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Panasonic Manufacturing Philippines Corp. to hold virtual Annual Stockholders’ Meeting on July 19

 

 

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Indonesian Muslim metal group braces for biggest stage yet

REUTERS

JAKARTA — With their Islamic headscarves and high-octane metal music, the women of the Indonesian band Voice of Baceprot have played stages from the United States to France. But they are nervous about this week.

In England on Friday, the trio will be the first Indonesians to play at the Glastonbury Festival, one of the world’s biggest, sharing space with the likes of Coldplay and Shania Twain.

This is the biggest stage yet for the young women, far from their home village of Garut in West Java province of the sprawling Southeast Asian nation.

“Not only do we carry the Voice of Baceprot, but also our country,” bassist Widi Rahmawati, 23, told Reuters.

With the brash strums of their guitars and intricate drumming, the Voice of Baceprot — a word meaning “noise” — has made the cover of Britain’s New Musical Express magazine and earned plaudits from former Rage Against the Machine guitarist Tom Morello.

Beyond the music, the three have set out to challenge the stereotypes that Muslim women are demure and weak, or that Muslims in general are violent militants, said vocalist and guitarist Firda Marsya Kurnia, 24.

Indonesia is the world’s largest Muslim-majority nation, with Muslims comprising 90% of its 270 million people. The nation is secular and the vast majority practice a moderate form of Islam, although there are some conservative strongholds.

The band sings of female empowerment — lamenting a fixation on looks instead of the music — and the environment, Marsya said.

Widi, Marsya, and drummer Euis Siti Aisyah, 24, met at an Islamic school, forming the band in 2014. They were immersed in Indonesian pop and Islamic music as kids, said Widi.

Their love for metal came after they heard the album Toxicity by the American band System of a Down. They listened to it on the computer of their school guidance counsellor, who they said was their biggest supporter.

It filled them with an adrenaline rush, Marsya said, so they started playing music of their own.

Marsya said the most difficult challenge for Voice of Baceprot was dealing with stigmas, at home as well as overseas.

“In our village, metal is considered satanic — not suitable for women, let alone women in hijabs,” Widi said, referring to their headscarves.

Marsya said her family once suggested she seek an Islamic healing ritual, hoping to expel her love for metal.

“In the beginning, we felt like we did not have a home to go back to,” she said.

People in a US audience once called them militants, she said. “It was as if we were criminals.”

After Glastonbury, Marsya said the three would work on a new album and a song “Mighty Island,” which she said was about corruption in Indonesia. They also want to build a community with aspiring musicians back home, she said.

“We’d like to empower the community there,” Marsya said. — Reuters

NGCP says Hermosa-San Jose transmission line now at full 8,000-MW capacity

BW FILE PHOTO

THE National Grid Corp. of the Philippines (NGCP) said it has fully energized the Hermosa-San Jose (HSJ) 500-kilovolt (kV) transmission line with a capacity of 8,000 megawatts (MW).

“NGCP completes this landmark energy project under the leadership and guidance of President Ferdinand R. Marcos, Jr.,” the grid operator said in a statement on Monday.

“This marks the full completion and energization at full capacity of this critical facility, strengthening and expanding the grid under NGCP,” it added.

The P17.3-billion HSJ transmission line was initially energized in May 2023 to facilitate power generation in Bataan, with a transfer capacity of 2,000 MW.

It spans across the provinces of Bulacan, Pampanga, and Bataan.

Initially, only a quarter of the full 8,000-MW capacity of Lines 1 and 2 was transferred, pending completion of the then unfinished section of the line.

In July 2023, a portion of the line owned by Phirst Park Homes, Inc. was the subject of a temporary restraining order (TRO) issued by the Supreme Court.

Upon receiving the TRO, NGCP halted activities along Towers 170-178 of the line, thereby halting the ongoing stringing of the remaining circuit.

“With the completion of this critical project, NGCP is optimistic that the ERC (Energy Regulatory Commission) will act on the overdue recoveries applied for by NGCP,” the company said.

The grid operator reported that the ERC has authorized NGCP to recover only P19 million, which constitutes 0.1% of the total project cost.

The HSJ transmission line forms part of the P20.94-billion Mariveles-Hermosa-San Jose 500-kV line. It consists of 395 transmission towers, 275.6 circuit kilometers of transmission lines, two new substations, and 2,000 megavolt-amperes in substation capacity. — Sheldeen Joy Talavera

Turning the teenage psyche inside out

By Brontë H. Lacsamana, Reporter

Movie Review
Inside Out 2
Directed By Kelsey Mann

THE HEADQUARTERS of human emotions once again undergoes a major renovation for all to see in Inside Out 2, as protagonist Riley enters puberty and grapples with new feelings like anxiety, envy, embarrassment, and ennui. Director Kelsey Mann’s debut animated film stands on the shoulders of its mega-hit predecessor from 2015, keeping its footing and expanding the world just enough to bring deeply cutting yet kid-friendly revelations to the forefront.

The key emotions — Joy, Sadness, Anger, Fear, and Disgust — retain lively personifications, with four more ingeniously crafted feelings to contend with. The film explains concepts like panic attacks, a sense of self, and suppressed emotions in colorful ways, allowing young teenage audience members to recognize their own struggles.

But Inside Out 2 plays it safe. Understandably so, since Pixar’s last few films (Luca, Turning Red, Elementals) weren’t received too well despite being cathartic creative endeavors for their respective filmmakers. This sequel involves a similar adventure-style journey as the first, with the lead emotion, Joy, once again traversing the landscape of the mind and later finding out the truths of helping Riley grow.

Moments of crisis and inner turmoil are represented well, though the structure of the feelings trying to work things out in the headquarters (Riley’s brain) and beyond can get old. Complex experiences can come off as flat and didactic, but at the same time still sweet, funny, and sometimes inspiring, which is perhaps enough for a film that hopes to mirror and make sense of the struggles of today’s overwhelmed youth.

The new emotions are portrayed with as much personality as the initial five. Adele Exarchopoulos turns in an appropriately nonchalant performance as Ennui while Maya Hawke embodies the never-ending nervous energy of Anxiety (truly a voice you wouldn’t want in your head, rattling off all the worst-case scenarios). Paul Walter Hauser barely spoke, which makes sense but reflects the movie underutilizing Embarrassment, the key driver behind people toning down their true selves as they grow up. Maybe in part due to personal preference, it was Ayo Edebiri who provided the most fitting new voice as Envy by subtly playing up points of pronunciation to sound cartoonishly jealous.

Something to ponder when it comes to Inside Out 2 is how it is fast becoming the biggest blockbuster of the year, surpassing the likes of Dune: Part Two, The Fall Guy, and Godzilla x Kong: A New Empire. According to a report from the Philippine Star, its opening day amassed P88.8 million locally, the third biggest of all time opening behind the two Avengers movies released in 2018 and 2019.

There are a few likely reasons behind this: the film hit theaters on a midweek holiday — June 12, Independence Day — and enjoyed further success that weekend which celebrated Father’s Day. Students are also currently on their summer break. Beyond the logistics, however, Inside Out 2 is a representation of mental health awareness that resonates with the youth now more than ever. Of all generations, Gen Z is remarkably in tune with their inner conflicts (for better or for worse), exacerbated by their isolation during the pandemic.

While this sequel is merely a safe retreading of the familiar ground built by the 2015 film, its new additions form a relatable scenario of how clashing, suppressed emotions and memories can affect a developing mind. Anxiety is an effective villain of the puberty stage, perhaps even hitting too close to home for some, while the forming of the sense of self may bring tears to adults who remember how their own journey may have been as difficult as Riley’s.

Of course, many of the thoughtful associations with real-life processes are played as jokes, some working better than others. The sar-chasm is born out of the teenager’s new weapon — the sarcastic voice — while literal brainstorms bring forth a smattering of ideas both good and bad. The secret vault filled with dark secrets is hilarious to those who’ve had an annoyingly endearing former childhood cartoon or embarrassingly attractive animé character stuck in their heads.

One gag that felt cheap was the premature introduction of another emotion, Nostalgia, taking the form of an old woman reminiscing about the past before the others push her out for arriving “too early.” Her existence undermines the revelation from the first film that memories marked by Joy and Sadness make up a bittersweet melancholy. Nostalgia isn’t an emotion per se, but a result of reliving that mix of the joyful and sad, a poignant take on the feeling that is now just played for laughs.

Inside Out 2 is full of such gimmicks, though it must be said that at its heart is a core structure that allows Riley’s growing up to be seen as a painful yet essential journey. While it speedruns puberty within three days (a very limiting choice that flattens what should be more complex, lived-in conflicts), the personification of Anxiety and the formation of the sense of self are what make this film. Ultimately, it’s a sincere and crucial film for young people to see; despite its flaws, that should count for something.

PSE approves listing of NexGen Energy IPO shares

THE Philippine Stock Exchange (PSE) has approved NexGen Energy Corp.’s application for initial listing under the bourse operator’s small, medium, and emerging board.

The approval covers NexGen Energy’s application for the initial listing of up to 1.49 billion common shares, which include the shares intended for its initial public offering (IPO), the PSE said in a notice on Monday.

The IPO consists of a primary offer of up to 300 million common shares and an overallotment option consisting of up to 45 million secondary common shares, at an offer price of up to P1.68 per share.

The listing is scheduled for July 16, with the offer period running from July 1 to 8.

Based on its preliminary prospectus dated June 21, NexGen Energy expects to generate P478.4 million worth of net proceeds at the maximum offer price of P1.68 per share.

The proceeds will be used to partially finance its renewable energy projects in Zambales, Cavite, and other regions.

Earlier in the month, NexGen Energy secured the approval of the Securities and Exchange Commission for the planned IPO.

NexGen Energy has tapped Chinabank Capital Corp. as the sole issue manager and sole bookrunner, with Investment & Capital Corp. of the Philippines serving as joint lead underwriter for the offer.

If the timeline is met, NexGen Energy will be the third IPO this year, following OceanaGold (Philippines), Inc. and Saavedra-led Citicore Renewable Energy Corp.

Pure Energy, the parent company of NexGen Energy, is a holding company that has assets in hydropower, solar, wind, geothermal, as well as bulk water and distribution facilities.

Established in 2017, NexGen Energy currently manages three solar plants via its subsidiary SPARC — Solar Powered Agri-rural Communities Corp., with an aggregate capacity of 13.859 megawatts-peak.

The company also has two other main subsidiaries, 5hour Peak Energy Corp. and Airstream Renewables Corp., which are engaged in solar and wind projects, respectively.

NexGen Energy aims to develop 1,683 MW of ground-mounted and floating solar plants, and onshore and offshore wind projects in the next five years. — Revin Mikhael D. Ochave

EDSA: A microcosm of how we manage our infrastructure and transportation development in the Philippines

PHILIPPINE STAR/WALTER BOLLOZOS

Stretching 24 kilometers across Metro Manila’s heartland, Epifanio de los Santos Avenue or EDSA is undoubtedly the most traversed, used, and abused highway in the country. The Metropolitan Manila Development Authority (MMDA) said over 400,000 vehicles passed through it daily in 2023, exceeding its 300,000 carrying capacity.

Considering its preeminent status as the National Capital Region’s main arterial road, one would expect EDSA to be a showcase, the best we could possibly build. Unfortunately, such is not the case. EDSA is noisy, enveloped in fumes, congested, and dilapidated. Incongruous billboards rise on both sides of the road, marring the view. Bumper-to-bumper traffic is the norm.

It is hard to imagine now, but EDSA was not always in such a chaotic state. In the distant past, Highway 54, as it was called then, was fairly presentable. The center islands were planted with grass, and the rotundas were like small parks. Navigating it was a pleasant drive, not the infuriating crawl that it is today.

What happened?

Well, the pressure of an ever-expanding population combined with poor urban planning did us in. The cardinal rule of infrastructure development — planning not only for the present but also for the future — was disregarded.

Let us examine closely some of the developments that went wrong. Take for example the rundown condition of EDSA’s concrete surface. When it was built in the 1950s, we knew it would not last forever; that in 20 to 40 years, we would have to replace it. Preparing for such an eventuality should have been a given so as not to inconvenience the motoring and riding public.

Apparently, this was not heeded. Instead, our public works officials resorted to the band aid solution of reblocking and resurfacing the highway by sections on weekends. It has been decades since we started this practice, but EDSA’s condition has not improved. The moment we reblock a portion of the highway, other sections break down.

The same situation can be said of the on-going maintenance work at the Kamuning flyover. We waited for the result of the USAID study to prompt us to undertake repairs and look at the consequence: it will take a year to finish the job.

Another project on EDSA that merits close scrutiny is the Busway. This is a worthy undertaking, but again was never factored in when the flyovers and interchanges were being put up. Consequently, the Busway is not an end-to-end dedicated lane for buses. There are segments where it crisscrosses and mingles with the other lanes. Moreover, getting in and out of the Busway is a big challenge to commuters. Lastly, it contributed to the “uglification of EDSA with its unsightly barriers. Returning the Busway to its original lane is worth considering.

The Busway’s proponents should also review its primary objective. Is it simply to offer an additional mode of transportation to the riding public, or a way to ease the deteriorating traffic condition on EDSA? To attain the latter, the gauge of its success should be the number of vehicle owners leaving their cars in their garages and availing themselves of the Busway instead.

What must we do to ease the hellish condition of EDSA, and somewhat rehabilitate its aesthetic appearance?

Let’s consider beautification first. Actually, all we have to do is look at countries that are doing this exceptionally well, like Singapore, and copy them. Even if we achieve just 50% of what Singapore has accomplished, that would suffice.

What about the horrendous traffic?

I heard it said before that addressing the traffic problem would need a holistic approach. But how do you do that? What is a holistic approach? This is my take on the matter.

First, we have to improve public transport on EDSA. Some might argue that we already have the MRT3 and the Busway. Aren’t these enough? No. We still have to figure out a way to encourage car owners to take either of the two.

Suppose we decide that the MRT3 is for the general riding public while the Busway is for the elite riders or the car owners (to be frank, you can’t mix them in one transport mode). Then, we should price them accordingly. The MRT3 could retain its present pricing system but the Busway should charge a higher fee. Think of the Love Bus of the 1970s. It was expensive but beautiful, convenient, and had a sense of exclusivity.

Next, we must apply the same standards to the buses or transport modes that will bring the elite commuters from their residences to the Busway system and back.

Consequently, the same quality of transport arrangement should be at hand when commuters get off at the Busway stations on their way to work or home. At present, they have no other options to reach their final destinations but to hail a taxi or get a Grab ride, which are expensive. Moreover, since it would not be possible to take all the riding public to their exact destinations, we must have more covered sidewalks and elevated walkways to make walking bearable even on hot or rainy days.

The next step is charging high toll fees to car users of EDSA to lessen the traffic there. The car owners should have no reason to complain because they would be provided with a good alternative — the Busway.

As we go through the process of analyzing the possible remedies to the deplorable condition of EDSA, we would come to realize that it could not be addressed in isolation. We must also look at its interrelatedness with the broader transportation and infrastructure problems of the whole of Metro Manila.

EDSA is too important for us to neglect and take for granted. If Metro Manila is the communal abode of its residents, then EDSA is the facade and grand entryway. It must inspire and instill pride among Metromanilans.

To prospective investors, EDSA is our business card, a yardstick on how good we are as public managers and project implementers. We must show the world the best we can possibly deliver.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.

 

Edgardo “Ed” C. Amistad is a member of the MAP. He is also the adviser of the Philippine Disaster Resilience Foundation (PDRF) and is the former president of UCPB-CIIF Finance and Development Corp., and UCPB-CIIF Foundation.

map@map.org.ph

edgardo.amistad@yahoo.com

Entertainment News (06/25/24)

Western Horizon: An American Saga opens in PHL

AN EPIC visual journey arrives in Philippine cinemas on June 28 in the form of Horizon: An American Saga. Directed by Kevin Costner, the film marks the actor’s comeback to the big screen after the success of his latest Western TV series Yellowstone (for which he received a Golden Globe Award for Best Actor in a TV series). The three-hour film brings together an ensemble of actors that includes Sienna Miller, Sam Worthington, Giovanni Ribisi, Abbey Lee, Will Patton, Jena Malone, Michael Rooker, Danny Huston, Luke Wilson, Jaime Campbell Bower, and many more. It explores the post-Civil War expansion and settlement of the American West. Horizon: An American Saga opens June 28 in local cinemas nationwide.

Robinsons Palawan launches Biodiversity Crisis Escape Room

IN partnership with The Mind Museum and USAID, Robinsons Malls is launching the first-ever Biodiversity Crisis Escape Room at Robinsons Palawan from June 29-30. As part of the celebration of Environment Month, this immersive and educational experience is meant to raise awareness about local biodiversity and conservation efforts, offering an interactive and informative encounter for mallgoers of all ages. To avail themselves of tickets to the escape room, mallgoers must pre-register and present a receipt from any store in Robinsons Palawan worth at least P500 for adults and P250 for children up to 12 years old.

KYLIX releases new single

SINGER-songwriter KYLIX has dropped his latest single, “Another Life,” which draws from personal experiences. The track delves into the feelings of loving someone you cannot be with in this lifetime. “Another Life” is out now on all digital music streaming platforms.

Skarlet Brown, Tots Tolentino bring jazz to Ayala Museum

ON June 29, 8 to 10 p.m., the Ayala Museum presents Skarlet Brown’s Jeepney Jazz Session, featuring tunes from the vintage American songbook, with lyrics translated into Filipino. The repertoire includes traditional Philippine songs arranged to carry today’s sound. She will be joined on the stage by internationally acclaimed saxophonist Tots Tolentino. Mr. Tolentino is famous for joining the Asian Jazz All-Stars Power Quartet. Tickets are now available through the Ayala Museum website.

Despicable Me 4 in PHL cinemas in July

THE fourth Despicable Me animated movie begins a new chapter as Gru (voiced by Steve Carell) and Lucy (Kristen Wiig) and their girls — Margo, Edith, and Agnes — welcome a new member to the Gru family, Gru Jr., who is intent on tormenting his dad. The blockbuster franchise welcomes a new nemesis in Maxime Le Mal (Will Ferrell) and his femme fatale girlfriend Valentina (Sofia Vergara), and the family is forced to go on the run. The movie opens in Philippine cinemas on July 3.

Benj Pangilinan, Angela Ken drop new single

FILIPINO singer-songwriters Benj Pangilinan and Angela Ken have released a collaborative single, “Nandito Na Ako,” out via Sony Music Entertainment. The newly minted duo created a soothing track that balances vintage Pinoy pop songwriting with youthful appeal. It also happens to be Benj Pangilinan’s first foray into writing songs in Filipino. Pangilinan co-wrote the track with his good friend, award-winning singer-songwriter Moira Dela Torre; his cousin, Over October’s Josh Buizon; and his aunt, Felichi Buizon. His brother Donny Pangilinan also recommended Angela Ken for the duet. “Nandito Na Ako” is out now on all digital music streaming platforms.

OPM classics at Newport with Hitmakers and APO

SONGS by the Philippines’ Hitmakers and APO will fill the halls of Newport Performing Arts Theater thanks to the two-night concert, The Hit Society, on July 12 and 13. Hajji Alejandro, Marco Sison, Rey Valera, and Nonoy Zuñiga, the crooners known collectively as the Hitmakers, will share the stage with APO’s Jim Paredes and Boboy Garovillo. Tickets, priced from P1,500 to P8,900, are now available at all SM Tickets and TicketWorld outlets.

Indonesian artist AFGAN releases EP

THE INDONESIAN singer AFGAN has dropped his second all-English EP, Sonder, which includes an official music video for “ESCAPE,” featuring Kpop hip-hop singer Jessi, and “Criminal,” a single featuring R&B star thuy. Recorded entirely in London, it is Afgan’s most personal body of work. According to him, he has found a new voice after making music for decades in Indonesia. “I’ve come so far and have grown and experienced so much,” he said in a statement. Sonder is out now on all digital music streaming platforms.

Silent action film Silent Night now on Lionsgate Play

ACCLAIMED action director John Woo has taken on a different challenge: a movie without dialogue. The gritty revenge tale of a tormented father, Silent Night is full of Woo’s signature “bullet ballet” style that redefined the action genre with thrill-a-minute storytelling sans dialogue. It kicks off when a young boy dies from a stray bullet amidst a gang gunfight. Brian Godlock (Joel Kinnaman), the child’s father, immediately hunts down and successfully locates a handful of the culprits. However, his confrontation with the gang leader, Playa (Harold Torres), leaves him severely wounded and on the brink of death. Now unable to speak, he is driven by vengeance. Silent Night is now available to stream on Lionsgate Play.

NIKI drops astrology-inspired single

JAKARTA-born, LA-based singer-songwriter NIKI has released a new single titled “Blue Moon.” It follows the announcement of her upcoming album, Buzz, out Aug. 9, via 88rising. Penned by NIKI during her 2023 Nicole World Tour, the new single comes in the aftermath of a four-year relationship that felt like home but suddenly fell apart. A Blue Moon in astrology is a cosmic rarity, often linked to heightened clarity, which NIKI channels into a song. “Blue Moon” is out now on all digital music streaming platforms.

Shell Pilipinas expects double-digit growth in bitumen sales volume

SHELL Pilipinas Corp. said it expects achieving double-digit sales volume growth of at least 10% in its bitumen business for the year.

“We are trying to respond to the increase in demand because of the forthcoming election next year,” Allan C. Canedo, Shell Pilipinas’ country general manager for construction and road sector, told reporters on Monday.

For 2024, Mr. Canedo said that the company is targeting to sell bitumen products with a volume of 40 to 45 kilotons (KT) from 36 KT in 2023.

Bitumen is a by-product of fuel refinery that is used as a raw material to produce asphalt.

Shell Pilipinas’ bitumen products are designed to meet the requirements of the road, roofing, and airport sectors, as well as specialty and industrial applications.

According to Mr. Canedo, citing import data from the Bureau of Customs, Shell Pilipinas accounted for 41% of the bitumen products imported into the Philippines in the first quarter.

In 2023, the company ended up at around 33%.

The company imports bitumen products primarily from Singapore and also considers potential supplies from Taiwan, Thailand, and South Korea.

Shell Pilipinas operates two receiving terminals for bitumen located in Cagayan de Oro and Batangas.

Mr. Canedo said that the company is hoping to remain to be the leading market supplier.

“We are the price leader in the market… We have competitive advantage [due to] the location of our [facility],” he said. — Sheldeen Joy Talavera

BSP may cut by 75 bps this year starting August

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is seen to begin its policy easing cycle by August and cutting rates by as much as 75 basis points (bps) this year as inflation is expected to decelerate, Capital Economics said.

“With inflation likely to fall back sharply, we think the central bank in the Philippines will start cutting interest rates in August,” it said in a June 20 report. “In most places, rate cuts will come sooner and be more aggressive than financial markets are currently pricing in.”

Philippine 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.

The BSP earlier said the monthly consumer price index (CPI) could temporarily breach its target band from May until July due to base effects but begin easing anew by August.

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

“Inflation is back to target in most countries [in Asia] and likely to remain low, helped by a combination of below-trend economic growth and lower food price inflation,” Capital Economics said.

“Central banks have recently started to sound more dovish, and we expect most to begin easing policy this year, starting with the Philippines in August,” it added.

BSP Governor Eli M. Remolona, Jr. earlier said the Monetary Board could kick off its easing cycle as early as August, with 25-50 bps in cuts expected in the second semester as they have become “less hawkish than before.”

The Monetary Board will revisit its policy settings anew on Thursday (June 27). All 15 analysts in a BusinessWorld poll conducted last week expect the BSP to keep its policy rate at a 17-year high of 6.5% for the sixth straight meeting.

The central bank raised borrowing costs by 450 bps from May 2022 to October 2023 to help bring down red-hot inflation.

For its part, Capital Economics expects the BSP to deliver a 25-bp cut in the third quarter.

By end-2024, the policy rate is expected to be reduced to 5.75%, for a total of 75 bps worth of cuts for the whole year.

The Monetary Board’s only rate-setting meeting in the third quarter is scheduled on Aug. 15. This will be followed by its last two reviews for the year, which will be on Oct. 17 and Dec. 19.

Meanwhile, Capital Economics said it expects Philippine gross domestic product growth to settle at 5.5% this year. This is below the government’s 6-7% goal for 2024 and would match the 5.5% expansion logged in 2023.

The Philippine economy grew by 5.7% in the first quarter, faster than the 5.5% expansion logged in the prior three-month period but slower than the 6.4% pace recorded a year prior.

“We expect economic growth in most countries in Asia to slow in the second half of 2024, as tighter fiscal policy, high interest rates and weaker global growth all weigh on demand,” Capital Economics said.

For 2025, it sees the Philippine economy expanding by 6.5%, which is at the lower end of the government’s 6.5-7.5% growth goal for next year. — L.M.J.C. Jocson

PHL real estate poised for growth — Cushman & Wakefield

REY MELVIN-CARAAN-UNSPLASH

REAL ESTATE services firm Cushman & Wakefield said it expects the Philippines to attract investments in the medium term despite global economic challenges.

The economic outlook for the Philippines remains buoyant compared to other markets, Cushman & Wakefield said in a statement on Thursday last week.

In the office sector, the firm cited the 2024 Global Cities Index by Oxford Economics, which featured nine cities from the Philippines out of 1,000 global urban economies. Some of these cities, such as Manila, landed in 256th place, Cebu ranked 436th, and Cagayan de Oro and Davao City placed 487th and 500th, respectively.

Cushman & Wakefield said that addressing weaknesses in the country’s regulatory policies and governance aspects would help improve the Philippines’ attractiveness for foreign investment, especially in regions identified as “next business process outsourcing hubs.”

Meanwhile, in the hospitality sector, Cushman & Wakefield noted that digitalization and experiential travel are among the major trends that will attract the tourism market.

“Given the presence of a young and highly urbanizing demographic profile of the Philippines, a more inclusive economic development will underpin the continued growth of the residential sector’s long-term demand,” the report said.

Singapore-based travel booking service Trip.com noted a 54% increase in hotel bookings in the Philippines in the first quarter of 2024 buoyed by “impulse travel” as influenced by social media.

About 447,400 visitor arrivals were recorded in May 2024 by the Department of Tourism.

“Providing essential infrastructure to support manufacturing operations will help attract companies that are looking at reshoring and diversifying manufacturing operations further creating demand for industrial space,” the report said.

Household spending is dampened by the downtrend in the growth of remittance inflows, which increased by 4.6% year on year in peso terms in March, slower than the 5.3% growth recorded in February.

The report also noted that demand from global retailers is expected to remain soft as weak global sentiment persists.

HOTEL OWNERS, OPERATORS
Philippine hotel owners and operators are also bullish on the growth of the hospitality industry but wary of infrastructure limitations and the untapped potential of the Filipino workforce.

According to the Philippine Hotel Investment Outlook Survey, 89% of hotel owners and operators are optimistic about the hospitality sector’s prospects in the medium term. Respondents indicated that 95% of the 10,000 hotel keys in the industry foresee thriving conditions over the next three years.

At the Philippine Tourism and Hotel Investment Summit on June 21, George C. Aquino, CEO of Ayala Land Hotels and Resorts Corp., said the hospitality sector has significant growth potential, anticipating a steady increase in tourist arrivals over the next five years.

Department of Tourism (DoT) Secretary Christina G. Frasco said that in 2023, domestic tourism expenditure rose to P2.67 trillion, while inbound tourism expenditure reached P697.46 billion, which is on par with 2019 numbers.

Total tourist receipts also increased by 47.9% to P2.09 trillion in 2023, while total tourism investment reached P509 billion in the same year.

“We have quite the vast opportunities, from our beach markets, our lodge markets, to our urban markets…and it’s untapped. I think we’re presenting it in our infancy, as far as development,” Mr. Aquino said, noting the quality of Filipino hospitality workers.

Filinvest Hospitality Corp. Senior Vice-President Francis Gotianun said he is looking forward to tourism growth and the development of incoming airport infrastructure, highlighting advancements at Clark International Airport and Bohol-Panglao International Airport.

“The idea takeover that will be happening in September, I believe that things will improve, the accessibility of the country will improve,” he said, referring to the rehabilitation and turnover of the Ninoy Aquino International Airport to the private proponent consortium led by San Miguel by September.

Meanwhile, Robinsons Hotels and Resorts (RHR) Senior Vice-President and Business Unit General Manager Barun Jolly said that the country has 100,000 municipalities and cities with highly trainable workforces, decent infrastructure, and undiscovered landscapes.

He added that these places should be tapped to provide employment to the local workforce and attract customers to hotels that offer a differentiated, distinctive, but localized experience.

Mr. Jolly also mentioned the positive reception of RHR’s homegrown brands, agreeing with the sentiment of 39% of respondents who see the upper midscale segment emerging as the most attractive opportunity due to the surge of developer activity in second-tier growth cities and township developments.

Cleofe Albiso, managing director at Megaworld Hotels and Resorts, referenced the closure of Boracay as a cautionary example, suggesting that similar considerations should be applied to opening areas outside of the usual, such as Palawan.

ROOM GAP
The country should build 80,000 rooms to compete with regional hotels in Asia, said Philippine Hotel Owners Association (PHOA) President Arthur M. Lopez.

In line with this, Tourism Infrastructure and Enterprise Zone Authority (TIEZA) Assistant Chief Operating Officer Karen Mae Sarinas-Baydo said the agency recognizes the room gap in the Philippines as identified in the 2009 Tourism Act. She added that TIEZA has existing properties available for investment.

TIEZA is renovating properties like the Banaue Hotel and is interested in partnering with the private sector to introduce new designs, she said.

Mr. Aquino said that developers are optimistic but stressed the importance of infrastructure and public-private sector partnerships evolving alongside their plans due to lingering concerns.

Ms. Frasco said that the Philippine Hotel Industry Strategic Action Plan is set to launch soon, aiming to establish a framework for hotel infrastructure expansion and address current challenges and support systems.

This plan will encompass soft infrastructure, skill matching, digitalization, competitiveness, and measures to enhance the hotel industry’s resilience against headwinds and external shocks. — Aubrey Rose A. Inosante

Nuclear energy and economic growth

Last week I attended two energy fora. The first was the Stratbase-Citizen Watch forum, “Advancing Energy Security: Fueling Sustainable Progress with Liquefied Natural Gas (LNG),” on June 18 at the Asian Institute of Management Conference Center, Makati. The second was the Philippine Chamber of Commerce and Industry (PCCI) Power Summit 2024 with the theme, “Moving the Economy Forward with Energy and Power Security and Competitiveness,” on June 19 at the Makati Diamond Residences.

The keynote message for the first forum was delivered via video by Energy Secretary Raphael P.M. Lotilla. The other speakers were Majah-Leah Ravago, President and CEO of the Development Academy of the Philippines; Dominic Camu, the COO of Global Business Power; Carlos Aboitiz, Chief Corporate Services Officer of Aboitiz Power Corp.; and Donnabel Kuizon Cruz, Managing Director and General Manager of Prime Infrastructure Capital, Inc. The opening message was given by Victor Andres “Dindo” Manhit, President of the Stratbase ADR Institute and the closing remarks were given by former congressman Jose Christopher “Kit” Belmonte, Convenor of CitizenWatch.

The keynote messages at the PCCI Power Summit were given by PCCI Chairman and Director for Energy and Power George T. Barcelon, Mr. Lotilla again, and Energy Regulatory Commission Chairperson and CEO Monalisa Dimalanta.

The panel discussion at the PCCI event was composed of key corporate leaders from five areas of the power supply chain. For power generation it was Francis Giles Puno, President and COO of First Gen Energy Solutions, Inc.; for transmission, Redi Allan B. Remoroza, Assistant Vice-President and Head of Transmission Planning of National Grid Corp. of the Philippines (NGCP) and Vincent Harvey C. Bernabe, Central Grid Operations Manager of NGCP; for distribution, Lawrence S. Fernandez, VP and Head of Utility Economics of Meralco; for supply, Raymond Carl R. Roseus, President of the Retail Electricity Suppliers Association of the Philippines; and for large consumers, Lloyd Balajadia, PCCI Chairman for Manufacturing. The panel’s moderator was Carlos Ramon C. Aboitiz of Aboitiz Power who is also the PCCI Co-Chair for Energy and Power.

I liked Mr. Aboitiz’ opening message when he was introducing the panel. He said that “The country will need all forms of energy capacities and technologies — from traditional, renewable, and even energy storage… an ‘all-options-on-the-table’ approach [that] also presupposes that the country prepares now for emerging long-term projects and developments — like a national nuclear program or manpower reskilling and capacity building — in order to be ready when the right opportunities come our way.”

And speaking of nuclear energy, on June 20, the Statistical Review of World Energy (SRWE) 2024 was released by the Energy Institute in London. It is a rich source of country level annual data from 1985 to 2023, with some data stretching back as far as 1965.

I downloaded the database in Excel file form and checked the nuclear power generation of major countries. There were five surprises.

First, Germany, which had its peak nuclear generation of 171 terawatt-hours (TWh) in 2001 was generating only 35 TWh in 2022 and 7 TWh in 2023, going back to its level in 1970 of 6.5 TWh. They shut down their last remaining nuclear power plants in April 2023.

Second was that the United Arab Emirates (UAE), whose nuclear generation until 2019 was zero, started with 1.6 TWh in 2020, which quickly jumped to 20 TWh in 2022 and 32 TWh in 2023.

The third surprise was that Japan, which started nuclear generation in 1966, had its peak production at 326 TWh in 1998. This went down to zero in 2014 after the big earthquake and Fukushima accident in 2011. It rose to 61 TWh in 2021 and 78 TWh in 2023.

The fourth was that Pakistan, which generated only 4 TWh in 2013, jumped to 22 TWh in 2023.

And the fifth surprise was that Taiwan, which had a high of 42 TWh in 2013, was down to only 18 TWH in 2023. Their government plans to phase out all their nuclear power plants by 2025.

The biggest nuclear power producer in the world is the US with 816 TWh in 2023, followed by China, France, Russia, and South Korea. But when it comes to total power generation — including all power sources like coal, gas, hydro, etc. — the biggest is China with 9,456 TWh in 2023, followed by the US, India, Russia, and Japan (see Table 1).

I computed the nuclear/total generation ratio of the various countries and saw the biggest was still France with 65% in 2023, followed by Finland, Belgium, and the Czech Republic. In Asia the most nuclear power intensive country is South Korea with 29%.

Finally, I computed the GDP growth performance of these countries. One weak trend seen in the data is that as countries move away from cheap and reliable nuclear power, their average growth declines or remains low, like in Germany and the UK. Meanwhile Asian countries with rising or a high nuclear share in power generation had high GDP growth, like South Korea and China (see Table 2).

I participated in the Philippines Nuclear Trade Mission to Canada back in March in Toronto, organized by the Canada embassy in Manila. I was one of four Philippine media people who joined the mission, which was led by Energy Undersecretary Sharon Garin and Science Undersecretary Leah Buendia. It was a very educational trip on nuclear energy policy and power plant operation.

The Philippines’ power demand is rising by around 7-8 TWh/year but its supply is rising only by 6 TWh/year, and the gap of 1-2 TWh/year is reflected as frequent thin reserves, yellow-red alerts, and high electricity prices. So, we need nuclear energy to augment the existing power supply.

Today, June 25, the Ambassador of Canada to the Philippines David Hartman will lead the celebrations of Canada Day in Manila and the 75th Anniversary of Diplomatic Relations between Canada and the Philippines. It will be held at the Grand Hyatt Hotel in BGC, Taguig City. Canada is not among the top 20 trade partners of the Philippines, but I hope it will be among the top five partners of the Philippines when it comes to nuclear energy development.

 

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

minimalgovernment@gmail.com

Formula 1 and Amazon aim for AI-powered ‘personalized’ race viewing

A SCENE from the Netflix documentary Formula 1: Drive to Survive.

AT THE Spanish Grand Prix on Sunday, Formula 1 plans to debut a new artificial intelligence (AI) “Statbot” with Amazon.com, Inc., whose executives described plans for AI-powered personalized broadcasts to keep viewers hooked.

The statbot will trawl race archives and parse torrents of real-time racing data to feed context and trivia to broadcast presenters live during the Barcelona race, using technology from the Seattle-based company’s Amazon Web Services cloud computing division, said Neil Ralph, the tech company’s lead on technical collaboration with F1.

It’s a sign of how AI is creeping into media, and of how F1’s owner, Liberty Media Corp., is hunting for ways to keep fans glued to screens.

Steered by billionaire cable magnate John C. Malone, Liberty bought F1 from CVC Capital Partners in a deal announced in 2016. Since then, it has focused on increasing the sport’s global appeal, growing its audience with marketing gambits like behind-the-scenes Netflix, Inc. documentary series Formula 1: Drive to Survive.

But in a sport heavy on engineering, whose human protagonists are hidden behind helmets, executives want ways to jazz up the live race broadcast too. The companies say they’re also using AI to offer in-race predictions on matters like pit-stop timing or when a driver might try to overtake a rival, based on real-time details such as car performance and tire degradation.

“With this data and the intimacy with the fan, you can contemplate hyper-personalized experiences,” AWS Canada Managing Director Eric Gales said in an interview at the Canadian Grand Prix in Montreal earlier in June.

Ralph said: “That’s where we want it to go, so you as a fan can choose how much data to see and what stories you want to be told.”

Vying against other sports, streaming shows, TikTok, and video games, the battle for attention has never been so intense. While F1 has broadened its reach in the US with the Netflix series and new races such as the Las Vegas Grand Prix, the sport is still sometimes panned as too predictable. Last year, F1’s top driver, Red Bull Racing’s Max Verstappen, won 19 of the 22 races; this year he has won six of nine.

“We can’t just rely on giving them a passive experience,” said Dean Locke, F1’s director of broadcast and media, speaking to reporters in Montreal remotely from the group’s media and technology center in Biggin Hill, United Kingdom. — Bloomberg

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