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DoE to hold two green energy auctions this year

By Sheldeen Joy Talavera, Reporter

THE DEPARTMENT of Energy (DoE) said it is preparing to conduct two green energy auctions (GEA) before the end of the year, with plans for another next year to include offshore wind energy.

“This year, we have green energy auction number 3,” Energy Undersecretary Rowena Cristina L. Guevara said at an energy forum on Wednesday.

“For GEA 3, our target is geothermal, pump-storage hydro, run-of-river hydro, and impounding hydro,” she added.

GEA-3 involves a total capacity of 4,399 megawatts (MW).

In February, the DoE announced that it would auction off renewable energy technologies under GEA-3, which include those that are not eligible for feed-in tariff (FIT). It also involves run-of-river hydro, which is a FIT-eligible renewable energy technology.

The GEA program aims to promote renewable energy as one of the country’s primary sources of energy through competitive selection.

The Energy Regulatory Commission (ERC) is mandated to craft rules on the price determination methodology that will be used to evaluate price offers submitted by bidders in the auction.

“We’ve been working on it, but we need to formalize the process because there will be public consultation for the rates, so there’s a process that we have to go through,” ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta told reporters on the sidelines of the event.

The DoE is also targeting holding a fourth round of GEA this year, which involves renewable energy technologies and energy storage systems. 

“Originally, we’re thinking of 8,200 MW for GEA-4, but we might increase [the capacity] because we see that fossil fuel really overtakes renewable [energy],” Ms. Guevara said.

The DoE is planning to conduct a fifth round of GEA for offshore wind energy in the middle of 2025, with gigawatts (GW) of capacity to enable power generation by 2028.

Ten ports are currently under the pre-feasibility study being carried out by the government with technical assistance of the Asian Development Bank.

Under the Philippine Offshore Wind Roadmap, the Philippines has a potential capacity of about 63 GW from tapping offshore wind resources.

The Philippines has set a target of increasing the share of renewables in the energy mix to 35% by 2030 and 50% by 2040.

GEA was first conducted in 2022 and attracted a total of 1,996.93 MW worth of renewables, while GEA-2 was held in 2023, where 3,440.756 MW were awarded. 

COAL IN POWER GENERATION MIX
The DoE on Wednesday defended the share of coal power in the Philippines’ power generation mix.

“The power generation mix of the Philippines cannot be directly compared with large economies like China and Indonesia, particularly the share of coal in the power generation, due to significant differences in demographic, economic, and energy profiles,” the Energy department said in a statement.

The development follows a report from energy think tank Ember, which showed the Philippines was the most coal-reliant country in Southeast Asia in 2023.

Citing a report from the Global Energy Monitor, as of January, the DoE said that China has an installed coal power plant capacity of 1,136.7 GW, Indonesia has 51.6 GW, and the Philippines has 12.1 GW.

“This underscored the vast difference in the scale of energy economic infrastructures among the three countries,” the DoE said.

In 2023, more than half, or 62%, of the country’s power generation was supplied by coal, with 69,472 gigawatt-hours, based on data from the Energy department.

“While coal remains to have the largest share in the country’s power generation mix, the Philippines makes up a minimal share of global emissions from coal,” the DoE said.

Compared to China and Indonesia, the DoE said that the Philippines accounted for 0.5% of the world’s greenhouse gas emissions.

“While the Philippines relies heavily on coal-fired power generation, the absolute amount of generation and corresponding emissions are minimal as compared to those of China and Indonesia,” the DoE said.

“Therefore, the Philippines cannot be reasonably compared to these larger economies, which have different energy strategies and infrastructures adapted to their specific demographic and economic conditions,” he added.

Meanwhile, Ms. Guevara said that the DoE is expecting a better power situation in Luzon and Mindanao during the dry months of 2025. However, the Visayas grid may experience issues due to the increased demand in Bohol.

“We can see that 2025 summer will be much, much better than 2024,” she said.

Dining In/Out (07/11/24)

Mama Lou’s special tomato promo

MAMA LOU’S Hospitality Group is holding a special promotion aimed at supporting local farmers. Harold Lu and chef Waya Araos-Wijangco have been helping local farmers experiencing an overharvest of cherry tomatoes, and through their initiative, Mama Lou’s recently acquired one ton of fresh cherry tomatoes from groups of local farmers in the Cordillera region, with which its culinary team has crafted a cherry tomato confit. Mama Lou’s customers can now enjoy a buy-one get-one offer on the newly introduced Cherry Tomato Margherita Pasta. This dish features roasted cherry tomato confit, garlic, basil, and a hint of chili, and for P550, diners can savor two orders of this special pasta dish. The Cherry Tomato Margherita Pasta promotion is available at all Mama Lou’s restaurant locations for a limited time. Mama Lou’s will also sell the tomato confit in bottles at all branches, providing customers with the opportunity to enjoy the confit at home. Mama Lou’s has pledged to buy one ton of cherry tomatoes per week, amounting to four tons per month. This long-term commitment not only enriches its menu with locally sourced ingredients but also supports the welfare of the farmers who supply them.

New adobos take over at Haliya

HALIYA, City of Dreams Manila’s restaurant specializing in reimagined Filipino cuisine, pays homage to the quintessential adobo with the Adobo Festival for the whole month of July. Five adobo creations reimagine the classic Filipino favorite. The special menu consists of: Adobo Ensalada, a mélange of marinated chicken thigh, pickled red cabbage, cucumber, kiat kiat (small mandarin orange) segments, baby Romaine lettuce, lime zest, cherry tomatoes, adobo vinaigrette, crispy marble potatoes with parmesan, red radish and microgreens; Adlai Adobo Balls, which combine sinangag na adlai (similar to fried rice but using the heirloom crop adlai) with adobo chicken, adobo mayo, sweet soy vinegar sauce, crispy pork floss, chili threads, and microgreens. Crispy Adobong Tahong is a medley of soy vinegar-marinated mussels, crispy taro, spring onions, adobo sauce, pinakurat (coconut sap vinegar), and adobo mayo; Antigo Adobo, a savory plate of braised pork belly, fried soft egg, sauteed sayote (chayote) tops, and crispy maruya (banana fritters); and Adobong Tadyang sa Gata, a rich combination of slow-braised adobo beef short ribs in coconut milk with garlic chips, chili, and bamboo shoots served in a crispy lumpia (spring roll) cup. Haliya’s new selection of tipples complements the adobo dishes:  Tropiko, a concoction of gin, pandan syrup, lychee puree, green mango juice, and egg white; Luna, a mixture of rum, lemon juice, agave syrup, blueberry, and ginger beer; Takipsilim, a blend of bourbon whiskey, lime juice, pineapple juice, and concentrated bitters; and La Berde, a smooth glass of vodka, lemongrass juice, lemon juice, pineapple juice, agave syrup, and basil. Haliya’s dishes are served family-style. Haliya is open for dinner from 5 to 11 p.m. from Mondays to Fridays, and from 11 a.m. on Saturdays and Sundays.  For inquiries and reservations, call 8691-7780 or 8800-8080, or e-mail Haliya@cod-manila.com or guestservices@cod-manila.com. For more information, visit www.cityofdreamsmanila.com.

Tempura reaches new heights at Hotel Okura Manila

DISCOVER the intricacies of one of Japan’s most popular dishes with The Art of Tempura at Newport World Resorts’ Hotel Okura Manila. From July 22-25, the Grand Chef of Japanese Fine Dining of the Hotel Okura Group, Tadashi Sawauchi will be at the Yawaragi restaurant to celebrate the delicate craftsmanship of tempura. The exclusive dining experience features a seven-course Tempura-Kaiseki menu with Champagne and sake pairing. Mr. Sawauchi will be joined by Takashi Karasawa, the founder and chef of Tempura Karasawa in Tokyo, Japan, and Keiichiro Fujino, the Japanese Executive Chef of Hotel Okura Manila. The menu includes tempura dishes as well as crab and broiled scallop with shuto-an (salted fish guts sauce), duck loin with grilled leek and eggplant, and marinated tuna toro among other seasonal specialties. The Art of Tempura collaboration dinner is open for limited seats only. For inquiries and table reservations, call 5318-2888, 0917-842-9067, or e-mail yawaragi.service@hotelokuramanila.com.

Floral delights at Sheraton

FLOWERS bloom on July 25 at &More by Sheraton, through a five-course dinner called “Petals and Palates.” Dinner will consist of a pairing with five floral-inspired cocktails and a floral exhibit by Imahica Art Gallery. Guests will be greeted with a refreshing Lavender Blueberry Vodka Soda, then dinner begins with Garden Toast with dill goat’s cheese and petals, paired with the Blue Pea Garden, a gin-based cocktail infused with basil and thyme. It’s followed by Oysters and Scallops in lime dressing, complemented by the Chamomile Gin Fizz, a cocktail that balances chamomile, lemon, and honey. The third course is Flower-Laminated Ravioli with cod filling in garlic cream sauce, paired with the Tropical Hibiscus, a tequila-based cocktail enhanced with homemade hibiscus syrup and ginger beer. The fourth and fifth courses are secret for now. The evening will be further enriched by a floral exhibit from Imahica Art Gallery. To secure a table, contact Manila Bay Kitchen at 5318-0788 or e-mail sh.mnisb.fb@sheraton.com.

KitchenAid now online

KITCHENAID Cookware is available on Zalora, Lazada, and Shopee, offering discounts of up to 30% off, free shipping vouchers, and other promos. Check out KitchenAid Cookware online, featuring a variety of collections: Classic Ceramic Aluminum, Classic Stainless Steel, Forged Hardened Aluminum, Multiply 3-Ply, and Steel Core Enamel. Get up to 25% off during the Payday Sale on Lazada from July 13 to 17 and July 26 to Aug. 1, and on Shopee from July 12 to 16 and July 27 to 31. On Zalora, get 10% off, and an additional 20% discount with the code KITCHENAID20 from July 11 to 31.

Yoshinoya has a buy one, get one offer

YOSHINOYA presents the Gyudon Festival from July 13 to 15, where guests can enjoy their regular famous beef bowl, with a Buy One, Get One offer. Diners can also try other new Yoshinoya offerings, such as their Spicy Gyudon Bowl, Cheesy Gyudon Bowl, and Jumbo Bento. The promo will be available in all Yoshinoya stores and valid for dine-in and take out only.

KFC plays with spinach

Kentucky Fried Chicken or KFC will serve three Creamy Spinach products for the KFC Creamy Spinach Fest, available for a limited time. The new KFC Creamy Spinach Zinger has the classic crispy zinger fillet between buns, topped with creamy spinach sauce and sliced cheese starting at P170. The KFC Creamy Spinach Twister is made up of KFC Hot Shots, doused in melted cheese and creamy spinach sauce, then wrapped in warm tortilla bread, at P130. Finally, KFC Creamy Spinach Corn has a mix of creamy spinach sauce, sweet corn, and a topping of shredded cheese, at P95. The KFC Creamy Spinach Fest is available in all KFC stores from July 9 to Aug. 19. Order through the KFC app, website, or hotline. Dial 88-87-8888, visit https://www.kfc.com.ph/menu/overview or download the mobile app on Google Play or the App Store, via delivery on Grab and Foodpanda App.

Airlines eyeing to expand operations with boost in PHL-S.Korea flights

LOCAL AIRLINES said they are now planning to capitalize on the increased weekly seat capacity between the Philippines and South Korea by introducing new routes and expanding their flight services.

“With the additional 10,000 seats, we now have greater flexibility to expand operations in South Korea, whether it be by introducing new routes, increasing flight frequencies, or using larger aircraft to boost tourist traffic,” Cebu Pacific President and Chief Commercial Officer Alexander G. Lao said in a Viber message on Tuesday.

This comes after the signing of the bilateral air services agreement between the Philippines and South Korea which allows an increase in the seat entitlements for flights between the two countries. 

Under the new agreement, the Philippines and South Korea will have an additional 10,000 seats per week to 30,000 from the existing capacity of 20,000, the Department of Transportation said in a statement.

Cebu Pacific described the new agreement as a significant development for the aviation industry.

Currently, it offers  flights to Seoul from Manila, Clark, and Cebu.

“PAL management constantly reviews opportunities to further expand its global network,” said Philippine Airlines (PAL) Spokesperson Cielo C. Villaluna.

Currently, PAL operates daily flights between Manila and Seoul and daily flights between Manila and Busan.

The flag carrier also operates daily services between Seoul and Cebu, Seoul and Kalibo, and Tagbilaran and Seoul.

Low-cost carrier AirAsia Philippines likewise said that it will strategize to leverage the increase in seat entitlements by optimizing current capacity and integrating this into its forthcoming flight expansion plans to South Korea.

AirAsia Philippines offers daily flights to Seoul. — Ashley Erika O. Jose

Abacore Capital Holdings, Inc.’s Annual Stockholders’ Meeting to be held on Aug. 1

 

 

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The great climate change wealth transfer is here

FREEPIK

THERE’S RARELY been a better time to be a seller of fossil fuels — nor a worse time to be exposed to their effects.

Thanks to resilient crude prices and lackluster investment activity, shareholders in oil and gas companies are enjoying a bonanza. Of the $569 billion in dividends paid by businesses with at least $10 billion in net income over the past 12 months, more than a third — $206 billion — has come from fossil energy. Almost half of that has come from just one firm, Saudi Arabian Oil Co. America is producing more oil and more gas than any nation in history. The S&P 500’s index of energy companies hit a record high in April.

Even as sums are rising on the credit side of fossil fuel’s ledger, they’re climbing on the debit side, too.

Losses from natural disasters hit $280 billion last year, according to reinsurer Swiss Re, a sum that more than offsets the payouts to oil company shareholders. Not all of that amount can be laid at the door of a warming planet — but even counting only costs directly attributable to climate change, global losses over the first two decades of this century averaged about $143 billion a year, a 2023 study found.

Parts of Texas are bracing for more than a foot of rain from Monday as Tropical Storm Beryl gathers strength toward hurricane force over the unnaturally warm waters of the Gulf of Mexico. In Jamaica, the early-season storm left two-thirds of the population with power outages and almost all of the banana crop destroyed. In Saint Vincent and the Grenadines and northern islands of Grenada, more than 90% of houses and infrastructure suffered damage as Beryl rolled through.

That’s just a microcosm of what has happened so far this year. Each of the 12 months through May saw the world’s temperatures at their highest levels since at least 1850, with the mercury rising above 50° Celsius (122° Fahrenheit) in India. Flooding in Brazil has killed more than 170 people while three consecutive waves of inundation in Bangladesh affected 2 million people. More than a dozen were killed in Nepal after heavy rain triggered landslides and more flooding.

All these events are connected by one vast global transfer of wealth. Climate damage is paid for in nickels and dimes, by individuals in rich countries and poor ones.

Homeowners unable to pay for their home coverage, or quitting their suburbs altogether because of increased risk of flood or wildfire, are bearing the cost in the form of insurance premiums and reduced property values. In less affluent corners of the world, the expenditure is even more devastating, as money that should be invested in growth is spent instead on repairing the effects of natural disasters. Of about $687 billion in annual damages that one influential study estimates will be caused in a 2030 world under 2.7° Celsius of warming, $426 billion will be incurred in developing countries.

The profits from this despoliation, however, accrue to companies, whether privately- or state-owned.

It’s dispiriting that the improving economics of clean power, and the rising devastation caused by atmospheric carbon, haven’t prompted a more dramatic shift in the politics of this question.

Instead, the opposite has happened in recent years. Direct subsidies paid by governments to make fossil fuels cheaper almost doubled to $1.3 trillion in 2022 from $500 billion in 2020, though they’re likely to have reduced a bit since then thanks to cheaper oil and gas prices. Combine that with the tariffs increasingly imposed on electric vehicles, batteries, and solar panels, and governments are deploying their fiscal powers to raise the cost of clean energy, while reducing the cost of carbon pollution — a desperately counterproductive state of affairs.

Signs of a turning point in humanity’s fossil fuel addiction are everywhere, from evidence that China’s emissions are peaking this year, to the ongoing failure of crude oil output to climb above levels it hit in 2018.

Still, emissions need to not just plateau, but fall dramatically over the coming decade, and then the decade after that. At this point, politics and profit are making it harder for us to hit that target.

BLOOMBERG OPINION

Buckingham Palace opens room with famous balcony to visitors

RCT.UK

LONDON — Visitors to Buckingham Palace in London this summer will get to stand behind the famous balcony that the British royal family often poses on.

For the first time, the palace is opening the building’s East Wing, which includes the Center Room where the iconic balcony is located.

“This room was part of the edition of the East Wing, made by Queen Victoria and Prince Albert. And it was Prince Albert who suggested the balcony,” said Nicola Turner Inman, curator of Decorative Arts at Royal Collection Trust.

“It was first used in 1851 for waving off the troops for the Crimean War. So, it’s been in use for quite a long time,” she said.

Visitors will not be allowed to stand on the balcony.

But as well as being able to look through the net curtain down The Mall, there is also a newly restored 19th century glass chandelier shaped like a lotus flower to admire.

“For the public to be able to see the chandelier, not a glimpse of it from the mouth, but actually be in the room where it hangs is an exciting prospect,” said Turner Inman.

Ticket holders will also be able to go inside the Yellow Drawing Room, which features 18th century items such as recently restored hand-painted Chinese wallpaper and a Kylin clock.

While there have been guided tours of parts of the palace since 1993, access to this section has been made possible after five years of renovations as part of the ongoing Buckingham Palace reservicing program.

Other highlights include Chinese imperial silk wall hangings presented to Queen Victoria, as well as artwork from the likes of 18th century British painter Thomas Gainsborough on display in the Principal Corridor.

As well as seeing the East Wing rooms, often used for receptions and meetings as well as balcony moments, the £75 ($95.90) tickets include access to the State Rooms.

The summer opening of the State Rooms and the East Wing rooms is from July 11 to Sept. 29. Cheaper tickets are available to the State Rooms only, but anyone keen to see the newly opened wing will have to wait until next year, as those tickets have sold out. — Reuters

PPA awards Puerto Princesa port expansion contract 

PPA PMO PALAWAN FACEBOOK PAGE

A MANILA-BASED construction company has bagged the P597.03 million contract for Puerto Princesa port expansion phase 1 project, the Philippine Ports Authority (PPA) said.

In a notice of award, PPA said that it awarded the contract to Elimared Construction and Trading, Inc. and MRBII Construction Corp., which have formed a joint venture for the project.

According to the PPA, the Puerto Princesa Port expansion project phase 1 has attracted 12 parties; with Elimared Construction and MRBII’s joint venture being declared the lowest calculated and responsive bidder for the project.

 Its bids and awards committee identified the other bidders as WTG Construction & Development Corp.; Luzviminda Engineering; Goldridge Construction & Development Corp.; MAC Builders Corp.; Octagon Concrete Solutions, Inc.; Khan Kon Chi Construction & Development Corp.; SB Construction Corp.; Sunwest, Inc.; Vicente T. Lao Construction; and UKC Builders, Inc.

In May, the PPA invited  bidders for the first phase expansion of the Puerto Princesa Port.

In PPA’s invitation to bid notice, it said it is investing P599.15 million for the phase 1 expansion of the Port of Puerto Princesa.

The contractor will have 660 days to complete the project, PPA said. 

The PPA has earlier expressed its intention to enhance and develop ports to improve their efficiency and capacity.

 In the next four years, until 2028, the PPA is earmarking about P16 billion to fund its infrastructure projects, including its 14 flagship projects slated to be completed during the period. — Ashley Erika O. Jose

Identity verification provider iProov looks to enter PHL mart

FREEPIK

By Aubrey Rose A. Inosante

LONDON-BASED identity verification provider iProov is planning to enter the Philippine market to offer its services amid growing cases of fraud and deepfakes in the country, its top official said.

“We are investing in developing the market in the Philippines,” iProov Chief Executive Officer Andrew Bud told BusinessWorld in a video call on June 28.

“The British ambassador to the Philippines visited our office. For us, the Philippines is a large, exciting, and important market, and we are doing everything we can to enable citizens and employees to benefit from the trust and security that bring to online transactions,” he added.

iProov said it can verify identities with a 98% success rate in 1.2 attempts that take just about six seconds to determine if the person is real or a deepfake.

Among iProov’s current clients are the Australian federal government and tax office, Britain for travel immigration authorization, and the United States Department of Homeland Security and Internal Revenue Service, among others.

Asia-Pacific has been an important territory for the company since 2019, which was when it began working with the Singaporean government on Singpass, a digital identity for its residents that allows them to access state services online, Mr. Bud said.

iProov is also active in the banking sector, he added.

Mr. Bud said between the first and second semesters of 2023, the company saw a 704% increase in attacks using the digital injection of deepfake face swap.

Deepfakes are now no longer detectable by the naked eye and even trained and experienced scientists, he noted, which is where the use of artificial intelligence systems can provide assistance.

“In our servers, we look at how the faces are reflecting that illumination and how that illumination is being affected by the unpredictable ambient light,” Mr. Bud said about their process of identity verification.

He said the way light is reflected on one’s face helps them tell if the person in the video is a live, skin-covered, three-dimensional human face-shaped object or not.

“We can confidently say from our most recent measurements that there is no statistically significant bias between different ethnicities, skin tones, or ages above 18,” he added.

iProov was founded in 2011. It began operations in 2013 and is now present in 180 countries.

Redesigning tollways

PHILIPPINE STAR/MIGUEL DE GUZMAN

San Miguel Corp. is reportedly set to start in the next 12 months on three tollways in Luzon that will cost an estimated P300 billion. The three projects are the Northern Access Link Expressway or NALEX, the Southern Access Link Expressway or SALEX, and the first phase of South Luzon Expressway Toll Road 5.

NALEX will run from the National Capital Region (NCR) to the international airport in Bulacan which is now being built, and then to Masantol in Pampanga and then Tarlac City. SALEX, meantime, will connect the Bulacan airport to the NAIA complex in Pasay City via a shoreline tollway. The Bulacan airport is a San Miguel project, while the same group also won the bid to rehabilitate NAIA.

Over in Southern Luzon, the first phase of SLEX Toll Road 5 will run from Lucena to Gumaca in Quezon. SLEX T5 is planned to go all the way to Matnog in Sorsogon. San Miguel currently operates SLEX all the way to Sto. Tomas, Batangas, and then the STAR tollway to Batangas City. It also operates the Skyway from Alabang to Balintawak.

I believe the construction of new tollways is a good opportunity for us to improve transportation efficiency. But we should also take advantage of these new projects to incorporate sustainable practices. After all, roads take up space. In short, by using a limited resource like land for roads, this will be at the expense of something else, like a farm, for instance.

Thus, in planning new roads, we must already integrate innovative features that can also enhance our quality of life. These may include, as far as practicable, solar panel parasols over bike and pedestrian lanes, the use of plastic in road construction, greenery, water impounding systems, EV charging stations, and emergency brake ramps, among others.

Sustainable road construction is not easy and can be expensive. But this should not deter us from building infrastructure that is environmentally friendly, resilient, and inclusive. I advocate that the government require these elements, despite the additional cost they entail, in all new road constructions, especially those that are proposed by the private sector.

My limited research points to the following benefits: solar panel parasols covering bike and pedestrian lanes have the dual benefit of generating energy and at the same reducing carbon footprint. They also offer much-needed shade from direct sunlight for cyclists and pedestrians. The energy produced can be used to power streetlights and traffic signals, or small buildings. They might produce enough energy to power even in charging stations for electric vehicles.

An example is the SolaRoad project in the Netherlands, which integrates solar panels into bike paths. The project powers streetlights and nearby homes. Another example is the 32-kilometer highway Daejon and Sejong in South Korea which has a bicycle lane in the middle that shields cyclists from the sun and generates power at the same time.

Pathways and bike lanes shaded by solar-panel parasols also make cycling and walking more comfortable. It can encourage more people to use sustainable modes of transport, and thus help reduce traffic congestion and vehicle emissions. Solar parasols also power lighting for the safety of night-time users.

Another suitable intervention is the use of recycled plastic waste in road construction. Technologies for “plastic roads” have been pioneered in India and the UK, where recycled plastic is added to asphalt. In Chennai, India, over 1,600 kilometers of roads built used plastic waste, which reportedly improved road durability while reducing construction costs. Plastic-infused asphalt can reportedly withstand extreme temperatures and heavy traffic better than traditional materials.

Then there is the need to integrate greenery along highways, such as planting trees and shrubs, which can help reduce noise pollution and improve air quality. It is highly recommended as well that native species are used along roadways, to create “green corridors” that provide habitats for wildlife. Greenery is also known to reduce stress and improve mental well-being for drivers and pedestrians.

More important is the effective integration of flood mitigation and water impounding systems that can help manage stormwater runoff and reduce the risk of flooding. These systems should be able to capture and store rainwater, so as not to overwhelm drainage systems. Impounded water can have non-potable uses such as for fire emergencies and irrigating road greenery. Properly managing stormwater runoff can also help prevent contaminants from roads, such as oil and heavy metals, from entering rivers and lakes and bays.

Another item noticeably missing from our tollways are emergency brake ramps or runaway ramps for vehicles, especially trucks, with brake failure. Emergency brake ramps are essential safety features for highways, especially in areas with steep gradients, as they can prevent catastrophic accidents in case of brake failure. We need escape routes for out-of-control vehicles.

There is also now the urgent need for charging stations for electric vehicles or EVs. This can encourage the use of EVs, and thus help reduce greenhouse gas emissions from the transportation sector. Accessible charging infrastructure along highways will also allow long-distance travel feasible for EV owners. EV charging stations, which can be powered by solar panel parasols along the highway, can also create jobs and opportunities for local economies.

Requiring all new highway and tollway constructions to incorporate these initiatives can help address environmental concerns and enhance safety, comfort, and inclusivity for road users. They can improve the overall user experience, making journeys more pleasant and reducing stress. We need a holistic approach to infrastructure development, ensuring that highways and tollways serve the needs of present and future generations while protecting the environment and promoting economic growth.

 

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

matort@yahoo.com

Term deposit yields slip on BSP’s rate cut hints

Bangko Sentral ng Pilipinas main office in Manila — BW FILE PHOTO

YIELDS on the term deposits slipped on Wednesday as market players expect the Bangko Sentral ng Pilipinas (BSP) to begin its policy easing cycle as early as next month.

The central bank’s term deposit facility (TDF) attracted bids amounting to P268.701 billion on Wednesday, above the P250 billion on the auction block but lower than the P321.657 billion seen a week ago for a P230-billion offer.

Broken down, tenders for the seven-day papers reached P134.407 billion, higher than the P130 billion auctioned off by the central bank but lower than the P159.459 billion in bids recorded the previous week.

Banks asked for yields ranging from 6.495% to 6.53%, marginally wider than the 6.495% to 6.525% band seen a week ago. This caused the average rate of the one-week deposits to inch down by 0.49 basis point (bp) to 6.5105% from 6.5154% the previous week.

Meanwhile, bids for the 14-day term deposits amounted to P134.294 billion, lower than the P120 billion on the auction block and the P162.198 billion in tenders seen for the P110-billion offer on July 3.

Accepted rates were from 6.535% to 6.569%, narrower than the 6.5245% to 6.575% margin recorded a week ago. With this, the average rate for the two-week deposits dropped by 1.35 bps to 6.5546% from 6.5681% logged in the prior auction.

The BSP has not auctioned off 28-day term deposits for more than three years to give way to its weekly offerings of securities with the same tenor.

The term deposits and the 28-day BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

TDF yields went down on Wednesday amid continued rate cut signals from the BSP, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The TDF auction yields were slightly lower week-on-week after local monetary officials recently reiterated a possible local policy rate cut as early as August 2024 and could even come ahead of a possible Fed rate cut,” Mr. Ricafort said in a Viber message.

BSP Governor Eli M. Remolona, Jr. last month said the Monetary Board may deliver its first rate cut in over three years at its Aug. 15 review — the only policy meeting scheduled in the third quarter — as they expect inflation to continue easing this semester.

The Monetary Board could reduce borrowing costs by 25 bps in the third quarter and by another 25 bps in the fourth quarter, he said.

Mr. Ricafort added that TDF yields were affected by “signals on additional National Government foreign bond sales… that could somewhat hedge and help reduce the need for more local borrowings.”

The government is looking to issue Japanese yen-denominated and US dollar-denominated bonds within the year, Finance Secretary Ralph G. Recto said on Monday. It plans to borrow $5 billion this year, of which $2 billion was raised from the issuance of global bonds last May. — Luisa Maria Jacinta C. Jocson

Harvey Weinstein under investigation for additional sexual assaults, prosecutor says

COMMONS.WIKIMEDIA.ORG

NEW YORK — Prosecutors are probing “additional violent sexual assaults” they say former Hollywood movie mogul Harvey Weinstein committed and intend to seek a new indictment after his previous conviction was overturned, a prosecutor said on Tuesday.

Prosecutor Nicole Blumberg said in a hearing before Justice Curtis Farber in New York state criminal court in Manhattan that the additional assaults Mr. Weinstein allegedly committed were still within the statute of limitations to be charged as crimes.

Mr. Weinstein was found guilty on rape allegations in 2020 in a milestone for the #MeToo movement, in which women accused hundreds of men in entertainment, media, politics, and other fields of sexual misconduct.

A jury found the 72-year-old Miramax film studio co-founder sexually assaulted former production assistant Miriam Haley in 2006 and raped aspiring actress Jessica Mann in 2013. They are among more than 80 women who have accused him of sexual misconduct.

He was sentenced to 23 years in prison, but the New York Court of Appeals in April found that Judge James Burke, who presided over the trial, made a critical mistake by allowing three women to testify about alleged sexual assaults by Mr. Weinstein that were not part of the criminal charges against him.

The court said that testimony about “prior bad acts” violated his right to a fair trial.

Mr. Weinstein has denied having non-consensual encounters with anyone. Arthur Aidala, Mr. Weinstein’s lawyer, said on Tuesday it was unfair for prosecutors to seek to add additional victims to the case after the conviction was overturned. “Once again we have a hotline: ‘1-800 Get Harvey,’” Mr. Aidala said in court.

Mr. Weinstein is suffering from a host of medical problems while being held in solitary confinement at New York City’s Rikers Island jail, Mr. Aidala said. He accused prosecutors of using delay tactics to keep Mr. Weinstein incarcerated, which Ms. Blumberg denied.

“As we said in 2020, there were women who were not ready to proceed with the legal process. Some of those women are now ready to proceed,” Ms. Blumberg said.

Prosecutors would be ready to try the case in the fall, Ms. Blumberg said, but no trial date was set. Mr. Weinstein is due back in court on July 19.

Mr. Weinstein was also sentenced to 16 years following a separate rape trial in California. That conviction was not affected by the New York court’s decision, and he has not begun serving the California sentence.

Miramax’s hit movies included Shakespeare in Love and Pulp Fiction. Mr. Weinstein’s own eponymous film studio filed for bankruptcy in March 2018. — Reuters

Philex eyes fundraising for second phase of Silangan project

PHILEX Mining Corp. is eyeing further fundraising for the continued development of its Silangan mine project, its chairman said.

“Before we start commercial operations next year, we may consider starting phase two of the development, and who knows, we may do a follow-on in late 2025 or 2026,” Philex Chairman Manuel V. Pangilinan said on the sidelines of a stockholders’ meeting late Tuesday.

Mr. Pangilinan added that the company would focus on the first phase of the project before raising funds for the second phase.

“Once that is finished, then we will start with phase 2,” he said.

Phase one of Silangan covers the Boyongan deposit, which contains 81 million tons of mineable material. It is comprised of 0.67% copper and 1.13 grams of gold per ton, and it has a lifespan of 28 years.

The company said that once the Bayugo ore body is mined it could increase annual production to 6.5 million tons.

In February, the company said that it had completed its $170-million loan needed to begin operations of the company’s Silangan copper and gold mine in Surigao del Norte. It is expected to begin commercial operations by the first quarter of next year.

In 2021, the company placed the development cost at $224 million for an estimated 571 tons worth of mineral resources. The project will initially process 2,000 tons of ore per day until it reaches 12,000 tons, or four million tons annually, upon its completion.

The first phase of the Silangan mine is expected to start producing gold ore by December 2025 and copper ore during the first quarter of 2026.

Philex Mining is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT Inc.

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

Shares in Philex Mining closed at P2.65 apiece on Wednesday, down by 1.12%, or three centavos. — Adrian H. Halili

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