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Aliwan Fiesta raises the bar for Philippine festivals

ALIWAN FIESTA 2023 — RENIER LYCES PREPOSE

ALIWAN Fiesta, an event that showcases festive traditions from all over the Philippines, is returning to the streets of Pasay City from June 27 to 29, amid the alternating summer heat and sudden rains.

The annual competition is known for bringing together champions from major dance and pageantry circuits in various regions’ festivals, such as the Dinagyang from Iloilo, the Sinulog from Cebu, and Panagbenga from Baguio.

This year, it kicks off with a first-time event, with homegrown musicians from the various dance contingents vying to win the festival song competition.

“We brought back this component because, aside from the streetdance, we realized the musicians of the contingents play a very important role. We are showcasing the musicians by holding a separate competition on day one, called ‘Tugog ng Aliwan’,” said Ruperto S. Nicdao, president of the MBC Media Group at a June 24 press conference at the Aliw Theater in Pasay City.

“Over the years, we’ve found that the contingents have improved their performances. The existence of this national competition has pushed them to do better, to showcase more artistic choreography,” he added.

The event was conceived in 2003 by the MBC Media Group (then the Manila Broadcasting Company), in cooperation with the Cultural Center of the Philippines (CCP) and the cities of Manila and Pasay.

It brings together the winning performance groups from the multitude of fiestas held throughout the country. The parades held during Aliwan Fiesta are competitions that yield a large cash prize for the winners.

Last year, the parade route was limited to the CCP Complex due to road repairs along Roxas Blvd. in the City of Manila. This year, it will be the same.

“We have to do this so that we don’t add to the city’s traffic problem. Hopefully, next year we can go back to the original parade route, all the way from Quirino Grandstand to here. Many are clamoring for this because that venue and that route can accommodate larger crowds,” said Mr. Nicdao.

Aside from the street dancing parades, there are flea markets featuring products from the different regions, and entertainment care of local musicians. The Pasakalye Concert on June 27, 7 p.m., will feature a star-studded lineup of artists including Dilaw, Ryssi Avila, Arthur Miguel, Yes My Love, and Auxbeat.

There is also a beauty pageant, called Reyna ng Aliwan, on June 28, and a competition in float design joining the streetdance festivities for the Grand Parade on June 29.

Eric Zerrudo, the executive director of the National Commission for Culture and the Arts, told the press that the Aliwan Fiesta has “set a strong standard.”

“They have increased in number and in fervor to study, improve, and train. We’ve noticed that they really look into choreography, narrative, music, lights, and props. There is a strong consciousness now of how festivals make up a huge part of the Filipino culture,” he said.

More information on the parade route and schedule of the competitions and performances can be found on Aliwan Fiesta’s Facebook page. — Brontë H. Lacsamana

Maynilad faces P2-M rebate obligation over Caloocan water quality

UNSPLASH

SOME customers in Caloocan City will receive rebates totaling over P2 million after the Metropolitan Waterworks and Sewerage System Regulatory Office (MWSS RO) penalized Maynilad Water Services, Inc. for poor water quality.

The MWSS RO announced during a public information drive on Tuesday that each of the 3,841 affected water connections will receive a rebate of P530.69, which will be reflected in their monthly bills.

This penalty was imposed due to high levels of bacteria, commonly found in soil, detected at a sampling point in Caloocan City last November.

“The issue arose because the affected area is a dead-end pipeline lacking looping or a blow-off valve, leading to potential water stagnation at the end of the line,” the regulator said.

The penalty was calculated for a period of 21 days, from Nov. 29 to Dec. 19, 2023, as determined by the MWSS RO.

During this 21-day period, the affected water distribution center discharged a total volume of 102,690 cubic meters of water.

The regulator also imposed a financial penalty on Maynilad in the form of rebates to affected customers due to issues with water color and residual chlorine at the Anabu Modular Treatment Plant and its supply zone in Imus City, Cavite.

The MWSS RO will conduct a public information campaign on the rebate program in Imus on Wednesday, June 26.

In a statement, Maynilad acknowledged the regulator’s decision and reiterated its commitment to maintaining quality and ensuring customer safety.

“We want to assure our customers that these incidents were promptly addressed and resolved. In response, we have implemented enhanced process interventions, including intensified pipe flushing, accelerated pipe replacements, and expedited leak repairs and closure of illegal connections,” Maynilad said.

The water company said that the health and safety of its customers and the integrity of its water supply remain to be its top priorities.

“Maynilad is committed to providing the highest quality water and will continue to take proactive measures to ensure the reliability and safety of our services,” the company said.

“We also continue to work closely with the MWSS Regulatory Office and the Department of Health in monitoring the quality of the water supply distributed to our customers,” it added.

Maynilad serves the cities of Manila, except 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. — Sheldeen Joy Talavera

Government fully awards P15B in Treasury bills

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Tuesday at yields below secondary market levels with the Bangko Sentral ng Pilipinas (BSP) widely expected to maintain its benchmark interest rates at its meeting this week.

The Bureau of the Treasury (BTr) raised P15 billion as planned from the T-bills it offered on Tuesday as total bids reached P39.795 billion, or more than twice the amount placed on the auction block.

Broken down, the BTr borrowed P5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P14.81 billion. The three-month paper was quoted at an average rate of 5.666%, unchanged from the previous week’s award. Accepted rates ranged from 5.648% to 5.675%.

The government likewise made a full P5-billion award of the 183-day securities, with bids reaching P10.71 billion. The average rate for the six-month T-bill stood at 5.93%, inching up by 1.6 basis points (bps) from the 5.914% fetched last week, with accepted rates at 5.912% to 5.95%.

The maturity date for the six-month tenor was adjusted due to a holiday.

Lastly, the Treasury raised the planned P5 billion via the 364-day debt papers as demand for the tenor totaled P14.275 billion. The average rate of the one-year debt slipped by 1.5 bps to 6.031% from the 6.046% quoted last week. Accepted yields were from 6.029% to 6.034%.

The government fully awarded its T-bill offer as the yields fetched for the three tenors were all lower than the prevailing secondary market rates, the Treasury said in a statement.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.7278%, 5.9581%, and 6.0775%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The Treasury made a full award as T-bill rates mostly moved sideways from the previous week’s auction and as the offer fetched decent demand, a trader said by phone.

“The market is awaiting the BSP’s decision at the MB (Monetary Board) meeting this week,” the trader said.

T-bill rates were lower than secondary market yields amid expectations that the BSP will keep its policy settings unchanged at its meeting on Thursday, matching the US Federal Reserve’s latest decision to maintain a “healthy” interest rate differential, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The BSP is widely expected to maintain its policy stance for a sixth straight meeting on Thursday amid persistent risks to the inflation outlook and a weak peso, analysts said.

All 15 analysts in a BusinessWorld poll conducted last week expect the Monetary Board to keep its policy rate at a 17-year high of 6.5% at its meeting this week.

The central bank has raised borrowing costs by a cumulative 450 bps from May 2022 to October 2023 to tame inflation.

Headline inflation accelerated to 3.9% year on year in May from 3.8% in April, but marked the sixth straight month that inflation settled within the BSP’s 2-4% annual target.

For the first five months, the consumer price index averaged 3.5%, matching the central bank’s baseline forecast for the year.

BSP Governor Eli M. Remolona, Jr. previously said the earliest the central bank can begin easing its policy stance is in August, adding they could cut rates by 25-50 bps in the second semester.

Mr. Remolona has also said the BSP does not need to wait for the Fed to begin its own easing cycle.

Meanwhile, the Federal Reserve this month held its target rate steady at the 5.25-5.5% range for a seventh straight meeting, with expectations of the start of rate cuts being pushed to as late as December. Fed officials are also now projecting only one rate cut this year versus previous expectations of three.

Market participants are still expecting about two rate cuts this year, pricing in an over-60% chance of a 25-bp cut in September, according to LSEG’s FedWatch, Reuters reported.

Tuesday’s T-bill offering was the last for the month. The BTr has raised P60 billion as planned from the short-term papers in June as it made full awards at its four auctions.

On Wednesday, the BTr will offer P30 billion in reissued 20-year Treasury bonds with a remaining life of 19 years and 11 months.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — A.M.C. Sy with Reuters

Church teachings on sustainable mining: Avoiding ideological biases

CHRIS LEBOUTILLIER-UNSPLASH

(Part 4)

As mentioned in previous articles of this series, the duty of the Teaching Authority of the Catholic Church to give the faithful the necessary doctrinal formation they need to address the complex social and economic problems of society gave rise to the so-called social encyclicals that started with the papal document of Pope Leo XIII in 1891. Over the last 133 years, successive Popes have been providing the faithful, both clergy and lay people, principles for reflection, criteria for judgement and guidelines for action. These are conveniently compiled in the book entitled Compendium of the Social Doctrine of the Church which is readily available online.

The encyclical of Pope Francis entitled Laudato Si on the issue of protecting the physical environment of our planet from abuse ended with a chapter that addresses the question of what we can and must do. Principles and criteria must be translated into action. In this regard, the full participation of the laity is indispensable so that they can bring to bear their professional knowledge and specialized skills, which Bishops and priests normally do not possess, to the search for solutions to social, political, and economic problems of their respective societies.

Chapter 5 of Laudato Si addresses the question of what we (especially the faithful) can and must do. Analyses are not enough. In fact, there is a common reference to “paralysis by analysis.” We need proposals “for dialogue and action which would involve each of us individually no less than international policy.” For Pope Francis, it is necessary that practical proposals are not developed in an ideological, superficial, or reductionist way. For this, dialogue is essential. I wish that many Philippine provinces would follow the example of Palawan in holding stakeholders’ consultation meetings in which the voice of every affected sector is heard. As the Pope emphasized: “The Church does not presume to settle scientific questions or to replace politics. But I want to encourage an honest and open debate, so that particular interests or ideologies will not prejudice the common good.”

Bishops, teaching in unity with the Pope, are considered also infallible when they enunciate what is the truth in faith and morals. These are always dogmas, principles for reflection, and criteria for judgement. They should, however, be very careful not to take partisan views when it comes to practical solutions which usually are results of theoretical debates and empirical studies based on the various human sciences, whether physical or social. In these fields, there are no absolute truths. Social sciences, including economics, are inexact and may produce contradictory policy or action guidelines. This is especially true as regards solutions to the problem of climate change — the very topic of Laudato Si. To cite an example, Filipino bishops should not take a hard line on completely abolishing fossil fuels in favor of renewable energy like solar, wind, geothermal, or dendrothermal.

Recently, there have been reports that several big European companies have scaled back or are reviewing their targets to develop renewable energy because of high costs of production and low electricity prices, in a sign of the difficulties of transitioning away from fossil fuels. In fact, in the Philippines, the Department of Energy foresees that as late as the 2030s, our energy mix will continue to depend on coal to the tune of 40%. Here the balancing act is between cleaning the environment and exercising the preferential option for the poor, which is primordial to Catholic social teaching, especially to Pope Francis. The Philippines still has the highest energy prices in Asia, next only to Japan. The worst victims of high electricity rates are the poor, who are the most severely hit by inflation. Transitioning to renewable energy makes it hard to bring energy prices down as quickly as possible. In fact, there are empirically based opinions that single out modular nuclear energy as the only quick solution to bring down electricity prices in the short run.

There will be continuing debates on these technical issues in the coming months. Bishops and priests must be careful not to take sides based on their ideological biases. They must allow the technical experts to freely present their respective opposing views. In fact, only the technical experts can present sufficiently studied solutions on how to resolve the inevitable conflict among the three goals of every society signified by Environment, Social, and Governance (ESG). Policy and decision makers are increasingly facing the harsh reality that economic, social, and governance goals are not always compatible with one another.

Pope Francis, however, had the moral right to judge international dynamics severely:

“Recent World Summits on the environment have failed to live up to expectations because, due to lack of political will, they were unable to reach truly meaningful and effective global agreements on the environment.”

He reminded world leaders that what is badly needed, as Popes have repeated several times, starting with Pacem Terris of St. Pope John XXIII, are forms and instruments for global governance: “an agreement on systems of governance for the whole range of the so-called ‘global commons,’ seeing that environmental protection cannot be assured solely on the basis of financial calculations of costs and benefits. The environment is one of those goods that cannot be adequately safeguarded or promoted by market forces alone.”

Pope Francis insists on the development of honest and transparent decision-making processes, in order to discern which policies and business initiatives can bring about genuine integral human development. In particular, a proper environmental impact study of new business ventures and projects demands transparent political processes involving a free exchange of views. On the other hand, the forms of corruption which conceal the actual environmental impact of a given project in exchange for favors usually produce specious agreements which fail to inform adequately and do not allow for full debate.

In this regard, the Pope will be happy to learn that the Marcos Jr. Administration is going beyond pious statements about environment protection. The President just signed into law Republic Act No. 11995 or the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) law which provides the necessary government mechanisms to carry out an accounting of the country’s natural resources. The PENCAS law tasks the Philippine Statistics Authority (PSA) to oversee the law’s implementation through an interagency working group. The Department of Agriculture will assist the PSA in generating the National Accounting information while the Department of Environment and Natural Resources will report on associated ecosystems. This is one step forward in addressing the usual problem of the “right hand of the Philippine Government not knowing what its left hand is doing!”

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Here’s how the costumes of a wild new production of Cats got made

CATS: THE JELLICLE BALL/MATTHEW MURPHY AND EVAN ZIMMERMAN

A FEW weeks before the premiere of the latest Cats production to arrive in New York, costume designer Qween Jean was busily making final adjustments.

Preternaturally calm, she watched as a team in the midtown costume shop John Kristiansen New York took measurements of actor Jonathan Burke, who was wearing a long, white-leather jacket adorned with red and blue decoration.

Once a few accessories — including a bandana and cowboy hat — were added, Qween Jean asked: “Can we see the breakaway?”

At this point, Mr. Burke pulled on what appeared to be a small thread near his armpit. In a movement, the entire sleeve slid off the jacket; with a further pull, the second arm came off. A final pull detached the jacket’s bottom half.

Suddenly, it was a crop top, and Mr. Burke was down to a pair of white cowboy boots and Hello Kitty underwear.

CATS: The Jellicle Ball, which opened at Perelman Performing Arts Center (PAC NYC) on June 13 and will run through July 28, is not the Cats musical you grew up with.

For starters, there’s nothing feline about this version, except maybe those Hello Kitty briefs. (The made-up word Jellicle comes from a book of poetry by T.S. Eliot that was the basis for the original Cats musical.)

Instead, the action has been transposed to a queer ballroom where it pits 24 performers against one another in a five-category dance-off set to Andrew Lloyd Webber’s original music.

Co-directed by Zhailon Levingston and Bill Rauch, with choreography by Arturo Lyons and Omari Wiles, the production is a sartorial marathon. With five separate competitive categories, outfit changes come fast and furiously. “We were able to produce 300 costumes for the show,” Qween Jean recalls in a subsequent interview.

PROOF OF CONCEPT
Qween Jean was first approached to do the costumes about two years ago. Her initial reaction, she says, was: “Are we doing catsuits?”

Over time, Qween Jean continues, the question as she attended various workshops became: “How do we tell this story that’s a classic but center it on the legacy of ballroom?” The characters in the musical are “mostly about people who’ve been marginalized, and my work is deeply rooted in advocacy and collective liberation,” she says. “To me, Cats upholds so many of those themes.”

Ballroom culture broke into mainstream consciousness with the nearly simultaneous releases of Madonna’s “Vogue” and the 1990 documentary Paris is Burning. Its origins date back to at least the 1920s, though. Pioneered by Black and Latinx LGBTQ people in Harlem, such balls served as safe spaces for marginalized communities as well as places for extraordinary innovation and creativity, she says. “We’re infusing so many great ideas about the past, present, and also moving the body forward.”

Qween Jean has designed costumes for the Shakespeare Theater Company, the TV show Empire, and the Santa Fe Opera, among others, but this version of Cats wasn’t a simple process of designing costumes for an existing production.

The designer set about creating costumes that would not only evoke ballroom culture but also function as dynamic, durable, eye-catching outfits that could be worn — and danced in — night after night.

Most important, the choreography — which often entails surprise reveals such as Mr. Burke’s jacket — relies on the costumes.

“So many of the costumes have a surprise reveal built into them that folks’ mouths will drop,” Qween Jean says. “So there’s been deep conversations around how each moment has been built, and what the choreographer is dreaming up and how the clothes are in deep alignment with it.”

MAKING IT WORK
Qween Jean began with sketches. In addition to the 300 that became costumes, she estimates that 500 were left on the drawing board. Working with a large team — “There’s no way I could do it by myself,” she says; “I’m a super woman, but we’d be here for another two years” — she then chose fabrics, a process she estimates took four months.

A large team took about two months creating the clothing and accessories, and then it was time to see how the costumes worked in practice.

The goal in choosing materials, Qween Jean explains, was to make the costumes look truly original as if “these individuals have truly customized their outfits and found a way to shine tonight,” she says. “To me, NYC ballroom has unlimited creativity, and that’s the center of this work.”

Most pieces are machine washable, she says. “People are dancing and perspiring.”

As Qween Jean tweaked and refined every look, the costumes remained personal. “When I moved to New York, I didn’t have any money or many things, but the dream of New York City is that you can build your armor,” she says. “You want to step out into something you feel empowered and beautiful in — something that tells people who you are, instead of people trying to place you where you don’t belong.” — Bloomberg

Megaworld names Lourdes Gutierrez-Alfonso as new president

LISTED Megaworld Corp. said its board appointed Lourdes T. Gutierrez-Alfonso as the company’s new president following a special meeting on Tuesday as the property developer positions for future growth.

The 61-year old Ms. Alfonso replaced tycoon Andrew L. Tan, who will remain as chairman of the board of directors, Megaworld said in a stock exchange disclosure.

Megaworld said the appointment of Ms. Alfonso as president will be “effective immediately.”

She held the role of chief operating officer prior to her appointment as president. She is also a director of Megaworld and the chairman of its board executive committee and management executive committee.

Ms. Alfonso has been with Megaworld since 1990 and also serves as director in other Tan-led companies such as Global-Estate Resorts, Inc. and MREIT, Inc.

“She has extensive experience in real estate and a strong background in finance and marketing,” Megaworld said.

Ms. Alfonso is a certified public accountant by profession. She graduated cum laude from Far Eastern University with the degree of Bachelor of Science major in Accounting in 1984.

For the first quarter, Megaworld’s attributable net income rose by 8% to P4.4 billion as consolidated revenue increased by 16% to P18.87 billion on higher sales in its residential segment as well as stronger revenue from its mall and hotel business.

Megaworld stocks were unchanged at P1.77 apiece on Tuesday. — Revin Mikhael D. Ochave

Varacco uses IoT technology to boost coffee output

By Almira Louise S. Martinez

PHILIPPINE COFFEE company Varacco is helping local farmers use technology to boost output amid problems posed by climate change, aging farmers and outdated farming technologies.

“We are using the Internet of Things (IoT) technology to increase coffee production and biofertilizer,” Varacco Chief Executive Officer and founder Ariestelo A. Asilo said in an interview on June 18.

The technology has also allowed the company to set up a micro-weather station that provides environmental data to help farmers.

“We use these data to help farmers decide what kind of intervention they will do for their coffee farms,” Mr. Asilo told BusinessWorld.

“The intervention could be water in the plant, proper soil testing and the amount of fertilizer needed, cleaning, rejuvenation or trimming to be done in the farm,” he added.

The Philippines is a net coffee importer. In 2020, it produced 60,640 metric tons of coffee.

“In the Philippines, the demand is 160,000 metric tons,” Mr. Asilo said. “So where do we get the balance? We have to import.”

Varacco also built devices that provide impact analyses on coffee farms that are sent to farmers via short message service (SMS).

“We get the data through satellite or broadband,” Mr. Asilo said. “Once we get the data, these are sent to farmers via SMS.

Soil test results are particularly helpful, he said, adding that Varacco teaches coffee farmers how to properly use fertilizer.

The company, which started in 2012 as a “think farm” and aims to become the country’s leading ambassador of liberica or barako coffee, is committed to give back to the coffee community, Mr. Asilo said.

Varacco transitioned into a business after seven years.

“That’s how we started and the purpose of why we started — to help the farmers,” he said. “We want to help them increase production. When we have a production increase, we’ll be able to give them access to the market.”

From coffee farms to coffee drinkers, everyone should help one another to improve the state of coffee production, Varacco co-founder Javier P. Flores told BusinessWorld.

“We help each other to make sure we produce enough locally,” he said. “We’re hoping that we could unite the farmers to do that. We also ensure that their produce gets to the market.”

The company has opened a cafe in Batangas and a kiosk inside SM North Edsa in Quezon City. It will soon open a branch at SM Megamall.

Varacco has also helped about 8,000 local farmers learn about more advanced farming technology, Mr. Asilo said.

Cybersecurity entails cooperation at every level

FREEPIK

Consider the news in recent days.

Just last week, the Maritime Industry Authority (Marina) confirmed a cyberattack compromising four of its web-based systems, which handle vessel registrations and seafarers’ documents.

This month, as well, a major data breach at Maxicare Philippines, attributed to the hacker “OPCODE-90,” exposed sensitive information from over 1,000 major companies, including ABS-CBN and Accenture. This was done by targeting Lab@Home, a third-party provider for laboratory requests.

In May, hackers breached two systems of the Philippine National Police, which hold sensitive data on firearm licenses. This breach raised concerns about the security of law enforcement data. In response to the alleged data breach, the PNP suspended all online services indefinitely to assess and investigate the incident, while maintaining frontline services at regional offices and Camp Crame.

These are the most recent instances, but there are countless more that transpired, whether or not they were reported or addressed. Cybercriminals exploit vulnerabilities in the Philippines’ digital landscape to conduct financial fraud, ransomware attacks, and data breaches, targeting both individuals and organizations.

Thus, it is wrong to think of cybersecurity only when there are such reports of a breach in some computer system.

The Philippines’ pursuit of digital transformation to support economic growth and inclusion is laudable. Technology offers numerous opportunities for advancement if we harness it well and use it strategically.

This is why the Marcos Jr. administration is investing in ways to enhance investments in communication infrastructure and is also working toward upgrading the skills of the people, to allow more Filipinos to fully participate in the digital economy. Furthermore, technology integrates us closer to the rest of the world economy.

But there is a flip side to technology that can bring extensive damage to those who use it, from consumers to government agencies to critical infrastructure that powers societies. And this is exactly why digital security should be seen as of equal importance as digital transformation.

Cybersecurity is an issue that concerns both national and economic security, especially since it can transcend borders and affect people wherever they may be in the world.

The Philippines, given its unique position in the Indo-Pacific region and its crucial standing in geopolitics, finds itself at the heart of various external cybersecurity threats, primarily driven by state-sponsored actors and cybercriminals. These state-sponsored threats, particularly from countries like China with advanced cyber capabilities, bring significant risks, including espionage, intellectual property theft, and disruption of critical infrastructure.

At the same time, people must be made aware that they are targets of influence operators and must be able to distinguish between benign and malign activities. Each user must know and understand the risks that these pose to themselves, to society, and the country.

How, then, should the government proceed in ensuring cybersecurity even as we advance toward becoming a more digital nation and economy?

Recognizing the need to address these emerging security challenges in the cyber domain, Armed Forces of the Philippines (AFP) Spokesperson Francel Taborlupa recently stated that their department is adapting to keep pace with evolving threats. This effort encompasses a broad range of operational domains, with cyber now being integrated as the fourth domain alongside land, air, and sea.

Critical infrastructure, including ports, energy, and telecommunications, requires robust cybersecurity measures. Without a sound cybersecurity posture, digital technologies could expose the nation to devastating cyberattacks against its economic and national defenses.

The national security policy framework 2023-2028 highlights cyber information and cognitive security as vital components of national security, aiming for overall cyber resilience. The recently signed National Cybersecurity Plan outlines several key initiatives and programs aimed at enhancing the country’s cybersecurity posture, particularly against external threats. One of the primary components is the establishment of the National Cybersecurity Operations Center, which will serve as a centralized hub for monitoring, detecting, and responding to cyber threats. This center aims to improve the country’s ability to handle cyber incidents in real-time.

The plan also emphasizes the importance of public-private partnerships, encouraging collaboration between government agencies and private sector entities to develop a unified cybersecurity framework. This includes initiatives that foster information sharing and joint efforts to combat cyber threats. The plan also focuses on capacity building and upskilling, offering scholarships and training programs to address the shortage of skilled cybersecurity professionals.

The centrality of private sector participation in cybersecurity cannot be overemphasized. The private sector must invest in advanced cybersecurity technologies, implement stringent security protocols, and lead by example in best practices to protect their data and networks. They should engage in public-private partnerships, sharing threat intelligence and conducting joint training exercises with government agencies to develop robust incident response plans.

Indeed, a multi-faceted and multi-sectoral approach is key. Stronger international cooperation to protect the Philippines from these external cyber threats is also in order. Effective responses include improving cybersecurity policies, investing in advanced security technologies, and fostering collaboration with global partners to share threat intelligence and best practices.

Cybersecurity is a shared concern and responsibility by both the private and public sectors, as well as domestic and international players, because it has the potential to affect regional stability, security, and prosperity — in all, our way of life as we know it.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Security Bank upsizes peso bond program to P200 billion

BW FILE PHOTO

SECURITY BANK Corp. may soon launch a bond offering after it doubled the size of its peso fundraising program to P200 billion, it said on Tuesday.

“Please be informed that Security Bank, through its Executive Committee, as delegated by the Board of Directors, approved today the increase in the bank’s peso bond and commercial papers program size from P100 billion to P200 billion,” the listed lender said in a disclosure to the stock exchange.

“An issuance may follow, subject to market conditions,” Security Bank added.

No further details were available as of press time.

Security Bank last tapped the domestic bond market in July last year, where it raised P18.5 billion from the issuance of fixed-rate peso corporate bonds due 2025.

The bonds were priced at 6.425% per annum.

The issuance was the bank’s largest to date, with the total amount raised more than double the minimum size of P8 billion.

Proceeds from the issuance were used to diversify the bank’s funding sources and support its lending activities.

Meanwhile, Security Bank returned to the offshore debt market after almost five years last month, raising $400 million from an offering of five-year dollar-denominated notes.

Proceeds from the issuance will be used to extend the bank’s term liabilities, expand its funding base, improve liquidity gaps, fund investments and for other general corporate purposes, the lender previously said.

The bonds were priced at 5.5%, 110 basis points above the benchmark US Treasury yield.

Orders for the notes reached more than $1.5 billion. The bonds were issued out of the bank’s $1-billion medium-term note program established on Aug. 29, 2018.

Security Bank’s net income rose by 11.4% to P2.63 billion in the first quarter amid growth in the bank’s retail and micro, small, and medium enterprise businesses.

Its shares closed at P65.15 apiece on Tuesday, down by P1 or 1.51% from the previous day’s finish. — AMCS

Antiquities returning to Mexico include Mayan vase sold for $4 in US store

REUTERS

MEXICO CITY — The Mexican government will welcome back 20 cultural artifacts that date to the country’s storied ancient past, all found in the United States including a Mayan vase over 1,000 years old and purchased for about $4 at a Washington area thrift shop.

Mexico’s antiquities institute INAH announced the repatriation, which also include centuries-old plates, bowls as well as sculpted figures belonging to the Aztec, Totonac, and Teotihuacan cultures, in a statement on Thursday.

The artifacts are set to be returned to Mexico over the next few days.

The reddish-white Mayan vase has stoked particular interest.

According to a Washington D.C. television news report on Monday, local resident Anna Lee Dozier bought the Mayan vase for $3.99 from a clearance rack at a nearby thrift store about five years ago.

Likely made during the Maya civilization’s classical zenith between 200-800 A.D., according to INAH, the well-preserved vase is a colorful polychrome vessel painted with ornate glyphs and depicting seated figures in profile gesturing with their hands.

Major Mayan cities grew in prominence beginning some 3,000 years ago across a large swathe of present-day southern Mexico and several Central American nations, during a time of major human achievements in math, astronomy, and art.

Earlier this year, following a trip to Mexico City, Ms. Dozier notified Mexico’s US embassy that she might have a real artifact, instead of the rustic replica she initially thought she had purchased.

Ms. Dozier later turned over the vase to Mexican officials in Washington, telling the local television station she believed the historical piece should return to its country of origin.

She also expressed relief that the ancient artifact was no longer at risk at her home from her two young boys.

“I was petrified that after two thousand years I would be the one to wreck it!” — Reuters

Cease-and-desist orders issued vs 6 financing, lending firms

THE SECURITIES and Exchange Commission (SEC) has issued cease-and-desist orders against six financing and lending companies for failing to comply with government requirements.

The orders were issued under Republic Act No. 11765, also known as the Financial Consumer Protection Act, the SEC said in a statement on Tuesday.

The companies covered by these orders are 9F Lending Philippines Inc., Elending Lending Inc., Hovono Lending Corp., Makati Loan, Inc., Second Pay Financing Inc., and Tekwang Lending Corp.

The SEC said these companies did not adhere to several memorandum circulars (MCs) and orders.

Specifically, they failed to submit the required impact evaluation report by Jan. 15 annually starting in 2023 (MC No. 3, Series of 2022), provide an official e-mail and contact number (MC No. 28, Series of 2022), and disclose advertisements, and report online lending platforms (MC No. 19, Series of 2019), the commission said.

The SEC also noted non-compliance with orders requiring the establishment of a complaints handling mechanism, registration with the credit information corporation, and submission of a list of third-party service providers.

“These financing and lending companies, including their owners, operators, promoters, representatives, and agents are directed to immediately cease and desist from engaging in, carrying out, promoting, which includes offering and advertising their lending business through the internet and/or any other media, and facilitating any lending activity or transaction,” the SEC said.

BusinessWorld tried to reach out to the companies for comments. — Revin Mikhael D. Ochave

Electric-vehicle maker Rivian simplifies output, cuts costs

NORMAL, Illinois — Electric-vehicle maker Rivian’s drive to cut costs and turn its first profit has removed over 100 steps from the battery-making process, 52 pieces of equipment from the body shop and over 500 parts from the design of its flagship SUVs and pickups.

The result of Rivian retooling its manufacturing process is a 35% reduction in cost of materials for vans and savings of “similar magnitude” for its other lines, CEO RJ Scaringe told Reuters.

Rivian’s overall cost of building its EVs has “improved dramatically,” he told Reuters during a factory tour on Friday at Normal, Illinois, 130 miles (209 km) south of Chicago. “The design of the parts and the design of the plant facilitate making the vehicle easier to build.”

Reuters got an exclusive look inside Rivian’s four-million-square-foot factory, with investors eager to learn more about the size and pace of savings after a three-week shutdown in April.

Cutting cost is critical for Rivian and other EV startups as high interest rates have turned some potential customers off EVs that are typically more expensive to buy than their gasoline-powered counterparts. Rivian has never turned a quarterly net profit since it was founded in 2009 and lost $1.5 billion in the first quarter.

“We did a similar process of really going through and redesigning a number of components for cost, so we took over 35% of the material cost out of the vans,” Mr. Scaringe said, referring to a January shutdown of the van line.

Built primarily for major shareholder Amazon AMZN.O, Rivian’s vans account for about one-fifth of its revenue.

Market leader Tesla TSLA.O has slashed prices but some smaller EV makers, including Fisker, have filed for bankruptcy.

Rivian is on more solid ground financially but loses nearly $39,000 on every vehicle and is banking on cost savings to help it turn a gross profit this year.

WORK SMARTER
In addition to simplified assembly and less equipment at the plant, changes flow into the second generation of Rivian’s R1 vehicles with company-built drive units, upgraded software and new battery packs.

Making those battery packs is now easier. The modules are redesigned and come in one piece instead of walls and floors that were built separately.

The vehicles also come with a new architecture meant to reduce weight and improve manufacturing efficiency, including shedding 1.6 miles of wiring from each vehicle.

Those changes have reduced labor time and pushed the rate of assembly on the manufacturing line up about 30%.

“All of that together leads to us being able to get to our path to profitability and be gross-margin positive,” said Tim Fallon, vice-president of manufacturing at the plant.

But investors are worried. The plant shutdown meant Rivian is targeting production of 57,000 vehicles — almost the same as last year — and shares in the company have halved this year.

Cash and short-term investments fell by about $1.5 billion in the first quarter to just under $8 billion. Rivian had said it has enough capital to launch the less expensive and smaller R2 SUVs in early 2026.

Sam Fiorani, vice-president at research firm AutoForecast Solutions, who had expected the company to require a cash infusion before summer 2025, said reducing the cost per vehicle gives Rivian breathing room.

“Focusing on where the cost savings are is extremely important to the longevity of the company and to calming the fears of any investors,” he said.

To hasten R2 deliveries, Rivian said in March it would start producing its $45,000 five-seat SUV in its Illinois plant, which will be expanded, instead of at a planned $5-billion plant in Georgia. The move will save $2 billion.

R2 will account for 155,000 vehicles per year of the increased capacity of 215,000 in Normal, Mr. Fallon said. The factory has a capacity of 150,000 vehicles.

“We’ve really been able to understand what we need to do to continue to move forward and really be smarter about what we’re doing,” Mr. Fallon said. — Reuters

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