Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 1439

China’s power supply to gambling hub Macau tops 1 mln kW for first time

STOCK PHOTO | Image by Andy Leung from Pixabay

HONG KONG – China’s power supply to gambling hub Macau has exceeded 1 million kilowatts on a single day for the first time since the special administrative region and neighboring Guangdong province were connected to the mainland’s electricity grid.

The State-owned Assets Supervision and Administration Commission of the State Council made the announcement on its website on Friday citing China Southern Power Grid Company.

“Since the start of the year, Macau’s economic recovery has been strong. Coupled with rising temperatures, the electricity load has increased significantly,” the Commission said.

To cope with rising demand, China Southern Power Grid will optimize the network and improve supply capacity to Macau for disaster prevention and resilience, it said.

On July 1, power supply to Macau exceeded 1 million kilowatts for the first time, increasing 4.85% from a previous single-day record of 989,000 kilowatts set last year.

In 2023, annual power supply from the mainland to Macau reached 5.327 billion kilowatt hours, an increase of 9.3% and satisfying 90% of Macau’s total electricity consumption. – Reuters

Gas leak at Malaysia’s Kuala Lumpur airport affects 39 people

KEITH CHAN-UNSPLASH

KUALA LUMPUR – Around 39 people at Malaysia’s Kuala Lumpur international airport fell ill on Thursday after a gas leak at an aircraft engineering facility, but no passengers were affected and there were no flight disruptions, the fire department said.

The Selangor state fire department said it received an emergency call regarding a chemical leak at the Southern Support Zone Sepang Aircraft Engineering facility at 11.23 a.m. (0323 GMT) and dispatched its personnel along with a hazardous materials team.

The engineering facility is separate to the passenger terminal and those affected by the gas worked for three companies operating there, the fire department said in a statement.

Thirty nine people complained of dizziness and nausea, with 14 sent to the air disaster unit to receive treatment while one was hospitalized, the department said.

There was no wider risk to public safety, it added.

The chemical was later identified as methyl mercaptan, added to liquefied petroleum gas as an odorant, coming from an unused tank at the facility, the department said.

The leak was being patched up, and the tank would be dismantled and disposed of, it said. – Reuters

Biden says ‘I’m not going anywhere’ as calls to quit race grow

PHOTO FROM JOE BIDEN FACEBOOK PAGE

WASHINGTON – President Joe Biden said “I’m not going anywhere” as he faced calls by many Democrats to end his re-election bid, using the Fourth of July celebrations on Thursday to hit back at doubts about his stamina and mental acuity to continue his campaign.

The 81-year-old Democrat’s shaky showing at a June 27 debate with Republican rival Donald Trump means his every appearance is now closely scrutinized. Many Democratic voters are worried about whether he can keep up a grueling pace of work for the next 4-1/2 years and some in his party have urged him to step aside.

Mr. Biden was hosting the annual US Independence Day festivities at the White House on Thursday, including a barbecue for a few thousand active-duty military service members and their families.

Mr. Biden, in a suit with no necktie, began his remarks with a forceful “Happy Independence Day!”

Reading from a teleprompter, Mr. Biden made no major errors in delivering brief remarks, but at one point appeared to go off script to make reference to a war cemetery that Trump declined to visit while in office.

“By the way, you know, I was in that World War One cemetery in France. The one that one of our colleagues, a former president didn’t want to go…,” he said, his voice dropping to a low volume and trailing off.

“I probably shouldn’t have said, anyway,” Mr. Biden added, before continuing his remarks.

As Mr. Biden mingled and took selfies with guests, someone called out for him to “Keep up the fight.”

“You got me, man. I’m not going anywhere,” Mr. Biden said, repeating his pledge to remain in the race despite the growing calls to step aside.

Abigail Disney, granddaughter of Walt Disney who founded the company that bears his name and who has been a major Democratic donor, became the latest donor to call for Biden to withdraw from the presidential election, telling CNBC on Thursday that she will halt donations to the Democratic Party until he does so.

Vice President Kamala Harris is the leading contender to take his place in the Nov. 5 election if Biden were to drop out, sources have said, though his allies believe he can assuage the concerns of voters and donors.

Among the events on Mr. Biden’s calendar being closely scrutinized is an interview with ABC News on Friday that will be aired in full at 8 p.m. ET (0000 GMT Saturday). He also travels to Wisconsin the same day for a campaign rally.

Dozens of Democrats in the House of Representatives are watching closely and prepared to ask Biden to step aside if he falters in the ABC interview, a source told Reuters. Democrats see capturing control of the House in November as critical, as it could be their last hold on power in Washington if Trump returns to the White House and Republicans capture the Senate.

Mr. Biden faces a new reality since last week’s debate – even if he doesn’t falter verbally or physically, serious concerns about his viability as a candidate are likely to linger. If he mangles words or looks unfocused or confused, he will face renewed pressure to depart.

If reelected, Mr. Biden would be 86 at the end of a second term. He is being asked by some former supporters to step aside to preserve his legacy and lessen the chances of a second Trump presidency. With just four months to go before the election, a decision needs to be made soon, they say.

Democrats, including top allies, have left the door open to having Ms. Harris at the top of the Democratic ticket.

 

SEEN BY DOCTOR

The White House has repeatedly said the president was suffering from a cold and jet lag on the night of the debate. On Wednesday, White House Press Secretary Karine Jean-Pierre said Biden had not had any kind of medical exam since his annual physical in February.

“He did not get checked out by the doctor. It’s a cold, guys. It’s a cold,” she said at a news briefing.

However, spokesperson Andrew Bates said on Thursday that Biden saw a doctor after the debate. “Several days later, the president was seen to check on his cold and was recovering well,” he said.

Mr. Trump, 78, who made multiple false statements from the debate stage in Atlanta, falsely claimed in a video that was circulated on social media that he had driven Mr. Biden out of the race. He made disparaging comments about Harris in the same video.

Asked in a radio interview with WURD that aired on Thursday morning, whether there was any reason for the American people to be concerned after last week’s debate, Mr. Biden demurred.

“No, I had a bad debate,” he said, adding that this should not erase what he has done as president for three and a half years.

Mr. Biden’s standing in opinion polls took a hit after the debate. Some 59% of Democrats responding to a Reuters/Ipsos poll said that Mr. Biden was too old to work in government, a concern that has shown up persistently in public opinion polling over the past year. – Reuters

Maintaining the Philippines’ competitiveness as an investment destination

The Philippines needs to sharpen its competitive edge if it wants to remain a contender as an investment destination. One of the country’s main selling points is its ongoing reforms, but these reforms need to be targeted and strategic. Meaning, these ongoing reforms should be used to address the existing concerns of potential investors.

The Asian Consulting Group’s International Tax and Investment Roadshow created a platform for potential investors to learn more about investing in the Philippines and, more importantly, to air their concerns. During the first half of the year, the Roadshow has been held in East Asia, the United States, and Europe, and was attended by representatives from multinational corporations, fintech companies, and other foreign investors.

There are certain recurring issues that have been pointed out by these potential investors.

Improving the VAT refund process

One of the more consistently mentioned concerns is the issue of VAT refund. Simply put, the process is cumbersome and there is no reassurance that the claims would be approved even though these applicants for refund have already paid the input VAT.

When ordinary corporations apply their output VAT to their input VAT, they do not need to undergo a separate process. When it comes to zero-rated corporations, such as exporters, they need to apply for VAT refund, an entirely separate process which ends up being too stringent. The BIR has a tendency to be strict with refunds because its mandate is to collect taxes. If it wrongly approves a refund claim, then it will be held at fault.

One solution to this problem is the establishment of a separate VAT refund center, which is specifically tasked with processing refund claims. This agency would have the specialized skills to process VAT refunds. Fortunately, the latest version of the CREATE More Bill appears to be headed toward this direction, since the bill appears to include the establishment of a VAT refund center within the Department of Finance’s Revenue Operations Group.

Another solution is the implementation of electronic processing of VAT refunds. By using electronic processing for VAT refund applications, the BIR would be able to rely on third-party information. Through the use of this data, the BIR will be able to identify discrepancies between the sales declared by suppliers and the purchases declared by buyers, and it is only when there is a discrepancy that the BIR should conduct a VAT audit.

Electronic processing of VAT refunds is already being done in some countries in the European Union, such as France, Spain, and Italy, and also in South Korea.

Implementing Risk-Based Audit

In line with the necessary reforms to the VAT refund process, it is also necessary to overhaul the way BIR Audit is being conducted. The current system of random audit needs to be abandoned in favor of a risk-based audit system which would not only be targeted and strategic, but also fairer and less prone to abuse. Under the current system, BIR Audit is conducted on a random basis, which means that it is possible for the same companies to be audited over and over again. It grants revenue officers unbridled discretion on who to audit.

The classifications introduced by the Ease of Paying Taxes Law, which classified VAT refund applications in terms of low-risk, medium-risk, and high-risk, could be extended to taxpayers in general. Taxpayers paying a certain amount below the industry threshold could be categorized as medium-risk or high-risk, while compliant taxpayers could be classified as low-risk. Limiting BIR Audit to taxpayers that are deemed high-risk would allow the BIR to be able to focus its efforts by auditing only those that are high-risk, and it would prevent taxpayers identified as low-risk or medium-risk from feeling harassed.

Introducing Global Minimum Tax

The Philippines would also benefit from implementing a Qualified Domestic Minimum Top-Up Tax (QDMTT) pursuant to the OECD’s Two-Pillar Solution. The Two-Pillar Solution seeks to address excessive tax avoidance by multinational corporations who take advantage of tax havens to hide away their income. The QDMTT is one such solution that is intended to address that very problem. A QDMTT is a minimum top-up tax which calculates the excess profits located in the jurisdiction and increases the domestic tax liability with respect to excess profits to the minimum rate for the jurisdiction.

Introducing the QDMTT in our jurisdiction would allow the collection of the difference between the Global Minimum Tax and the Income Tax Holiday (ITH) or Special Corporate Income Tax (SCIT).

In line with the OECD proposal is the adoption of Income Inclusion Rules (IIR), which would ensure the collection of revenues from the subsidiaries of Philippine entities operating in tax havens or low tax jurisdictions. Income Inclusion Rules have been implemented in countries such as Japan, South Korea, and Vietnam.

Restoring the Authority to Administer Incentives in favor of Investment Promotion Agencies (IPAs)

Another main reason investors consider investing in the Philippines is its incentives. However, it can become cumbersome for certain incentive applications. While CREATE Law is certainly admirable for its push for rationalization of incentives, it unwittingly added an additional layer of bureaucracy.

Under the current system, investments falling within the jurisdiction of the Fiscal Incentives Review Board (FIRB) have to be endorsed and approved by the FIRB even though IPAs, such as Philippine Economic Zone Authority (PEZA), have already examined the necessary documentary requirements for these applications. The end result is delay in the start of the commercial operations of affected business enterprises.

According to PEZA, the process would be expedited if the authority of IPAs to administer incentives would be restored. IPAs are also in a position to directly pinpoint the interests of Registered Business Enterprises (RBEs) and thus be able to forward recommendations that address their concerns. One of their most recent recommendations is exempting RBEs from local business taxes. Another is allowing RBEs the option to directly avail the Special Corporate Income Tax (SCIT) instead of having to first avail the Income Tax Holiday before being allowed to avail the SCIT incentive.

Final Note

All these issues are major concerns not only for foreign corporations, but also for local businesses. Addressing them by implementing key tax policy reforms and catching up the Philippines with international standards is a must if we want the country to remain competitive as an investment destination, be it from foreign businesses or overseas Filipinos.

The country’s ongoing tax reforms will only be a competitive edge if we maximize it by showing potential investors that we are willing to listen to their concerns and address investors’ issues. The International Tax and Investment Roadshow continues to serve as a platform for airing out investor concerns. After its run in Oceania, ACG is set to hold the Investment and Tax Briefing in Prague and Milan in August. It will resume in Vietnam, the Middle East, Canada, and once again in London by October. For more details, you can reach out to consult@acg.ph.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

NG debt hits record P15.35 trillion

By Beatriz Marie D. Cruz, Reporter

THE NATIONAL Government’s (NG) outstanding debt rose to a fresh high of P15.35 trillion as of end-May, reflecting the impact of the peso weakness on foreign currency-denominated debt, the Bureau of the Treasury (BTr) said.

Data from the BTr on Thursday showed that outstanding debt increased by 2.2% from P15.02 trillion as of end-April. Debt jumped by 8.4% from P14.15 trillion a year ago.

“Total debt increased by P330.39 billion or 2.2% from the end-April 2024 level primarily due to the impact of local currency depreciation on the valuation of foreign currency-denominated debt,” the BTr said in a press release.

National Government outstanding debtThe peso closed at P58.52 against the dollar at end-May, depreciating by P0.94 from its P57.58 finish as of end-April.

The BTr said the bulk or 68% of the total debt stock came from domestic sources.

As of end-May, outstanding domestic debt inched up by 1.3% to P10.44 trillion from P10.31 trillion in the previous month. Year on year, it jumped by 8.9% from P9.59 trillion.

“The increase resulted from the P131.66-billion net issuance of government securities and P2.68-billion effect of peso depreciation on foreign currency-denominated domestic debt,” BTr said.

Government securities accounted for nearly all of domestic debt at P10.44 trillion, BTr data showed.

Meanwhile, external debt accounted for 31.96% of the total outstanding debt.

As of end-May, external debt rose by 4.2% to P4.9 trillion from P4.71 trillion as of end-April. It was also higher by 7.4% from P4.57 trillion a year earlier.

“For May, the increase in external debt can be attributed to P122.04 billion in net foreign loan availment and P76.94 billion in upward revaluation of US dollar-denominated debt,” the BTr said.

“Meanwhile, favorable third-currency movement provided a P2.94-billion downward revaluation effect.”

External debt was composed of P2.29 trillion in loans and P2.62 trillion in debt securities

Debt securities consisted of P2.22 trillion in US dollar bonds, P219 billion in euro bonds, P64 billion in Japanese yen bonds, P58 billion in Islamic certificates and P54 billion in peso global bonds.

Meanwhile, the NG’s guaranteed obligations decreased by 1.6% to P350 billion as of May, from P356 billion in April. It also dropped by 7.8% from P379 billion in the same period in 2023.

“The decline in NG guarantees was due to net repayment on both domestic and external guarantees amounting to P4.36 billion and P3.55 billion, respectively,” BTr said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the rise in NG debt to the recent global bond issuance.

“The latest increase is largely due to the $2-billion global bond issuance in early May 2024,” he said in a Facebook Messenger chat.

The Philippines raised $2 billion (P114.7 billion) from its dual-tranche dollar bond issuance in May.

Mr. Ricafort also noted elevated interest rates drove up borrowing costs.

The central bank has kept its key policy rate at an over 17-year-high of 6.5% since October 2023.

The peso’s recent depreciation also contributed to the higher debt stock, Mr. Ricafort said. In May, the peso sank to the P58 level for the first time since November 2022.

Stronger tax collections and other fiscal reform measures would help reduce the country’s debt, Mr. Ricafort said, but added that introducing new taxes should be the last option.

“The need for sustainable revenue is much needed. It comes at a time when interest rates are rising too,” Jonathan L. Ravelas, senior adviser at professional service firm Reyes Tacandong & Co., said in a Viber message.

The government plans to borrow P2.57 trillion this year, 75% of which will come from domestic sources and the rest from foreign sources.

As of the first quarter, the NG’s debt as a share of the gross domestic product (GDP) stood at 60.2%. This was below 61.1% a year ago but higher than 60.1% at the end of 2023.

The government is targeting a 60.3% debt-to-GDP ratio by yearend, slightly above the 60% threshold deemed manageable for developing economies. It seeks to bring this down further to 55.9% by 2028.

Bad loan ratio soars to near two-year high

PHILIPPINE STAR/ MICHAEL VARCAS

By Luisa Maria Jacinta C. Jocson, Reporter

THE BANKING INDUSTRY’S nonperforming loan (NPL) ratio soared to a near two-year high in May, data from the Bangko Sentral ng Pilipinas (BSP) showed.

The Philippine banking industry’s gross NPL ratio rose to 3.57% in May from 3.45% in April and 3.46% a year ago.

This matched the 3.57% ratio in July 2022. It was also the highest in 23 months or since 3.6% in June 2022.

Data from the BSP showed that soured loans rose by 3.1% to P495.67 billion in May from P480.65 billion a month earlier. Year on year, it jumped by 13.7% from P436.12 billion.

Loans are considered nonperforming once they remain unpaid for at least 90 days after the due date. These are deemed as risk assets since borrowers are unlikely to pay.

The loan portfolio of Philippine banks dipped by 0.3% to P13.89 trillion as of end-May from P13.94 trillion at end-April. However, it increased by 9.3% from P12.6 trillion a year ago.

Past due loans dropped 1.6% to P608.07 billion in May from P618.04 billion a month earlier but rose by 15.7% from P525.51 billion in the previous year.

This brought the past due ratio to 4.38%, lower than 4.43% in April but higher than 4.17% a year ago.

On the other hand, restructured loans stood at P295.89 billion, up by 1.9% from P290.37 billion in April but 4.6% lower than P310.3 billion a year ago.

These borrowings accounted for 2.13% of the industry’s total loan portfolio, higher than 2.08% a month ago but lower than the 2.46% in May 2023.

Banks’ loan loss reserves inched up by 0.7% to P474.88 billion in May from P471.35 billion in April and rose by 6.9% from P444.03 billion a year ago.

This brought the loan loss reserve ratio to 3.42%, up from 3.38% last month but lower than 3.52% a year ago.

Lenders’ NPL coverage ratio, which gauges the allowance for potential losses due to bad loans, slipped to 95.81% from 98.07% in April and 101.81% in May 2023.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the higher NPL ratio was due to elevated interest rates.

The Monetary Board has kept its benchmark rate at 6.5%, the highest in over 17 years, since October 2023.

Mr. Ricafort also cited the weaker peso, which sank to the P58-per-dollar level in May. The local currency has been inching closer to its record low of P59 against the dollar in recent weeks.

“For the coming months, possible Fed and local rate cuts would help ease borrowing costs and spur greater demand for loans and other business activities, which would eventually help ease the NPL ratio going forward,” Mr. Ricafort said.

BSP Governor Eli M. Remolona, Jr. has said that the central bank could begin its policy easing by August. He has also signaled rate cuts of up to 50 basis points for the entire year.

The Monetary Board is set to meet on Aug. 15, its only meeting in the third quarter. The last two meetings this year are scheduled for Oct. 17 and Dec. 19.

US Federal Reserve officials at their last meeting said the US economy appeared to be slowing and that “price pressures were diminishing,” but still counseled a wait-and-see approach before committing to interest rate cuts, according to minutes of the June 11-12 session, Reuters reported.

Fed officials earlier signaled cutting rates as late as December and priced in just one cut from three previously.

PHL unlikely to breach upper end of growth goal

People go shopping in Divisoria, Manila. — PHILIPPINE STAR/RYAN BALDEMOR

THE PHILIPPINES may have difficulty achieving the upper end of the government’s 6-7% gross domestic product (GDP) growth target this year amid expectations of weaker consumption and investment, Fitch Solutions’ unit BMI said.

“The economy will find it hard to breach the upper half of the 6-7% growth target which the government has set. Headwinds stemming from restrictive financial conditions alongside a weaker external sector will keep a lid on growth,” it said in a report.

BMI forecasts GDP to expand by 6.2% this year, within the government’s target.

In the first quarter, the Philippines posted 5.7% GDP growth, faster than the 5.5% a quarter ago.

However, BMI noted that while first-quarter GDP showed an annual increase, this is still “by no means an accurate representation of the economy’s health.”

“A more detailed breakdown suggests that underlying domestic demand has softened even though the external sector showed some tentative signs of rebound. That said, we think there are still reasons to be optimistic even when downside risks dominate,” it said.

Household spending, which typically accounts for three-fourths of GDP, rose by 4.6% in the first quarter. This was its slowest since the 4.8% drop in the first quarter of 2021.

“Risk to our growth outlook hinges largely on the recovery in private consumption. In our current forecast, we have taken April’s robust import growth figures to indicate early signs of a rebound in household spending.”

“But if May and June data disappoint, this anticipated recovery in private consumption will not materialize,” it added.

Meanwhile, BMI said sluggish investments will also weigh on the Philippine growth outlook.

“Investment activity will stay muted against the backdrop of high interest rates. Indeed, the contribution of fixed capital to growth has been very weak, most recently coming in at just 0.5 percentage point (pp).”

The Bangko Sentral ng Pilipinas (BSP) has kept its key rate at a 17-year high of 6.5% since October 2023.

While BSP Governor Eli M. Remolona, Jr. has hinted at the possibility of policy easing as early as August, BMI said this is “improbable” at the moment due to the peso’s weakness and expectations of a delay in the US Federal Reserve’s easing.

The peso has been trading at the P58-per-dollar range since May, slowly inching to the record low P59 level.

BMI expects the central bank to only start cutting rates by October and in step with the Fed.

“However, the lagged impact of policy easing means that its impact will likely only be felt in 2025. Indeed, business sentiment towards the economy has notably diminished,” it said.

BMI said the external sector would also provide “less support” in the next few quarters as the rebound in exports will be difficult to sustain.

“Several key trading partners are due for an economic slowdown, after a strong showing in the first quarter. For instance, we believe that growth in mainland China has reached its peak and will diminish in the following quarters,” BMI said.

“The strong start to the year for the US economy is also expected to succumb to the pressures of tight monetary policy and a less supportive fiscal backdrop. Japan, Hong Kong, China and Singapore are no exceptions. Together, they account for about 73% of total Philippine merchandise exports.” — Luisa Maria Jacinta C. Jocson

Philippine reliance on coal deepens amid slow transition to green energy

Various civil society and environment advocate groups are pushing for more affordable renewable energy sources. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Sheldeen Joy Talavera, Reporter

THE PHILIPPINES continues to depend on coal-fired power as it struggles to implement policies to boost renewable energy capacity, analysts said.

Data from energy think tank Ember showed the Philippines is now the most coal-reliant country in Southeast Asia, surpassing Indonesia and China.

“This is a consequence of the country’s inability to transition to energy renewables and its inability to predict its long-term social effects,” Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University, said in a Facebook Messenger chat.

“While we may reduce the costs of production, the looming environmental costs brought about by this policy will be greater than the benefits,” he added.

Ember data showed the share of electricity generated from coal in the Philippines increased by 2.9% to 61.9% in 2023 from 59.1% in 2022.

“As for the Philippines, coal generation grew much higher than the rise in electricity demand (9.7% vs. 4.6%). Its absolute coal generation ranks 17th in the world, but it is placed eighth in terms of generation shares,” Ember said in a statement on Monday.

Mr. Lanzona said the Philippines’ coal dependence has not significantly increased but surpassed other countries that had limited coal usage.

In 2023, 62% of power generation was supplied by coal-fired power plants at 69,472 gigawatt-hours, based on the data from the Department of Energy (DoE).

DoE data showed the country has over 6,300 megawatts (MW) of dependable coal capacity aged 10 years or younger. These plants can be relied on to operate for at least another 30 years.

Mr. Lanzona said the Philippines’ transition to green energy has been hampered by the lack of government programs.

“The lack of skills and manpower to develop full-scale renewable energy programs is one of the main constraints [in the green energy transition],” he said.

The Philippines already has a plan to accelerate the voluntary retirement of up to 900 MW of existing coal-fired power plant generation capacity by 2027 under its Accelerating Coal Transition (ACT) investment plan.

In 2020, the DoE issued a moratorium on the development of new coal-fired power plants to reduce the Philippines’ dependence on coal.

However, Gerry C. Arances, executive director of think tank Center for Energy, Ecology and Development, said the increase in renewables in the power mix is overshadowed by the fact that coal power plants have not been shuttered.

“The coal moratorium in 2020 came with the possibility of an urgent shift to renewable energy, but the Philippines confronted the threat of the aggressive push for natural gas and liquefied natural gas (LNG) crowding out the entry of renewables instead,” he said in a Viber message.

The share of renewable energy (RE) in the country’s power generation mix stands at 22%. The government is aiming to increase RE’s share to 35% by 2030 and 50% by 2050.

Ember said the Philippines and Indonesia have seen limited growth in RE generation, as their wind and solar potential “remains almost entirely untapped.”

Indonesia and the Philippines also have a smaller wind and solar share in their electricity mix than most other countries in Southeast Asia.

“Wind and solar can be deployed faster than any other renewable electricity source and are also the cheapest source of electricity. Accelerating their deployment would allow Indonesia and the Philippines to meet their growing electricity demand with renewables and to reduce their reliance on coal,” Ember said.

SUSTAINABLE ENERGY
Robert Dan J. Roces, chief economist at Security Bank Corp., said the declining costs of renewable energy make it a more sustainable long-term option.

“However, the Philippines remains bogged down by existing coal infrastructure and policy hurdles that don’t incentivize renewables just yet,” he said in a Viber message. “Compared with regional neighbors that are aggressively scaling up solar, wind and efficiency measures, the Philippines is behind.”

Mr. Roces said the Philippine government should revamp regulations, streamline permitting processes and modernize the grid.

Calixto V. Chikiamco, president of Foundation for Economic Freedom, said RE challenges include intermittency, technologies that require significant portions of land such as solar power, and those that are site-specific and need long transmission lines to connect to the grid such as wind energy.

Jose M. Layug, Jr., president of the Developers of Renewable Energy for Advancement, Inc., also cited the difficulty in securing permits and delays in regulatory approvals for power contracts and transmission projects.

“Now, under President [Ferdinand R. Marcos, Jr.], [Energy] Secretary [Raphael P.M. Lotilla] and [Energy Regulatory Commission] Chair [Monalisa C. Dimalanta], we have declared the correct signals to the private sector and investors: the Philippines wants cheaper, sustainable and more efficient renewables,” he said in a Viber message.

Investments in RE projects increased after the Philippine government allowed full foreign ownership in the sector starting November 2022.

Foreign nationals and foreign-owned entities are now allowed to explore, develop and use RE resources such as solar, wind, biomass, ocean or tidal energy in the Philippines. Foreign ownership of RE projects was previously limited to 40%.

Allied Care Experts (ACE) Medical Center-Legazpi, Inc. announces Annual Stockholders’ Meeting on Aug. 1 via Zoom

 

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Divine Grace Medical Center partners with Bureau of Fire Protection – General Trias City Fire Station to extend healthcare access for first responders

Divine Grace Medical Center (DGMC), a Mount Grace Hospital, proudly announces its recent partnership with the  Bureau of Fire Protection (BFP) – General Trias City Fire Station. This collaboration is a significant step towards ensuring access to a wide range of medical services, quality healthcare, and value-for-money services for BFP members actively serving in their line of duty, as well as extending the same privilege to their dependents.

The partnership agreement between DGMC and BFP aims to alleviate the burden of healthcare accessibility for the brave men and women of the Bureau of Fire Protection and their families. By providing them with seamless access to medical care, DGMC and BFP underscore the importance of proactive healthcare management for the local first responders.

Dr. Leonard Lao, President of DGMC, emphasized the importance of this partnership, stating, “We have extended special offers on medical services for the agency because we believe that their health is of utmost importance, especially in their line of work.”

This partnership serves as a testament to DGMC’s dedication to serving the community and supporting those who serve and protect it. By joining forces with the Bureau of Fire Protection, DGMC reaffirms its mission to be a pillar of health and wellness in General Trias and beyond.

Divine Grace Medical Center is a secondary 75-bed multi-specialty hospital in General Trias, Cavite, with a vision to be a leader in healthcare within their community. Through initiatives like this partnership with the Bureau of Fire Protection, DGMC continues to strive towards achieving this vision while making a positive impact on the lives of those they serve. For more information: www.divinegracemedicalcenter.com.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

8990 Holdings, Inc. to conduct annual meeting of stockholders online on July 29

 

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Pinoy comedians showcase their talents

VICE GANDA stands in the center of the comic contestants of LOL: Last One Laughing Philippines.

TEN Filipino comedic powerhouses unite in LOL: Last One Laughing Philippines, a series which premiered on July 4 on Prime Video. LOL is a six-part competition where the contestants face off in a showdown, with the goal to make others laugh without cracking up themselves.

Filmed over six hours, the 10 participants test their comedic prowess and self-control, every moment captured by multiple cameras to accurately determine the winner.

The show gives viewers a front-row seat to the clash of humor and endurance of the participating comics — Victor Anastacio, Jayson Gainza, Pepe Herrera, Chad Kinis, Empoy Marquez, Kim Molina, Jerald Napoles, Negi, Tuesday Vargas, and Rufa Mae Quinto. The show’s host is box office star and comedian Vice Ganda.

Though most of the contestants have been in show business for decades, one stands out as the biggest threat to the rest.

“Pinagtulungan nila ako kaya lagi akong galit (They ganged up on me which is why I was always mad),” said Ms. Quinto at a press conference at Okada Manila in Parañaque City on June 28.

As a Filipino actress and comedian with naturally exaggerated mannerisms and tone of voice, she treated the show as a chance to enjoy showing off her skills with younger comedians.

For Ms. Molina — the youngest in the cast but with a background in singing, theater, and acting — being with comedians she admired was challenging.

“Tinitingala ko kasi lahat kasi ako ang pinaka-bata. Idol ko silang lahat (I look up to all of them since I’m the youngest. They’re all my idols),” she said at the press conference.

She said that at one point, she simply chose to cry so that she wouldn’t laugh at the others’ hilarious antics. Another challenge was that her longtime onscreen and real-life partner, Jerald Napoles, was also in the cast.

Mr. Napoles explained that the two of them did not allow their relationship to get in the way as they just focused on the competition.

He did mention the effect of creating the series in the age of cancel culture. “People are more opinionated now and they can choose and filter what they like. We’re hoping that, because of social media, people are more aware of different types of comedy. We as comedians get to enjoy the variety,” he said.

The LOL: Last One Laughing format is available in 13 countries on Prime Video, with the Italy, France, and Germany versions being the most watched in their respective territories. There are also versions of the show in Mexico, Australia, India, Spain, Canada, The Netherlands, Colombia, Argentina, Brazil, and Sweden.

Alongside the newly released Filipino adaptation, LOL: Last One Laughing Thailand and LOL: Last One Laughing Indonesia also premiered this July.

“Filipinos can expect local touches in their edition, such as setting it at bahay ni lola (grandmother’s house), with a set built from the ground-up and backed by months of planning and pre-production,” said Darin Darakananda, head of central scripted series and movies for Amazon’s international originals.

However, the mechanics across all franchises are the same — any laugh, smile, or even lifting of the corners of lips will warrant a warning. The second time an individual receives a warning equals their elimination.

The cast was handpicked carefully to ensure an interesting mix of diverse professional backgrounds, from comedy bar stalwarts to stand-up performers to funny theater and onscreen actors.

Randolph Longjas, director of LOL: Last One Laughing Philippines, added that he had watched other versions of the franchise prior to filming theirs.

“I’m now super proud with our brand of comedy that can match and even outmatch the others. Vice Ganda is also the only host of any LOL franchise who is from the LGBTQ+ (lesbian, gay, bisexual, trans, queer plus) community,” he said.

Mr. Ganda explained that, as host, it was his privilege to sit back and enjoy the “six-hour free show” that the 10 contestants provided — but he also had to watch them to make sure no one laughed.

“Noong una natatawa ako, pero mamaya napapahanga na rin (At first I felt the laughter, but later it turned into admiration). In comedy, you can see the soul of the person,” he said.

“Napapangiti nito ang mukha at napapasaya nito ang puso (Comedy lights up the face and it also brings joy to the heart).”

LOL: Last One Laughing Philippines officially premiered its first two episodes on Prime Video on July 4, with two more to be released each subsequent week. Prime Video is available in the Philippines for P149 per month. — Brontë H. Lacsamana

1...1,4381,4391,440...12,676Page 1,439 of 12,676
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube