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Dennis Uy-led firm to start work on Clark Global City this year

Dennis Uy
Dennis A. Uy
Founder, Chairman & CEO,
Udenna Corporation

CLARK, PAMPANGA — Udenna Development Corp. (UDEVCO) will begin work on the first phase of Clark Global City within the year, as it aims to transform the area into the next central business hub in Luzon.
The company led by businessman Dennis A. Uy will be spending $5 billion over the next 10 years for the property’s horizontal development such as road networks. UDEVCO has already spent $1 billion for the purchase of the company that holds the rights to the long-term lease of the 177-hectare property last year.
Clark Global City Corp. (CGCC), UDEVCO’s wholly owned unit in charge of the development, is currently focusing on completing the 47 hectares of land that already houses a 173-bed hospital under the Medical City brand and two Grade A office buildings offering 57,000 square meters of leasable space.
“Forty-seven hectares ito na gawa na. Doon muna kami, then (we will start with) phase 1,” CGCC Vice-Chairman and Managing Director of Clark Global City Wilfredo Placino told reporters in a briefing here on Tuesday.
Mr. Placino said the goal is to fully lease out the two office buildings and finish the three office buildings still under construction, to attract more companies to move to Clark Global City.
Over the next 10 years, CGCC will oversee the development of a hotel and casino, office and retail complexes, a transport terminal, church, educational institutions, and other amenities in Clark Global City.
Mr. Uy said the company is currently drafting a plan for the hotel and casino component, and targeting its opening by 2022. It will cover around 10 hectares, most of which will be allotted for entertainment spaces.
“We will be inviting fellow developers to develop remaining parts of the estate. That will be open to local and foreign developers. What our group intends to do is fully develop horizontally, the roads, the common areas. But the rest of the verticals will be open to foreign and local investors,” Mr. Placino said.
To date, the company is negotiating with at least nine local firms to locate in the area, targeting to close these deals by year-end.
Mr. Placino said it will also conduct road shows in Hong Kong, Beijing, and Tokyo in June to invite multinational corporations, such as property developers, to invest in the area.
The CGCC executive noted the company has recently secured approval from the government to extend its lease to 75 years from the current 25 years. This gives the company lease rights for the next 67 years, as it has already used up eight.
CGCC’s headline lease rate in Clark Green City is currently at P99,000 per square meter. Mr. Placino said this will already cover a locator’s lease for the next 67 years.
UDEVCO is banking on the project’s proximity to the Clark International Airport — which is a 10-minute drive from the estate — to attract more locators. It also looks to benefit from the completion of the NLEx-SLEx Connector Road, the Subic-Clark Cargo Railway, and PNR North Railway in the next two to three years.
The company noted that the PNR North Railway alone will carry 350,000 passengers daily from the National Capital Region to Central Luzon. — Arra B. Francia

SEC: No decision yet on Calata petition to overturn PSE delisting

By Krista A.M. Montealegre, National Correspondent
THE Securities and Exchange Commission (SEC) is set to come out with a decision on the petition of embattled agribusiness firm Calata Corp. to overturn the order of the Philippine Stock Exchange (PSE) to delist the company.
In an advisory posted on its website, the corporate watchdog said Calata’s appeal is still pending before the commission. The delisting took effect on Dec. 11, 2017.
“I think they should be ready to decide by now,” SEC Chairperson Teresita J. Herbosa said in a mobile phone message, referring to the Office of the General Counsel (OGC).
Both Calata and the PSE are “still filing their respective pleadings,” SEC Commissioner Ephyro Luis B. Amatong said in a separate message.
The SEC has oversight over self-regulatory organizations (SRO) such as the PSE, according to Rule 39.1 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code.
SROs are “solely responsible for processing and approving or rejecting applications for new listing of securities, suspension and delisting of listed issues and imposition of sanctions on listed companies for violation of SRO rules.”
A decision of an SRO may be elevated to the Commission En Banc, through the OGC, through an appeal pursuant to the 2016 Rules of Procedures of the SEC.
The SEC came out with the advisory after receiving a number of queries from shareholders of the delisted company.
“In the meantime, the public should be aware that shareholders of a corporation who believe that the directors or officers of such corporation have acted outside the scope of their authority or have breached their fiduciary duty may have remedies under the Corporation Code or the Securities Regulation Code, including but not limited to the filing of derivative suit or action for civil liability against the directors/officers of the corporation,” the SEC said.
The PSE initiated involuntary delisting procedures against Calata last July after counting a total of 55 violations of disclosure rules in the period from November 2016 to June 2017. The PSE also found the company to have violated the blackout rule, where officers of a company are not allowed to trade their company’s shares within a prescribed period.
The SEC, on Jan. 26, had stopped the initial coin offering (ICO) of Krops, involving three other Calata-led firms: Black Cell Technology, Inc., Black Sands Capital, Inc., and Black Cell Technology, Inc. The country’s corporate regulator said that the companies failed to register the securities being offered in the ICO, making the issuance illegal.
Prior to the violations cited for the delisting, Calata was also the subject of an investigation by the SEC for alleged market manipulation after its initial public offering in 2012.

LTFRB asks Grab PHL to resubmit fare hike petition

By Denise A. Valdez
THE Land Transportation Franchising and Regulatory Board (LTFRB) is ordering Grab Philippines (MyTaxi.PH) to resubmit its fare hike petition to include the prices of its other services such as GrabCar Premium within 10 days.
After a hearing on Tuesday to address the current issues revolving the ride-hailing company, Grab said the LTFRB board has decided to defer its decision on the company’s appeal for higher fare prices.
“The board wanted us to amend the fare petition to include the other verticals that we have, GrabCar, GrabCar Premium, Grab 6-seater. Mag-aamend kami ng fare hike petition so once the board reviews it, nandun na lahat [We will amend the fare hike petition so once the board reviews it, everything is there],” Grab public affairs head Leo Emmanuel K. Gonzales said in a phone interview.
Aside from GrabCar and GrabTaxi, the company offers high-end vehicles under Grab Premium, as well as bigger vehicles that can accommodate up to six passengers.
“I guess the board wanted more clarity on what exactly were the verticals we’re applying for and the corresponding fares for each,” Mr. Gonzales said.
In January, Grab filed for a 5% fare hike taking into account the effects of the tax reform law to its drivers, particularly the excise tax on fuel. It asked to raise the per-kilometer charge to P11-P15 from P10-P14. It also sought to raise the now-suspended P2 per minute travel time charge to P2.10 per minute.
“We have to wait for the LTFRB to decide. We firmly believe that we were in the right when we implemented it,” he said of the P2 minute per travel time charge.
Grab also addressed the accusation of Pwersa ng Bayaning Atleta party-list Representative Jericho Jonas B. Nograles that the company is charging an “illegal” minimum fare of P80.
Grab’s Mr. Gonzales said Mr. Nograles’ claims were misleading, as Grab never changed its pricing structure since June last year. “It just wasn’t noticed because it’s a minimum fare. It’s very rarely that someone would ride Grab for a very short distance,” Mr. Gonzales said.
He explained the fare that Grab imposes on its riders are composed of a P40 base fare, a P10-P14 per-kilometer charge, the P2 per minute charge that is currently suspended, and the surge that depends on the demand at a given time.
“If your fare is less than P80, say P78, the algorithm will automatically convert that to P80 as a minimum fare,” Mr. Gonzales said.

CLI-Lyceum tandem targets to open Davao school by June 2019

DAVAO CITY — Cebu Landmasters, Inc. (CLI) and the Lyceum of the Philippines University (LPU) are aiming to open the school component of their township project here by June 2019, followed by the commercial spaces within three years.
Jose Franco B. Soberano, CLI executive vice-president and chief operating officer, said construction of the LPU Davao Campus is ongoing, while the mixed-use space is planned to start later this year.
“The site development of the mixed uses, we will go through permits applications and hope to start by third quarter or fourth quarter of this year,” Mr. Soberano said in an interview after Monday’s formal signing of the memorandum of agreement with LPU.
The LPU Town Davao project will cover 17 hectares with residential towers, office building, hotel, sports facilities, and convention center, aside from the school that has an allocated space of 5.2 hectares at the rear.
“The whole project will take five to 10 years to develop… We will do the initial eight hectares of the commercial portion, but it will integrate very much to the school needs,” Mr. Soberano said.
Under the agreement, CLI will be the project planner and manager of this university town. It will also bring its flagship brand Casa Mira Towers for the residential component.
“CLI will build the initial two towers of around 10 to 12 storeys, as there is a height limit due to the project is near to the Davao airport,” Mr. Soberano said.
The LPU Town Davao in the Buhangin area is about 10 minutes away from the Davao International Airport. — Maya M. Padillo

Can we escape colonialism and neoliberalism?

PAST AND PRESENT converge and converse at the Philippine pavilion at the 16th International Architecture Exhibition of the Venice Biennale in Italy, which is on view until Nov. 25.
Inspired by National Artist for Literature Nick Joaquin’s novel The Woman Who Had Two Navels, the Philippine pavilion confronts both the challenges of contemporary times and the tensions of the country’s past.
The exhibit plays on the idea of “two navels” in constant dialogue: How does past colonialism impact our environment? And, how does the process of neoliberalization in today’s milieu alter our sense of urban landscape?
“The Philippine Pavilion places a spotlight on the discussion of how our cities have transformed an important global conversation seeing how more than 50% of the world’s population live in urban settlements,” said National Artist for Literature Virgilio S. Almario, commissioner of the Philippine Pavilion and chairman of the National Commission for Culture and the Arts (NCCA), during the pavilion’s local launch on April 27 at the NCCA headquarters at Intramuros, Manila.
“[Our exhibition] is relevant because if we can make sense of our cities and how it is shaped by our past as well as by neoliberal agendas, then learning about the presence of these invisible forces empower us to make us better choices for the future of the cities and the people that occupy them.”
The first “navel,” called “(Post)Colonial Imaginations,” revolves around the major expositions and world’s fairs that showcased the Philippines including the Exposicion General de las Islas Filipinas in Madrid in 1887, the St. Louis Fair in the United States of America in 1904, and the Expo Pilipino in Pampanga in 1998.
The first “navel” highlights images and artefacts that look at how those expositions reproduced the colonial narratives of what is exotic and what is primitive.
For example, the controversial 1887 Exposicion General de las Isla Filipinas in Madrid. A part of this exhibition was dedicated to Philippine fine arts, where Filipino masters like Juan Luna and Felix Resurreccion Hidalgo were highly praised — on the other hand, a group of indigenous peoples — Igorots — were presented before the Queen Regent Maria Christina and were put on live display, which misrepresented and did not define who we were as a nation and as Filipinos.
The first “navel” asks: Can we escape our colonial past?
In conversation with the first question is the second “navel” — “Neoliberal Urbanism.” Here, the idea of neoliberalization, or the process of favoring free-market capitalism, is highlighted. Under the neoliberal ideology, Philippine cities are placed in a hierarchy based on their capacity to compete for capital. In this “navel,” issues on mixed-use developments, the growing number of business process outsourcing offices, and informal settlements amid urban growth are at play. The second “navel” asks: Is neoliberalization a new form of colonialism?
Acting as a mediator between the two “navels” is a video installation that explores the intersection of the two. An immersive experience, the video installation also asks visitors to contemplate on their own and answer the questions of the two “navels.”
“You cannot stay neutral, that is why I am asking the questions [of] the people. Where do they want to position themselves? Are they somewhere [in] between?” exhibition curator Edson G. Cabalfin, an associate professor at the School of Architecture and Interior Design at the University of Cincinnati, told BusinessWorld.
“You — we — have to decided, because we cannot stay neutral. For me, [presented with] the question, ‘Can we escape colonialism?’ my answer is ‘no.’ The other question, ‘Is neoliberalism the new form of colonialism?’ I would say, ‘yes.’ If you ask me, I’d answer that,” said Mr. Cabalfin during the pavilion’s launch at the NCCA.
While he added that the “role of the curator is also never neutral,” the participation of the exhibitors has presented different points of view which the audience must answer on their own.
The Philippine pavilion is the work of a consortium of students and teachers from schools around the country, including De La Salle-College of St. Benilde; the University of San Carlos School of Architecture, Fine Arts, and Design; the University of the Philippines College of Architecture; the University of the Philippines Mindanao, Department of Architecture; along with artist and filmmaker Yason Banal, and TAO (Technical Assistance Organization) Pilipinas, Inc., which is a nonstock, nonprofit, nongovernmental organization.
The participants conducted research on Metro Manila, Metro Cebu, and Metro Davao and proposed their ideas for the presentation.
“You can see in the projects of the schools that they are presenting a range between sustainability. There is an argument that there is not an either/or, but there must be a negotiation between the two. I could have chosen other themes, but I chose how other voices respond to the questions,” said Mr. Cabalfin.
The country’s participation in the International Architecture Exhibition of the Venice Biennale is due to the efforts of the NCCA, the Department of Foreign Affairs, the office of Senator Loren Legarda, and is supported by the Department of Tourism.
“I see architecture as a crucial element of building equitable, sustainable, and inclusive societies. Through our participation this year, we relate our truths as we also learn from the realities of other nations. It serves as a reminder of how architecture is not only about building structures, but also about inspiring life, shaping society, and building a nation,” said Ms. Legarda in a statement.
The Philippine pavilion at the 16th International Architecture Exhibition of the Venice Biennale is at the Artiglierie, Arsenale until Nov. 25. — Nickky Faustine P. de Guzman

A year of activities planned as SM turns 60

SM is celebrating its 60th anniversary with a year’s worth of activities planned at its chain of shopping malls.
“Yes, we are senior citizens now, it allows us to be nostalgic but it’s not the history we’re celebrating today, we’re celebrating our future,” Teresita Sy-Coson, vice-chairperson of SM Investments Corp., said during the launch of the anniversary celebrations on May 21 at the SM Mall of Asia in Pasay City.
In 1958, Henry Sy, Sr. opened his first shoe store called ShoeMart in Carriedo, Manila. It became a department store and eventually into a full-blown mall in 1985 with the opening of SM North EDSA.
Now with 70 malls in the Philippines and seven others in China, SM will be celebrating its 60th anniversary with monthly activities for the next 12 months.
“We’re celebrating our 60th anniversary so every month there will be activities — from sales to big mall events. For the next 12 months, there will be surprises,” Steven T. Tan, senior vice-president of SM Supermalls, told the media shortly after the event.
Some of the activities include promos celebrating the number 60 where customers at certain stores in select SM malls need only pay P60 for, say, a cup of coffee from Starbucks, or pay only 60% of the price of select merchandise within the mall.
Mr. Tan noted that one of the reasons for SM’s longevity is the company’s ability to adapt to the changing needs of the customers.
“We are really very agile, so if there’s a need for more food choices, we introduce more restaurants from imported chains to local homegrown brands,” he said, before adding when he joined the company 14 years ago, only 5% of mall space was reserved for food options and now it has grown to “almost 30%.”
Mr. Tan said that one of the newer trends they are seeing are hybrid retail spaces.
“The store cannot be just selling, they have to be experiential. That’s the reason some of the fashion brands having cafés inside their stores,” he explained.
Mr. Tan said they are planning to open two more malls within the year — SM Ormoc in Leyte and SM Legazpi in Albay.
“We feel that there’s still so much room for growth in the Philippines. Maybe not in the metro but definitely in the provinces,” he said. — Zsarlene B. Chua

BSP to raise TDF offers to absorb liquidity

BSP
BW FILE PHOTO

By Melissa Luz T. Lopez, Senior Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) will raise the auction volume for term deposits in the coming weeks in order to absorb additional liquidity released following a fresh cut in bank reserves.
BSP Governor Nestor A. Espenilla, Jr. said the central bank will introduce bigger weekly offerings under the term deposit facility (TDF) to recapture at least P90 billion expected to be freed up from bank vaults by the one percentage point cut in the reserve requirement ratio (RRR).
Last week, the central bank announced that the RRR will be trimmed to 18% of deposits held by universal and commercial banks starting Friday, effectively unleashing more funds which they can lend to clients.
This is also the second reduction of the “ultra-high” reserve regime this year, and is in line with Mr. Espenilla’s goal to eventually reduce the level to single-digit. The BSP chief previously said that adjustments in the RRR are now purely “operational,” given the goal of reducing lending costs and keeping the Philippine banking system competitive relative to Asian peers.
“Yes we are releasing, at the first round, liquidity into the system. But as you know, there is a second round to it so we are going to pick up excess liquidity through our open market operations,” Mr. Espenilla told reporters on the sidelines of a signing ceremony on Monday.
Reducing the reserve standard meant pumping even more funds into the financial system, which comes at a time of double-digit money supply growth sustained over the past two years.
This should be offset by greater TDF offerings, the central bank chief said.
“In this case, around the time when the reserves are released on June 1, we will probably increase our volume net of what we see what is the requirement at the moment of the system,” Mr. Espenilla added.
The central bank is now relying heavily on the weekly term deposit auctions to manage money supply and bring market rates within the 2.75-3.75% benchmark. The TDF allows banks to park the idle cash they hold under the BSP in exchange for a small margin.
The BSP hiked the auction amount to P120 billion for last week’s auction, but this was only met by bids worth P98.455 billion.
For today, the volume was trimmed to P110 billion. The TDF volume is expected to be raised from this level over the coming weeks.
ING Bank N.V. Manila said on Monday that anticipation for additional liquidity drove the peso weakness late last week, which saw the currency touch a fresh 12-year low at P52.70 versus the dollar on Friday.
Monday also saw the BSP sign an agreement with BDO Foundation and the Department of Education for the rollout of financial education videos and instructional materials for public schools.
The goal is to include financial literacy in the K+12 basic education curriculum, with the learning tools expected to reach 700,000 teachers and 24 million students nationwide.

Up for auction: pieces of history


ONE MAN’S JUNK is indeed another’s treasure. Such could be the case for the future owner of one of the highlighted items on sale at Leon Gallery’s midyear auction: a massive and elegant dining table with a rich — and funny — storied past.
The narra dining table — 21 feet long and able to accommodate 24 diners — was owned by Capitan Joaquin Arnedo, Pampanga’s gobernadorcillo back in the 1890s, said antique furniture expert Martin Imperial Tinio during the auction’s media launch.
Who is Capitan Arnedo? “He is famous for large-scale entertainment. [As long as] you’re well dressed and you have the money, well, you’re welcome to stay overnight,” said Mr. Tinio of the table’s first owner.
Numerous members of the upper crust and foreign dignitaries sat at the table, including the Grand Duke Alexis Alexandrovich of Russia and a Japanese prince who were both amused and bemused by Capitan Arnedo’s hospitality and opulence.
“The Grand Duke was so impressed that he gave the family a table service — with several hundred pieces of utensils — as a thank-you gift,” said Mr. Tinio.
The Japanese prince was astonished when, after dining, the Capitan threw all the Prince’s used plates and utensils in the nearby river (Apparently, Japanese Imperial family etiquette at the times said that utensils once used should never be used again).
“The Prince was impressed by Capitan Arnedo’s gesture — but little did he know that the river where he threw the plates [into] had a net that caught up the all thrown plates,” said Mr. Tinio, laughing.
According to Leon Gallery’s Jaime Ponce de Leon, National Hero Jose Rizal was friends with the Arnedo children when he studied at the Ateneo, also dined at the table.
But why would the Arnedo clan consign this storied table to auction? Mr. Tinio speculated that the family could have a hard time deciding who would get to keep it.
RIZALIANA
There are many other Rizal-related items in the auction, too, including a rare wood sculpture of a man with a barbell, which he made during his exile in Dapitan between 1892 and 1896.
Also in auction are papers from his mother, Teodora Alonso, including court documents, letters, and her recipe for bolognese sausage written in English.
Other historically significant items in the auction are Gregoria de Jesus’ letters narrating the last days of her husband Andres Bonifacio and his brother. The full contents of these letters have never been revealed in full before.
There are also numerous paintings up for bid, notably a work by Lorenzo Guerrero, the mentor of Manila’s finest Spanish era artists Juan Luna, Felix Resurreccion Hidalgo, Simon de la Rosa, Fabian de la Rosa, and Felix Pardo de Tavera, among others; and early works by National Artist Fernando Amorsolo.
There are also works by National Artists Jose Joya, Vicente Manansala, Arturo Luz, and Federico Aguilar Alcuaz, and works by Mauro “Malang” Santos and Sanso.
Artworks by contemporary artists Ronald Ventura, Danilo Dalena, Emmanuel Garibay, Edwin Wilwayco, Jose John Santos III, and Manuel Ocampo are also up for bid.
Leon Gallery’s midyear auction will be held on June 9 at its Eurovilla I showroom in Legaspi Village, Makati City.
The lots and their details can be checked at the Leon Gallery’s website www.leon-gallery.com. — Nickky Faustine P. de Guzman

PNR buys 7 new train sets from Indonesia

pnrofficialpageTHE government purchased seven new train sets from Indonesian state-owned company PT Industri Kereta Api (PT INKA) for the Philippine National Railways (PNR).
The two parties signed the contract on Monday for the supply, delivery, testing and commissioning of the three diesel hydraulic locomotive (DHL) train sets worth $26 million and four diesel multiple unit (DMU) train sets worth $21.4 million.
In a speech at the event, PNR General Manager Junn B. Magno said this is the first time in 40 years that PNR has purchased new trains.
He told reporters after the event that the PNR currently has 11 train sets servicing 50,000 to 70,000 passengers a day.
Kulang pa rin yun to support the (Manila South) corridor [That’s still not enough to support the Manila South Corridor]. So that’s why when my team, my planning team sat down, sabi nila [they said] we need to buy new trains. That’s what we did. We went back to Congress, we asked for money,” Mr. Magno said.
The acquisition of new trains is funded by the General Appropriations Act of 2018, which allocated a P3.515-billion budget for PNR this year. PNR usually receives a budget of around P715 million.
Mr. Magno said PNR earlier ordered two train sets from PT INKA and signed the P483.5-million deal in January. The first batch of trains is expected to arrive around July or August next year, and all trains in by December 2019.
The PNR general manager explained the DMU train could be likened to the MRT, except the prime mover is diesel instead of electricity, while the DHL train is capable of running even with water contact. Mr. Magno said almost two thirds of the PNR’s profitable alignment are areas prone to flooding.
Once PNR has received the new train sets, Mr. Magno said it would have around 14 new trains to ply the Manila South corridor. Seven of the 14 will be the new deliveries from PT INKA, and five will come from rehabilitated trains that originated from South Korea in 2009. The 14 train sets are expected to carry 150,000 passengers a day.
The remaining older units will be delivered to the provinces. “Now the old trains, I’m programming them for rehabilitation. We’ll rehabilitate some of them. In the next few months, baka pwede namin ilagay siya [maybe we could put them] to restart the Naga-Legazpi commuter service. Right now malaki ang demand… but we don’t have trains,” Mr. Magno said.
For 2019, he said PNR plans to acquire more cargo trains so they could open the Legazpi to Manila route. “Legazpi to Manila in the past was only profitable for cargo. So what we’re going to do is reopen cargo services,” he said. — Denise A. Valdez

Philippine blockchain association launched

THE BLOCKCHAIN Association of the Philippines (BAP), one of the first blockchain-related organizations in the country, has been launched to harness and develop its use cases in the country, including the banking sector.
In an interview, BAP Vice- Chairman Ramon Vicente V. De Vera II said the association was established to grow the use of the technology in several industries.
“We believe that blockchain can be harnessed for the greater good of the Filipinos,” Mr. De Vera told BusinessWorld on the sidelines of Blockchain Applications and Economics Forum 2018 held in Taguig City on Tuesday.
“We want an association where we could come together and put forth real blockchain solutions that will help the Filipinos and the problems in the Philippines.”
In an earlier statement, BAP chairman Justo A. Ortiz said the association is geared towards “providing entrepreneurs, corporate executives and fintech (financial technology) professionals the information and guidance needed” to implement the new technology in their businesses.
To achieve this, Mr. De Vera said the association will work with stakeholders such as fintech firms, start-up companies, trade associations as well as other blockchain organizations to develop the said technology.
“One of the things the association wants to do is to create a sandbox for experimentation and also bring together a lot of proponents,” said Mr. Vera, who is also the head of financial technology and partnerships at UnionBank of the Philippines.
Blockchain is a distributed data ledger which involves a large network of entities where data is stored in “blocks.”
The storage units are continuously updated and being secured using cryptography, making data management and data-driven processes decentralized, tamper-proof and more transparent.
The founding members of BAP include UnionBank, Australian Digital Commerce Association, coins.ph, Consensys, as well as Satoshi Citadel Industries.
In the previous press conferences, UnionBank said it has already adopted blockchain to connect rural banks and increase the efficiency of the lender’s processes.
Mr. De Vera explained that banking products and processes such as remittances, lending, customer identity, as well as information distribution, can be done through blockchain.
“There are quite a few low-hanging fruits, but there are other more complicated products and services that can have blockchain as a backbone infrastructure,” he added.
As more banking processes are operated using blockchain, Mr. De Vera said this can promote financial inclusion among unbanked Filipinos.
“Every Filipinos can now have access to low-cost and efficient money transfer service because of the blockchain. That becomes so compelling,” he said, citing UnionBank’s Project i2i initiative.
Project i2i is a blockchain-based transaction and payment system which connects rural banks into a financial network. It has the capability to push connectivity among the small-scale lenders, as they do not have the capability to join big clearing houses and are conducting their processes manually.
“We (UnionBank) are really embracing it and we’re trying to figure out how we can use blockchain for the banking community internally and externally,” Mr. De Vera noted.
Based on the latest Consumer Finance Survey of the Bangko Sentral ng Pilipinas, only two out of 10 families have been saving money in banks.
Aside from the banking industry, Mr. De Vera noted that blockchain can be used in other sectors such as healthcare, insurance, logistics and shipping among others. — Karl Angelo N. Vidal

France weighs how to return Africa’s plundered art

PARIS — Half-man, half-beast, the tall African statues dominate a busy gallery in Paris’s Quai Branly museum. But few of the visitors are aware they are looking at what might be considered stolen goods.
The three imposing wooden carvings were plundered by French troops in 1892 from the kingdom of Dahomey — modern-day Benin.
“I came here to learn about how these objects were intended to be used, more than how they were brought here,” said Michael Fanning, a student from New Orleans, peering up at the statues.
“But it does make me think we should give them back to whoever made them.”
From London to Berlin, Europe’s museums are packed with hundreds of thousands of colonial-era items. Increasingly, they are facing the awkward question of whether they should be there at all.
The “Scramble for Africa,” as Europe’s 19th century land grab came to be known, brought with it a clamor for trinkets from conquered territories, so exotic to the eyes of the colonizers.
Bought, bartered, and in some cases simply stolen by soldiers, missionaries, and anthropologists, they ended up in museums and private collections all over Europe.
The controversy is hardly new, nor does it concern Africa alone.
Star lawyer Amal Clooney, wife of Hollywood actor George, has advised Athens on its bid to reclaim the Parthenon marbles, vast sculptures which have been in Britain since the 1800s.
The massive Koh-i-Noor diamond, part of Britain’s crown jewels and claimed by India, Pakistan, Iran and Afghanistan, is another spectacular example.
But in Africa, a speech by French President Emmanuel Macron has spurred hope that things may be about to change.
“Africa’s heritage cannot just be in European private collections and museums,” Macron said in Burkina Faso in November.
He charged two experts with working out how to give African artefacts back within five years, prompting speculation that museums across Europe could be pressured to follow suit.
“Suffice to say that he’ll have made European curators quake in their boots,” said Pascal Blanchard, a historian of French colonialism.
TANGLE OF PROBLEMS
French art historian Benedicte Savoy, one of the experts appointed by Macron along with Senegalese writer Felwine Sarr, described her new job as “a hell of a challenge.”
Museums have long wrestled with a tangle of legal and ethical problems concerning who really “owns” such objects.
Even in well-documented cases of pillaging, the law often prevents countries from giving them back.
Last year France flatly refused Benin’s bid to reclaim its treasures, saying they were exempt from seizure as state property.
European conservationists have also raised practical concerns, worrying artefacts could be stolen or handled improperly if given to inexperienced museums in politically unstable countries.
Blanchard said countries like Nigeria, with well-established museums, had “all the ingredients for solid restitution claims.”
But others as poor as Chad “do not currently have the museums and cultural heritage services capable of restoring and displaying these objects,” he said.
‘THESE OBJECTS BELONG TO US’
Yet many African officials say these treasures should be at home, attracting tourists and boosting national pride.
Few cases inspire more outrage than the Benin bronzes, hundreds of exquisite metal plaques seized in 1897 by British troops from the Kingdom of Benin, in modern-day Nigeria.
Most are now in the British Museum and the Ethnological Museum of Berlin.
For Crusoe Osagie, spokesman for the governor of Nigeria’s Edo State, it is simply wrong that his children must go to Britain or Germany to see their heritage in a glass-fronted cabinet.
“These objects belong to us and were forcefully denied to our possession,” he told AFP.
As for suggestions that Africans might not look after such objects, he finds the idea insulting.
“It’s like asking me how to look after my child,” he said. “We are ready to look after them with great care.”
ECHOES OF NAZI LOOTING
Some colonial-era artifacts have been handed back over the years on an ad hoc basis, and UN cultural agency UNESCO has mediated successfully in several disputes since the 1970s.
European and US museums have also been meeting with Nigerian officials since 2007 seeking a solution for the Benin bronzes, but with few results.
The idea of loaning the bronzes, as well as Ethiopian items displayed in Britain, has been floated, but some African officials are affronted by the suggestion of “borrowing” what they see as their own property.
For want of better solutions, many museums are simply trying to approach the issue more sensitively.
German museums have taken a lead — mindful of their previous experience with Jewish-owned artworks looted by the Nazis.
At Berlin’s new Humboldt Forum, labels are set to include details of how colonial-era items came to be in the collection.
And Hamburg’s MKG museum is running an exhibition which focuses not so much on its three Benin bronzes, but the fact that they were looted.
Its curator Silke Reuther said visitors appreciate the museum’s honesty.
“We are not afraid to show something which is not a beautiful story,” she said. — AFP

MGen wants renewable energy capacity at 20%

MERALCO PowerGen Corp. (MGen) targets renewable energy to account for at least 20% of its attributable capacity in the coming years even as the company is looking at the coal-fired power plants being sold by the Ayalas’ energy unit.
Siguro (Maybe) in the next three to four years at least 500-600 megawatts ang gusto naming i-develop (are what we want to develop),” said Rogelio L. Singson, MGen president and chief executive officer, told reporters.
“It (renewable energy) should be at least 20-30% of the MGen capacity,” he added.
Mr. Singson said solar has a “very strong potential in Luzon” amid a tighter window for coal-fired power plants.
The MGen CEO said he has looked at some of the stranded solar farms that failed to make it to the government’s feed-in-tariff (FiT) scheme.
“They’re telling us, you want our solar farm, we want to joint venture with you, what kind of PSA (power supply agreement) can we expect. Tiningnan namin lahat ng ino-offer sa amin (We’re looking at everything that’s offered to us),” he said, adding that the benchmark rate for solar capacity is at P2.98 per kilowatt-hour.
“We’re hoping that battery will come into play within the next five years. We’re seriously looking at the development of battery,” he said.
Mr. Singson also said that MGen was evaluating the coal-fired power plants being offered by AC Energy Holdings, Inc.
Earlier this month, Ayala-led AC Energy said it was looking for buyers for as much as half of its thermal energy platform to raise capital to support the company’s regional growth and balance its renewables and thermal portfolios.
“First of all, the assets being disposed are coal and if we look at the market outlook, the window for coal is very very tight,” Mr. Singson said, adding that the outlook for renewables is becoming “very very strong.” — Victor V. Saulon

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