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ACEN plans up to P30-B stock rights offer by September

Arayat-Mexico Solar Farm, Pampanga — acenrenewables.com

AYALA-LED energy company ACEN Corp. said it plans to raise up to P30 billion through a stock rights offering (SRO) to pay off debt and fund its renewable energy (RE) projects.

The indicative price of the SRO is a minimum of P2.30 per share, ACEN said in a regulatory filing on Wednesday. The planned issuance secured board approval on the same day.

“The expectation is we would like to get it done by September,” ACEN Chief Financial Officer and Chief Strategy Officer Jonathan Back said during a media briefing in Makati City.

“It is to support the continued expansion of our renewable projects. And then, for flexibility, we also put down some use of proceeds, which is potentially also to pay down debt,” ACEN President and Chief Executive Officer Eric T. Francia said separately.

The primary common shares for the SRO will come from ACEN’s current unissued common shares and an increase in authorized capital stock. ACEN secured stockholders’ approval on Wednesday to increase its authorized capital stock by P10 billion to P58.4 billion.

“The increase in authorized capital stock was to allow fresh equity raising, an SRO of up to P30 billion,” Mr. Francia said.

The energy company said its principal shareholders, AC Energy and Infrastructure Corp. and Arran Investment Pte Ltd., have both indicated support for the SRO and plan to subscribe to their pro-rata shares, subject to the final terms of the issuance.

ACEN Chairman Cezar P. Consing said during the company’s annual stockholders’ meeting that there is momentum in key markets such as the Philippines, Australia, and India.

“We have 1.2 gigawatts of renewable energy projects with signed agreements expected to reach financial close within the next 12 to 18 months,” Mr. Consing said.

“While the global renewable energy sector has faced headwinds, including the prospect of elevated interest rates and shifting energy policies — particularly in the United States — we believe the sector’s long-term fundamentals remain intact,” he added.

For 2024, ACEN Corp. posted a 27% growth in attributable net income to P9.36 billion, as revenue increased by 2.2% to P37.3 billion, led by higher generation output.

Meanwhile, ENEX Energy Corp. Chairman Gerardo C. Ablaza, Jr. said in a separate annual stockholders’ meeting that the company’s planned 1,100-megawatt combined-cycle gas turbine project in Batangas is awaiting the launch of a competitive selection process.

The project is being undertaken by Batangas Clean Energy Inc., a joint venture between ENEX and Gen X Energy LLC.

“The project is awaiting the launch of a competitive selection process in order to secure a long-term offtake agreement — a key step toward construction and development,” he said.

ENEX is a unit of ACEN that explores for crude oil and natural gas.

On Wednesday, ACEN shares fell by 7.86% or 22 centavos to P2.58 apiece, while ENEX shares improved by 2.63% or 10 centavos to P3.90 each. — Revin Mikhael D. Ochave

PLDT launches Sta. Rosa data center, finalizes 12th site in Cavite

PRESIDENT FERDINAND R. MARCOS JR. and PLDT Chairman Manuel V. Pangilinan lead the inauguration of VITRO Sta. Rosa (VSR), the country’s first hyperscale data center built specifically for artificial intelligence (AI) workloads. Joining them at the ceremonies are Victor S. Genuino, ePLDT & VITRO Inc. president; Secretary Cristina Roque of the Department of Trade and Industry, Secretary Henry Rhoel Aguda of the Department of Information and Communications Technology, and City of Sta. Rosa Mayor Arlene Arcillas.

PANGILINAN-LED PLDT Inc. said it is moving closer to building its next and largest data center following the inauguration of its 11th facility in Sta. Rosa, Laguna on Wednesday.

“We do intend to expand our data center capacity to up to 500 megawatts (MW). We have to be at least equal to the capacity of Malaysia… You have our pledge to make the Philippines a data center hub,” PLDT Chairman Ma-nuel V. Pangilinan said during the inauguration of the VITRO Sta. Rosa (VSR) data center on Wednesday.

VITRO Sta. Rosa is said to be the country’s largest data center campus, situated on a five-hectare lot in Sta. Rosa, Laguna. The facility has a capacity of up to 50 MW. In total, ePLDT’s VITRO data centers have an aggregate capaci-ty of nearly 100 MW.

VITRO, Inc., the data center arm of the PLDT group and a subsidiary of ePLDT Inc., now operates 11 data centers across the Philippines — including in Makati, Taguig, Pasig, Parañaque, Subic, Clark, Cebu, and Davao — with a combined capacity of nearly 100 megawatts, supporting enterprise and hyperscale demand as the company eyes further expansion.

ePLDT President and Chief Executive Officer Victor S. Genuino said the company has finalized the site for its 12th data center.

“Metro Pacific Investments Corp. (MPIC) has a lot in General Trias, that is 20 hectares. So, we could use at least up to 10 hectares of that [for our next data centers],” Mr. Pangilinan said.

The company’s next data center will be built in General Trias, Cavite, and will have a capacity of up to 100 MW — double that of VITRO Sta. Rosa.

Construction is scheduled to begin in 2026 and is expected to be completed by 2028, Mr. Genuino said, adding that the facility’s capacity will be scaled up in phases, starting at 20 MW.

ePLDT’s VITRO Sta. Rosa is designed for energy efficiency and incorporates the latest innovations in cooling and power redundancy. It also features high network reliability, with at least three fiber routes from PLDT and other telecommunications providers.

PLDT’s Laguna data center is equipped with NVIDIA-powered GPU servers, enabling it to support artificial intelligence (AI) capabilities.

“As AI adoption accelerates globally, VSR strengthens the Philippines’ bid to become a regional hub for digital innovation. It supports the country’s ambitions to attract global investment, foster local tech development, and drive economic growth,” PLDT said.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

PAL eyes wider international footprint under new president

Richard Nuttall

PHILIPPINE AIRLINES (PAL), operated by PAL Holdings, Inc., has appointed British aviation executive Richard Nuttall as its new president, a move aimed at accelerating the airline’s international expansion and driving “sustainable growth.”

“Appointing Richard Nuttall to Philippine Airlines is an important part of our medium-term and long-term strategy of building a robust management team and growing our business internationally,” said PAL Holdings President and Chief Operating Officer Lucio C. Tan III.

“As president, he will play an active role in bringing a global dimension to the Heart of the Filipino, and I look forward to working closely with him in the days and months ahead,” he added.

Mr. Nuttall’s appointment will take effect on May 29, the airline said in a statement on Wednesday.

“I am confident that he will create and develop sustainable growth for PAL,” PAL Chairman and Chief Executive Officer Lucio C. Tan said.

“Stabilizing and enhancing the company’s financial performance is paramount. PAL recently emerged from financial struggles, and Mr. Nuttall will need to ensure sustainable profitability,” said Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce in a Viber message.

Mr. Nuttall previously served as the chief executive officer of SriLankan Airlines, where he oversaw the carrier’s return to operational profitability.

He also served as an executive board member of the SkyTeam Alliance, working on the reform of the Alliance’s governance to advance airline collaboration.

“Having a new airline president with much experience in establishing international airline destinations should be a boost for PAL. I think our local airlines have more or less provided most of the needed local connectivity. It is time they ven-ture to establish more international destinations for our people to travel to,” said Nigel Paul C. Villarete, senior advisor at technical advisory group Libra Konsult, Inc., via Viber.

Currently, PAL operates a global network of nonstop flights out of hubs in Manila, Cebu, Clark, and Davao to 31 destinations in the Philippines and 37 destinations across Asia, North America, Australia, and the Middle East.

PAL said the company’s current president and chief operating officer (COO), Stanley K. Ng, will assume a new role as vice-president of PAL Holdings, Inc. and a member of the company’s board of directors.

PAL said Mr. Ng’s appointment at its parent company is expected to provide the flag carrier with strategic direction and vision in bringing the airline to a new level of service and profitability.

Further, PAL said its general counsel, Carlos Luis L. Fernandez, will also take on a new role as executive vice-president and chief operating officer effective May 29.

For 2024, PAL Holdings recorded a total comprehensive net income of P10.01 billion, falling by 51% from P20.48 billion in 2023 due to lower revenues for the period. It logged a revenue of P178.01 billion, marking a decrease of 0.62% from P179.12 billion in 2023.

The flag carrier said the decline was due to a decrease in the load factor, which fell to 79.1% last year from 80.8% in 2023, contributing to lower revenues for the period. — Ashley Erika O. Jose

IMI stockholders OK expansion into warehouse, logistics services

GLOBAL-IMI.COM

AYALA-LED chip manufacturer Integrated Micro-Electronics, Inc. (IMI) has secured stockholders’ approval for its planned expansion into warehouse and logistics support services.

The company’s stockholders approved the amendment to the second article of its articles of incorporation during a stockholders’ meeting on April 22, IMI said in a regulatory filing on Wednesday.

“This allows the company to provide additional services such as warehousing and logistics support services, particularly importation, procurement, storage, deposit, and inventory management of goods for subsequent sale, transfer, or disposition to clients, interested establishments, agencies, and/or export enterprises,” IMI said.

IMI has business interests in the production of electronics for the automotive, industrial, power electronics, communications, and medical segments.

“(This is) to consider the additional activities for potential future transactions beyond purely manufacturing and to accommodate requests from customers,” IMI said.

For 2024, IMI reduced its attributable net loss by 53% to $49.79 million from $105.63 million in 2023 following restructuring efforts.

Revenue declined by 17.2% to $1.1 billion as its wholly owned subsidiaries continued to be affected by prolonged recovery challenges in the automotive and industrial markets.

The company previously announced the closure and rationalization of its facilities in California, Malaysia, Singapore, Japan, and Chengdu, China to optimize its global footprint.

IMI shares fell by 6.03% or 14 centavos to P2.18 per share on Wednesday. — Revin Mikhael D. Ochave

Lecheng Sarap

A degustation by the Lechon Diva

WE NORMALLY wouldn’t use a swear word (albeit a mild one) to title a story, but what can we say? We’re using the Lechon Diva’s (Dedet de la Fuente) own words, and we’re at a loss for any others.

JOSEPH L. GARCIA

During the last days of March, Ms. De la Fuente invited a small group from the media (and a few personal friends) for her seventh degustation — her previous ones had similarly sweetly vulgar names: Hayop sa Sarap, for exam-ple; but also quite dignified dinners dedicated to her daughters with Dinner at Tiffany’s, and the Richman’s Dinner for TV host Adam Richman, who paid her a visit.

While having a comical name, last March’s dinner at her Magallanes Village home was serious. Ringing a bell, she commanded attention: “I believe in my heart that Filipino cuisine is our living history. From the resilience of the Katipuneros to the wisdom of our lolas (grandmothers), we have always been very smart in transforming the simplest events.”

On paper, she sounds astounding: the woman took cooking classes with top local chefs Sylvia Reynoso Gala and Reggie Aspiras, and ended up serving her lechon – whole roast pig –to the likes of the late Anthony Bourdain and Martha Stewart. At home, well: when asked about her age, she quipped: “What’s your waistline? That’s my age.” Answered with a lie in the 20s, she gave us a high-five.

We’re glad to know that skill — nay, gifts — can come with a good time. While the names of her dishes were playful, there was serious thought behind each one of them: for example, she thought of cooking them in different vessels. Pots and pans, of course, but also fruit and bamboo.

The table was laden with pig ornaments: now her lucky animal, we guess. Think straw pigs, a pig pitcher, and a sterling silver pig.

OF PINOY SPAGHETTI AND LAING

The meal started out with a platter of appetizers. There was fried chicken skin slathered with Filipino-style spaghetti sauce (the way her daughter eats it at a certain fast food chain; clever, intimate, and had nostalgia in a bite). This was followed by laing (taro leaves cooked in coconut milk) deep-fried like okoy (shrimp patties), and dipped in vinegar from her native Bulacan — this was smart; the last time we had laing, we placed an amount that could fit on our pinky on a spoon and ate it just to please our host; this laing, I could eat every day. This round ended with a Bulaga Ball (named by her daughter): a bread shell wrapped around the bulaga (surprise) ingredient, a balut salpicao. It had a heavy, intense flavor, especially combined with the Mr. Thomas butter (Mang Tomas liver sauce in a bottle, made into a compound butter — our host was a hoot and a half). The heft of the dish also made it strangely com-forting, like a hug from a long-lost aunt.

She didn’t play for the next round: she called this dish, served in a shell, on a plate laden with glass pearls South Sea Pearls. Tapioca pearls, usually reserved for desserts, were slathered in a creamy seafood sauce, topped off with a single scallop. She joked that we should toss our pearl necklace right in the dish, but we were too busy chewing. The sweetish scallop cuts through the richness of the seafood sauce (akin to a palabok, a shrimp sauce used for noodles). The seafood palabok sauce itself had a strong oceanic flavor, unlocking memories of the sea I didn’t know I even had. The dish was clever in reminding one of the native palabok, but presenting it in a way that felt differ-ent and novel.

A Bone Marrow Bite was served next, with pickled onion and fried banana blossom: these gave the rich bone marrow (spread as a mayonnaise) some zing; the same liveliness could be tasted with the Sigarilyas at Ano Pa (winged beans and what else), with dilis (crispy anchovy), cucumber, and pandan gata. This was also sprinkled with native herb Peperomia pellucida (pansit-pansitan), which gave it a nice peppery kick; we like that this salad had a wholly Filipino feel.

She then brought out a bamboo tube, filled with our soup. Taking after the binakol (chicken cooked in coconut water), she cooked clams in coconut water with lemongrass. The sweetish broth also had that uniquely Filipino fla-vor. Despite the sweetness, the broth was clean and sharp as clear glass, so much so that we diners became meditatively silent while sipping the broth. Ms. De la Fuente noticed this and said, “Ang tahimik niyo ha (you’re all so qui-et)!”

She called her next dish Sipit Sarap, but sometimes calls it the Carb Gulong-Gulong (rolling in Filipino; she says that’s so because you’ll be rolling with delight after). This is her interpretation of Crab Alavar from Mindanao, which kept the guests quiet again: that’s two appreciative silences so far.

An Inasal (grilled chicken course) wasn’t quite as expected: she took cues from pineapple fried rice in Asian restaurants and cooked the rice inside a whole pomelo fruit. It came with a ritual: she filled up our bowls with the rice, then placed a pinch of crunchy garlic and annatto-colored chicken fat. This was utterly complex despite being just a rice dish, and it seems no one else can do it like her, so this one will just be a pleasant memory.

She followed this up with another chicken dish, one she called Rebels’ Chicken. This was a Katipunero recipe, when the Filipinos rebelling against Spanish rule went to the mountains to hide from their enemies. The chicken was cooked inside a banana trunk, but we doubt the Katipuneros had her style: the chicken was wrapped and stuffed with herbs like galangal and served with a sauce of muscovado syrup and patis (fish sauce). Despite its rustic origins, this chicken tasted elegant; just like the Hiplog (Hipon and Itlog; shrimp and egg, like a Salted Egg Shrimp) that followed it.

THE LECHON

She wouldn’t be the Lechon Diva without a lechon. A long table was set up in front of ours, and we couldn’t shake off the image of an altar, our host serving as High Priestess of Pork. The lechon was laid out in front of her, which she cut. The lechon was stuffed with Binagoongan (pork cooked in shrimp paste) rice, each element guiding each other. The whole roast pig got the saltiness of its stuffing, the stuffing got the pig’s juic-es. Known in the city and in elegant circles for her truffle rice-stuffed lechon, this Binagoongan version used the recipe from the very first lechon she made.

There was another silence while the guests nibbled. There were only a few noises made after: to ask for seconds (and thirds) and a rude burp (sorry) from this reporter, when Ms. De la Fuente asked if we had a good time. The burp was enough of an answer, and she was pleased. We had called a dinner earlier this year as the best we’ve had, but this degustation blows it out of the water.

Ms. De la Fuente told us in an interview how she started with lechon: she cooked all her life, but really wanted to learn how to make lechon. “I never planned to make it a business. I have friends, and I just loved having them over, because I’m an only child.”

Ms. Aspiras held lechon classes back then, but circumstances always delayed Ms. De la Fuente’s enrollment. Finally, Ms. Aspiras gave in: “Ang kulit mo daw eh (you were so persistent),” Ms. De la Fuente remembers her saying. She stuffed her lechon with rice in case she failed: that way, she’d still have something to eat. But it didn’t fail, and after getting local fame at Our Awesome Planet’s Ultimate Taste Test, and then getting “Tastiest Dish in Asia” from the Chowzter website in London, everybody wanted a piece of her.

She remembers an uncle who used to tease her about her weight: “Napabayaan ka na naman sa kusina (you were left alone in the kitchen again).” Years later, after all the praise and fame, she saw that uncle again. She told him, “Kita niyo? Iyong napabayaan sa kusina, sikat na ngayon (See? I was left alone in the kitchen, and now I’m famous).”

On a serious note, she said, “Never hold back. Opportunities come once in a lifetime. If you let it pass, it’s gone forever.”

She talked about her training: she’s made a name for herself despite not going to some stuffy school. “Not being taught by say, a French school — it has its gifts too. It makes the flavors that we home cooks make, different. It’s like we cook from the heart.”

Even her love of lechon comes from this heart: “Lechon is the food that is always happy — you only have it when it’s a celebration.”

The Lechon Diva can be contacted at @lechon_diva on Instagram for catering, private dining, lechon, or this degustation. — Joseph L. Garcia

The flavors of Hangzhou

Chef Jereme Leung mixes things up with ingredients from his different restaurants’ locations


CELEBRITY CHEF Jereme Leung (who is one of the judges of MasterChef China) is in the Philippines again. The real news here is how much he cares for his restaurants and how he visits each one, and brings ingredients from one place to another.

During lunch on April 21, Mr. Leung gave a preview of his new set menu at China Blue by Jereme Leung at the Conrad Manila.

The meal started with suckling pig stuffed with black glutinous rice and salted egg; deep-fried sea cucumber and shrimp with taro in spicy hawthorn sauce and marinated dehydrated vegetables; and Century Egg with porcini mushroom sauce in a crispy tube. The crispy suckling pig’s skin and its clean flavor provided a contrast with the mushy, earthy rice. The deep-fried sea cucumber was served as a black dumpling, appearing like a little puff of smoke. It was strange and crumbly, but what a spectacle in terms of mouthfeel. The last appetizer, the crispy tube with a Hangzhou peanut crust, was also a contrast in textures with its crispy skin, and was a pleasure, despite it being a bit messy to eat.

The soup, slow-boiled yellow croaker stock with water bamboo shoot and black fungus, according to Mr. Leung, was a traditional hangover cure. It had an opaque broth (which reminded one of sinigang, a local sour soup), dense and restorative in its taste.

The next course was a slow-cooked duck leg with pickled olive dark sweet soy glaze, arguably the meal’s star. Chinese olive leaves are sprinkled on top of the rich duck, all shiny and savory in its glaze. The Chinese olive leaves give the dish an edge: they taste what an unlit cigar smells like, fragrant but powerful.

This was followed by steamed spinach egg custard with seared US scallop in dry scallop pickled ginger sauce; mild and delicate. The poached flat noodle with fresh crab meat, fragrant shallots and spring onion sauce was a real treat with the bouncy noodles and the excellent play in textures.

Dessert was almost too pretty to eat: a tree made out of chocolate with cotton candy foliage and pandan sponge and raspberry ice cream.

The last time we met Mr. Leung, he concentrated on ingredients from Yunnan. This time, he’s bringing in a few from Hangzhou. “Hangzhou is one of the most livable cities in China,” he noted in a group interview. “(With) the four seasons, you get different ingredients. It’s really quite wonderful.”

Mr. Leung will be opening four restaurants in two years, including the second China Blue in Conrad in Kuala Lumpur. This means that he will have another source of ingredients.

At his restaurants abroad, when he holds special meals like this, he brings ingredients from one place to another: the Philippines has given him coffee beans and mangoes. “We try and interchange ingredients for the cities where I have my restaurants,” he said. “We want to infuse the menu with more innovative ideas through ingredients.”

Diners will have the opportunity to meet Chef Leung personally from April 22 to 24. The exclusive multi-course set menu (P6,588 net) is available for lunch (11 a.m. to 2:30 p.m.) and dinner (6 to 10 p.m.), daily from April 22 to April 30. For inquiries and reservations, call 8833-9999, 0917-650-4043, or e-mail MNLMB.FB@ConradHotels.com. — JL Garcia

Young, skilled workforce to drive AI adoption in the Philippines

PHILIPPINE STAR/BOY SANTOS

ARTIFICIAL INTELLIGENCE (AI) adoption in the Philippines has gained ground and will continue to grow, driven by the country’s young and skilled workforce, according to technology consulting firm Searce.

However, regulators and companies must put in place various safeguards to ensure the responsible use of AI-driven technologies.

“There is traction in the adoption of AI for sure, and the Philippines is at a slight advantage in AI adoption compared to its regional and global counterparts. One major strength is our human capital, with over 700,000 STEM (Science, Technology, Engineering, and Mathematics) graduates produced annually and a leading outsourcing industry of approximately 1.3 million workers. Government support, highlighted by the 2021 National AI Roadmap, outlines strategies for integrating AI across various sectors,” Ferdi Saputil, Searce country director for the Philippines, said in an e-mail.

“We stand out in Southeast Asia with an open cloud policy, unlike Vietnam and Indonesia, which impose stricter data localization laws. This openness fosters broader access to cloud services and innovation. Additionally, our youthful population, with a median age of around 25, quickly adopts technology, evident in the rapid growth of fintech companies,” Mr. Saputil added. “While Singapore leads in government investment and regulation, it faces higher costs and a smaller talent pool compared to the Philippines. Although Vietnam excels in math education, the Philippines benefits from better English proficiency and service-oriented capabilities.”

To build on these competitive advantages, the Philippines must improve its internet infrastructure and data protection frameworks, he said.

There are also concerns about brain drain among top tech talent in the country, Mr. Saputil said.

“Addressing these issues while leveraging our strengths will be essential for advancing AI adoption in the country,” he said. “In the coming years, there are significant opportunities for growth and innovation as AI integration becomes more critical.”

According to Searce’s 2024 State of AI report, 51% of companies still fall short in their AI adoption due to managerial and cultural barriers. Some 41% of firms have also been held back by technical limitations like insufficient infrastructure and expertise.

These highlight the importance of building an AI-driven culture among organizations, Mr. Saputil said.

“Organizations often resist change due to a lack of understanding of AI and its benefits. Additionally, decision-makers may be hesitant to invest in new technologies without a clear understanding of the return on investment. To address these barriers, companies need to foster a culture of education and practical usage around AI, improving managerial understanding and encouraging open communication about the benefits of AI adoption,” he said.

“Many organizations are also battling with perceptions that AI will replace humans and displace jobs, when in reality, it’s about utilizing AI to enhance the work that humans do, and which can then elevate their roles towards more value-added tasks. Ultimately, the transformation mindset must shift from “AI is doing this” to “AI helps me do this,” signifying a deep-rooted cultural adaptation that will drive AI adoption forward and allow firms to fully realize its potential in enhancing their business operations.”

Philippine enterprises should also consider adopting a hybrid approach to AI adoption or using proprietary tools for general applications while tapping AI for specialized functions to allow them to customize these technologies according to their needs, Mr. Saputil said.

Having strong regulatory and governance frameworks will be key for responsible AI deployment in the country, he added.

“Moving forward, the Philippine government should consider introducing regulations that enforce data residency requirements and establish mechanisms for mapping and tracking the flow of information. Moreover, implementing technical safeguards to prevent unauthorized cross-border data transfers is essential, particularly when organizations are using various AI services to train their models. By putting these measures in place, firms can build a robust, compliant AI ecosystem that reassures users and stakeholders alike.” — Beatriz Marie D. Cruz

DoE recalls clearance for MGen’s Atimonan coal plant for further review

Toledo Power Co.

MERALCO PowerGen Corp. (MGen), the power generation unit of Manila Electric Co. (Meralco), said the Department of Energy (DoE) has recalled its previous approval that exempted the company’s 1,200-megawatt (MW) Atimonan coal-fired power projects from the 2020 coal moratorium.

“MGen received official communication from the DoE that the Acknowledgement of Non-Coverage for Atimonan One Energy, Inc.’s 1,200-megawatt power plant that it previously issued is being recalled for further review, pursuant to government’s policies and programs,” Meralco said in a stock exchange disclosure on Wednesday.

This follows a statement by MGen President and Chief Executive Officer Emmanuel V. Rubio on Tuesday that the company’s 1,273-MW coal-fired power plants were exempt from the 2020 coal moratorium. The Energy department issued the moratorium on the development of new coal-fired power plants as the country sought to reduce its dependence on coal.

The supposed exemption from the coal moratorium means that the Energy department had approved the construction of the 1,200-MW Atimonan plant in Quezon and the 73-MW Toledo project in Cebu.

“These projects are considered critical baseload facilities essential to ensuring the delivery of reliable and affordable electricity to consumers, and MGen looks forward to the conclusion of the DoE’s further review,” Meralco said.

The confirmation for the Atimonan plant is subject to the condition that the company will commit to discontinue the use of coal as fuel by 2050. As a result, the company is considering ammonia as one of the viable replace-ments for coal.

Atimonan One Energy, Inc. (A1E), a subsidiary of MGen, initially proposed to develop a 1,200-MW ultra-supercritical coal-fired power plant at the project site under the environmental compliance certificate issued in 2015.

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

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

Philippine Seven taps Lark for efficiency across 4,100 stores

PHILSTAR FILE PHOTO

LISTED Philippine Seven Corp. (PSC) is streamlining operations in support of its nationwide expansion efforts after partnering with enterprise collaboration platform Lark.

Under the partnership, PSC will adopt Lark’s tools — ranging from messaging and video calls to no-code workflow builders — the company said in an e-mail statement on Wednesday.

PSC is the exclusive licensee of the 7-Eleven convenience store brand in the Philippines.

“Partnering with Lark is helping us connect teams faster, cut down delays, and create conditions for better decisions every day. It’s a critical step toward building a more responsive, data-driven organization that delivers on what we promise — both to our people and to our customers,” PSC Operations Division Director Francis Medina said.

PSC said the adoption of Lark will support efficiency and improve coordination across its 4,100 stores nationwide. The company aims to open 500 additional 7-Eleven branches this year.

Founded in 2016, Lark offers a unified platform that combines features such as messaging, schedule management, and online collaborative documents.

PSC shares declined by 0.89% or 50 centavos to P55.60 apiece on Wednesday. — Revin Mikhael D. Ochave

Economic output gains from AI likely to outweigh emissions cost, says IMF

REUTERS

ECONOMIC GAINS from artificial intelligence (AI) will boost global output by around 0.5% a year between 2025 and 2030, outweighing the costs of rising carbon emissions by the data centers needed to run AI models, the International Monetary Fund (IMF) said on Tuesday.

An IMF report released at its annual spring meeting in Washington nonetheless noted that those output gains would not be shared equally across the world, and called on policymakers and businesses to minimize costs to broader society.

“Despite challenges related to higher electricity prices and greenhouse gas emissions, the gains to global GDP (gross domestic product) from AI are likely to outweigh the cost of the additional emissions,” it said.

“The social cost of these extra emissions is minor compared with the expected economic gains from AI, yet it still adds to the worrisome buildup of emissions,” it said in the report titled “Power Hungry: How AI Will Drive Energy Demand.”

Takeup of AI is seen driving a surge in demand for energy-intensive data processing power in coming years, even as the world struggles to keep promises on reducing carbon emissions.

The IMF report noted that the space dedicated to server-filled warehouses in northern Virginia, which has the world’s largest concentration of data centers, was already roughly equivalent to the floor space of eight Empire State Buildings.

It estimated that AI-driven global electricity needs could more than triple to around 1,500 terawatt-hours by 2030 — about the same as India’s current electricity consumption and 1.5 times higher than expected demand from electric vehicles over the same period.

The carbon footprint of that rise will in part depend on whether tech firms can keep promises to slash emissions from data centers by increased use of renewables and other means.

COULD AI LEAD TO ENERGY EFFICIENCY GAINS?

The IMF estimated that strong takeup of AI would, under current energy policies, mean a global cumulative increase of greenhouse gas emissions of 1.2%, between 2025 and 2030. Greener energy policies would limit that increase to 1.3 Gt, it estimated.

Using a figure of $39 per ton to quantify the social cost of those emissions, it put that extra cost at $50.7 billion to $66.3 billion — smaller than the income gains associated with the 0.5% point annual boost to global GDP it said AI could yield.

Independent analysts say the economic and environmental impact of AI will depend to a large extent on how it is put to use — and notably whether it can lead to efficiency gains in energy use or more sustainable overall consumption patterns.

The Grantham Research Institute on Climate Change and the Environment said it could even lead to an overall reduction in carbon emissions if it accelerated advances in low-carbon technologies in the power, food and transport sectors.

“But market forces alone are unlikely to successfully drive AI’s application toward climate action,” said Grantham policy fellow Roberta Pierfederici.

“Governments, tech companies and energy companies must play an active role in ensuring AI is used intentionally, equitably and sustainably,” she said, citing the need for R&D funding and policies to address inequalities exacerbated by AI advances. — Reuters

Fresh from the vineyard: More varieties of Aussie grapes now in the Philippines

AUSTRALIA’S largest fresh fruit exporter is their table grape industry. The Philippines, its 4th top destination, received over 8,500 tons of Australian grapes in 2024, media guests learned at an April 8 merienda at Quezon City’s Grapevine Restaurant.

The event also provided an up-close and personal look at the four varieties of Australian grapes available on the Philippine market.

“This season’s grapes are among the finest we’ve ever exported,” said Jeff Scott, Australian Table Grape Association (ATGA) chief executive officer. Spread out among cold cuts, cheese, and wine, guests were invited to pick from the many bunches to test this out.

While they couldn’t quantify the increase in volume from the previous harvest, the “warm sunny days, cool nights, and well-timed rainfall” were cited as the reason behind the better quality of grapes this season. “They’re crisp, sweet, and full of flavor — everything Filipino consumers expect from premium Australian fruit,” said Mr. Scott.

Filipinos can expect to find long-time favorites. There’s Autumn Crisp, a firm, giant green variety with crisp skin, bursting with mild flavor and a subtle hint of muscat. There’s the even-sweeter Candy Dreams, a small-to-medium-sized seedless black grape that is satisfyingly juicy.

New to the guests was the Ralli Seedless, redder in color and softer than the other two. But the scene-stealing variety was the Cotton Candy, characterized by its green color and the elongated shape of the berries. Most notable is how it tastes exactly like its namesake, a pleasant surprise for those with a sweet tooth.

The ATGA said that they are launching an in-store promotional campaign across major Philippine retailers: The Marketplace, Shopwise, Robinsons Supermarket, S&R, Landers, Metro Supermarket, and Joel’s Place.

The goal of these sampling activities is to relay “more information about the taste, origin, and quality of Australian grapes.”

“We are proud to continue strengthening Australia’s close ties with the Philippines. We hope these campaigns and investments in the market showcase how important the Philippines is as a trusted trade partner of Australia,” said Luisa Rust, senior trade and investment commissioner of the Australian Trade and Investment Commission (Austrade) in Manila.

She added that there is “a real curiosity in the Philippines for new taste experiences, especially in the fresh produce aisle.”

Both ATGA and Austrade expect continued growth in terms of exporting Australian table grapes to the Philippines. The four varieties presented will be available in leading supermarkets nationwide. — Brontë H. Lacsamana

With his boots on

Malacanang Photo Bureau

That is how the late Pope Francis ended his 12-year papacy. And what an end that was — making it the envy of any leader who hopes to leave a lasting mark.

No finish could have been more apt for this reformer, who had graced — with visibly great effort amid his clearly weakened state — the Easter public gathering of the faithful at St. Peter’s Square some hours before he died of a stroke and heart failure at 7:35 a.m. (Rome time) on Easter Monday.

I will leave it to historians, theologians, philosophers, and other experts to further parse his four encyclicals, seven exhortations, as well as several motu propio, letters, homilies, speeches and other writings for deeper insights into his messages.

But even an ordinary Christian with less doctrinal education like me can draw a lesson or two from Pope Francis’ example for anyone who seeks to be more effective as a head of an organization and/or a family.

LEADING BY EXAMPLE
So, here goes:

First: he walked the talk.

From the start of his papacy in March 2013, Pope Francis backed with concrete actions his focus on bringing the Church closer to marginalized sectors of society: from adopting a simpler taste in daily wear (e.g., preferring orthopedic shoes to the red Papal shoes), to riding a more modest car, to eschewing protocol and the trappings of office at times (to the chagrin of his aides and security personnel, I’m sure), to simplifying the ceremony for papal funerals, to inviting manual laborers and the homeless for meals with him, as well as to visiting prisons and washing the feet of inmates on Holy Thursdays.

His papacy reminded me of that timeless principle of leading, first and foremost, by example from the front. Personally, I have found precious few leaders who demonstrate: “This is how it is done.”

Second: he was single-minded in his mission to the end.

Judging from his public actions and personal accounts of those who dealt privately with him, Pope Francis was a man on a mission 24/7 and at every waking moment within that time frame.

He exhibited this constant bias and dogged commitment when — even as a wheelchair-bound 88-year-old — he undertook a grueling 12-day journey across Southeast Asia and Oceania in September last year (“Who does such a thing at that age?” I wondered to myself then). He went on 47 “apostolic journeys” covering 68 countries in his 12 years as Pope. He resumed work whenever he could during his last hospital confinement (giving the impression that, finally, he was out of the woods), and ignored his doctors’ order of taking two months of convalescence after recovering last month from double pneumonia, diving headlong back into pastoral work (which probably sped up the deterioration of his health).

HORNETS’ NEST
Third: any organization — including the Church — can be improved, but reform always entails disruption and discomfort.

Each Pope is called to face the specific challenges of a time in history. In my view, St. Pope John Paul II addressed certain political, economic, and social questions (and was instrumental in ending communism in much of the world), Pope Benedict XVI — who is considered as one of the Church’s greatest theologians — elaborated on more points of doctrine in relation to pressing socioeconomic issues in order to strengthen the foundation of faith, while Pope Francis showed that doctrinal soundness necessarily goes hand-in-hand with compassion.

That’s right: it turns out that — contrary to some expectations and perceptions — this Pope did not change an iota of doctrine. So, where some observers pit one papacy against another, I see continuity amid differences.

But Francis did press on an equally important point which, sadly, has been sorely lacking even in some folks who have devoted their lives to God. Simply put: he put heart back into the Church, showing that doctrinal soundness is incom-patible with coldness (meaning, if one were superficially concerned with the less fortunate, the ostracized or the oppressed, then something is just so very fundamentally wrong with his/her faith).

The basis is simple: Jesus himself said that the greatest of all virtues is charity (love of God and neighbor), and the apostle James wrote: “If a brother or sister has nothing to wear and has no food for the day, and one of you says to them, ‘Go in peace, keep warm, and eat well,’ but you do not give them the necessities of the body, what good is it? So also faith of itself, if it does not have works, is dead,” while the “apostle to the gentiles,” Paul, wrote to the Corin-thians, saying: “Though I speak with the tongues of men and of angels, and have not charity, I am become as sounding brass, or a tinkling cymbal” (okay, I had to look those up).

Thus, Pope Francis described the Church as “a field hospital” where all those wounded in the battles of life could heal, rather than as a fortress under siege.

At the same time, this Pope (and his predecessors as well) reminded us that Christianity does not lend itself well to convenience (have you heard of a hospital that was comfortable for health workers on duty?) This is noth-ing new; as the author C.S. Lewis, wrote: “If you want a religion to make you feel really comfortable, I certainly don’t recommend Christianity.”

But in pressing on this aspect of the Church to the point of treading a fine line with doctrine, this Pope also ruffled the feathers of some otherwise well-intentioned folks within, leading to observations of a Church divided between “conservatives” and “liberals.”

All Pope Francis had done was to go back to the basics: How can the Church address disaffection within its ranks as well as reach out to the peripheries? And as many an expert would prescribe: the first thing that any com-pany/organization in crisis (e.g., as the pandemic struck) should do is to remember why it was formed in the first place.

He sought to make a 2,000-year-old institution that is the Church, which has ossified in some parts, agile in the face of emerging (and some nagging) challenges.

Thus, besides testing new procedures like the much-maligned “synodality” (basically, consulting the laity on issues facing the Church which, some fear, could dilute authority of the hierarchy and lead to unwarranted changes in doctrine), this Pope had also asked many of the Church’s orders and other organizations to return to each one’s original charism in order to be more effective in their missions amid changing realities.

He had other struggles elsewhere, dealing with high-profile sexual abuse cases, signs of financial mismanagement in some corners of the Vatican, and calling for an end to conflict in places like Palestine, Ukraine, and Sudan.

If anything, I would credit Francis with an uncanny knack of deftly treading the fine line between pushing the boundaries of reform (so that the Church can carry out its mission better) and actually altering doctrine.

One clear lesson from his pontificate: doing what is right does not involve a popularity contest, and is likely to stir a hornets’ nest among those who need to adjust.

‘THROUGH FIRE’
Finally: a country with one of the worst income gaps in Asia and a persistently high poverty rate can hardly afford to leave this issue to government alone (although appropriate policies and a more energetic campaign against graft and corruption are, hands down, indispensable key ingredients in this fight).

A number of Pinoys (many unknown) realized as the pandemic struck that it was all-hands-on-deck in the race to provide for those who did not have the means to survive those conditions. Thus, “community pantries” pro-liferated nationwide. To be sure, it was not a duty of Christians alone, as I recall a social media post of one Muslim saying that it was his “jihad” to do so for those worst affected in his community.

One of the most uncomfortable messages which Pope Francis left us when he visited the Philippines in January 2015 went something like: “There is a worldly compassion that is useless… It’s a compassion that makes us put our hands in our pockets and give something to the poor. But if Christ had had that kind of compassion, he would have just greeted a couple of people, given them something, and then walked on…”

And since there is strength in numbers, I would argue that this prescription is even better accomplished by a group, i.e., by a business or organization. While several mid-sized and big enterprises carry out some form of corporate social responsibility (CSR) activity — with the more innovative among them graduating to creating shared value (CSV) by aligning business goals with the needs of surrounding communities — small counterparts may consider doing the same as well even if on a more limited scale.

Those who go the extra mile in “giving back” this way do reap benefits, including building support within the community for one’s business as well as attracting and keeping young talent, who are known to be on the lookout for jobs that make a difference.

All these quick takeaways from this great man barely contribute to the tons of lessons that will be unearthed from his life.

Francis was not the first Pope to easily draw thousands and, in the Philippines, even millions, who flocked to listen to him, nor will he be the last. It is a feat that politicians undoubtedly envy, especially in the lead up to any election. Unfortunately for them, what makes leaders like this Pope “tick” with the multitudes is something that may well be beyond their grasp.

Those looking for the “Francis recipe” may want to check out the growing number of tributes to this man, the best of which, ironically, come from unexpected quarters. One of my favorites was that of Vinod Sekhar, chairman and chief execu-tive at the Petra Group, who wrote: “I am a Hindu. My God is known by different names. My prayers come in different rhythms. But I would have followed this man through fire.” (https://www.facebook.com/share/p/15BQnprTN4/)

 

Wilfredo G. Reyes was editor-in-chief of BusinessWorld from 2020 through 2023.