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Bolder maritime security forged by Manila and Seoul for the Indo-Pacific region

FREEPIK

In the latest round of the conference hosted by the Stratbase ADRi Institute, “Enhancing Indo-Pacific Security: Philippines-South Korea Cooperation Strategies” on Sept. 20, experts from the diplomatic and defense circles converged to critique the current security architecture in the expanded dynamic region. They aimed to expound on strategies in the geometry of relationships of distressed powers tossed by geopolitics and global defense postures of major and middle powers in the Indo-Pacific region.

While the hegemonic rivalry of “Chimerica” (China and the USA) manifested a chain of reaction in the community of competing neighbors in the region, rooted by the defining “lips and teeth” relations in the Korean Peninsula, Japan’s pacific activism in the Senkaku islands, the “tit for tat” dramaturgy in the South China Sea, and India’s effort to check China in Pakistan — these threat perceptions go beyond Russia’s protracted warfare in Ukraine and the “eye for an eye, tooth for a tooth” in Israel’s conflict with Gaza.

The changing regional alliance system challenges the hub-and-spoke model of constant territorial enlargement coursed through mini-lateral and multilateral approaches in building strategic trust among democratic states. This is where the nexus of calculated interests and collective deterrence are needed in the Indo-Pacific region, fueled by a common threat to elevate freedom of navigation at its highest standard contextualized in the process of maritime rules-based order.

The transformative balance of economic cooperation to maritime security paves the way for stronger bilateral relations between the Philippines and South Korea as the two democratic nations celebrate their 75 years of diplomatic ties. On March 11, the Philippine Senate recognized the enduring friendship and cooperation of Manila and Seoul. In the esteemed commendation formalized by the Senate Resolution No. 946, the Philippines commemorated Manila’s active role in the inter-Korean peace process and reconciliation efforts.

During the Korean War in 1950s, 7,440 Filipino soldiers served in the Republic of Korea to secure the battered peninsula. Seoul is reciprocating Manila’s benevolence by playing a key role in the ongoing modernization of the Philippines’ Armed Forces and becoming one of the country’s largest development partners. The two countries inked a free trade agreement on Sept. 7, 2023 for immediate ratification in South Korea.

Seoul geared up a trilateral pact with Tokyo and Washington on Aug. 18, 2023 in pursuit of the Camp David principles. For its part, Manila has replicated the same mini-lateral template to propel its existing three-sided defense and trade cooperation with Japan and the US which was announced on April 11. This was meant to fortify America’s commitment to a free and open Indo-Pacific region that is connected, prosperous, secure, inclusive, and resilient. But these trilateral pacts will have to evolve into a Northeast Asian quadrilateral arrangement for Japan-Philippines-South Korea-US cooperation amid unpredictability in the upcoming US elections.

South Korea stands as a quasi-island and a product of the Cold War still threatened by North Korea’s massive stock of nuclear weapons and ballistic missiles. Nonetheless, the support it gives to the Philippines to make concrete a grounded self-reliance defense posture, to develop a maiden industrial base in support of maintenance and operations of its procured expensive defense weapon systems and re-engineered military materiel, would grow enough to sustain our two countries’ strategic partnership and defense economics.

Given Manila’s burden of sharing due to its own inherent vulnerabilities in the West Philippine Sea, joint military training and maritime exercises for interoperability are endorsed to unburden like-minded nations on its own external defense. Seoul can offer its stencil for advanced research and development, intelligence gathering and information sharing, and capability building in the dawn of artificial intelligence to the Philippines, aside from South Korea’s advantages in blue ocean economy and coast guard diplomacy.

The rise of new technologies, such as autonomous vehicles and cyber warfare, will certainly create new challenges for maritime security and law enforcement in the region. The physical realities of geography in the Indo-Pacific region can generate acceptable strategic trust to solve specific problems despite constancy of dialogue and diplomacy. This is where the Philippines and South Korea are seen as capacity builders to deter proxy wars and conflicts in the tense region.

By elevating Seoul as Manila’s newest strategic partner, there will be a push for strategic intent to craft a defense deal, similar to Japan’s Reciprocal Access Agreement (that needs to be ratified yet in Tokyo), or perhaps France’s prerogative to sign a Visiting Forces Agreement to join its western allies, in the same league of Canberra and Washington that enjoy military agreements with the Philippines. Recently, Hanoi forged a Defense Cooperation Agreement with Manila to secure a stronger voice for rule-based norms in Southeast Asia.

Through the proposed establishment of Indo-Pacific mini-lateral cooperation, Manila and Seoul can become solution providers to unravel small regional risks and insecurities with greater impact on global security. At the same time, they can strengthen successful regional trilateral cooperation to further develop the mini-lateral mechanisms as exemplified in the intensified Indonesia-Malaysia-Philippines tri-border patrols of the Sulu-Sulawesi Seas. As no conflict can be isolated for itself, there should be goal congruence and dynamic equilibrium for like-minded nations in preserving the new arsenal of democratic values. We need this to increase the appreciation of maritime rules-based order amid changing leaderships in the Indo-Pacific region.

 

Dr. Chester B. Cabalza is a non-resident fellow of the Stratbase ADRi. He is the founding president of the International Development and Security Cooperation (IDSC) and teaches in the graduate school at the University of the Philippines, Diliman (UPD).

SEC: PERA administrators must hold gov’t securities equivalent to 1% of total assets

THE Securities and Exchange Commission (SEC) said that registered personal equity and retirement account (PERA) administrators should hold government securities equivalent to 1% of the book value of their total assets.

The SEC issued Memorandum Circular (MC) No. 14 on Sept. 19, which provided guidelines for the accreditation of market participants offering PERA investment products, pursuant to Republic Act No. 9505, or the PERA Act of 2008, and its implementing rules and regulations (IRR).

“In accordance with the PERA IRR, the SEC guidelines also require registered PERA administrators to hold government securities equivalent to 1% of the book value of the total volume of PERA assets administered or such other amount as the SEC may impose, earmarked in favor of the commission,” the SEC said in an e-mailed statement on Tuesday.

“This will serve as security for the faithful performance of its duties. The amount shall be in addition to and shall be treated separately from the capital, surplus, and undivided profits of the administrator,” it added.

PERA refers to a voluntary saving program that supplements retirement benefits from the state-led Social Security System and Government Service Insurance System. Some of the PERA investment products include a unit investment trust fund and mutual fund.

According to the commission, those eligible to apply as PERA administrators include securities brokers, investment houses, and investment company advisers or fund managers.

On the other hand, investment company advisers or fund managers may register as investment managers.

“Other entities or individuals as may be determined by the commission as having the qualifications to be accredited as administrator or investment manager may also apply,” the SEC said.

To become eligible as a PERA administrator, the applicant must have a net worth of at least P100 million at all times, as well as the technical expertise and personnel to administer all types of PERA investment products.

“The applicant must also submit proof that it has sufficient personnel who have undergone the requisite training prescribed or approved by the commission to educate PERA contributors on the nature of a PERA and the requirements, risks, and benefits of the investment product, among others,” the SEC said.

Meanwhile, those applying as PERA investment managers must have written supervision and control procedures for the conduct of the investment management functions, with proof of at least five years’ experience in professional investment management.

The SEC temporarily reduced the security deposit amount to 0.0% of the book value of the total volume of PERA assets administered to encourage applications as PERA administrators.

Interested applicants must file an application for the issuance of a Qualification Certificate with the SEC Markets and Securities Regulation department. — Revin Mikhael D. Ochave

Treasury fully awards reissued 20-year bonds at lower yields

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it auctioned off on Tuesday at a lower average rate ahead of a cut in banks’ reserve requirement ratios (RRR) and amid expectations of further monetary policy easing at home and abroad.

The Bureau of the Treasury (BTr) raised P25 billion as planned via the reissued 20-year bonds on Tuesday as total bids reached P44.147 billion, or almost twice the amount on offer.

This brought the outstanding volume for the series to P127.7 billion, the Treasury said in a statement.

The bonds, which have a remaining life of 19 years and eight months, were awarded at an average rate of 5.861%. Accepted yields ranged from 5.75% to 5.899%.

The average rate of the reissued papers fell by 33.7 basis points (bps) from the 6.198% fetched for the bonds when they were last awarded on Aug. 28. This was also 101.4 bps lower than the 6.875% coupon rate for the issue.

However, the average rate was 3.3 bps above the 5.828% quoted for the same bond series and 11.6 bps higher than the 5.745% fetched for the 20-year bond at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

The government fully awarded its T-bond offer as the issue’s average rate was lower compared with the level fetched for previous award after the Bangko Sentral ng Pilipinas (BSP) announced that it would cut banks’ reserve ratios in October, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The RRR cut will free up almost P400 billion in liquidity, which banks can lend and put in instruments like government debt, he said.

A trader noted that the average rate fetched for the reissued 20-year bond was close to the 5.583% fetched for the one-year Treasury bill at Monday’s auction despite being a longer tenor.

The BSP on Friday said it will reduce the RRR for universal and commercial banks and nonbank financial institutions with quasi-banking functions by 250 bps to 7% 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 signals of further BSP rate cuts also caused T-bond rates to go down.

Finance Secretary Ralph G. Recto, who sits on the central bank’s Monetary Board, said on Tuesday the monetary authority can afford to slash interest rates further and match the size of the US Federal Reserve’s rate cut, Reuters reported.

“The Fed reduced by 50 basis points. I think we can also do half a percent,” Mr. Recto a told a media briefing.

Inflation would likely ease to 2.5% in September, he said, the slowest in nearly four years, after rising at an annual pace of 3.3% the previous month. Mr. Recto said that could settle at 3.4% this year, within the central bank’s 2% to 4% target range.

Slowing inflation allowed the central bank to cut its benchmark borrowing rate by 25 bps to 6.25% in August, its first rate cut since November 2020, ahead of major central banks, including the Fed.

The Fed started cutting rates on Sept. 18 with a larger-than-usual half-percentage-point reduction, which will likely be followed by a 25-bp cut in both November and December, according to a Reuters poll.

BSP Governor Eli M. Remolona, Jr. had earlier flagged there was room for one more interest rate cut this year. The BSP’s next meeting is on Oct. 17.

Tuesday’s T-bond auction was the last for the month. The government raised the planned P115 billion from long-term papers in September as it made full awards at all its auctions and even made a tap facility award of reissued 10-year bonds worth P5 billion on Sept. 17 amid strong demand.

The BTr has yet to release its domestic borrowing plan for the fourth quarter. — A.M.C. Sy with Reuters

Meta’s AI chatbot to start speaking in the voices of Judi Dench, John Cena, others, source says

NEW YORK — Facebook owner Meta Platforms is planning to announce this week that it has secured deals with actors including Judi Dench, Kristen Bell, and John Cena to give voice to its Meta AI chatbot, a source familiar with the company’s plans told Reuters on Monday.

The new audio feature will offer users the option to select a voice for Meta’s ChatGPT-like digital assistant from a list of five celebrities, who also include Awkwafina and Keegan-Michael Key, as well as several generic voice options, the person told Reuters.

The social media giant is set to announce the audio capabilities at its annual Connect conference, which starts on Wednesday, the person said.

Meta is also expected to unveil a first version of its augmented-reality glasses at Connect this year and to discuss its road map for other hardware devices like its Ray-Ban Meta smart glasses, which last year became its first product to include an audio version of the Meta AI chatbot.

The celebrity voices will start launching in the US and other English-speaking markets this week across Meta’s family of apps, which include Facebook, Instagram, and WhatsApp, the source told Reuters.

Bloomberg first reported earlier this summer that Meta was in discussions with celebrities about using their voices for AI projects.

Meta CEO Mark Zuckerberg posted a promotional video featuring Cena on Instagram last week, showing the two men and several others engaging in stunts while wearing the Ray-Ban Meta glasses.

Meta has been racing to push out generative artificial intelligence products to its billions of users, as it competes against Microsoft-backed ChatGPT maker OpenAI and Alphabet’s Google to dominate the emerging technology. As part of that, the company has been adding capabilities to its chatbot and pushing to make it a more prominent part of the experience of using its apps.

OpenAI showed off a similar audio feature for its chatbot in May, but quickly ran into trouble when actor Scarlett Johansson accused the company of making it sound “eerily similar” to her even though she had declined to lend her voice to the project.

Meta’s assistant is currently capable of engaging in text chats and generating images in response to user prompts. The company last year experimented with bringing star power to the project by launching text-based “character” versions of the chatbot inspired by celebrities like Paris Hilton and Snoop Dogg, although those never appeared to gain traction with users.

Meta has since shifted focus to an AI Studio product that enables content creators on its platforms to create chatbot versions of themselves. — Reuters

Tax compliance creates safeguards in a digital economy

PHILIPPINE STAR/EDD GUMBAN

A survey conducted by Capstone-Intel from Nov. 22 to 29, 2023, involving 1,503 respondents across the country, revealed that nine out of 10 Filipinos are currently using finance applications for their daily transactions, with only 2% of the respondents claiming that they are not using any finance applications. Capstone-Intel Research and Publications stated that local sari-sari (sundry) stores have digital financing options for their customers, implying the need for the National Government to enhance the measures to safeguard the consumers to further ensure the safety of Filipinos.

In another report prepared by the National Strategy for Financial Inclusion 2022-2028 (NSFI) of the Bangko Sentral ng Pilipinas (BSP), it was indicated that as of 2019, 11.5% of internet/mobile phone users used digital financial services (DFS). NSFI predicts that around 50% of internet/mobile phone users will be using DFS by 2028.

Meanwhile, on Aug. 15, the Department of Finance, as recommended by the Commissioner of Internal Revenue, issued Revenue Regulations No. 15-2024 (RR 15-2024), prescribing guidelines on the mandatory registration of persons engaged in online trade or business, among others. RR 15-2024 imposes the following guidelines for registration, among others, as follows:

a.) A person engaged in the sale and/or lease of goods and services through Brick-and-Mortar Stores shall register its head office at the BIR (Bureau of Internal Revenue) district office having jurisdiction over the place of business address. Meanwhile, any branch and/or facility shall be registered with the BIR district office having jurisdiction over the place of business address or location of the branch and/or facility.

b.) A person operating, maintaining or setting up an online presence (within the context of these Regulations) or an online store for its Brick-and-Mortar Store shall register its Store Name with the BIR as an additional “business name” attached to the head office or branch managing or operating the said online store or business, and shall not be registered as branch.

c.) A person engaged in the sale and/or lease of goods and services through website, webpage, page, platform, or application who does not have a Brick-and-Mortar Store shall register at the BIR district office having jurisdiction over the place of residence for individuals or principal place of business registered with the Securities and Exchange Commission (SEC) for juridical entities.

RR 15-2024 also requires the posting of the Certificate of Registration (COR)/ Electronic Certificate of Registration (eCOR) at the place where the business is conducted and at each branch and/or facility in a way that is clearly and easily visible to the public. And for those who do not have a fixed place of business, the COR/eCOR shall be kept in the possession of the holder or at the place of residence or at the head office’s address, if applicable, subject to production upon demand of any internal revenue officer.

In the case of persons/entities that are operating through a website, social media, or any digital or electronic means, they shall conspicuously display their electronic copy of the COR/eCOR on their website, webpage, account, page, platform, or application.

Failure to abide by these regulations may lead to the closure of the business operations through the issuance of a Closure/Take Down Order, which shall not be less than five days, and shall only be lifted upon compliance with RR 15-2024.

RR 15-2024 also imposes the responsibility on the lessors, sub-lessors of commercial establishments/buildings/space, and operators of digital platforms, including e-marketplace platforms to ensure that all their respective lessees and online sellers or merchants are duly registered with the BIR, have a Taxpayer Identification Number, and are duly compliant with the invoicing requirements in accordance with Sections 236, 237 and 238 of the Tax Code.

While tax compliance is the primary objective of these Regulations, the effect includes strengthening the safeguards to consumers transacting in a digital economy. Consumers may reasonably check the identity of the online seller/merchant/business by examining the COR/eCOR required to be posted clearly and visibly to the public.

The views and opinions expressed in this article are those of the author. This article is for general information and educational purposes, and is not offered as, and does not constitute, legal advice or legal opinion.

 

Mary Joy Ann B. Dela Cruz is an associate of the Tax department of the Angara Abello Concepcion Regala Cruz Law Offices.

Megawide sets record and interest payment dates for bond offering

LISTED engineering and infrastructure conglomerate Megawide Construction Corp. has set the record and interest payment dates for its fixed-rate bond offering.

The record and interest payment dates for the company’s Series C, D, and E bonds are on Oct. 9 and 11, respectively, Megawide said in a stock exchange disclosure on Tuesday.

The bonds are from Megawide’s P5-billion fixed-rate bond offering listed on the Philippine Dealing and Exchange Corp. on July 11.

Megawide’s Series C bonds, with a 7.6348% interest rate, are due in three years, while the Series D bonds, due in five years, are at 8.0580%.

On the other hand, the company priced its Series E bonds at 8.4758% due in seven years.

The bond issuance received total tenders of P6.4 billion and was 1.6 times oversubscribed from the base amount of P5 billion.

RCBC Capital Corp., SB Capital Investment Corp., and PNB Capital and Investment Corp. were the joint issue managers, joint lead underwriters and bookrunners for the exercise, with RCBC – Trust and Investment Group acting as trustee.

For the first half, Megawide grew its net income by 21% to P438 million, driven by its construction and real estate businesses.

The company posted P11.4 billion in first-half revenue, up by 2% from P11.16 billion last year, led by the construction segment and the initial contribution of the real estate business.

Megawide’s current projects include the construction of the Malolos-Clark Railway Project Package 1, Metro Manila Subway Contract Package 104, and the modernization of Cebu’s historic Carbon Market District.

On Tuesday, Megawide stocks improved by 1.11% or three centavos to P2.74 apiece. — Revin Mikhael D. Ochave

Pinoy makes ‘green’ aviation sealant from lowly pili tree

JAMES DYSON FOUNDATION YOU TUBE CHANNEL

By Almira Louise S. Martinez

A FILIPINO inventor from Batangas province has created the first locally made aviation sealant from the spent resin of pili trees.

PiliSeal from the indigenous Philippine tree, which is also used in industries like food and perfume, is environment-friendly and safe, Mark Kennedy E. Bantugon, president and chief executive officer at Pili AdheSeal, Inc., said in an interview.

“The smell of sealant in aviation can irritate our respiratory organs,” he told BusinessWorld in Filipino. Unlike the unpleasant smell of other sealants, PiliSeal has a fragrant and “essential oil” smell, he pointed out.

In contrast, the usual aviation sealants are toxic and have a rubber-like smell.

Mr. Bantugon, a licensed aeronautical engineer who also trained under an aircraft maintenance company, said only 10% of extracted raw Pili resin is used as a component in known perfume brands, while the rest goes to trash.

He said 155.39 million kilos of plant waste are produced in the country yearly. About 89 million kilos come from pili, according to the Department of Science and Technology.

Mr. Bantugon, who supports the circular economy, made PiliSeal to combat the health risks of commercial sealants, while making good use of discarded materials.

Pili resin is very sticky, which he found ideal as the key ingredient of his invention.

He added that PiliSeal’s resistance to extreme temperature sets it apart from the others, which either melt or get deformed.

“When you expose PiliSeal to higher temperatures, it only hardens, which is a good characteristic,” Mr. Bantugon said.

Pili farmers will play a vital role in the success of his venture, he said. He seeks to give about 15,000 local farmers a new income stream through his business.

“We have local farming communities who depend on us and believe that we can unleash many opportunities from pili,” he said.

Before discovering pili, Mr. Bantugon tested several types of resin from other trees, like the Antipolo tree.   

Drawing inspiration from his childhood experiences during the rainy season, Mr. Bantugon first created a roof sealant from Antipolo tree resin in high school.

“During those times, our parents forced us to chew bubblegum to cover the leaks in our roof,” he said in Filipino.

Mr. Bantugon said he got about P20 million by participating in dozens of local and global competitions, which he used to develop his creation.

PiliSeal was the first Filipino invention to receive the World Intellectual Property Organization National Award for Inventors. He was also recognized by the United Arab Emirates Ministry of Economy. 

PiliSeal will undergo pilot testing in Australia and Singapore in the last quarter or the first quarter of 2025. Its estimated retail price is P330 to P350 for a 295-ml tube.

Entertainment News (09/25/24)

Filipino-dubbed Inside Out 2 comes to Disney+

THE first Filipino-dubbed film on Disney+ is Inside Out 2, and it features the voice of Filipino celebrity Joshua Garcia in a cameo as Lance Slashblade. Disney and Pixar’s Inside Out 2 will be available in a Filipino dub starting Sept. 25. Mr. Garcia’s participation as lead character Riley’s dramatic anime hero from childhood also marks his first animation dubbing role.

Rey Valera is back to perform at CenterPlay

AFTER a successful sold-out concert last year, Rey Valera returns onstage at CenterPlay in City of Dreams Manila for another one-night only performance on Sept. 26, 9:30 p.m. The singer, songwriter, music director, and film scorer will be performing his hits from the 1970s to the ’80s. These include “Walang Kapalit,” “Kung Kailangan Mo Ako,” and “Maging Sino Ka Man.” He will also perform his compositions popularized by Rico Puno (“Sorry Na, Puede Ba”), Pol Enriquez (“Ayoko Na Sa’Yo”), and Sharon Cuneta (“Mr. DJ” and “Kahit Maputi Na Ang Buhok Ko”), among others. Guests can reserve a seat or a table with consumables starting at P3,000, comprising of bar snacks, burgers, fries, and beverages. VIP couch seats for a party of eight (P24,000) and VIP Small Tables for a group of four (P12,000) are also available.

Robinsons Malls Happy Pets Club, QC hold events

A PARTNERSHIP between the Robinsons Malls Happy Pets Club (HPC) and the local government unit of Quezon City will be bringing back-to-back celebrations for pets and owners on Sept. 27 at Robinsons Galleria and on Oct. 4 at Robinsons Novaliches. The first event will be “Break Free From Rabies,” a whole-day event that includes a series of educational talks on the importance of rabies vaccination, pet health and wellness, and responsible pet ownership. Other activities include free anti-rabies vaccination, free vet consultations, microchipping, deworming, and a pet adoption drive. For those with creative talent, there will also be a Chalk Art Contest. Games and raffle prizes also await.

Australia Football League watch party at Hilton Manila

SPORTS FANS can watch the 2024 Australia Football League (AFL) Grand Final and Rugby Championship game between New Zealand and Australia at the Newport World Resorts this September. Hilton Manila is hosting a viewing party for the double header on Sept. 28, from 10 a.m. to 5 p.m. The ballroom will also be a mini expo of Down-Under products, with an OZ Kick clinic for the kids and beer games for adults during halftime breaks. A buffet lunch at 11:30 a.m. will serve an Aussie BBQ. There will be a raffle, with the grand prize being a holiday to Australia for two, including roundtrip airfare from Manila to Melbourne via the Philippine Airlines and a three-night stay at the Hilton Little Queen Street in Melbourne. Tickets to the event cost P4,800 per person; P1,450 for kids or nannies; P12,500 for a family of two adults and two kids; and P38,400 for a whole table seating up to eight persons.

Muri releases debut EP

THE Ransom Collective’s Muri has dropped her solo debut EP, 11ème (pronounced onzieme). The soulful pop EP takes listeners into her world, exploring cities, embracing cultures, and forming relationships. The record was launched at Sari-Sari Cocktails in Makati City on Sept. 22, where her band, The Ransom Collective, reunited briefly for a special set. Muri also performed the songs from the EP live with her backing band. Following the release of the record, she will be performing at the AXEAN Festival 2024 in Bali, Indonesia, on Sept. 28 and 29.

Beauty queen Chelsea Manalo stars in music video

FILIPINO alternative pop outfit Orange & Lemons (O&L) has dropped the music video of “La Bulaqueña,” featuring fellow Bulakenya and Miss Universe Philippines 2024 Chelsea Manalo. Conceptualized and directed by collaborators Everywhere We Shoot, the music video showcases the parallel storylines of the band and the beauty queen and how they are connected by a turn-of-the-century portrait by Juan Luna called Una Bulaqueña in terms of geographic affinity and influence. The painting depicts a Filipina from an elite countryside background, one who is assumed to be from Bulacan. “The symbolic repetition of the painting really deepens the narrative,” said Clem Castro, the lead vocalist and guitarist of the band. “La Bulaqueña” is out now on all digital streaming platforms.

Pokemon trading card game app soon

THE Pokémon Co. and co-developers Creatures, Inc. and DeNA Co., Ltd. have launched the Pokémon Trading Card Game Pocket, a mobile app that lets fans casually collect Pokémon cards. Now available on the App Store and Google Play, the game has a tutorial posted on the official Pokémon YouTube channel which teaches potential players how to collect Pokemon trading cards. Pre-registration is now open on the app, in preparation for the game’s official release on Oct. 30.

FIFTY FIFTY releases new mini album

BREAKOUT K-pop sensation FIFTY FIFTY has released their mini album, Love Tune, which is out now via Arista Records. In celebration of the album, the members have also shared a music video of album track “SOS” which sees them finding their joy to dance again. On this six-track EP, FIFTY FIFTY aims to continue spreading the message of love as an extension to “Cupid,” their global chart-topping hit. Love Tune is out now on all digital music streaming platforms worldwide.

MYX hunts for fresh talents in MYX VJ Search 2024

MYX has officially opened the auditions for the MYX VJ Search 2024, looking for upbeat and aspiring VJs who will embody the music channel’s new era. The MYX VJ Search is open to aspiring VJs who “possess authenticity, an outgoing personality, passion for music, and positive energy to connect with audiences.” Contestants must be 18 to 27 years old and fluent in English. Register online through myx.global/vjsearch and upload a self-introductory video. Online submissions will close on Oct. 15, 11:59 p.m.

88rising star Warren Hue releases new single

JAKARTA-born, Los Angeles-based rising star Warren Hue is taking fans to New York with the release of his new single “NYU.” Included in the upcoming mixtape, TUNA, the track delves into the challenges of balancing a long-distance relationship with his ambitions as an artist. “NYU” is produced by Hue’s collaborator, Chasu. The music video was directed and edited by Hue himself and it pieces together the nostalgic moments that come with being a 22-year-old in New York City. It is out now on all digital music streaming platforms.

Okada Manila hosts a neon full moon party

PARTY PEOPLE can dance the night away at Okada Manila’s upcoming “Glow in the Dark: A Neon Full Moon Party.” To be held on Oct. 19 at the Cove Manila, dubbed Asia’s largest indoor beach club and nightclub, there will be a strong DJ lineup of DJ Luane and Jennifer Lee, with Kappo as the MC. There will be special performances by Phillip Japor, Cammy V, and the Okada Manila Entertainment Group. General admission tickets cost P1,800, inclusive of a free drink bucket stub. The event is exclusive to guests 18 and above. Tickets are now available via TicketWorld.

Sugar Hiccup holds 4-city tour in PHL, Singapore

PIONEERING Filipino pop outfit Sugar Hiccup will embark on a concert tour next month to commemorate their more than 30 years as a band. The award-winning indie quartet has announced a four-show run with stops in Manila, Singapore, Baguio, and Cebu. The Manila leg, which is produced by GNN Entertainment Productions and The Flying Lugaw, will feature long sets by the four-piece band, and will be supported by guest acts such as Aunt Robert, The Purest Blue, Taken By Cars, and Barbie Almalbis. It will take place on Oct. 19 at 123 Block, Mandala Park, Mandaluyong City. The tour also partnered with Not Very Noise and John Bottles Events to bring Sugar Hiccup to Baguio on Oct. 25 and Cebu on Oct. 26. The current lineup of Sugar Hiccup, composed of Melody del Mundo, Czandro Pollack, Iman Leonardo, and Mervin Panganiban, will be performing some favorites from their hit albums, Oracle and Womb, as well as some rarities and new recordings. Tickets are now available.

#JournalismMatters: The joy of shared truth, a sacred bond, and democracies’ self-evident values

FREEPIK

Dear reader, citizen, fellow human,

2024 A.D. is testing our modern societies in ways we once hoped would never be repeated.

Autocratic regimes and aspiring dictators around the world have thrown a gauntlet to freedoms across borders, races, and religions. Modern conflicts span the entire globe and are fought in an information expanse that is overwhelming in its reach and power. New technologies, and the platforms they enable, are battlefields on which our future is being decided — often without our permission and against our will.

In this maelstrom, it is journalism — fact-based, evidence-based, credible news media — that has a lifelong duty to defend the self-evident values our civilization was built on. Worldwide, it is the journalists who live their responsibility to honor this sacred bond with our audiences and our communities.

In return, we feel the joy of shared truth — with You.

These special moments — when news stories save lives, improve understanding among people, and guide us through rough times — are often lost in the avalanche of disinformation; destroying trust, the bedrock of our ability to live together.

Even the very meaning of Truth is under assault.

Journalism everywhere is struggling to maintain its standing and relevance to our own communities, and for an alarming number of our news organizations, daily existence equals a struggle for bare survival.

These are indeed extraordinary times — worrying to the core to every soul that cares about people, civilization, and the democracy that made it all possible.

And yet, these troubled days are also exciting and scintillating at the same time.

In moments when systems are crumbling and foundational truths are under pressure we, the news media of the world, must show that we are made of sterner stuff; the stuff that can withstand disinformation campaigns, sustained attacks, and a flood of falsehoods.

Our business models have crumbled under the pressure of Big Tech. Truth itself is being relativized daily; what once was a common understanding of material reality is today, often supplanted by fact-free interpretation.

In many instances, the very form of the word Truth carries the meaning of Lie.

These are not random, accidental attacks. These are all part of the crusade against our system of values, our basic understanding of what is good and bad. Without our system of values, if we cannot distinguish right from wrong, we have no civilization either.

Come Sept. 28 — every World News Day — we, news media organizations from around the world, join hands to reassure you of our undying commitment to News, Facts, Accountability, Public Service, Humanity, Scrutiny, Independence, Ethics, and Community.

These words have deep meaning.

They matter to us.

There’s only one choice ahead of us: We, the news media, will continue to fulfil our sacred duty. The news we report will remain based in fact. We will defend Truth.

And we want to further assure you, dear reader, that it is our every intention to keep it that way. We will not tire, and we will not give up. The battle for Truth is the battle for our common future.

And to our colleagues everywhere in this troubled stretch of history: Do not despair. You are not alone. Our mission ties us all together.

The noise and violence will eventually subside, and the discourse based on truth and decency will return. It may not happen soon, but it will happen eventually.

For now, we fight. Every moment of every hour of every day.

This 2024 World News Day, let us ensure we never forget why we are here in the first place — and help to keep the joy of shared truth with our readers, our true North.

 

Branko Brkic is the editor in chief of the Daily Maverick, and the creator of the Choose Truth Campaign in South Africa, Maria Brkic—Ressa, a Nobel Peace Prize Laureate, is the CEO of Rappler.com in the Philippines.

City & Land Developers board OKs application for P400-M commercial paper issuance

LISTED City & Land Developers, Inc. said its board has approved the filing of an application for the issuance of P400 million worth of commercial papers as part of the company’s funding requirements.

The company will file the application with the Securities and Exchange Commission (SEC), City & Land said in a regulatory filing on Tuesday.

The proceeds will be used to finance the company’s funding requirements.

For the first half, City & Land saw a 41.9% decline in its net income to P54.49 million from P93.86 million last year.

January-to-June total revenue dropped by 38.1% to P176.67 million versus P285.33 million a year ago.

City & Land is a subsidiary of Cityland Development Corp. It is engaged in the business of acquiring and developing land for residential, office, commercial, institutional, and industrial use.

Some of its projects include Pacific Regency in Malate, Manila; Grand Emerald Tower in Ortigas Center, Pasig; Manila Residences in Veterans Village, Quezon City; and One Taft Residences in Malate, Manila.

On Tuesday, City & Land stocks rose by 4.35% or three centavos to end at 72 centavos per share. — Revin Mikhael D. Ochave

ReForm Plastic uses tech to upcycle single-use plastics

By Edg Adrian A. Eva

REFORM PLASTIC, a social enterprise under EverGreen Labs, is equipping local sectors with technology to upcycle single-use plastic into plastic boards for various industries.

“It is a collaborative effort to reduce the number of low-value plastics (single-use plastics) in places that we don’t want them to be,” Isidro Luis “Chino” Borromeo, operations coordinator at ReForm Plastic said in an interview.

This is while giving people economic opportunity by make something out of plastics, he added.

Under their franchising model, ReForm Plastic offers franchises tailor-fitted machinery, technologies, and programs catered to the type and volume of waste collected in their areas.

“We try to make sense of the community situation… so that’s the value of having our franchise model here, instead of just being a machine distributor,” Mr. Borromeo said.

Items produced by the franchises include plastic boards that are water- and termite- resistant, self-extinguishing and resilient material made from 100% post-consumer waste, Mr. Borromeo said.

It can replace traditional construction materials like plywood, cement, and high-density polyethylene. It can be cut, screwed, and modified for a wide range of applications, such as furniture, hardware, construction, and more.

“Some franchises are creating chairs for schools, trash bins and flooring,” Mr. Borromeo said, adding that the possibilities are endless.

The company started its operations in Vietnam and identified an opportunity to expand into the Philippines, where single-used plastics are also a big problem.

“No one seems to be tackling low-value plastic, such as flexible plastic, plastic bags, sachets, and multilayered packaging,” he said. “These plastics are often going straight to landfills or even worse, straight to our bodies of water.”

The Philippines’ “sachet economy” has led to alarming levels of plastics being dumped in bodies of water, according to the World Bank.

It is estimated that the Philippines generates 2.7 million tons of plastic waste yearly, with 20% ending up in the ocean.

ReForm Plastic aims to address the problem of single-use plastics by turning them into a profitable venture for communities, governments, organizations, and businesses.

“Through our different projects, we try to bring value all across the waste value chain,” Mr. Borromeo said. “We’re talking about how these recycling centers can bring value all the way to collectors.

The company has 14 franchises across Africa and Asia. In the Philippines, they are targeting at least three operational franchises by yearend.

UnionBank to infuse P1.6 billion in fresh capital into UnionDigital

PHILIPPINE STAR/KRIZ JOHN ROSALES

UNION BANK of the Philippines, Inc. (UnionBank) will inject P1.6 billion in fresh capital into its digital banking arm to support its expansion, it said on Tuesday.

“Please be informed that the Board of Directors of Union Bank of the Philippines, at its meeting held on Sept. 23, approved the infusion of additional capital of up to P1.6 billion in UnionDigital Bank Inc. to support UnionDigital’s ongoing business operations and allow it to deliver sustainable growth, subject to the applicable regulatory approvals,” the listed Aboitiz-led bank said in a disclosure to the stock exchange.

This marks UnionBank’s fourth capital injection into UnionDigital, with the last being a P1.8-billion infusion in November 2023.

In October 2023, UnionBank also made an equity investment of P900 million in UnionDigital to support its growth and boost its capital position.

UnionDigital is one of the six BSP-licensed online-only banks in the country. It secured its license in July 2021 and began operating in July 2022.

The digital bank’s total assets stood at P21.87 billion as of March 31, down by 2.67% year on year, latest data from the Bangko Sentral ng Pilipinas (BSP) showed.

Its net loans declined by 37.59% to P8.08 billion in the first quarter, with deposits likewise down by 5.68% to P16.52 billion.

UnionDigital’s total equity was at P4 billion at end-March, up by 2.56% year on year.

The digital lender’s net interest margin was at 11.945%.

Meanwhile, its listed parent UnionBank saw its attributable net income rise by 20.12% year on year to P3.02 billion in the second quarter. This brought its net profit for the first semester to P5 billion, down by 17.18% from the previous year.

UnionBank’s shares dropped by 10 centavos or 0.25% to close at P39.40 apiece on Tuesday. — A.M.C. Sy

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