, driven by improved customer acquisition.

The Gokongwei-led digital bank saw its customers surge by about 300,000 to 4 million in August, which drove the increase in its deposits, it said.

This puts it on track to reach its target to have P20-billion deposits and 5.2 million in customers by yearend.

“I think we had our biggest customer acquisition month in August. I think this third, fourth quarter we should average over that,” GoTyme Bank President and Chief Executive Officer (CEO) Nathaniel D. Clarke said.

With the bank continuing to onboard more new customers, he said he does not expect the impending entry of more digital lenders to have a significant impact on the industry.

The Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board in August approved the lifting of the moratorium on digital banking licenses, allowing four more digital banks to operate in the country starting next year.

The four additional licenses may come from either new applicants or banks seeking to convert their existing license to a digital one.

“I don’t think it significantly changes the competitive dynamics because today, the cap of six has not prevented other new digital-first entrants,” Mr. Clarke said.

“To that end, we don’t see that the market will really change given that there’s been a workaround and we’re already playing in a market that has those players… If ever, it’s only going to serve for heightened awareness and faster adoption because there are more players that will make people aware — and comparison and competition is always good,” GoTyme Co-CEO and Chief Commercial Officer Albert Raymund O. Tinio added.

He said new entrants are also unlikely to affect their business significantly.

“We don’t believe it’s an issue of access to licenses. There are 450 [banks]. We think it’s all about executing well — offering a differentiated, beautiful customer experience, offering the right products, and making them accessible,” Mr. Tinio said.

It would also take these new players some time before they can launch their operations, he added.

“Maybe it will be quicker for some of the existing players because they already have operators, but a minimum of six months. So it’s not going to change. And it’s going to be harder. By then we have another three or four million customers,” Mr. Clarke said. 

SALARY LOANS, CREDIT CARD
Meanwhile, GoTyme Bank plans to boost its consumer lending business through a salary loan product following its acquisition of SAVii in May and the launch of a QR-based credit card, Mr. Clarke said.

The bank will roll out a limited, invite-only pilot of its salary loan product by December, he said.

“SAVii has their existing payroll salary loan. That’s their main [product]. They also do overall financial wellness with the employees of the companies they partner with, so they also give insurance and offer savings. Over time, we will strengthen that joint employee-employer proposition. But for now, we’ve started to support them with some receivables purchasing. So, we’re bringing some of their loans to our balance sheet,” Mr. Clarke said.

“There’s a good marriage between the accounts that SAVii serves and the enterprise accounts that we’ve currently gotten onboard in our survey. So, there’s an opportunity to provide leads across SAVii and GoTyme,” Mr. Tinio added.

Currently, the digital bank’s only loan product offering is a micro, small, and medium enterprise loan through its partnership with merchant payments solutions provider PayMongo Philippines, Inc.

Meanwhile, for the QR-based card, Mr. Clarke said GoTyme Bank will launch an employee-only pilot by yearend and then an initial rollout exclusively for its “best” customers by the first quarter of 2025.

The lender is also waiting for BSP approval for a virtual asset service provider license as it wants to launch investment and cryptocurrency features on its platform. Mr. Clarke said they hope to get the regulator’s green light before 2024 ends.

GoTyme Bank is a partnership between the Gokongwei group, which holds a 60% stake, and Singapore-based digital banking group Tyme, which has 40%. It is one of six online banks currently operating in the country. — Aaron Michael C. Sy

Owner of Harry’s Bar demands Venice tackle speeding boats and ‘damaging waves’

SPEEDING BOATS are a particular nuisance for Harry’s Dolci, a branch of the more famous Harry’s Bar which overlooks the Giudecca canal, as they make waves that splash customers. — CIPRIANI.COM

ROME — The owner of Harry’s Bar, a Venetian bar and restaurant frequented by Ernest Hemingway, has filed a legal complaint demanding city authorities do more to stop boats speeding through canals and causing damaging high waves.

Venice has long been threatened by flooding and “moto ondoso,” the erosion of its buildings by waves. To try and limit the waves, strict speed limits apply to boats within its waters of between five to 20 kilometers per hour.

Harry’s Bar owner Arrigo Cipriani says the speed limits are often ignored and poorly enforced, however.

“We filed a complaint with the authorities in charge of maritime traffic in Venice (…) about the state of the (canal) banks which are lapped by the waves and become slippery and unsafe,” he told Reuters.

Speeding boats were a particular nuisance for Harry’s Dolci, a branch of the more famous Harry’s Bar which overlooks the Giudecca canal, as they make waves that splash customers, he added.

Mr. Cipriani, 92, said he had suggested installing wooden barriers to keep his patrons dry, but the idea was rejected by city conservation and heritage authorities.

Michele Zuin, a city councilor in charge of water traffic, said he understood Mr. Cipriani and other entrepreneurs’ complaints, and the municipality was working to address their concerns.

He told Reuters there would be more speed checks.

“We are not starting from scratch, but we are improving the system,” Mr. Zuin said.

Mr. Cipriani’s father Giuseppe founded Harry’s Bar — which is just off the Grand Canal, near St. Mark’s Square — in 1931, with money an American named Harry Pickering had given him to pay off a loan.

Giuseppe Cipriani named the bar and his first son Arrigo (Italian for Harry) in Pickering’s honor.

Hemingway made Harry’s Bar his Venice headquarters and mentioned it in Across the River and Into the Trees, published in 1950. — Reuters

Bang & Olufsen unveils flagship store, new headphones

DANISH luxury audio brand Bang & Olufsen (B&O) is set to strengthen its presence in the Philippines with an updated flagship store.

At the unveiling of B&O’s newly renovated space at the Shangri-La Plaza mall in Mandaluyong on Sept. 24, Ferdinand Ong, owner of B&O’s official Philippine distributor Living Innovations, showed off the range of audio equipment that can be found at the showroom.

Mr. Ong told the media that while the 124-square-meter space has been there for almost eight years, the renovation allows them to “follow the global image of B&O reflecting Scandinavian design.”

“This year, we really committed to renovating it to be the best possible space ever so that the brand can showcase its products’ timeless design and beautiful acoustic experiences,” he said.

Of the wide selection of portable speakers and headphones on display, the latest is the Beoplay H100, a pair of headphones with high-quality sound and state-of-the-art noise cancellation. It has a scratch-resistant glass touch interface and detachable components. Available in the colors Sunset Apricot, Infinite Black, and Hourglass Sand, Beoplay H100 is priced at P115,000.

The flagship store’s most engaging section is the home theater, with speakers that have studio-grade sound calibrated to the room and listener’s position. Called the Beovision Theater, the setup can be paired with the 97-inch Beovision Harmony, a 4K OLED screen TV, that works seamlessly with the Beolab 50 and Beolab 90 floor-standing speakers.

Throughout the space, the Beosound Shape keeps visitors wondering if they are decor or speakers. The personalized wall-mounted system looks like an art piece, with a minimum of eight cube-like tiles mounted on the wall in various patterns and arrangements.

A notable thing to remember about all of B&O’s audio equipment is that their “cradle-to-cradle design has enhanced durability,” according to Soren Kokholm, head of B&O Southeast Asia.

“We want to make products that last for a very, very long time. We do it by ensuring that the products we make have a long life,” he said.

One example is their speakers, which have a platform inside that can be updated to new devices. “You can simply open up an old model, remove the module inside, and replace it with a new one compatible with your new device. When you invest in a B&O product, we promise you that you will have it for many, many years,” explained Mr. Kokholm.

“Instead of calling it sustainable, we look at longevity. And, of course, luxury.”

The Bang & Olufsen flagship showroom is on the mid-level of the 3rd floor of Shang-ri-La Plaza mall’s East Wing. — Brontë H. Lacsamana

ERC approves over 500 applications from generation facilities

THE ENERGY REGULATORY Commission (ERC) has approved over 500 generation facilities, issuing 414 certificates of compliance (CoCs) and 101 provisional authorities to operate (PAOs).

In a statement on Wednesday, the ERC said the approvals were made as acting ERC chairperson and chief executive officer Jesse Hermogenes T. Andres held his first commission meeting.

“These approvals are set to boost the capacities of generation facilities and improve the reliability and supply of electricity,” the ERC said.

CoCs are issued by the ERC to entities operating a power plant or other power generating facilities. Meanwhile, pending the issuance of a CoC, the ERC grants PAOs to enable a generation company to immediately operate its generation facility.

Mr. Andres formally assumed office last week, temporarily replacing suspended ERC chair Monalisa C. Dimalanta. — Sheldeen Joy Talavera

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