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AI startup Hebbia raises $130M to help firms field complex queries

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HEBBIA, a startup using artificial intelligence (AI) to help businesses sift through all kinds of documents to answer complex questions, has raised $130 million in a funding round — the latest sign of investor enthusiasm for deploying AI in the workplace.

The financing, set to be announced on Monday, was led by Andreessen Horowitz, with participation from Index Ventures, Google Ventures and billionaire tech investor Peter Thiel. The New York-based company is now valued at roughly $700 million, according to a person familiar with the matter, who spoke on condition of anonymity to discuss private information. Some details of the funding round were previously reported by TechCrunch.

Founded in 2020, Hebbia’s software analyzes digitized documents and data sources, including regulatory filings, PDFs and audio and video clips, to help customers field more complicated queries than might be possible with consumer-facing chatbots. The company also displays results in a more granular way intended to make it easier for users to verify responses — and perhaps alleviate corporate concerns about AI’s potential to hallucinate inaccurate information.

For example, rather than simply summarize a single document, Hebbia’s customers can ask what airlines are saying about Boeing Co. in the wake of safety lapses. Hebbia’s system will then build out a step-by-step process to answer that question, summarizing and citing the data it pulls from earnings calls and other sources in a large grid.

“It can execute complex workflows, not just chat back and forth,” George Sivulka, Hebbia’s founder and chief executive officer, said in an interview.

Hebbia’s approach has won it some notable customers. The company’s clients include the US Air Force as well as asset managers and legal services companies.

The company plans to use the new funding to conduct research and hire more software engineers, Mr. Sivulka said.

“Being able to just keep up with the velocity that this technology is evolving at is super important,” said Index Ventures partner Mike Volpi, who sits on Hebbia’s board. — Bloomberg News

Archeologists find ruins of 4,000-year-old temple in Peru

LIMA — A team of archeologists have discovered the ruins of what appears to be a 4,000-year-old ceremonial temple buried in a sand dune of northern Peru, alongside skeletal human remains which may have been offerings for religious rituals.

The ruins were discovered in the sandy desert district of Zana, in the South American country’s Lambayeque region, a short stretch from the Pacific Ocean and some 780 km north of the capital Lima.

“We are still waiting for radio-carbon dating to confirm the date, but the evidence suggests this religious construction could be part of a religious tradition of temples built on Peru’s northern coast during that period,” said Luis Muro, an archeologist from Peru’s Pontifical Catholic University who led the research.

Mr. Muro’s team found the skeletal remains of three adults between the walls and bases of what was once a multi-story structure, one of which was accompanied by offerings and possibly wrapped in a kind of linen or clothing, he said.

One of the temple walls sports a high-relief drawing of a mythological figure with a human body and a bird’s head, a design which Mr. Muro said predates the pre-Hispanic Chavin culture which populated the central Peruvian coast for over half a millennia from around 900 BC.

Mr. Muro said remains of what might have been another temple were found in another excavation nearby, this one belonging to the late Moche culture, which arose about 1,400 years ago across the country’s northern coast.

Northern Peru is home to the ruins of ceremonial complexes such as the Sacred City of Caral, about 5,000 years old, while southern Peru’s Ica region hosts the Nazca lines, mysterious geoglyphs carved into the desert more than 1,500 years ago.

Peru’s most prominent archaeological site is the Incan citadel Machu Picchu, nestled in the mountainous Cusco province, a World Heritage site which was built in the mid-15th century. — Reuters

First Gen keen on Laguna CBK hydro power plant complex

FIRST GEN Corp. said it is eyeing to participate in a bidding process for the 796.64-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant (HEPP) complex in Laguna.

“We’re interested in that, kasi, of course, katatapos lang namin ng Casecnan, ’di ba? (because, of course, we just bagged Casecnan, right?) So, to the extent, we can increase our hydro facilities,” First Gen President and Chief Operating Officer Francis Giles B. Puno told reporters last week.

“CBK, obviously, is a pump storage. It will enable more renewable energy to come online,” he added.

The CBK hydro facilities are currently under a 25-year build-rehabilitate-operate-transfer and power purchase agreement between independent power producer CBK Power Co. Ltd. and National Power Corp., which will expire in 2026.

These facilities are composed of the 39.37-MW Caliraya HEPP in Lumban, 22.91-MW Botocan HEPP in Majayjay, and 366-MW Kalayaan I and 368.36-MW Kalayaan II pump storage power plants in Laguna.

In February, the Power Sector Assets and Liabilities Management Corp. (PSALM) and the National Irrigation Administration turned over the ownership and operations of the 165-MW Casecnan hydroelectric power plant to First Gen’s subsidiary Fresh River Lakes Corp. (FRLC).

PSALM secured the highest bid from FRLC with a price of $526 million, higher than the minimum bid price of $227.27 million.

The Casecnan hydro is a run-of-river type of power facility that generates energy by diverting water from the Casecnan and Taan rivers through a 26-kilometer-long tunnel.

Finance Secretary Ralph G. Recto anticipates the CBK privatization to generate up to P100 billion.

Mr. Puno underscored the need for increased investment in clean and renewable energy in the Philippines, aligning with government targets of 35% renewable energy by 2030 and 50% by 2040.

At the local bourse on Tuesday, shares in the company rose by 1.02% to close at P17.80 apiece. — Sheldeen Joy Talavera

PSEi member stocks performed — July 9, 2024

Here’s a quick glance at how PSEi stocks fared on Tuesday, July 9, 2024.

Adaptability of Gen Zs to new tech outweighs brand loyalty

Larry Secreto, Country Manager, Harman Philippines | Photo by Almira Louise S. Martinez

To catch the interest of younger customers, companies have leaned towards experimenting with new technologies according to Larry Secreto, Country Manager of Harman Philippines. 

“A lot of young people are not really brand loyal, but they are very keen in adapting to new products, new technology, new innovations,” he told BusinessWorld in an interview during the launch of one of their newest product: Soundgear Frames. 

In a research published in the International Journal of Scientific Engineering and Sciences (IJSES) in 2020, Gen Z’s were highly adept at technology due to being “raised on the internet and social media.” 

It added that Filipino Gen Z’s exposure to the online world created higher familiarity with emerging technologies. 

“Many of our products are attracting younger, more Gen Z customers,” Mr. Secreto said. 

A study by the IBM Institute for Business Value revealed that only 36 percent of Generation Z (Gen Z) felt a strong connection or loyalty to any brand. 

In line with the study, Mr. Secreto shared that older generations adapt slower to new technologies because of the absence of knowledge and information. 

“There’s a lot of hesitations because they don’t understand the full usage of the technology,” he said.   

 

Lifestyle change powered by technology 

Mr. Secreto believes technology can improve the lives of Filipinos in a variety of ways, and not just cater to the needs of “tech-savvy” Gen Z. 

“Some people love to have their lifestyle change or adapt to the new lifestyle,” he said about their latest innovation that combined lifestyle and technology. 

“Whether it’s your daily grind, weekly hangouts, or occasional road trips, hikes, and seascapes,” technology is incorporated into daily tasks, JBL said in a press release. 

Mr. Secreto further added that using technology helped people enhance their lifestyles. 

“I tried using this…so I can use my shades and listen to music while playing golf,” he said. 

The ever-growing innovations are not limited to the youth, he said, even though younger generations are more accepting of new technologies. 

“Young people like this but it’s also applicable to older people like me. So basically for everybody,” he said. – Almira Louise S. Martinez

Peso strengthens to new one-month high

BW FILE PHOTO

THE PESO logged a fresh over one-month high against the dollar on Tuesday amid growing hopes for a US Federal Reserve rate cut by September.

The local unit closed at P58.44 per dollar on Tuesday, strengthening by 6.2 centavos from its P58.502 finish on Monday, Bankers Association of the Philippines data showed. This was the peso’s best finish since its P58.42-a-dollar close on May 29.

The peso opened Tuesday’s session slightly weaker at P58.54 against the greenback. Its weakest showing was at P58.56, while its intraday best was at P58.43 versus the dollar.

Dollars traded rose to $1.18 billion on Tuesday from $1.07 billion on Monday.

The peso strengthened as the market expects the US central bank to cut interest rates by September, the first trader said by phone.

The local unit rose against a generally weaker dollar due to Fed easing bets, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message.

Some players also sold dollars ahead of Fed Chair Jerome H. Powell’s two-day testimony before the US Congress scheduled to begin overnight, the second trader added.

The US dollar index was last up 0.1% at 105.06, rising from an overnight low of 104.80, a 3-1/2-week trough, Reuters reported. The index slumped nearly 1% last week, exacerbated by Friday’s payrolls report, which boosted bets for the Fed to soon start cutting rates.

For Wednesday, the second trader said the peso may continue to strengthen on expectations of dovish signals from Mr. Powell. The trader sees the peso moving between P58.30 and P58.55 per dollar on Wednesday, while the first trader expects it to range from P58.30 to P58.70. Mr. Ricafort gave a forecast range of P58.35 to P58.55. — AMCS with Reuters

PSEi extends rally on BSP chief’s dovish comments

REUTERS

PHILIPPINE SHARES extended their rally on Tuesday on positive market sentiment as the Bangko Sentral ng Pilipinas (BSP) chief reiterated that they could begin their easing cycle as early as next month.

The bellwether Philippine Stock Exchange index (PSEi) went up by 0.41% or 27.23 points to end at 6,556.66 on Tuesday, while the broader all shares index increased by 0.39% or 13.82 points to close at 3,538.24.

“The local market rose… as rate cut hopes were strengthened due to the dovish comments from Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr.… The rate cut narrative seems to boost investors’ confidence as many have been anticipating it since the start of the year,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

“This performance indicates that investors are optimistic about the BSP potentially implementing a rate cut this quarter, especially with inflation remaining within target. This price action reflects strong investor confidence in favorable upcoming monetary policy adjustments,” Seedbox Securities, Inc. Equity Sales Trader Moses Frando likewise said in a social media message.

On Monday, Mr. Remolona said the BSP should not “wait too long” to begin policy easing as this would dampen economic growth.

The BSP has kept its policy rate at a 17-year high of 6.5% for six straight meetings after it raised borrowing costs by a cumulative 450 basis points (bps) from May 2022 to October 2023 to help tame red-hot inflation.

The BSP chief said they are still “on track towards reducing rates” despite lingering risks to the inflation outlook. He earlier said that the central bank can cut by 25 bps in the third quarter, and by another 25 bps in the fourth quarter.

“Philippine shares resumed their climb as the market inched closer to the 6,600 level, getting a boost from the overnight performance of US markets. Stocks across the region have been bought up under the assumption that the US Federal Reserve could start cutting its benchmark interest rates soon,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.

Most sectoral indices rose on Tuesday. Holding firms climbed by 0.9% or 50.02 points to 5,579.54; property went up by 0.71% or 18.19 points to 2,567.95; services rose by 0.56% or 11.45 points to 2,029.61; and industrials increased by 0.53% or 49.04 points to 9,172.52.

Meanwhile, financials fell by 0.77% or 15.58 points to 2,003.30, and mining and oil dropped by 0.14% or 12.23 points to 8,595.76.

Value turnover climbed to P6.74 billion on Tuesday with 767.99 million shares changing hands from the P5.63 billion with 447.35 million issues traded on Monday.

Advancers outnumbered decliners, 97 to 90, while 56 names closed unchanged.

Net foreign selling stood at P16.77 million on Tuesday versus the P143.69 million in net buying recorded on Monday. — Sheldeen Joy Talavera

Ports authority plans P16B in infra spending until 2028

REUTERS

THE Philippine Ports Authority (PPA) is setting aside about P16 billion for its infrastructure projects until 2028, including its 14 big-ticket projects scheduled to be completed during the period.

“We implement around 30 to 40 projects a year. Our infrastructure projects are worth around P3.5 billion to P4 billion a year. So for the next four years until 2028, we are earmarking around P16 billion,” PPA General Manager Jay Daniel R. Santiago told reporters on the sidelines of a briefing on Tuesday.

The PPA said that it plans to enhance and develop ports to improve efficiency and capacity, while also preparing some of them to receive cruise ships.

Luzon has a total of five flagship projects: the Port of Capinpin expansion in Orion, Bataan; the Currimao Port expansion and restoration in Ilocos Norte; the Jose Panganiban Port upgrade in Camarines Norte; the development of Balogo Port in Camarines Sur; and a Wharf in Claveria Port in Cagayan province.

The six projects for the Visayas are the construction of a wharf and operational area in Catacbacan Port, Loon, Bohol; Tapal Port Expansion in Ubay, Bohol; the development of a new port in Lavezares, Samar; upgrades to Babatngon Port; Leyte; the improvement of Banago Port, Negros Occidental and the expansion of Ormoc Port.

The Mindanao big-ticket projects such as the construction of a cargo ship port in Dapa, Surigao del Norte; the upgrading of the general cargo berth in Davao City’s Sasa Port; and the expansion of Plaridel Port in Misamis Occidental. 

Mr. Santiago said these flagship projects will be subject to feasibility studies, with consultants being sought to conduct the studies. 

“We’re engaging consultancy services for the feasibility studies. We are doing it on a cluster basis,” he said, referring to the Luzon-Visayas-Mindanao port groupings.

For now, the PPA said it will not go the public-private partnership (PPP) route for its flagship projects and will implement the projects on its own.

“I am not discounting PPP. In the immediate term, our focus is to implement the projects on our own. The project size and cost (do not require) outside funding,” he said. — Ashley Erika O. Jose

La Niña boost to agri output seen producing ‘aggressive’ rate cuts

PHILIPPINE STAR/WALTER BOLLOZOS

LA NIÑA is expected to lead to improved agricultural production, thereby bringing down food prices and strengthening the hand of central bankers seeking “aggressive” rate cuts, Capital Economics said.

“A La Niña could bring with it favorable growing conditions for crops in Southeast Asia, and help to put downward pressure on food prices across the region,” Capital Economics Assistant Economist Ankita Amajuri said in a report.

“It adds to the reasons to think the upcoming rate-cutting cycle in the region will be more aggressive than what is currently priced in by financial markets.”

The government weather service estimates a 55% probability of La Niña emerging in the Philippines in the October to December period, lingering until the first quarter of next year.

“Our view is that central banks in the region will begin cutting interest rates later this year. La Niña increases the odds that easing cycles will be even more aggressive than our forecasts, which are already more dovish than the consensus,” Capital Economics said.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. has signaled potential rate cuts by August.

He said the central bank can cut by up to 50 basis points (bps) for the full year, with a 25-bps cut each in the third and fourth quarters.

“The latest inflation data from across the region paint an encouraging picture, with the headline rate falling back in almost every country that has so far published figures for June,” Ms. Amajuri said.

Philippine inflation eased to 3.7% in June from 3.9% in May, the seventh straight month that inflation has kept within the BSP’s 2-4% target range.

“We expect inflation to fall a little further in most places. Our forecast is that global oil prices will fall back again over the coming months, which should result in a decline in fuel price inflation,” Ms. Amajuri said.

“Meanwhile, subdued economic growth will help to keep a lid on underlying price pressures. We also expect food price inflation to drop back further, helped by better growing conditions now that the recent El Niño has come to an end.”

The report cited the World Meteorological Organization, which forecasts a 70% chance of La Niña emerging between August and November.

“La Niña typically brings wetter weather to Southeast Asia and is likely to provide a boost to producers of rice, coffee and sugar, who have been adversely affected by dry conditions over the past year. An increase in production would help bring down agricultural prices, which remain elevated,” it said.

Capital Economics said moderate-to-severe La Niña events in the past have been tied to falling rice prices.

“Rice is a staple food across much of the region, accounting for around 5-10% of the CPI basket in many countries.”

In June, Philippine rice inflation eased to 22.5% from 23% a month earlier. Rice accounted for 45.2% of overall inflation, equivalent to 1.7 percentage points of the headline rate.

“It is possible that the positive impact of La Niña will be less pronounced than the negative effects of the preceding El Niño because of climate change. While global warming amplified the heat and droughts caused by El Niño, it is likely to counter the cool weather brought by La Niña,” it said.

“However, it won’t be until the final quarter of the year that we will know for sure how severe this La Niña will be, and our commodities team are not making any changes to their agricultural price forecasts at this stage.” — Luisa Maria Jacinta C. Jocson

Budget release rate at 92% in 1st half

BW FILE PHOTO

THE Department of Budget and Management (DBM) said it released 91.8% of this year’s spending plan as of the end of June.

Citing its Status of Allotment Releases report, the DBM said it released P5.3 trillion out of the government’s P5.768-trillion budget for the year.

Leaving around P472.29 billion undistributed.

The pace of releases was ahead of the 89.9% year-earlier rate.

At the end of June, releases to government agencies and departments stood at P3.42 trillion, equivalent to 97.7% of their allocations.

Special Purpose funds released amounted to P310.67 billion, representing 61.2% of their allotted funds.

Automatic appropriations released at the end of June amounted to P1.39 trillion, for a release rate of 78.9%.

The DBM also released P792.36 million for the Retirement and Life Insurance Premiums of several government offices and P10 billion for the Rice Competitiveness Enhancement Fund.

This year’s spending plan is 9.5% higher than last year’s, and is equivalent to 21.7% of gross domestic product.

In a separate report, the DBM said P11.21 billion in calamity funds were released to various agencies as of the end of June.

This leaves around P11.53 billion out of this year’s P22.74 billion in calamity funds left unreleased.

At the end of June, around P6.52 billion in calamity funds had been released to the Department of Public Works and Highways (DPWH).

This was followed by the departments of Social Welfare and Development (DSWD) with P3.76 billion, Human Settlements and Urban Development with P374.97 million, and National Defense with P100 million.

The DSWD and DPWH received P875 million and P1 billion to replenish its respective Quick Response Funds, a stand-by fund to support relief and rehabilitation efforts during calamities.

Some P94.32 million was given to the DPWH to repair infrastructure in the Ilocos, Cordillera, and Mimaropa regions, due to damage caused by typhoons Paeng in 2022 and Egay in 2023.

The DPWH also received P458.3 million to rehabilitate food control structures in Oriental Mindoro.

To reconstruct various slope protection projects in Balungo, Pangasinan, P270.48 million was also distributed to the DPWH, the DBM said. — Luisa Maria Jacinta C. Jocson

Tech working group formed to study salt industry dev’t

PHILIPPINE STAR/EDD GUMBAN

THE Department of Agriculture (DA) said it formed a technical working group (TWG) to evaluate projects to modernize the salt industry via the adoption of new technology.

In a special order, the DA said the TWG will develop, validate and verify the latest available technology used in salt production, particularly methods that allow “year-round production of salt even under erratic weather patterns.”

The TWG has also been tasked to study ways for the industry to mechanize the entire process of salt-making from pre- to post-harvest.

It has also been assigned to find “cost-effective techniques” for production.

In March, President Ferdinand R. Marcos, Jr. signed Republic Act No. 11985, or the Philippine Salt Industry Development Act, which seeks to revive the neglected salt industry. — Adrian H. Halili

Bioplastics roadmap due for completion by fourth quarter

CHEIL JEDANG

THE Board of Investments (BoI) said the Philippine Bioplastics Industry Roadmap is expected to be completed by the fourth quarter.

According to the BoI, the roadmap is one of the outputs of a zero-waste initiative known as “Building Plastic Circularity through Biodegradable Plastic to Ensure Zero Waste in the Philippines.”

The Philippines’ partners in the project are the Global Green Growth Institute and the Korea Export-Import Bank.

On Tuesday, the BoI announced that it led an eight-member Philippine delegation on a five-day industry familiarization activity in South Korea to gather input for drafting the roadmap.

The delegation was joined by representatives from the Department of Science and Technology, the Climate Change Commission, the Philippine Plastics Industry Association, Inc. (PPIA), the Philippine Alliance for Recycling and Materials Sustainability (PARMS), and the Sustainable and Compostable Horizons Industry Group, Inc.

The BoI said that bioplastics applications in South Korea include fishing nets and gear, packaging, single-use plastics, textiles, and other uses.

“This industry benchmarking and capacity-building activity included lectures on bioplastics testing, certification labeling, and research and development (R&D) strategy,” it added.

During the visit, the delegation visited the KTR testing laboratory and the KRICT biodegradable R&D facility to hear presentations on best practices and policy options.

The visit also led to a discussion with Cheil Jedang (CJ), which has made overseas investments in Indonesia to make the biopolymer PBAT (polybutylene adipate terephthalate).

“This activity allowed the BoI to develop strategies for positioning the Philippines as an attractive destination for future investments from not only CJ but also other major Korean companies like LG Chem, SK Chemical, and Lotte Chem, which are actively engaged in biopolymer and bioplastic manufacturing,” it said.

“Additionally, both PARMS and PPIA have pledged their proactive support for the strategic application of bioplastics in the Philippines,” it added.

Quoting Ministry of Economy and Finance Director General Taekon Kim, the BoI said that South Korea is closely monitoring Southeast Asia for potential investment partnerships in bioplastics. 

“He noted the region’s comparative advantages in biomass and feedstock production, as well as the growing demand for bioplastics,” it added. — Justine Irish D. Tabile

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