Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 1440

The charm of Chungcheong

THE NEED FOR SPEED: Within the 15-minute time limit, the average go-kart driver could run five to six laps at the Belle Foret International Moto Arena circuit.

Text and photos by Chelsea Visto

CHUNGCHEONG is brimming with cultural heritage, marvelous landscapes, and bountiful agriculture, so it is unfortunate that it has remained under the foreign tourists’ radar — at least until now.

The province of Chungcheong, which is in southwestern Korea, is now easily accessible to visitors via a Korean budget airline offering direct flights from Manila to Chungcheong’s northern capital of Cheongju.

Carrier Aero-K added the Ninoy Aquino International Airport as a hub for Cheongju flights starting last May but has kept the direct flights from Clark in Pampanga where it has been flying from since November 2023. These gateways translate to more choices for K-culture enthusiasts to experience life in the Korean countryside.

Jeungpyeong County Governor Lee Jae Young could not be more ecstatic about this latest development.

“A lot of Filipinos visit Korea… and with the Cheongju International Airport (as an entry point), it is easier to come and enjoy the Korean culture,” he said, encouraging more Pinoys to opt for the less conventional regional destination.

For those putting together their next Korea escapade, here are six activities worth including in a Chungcheong tour bucket list.

1. GO KART RACING AT THE BELLE FORET INTERNATIONAL MOTO ARENA
Korea’s premier karting circuit awaits thrill-seeking tourists of North Chungcheong.

The Belle Foret International Moto Arena runs a 1.5-kilometer racetrack that simulates the Formula 1 (F1) circuit. Complete with shifter karts, gloves, and helmets, open-wheel racing in Jeungpyeong is definitely a must-try activity.

Beginners with no prior driving experience need not fret. The arena staff offer a comprehensive walkthrough of the circuit and a quick go-kart briefing before the driver-tourist takes the wheel. There are no speed limits on the course — only 15 minutes of excitement, especially for skilled drivers who can hit the gas up to 133 kilometers per hour.

Unlike F1 stadiums that are surrounded by rambunctious crowds, the relatively quiet Belle Foret circuit instead has a fascinating view of the Jeungpyeong mountains. My best memory was the adrenaline rush brought by the speeding go-kart as the chilly breeze tickled my skin.

One-seater karts can be rented for 38,000 Korean won (KRW) (P1,650), while twin-seaters are available for 48,000 KRW (P2,030).

The Moto Arena is only one of the several attractions at the Belle Foret Resort, which is an immense complex that also features an 18-hole golf course, a wilderness eco reserve, and a four-season sledding rink.

2. MAKE MAKGEOLLI AT JANG HEE DO
Traditional rice wine is a staple in Korean homes and restaurants. While typically enjoyed on rainy days with jeon (Korean pancakes), this mild booze blends well with any dish on any day.

Fermented rice wine makgeolli is one of the country’s oldest liquors, characterized by its distinct sparkling milky color and viscous, chalky texture. It has a low alcohol concentration and a slightly sweet aftertaste, unlike most Korean drinks in the market, including their signature soju.

Although this beverage is conveniently available in community stores and upscale supermarkets, many Korean families believe that homemade makgeolli still wins over its commercial counterpart. Homebrewing is a tradition in households, and the art of making makgeolli, in particular, dates back over 2,000 years.

Dropping by Jang Hee Do definitely makes the Chungcheong trip memorable, especially for liquor connoisseurs. The small neighborhood brewery not only sells traditional rice wine but also conducts informal classes on making makgeolli.

Guests may take a one-hour workshop to learn the intricacies of makgeolli fermentation, with the participant assisted in making the rice wine with the mix of sugar, water, rice, yeast, and strawberries.

The quaint brewery refrigerates and ferments the makgeolli mixture for up to 10 days, after which it can be claimed for consumption.

“When consumed in moderation, makgeolli can aid blood circulation and (improve) digestion,” Jang Hee Do co-founder Kim Ju Hee told BusinessWorld.

Unfortunately for foreigners on short stays and departing before the 10-day window, they cannot claim their personally made makgeolli at the end of the workshop. The unfermented mixture is not allowed on the plane due to risks of corrosion. But ready-to-drink rice wine is available for sale at the brewery.

3. CELEBRATE KOREAN CATHOLIC HISTORY AT THE SOLMOE SHRINE AND YEOSAUL
In the Naepo area of North Chungcheong lies holy ground where early Catholicism thrived in Korea. Visited by Pope Francis in 2014, these sacred sites could be meaningful tour stops for devout Catholics.

The Solmoe Shrine marks the birthplace of Korea’s first ordained priest and first canonized saint, Andrew Kim Daegeon, who staunchly advocated for religious freedom and inspired generations of Korean Catholic leaders. A statue, memorial hall, and even the house of St. Andrew can be found at the pilgrimage site.

At the heart of Solmoe is a church with modern architecture and intricately designed stained glass windows typical. Masses are conducted in Korean, but foreign tourists are free to sit in and join the Eucharistic celebration.

Exquisite stone sculptures of Catholic figures and events are spread throughout the walking trails. Among them are tall effigies of the 12 disciples, and statues depicting the Stations of the Cross, which recount the final moments in Christ’s life.

The Korean word “solmoe” means “little hill with a pine forest.” True to its name, the shrine and its surrounding park boast of a considerable collection of these evergreens.

Yeosaul similarly celebrates the legacy of religious leaders who were instrumental in propagating Catholicism on the Korean peninsula. Only a short drive from Solmoe, this church has portraits of Korean martyrs and the early Catholic records of the country, which have been pristinely preserved.

4. FEEL AT HOME AT THE FORMER PRESIDENTIAL VILLA CHEONGNAMDAE
Built in 1983, Cheongnamdae served as the private villa of Korean presidents before it was opened to the public in 2003. The luxurious villa is set in a 1.8 square kilometers area which offers a variety of amenities and attractions apart from the president’s home — a golf range, a fishpond, a helipad, hiking trails, and a theater where some of the biggest Korean entertainers have performed.

The main feature of Cheongnamdae is the President Memorial Hall, which is a museum exhibiting personal items of the five Korean chief executives who stayed at the villa — ranging from toiletries to cassette players, sports equipment to books, to journals and other literature published during their presidencies.

For an admission fee of 2,000 KRW (P80) to 5,000 KRW (P210), visitors can catch a glimpse of the posh lifestyle of Korean leaders outside the Blue House, the traditional presidential residence at the heart of Seoul.

Due to stringent security, not much was known about the villa before it was opened to the public over two decades ago. Now, it has become an essential stop on field trip itineraries for Korean students. That it was the setting for Korean dramas like Becoming a Billionaire, Baker King Kim Tak-gu, and Age of Heroes also helped propel its popularity among the locals.

5. STRIKE POSES AT THE HAEMIEUPSEONG FORTRESS
The 600-year-old Haemieupseong is among the best recognized historical sites in Korea. Its five-meter stone walls surround a castle, installation art depicting traditional Korean life, and a vast swathe of greenery, all of which are perfect backdrops for Instagram photos.

Built in the 1400s, the Fortress witnessed many significant events in the country’s history, including the Donghak Rebellion where peasants revolted against oppressive laws, and a massacre that wiped out thousands of Catholic faithful.

Prison cells and ancient artillery are on displayed as a reminder of the persecution that Catholics endured.

Despite its grim past, Haemieupseong now stands as one of the best places in North Chungcheong for leisurely activities. Locals who swing by the Fortress usually take a relaxing stroll along the walkways while some use it as picnic grounds. There are nearby cafés for a quick bite or a much-needed caffeine boost.

6. FEAST ON FLAVORFUL LOCAL TREATS
Chungcheong is also teeming with local goodies that can be had in between heritage sites.

Miikflo is one of the best dessert places in Yesan, a county in South Chungcheong. The small stall may be a challenge to locate among the crowded stores at Yesan Market, but its delectable delights are well worth the search.

The franchise mainly serves kaymak, a sweet and tangy dairy-based dessert. The mochi bundle has assorted flavors and, although best consumed frozen, it is an excellent post-meal treat even in cold weather.

Meanwhile, Hakcheon Bulgogi was a public bathhouse and used to be called “Hakcheontang” before it was renovated into a restaurant. It has maintained some of the original sauna architecture, hence the exposed pipes, faucets, and sinks which are part of its unique interior.

The restaurant’s specialty, as its name suggests, is beef bulgogi served on a cast iron grill, drizzled with flavorful spicy sauce.

Chungcheong is a fine example of a province that has substantially invested in infrastructure, site development, and sustained marketing campaigns through, among others, the Korea Tourism Organization and Airmark Travel. Its efforts have slowly borne fruit with travelers bitten by its charm, generously sharing its splendor by word of mouth.

DoubleDragon: Ongoing Madrid hotel project tops $10M in sales

LISTED property developer DoubleDragon Corp. (DD) on Wednesday said its ongoing hotel project in Madrid, Spain has achieved sales exceeding $10 million.

The majority of these sales were recorded in the second quarter, DD said in a disclosure to the stock exchange.

The company anticipates securing over $100 million (approximately P5.8 billion) in contracted unit sales over the next 12 months, driven by the momentum of its international projects.

Hotel101-Madrid, overseen by DD’s subsidiary Hotel101 Global Pte. Ltd., commenced construction in March and is set to become one of Madrid’s largest hotels, featuring 680 rooms on a 6,593 square meter property along Avenida Fuerzas Armadas, Valdebebas.

Ferrovial Construcción, one of Spain’s largest construction firms, is executing the project, with completion scheduled for the fourth quarter of 2025.

The property is surrounded by major landmark buildings and is about a three-minute walk to the Valdebebas Train Station, four-minute walk to IFEMA convention complex, five-minute walk to Real Madrid Sports Complex, and around seven minutes away from the new Madrid Barajas International Airport.

 Hotel101 is eyeing to have presence in 25 countries by 2026. These include the Philippines, Japan, Spain, USA, United Kingdom, United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China.

On Wednesday, DD shares rose by 2.05% or 24 centavos, closing at P11.92 apiece. — Revin Mikhael D. Ochave

10 years of wholesome dining

The Wholesome Table’s Bianca Araneta-Elizalde on becoming a restaurateur

FORMER model, television host, and bearer of two famous last names Bianca Araneta-Elizalde has a pretty long resume, punctuated by the names that have shaped her life. Her father is Araneta scion Enrique, her mother Maritess comes from the famous Revilla line of beauties, most of whom married society; in turn she married Juan Elizalde, also from a formidable family. Ms. Araneta-Elizalde, still, made a new name for herself, and has had it for 10 years: restaurateur.

During an early dinner on June 26 at The Wholesome Table’s first branch in BGC, Ms. Araneta-Elizalde told BusinessWorld, “It was a pretty smooth transition. It didn’t happen overnight.” Before opening the restaurant in 2014, she had first become a wife and mother. “That’s what put everything on pause, so to speak. It’s a change. I actually feel like those days of mine — modelling and doing TV — feels like a completely different life.

“My kids don’t even know that I used to do that!,” she said, and told us a story about her children expressing surprise when people would stop her on the street to ask for a picture with her.

“I miss it sometimes. Definitely I miss the good old days, but I really like where I am now,” she said. In jest, she said. “Now it’s a lot of eating; back then, not a lot of eating.”

“This is where I get to exercise my creativity behind the camera. That was in front of the camera,” she said.

BETTER DINING THROUGH BETTER INGREDIENTS
For The Wholesome Table’s 10th anniversary, they’re bringing back a few classics such as their duck confit, duck curry, the vegan Buddha Bowl, Slow-cooked Pork Belly, and their Orzo salad. BusinessWorld had a taste, and we went back for the duck curry for seconds. The rest of the dishes, at first bite, may taste like something you’ve tasted before, but have a brilliant sheen to them once you swallow. “It is just like a regular restaurant, it’s just made with better ingredients,” she said.

By better, this means organic and responsible sourcing for the ingredients. So much so that the organic supply chain has so many gaps (suppliers not having something they need; and other such issues), that she has decided to open a farm, which will see operation in six months to a year. They have been working on it since before the pandemic, but that crash paused planning.

“We used to often lack a supply of certain vegetables because of the standards we imposed. I always wanted a farm that’s going to fuel the restaurant and it’s going to be even more than organic — it’s going to be biodynamic. Everybody will be eating produce and products from the farm, maybe even be able to buy from it.”

Before The Wholesome Table’s opening in 2014, organic eating and the like weren’t mainstream in the country, but now, at least a hint of more mindful and responsible dining has become a baseline for restaurants. “It wasn’t mainstream here, but it was pretty mainstream abroad. Whenever we would travel, it was so easy to find places like this,” said Ms. Araneta-Elizalde.

“I’m glad. This was one of my goals. I’m not saying I’m the only one who participated in making this happen, but definitely a lot of people became more familiar with this way of eating (through) The Wholesome Table.”

To mark their anniversary this month, there are several promos. Diners can get 10% off on delivery when they order from GrabFood from 2 to 6 p.m. for the whole month of July. Diners also get 10% off when dining in at their branches (in the C3 Building in BGC, Taguig and their Salcedo Village branch at De la Costa St. In Makati) from 2 to 6 p.m. from July 16 to July 31. And on July 11, they will get a free scoop of ice cream at the BGC branch. — Joseph L. Garcia

Uy’s Converge taps US firm for data center sustainability

CONVERGE ICT Solutions, Inc. announced on Wednesday a partnership with US-based Super Micro Computer, Inc. (Supermicro) to develop energy-efficient data centers aimed at reducing costs and environmental impact.

“Aside from being energy saving with its liquid cooling technology, Supermicro’s servers provide exceptional AI (artificial intelligence) computing capabilities and intensive deep learning tasks that will allow us to support and deploy many AI applications,” Converge Chief Executive Officer Dennis Anthony H. Uy said in a statement.

Converge announced in January its plan to allocate up to P5 billion over the next three years to build data centers that will host its planned digital platforms and store applications and information. The company intends to construct data centers in Pampanga, Laguna, and Caloocan.

The two companies recently signed a memorandum of understanding for the development of an AI-powered, “green” data center in the country, Converge said.

Headquartered in California, USA, Supermicro is an IT solutions provider specializing in data centers and designing energy-saving servers, storage systems, and software. The company employs “liquid-cooling” technology to potentially reduce data center facility power consumption by up to 40%.

“These high-performing servers can handle immense AI and Machine Learning workloads but with the more efficient liquid cooling solution provided by Super Micro, the heat by-product will be controlled, reducing power consumption. We want to maintain our data center’s energy efficiency, so this is geared towards that,” Mr. Uy said.

With its tie-up with Supermicro, all of its data centers will be developed in line with Supermicro’s design and process, Converge said.

At the stock exchange on Wednesday, shares in the company closed 16 centavos or 1.45% higher at P11.16 each. — A.E.O. Jose

Breakfast at Jasmine? Yes, please

WHILE the New World Makati Hotel’s Chinese restaurant, Jasmine, is well-known for their belly-bursting unlimited dim sum lunches, they’re flexing a new muscle by trying their hand at breakfast.

During a tasting on June 27, BusinessWorld got to try Shrimp Har Gao, Bamboo Shoot Dumplings, Xiao Long Bao, Shanghainese Pork Dumpling, and Pork Crab Meat Siu Mai. There was a handful of fried dumplings as well, but we stuck to the Spinach Dried Scallop Dumpling. There were heftier dishes like Garlic Chicken Fried Rice, congee, and E-fu noodles, but also lighter fare like Braised Vegetables with Mushrooms and Bean Curd Skin, and Tofu with Century Egg. It was strange: save for the last two dishes, we’ve had most of those dishes at Jasmine, but serving them for breakfast made them feel like they were heavier and more filling than before.

“We can capture the morning crowd, and the elderly who are more health-conscious,” said Jasmine’s new Executive Chef, Brandon Ng, pointing out the healthier selections like the tofu and the steamed dim sum. “They enjoy these classic and nostalgic dishes.”

We did not, however, catch Malaysian Mr. Ng’s personal favorite, the kaya toast: toast spread with coconut jam and butter. He recalls that as a child, his family would toast the white bread over coals. “The fragrance of the crust, kind of like a smoky taste,” he recalled, smacking his lips. That’s also on the menu, as well as their traditional side dish, soft-boiled eggs, and one can even opt for some warm soy milk to go with it.

As for him, he describes his own perfect breakfast: “Kaya toast, hot coffee during the rainy days. Ah!”

“That kind of feeling we want to create in Jasmine. No hurry for breakfast: relax, mingle, socialize, share. Enjoy the meal. Light and easy.”

The new breakfast menu is available from 7 to 10 a.m. every Sunday. For more information,  contact 8811-6888 ext. 3679 or 0917-888-4194. — Joseph L. Garcia

Ancient Rome survived high inflation. We can too

FREEPIK

WORRIED that inflation is coming down too gradually? The Romans had a not-so-subtle solution: Anyone suspected of ratcheting up prices faced execution. If you’re currently anxious about declining fertility across today’s major economies, they had an answer for that, too: Celibacy was discouraged among women, Vestal Virgins excluded. Offenders might forfeit their inheritance.

Few contemporary economic gripes that we live with today were absent in antiquity. The ancients saw it all. And had it worse. We ought to stop catastrophizing. Our current problems are both manageable and, in some ways, recognizable. Survivable, too.

Classics inspire modern governance, language, and athletics. The dramatic and colorful history of Rome and Greece bring perspective to our modern social and political conundrums. But parsing the business life of ancient civilizations usually takes a back seat to military tactics, art, and philosophy. That’s unfortunate, because without a vibrant economy, an Italian city’s conquests of present-day France, Spain, and Turkey would have been impossible. Armies need to be supplied and paid, populations fed, goods traded. Great powers then and now require formidable economies, even if they periodically lurch between expansion, slowdowns, and crises.

The bedrocks of Western Civilization saw everything, from currency debasement to bank runs and primitive forms of quantitative easing. It shows in the reverence that they’re still held by today’s central bankers. In this, maybe monetary authorities aren’t much different from the — forgive me — legions of other mostly male fans who liken some of the drudgery — and occasional thrills — of 21st Century daily life to the glories of empire.

Most recently, Bank of Korea Governor Rhee Chang-yong has taken to citing perhaps the greatest emperor, Augustus, saying last month: “It may be time to revisit the principle of ‘Festina Lente.’” For the ruler-declared-god who reigned from 27 B.C. until A.D. 14 and launched the Pax Romana, “make haste slowly” was a motto applied to everything from military campaigns to the flipside of a gold coin bearing his image. In the context of monetary policy, it means scout for an opportunity to lower rates without rushing. Too soon, and inflation reignites. Too late, the pressure on the economy triggers recession.

Roman rulers didn’t have central banks, much as they may have been handy. Not just to manage swings in prices and labor, but to throw to the lions when things went bad. That hasn’t stopped latter-day officials from developing an affinity for the imagery of antiquity. Former Fed boss Ben Bernanke’s latest book looks at forward guidance, the art of telegraphing your intentions in advance to minimize upheaval. He describes Delphic and Odyssean guidance. The former is vague, a forecast or inclination — not a promise, in the tradition of the mysterious oracle consulted by the Greeks — to go down a certain route. The latter is more declarative. Just as Odysseus strapped himself to the mast, this attempts to bind officials through a commitment to conduct policy in a specific way. Bernanke’s predecessor, Alan Greenspan, was dubbed the Delphic Oracle for his head-scratching utterances.

Inflation is an Eternal City of its own. While feuds, sex, and succession may have obsessed the Roman patricians, business cycles got their attention when problems became too great to ignore or delegate. They mostly improvised. Measures were aimed at fixing the most immediate problems, rarely at the long-term reorganization of financial life.

Emperors contended with system-wide blowups when small lenders in obscure parts of the empire faced a run. Tiberius, who succeeded Augustus, was faced with a credit crunch that required what historians consider a primordial version of QE or the Troubled Asset Relief Program, the loathed though successful bailout launched in 2008. Rome native Mario Draghi, who pledged to do whatever it took to save the euro in 2012, might have been at home, at least conceptually, with free bread to alleviate pressure on credit or household budgets. Let’s call it helicopter grain.

Then there’s Commodus, poster-boy for the decline of the Roman empire following his father, Marcus Aurelius, considered the last great emperor (though it must be said his incessant wars in Germania helped lay the seeds of ruin). As so often, Commodus (solo reign A.D. 180-192) personified the weaknesses of the system. He turned over management of the empire to ambitious and unscrupulous cronies, piled up taxes on the elite senatorial classes (who were in a position to plot against him) to pay for public entertainment, and officially lowered the size and silver purity of the denarius coin in the greatest devaluation since Nero more than a century earlier.

By the time of Diocletian in A.D. 301, inflation was so bothersome that he issued an edict that constrained the price of pretty much everything on pain of death. No item was too big or small to be covered: asparagus, bearskin, tunic dye, chariot axles, and slaves among them. Punishment for hoarding was even more severe.

The edicts don’t always lay out the form executions needed to follow, but the Romans were nothing but imaginative in criminal punishment: Crucifixion, being buried alive or tossed to wild beasts were some of the brutal ways the state could take life. Another miserable demise was to be put in a sack with snakes and thrown into a river. Lesser penalties could include being fined, jailed, flogged, sent to the mines, or banished from the city.

Like most price and wage controls, including Richard Nixon’s in the early 1970s, this decree did little to solve the issue, and worsened other problems. Food shortages and a labor crunch resulted, according to Stephen King, author of We Need to Talk About Inflation: 14 Urgent Lessons from the Last 2,000 Years. How did things get so bad?

“Excesses of the previous three centuries had developed, in part, because the empire found itself at near-continuous war on numerous fronts and had to discover a way of funding an ever-increasing wage bill for its soldiers. Debasing the coinage was the obvious answer.”

This was genuine currency debasement, not the faux conservative rallying cry in the US after the subprime calamity. Rapid inflation, which right-wing pundits thought would ruin America, didn’t happen; that had to await the pandemic. Rome got the real thing. People chipped pieces off coins for material to make new ones, leaving them all with less precious metal and hence value. At first, it was tiny amounts. Then there was eventually so little gold or silver that Weimar-levels of inflation were reached. Rebellious legions angry over missing or worthless pay toppled rulers.

Diocletian’s edict was eventually rescinded. Instability forced the empire to split into Western and Eastern realms. The century after his crackdown on inflation, Rome itself would be sacked by Visigoths.

Economic records of truly olden times are patchy. Relatively little scholarship is devoted to the history of commerce. There is no surviving equivalent to minutes of the Federal Open Market Committee. No dot plots on stone tablets. But that lack of specificity may have worked at the time. In I Claudius, the epic BBC series adapted from the novel by Robert Graves, Augustus loves the phrase “as quick as boiled asparagus.” His wife considers it ridiculous and admonishes him. The response: “It’s my expression and I’ll use it whenever I like.”

Alan Greenspan would approve.

BLOOMBERG OPINION

Maynilad expands AI use for faster leak detection, response

MAYNILAD WATER Services, Inc. said it is expanding its use of artificial intelligence (AI) to monitor an additional 1,500 kilometers of pipelines  for quicker leak detection and response.

“Through this advanced AI technology, we can proactively identify and address potential leaks in our water distribution system,” Maynilad Chief Operations Officer Randolph T. Estrellado said in a statement on Wednesday.

Maynilad targets to minimize network losses and enhance water supply recovery for distribution.

“This not only enables us to respond more swiftly and efficiently to pipe network issues. It also significantly enhances our ability to conserve water resources and improve service reliability for our customers,” Mr. Estrellado said.

The company said it uses AI technology called Infrawise, developed by Portugal-based AGS (Administração e Gestão de Sistemas de Salubridade), a wholly owned subsidiary of Marubeni Corp.

Infrawise functions as AI decision-making software that analyzes and identifies critical areas in Maynilad’s pipe network for focused leak detection and replacement activities.

Maynilad initiated the application of this AI technology in October 2023, covering an initial area of 1,700 kilometers of water pipelines.

Following the pilot phase, the AI software generated a map pinpointing vulnerabilities across 750 kilometers of pipelines, facilitating the identification of 1,525 leaks.

Additionally, Maynilad uses AI technology from satellite-based infrastructure intelligence company Asterra to detect underground pipe leaks.

This technology employs patented algorithms to track the spectral “signature” of potable water underground captured in satellite imagery. The leakage information is compiled into a geographic information system report detailing street locations, expediting the process of leak detection and repair.

“Integrating AI in Maynilad operations was driven by the need to maintain efficiency and accelerate the reduction of water losses,” the company said.

“The company is continuously exploring other advanced technological solutions that have the potential to augment its existing equipment and capability on leak detection,” it added.

Maynilad serves Manila, except portions of San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon.

It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and 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. — S.J. Talavera

SM fashion designer Anthony Nocom, 64

FASHION designer Anthony Nocom is seen here with SM’s Tessie Sy-Coson. — FACEBOOK.COM/TNOCOM0823

ANTHONY NOCOM, JR. (known as Tonichi by his intimates in the fashion industry) passed away at 64 years old on June 29 his family announced through a statement.

“We are deeply heartbroken that our dear Anthony ‘Tonichi’ Nocom, Jr. has passed away this afternoon, June 29. The family requests for privacy in this time of grief.

“We ask you to keep Tonichi in your thoughts and prayers,” continued the statement.

Mr. Nocom was once president of the Fashion and Design Council of the Philippines (FDCP), but he may best be remembered for being the in-house designer of retail giant SM Retail, Inc.

He started at SM as an interior designer in 1981, but according to a 2003 interview with the Philippine Star, “Tessie Sy-Coson (SM founder Henry Sy’s daughter) noticed my interest in fashion, and she asked me to design for SM’s menswear labels — Newsmakers and Men’s Club.

“I decided to do menswear because there were only a few doing menswear then. Maybe because designers felt there was not much you could do with shirts and pants. But I saw it as a challenge,” he said in the same interview (“Why men LOVE Anthony Nocom,” by Millet Mananquil, Philippine Star, April 16, 2003).

Mr. Nocom was given his own menswear line in SM in 1989, with the clothes bearing his name. Still, he had his fingerprints in SM’s other departments, even up to sleepwear. That meant that for a generation, Mr. Nocom was clothing almost everyone who shopped at SM — and that’s a lot of people.

“When I design, in my mind is the Filipino who looks for quality, style and affordability,” he told the Star. “Frustration comes only to a designer when he refuses to understand that this profession is both a business philosophy and a business function.”

In a Facebook post, the Professional Models Association of the Philippines said, “The PMAP extends its deepest condolences to the family, friends, and colleagues of Tonichi during this difficult time. His legacy as a talented designer and mentor will continue to live on in the hearts of those who knew and admired him.

“Rest in peace, Tonichi. Your creative vision and passion for fashion will forever be remembered and cherished by the Philippine fashion community.”

Mr. Nocom’s wake is being held in Quezon City’s Funeraria Paz at the Imperial Garden until July 6. A mass will be held at 8 a.m. on July 6, before the cremation at 10 a.m. A viewing of the urn will be held at Santuario de San Antonio in Forbes Park, Makati from July 7 to 10, and a mass will be held at 7 a.m. on July 10. His remains will be interred at 9 a.m. at the Thousand Buddha Temple in Quezon City. — JL Garcia

Tax on single-use plastic bags

FREEPIK

The Department of Finance (DoF) wants Congress to pass within a year a law on taxing the sale of single-use plastic bags to retailers. The measure is seen to raise revenues for the government, but at the same time finance waste management programs. Indirectly, the proposed tax aims to address climate change issues related to the proliferation of ocean plastic waste.

“When a good has some negative externalities, meaning the consumption or use of a product causes some social cost, we try to regulate that through taxation. In the case of single-use plastic, the social cost is mismanaged waste, which is related to climate change,” media quoted Finance Undersecretary Karlo Fermin S. Adriano as telling industry stakeholders in a briefing.

Finance proposes a P100 per kilogram excise tax on single-use plastic (SUP) bags, with a 4% annual indexation to inflation beginning the third year of implementation. On retail, the DoF claims the planned tax comes out to only 40 centavos per bag. Similar taxes abroad are 15 euro cents per bag in Ireland (around P9), and 22 euro cents in Denmark (roughly P13).

The proposed tax will cover only SUP bags that cannot be recycled. And, at present consumption rates, the government estimates the SUP bag tax to raise around P31.5 billion from 2025 to 2028. This revenue over a three-year period is to be earmarked for the government’s solid waste management programs in various towns.

The proposal has merit, but Congress will need to consider more research data to come to an informed decision. As with any proposal or change, there will be winners and losers, there will be pros and cons. And all these should be considered before finalizing any decision on a new tax that targets consumption rather than income.

Plastic pollution is already considered a global crisis. Data from the United Nations Environment Programme (UNEP) indicate that around 300 million tons of plastic waste are produced globally every year, and much of it ends up in our oceans. Single-use plastics, such as bags, bottles, and straws, are particularly problematic because they are used only briefly and then thrown away.

An excise tax on SUP bags may be practical and effective. Making SUP plastic bags more expensive, even by just 40 centavos per piece, might be enough to discourage use and encourage alternatives. At the same time, taxes collected can pay for plastic garbage disposal projects as well as public awareness campaigns discouraging plastic bag use.

The Ireland tax, started in 2002, reportedly resulted in a 90% reduction in SUP use within a year. But then, at a tax rate equivalent to P9 per bag, this should not be surprising. Denmark started earlier with such a tax, in 1993, and is now among the lowest users of such bags. Their tax is equivalent to a high P13 per bag. But their consumers are relatively wealthier than we are.

The government estimate of 40 centavos per bag may be at the low end. Other estimates put the average plastic bag weight at about five to seven grams. So, the proposed tax rate of P100 per kilogram translates to approximately 50-70 centavos per bag, and not just 40. Assuming 70 centavos per bag, the expected tax take is over P50 billion and not just P30 billion.

But to be effective, the proposed tax law should also provide for mechanisms that can ensure tax compliance and prevent illegal distribution of untaxed SUP plastic bags. Congress should also ensure that the proposed tax will not disproportionately disadvantage the poor. Moreover, scope should perhaps go beyond SUP bags and include other plastic products.

Some argue that the reduction in plastic bag use may not necessarily translate into significant environmental benefits. While taxes can reduce the number of SUP bags in circulation, they do not effectively address the broader issue of plastic pollution from other sources, such as packaging, bottles, and microplastics.

Thus, the proposed tax law should not be a one-off but should also lead to the consideration of a more comprehensive approach to reducing plastic pollution, one that targets all forms of single-use plastics rather than focusing narrowly on bags. Tax is not the only lever that the government can pull in this regard.

And given how creative Filipinos can be, there is also the concern that the tax can lead to the development of illegal markets for plastic bags. While this may seem absurd, it is not far-fetched. When taxes make legal plastic bags more expensive, a black market can emerge, with vendors selling untaxed bags at lower prices. This will create a major enforcement challenge.

Also, SUP bags are very popular with small retailers, who mostly operate on thin profit margins. A plastic bag tax can increase their costs, unless they pass on the tax to their customers. They can either make do with lower profits or lose customers to bigger retailers that can absorb the cost of the SUP bag tax.

In this scenario, can the government effectively implement and enforce the tax? Can it ensure that all retailers — big and small — will comply with the tax? What kind of regulatory framework can it put in place to ensure administrative ease in implementing and monitoring tax compliance? At the start, who will shoulder the cost of educating the public about the tax and encouraging behavioral change?

The effectiveness of a plastic bag tax also depends on the availability and affordability of alternatives. Reusable bags, for instance, need to be widely accessible and affordable to ensure a smooth transition away from single-use plastics. If alternatives are not adequately provided, the tax could lead to public dissatisfaction and resistance. Moreover, reusable bags can also be a garbage problem in the future.

And then there are other unintended environmental consequences. For instance, if consumers switch to alternative materials like paper or cloth without considering their environmental footprints, the overall impact might not be positive. Paper bags require more energy and resources to produce, and cloth bags need to be reused many times to offset their environmental impact compared to plastic bags. In this sense, the plastic bag tax could inadvertently just shift the environmental impact problem rather than solve it.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

Startup seeks more funding for ‘smart’ healthcare backpacks

SOCIAL ENTERPRISE Rise Rural Philippines is tapping nongovernmental organizations (NGOs) and nonprofit groups to help expand the reach of its solar-powered healthcare “smart backpacks.”

“We’re looking for partnerships with NGOs and nonprofits in order to reach more communities [with our smart backpacks],” Rise Rural Philippines Co-Founder and Chief Executive Officer Mark Virgil C. Jamer told BusinessWorld on the sidelines of the Youth Co:Lab Summit by the United Nations Development Programme (UNDP) and Citi Foundation last week.

Rise Rural Philippines was founded in 2022 by a group of undergraduate students and is known for its solar-powered “smart backpacks” that aim to improve healthcare access in the countryside.

Each “smart backpack” has a solar panel and battery, a compartment for medical tools and equipment, a patient information database, and a vaccine and medicine storage, Mr. Jamer said.

Partnering with NGOs and nonprofit groups would help it reduce the expenses to build its “smart backpack,” which costs around P16,000 each, according to the group.

The group has delivered two backpacks: one to the municipality of Tanay, Rizal in Luzon, and another to Siargao.

The organization aims to distribute one “smart backpack” in five Geographically Isolated and Disadvantaged Areas (GIDAs) this year, with its priority locations being in the Southern Tagalog region.

“These GIDAs don’t have access to electricity or if they have, it’s very challenging, and that affects healthcare access,” Mr. Jamer said. “If they don’t have reliable electricity, then these [healthcare] equipment and tools won’t work.”

“We want to partner with suppliers based in the Philippines because most of our materials are outsourced from other countries. So, that’s what our product development team has been working on — reaching out to companies that are working on solar solutions and stuff,” he added.

The group is also working on an advanced version the backpack, taking into consideration the different needs of rural healthcare units, Mr. Jamer said.

“When we were interviewing healthcare professionals and did different community immersions, we realized that these communities are very different in terms of what they need,” he said.

“Considering the differences in each community, we’re looking at a common denominator and then integrating that into the design of the bag so it can be used by any community in the Philippines,” Mr. Jamer added.

However, the delivery of backpacks has also been hampered by some local government units’ (LGUs) permitting processes and requirements, he said.

“When we were talking to one LGU, although they were very interested in accepting a proposal from us, they were requiring a lot of papers, which is something that I think startups, especially those that are youth-led and at a very early stage, won’t be able to like provide immediately,” Mr. Jamer said.

In the medium term, Rise Rural Philippines aims to deliver its smart backpacks to at least 10,000 GIDAs, he added. — B.M.D. Cruz

Coal power and the Meralco CSP

This week two groups attempted to advance their degrowth and blackout agenda with their nefarious lobbying. The London-based renewables lobby group Ember-Climate called out the Philippines’ and Indonesia’s high coal dependency and the self-styled “consumer group” Power for People Coalition (P4P) called out Meralco for securing cheap electricity sources for its consumers.

Good thing that our Department of Energy (DoE) is not falling for these groups’ agenda. See these recent reports in BusinessWorld: “Coal-fired plants can support PHL baseload needs until 2030 — DoE” (June 19), “Philippines’ dependency on coal-fired power surpasses China, Indonesia” (July 1), and, “Consumer group files petitions vs Meralco’s supply contracts” (July 3).

We go straight to the numbers.

I checked the coal consumption and “coal dependency” of major industrial economies and some ASEAN countries. In 2023, the Philippines had 70 terawatt-hours (TWh) of coal power generation while Germany had 128 TWh, Japan had 304 TWh, the US had 738 TWh, India had 1,471 TWh, and China had 5,754 TWh. Ember had not called out or bullied these countries — or South Korea and Australia — for their high coal use until last year.

Meanwhile, the Philippines’ coal/total generation ratio in 2023, was 58%, Indonesia’s was 62%, Poland’s was 60%, China’s was 61%, and India’s was 75%. But Ember has not called out Poland, China, and India — they cannot bully these countries, but they can bully Indonesia and the Philippines. The reason why Philippines has a ratio of 58% is because the denominator, our total power generation, is small.

Then I checked the economic performance of these countries, there is a trend: countries with a declining coal/total generation ratio of 30% or lower in 2023 had low average growth — Germany, the UK, the US, Canada, Japan, and Thailand. And those countries with coal/total generation ratios of 42% or higher have fast average GDP growth of 3% or higher — Turkey, Poland, China, India, Indonesia, Malaysia, the Philippines, Taiwan, and Vietnam. Australia is an exception with average growth of only 2.4% (see Table 1).

So Ember-Climate is happy that the decarbonizing UK and Germany are suffering degrowth, with GDP performances in 2023 and Q1 2024 of only 0.1% and 0.3% respectively for the UK, and -0.3% and -0.2% respectively for Germany, so long as they keep reducing their use of coal and nuclear energy while raising their wind-solar capacities. And they want the Philippines, Indonesia, and other developing countries to be bullied into following the UK and German model. Shame.

Next, P4P petitioned the Energy Regulatory Commission to reject Meralco’s two successful competitive selection processes (CSP) that will give Meralco consumers cheaper electricity. They think that the P7/kWh generation charge is wrong and must be rejected because P8.45/kWh or higher is good and must be entertained and passed on to the consumers? What an idiotic way of thinking. (see Table 2.)

Meralco Vice-President and Head of Corporate Communications Joe R. Zaldarriaga correctly argued that “The CSPs involve an open and competitive process with the ultimate goal to secure the lowest bid from qualified generation companies, with no preferential treatment. Thus, the allegations that contracts emanating from CSPs are anti-competitive have no basis.”

P4P and allied organizations are confused, and I consider them to be fake consumer groups. Here are two reasons why.

One, it was a price competitive selection process, not an environmental or ecological selection process.

Two, average electricity consumers like me have two basic needs or demands — that there be enough electricity to avoid blackouts and that this be had at a competitive price. We want to save our gadgets and appliances from damage due to power fluctuations, save the food in our refrigerators, save our eyes from darkness, save our bodies from the inconvenience of not having an electric fan or aircon, save our house and office from potential fires due to the prolonged use of candles, and save our jobs via cheaper electricity running 24/7.

The idea that we have to save the planet is far out because planet Earth has been around for some 4.6 billion years and it had undergone endless natural warming-cooling cycles, El Niño-La Niña cycles, wet-dry season cycles, winter-spring-summer-fall cycles, water evaporation-condensation cycles, and so on.

Our planet never needed a savior, yesterday, today, or tomorrow. Besides, people have option to go off-grid if they want to and use only wind-solar-biomass. There is no need to impose such a lifestyle on everyone else by demonizing coal power and forcing the use of intermittent energy.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Megawide eyes bids for 2 major bridge projects — Saavedra

MEGAWIDE Construction Corp. is eyeing participation in the bidding for two major bridge projects to bolster its project portfolio, its chairman said on Wednesday.

The company plans to join the government bidding processes for the Bataan-Cavite Interlink bridge project and the fourth Cebu-Mactan bridge project, Megawide Chairman Edgar B. Saavedra said during the company’s virtual annual stockholders’ meeting.

“For the long term, we also expect other infrastructure projects to be bid out in addition to the Metro Manila Subway project, such as the Bataan-Cavite bridge and the fourth Cebu-Mactan bridge,” he said.

The Bataan-Cavite Interlink bridge project spans 32.15 kilometers. The bridge is expected to cut travel time from Mariveles, Bataan to Naic, Cavite to 1.5 hours from five hours. The first phase of the project is expected to require funding of $350 million.

In May, the Asian Infrastructure Investment Bank approved a $1.14-billion loan to fund the construction of the Bataan-Cavite Interlink Bridge.

On the other hand, the fourth Cebu-Mactan bridge is a P76.4-billion project that spans 3.3-kilometers that will connect Barangay Ibo in Lapu-Lapu City to Mandaue City. 

Mr. Saavedra said that Megawide is also interested in the contract package (CP) 105 of the Metro Manila Subway project.

“We have submitted one bid for the Metro Manila Subway system project, specifically CP 105, which was submitted four or five months ago. We expect the bid to open in the third quarter according to the schedule. If successful, this would add another infrastructure package to the company’s portfolio in the short term,” he said.

CP 105 includes the underground stations in Kalayaan Avenue and Bonifacio Global City. Megawide previously bagged the contract for CP 104, which covers the Ortigas to Shaw Boulevard segment of the subway.

 “All of these projects, depending on the schedule of the government, if they will be bidding these out within the year, the group will be participating on these bids,” Mr. Saavedra added.

 Megawide aims to maintain an annual order book valued at P40 billion to P45 billion, equivalent to two to three years of revenue.

For the first quarter, Megawide recorded P183.4 million in consolidated net income, a turnaround from the P7.4-million net loss last year. Consolidated revenue increased by 19% to P5.2 billion. 

Megawide stocks fell by 0.34% or one centavo, closing at P2.94 per share. — Revin Mikhael D. Ochave

1...1,4391,4401,441...12,670Page 1,440 of 12,670
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube