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Entertainment News (02/18/25)

Viber launches Viber Dating in PHL

THE MESSAGING app Viber now offers Viber Dating, a new in-app feature that helps Filipinos meet real people. Viber Dating officially launched in the Philippines on Valentine’s Day, making it the first communications app to offer a moderated dating solution. “Unlike other dating apps, when you meet someone special through Viber Dating, you can smoothly transition to Viber’s main app, where you can keep the conversation going and continue building your connection in a secure and private space,” Viber said in a statement. Its advantage is “end-to-end encryption,” with messages not stored in its servers once delivered. Users’ dating profiles will also be strictly separate from their primary Viber accounts, and only visible to other Viber Dating users, in a separate tab from the main conversations.

Orange & Lemons’ Carpenters cover

FILIPINO band Orange & Lemons has marked the season of romance with a fresh take on The Carpenters’ timeless classic “Close To You.” Released in time for Valentine’s Day, the band’s cover brought a modern twist to the track while preserving its emotional essence. The origins of the cover dates back to 1999, when the Bulacan-based band was preparing the material for their debut album. They are also gearing up for an international tour, visiting five cities across Asia and North America: Singapore on March 2, Toronto on May 30, New York on May 31, San Francisco on June 6, and Los Angeles on June 7. Orange & Lemons’ “Close To You” is out now on all digital music platforms worldwide via Lily Stars Records.

Gabbi Garcia named PBB Host

GMA NETWORK has announced that Sparkle artist Gabbi Garcia is the first-ever “Kapuso” host of the Pinoy Big Brother (PBB) Celebrity Collab Edition. Ms. Garcia, who once auditioned and failed to get into the 2012 edition of PBB, said she is excited to host this year, according to a statement. Her previous hosting stints include Miss Universe Philippines 2024 and the Metro Manila Film Festival 2024 Gabi ng Parangal.

J-pop ONE OR EIGHT remix features Felip, thủy

RISING Japanese boy band ONE OR EIGHT has unveiled the third and final remix version of their hit track “KAWASAKI.” This time, it is a collaboration with Felip (a.k.a. Ken of Filipino P-pop boy band SB19) and Vietnamese-American R&B singer-songwriter thủy. The cross-border remix features trap beats that underscore Felip’s signature deep vocals and rap delivery along with thủy’s sultry voice. The result is a fusion of R&B and hip-hop. The remix is out now on all digital music streaming platforms.

Korean actress Jisoo releases debut mini album

SOUTH KOREAN singer and actress Jisoo has dropped her debut mini album AMORTAGE via Warner Records. The project includes her lead single “earthquake” and its accompanying Christian Breslauer-directed music video. The album includes two English-language and two English-and-Korean tracks. The album title is a fusion of “amor” and “montage,” leaning into the emotional stages of love and the many moments of a relationship. It is out now on all digital music streaming platforms worldwide.

Marc Nelson meets nature heroes in new season

INDIVIDUALS and groups behind innovative climate-friendly projects take center stage in the new season of Sustainable Living, airing on Metro Channel on Sundays at 8 p.m. Done in partnership with First Philippine Holdings, the show features eco-tourism spots, sustainable products, and innovative solutions meant to inspire lifestyle changes for the good of the environment. Some guests this season are Jordy Navarra of Toyo Eatery, a sustainable restaurant that champions responsible and eco-friendly practices in the food industry; David Esteban of the Earth School in El Nido, Palawan, a bamboo-built pioneer of eco-conscious education; and Cherrie Atilano, founder of AGREA Agricultural Systems International, Inc., which aims to help farmers and fishers, alleviate the effects of climate change, and establish food security. Sustainable Living: Heroes of Sustainability airs every Sunday at 8 p.m. on Metro Channel.

Ben&Ben’s new single arrives on streaming platforms

TO CELEBRATE the season of love, Filipino pop band Ben&Ben has released the new single, “Tomorrow With You,” now available via Sony Music Entertainment. The song explores the resilience of love in the face of life’s uncertainties, emphasizing the importance of taking each day as it comes. It is inspired by the people who shaped and impacted their journey as individuals and as a band, Ben&Ben said in a statement. The release of the track is accompanied by an audio bundle, which includes a live and a studio version, allowing listeners to enjoy both versions back-to-back. It is out now on all digital music streaming platforms.

Pixar’s Win or Lose to premiere on Disney+

THE first two episodes of Pixar Animation Studios’ TV show Win or Lose will be arriving on Disney+ on Feb. 19. It is Pixar’s first-ever original series, featuring the intertwined stories of eight different characters as they each prepare for their big championship softball game. Its voice stars are Will Forte, Josh Thomson, Dorien Watson, Izaac Wang, Chanel Stewart, Lil Rel Howery, Melissa Villaseñor, Flula Borg, Kyleigh Curran, Jaylin Fletcher, Erin Keif, Tom Law, Beck Nolan, Orion Tran, and Rhea Seehorn. Directed and written by Carrie Hobson and Michael Yates, and produced by David Lally, the series also features music by composer Ramin Djawadi.

Munimuni to headline Philippine tour next month

FILIPINO indie band Munimuni will embark on a Philippine tour next month as part of the campaign to promote their third full-length album, Alegorya, which was released in 2024. The first part of the tour will see concerts across Luzon, Visayas, and Mindanao: Baguio, La Union, Metro Manila, Lucena, Cebu, Cagayan De Oro, and Davao. Co-produced and co-organized by GNN Entertainment Productions, the tour will feature long sets by the five-piece band and will be supported by guest acts representing each city. The tour has also partnered with Filla Killa, Indie CDO, Holodeck Productions, Alpas, Film and Print, and Whitebox Collective, to bring the tour outside of the capital. The folk-pop quintet will be performing songs off their latest album, along with some fan favorites.

Action thriller G20 slated for Prime Video release

THE Viola Davis-starrer G20 will be arriving on Prime Video on April 10, the platform revealed this week. It follows Ms. Davis as US President Danielle Sutton, who becomes a target when the G20 summit comes under siege. After evading capture by the attackers, she must outsmart the enemy to protect her family, defend her country, and safeguard world leaders. This R-rated action-packed thriller is directed by Patricia Riggen. Co-stars include Anthony Anderson, Marsai Martin, Ramón Rodríguez, Douglas Hodge, Elizabeth Marvel, Sabrina Impacciatore, Christopher Farrar, and Antony Starr.

Hans Zimmer’s music live at Metropolitan Theater

THIS JULY, the Hollywood Orchestra will be presenting The Music of Hans Zimmer & Others, a live concert celebrating the timeless and iconic film scores of the legendary composer. It will be held on July 7 and 8 at the Manila Metropolitan Theater. Among the movie themes to be performed are Pirates of the Caribbean and Inception, Interstellar, Gladiator, and The Lion King. The music will be accompanied by select film clips, shown through illumination and laser projections. The concert is made possible through the collaboration of KBEAM Events and Star Entertainment.

How to Train Your Dragon live adaptation set for June

FANS of the 2010 DreamWorks animated film How to Train Your Dragon will be able to visit the Isle of Berk once more in the live adaptation of the same name coming to big screens this year. Like the original, it chronicles the feud between Vikings and dragons being challenged by a friendship between the young human Hiccup and his newfound dragon friend Toothless. The cast is composed of Mason Thames, Gerard Butler, Nico Parker, Nick Frost, Julian Dennison, Gabriel Howell, Bronwyn James, Harry Trevaldwyn, Ruth Codd, Peter Serafinowicz, and Murray McArthur. The film is written and directed by Dean DeBlois. It comes to Philippine cinemas on June 11.

Manila Water completes segment of P7.4-B Mandaluyong sewer project

EAST ZONE concessionaire Manila Water Co., Inc. said it is on track to complete its P7.4-billion Mandaluyong West-San Juan and South Quezon City Sewerage Network Project (MandaWest Sewer Network Project) by 2037.

The company has completed the construction of the P103.6-million Mandaluyong West-San Juan Network Package 2A-1 (MandaWest Package 2A-1), it said in a media release on Monday.

The project segment involved the laying of 520 linear meters of 900mm-diameter main pipeline running along Ilino Cruz, C. Dela Cruz, Catacutan, and J.P. Rizal Streets in Brgy. Vergara, Mandaluyong City.

“Milestones in our sewer network expansion, such as the completed MandaWest Package 2A-1, bring us closer to our goal of providing a more sustainable wastewater and sanitation service to our customers,” said Jeric T. Sevilla, Jr., Manila Water communication affairs group director.

MandaWest Package 2A-1 is part of the company’s MandaWest Sewer Network Project, which will benefit over 700,000 customers in Mandaluyong, San Juan, and Quezon City.

The massive sewage infrastructure will consist of a 53-kilometer sewer connected to a 60-million-liter-per-day (MLD) sewage treatment plant, which is expandable to a capacity of 120 MLD.

“By ensuring that customer wastewater is appropriately collected and processed before being released into waterways, Manila Water continues to support government sustainability initiatives such as the Clean Water Act and the Supreme Court Mandamus for the Rehabilitation and Protection of Manila Bay,” the company said.

Manila Water provides water supply, wastewater, and sanitation services to over 7.3 million customers in 23 cities and municipalities in the east zone of Metro Manila and Rizal province. These include Mandaluyong, Makati, Pasig, Pateros, San Juan, Taguig, Marikina, and parts of Quezon City and Manila. The towns of Angono, Baras, Binangonan, Cainta, Cardona, Jalajala, Morong, Pililia, Rodriguez, Tanay, Taytay, Teresa, San Mateo, and Antipolo in the province of Rizal are also part of the east zone. — Sheldeen Joy Talavera

AUB net income climbs 36% in 2024

ASIA United Bank Corp. (AUB) saw its consolidated net income increase by 36% year on year to P11.3 billion in 2024, mainly driven by double-digit loan growth.

This translated to a return on equity of 21% and a return on assets of 3%, up from 18.6% and 2.4% last year, respectively, it said in a disclosure to the stock exchange on Monday.

The bank noted that the 36% growth in its net profit last year represents a 21% compounded annual growth rate since it was listed in 2013. Its financial statement was unavailable as of press time.

“We have managed to sustain the growth in our profitability since the pandemic, thanks to our robust core business and digital partnerships,” AUB President Manuel A. Gomez said.

AUB’s revenue growth last year was backed by an 11% increase in its net interest income to P16.8 billion, driven by higher interest earnings from loans and investment activities. Its interest expense on deposits also slipped by 3%.

This caused its net interest margin to rise to 5% last year from 4.8% in 2023.

The bank saw a 26% increase in its loan portfolio to P245.4 billion at end-2024 from P194.5 billion the year prior.

“Despite the loan growth, its asset quality further improved, with its nonperforming loan (NPL) ratio at a record low of 0.3% and loan loss provision reduced by 74%. The bank remains sufficiently covered, with an NPL coverage ratio at 113.7%, higher than previous year’s 107.9%,” AUB said.

It added that low-cost current account, savings account or CASA deposits made up 71% of its total deposits last year.

AUB’s non-interest income rose by 48% to P4.1 billion, which it attributed to “improved foreign exchange gains, recovery income, and service charges and other fees from other operating activities.”

Meanwhile, its operating expenses increased by 6% to P6.8 billion last year amid higher compensation, capital expenditures, and business growth-related expenses.

“The bank continues to exhibit efficient resource management in its business generation as evidenced by its 32.8% cost-to-income ratio, even lower than the previous year’s 36.2%,” it said.

AUB’s assets expanded by 9% year on year to P386 billion at end-2024.

Total equity also rose by 19% to P58.4 billion.

Its indicative common equity Tier 1 ratio was at 17% last year, up from 16.9% in 2023. Its capital adequacy ratio also improved to 17.8% from 17.5%.

AUB shares climbed by P1.40 or 1.81% to close at P78.80 each on Monday. — BVR

Trump’s phone call with Putin is causing a stir in Taiwan

FREEPIK

ONE PHONE CALL does not a treaty make, but President Donald Trump’s conversation with Russia’s Vladimir Putin on ending the war in Ukraine is worrying Taiwan. China will watch developments for any hint on whether a resolution spells a similar future for the self-ruled island Beijing claims as its own.

Taiwan’s President Lai Ching-te’s government should consider what it can offer Trump to avoid becoming a pawn in the US-China rivalry. It’s a delicate balance: Appeasing the US leader doesn’t only mean figuring out what he wants, but interpreting how American policy toward the island might be changing.

The US State Department updated language on its website recently to remove a line that stated: “We do not support Taiwan independence.” The last time the same fact sheet cut the sentence was in May 2022, under former President Joe Biden’s administration. It was reinstated about a month later, following protests from China.

Figuring out what Trump wants is a lesson Ukraine’s Volodymyr Zelenskiy is learning in real time. The phone call between the US and Russian leaders last week upended years of American policy, with some diplomats describing it as a sellout, and accusing the US leader of giving in to Russia’s key demands even before negotiations have begun. Trump spoke to Zelenskiy too, but notably, only after Putin.

For the US president, it’s simple — it’s partly about money. Estimates from Bloomberg Economics show that protecting Ukraine and expanding their own militaries could cost Europe’s major powers an additional $3.1 trillion over the next 10 years, a cost the Trump administration no longer seems willing to help bear. Since the Russian invasion of Ukraine in February 2022, the US has committed approximately $56.3 billion in security assistance. Trump has also previously said that he wants to recoup the money Washington has spent on the conflict by securing $500 billion in mineral rights from Ukraine.

Ukraine provides a useful foil for Taiwan. Taipei is also dealing with the threat of a mightier power on its doorstep — one that has consistently talked about unifying with it, by force if necessary. The island’s leaders have been vocal in their support for Ukraine, but also used it to convince their own voters that they can’t afford to be complacent in the face of Chinese aggression. Beijing has been flying a record number of warplanes across a US-drawn boundary in the Taiwan Strait, and launched drills in the waters around the island. That’s prompted Taipei to announce increases in army spending, and extend military service for eligible males.

For decades, Taiwan has been dependent on American defense equipment, deterrence, and diplomacy, and has needed Washington’s policy of “strategic ambiguity” to maintain the status quo. This approach was designed to signal to Beijing that if there was an unprovoked attack, America would get involved. Biden had insinuated on more than one occasion that the US would come to Taipei’s defense.

Under Trump, there are no such assurances. Chieh-Ting Yeh, a venture investor and a director of US Taiwan Watch, told me that any agreement with Putin over Ukraine highlights how the president sees himself first and foremost: as a dealmaker. “There’s a lot of anxiety in Taiwan about what to cram into the gift package being offered to Trump,” Yeh told me. “There will always be the possibility it’s on the table for a deal with China, and this is something President Lai Ching-te needs to take a realistic look at, in terms of how to deal with the president.”

Domestically, Lai’s got a full plate. The three main political parties are blaming each other for the island’s deepening divisions. The defense budget, in particular, is proving to be problematic, with the opposition China-leaning Kuomintang party blocking increases in spending. Lai has been unable to break through the ceaseless political gridlock, despite Beijing’s growing military actions, and Trump’s public demands to invest more in its own security.

Trump is also unhappy with Taiwan’s record-level trade surplus, and has complained that the island “stole” America’s semiconductor industry. He’s threatened heavy tariffs, insisting future production capacity should be housed in the US.

Taipei is already looking to address the tariffs. In a hastily convened press conference on Friday, Lai said a special budget will be used for military spending, lifting it to above 3% of GDP. He also said the island will expand investment in the US and buy more goods from there. Meanwhile, the deputy economy minister has been putting forward Taipei’s position to US officials last week. And Taiwan Semiconductor Manufacturing Co.’s board met in Arizona for the first time, another sign of its commitment to making chips in the US.

These are important steps, but the island should also make use of its existing friends it has in the Trump cabinet, many who appear strongly supportive of its right to exist. Secretary of State Marco Rubio and Secretary of Defense Pete Hegseth have both publicly stated that their commitment to Taiwan’s defense is non-negotiable.

But whether the president is as committed is unclear. He has dithered over whether he would step in if China were to invade. Elon Musk, the billionaire leading Trump’s government cost-cutting efforts and a close adviser, has previously argued Americans shouldn’t be drawn into the conflict.

That we are reduced to a state of global geopolitics where the fate of places like Ukraine and Taiwan are effectively bargaining chips speaks to the transactional times we live in. Trump’s game is clear. Taipei should play the best hand it can.

BLOOMBERG OPINION

Oscar winner Bong Joon Ho says Mickey 17 demagogue not drawn from present leaders

Mark Ruffalo plays the dictator in Mickey 17.

BERLIN — South Korean director Bong Joon Ho’s villain in Mickey 17, a demagogic politician played by Mark Ruffalo, was based on past dictators, but might seem familiar to viewers because “history always repeats itself,” the Oscar winner said in Berlin.

“He has, in a comical way, all the faces of the bad politicians we’ve experienced,” he told journalists via a translator on Saturday at the Berlin Film Festival.

Mr. Bong made history at the 2020 Oscars when Parasite, a dark social satire about the gap between rich and poor in modern Seoul, became the first non-English language film to win the best picture award, the US movie industry’s highest honor.

His new sci-fi dark comedy starring Robert Pattinson is being shown in the festival’s Special non-competition section.

“I made this character drawing my inspiration from the past, and as history always repeats itself, it might seem like I’m referring to someone in the present,” Mr. Bong said.

Based on the novel Mickey7 by Edward Ashton, the film follows Mr. Pattinson as the working-class Mickey Barnes, who unknowingly signs up to make his living by repeatedly dying.

“Although it’s a story of the future, it seems like a story that could happen in the present or the past,” Mr. Bong said.

For young people in the audience, what is now science fiction could one day be a situation they experience, he said.

The director added that Mickey 17 is his first love story, and that it was his life goal to make films of all genres, with one possible exception.

“I am a bit scared of musicals,” he said.

Mickey 17, which also stars Toni Collette, Naomi Ackie and Steven Yeun, begins its cinema rollout on February 28 in South Korea and other countries including the Philippines from March 5. — Reuters

Converge, St. Luke’s partner for in-room digital concierge

PHILIPPINE STAR/JOHN NICOLE VILLAMAYOR

LISTED fiber broadband and technology provider Converge ICT Solutions, Inc. has partnered with St. Luke’s Medical Center (SLMC) to launch an in-room digital concierge to improve patient experience through digital solutions.

“With a focus on patient-centered care and our mission for excellent digital experiences, this partnership will really set the standard for patient hospitality in the healthcare industry,” Converge Chief Executive Officer (CEO) Dennis Anthony H. Uy said on Monday.

On Monday, Converge announced its partnership with St. Luke’s Medical Center to launch the in-room digital concierge powered by its Fiber-to-the-Room (FTTR) technology, which will allow over 400 rooms at St. Luke’s Bonifacio Global City (BGC), Taguig, to benefit from this digital solution.

The digital solutions, described as revolutionizing the patient experience, will transform SLMC’s rooms into smart rooms. This will provide patients access to eHealth records, entertainment, billing, and interactive features via Smart TV from their hospital rooms.

SLMC will also expand its partnership with Converge, bringing the digital solutions to other branches of the hospital, SLMC President and CEO Dennis P. Serrano said.

“You can be sure that whatever gains we have made in the two hospitals, we’re going to translate that also into the third hospital,” Mr. Serrano said, adding that the activation for SLMC Quezon City is currently in the works.

“Yes, this agreement, as it exists, is for both Global City and Quezon City,” he added.

SLMC Parañaque, which is expected to commence operations by 2029, also stands to benefit from this digital technology, Mr. Serrano said.

“The FTTR solution was deployed to over 400 rooms in St. Luke’s Medical Center, BGC, and nearly 400 rooms in SLMC Quezon City are underway for activation. This is in addition to the high-capacity, seamless Wi-Fi provided by Converge in all the common areas of both hospitals,” Converge said in a media release.

To recall, Converge has also launched its Converge Concierge platform in partnership with Sky Cable, Inc. for The Manila Hotel.

The company has said that it seeks to enhance guest experience and improve the operational efficiency of local hotels through its offerings. — Ashley Erika O. Jose

Digido loan offerings now on PalawanPay e-wallet

NORDWOOD THEMES-UNSPLASH

ONLINE LENDING platform Digido, operated by Digido Finance Corp., has partnered with the Palawan Group of Companies’ (PGC) PalawanPay to integrate its loan products into the e-wallet.

Digido and PalawanPay signed a memorandum of agreement to allow the latter’s customers to take out Digido loans via the PalawanPay digital wallet application.

“This landmark partnership reflects the synergy of both companies’ products and our aligned goal in promoting financial inclusion through access to safe and trusted digital financial services. We are incredibly excited to embark on this endeavor with PalawanPay and are looking forward to serving more Filipinos with our credit services,” Digido President Aleksei Kosenko said in a statement on Monday.

“Anchored in PGC’s thrust to foster financial inclusion among Filipinos, we at PalawanPay are very keen to kick off this partnership with Digido. I can’t wait to see more of our kababayan enjoy reliable digital financial services,” PalawanPay President and Chief Executive Officer Emiliano Librea III said.

PalawanPay users can use the funds borrowed via Digido for online transactions and at merchants that accept QR Ph payments.

They can also repay the loans through their PalawanPay accounts.

The Palawan Group of Companies will also roll out Digido advertisements at its Palawan Pawnshop branches.

PalawanPay, PGC’s e-wallet app, has over 20 million users. It allows customers to send and receive remittances, and also offers other services like bills payment, mobile load top-ups, and scan-to-pay QR Ph codes.

Meanwhile, Digido offers loans of up to P6,000 for first-time borrowers. It also has a standard Personal Loan product, through which repeat clients can borrow up to P25,000.

A recent Digido study said the Philippines’ digital lending market could surpass $1 billion by the second half of the year, with growth to be driven by strong demand for online financial services.

This is bigger than Digido’s estimate of a $796-million value at end-2024 and the $693 million recorded in 2023.

The Philippines’ digital lending market has been growing at an average of 28% or $68 million annually from 2013 to 2023, it added. — A.M.C. Sy

Developers may turn to branded residences as mid-market condos struggle — C9 Hotelworks

PHILSTAR FILE PHOTO

By Beatriz Marie D. Cruz, Reporter

PROPERTY advisory firm C9 Hotelworks expects that more developers will shift their focus to branded residences due to their increasing market potential and the underwhelming performance of mid-market condominiums.

“I think developers are going to be forced to move into other products because, at the end of the day, you’re going to induce demand because developers have to find earnings,” Bill Barnett, executive director of C9 Hotelworks, told BusinessWorld on the sidelines of an event on Feb. 4.

“If they’ve got this surplus of mid-tier condos, how are you going to get sales? So, they have to move to other products and niche locations. So, I find this a positive thing for the Philippines.”

The Philippines has the second-highest market share of branded residences in Asia at 17.3%, according to C9 Hotelworks’ latest Branded Residences Market Review. It trails only Thailand (23.3% market share) and leads South Korea (11.6%).

According to property consultancy firm Leechiu Property Consultants, developers are likely to work on branded residence projects to appeal to the high-net-worth market.

More luxury villas and larger condominium units are also expected to dominate the branded residences market, Mr. Barnett said.

Ripe markets for branded residences include Bonifacio Global City, Cavite, Bohol, and Palawan, he added.

“[In the] post-COVID [era], we see more multi-generational travel,” he also said. “In every market we work in, size is getting bigger because you have people who spend more time in their holiday house.”

As of December last year, the Philippines recorded around 13,276 units of branded residences across 16 properties, with a value of $4,326 per square meter.

Having more branded residence projects would help increase the value of developer properties, Saowarin Chanprakaisi, The Ascott Ltd. vice-president for business development, said on the sidelines of the event.

“For the Philippines’ market itself, where the real estate market has a lot of supply, to stand out from the existing supply offerings, having a brand collaborating with your project will make your values outstanding from the rest.”

Asia’s branded residences sector has a supply value of $26.6 billion, comprising 68,001 units in total. Of these, 30,461 units are located in urban areas, while 37,540 are in resorts.

Around 96% of branded residences in Asia are condominiums, while 4% are villas, according to the report.

Likewise, 12,330 units across 80 developments in the region are affiliated with luxury hotel brands, representing 31% of the total supply in the primary market.

By total supply, Wyndham Hotels & Resorts led with 10,941 units.

From 2025 onwards, about 43,100 units across 180 projects in Asia are expected to be completed, C9 Hotelworks said.

PDUs vs ECs

Last week, on Feb. 11, the Independent Electricity Market Operator of the Philippines (IEMOP) released the report, “Market Operations Highlights January 2025,” in a media briefing. They also released the monthly prices of the Wholesale Electricity Spot Market (WESM) from June 2021 to January 2025. For the purposes of brevity, I have used the comparative prices in January and June over four years. The prices show a declining trend.

In the power generation mix, coal remains the backbone of electricity production in the Philippines. Solar plus wind contributed only 2.2% of total generation in June 2022, 3.5% in June 2024, and 5.5% in January 2025 (see Table 1).

The anti-coal, pro-wind/solar environmental and business lobbies are misguided if they genuinely want the country to industrialize and create more jobs. Their advocacy to retire coal early will lead to frequent blackouts, and thus to manufacturing companies shutting down and moving to Vietnam, Indonesia, Malaysia, etc. where power supply (mainly from coal plants) keeps rising yearly and where electricity prices are low.

Also last week, on Feb. 13, the Energy Regulatory Commission (ERC) released the report, “Analysis of 2024 Power Generation Rates Yields Downtrend Trend.” They highlighted that “Between 2023 to 2024, ERC noted that the national average annual generation rate dropped by almost 10% from P7.50/kilowatt-hour (kWh) to P6.64/kWh… most areas in the Philippines, except for select regions, saw a significant cut in generation rates in 2024.”

This is good.

But while some regions on certain months have lower generation prices than Metro Manila (which is part of the Meralco franchise area), price is not the only or main criteria if we want the power sector to support sustained economic growth. Very often higher prices, like high body temperatures or fever, are just a symptom and not the cause. The main criteria or consideration should be power stability in order to avoid blackouts, to avoid using candles and gensets.

I saw data from the ERC on two important metrics that measure power stability or instability: the System Average Interruption Duration Index (SAIDI) which is measured in minutes in a year, and the System Average Interruption Frequency Index (SAIFI), or how many times in a year a power interruption occurs. The lower the indices, the better, the more stable the power supply is.

Three situations are considered: Scheduled maintenance; Power supply or grid-related outages like supply deficiency, plant tripping, transmission maintenance, etc.; and All Others which are things like vehicles hitting poles, etc. So I compared the performance of private distribution utilities (DUs) with electric cooperatives (ECs) in the same province or neighboring geographical area using the ERC’s metrics.

For Scheduled maintenance, Meralco’s SAIDI was 51 minutes while Batangas EC (BATELEC) 1’s was 257 minutes (or 4+ hours) and BATELEC 2’s was 1,386 minutes (23 hours).

For Power supply, Meralco’s SAIDI was 26 minutes while BATELEC 1’s was 2,676 minutes (47 hours or nearly two days) and BATELEC 2’s was 1,819 minutes (30 hours).

This is the main reason why many of the mayors in towns in Batangas province which are under BATELEC 1 and 2 wanted their towns to be serviced by Meralco. The price per kWh between the three power providers may be similar but the frequency and duration of blackouts is horrible. The townspeople are inconvenienced and suffer discomfort, their appliances and bulbs are damaged, and they need to use candles or gensets often, and so on. Meralco opted to help BATELEC and other ECs improve their services via technology sharing.

Several mayors also want to be out of the franchise area of Northern Davao EC (NORDECO), formerly Davao North EC (DANECO), and instead have their towns be served by Davao Light and Power Co. (DLPC).

The SAIDI in Power Supply in 2023 for DLPC was 61 minutes while that of NORDECO was 1,256 minutes (21 hours). The SAIDI in 2022 for DLPC was 31 minutes and that of NORDECO was 10,283 minutes (171 hours or seven days).

The same trend between private distribution utilities vs electric cooperatives can be found in Zambales with Subic EnerZone (SEZ) vs ZAMECO; in Cebu with VECO vs CEBECO.

I included in Table 2 North Negros EC (NONECO) because its franchise area includes my birthplace, Cadiz City. The SAIDI of NONECO is bad compared to DUs like VECO, MERALCO, or DLPC.

This column has argued in the past, and will reiterate here, that all ECs should become corporations, or their franchise areas be served by corporate DUs, monitored by the Securities and Exchange Commission (SEC) along with other public service companies like airlines, bus lines, shipping lines, water companies, etc. ECs should not be protected by a political body — the National Electrification Administration (NEA) — and occasionally subsidized by taxpayers via a higher NEA budget.

During the 3rd Ruperto P. Alonzo lecture on the “Energy Trilemma” held on Feb. 7 at the UP School of Economics (UPSE) and organized by the Program in Development Economics Alumni Association (PDEAA), there were two good speakers — Congressman Mark Cojuangco and Eric Francia, CEO of ACEN.

Mr. Cojuangco talked about the virtues of nuclear energy and Mr. Francia talked about the virtues of the retail competition and open access (RCOA) provision of the EPIRA law, among others. While ACEN is gung-ho about having a purely RE portfolio, Mr. Francia is wise enough to recognize the role of coal and gas plants in ensuring the power stability of the country.

The lecture was followed by the PDEAA alumni homecoming, also at UPSE, and we want to acknowledge and thank the National Grid Corp. of the Philippines (NGCP) for its donation, which I failed to mention in this column last week. The NGCP’s role as provider of the transmission backbone and highway between many power plants to DUs, ECs, and retail electricity suppliers is important.

 

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

Bridgerton actors tease season four romance between Benedict and maid

Luke Thompson and Yerin Ha in a scene from Season 4 of Bridgerton.

LONDON — Bridgerton fans got a first glimpse of the hit Netflix show’s season four on Friday, which will see a romance blossom between the noble family’s second son Benedict and a servant.

At an event in London, showrunner Jess Brownell joined actors Luke Thompson and Yerin Ha to tease photos and a sneak peek video of their characters Benedict Bridgerton and maid Sophie Baek’s upcoming relationship

“I feel like we spent the first three seasons really digging into the upstairs world and getting to know the rules of the ton,” Mr. Brownell said. “So it felt right that after three seasons of doing that we could expand the world out and go downstairs.”

The Regency-era romance series is based on the Bridgerton books by Julia Quinn, with each focusing on a sibling of the Bridgerton family. The third season skipped the third book in Ms. Quinn’s series about Benedict to focus on his brother Colin and Penelope Featherington.

But the next season, still in production, shines a light on Benedict, who, long reluctant to settle down, becomes mesmerized by a mysterious “lady in silver” at his mother’s masquerade ball.

“As a character we’ve got (Benedict)… as sort of a little musical theme for most of the seasons and suddenly it’s like, let’s write a whole symphony about him and it’s really exciting,” Thompson said of his character, until now a supporting role, being the next focus of the show.

“It is going to bring a fresh energy and vibe to the show,” Ms. Ha said of the new romance.

The actors were joined by co-star Golda Rosheuvel, who portrays fan favorite Queen Charlotte. Asked what was in store for her character next season, Ms. Rosheuvel said: “I think discovering new avenues… new friendships maybe and there’s a vulnerability to her that I think will be interesting to see.” — Reuters

Bain & Co. names Manny Maceda as chair

EMMANUEL P. “MANNY” MACEDA — BAIN.COM

GLOBAL management consulting firm Bain & Co. has named Emmanuel P. “Manny” Maceda as its new chair, bolstering its leadership.

Mr. Maceda replaces long-time chair Orit Gadiesh, who has been appointed as the management consulting firm’s chair emeritus, Bain & Co. said in a statement.

Ms. Gadiesh served as chair of Bain & Co. for more than 30 years after being appointed in 1993.

Mr. Maceda was previously Bain & Co.’s Worldwide Managing Partner and Chief Executive Officer from 2018 until June 30, 2024, when he was succeeded by Christophe De Vusser.

“I’m energized by the exciting future for Bain, and I’m looking forward to supporting Christophe and our extraordinary people worldwide in delivering even more inspiring success stories with our clients,” Mr. Maceda said.

Mr. Maceda holds a Master of Science in Management from the Massachusetts Institute of Technology Sloan School of Management, a Bachelor of Science in Chemical Engineering from Illinois Institute of Technology, and an honorary Doctorate in Business Administration from De La Salle University.

Bain & Co. has a presence in 65 cities across 40 countries. The company specializes in various fields, including customer strategy, marketing, organization, operations, and information technology. — Revin Mikhael D. Ochave

AI-generated content raises risks of more bank runs, UK study shows

RAWPIXEL.COM-FREEPK

PARIS — Fake news generated by artificial intelligence (AI) and spread on social media is heightening the risks of bank runs, according to a new British study that says lenders must improve monitoring to detect when disinformation risks impacting customer behavior.

Generative AI can be used to create fake news stories saying that customer money is not safe, or memes appearing to joke about security issues, which can be spread on social media using paid adverts, said the study, published by UK research company Say No to Disinfo and communications firm Fenimore Harper.

Banks and regulators are increasingly concerned about the risks of bank runs fueled by social media, following the collapse of Silicon Valley Bank in 2023, in which depositors withdrew $42 billion in 24 hours.

Advances in AI have supercharged these risks. The G20’s Financial Stability Board warned in November that generative AI “could enable malicious actors to generate and spread disinformation that causes acute crises,” including flash crashes and bank runs.

Say No to Disinfo showed sample AI-generated content to UK bank customers and found that a third were “extremely likely” to move their money after seeing it, with a further 27% “somewhat likely.”

“As AI is making disinformation campaigns easier, cheaper, quicker and more effective than ever before, the emerging risk to the financial sector is rapidly growing but often overlooked,” the report said, noting that online and mobile banking meant people can move money in seconds.

The study estimated that for every 10 pounds ($12.48) spent on social media adverts to amplify the fake content, as much as 1 million pounds of customer deposits could be moved.

The estimate was calculated by using average deposits held by UK customers, the cost of social media adverts, and estimates for how many people would see them.

Banks need to monitor media and social media mentions, and such monitoring must be integrated with withdrawal monitoring systems to identify when malicious information is affecting customer behavior, the researchers said.

Asked about the study, Revolut’s head of financial crime, Woody Malouf, said the London-based fintech conducts real-time monitoring for emerging threats among its customers and “across the broader ecosystem.”

“Whilst we believe an industry event like this is unlikely, it is still possible, so it’s essential that financial institutions are prepared,” he said, adding that social media platforms must play a bigger role in stopping threats.

Other financial institutions contacted by Reuters, including NatWest and Barclays, declined to comment or did not respond to requests for comment.

While regulators have expressed concern about AI’s overall impact on financial stability, banks are broadly optimistic about the technology’s impact. — Reuters

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