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EEI transfers P164-M Tanza training facility to subsidiary

EEI.COM.PH

EEI CORP. has approved the transfer of its P164-million training facility in Tanza, Cavite, to its subsidiary EEI Training Academy Corp. through a tax-free property-for-share swap, a move aimed at consolidating the company’s training operations.

“The asset transfer is expected to enhance operational efficiency and reduce friction costs across the organization,” the construction firm said in a disclosure to the exchange on Tuesday.

The two-storey facility, completed in December 2024, supports both classroom learning and hands-on construction training. It offers courses in welding, electro-mechanical work, infrastructure, and managerial development.

EEI said the transaction, completed on Monday, will allow the academy to streamline its processes and strengthen its capacity to upskill workers for domestic and overseas projects.

In 2023, EEI announced plans to build the Tanza center to train engineers and staff in supervisory development, project management, and technical courses to support its growing project pipeline.

On Tuesday, shares of EEI fell by 4.76% or 15 centavos to close at P3 apiece on the stock exchange. — Alexandria Grace C. Magno

Industrial policy for the Philippines

STOCK PHOTO | Image by Vectorjuice from Freepik

(Part 1)

Industrial policy formulation or industrial strategy is very much the rage all over the global economy today. It has gone much beyond its earliest form in the middle of the last century when the governments of what countries that eventually rose as the “tiger economies” — such as Singapore, Hong Kong, Taiwan, and South Korea — adopted specific economic policies that favored the growth of certain sectors that were considered “most likely to succeed” because of perceived competitive advantages. Examples of such government policies were tariff protection, subsidized interest rates, undervalued currencies, or depressed wages.

Today, the ones most aggressive in adopting industrial policies are no longer the developing countries but the more developed countries like the United States and the United Kingdom. The very high tariff rates being imposed by the Trump Government on imports from China, India, and other countries are examples of modern-day industrial policy. Such protectionist moves are clearly meant to bring back to US soil the many manufacturing sectors such as automotive, electronics, and pharmaceuticals that migrated to Asia and other regions with lower wage costs. In the UK today, the centerpiece of industrial policy is a set of strategies for the eight industrial sectors which, on various metrics, offered the greatest growth potential, such as advanced manufacturing, life sciences, the creative industries, and financial services.

China has been the target of many of the US efforts to “bring jobs home.” Most recently, however, China has been fighting back, especially in sectors belonging to the so-called Industrial Revolution 4.0 (e.g., artificial intelligence, robotization, Internet of Things, data analytics, etc.). For example, China’s internet regulator has banned the country’s biggest technology companies from buying the artificial intelligence chips produced by US company Nvidia. The Cyberspace Administration of China recently told Chinese companies such as ByteDance and Alibaba to end their testing and orders of the RTX Pro 6000D, Nvidia’s tailor-made product for the country.

Meanwhile, in the US, Nvidia has agreed to invest $15 billion in its struggling rival Intel as part of a plan to develop chips for PCs and data centers, the latest reordering of the tech industry spurred by artificial intelligence. The deal comes a month after the US government agreed to take a 10% stake in Intel, as Donald Trump’s administration tries to secure the future of American manufacturing.

These examples show that industrial policy is getting more sophisticated. What guidelines can we suggest to our government in formulating our own industrial policies in the coming years? In the remaining three years of the administration of President Ferdinand Marcos, Jr., it is important that business, civil society, and the academe get together with the government to agree on the economic sectors that should be favored with specific financial, policy, and infrastructure support because they are perceived to contribute most to poverty reduction and employment generation as well as maximum GDP growth.

A LITTLE BIT OF HISTORY
But for a historical perspective, let us dwell on a brief history of industrial policy that began with the first industrial revolution in the late 18th century in England and later in the rest of Western Europe.

The first country to industrialize, Britain, followed a relatively laissez-faire approach to industrialization, with minimal state interference. The role of the State was through the enclosure acts (allowing private ownership of large tracts of land that used to be subject to fragmentation during the period of feudalism). This enclosure movement freed labor for the manufacturing sector which resulted from the mechanization of textile production (the spinning jenny), the use of steam power, and the mining of coal and iron. We must remember here that the word “industry” encompasses not only manufacturing but also mining, public utilities, and construction (especially infrastructure). The State also facilitated through the protection of property rights, navigation laws (mercantilist trade rules), and the protection of colonial markets from other colonizing countries like Spain and Portugal. The first examples of public-private partnerships (PPP) were infrastructure investments in canals and railways.

Then came the Second Industrial Revolution (mid-19th century to early 20th century in Europe and North America). The technologies that were invented were in the steel, chemicals, electricity, and internal combustion sectors. Industrial policy was refined, especially by Germany and the US, that pursued active promotion of specific sectors by protecting so-called “infant industries” with tariffs (following the ideas of Friedrich List). In Germany there was active support for research institutes (e.g., German technical universities, industrial laboratories, etc.). This was the period of massive infrastructure expansion (e.g., railroads, telegraphs) financed partly by government. In Japan, during the Meiji Restoration (1868 to 1912), there was strong state-led industrialization through a very active importation of technology, especially from Western Europe, and the creation of the so-called Zaibatsus (industrial conglomerates) which were the origins of today’s Japanese international conglomerates like Marubeni, Mitsubishi, Mitsui, and Sumitomo.

During the period between the First and Second World wars (1918 to 1945), industrial policy turned more interventionist. The Soviet Union introduced Central Planning with Five-Year Plans prioritizing heavy industry. In Fascist Italy and Nazi German, the focus was on state-directed rearmament industries. In the US as an aftermath of the Great Depression, the government introduced the New Deal program for industrial recovery through massive public works projects, especially those undertaken by the Tennessee Valley Authority (TVA).

After the Second World War, there was the “Golden Age” (1945 to 1970s) of industrialization. In Europe, reconstruction was actively pursued by both the victors and the defeated through the so-called Marshall Plan. In Japan, the Ministry of International Trade and Industry (MITI) led the industrialization efforts through directed credit, technology imports, and export promotion. France pioneered in what was called “indicative planning” through the Commissariat General du Plan. In the US, a more free-enterprise approach was followed in industrial strategy, but the government played the leading role in investing in defense-related R&D (the military-industrial complex).

In the present millennium, we can discern the resurgence of state activism as a result of globalization, recurring economic crises, and the advent of new technologies. Examples of these are massive state subsidies for high-tech sectors under the “Made in China 2025” strategy. In the US, even before the very aggressive tariffication move under the second Trump Administration, there were industrial policies like the CHIPS and Science Act (2022) and the Inflation Reduction Act (2022) to promote high-value semiconductors and green industries. In Europe, there were parallel moves in the forms of the Green Deal and industrial strategies for digital and renewable energy sectors. In both high-income and middle-income economies, there is a clear focus on climate transition, digitalization, artificial intelligence, and supply chain.

To summarize, industrial policy was pursued in different countries and different historical stages under, on the one hand, free-enterprise or market-based conditions or, on the other hand, under active state intervention depending on historical needs. Britain’s early industrialization was market-led but later successes (Germany, the US, Japan, East Asia, China) show strong state guidance was crucial at various stages of the industrialization process.

Before we try to learn some lessons from this historical review of industrial policy, let us go into greater detail on how industrial policy partly explain the well-known success of the “tiger economies” of East Asia in the second half of the last century to transition from low-income to high-income economies in record time. And, more importantly, let us try to understand why the Philippines failed to join the band wagon!

(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

Some analysts see Fed halting balance sheet drawdown on rate turbulence

REUTERS

SOME Wall Street analysts now believe the US Federal Reserve will pull the plug on its long-running effort to shrink its balance sheet at the end of the month.

These central bank watchers believe the ground has shifted for quantitative tightening, or QT, due to mounting money market friction, which could threaten the Fed’s control over the interest rate target it uses to achieve its inflation and employment goals.

Stopping the withdrawal of liquidity by QT at the Oct. 28-29 Federal Open Market Committee (FOMC) meeting would help ensure the technical aspects of monetary policy continue to run well, these analysts reckon.

“We expect the FOMC to end its securities runoffs at this month’s meeting,” analysts at Wrightson ICAP said in a note over the weekend. While they’re skeptical genuine liquidity tightness has emerged in money markets, some of the recent turbulence in short-term lending “is clearly a sufficient warning sign to justify moving on to the next phase of the Fed’s normalization plan.”

Evercore ISI forecasters wrote on Monday “we think the Fed will now signal the end of QT at its October meeting with a view to wrapping up before year-end pressures, although the actual end may come a month or two after the announcement.”

Jefferies analysts told clients “we expect that the Fed will completely cease QT at the next meeting at the end of the month,” although the Fed is likely to allow mortgage bonds, which have been very slow to come off its books due to challenging housing market conditions, to expire at the current pace.

The shift in sentiment follows market moves last week that saw some key short-term borrowing rates rise as some financial firms unexpectedly tapped the Fed’s Standing Repo Facility, which exists to provide fast cash loans collateralized by bond holdings.

Also signaling market friction: A rise in repo borrowing costs and the Secured Overnight Financing Rate, as the federal funds rate, the Fed’s main interest rate target, drifted higher in its current range of between 4% and 4.25%.

That all happened as Fed Chair Jerome H. Powell in remarks on Oct. 14, said QT might end “in coming months,” even as he echoed other Fed officials who have said recently there remains plenty of liquidity in the financial system. Fed Governor Christopher Waller, who spoke in New York on Thursday, said “we’re about at that point” where the financial system has the right amount of liquidity, as measured by banking sector reserves.

QT RIP
The QT process is designed to remove liquidity from the financial system added during the COVID-19 pandemic. In a bid to provide stimulus and bond market stability the Fed aggressively bought Treasury and mortgage bonds to lower long-term interest rates.

Those purchases, kicking off in large size in the spring of 2020, more than doubled total Fed holdings to $9 trillion by the summer of 2022. Since then the Fed has allowed a set amount of bonds to mature and not be replaced, taking holdings to the current level of $6.6 trillion.

The Fed has said it seeks to leave enough liquidity in the system to allow for firm control over short-term interest rates and to allow for normal money market volatility. The challenge for the Fed is that it’s unclear how much liquidity it can remove before markets grow too volatile, so Wall Street has struggled to predict when QT would end.

The recent chop in money markets is driven by a number of factors, Fed balance sheet policy included. “There are a number of reasons why this is the case, including some idiosyncratic factors related to tax payment dates, Treasury auction settlements, and increased bill issuance; the biggest factor is the result of the Fed’s ongoing balance sheet normalization,” the Jefferies analysts wrote.

Still, the challenge of getting a hold on the amount of money market liquidity that would meet the Fed criteria has kept alive views that QT has further to run, especially as bank reserve levels thus far have been stable and QT has thus far mainly extinguished excess liquidity parked in the Fed’s reverse repo facility. To that end, bank reserves have come down but have been fairly close to $3 trillion for some time.

Goldman Sachs forecasters said after Mr. Powell’s speech that “we now expect the FOMC to announce at its January meeting that runoff will end in February,” noting they had expected that announcement at the end of the first quarter. — Reuters

MCAD holds fundraising auction

UP FOR AUCTION are works by Pacita Abad, Lui Medina, Miguel Lorenzo Uy, and Martha Atienza.

Proceeds to go to curatorial programs, exhibits, publications

AS PART of its commitment to present and engage with contemporary art and culture, the Museum of Contemporary Art and Design (MCAD) will auction off locally and internationally donated artworks on Nov. 15 at the MCAD space.

The museum’s activities, including exhibitions, publications, and public curatorial programs, will benefit from the auction, aptly titled “Funding the Future.” MCAD held a similar event in 2018, the proceeds of which have funded many of its programs since.

This edition, done in partnership with Leon Gallery, is set to auction off the works of 39 artists for the benefit of MCAD’s projects. The goal is to present a wide variety of art, to dare collectors to be “a little more adventurous,” said MCAD director and curator Joselina Cruz.

“The last one in 2018 was quite successful. We made about P10 million,” said Ms. Cruz at a press conference on Oct. 16 in Makati. “This time, we hope to make much more.”

“Funding the Future” is geared towards “metroculturals,” culture buffs, and experience seekers, covering a large demographic of Filipinos both young and old who may be interested in innovative art, said MCAD deputy director Lourdes Samson.

“It’s basically a show of how the elements of the art ecosystem are integrated,” she said. “Artists donate their works, institutions make sure they’re presented, and audiences support it. An auction has all three of these integral elements coming together.

“For our programming, much of it is set for the next three years. It’s just about finding the budget. We get a chunk from Benilde, but it’s still not enough to acquire the works of global artists.” MCAD is a not-for-profit institution affiliated with De La Salle – College of Saint Benilde.

MCAD puts up three exhibits annually. On top of that, it holds curatorial talks for students, produces publications, and brings some exhibits to community spaces outside of the museum.

“We see our audience not as one mass, but as a demographic of many. That’s why an exhibition should not speak on one level alone,” said Ms. Cruz. “Loyalty is about people growing with you while you influence their aesthetic sense.

“Art is one of the most subversive ways a population can be educated.”

AUCTION HIGHLIGHTS
Works by many important names in contemporary art will go on the block at the Nov. 15 auction. There will be Pacita Abad’s Make Love Not War, a colorful mixed media work on paper that she made in 2003 during her residency at the Singapore Tyler Print Institute.

Another highlight is Martha Atienza’s Tigpanalipod (The Protectors), a digital video where she turns her lens towards Bantayan Island, to raise awareness for their maritime communities.

The auction will also feature Kiri Dalena’s Pink Book of Slogans, a compilation of photographic prints that depict protest slogans from Leni Robredo’s campaign against the Marcos family’s return.

Lui Medina’s Untitled (Land Studies) series are framed graphite and acrylic works on paper that combine the landscapes of Davao and North Italy. These movements of reimagination come alive on panoramic prints.

Included as well is Wawi Navarroza’s The Weightlifter Orans, made in 2022 as an homage to weightlifter Hidilyn Diaz’ victory in the Olympics as well as a metaphor of the burdens that women carry. There’s also Manuel Ocampo’s The Vampire From Tel Aviv, made this year as a commentary on Israel’s ongoing brutal treatment of the Palestinians.

Derek Tumala’s drawing Kaput (Landscape), showcasing technical consistency through the use of the grid, and Miguel Lorenzo Uy’s oil on linen work Abstraction (After Cosmic Dance), a portrait taken from his own DNA, will also go under the hammer.

The works can be viewed at MCAD, 950 Pablo Ocampo St., Malate, Manila, from Nov. 8 to 16. An online catalogue will soon be available on the website of Leon Gallery, the official auction partner of this event, which supports online registrations and absentee bidding.

The benefit dinner and live auction of selected lots will be held on Nov. 15, starting at 6 p.m. Chefs Stephan Duhesme of Metiz and Automat, Miko Calo of Coquette and Taqueria Franco, and Josh Boutwood of Helm and Ember are collaborating on a special four-course menu for the event.

The evening will also feature a live performance by singer Armi Millare and the distribution of a limited-edition keepsake created by artists Neo Maestro and Lani Maestro.

Tickets for the dinner and live auction are priced at P10,000 per head. — Brontë H. Lacsamana

CAB keeps fuel surcharge at Level 4 for November

STOCK PHOTO | Image by L.Filipe C.Sousa from Unsplash

THE Civil Aeronautics Board (CAB) has retained the passenger fuel surcharge at Level 4 for November, keeping fuel charges steady for the fourth consecutive month.

At Level 4, the passenger fuel surcharge will range between P117 and P342 for domestic flights, and between P385.70 and P2,867.82 for international flights originating from the Philippines.

For airlines collecting fuel surcharges in foreign currency, the applicable rate for the period will be P57.57 per dollar, the CAB said in its advisory on Tuesday.

Fuel surcharges are adjusted based on movements in jet fuel prices, using the Mean of Platts Singapore (MOPS) benchmark.

For the week ending Oct. 17, the International Air Transport Association (IATA) said jet fuel prices averaged $89.56 per barrel, declining by 1.7% week on week.

On an annual basis, the global average jet fuel price dropped 9.6%, IATA said.

Jet fuel prices are projected to average $86 per barrel in 2025, below last year’s $99 average, translating to about $236 billion in fuel costs, or 25.8% of total airline operating expenses. — Ashley Erika O. Jose

A pattern of trust: Building economic and defense security with like-minded partners

THE PHILIPPINE COAST GUARD (PCG) has released footage showing the China Coast Guard pursuing and blasting a Bureau of Fisheries and Aquatic Resources (BFAR) vessel with water cannons near Pag-asa Island on Oct. 12.

The aggressive acts habitually and deliberately committed by the Chinese are an affront to our sovereignty and a threat to our national security. But more than national security is involved — our economic security is also under threat. This is not something that the Philippines is taking sitting down.

Take the most recent incident on Oct. 12. Three vessels of the Bureau of Fisheries and Aquatic Resources (BFAR) were anchored near Pag-asa Island when Chinese Coast Guard and Maritime Militia vessels approached, conducted dangerous maneuvers, fired water cannons, and rammed the stern of one of the vessels. Fortunately, no crew members were injured.

The incident took place while the BFAR vessels were conducting a lawful resupply and monitoring mission, assisting fisherfolk under the Kadiwa para sa Bagong Bayaning Mangingisda program of the government. What happened was not only an insult to Philippine sovereignty. It also disrupted a mission for fisherfolk already facing dire economic challenges as a result of being prevented by China from fishing in our own, legally determined waters.

Economic security means that individuals and communities can meet their essential needs over time. But if our fisherfolk cannot fish in our waters — their very source of livelihood — how can they put food on the table, maintain a decent home, or send their children to school?

While the Philippines is determined to assert its sovereignty and safeguard the economic security of its people, we recognize that we cannot do this alone. We are fortunate to have numerous partners that help strengthen our defense posture and provide our citizens with the stability they need to live with dignity.

A Stratbase-commissioned survey conducted by Pulse Asia from Sept. 27 to 30 revealed that the United States remains the Philippines’ most trusted economic partner, with 77% of respondents expressing this view. Japan followed at 44%, and the ASEAN regional bloc at 29%.

Other foreign partners mentioned were Australia, the United Kingdom, Canada, South Korea, and the European Union — a clear indication that the Philippines continues to deepen ties with democratic and rules-based economies. China was also among the options, but only 6% of respondents said they trusted it as an economic partner.

In another Pulse Asia survey conducted during the same period, respondents named nearly the same countries as those best positioned to help the Philippines counter Chinese coercion and aggression in the West Philippine Sea. Seventy-seven percent cited the US, 45% mentioned Japan, and 30% pointed to Australia. Other countries mentioned were Canada, the United Kingdom, South Korea, Germany, and France — partners seen as capable of supporting the Philippines’ defense and security needs.

One of these countries, France, has recently stepped up its cooperation with the Philippines. In a forum hosted by the Stratbase Institute in partnership with the Embassy of France on Oct. 16, French Ambassador to the Philippines Marie Fontanel highlighted renewed bilateral cooperation following the letter of intent between the ministers of Armed Forces of both countries on Dec. 23, 2024. The landmark agreement laid the foundation for closer defense collaboration, capacity building, and regular exchanges on strategic challenges, particularly in the maritime domain.

“Our engagement has moved beyond declarations towards tangible joint initiatives, information sharing, and trust building. We must continue to exchange our assessments of the asymmetric threats we face collectively. Beyond security and sovereignty, we must never forget that the ocean is also a human space, one that sustains lives, livelihoods, and cultures,” Ms. Fontanel said in the final installment of Blue Talks.

Indeed, the Philippines continues to face constant provocation, aggressive encroachment, and even the weaponization of environmental issues by China — acts that undermine sovereign rights, freedom of navigation, global trade, and the integrity of shared maritime commons.

Effective maritime governance is not only about defending one’s territory but also ensuring that the seas remain a shared space of peace, prosperity, and sustainability. The Philippines cannot — and should not — stand alone. We must continue to promote cooperation among like-minded states such as France, uphold international law, and ensure a free, open, and rules-based Indo-Pacific.

In the end, in the face of persistent external threats, it is about finding partners you can rely on and trust.

Such partners must be true to their word, respect international law, and refrain from bullying or coercion to get what they want. They must not twist narratives or justify unlawful actions under false pretenses.

The countries consistently identified by Filipinos in the two surveys have long demonstrated a pattern of reliability and integrity in both words and actions. They are not new partners; rather, they have stood by the Philippines through time, sharing our commitment to peace, stability, and inclusive prosperity.

They recognize that the stakes are high — not just for defense and sovereignty, but also for the region’s economic future. These dependable partners respect the sovereignty of nations and uphold peace and stability in the Indo-Pacific and beyond. That the same countries are trusted across both economic and security fronts reflects a clear pattern of public confidence.

Insights from these surveys affirm the Philippines’ strategic alignment with like-minded democracies and open-market economies — partners that value transparency, rule of law, and a free and open Indo-Pacific.

Indeed, security cooperation and economic resilience are two sides of the same coin. We cannot fully enjoy sovereignty if our people remain in poverty and insecurity. The constant assaults on our sovereign rights drain resources that could otherwise strengthen efforts toward sustainable and inclusive prosperity.

The risks to both national security and livelihood are real, daunting, and ongoing. Our alignment with trusted, like-minded partners is not just diplomacy — it is a strategic imperative to safeguard both our economy and our sovereignty.

 

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

BSP streamlines prudential regulations for Islamic banking sector

FREEPIK

THE BANGKO SENTRAL ng Pilipinas (BSP) has streamlined its guidelines covering the establishment of Islamic banks and banking units to help support the sector’s growth.

In a circular dated Oct. 17, the central bank simplified the capitalization requirements for both Islamic banks (IB) and conventional banks seeking to operate an Islamic banking unit (IBU).

“The minimum capitalization requirements for a UB (universal bank) shall apply to a full-fledged IB. A conventional bank that complies with the capital requirements applicable to its banking category may be allowed to operate an IBU,” it said.

Previously, the rules made distinctions on the kinds of conventional banks that can set up IBUs and also impose a transitory period of a maximum of five years for these lenders to put up the minimum capital required from universal banks to be allowed to continue operating their IBUs. They were also mandated to submit a capital buildup plan.

The BSP also said that applicants who plan to establish an IBU are required to submit a corporate plan describing the organization and its business model. They are required to start the IBU’s operations within one year from approval of their application or else the authority will be automatically revoked.

The circular also outlined the reporting requirements for IBs and conventional banks with IBUs to aid in its monitoring of the sector.

Meanwhile, the BSP said it will adopt a “progressive approach” in implementing liquidity standards and ratios for Islamic banks and Islamic banking units as it considers the unique nature of the sector’s operations.

“The Bangko Sentral, on its part, shall continuously review and keep an open line of communication with stakeholders to ensure that the regulatory framework remains appropriate and relevant. As the domestic Islamic banking market is still in its early stage of development, the Bangko Sentral shall adopt a flexible approach on regulatory compliance, including the submission of required reports. It shall engage and be responsive to the market players and new entrants to the Islamic banking system in implementing the minimum liquidity requirements.”

The central bank added that IBs and IBUs must have written policies on liquidity risk management that are compliant with Shari’ah principles. — K.K. Chan

French police may nab Louvre thieves but unlikely to recover their loot

A CROWN worn by French Empress Eugenie, which was targeted by thieves during a heist at Paris’ Louvre Museum on Oct. 19 but was dropped during their escape, on display in this undated still frame from a video. — LOUVRE MUSEUM/HANDOUT VIA REUTERS

PARIS — Crime gangs around Europe are increasingly robbing valuable jewels and gold from cash-needy museums like the Louvre, but while law enforcement often catches the thieves, they struggle to recover the priceless goods, police and art experts say.

Only a small pool of criminals would be capable of such a job as Sunday’s audacious robbery in Paris and may already be known to police, the specialists say. But the objects themselves could be quickly broken down into component parts and sold on.

“If I steal a Van Gogh, it’s a Van Gogh. I can’t dispose of it through any other channel than an illicit art market,” said Marc Balcells, a Barcelona-based expert in crimes against cultural heritage. “But when I am stealing… jewelry, I can move it through an illicit market as precious stones.”

The brazen heist of crown jewels from the Louvre, the world’s most visited museum, has been decried by some as a national humiliation and sparked security checks across France’s multitude of cultural sites.

“If you target the Louvre, the most important museum in the world, and then get away with the French crown jewels, something was wrong with security,” said art investigator Arthur Brand.

“It’s one of the biggest manhunts in French history.”

Officials at the Louvre, home to artworks such as the Mona Lisa, had in fact already sounded the alarm about lack of investment.

The Culture and Interior Ministers agreed in an emergency meeting to investigate what went wrong and to strengthen security measures where necessary at cultural institutions across the nation.

“For too long we have looked into the security of visitors but not the security of art works,” Culture Minister Rachida Dati told M6TV, adding that she was hoping to put in place shortcuts to public procurement rules to speed up security enhancements in museums.

At least four French museums have been robbed in the last two months, including gold stolen from the Natural History Museum in Paris, according to media reports.

Christopher Marinello, founder of Art Recovery International, which tracks stolen art, said such museum heists were on the rise across Europe and further afield.

He cited cases in the Netherlands, France, Egypt.

“If you have jewels or gold in your collections, you need to be worried,” Mr. Marinello said.

WHODUNNIT?
Paris prosecutors have entrusted the investigation to a specialized Paris police unit known as the BRB, which is used to dealing with high-profile robberies.

Former cop Pascal Szkudlara, who served in the unit, said the BRB handled the 2016 Kim Kardashian probe, when Paris thieves stole her $4-million engagement ring, as well as a recent spate of kidnappings of wealthy crypto bosses.

He said the BRB has about 100 agents, with over a dozen specialized in museum thefts. Investigators will look at video footage, telephone records, and forensic evidence, while informants will also be activated.

“They can have teams working on it 24/7 and for a long period,” Mr. Szkudlara said, expressing “100%” confidence the thieves would be caught.

Police will be poring over security footage going back weeks, looking to identify suspicious people casing out the joint, Brand said.

Corinne Chartrelle, a cop who previously worked at the French Police’s Central Office for the Fight against Trafficking in Cultural Property, said the jewels could feasibly end up in a global diamond center like Antwerp where there “are probably people who aren’t too concerned about the origin of the items.”

The diamonds could also be cut into smaller stones and the gold melted down, leaving buyers unaware of their provenance.

If the thieves feel the net closing, they could chuck or destroy the loot altogether.

Police are clearly in a race against time.

“Once they’ve been cut into smaller jewels, the deed is done. It’s over. We’ll never see these pieces again intact,” said Mr. Marinello. “It’s a very small percentage, recovering stolen artworks. When it comes to jewelry, that percentage is even less.”

Any theory about the objects being ordered up by a mysterious buyer was laughable, said Mr. Brand. “That’s unheard of,” he said. “You only see it in Hollywood movies.”

Cultural authorities across Europe will be looking at how to better secure museums at a time of tight public finances.

Christopher Marinello, founder of Art Recovery International, an organization specializing in the recovery of stolen art, said most museums complained they did not have enough funding for security.

“The Louvre is one of the most well-funded museums in the world. And if they’re going to be hit, every museum is vulnerable,” he told Reuters.

Mr. Brand said it was impossible to properly safeguard a museum, so the best thing was to slow down the time it takes to steal objects and escape, giving police longer to respond by making windows thicker or adding more doors.

“They know they have only five, six minutes to get away with it because after six minutes, the police show up. So if they go into a museum… and they find out that it takes more than six, seven, eight minutes, they will not do it,” he said.

The Louvre robbery took between six and seven minutes and was carried out by people who were unarmed but who threatened guards with angle grinders, a prosecutor said.

Finland’s National Gallery Director General Kimmo Leva said financial realities meant tough decisions.

“A tightening everyday economy is, naturally, not the best basis for making the investments needed to mitigate potential threats,” Mr. Leva said.

The eight items stolen from the Louvre included a tiara and earring from the set of Queen Marie-Amélie and Queen Hortense of the early 19th century. The crown of Empress Eugenie was found outside the museum, apparently dropped during the getaway. — Reuters

Philippines steps up push for MSMEs to adopt AI

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By Edg Adrian A. Eva, Reporter

THE Philippine government is intensifying efforts to help micro, small and medium enterprises (MSME) adopt artificial intelligence (AI), as most remain slow to embrace the technology despite widespread computer ownership and internet access.

Only 14.9% of local firms use AI tools, according to a September study by the Philippine Institute for Development Studies.

The report cited data from the Philippine Statistics Authority showing that 90% of companies own computers and 81% have internet connections, suggesting that the challenge lies in digital readiness rather than access.

The Department of Science and Technology (DoST) said several initiatives are under way to close this gap and help small firms integrate AI into their operations.

“We have been funding many MSMEs, some of which already use AI in their work,” DoST Secretary Renato U. Solidum, Jr. told BusinessWorld on the sidelines of the National AI Stakeholders Conference last week.

“Even those that need it in sari-sari (mom-and-pop) stores or school management systems, we already have that,” he added.

Mr. Solidum said the agency launched the Advancing Computing, Analytics, Big Data and Artificial Intelligence in the Philippines project this year to make AI tools more accessible across industries.

The program supports the development of local AI applications including iTanong, an AI system that can converse in Filipino, English, or Taglish and can be integrated into government services.

He noted that through the program, they want to make sure that MSMEs can benefit from AI tools without needing large-scale infrastructure or high costs.

Michelle Alarcon, president of the Analytics and AI Association of the Philippines (AAP), said the government should provide incentives for MSMEs to adopt AI, starting with digitizing their data. Many small firms could not use AI because their data are still not digitized, she added.

AAP has launched upskilling programs with the Department of Trade and Industry and Technical Education and Skills Development Authority to train workers in using AI tools and analytics.

“We want them to know about AI,” Ms. Alarcon said in mixed English and Filipino. “This way, when they get employed by a small business or decide to set up their own, they will already know how to use it.”

The Department of Information and Communications Technology (DICT) is also working to expand internet connectivity to support small enterprises in far-flung areas.

DICT Assistant Secretary Luis Miguel B. Planas said satellite broadband units have been deployed in geographically isolated and disadvantaged areas using low-orbit systems such as Starlink.

The DICT has established 19,000 free Wi-Fi sites nationwide and aims to expand that to 30,000 by year-end and 70,000 by 2026.

Pure Water, Quadwater to acquire 28% stake in Coal Asia for P100 million

STOCK PHOTO | Image from Freepik

PURE WATER CORP. and Quadwater Corp. are buying the remaining shares of listed Coal Asia Holdings, Inc. for nearly P100 million.

In a regulatory filing on Tuesday, Coal Asia said Pure Water and Quadwater are set to acquire 11.33 billion common shares in the company, representing 28.32% of its outstanding capital stock.

The shares are priced at P0.0088 apiece, 14.2% higher than the previous acquisition price of P0.0077 per share.

Coal Asia disclosed last month that it had signed a deal with Pure Energy Holdings Corp. (PEHC) — a holding firm with interests in water and renewable energy — along with Pure Water and Quadwater, for the acquisition of a 71.68% stake in the company.

The deal involves the sale and purchase of 28.67 billion common shares.

PEHC is seeking to acquire 4.99 billion shares, representing 12.48% of the company’s issued and outstanding capital stock.

Pure Water and Quadwater each bought 11.84 billion shares, equivalent to a combined 59.2% stake.

PEHC President Eric Peter Y. Roxas earlier said the transaction “provides the buyers with the opportunity to acquire a significant interest in the company.”

“It also facilitates the reallocation of shareholdings among the parties in a manner that supports their respective investment objectives,” he added.

Pure Water is a subsidiary of PEHC, while Quadwater is not affiliated with either PEHC or Pure Water.

In a separate stock exchange disclosure, NexGen Energy Corp., a subsidiary of Pure Energy, said the Department of Energy (DoE) had issued a certificate of authority (CoA) to its subsidiary, 5hour Peak Energy Corp.

The CoA gives 5hour the go-ahead to pursue pre-development activities for its proposed 100-megawatt-peak Caliraya Lake Floating Solar Photovoltaic Power Plant in Lumban, Laguna.

The certificate will serve as the DoE’s exclusive endorsement for the company to conduct reconnaissance and other pre-feasibility study activities, as well as to secure the necessary permits, certifications, and tenurial instruments.

Established in 2013, Pure Energy is an investment holding company primarily engaged in renewable energy generation and water system management and distribution. — Sheldeen Joy Talavera

Why we keep hunting ghosts — and what it says about us

A SCENE from 2002’s Most Haunted

In 1874, renowned chemist Sir William Crookes sat in a darkened room, eyes fixed on a curtain over an alcove. The curtain twitched, and out came a glowing ghost of a young woman, dressed in a white shroud. He was entranced.

But the ghost was fake, and his involvement in séances nearly ruined his career. The lesson wasn’t learned, however, and Crookes, like thousands after him, continued to search for evidence of spirits.

The popularity of the Victorian séance, and its associated pseudo-religion Spiritualism, spread rapidly across the world. From small parlors hushed with the hopes of the recently bereaved, to grand concert halls, audiences were eager for a spooky spectacle.

Ghost-hunting remains an immensely popular cultural interest. Platforms such as YouTube and TikTok are now awash with amateur investigators trudging through abandoned buildings and well-known haunted houses in order to capture evidence.

I’ve spent the last few years researching the social history of ghost-hunting for my new book, Ghosted: A History of Ghost-Hunting, and Why We Keep Looking, to examine ghosts from the perspective of the living. Why do we continue to cling to the hope of finding definite proof of a spectral afterlife?

The active investigation of ghosts became an international phenomenon in 1848, when young sisters Kate and Mary Fox popularized a knocking code to communicate with the ghost that allegedly haunted their farmhouse in Hydesville, New York.

Five years later, it was estimated that they had amassed $500,000 (equivalent to almost £15,000,000 today). Spiritualism spread across the world, particularly to the UK, France, and Australia. It was helped along by grief in the aftermath of the American civil war and, in the beginning of the 20th century, the mass bereavement of the first world war.

People turned to Spiritualism and ghost-hunting for fame and fortune, but also for genuine hope and an overwhelming need for evidence that death was not the end.

RISE OF THE SCEPTIC
In direct parallel with Spiritualism, however, rose sceptics keen to seek out the truth of ghosts. The most vehement critics of Spiritualism were magicians, who felt that mediums were trying to copy their trade but from a morally reprehensible approach. At least a magician’s audience knew they were deliberately being deceived.

The famous illusionist Harry Houdini, for instance, often bitterly argued with his close friend and ardent Spiritualist, Sir Arthur Conan Doyle, about the fraudulent practice of mediums.

With the rise of modern scientific laboratories and the development of portable sound and image recording devices in the 20th century, ghost hunting became an increasingly popular and sensationalized hobby. Harry Price, psychical researcher, author, and professional hobbyist, used ghost-hunting to create a cult of personality for himself, sniffing out any interesting haunting that could potentially lead to publicity.

But it was also Harry Price who brought ghost-hunting to the media as a form of entertainment. In 1936 he did a live BBC radio broadcast from a haunted house.

Price’s broadcast is the forgotten precursor for ghost-hunting as we know it today. Reality TV shows mimic the format of his 1936 broadcast, with examples such as Most Haunted gaining a loyal following since it began airing on Living TV in 2002. While no longer produced for television, the Most Haunted crew continue to film and post new episodes on their YouTube channel.

It’s also a clear influence for international copies such as Ukraine’s Bytva ekstrasensov and New Zealand’s Ghost Hunt. Social media, too, has changed the way we ghost hunt. It has allowed for amateur groups and investigators to gain an immense audience across various platforms.

But ghost-hunting is also rife with competition as groups and investigators seek to outdo each other for the best evidence. For many, this means coming armed with Ghostbusters-style tools. These can include flashing gadgets and sensors, including electromagnetic field detectors, high-tech sound recorders, and even motion-activated LED cat toys.

It’s all in a bid to gain the most “scientific” evidence and, therefore, popularity and respect among their peers. It seems that the more scientific we claim to be in the search for ghosts, the more we allow pseudo-scientific theories to encroach on the hunt.

IT’S NOT ABOUT PROOF, IT’S ABOUT PEOPLE
Yet we never give up. This is what fascinated me when I undertook my research. I wanted to know why, after centuries, we’re no closer to achieving conclusive evidence for the paranormal, but ghost-hunting is more popular than ever before.

I even went on a couple of ghost hunts myself to try to figure out this conundrum. The answer, I think, is that ghost-hunting isn’t for scientific discovery at all. It’s for social connection, revealing more about the living than the dead.

I had one of the most fun experiences of my life while on a ghost hunt. Despite being a sceptic, I was drawn into the search, but also to the way it allowed me to connect with new people and with the history of the haunted building itself.

What I’ve learned through my research and experiences is that ghost-hunting is about us, the living, more than the ghosts we try to find. Ghost-hunting, done ethically, is a crucial social activity. It allows us to process grief, to analyze our fears of death, and to explore what it means to be alive.

THE CONVERSATION VIA REUTERS CONNECT

 

Alice Vernon is a lecturer in Creative Writing and 19th Century Literature at Aberystwyth University.

GSIS appoints new board members

THE GOVERNMENT Service Insurance System (GSIS) has appointed new trustees to its governing board following the resignation of three members who had called on GSIS President and General Manager Jose Arnulfo “Wick” A. Veloso to step down due to concerns regarding the state-run pension fund’s investments.

The GSIS appointed as trustees Philippine Public School Teachers Association President Gilbert Tan Sadsad and representatives from the banking, finance, investment, and infrastructure sectors, Enrico Gregorio Molina Trinidad and Cenon Cruz Audencial, Jr., it said in a statement.

“Following the appointment of three new members to the Government Service Insurance System  governing board, the GSIS is moving forward with a renewed and unified focus on its mission… We look forward to working with them, knowing their extensive experience will be invaluable as we build on the pension fund’s historic gains,” the pension fund said.

“This development allows the GSIS leadership to work as a solid and cohesive team. Our focus remains squarely on enhancing our Ginhawa services and ensuring the financial security of government workers and pensioners. Our mandate is clear: to provide responsive service and to prudently grow the fund our members have entrusted to us.”

The three new appointees replace resigned trustees Ma. Merceditas Gutierrez, Emmanuel De Leon Samson, and Rita E. Riddle, who recently stepped down, citing Mr. Veloso’s investment decisions that allegedly led to P8.8 billion in losses.

The GSIS last week said this was due to “a difference in perspectives on investment strategy and governance philosophy,” adding that its investment decisions are above board, as shown by its financial performance.

It said that as of August, it has assets worth P1.92 trillion and posted a P100.02-billion net income, while its fund life is up to 2058.

Mr. Veloso and six other GSIS officials were earlier placed under preventive suspension for purchasing P1.45 billion in preferred shares from AlterEnergy Holdings Corp. under a private placement. They have since resumed their duties. — A.M.C. Sy