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Bank of Commerce lists P6.57-B bonds

BANKCOM.COM.PH

BANK of Commerce (BankCom) on Thursday listed its one-and-a-half-year Series B bonds on the Philippine Dealing & Exchange Corp. (PDEx) after raising P6.57 billion from its latest offering.

“To be back after BankCom’s successful maiden listing in 2022 signals strong support from the fixed-income market, marking the company’s resilient profitability and stable balance sheet growth,” BankCom President and Chief Executive Officer Michelangelo R. Aguilar said in the virtual listing ceremony on Thursday.

“As such, the overwhelming response to BankCom’s competitively priced one-and-a-half-year Series B bonds underscores the trust and confidence of institutional and retail investors in BankCom’s performance, creditworthiness, and our growth potential,” Mr. Aguilar added.

PDEx President and Chief Executive Officer Antonino A. Nakpil said the issuance was a good sign for the economy as despite lingering challenges, banks have been active in fundraising this year.

“This again is a good indicator as banks are the key mobilizers of capital financing. And if they are building resources, these are likely to be utilized for onward deployment to active corporate borrowers,” Mr. Nakpil said at the same event.

“This issuance is the first in a revived distinct pipeline that may bring in at least about P50 billion of new securities to continue this positive trend from the private sector for the next two months,” he added.

BankCom’s issuance brings the total volume of new listings for this year to P88.62 billion, PDEx said. The value of tradeable corporate debt instruments now stands at P1.14 trillion, issued by 41 companies and 162 securities.

BankCom’s offering of new bonds due 2025 was 1.3 times oversubscribed following strong demand from institutional and retail investors. The securities were priced at a fixed interest rate of 6.5635% per annum.

The issuance made up the second tranche of BankCom’s P20-billion bond program, with the proceeds to be used to refinance its maturing debt obligations.

The bank’s net income grew by 7.89% year on year to P769.18 million in the first quarter, driven by continued growth in its revenues.

BankCom’s shares rose by 69 centavos or 10.15% to end at P7.49 apiece on Thursday. — AMCS

SOCResources to hold virtual Annual Stockholders’ Meeting on June 14

 

 

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Entertainment News (05/17/24)

Glorietta opens Dua Lipa experience

AWARD-winning global popstar Dua Lipa has finally released her third album, Radical Optimism, and it’s been getting critical acclaim. This weekend, Filipino fans can enjoy the album on a whole new level with an interactive Radical Optimism Pop-Up happening at the Glorietta Activity Center in Makati. Fans can visit from May 17 to 19, anytime between 10 a.m. and 9 p.m. They will be treated to themed photobooths, personalized memorabilia, and more.

Restored Bata, Bata… Paano Ka Ginawa screening

FOR Mother’s Day and National Heritage Month, there will be a special screening of the restored version of Bata, Bata… Paano Ka Ginawa?, a Chito S. Roño film starring Vilma Santos-Recto, Carlo Aquino, and Serena Dalrymple. Adapted from Lualhati Bautista’s novel, the film delves into Filipino family dynamics and values, gender inequality and roles, womanhood, and motherhood through the perspective of Lea Bustamante (played by Ms. Santos). Shown every third Sunday of the month, the restored films under the program Mga Hiyas ng Sineng Filipino aim to bring some of the most important restored films of Philippine cinema back to the big screen.  Bata, Bata… Paano Ka Ginawa? screens on May 19, 2 p.m., at the Metropolitan Theater in Manila. Interested moviegoers can register to watch the film for free here: https://bit.ly/4a5qEic.

Pinoy concertgoers abroad are high spenders

RECENT data from digital payment provider Visa has shown that Filipino concertgoers who travel overseas exhibit higher spending power both abroad and domestically compared to non-concertgoers. Using VisaNet data, this trend was uncovered following multiple popular acts performing in Southeast Asia, such as Taylor Swift, between January and March this year. Concertgoers typically spend 58% more than a non-concertgoer during their travels, according to Visa, with shopping being the primary expenditure. Luxury retail, apparel and accessories, and department stores are the top market segments.

LPU Manila prof named Bacolod filmfest director

FILMMAKER and special lecturer at the Lyceum of the Philippines University (LPU) Manila, Seymour B. Sanchez, has been appointed by the Bacolod City Government as the director of its local film festival, set for September in select cinemas in the city. The Bacolod Film Festival Ordinance will provide production grants of P300,000 each for 10 filmmakers who are bona fide residents of Bacolod City.

K-Pop survival show Fanpick to air on Hallypop

GMA Network’s Hallypop, in partnership with Jungo Pinoy, is officially bringing Fanpick, an Asian pop culture show, to the Philippines. The global “idol-making project” hosted by Super Junior’s Leeteuk brings together trainees from all over the world for a chance to debut in a boy group. The show follows 17 boys who undergo an idol survival show. The seven winning members will get to debut as members of PICKUS. Fanpick has new episodes every Thursday at 6 p.m. on GMA Network’s Hallypop.

Kim Soo-hyun set to visit Manila for Asia tour

KOREAN superstar Kim Soo-hyun has announced his first Asian tour in 10 years, Eyes on You. It will include a stop in Manila on June 29 at the Araneta Coliseum in Quezon City. Mr. Kim recently garnered a lot of attention from fans and non-fans alike from the success of his K-drama Queen of Tears, now the highest-rated tvN series, surpassing Crash Landing on You. Tickets to 2024 Kim Soo Hyun Asia Tour: Eyes on You in Manila will go on-sale on May 18 via TicketNet.

Dune: Part II to stream on HBO GO

THOSE who missed the sci-fi blockbuster Dune: Part II, and those who simply want to relive the epic tale can catch it on HBO GO starting May 21. Warner Bros. Pictures and Legendary Pictures have announced that the movie will make its streaming debut on the platform following its success in theaters. Dune: Part II explores the journey of Paul Atreides as he unites with Chani and the Fremen while seeking revenge against the conspirators who destroyed his family. The big-screen epic continues the adaptation of Frank Herbert’s acclaimed bestseller Dune with returning and new stars, including Timothée Chalamet, Zendaya, Rebecca Ferguson, Josh Brolin, Austin Butler, Florence Pugh, Dave Bautista, Christopher Walken, Léa Seydoux, Stellan Skarsgård, Charlotte Rampling, and Javier Bardem.

Filipino producer crwn drops new album

THE DEBUT album of King Puentespina, also known as crwn, has been released. Séance features the works of crwn with multiple collaborators like Nadine Lustre, Jason Dhakal, Jess Connelly, Curtismith, and more. The dance-infused album relies on drum and bass and echoes the UK garage genre. Séance is now streaming on all digital music platforms.

Black Rider now airing on GMA and GTV

THE HIT primetime series and 2024 New York Festivals TV & Film Awards Bronze Medalist Black Rider now has simulcast airings on GMA and GTV at 8 p.m. Its star, Ruru Madrid, continues his fight against evil as Elias/Black Rider as enemies get bolder. The plot now follows his attempt to keep Madam President Valerio (Chanda Romero) safe from the clutches of Calvin (Jon Lucas), Senator William (Roi Vinzon), and Señor Edgardo (Raymond Bagatsing). The series is also available via the digital channel Pinoy Hits and via livestream on Kapuso Stream.

Robinsons Department Stores hold May sale

FOR the whole month of May, Robinsons Department Store is holding a sale. Members of Robinsons’ Go Rewards program are entitled to more perks, such as the chance to win one of 100 stand fans for a minimum spend of P2,500 from May 14 to 26. Rewards program members can also get P300 off on purchases made on May 16 to 19 between 4 to 6 p.m. for a minimum spend of P3,500. The department store will also hold its biggest baby and toys fair to date, from May 27 to June 2. Exclusive baby and kid items will be discounted by up to 70%, with buy-one take-one bundles as well.

Puregold eyeing to open  500th store by July

PUREGOLD Price Club, Inc. is looking to open its 500th Puregold store by July and four new S&R stores this year amid plans to tap more provincial areas, its top official said.

At the opening ceremony of Puregold’s Negosyo Convention on Thursday, Puregold Chairman Susan P. Co said that Puregold is only four stores away from reaching 500 stores.

“We [are eyeing to open] our 500th store by July and four new S&R Warehouse Clubs this year,” the company said in a Viber message.

“We want to grow and expand our market share and to reach more TNAP (Tindahan ni Aling Puring) and Perks customers in provincial areas and regions,” it added.

TNAP is Puregold’s loyalty and membership program for resellers and wholesalers, which was established 20 years ago.

In 2023, Ms. Co said Puregold ended with 850,000 sari-sari store members and 50,000 food establishment members.

“Sari-sari stores and small business owners continue to face a tough economic landscape. It seems no one is spared. From competition to varying market trends, the road to success is not always easy,” Ms. Co said.

“But by standing together, by sharing our knowledge and our experiences, we can create a network of support that will help us push through even the toughest of times,” she added.

Ferdinand Vincent P. Co, president of Puregold, said that he attributes the growth of TNAP members to Puregold’s quality products at competitive pricing.

“Over the last few years, we have witnessed strong growth in the number of Aling Puring members. A consistent surge in member visits and purchases helped record-setting volumes,” he added.

The event received support from over 120 brands, including Monde Nissin, Nestlé, Procter & Gamble, Unilever, Universal Robina, Alaska Milk, Century Pacific Food, Coca-Cola Beverages, Colgate-Palmolive, GCash, Nutri-Asia, and Rebisco.

In the first quarter, Puregold posted P47.32 billion in consolidated net sales, up 6.7% from P44.53 billion in the same period last year.

The company’s attributable net income increased by 3% to P2.48 billion in the three months ended March from P2.41 billion a year ago.

On Thursday, shares of Puregold went up 60 centavos or 2.49% to P24.65 apiece. — Justine Irish D. Tabile

It’s officially hotter than any time since the birth of Jesus

FREEPIK

IT’S ONE THING to say the Northern Hemisphere summer of 2023 was the hottest of the 150 years people have been making measurements. This well-documented claim is often dismissed by skeptics of global warming who point out that the Earth has a long history of temperature fluctuations. That’s why it’s important that a new paper shows last summer was actually the hottest in the last 2,000 years — and that our current temperatures are even more of an outlier than we realized.

If all we had were the few decades of temperature readings to understand the past climate, we wouldn’t know whether our current warming was a major shift or a run-of-the-mill blip. Tree rings hold records that can go back thousands of years, giving us the perspective we need to understand what’s happening today. In a paper published in Nature this week, scientists used tree rings not only to show long-term trends, but to plot Northern Hemisphere summer temperatures year by year for the last two millennia. 2023 was the hottest of them all. The next hottest 25 have all occurred since 1996. The next runner-up was way back in 246 CE.

The world’s understanding of global warming changed dramatically when scientists started to document long-term temperature trends using tree rings, ice cores, sediment layers and other natural temperature monitors. In 1998, scientists published the famous “hockey stick graph” covering the last 600 years. It showed that global temperatures rose and fell like gently rolling hills until the mid-20th century, when they suddenly soared.

That gave people a graphic image of just how unusual things are today. Unable to discredit the results, some people tried to discredit the researchers by hacking into their e-mails in 2009 and taking statements out of context to imply they’d done something wrong — creating a phony scandal called “climate-gate.”

Since then, there have been dozens of more detailed or further-reaching reconstructions of our climate history. This latest one covers only the part of the globe that has the most trees — the mid-latitude Northern Hemi-sphere — but it goes back in fine-grained detail 2,000 years and highlights climate change today in the context of centuries of natural variability. Even seemingly small fluctuations can have a big impact on human life. Take 536 CE, dubbed “the worst year to be alive” by historian Michael McCormick. An Icelandic volcano erupted, spewing particles into the atmosphere and veiling much of Europe and Asia with a strange, dark fog. That caused cold, famines, and a wave of plague that coincided with the collapse of the Eastern Roman Empire. The new Nature paper shows the temperature that summer that year was just 1.9°C below the long-term average and 3.9°C colder than then summer of 2023. Volcanoes have usually been to blame for cooler years. But the cause of past warm spells is not as well understood. The year 246 CE was also unusually warm. More recently, the Medieval warm period, between 800 CE and 1400 CE, allowed orchards and pastures to spread into Northern Europe, Iceland, and Greenland — and also triggered megadroughts, famine, and collapse of civilizations in the American Southwest. Tree rings are allowing scientists to decipher the role of climate in that period and others throughout history. The oldest trees — bristlecone pines — can live nearly 5,000 years; scientists can extract a pencil-thin core to study the rings without harming the trees. But researchers don’t have to use such ancient trees to explore the distant past because they can also read information from rings in wood that’s been incorporated into old buildings, ships, or preserved in bogs.

Trees growing in cold conditions can reveal temperature history because temperature is the main factor limiting their growth. The new study depended on such trees in nine different sites analyzed by 15 different teams, said the lead author, Jan Esper of Johannes Gutenberg University in Germany.

Esper said he was interested in better understanding what the Earth’s temperature was like in the pre-industrial area, before human-generated emissions started warming the planet. The Intergovernmental Panel on Climate Change defines pre-industrial temperature as the average measured from 1850 to 1900. The Paris Agreement makes it a goal to keep global temperatures within 1.5°C of that pre-industrial period — a threshold we’re close to exceeding.

But measurements before 1900 were sparse, and Esper says the tree rings suggest the actual pre-industrial era was a bit cooler. From 1850 to 1900, temperatures were already about a quarter of a degree warmer than the average over the previous 2,000 years. That means our current temperatures might be more abnormally warm than we realized.

Ray Bradley, a climatologist of the University of Massachusetts, Amherst, was an author on the original hockey stick paper. He said the new paper and the initial hockey stick paper use different techniques and are asking different questions, but both show us how our current era fits into the bigger sweep of time.

“You often hear politicians — ignorant politicians — saying climate varies and it’s been warmer in the past so don’t get too excited about all this greenhouse gas we’re putting into the atmosphere,” said Bradley. But the natural records suggest it hasn’t been this warm in 2,000 years, maybe longer, “so that’s a pretty exceptional situation.”

Exceptional but not hopeless — climatologists say it’s not too late to keep global warming within a manageable range. If we listen to what nature is telling us, we can keep 536 CE as the worst year to be alive.

BLOOMBERG OPINION

Is the Philippines getting richer?

As a resident facing the daily monstrous traffic and reading the bickering in the political field involving no less than the families of the top two officials of the land, one feels a sense of fatalism is in the air. We just lost an exceptional former senator in Atty. Rene Saguisag, and we wonder when we will see our Senate filled with honorable men and women again. On the surface, things appear bleak. It is thus pleasantly jolting to read, in The Economist no less, this recent piece which proclaims in its tagline, “Without fanfare, the Philippines is getting richer?”

Allow me to quote a few paragraphs from said article then later share my reflections: “Things are improving. Roads are being paved; bridges built. In February, the government picked a private consortium to revamp and double the capacity of Manila’s airport. Later this year, it is expected to award contracts to modernize several regional airports, too. Manila is scheduled to have its first underground metro line by 2029.”

“Growth has been brisk at around 6% a year since 2012 (except during the pandemic). The economy has quietly boomed under a variety of administrations. The World Bank says the Philippines will soon be an upper middle-income country.”

“It has handy sources of foreign currency that may be Trump-proof. One is remittances from its 2 million citizens working abroad, steering ships or nursing patients in the Gulf. They send home the equivalent of 9% of GDP (gross domestic product) a year, a cash gusher that flowed steadily even during the pandemic.”

“Another source of dollars is tourism, which could boom when the airports imports improve. The Philippines has enormous untapped potential: warm weather, pristine beaches, coral reefs to snorkel over and a culture of hospitality.”

“The third source of resilience is exports of services which may be less affected by a future trade war than physical goods. With their fluent English and familiarity with baseball, Filipinos call-center workers are much in demand by American firms. The country’s business process outsourcing firms employ more than 1.7 million people.”

The mention of Trump in the article is an allusion to worries about another Donald Trump presidency which can impose tariff hikes that can affect exports of electronic goods. The article points that despite emerging issues related thereto, the Philippine economy is well-defended against American politics, and this is reassuring if correct.

“Many of the reasons for optimism about the Philippines have nothing to do with who is in charge. The country is at a demographic sweet spot, with a bulge of working-age citizens. With half of its people still living in the countryside, there is plenty of potential to shift from farming to better paid jobs.”

To be fair, the article did give credit to the present administration which it characterized as more competent than the predecessor. The incumbent’s economic team are mostly technocrats and is widely praised. “Governance matters too, and so far, Mr. Marcos is nowhere near as bad as many observers feared.” He has continued to upgrade the infrastructure linking the archipelago’s 7,600 islands to each other and the world. He has improved respect for human rights, too.

Living in our country, we are exposed to daily media barrage on the state of our traffic, the quality of our politics, the reliability of news source, the abundance of false news, unemployment and underemployment, poverty, lack of social protection for workers and retirees, etc. Respected columnist Randy David recently wrote this: “What appear to be the key events of our time lack substance and depth. Our days are filled with posturing and representations that stand for reality itself, while containing a measure of vagueness (and thus deniability) as to their ultimate meanings. But, in ironic acceptance of what we can’t change, no one seems to mind.”

There is a tendency to be discouraged and lost in the forest confronted with the myriad of problems of daily life. Thus, to read about improvements from an objective outside source should reassure us that the future has promise. There is still hope.

Of course, there will continue to be challenges, like the geopolitics of conflicts elsewhere, the rift with China and some antiquated laws on investment. But the view of the forest from above tells us there is hope for the country. We may not have a perfect leadership in place, but the sense of guarded optimism about our future is welcome.

Many of my contemporaries who had a chance to personally witness the miracle of EDSA have been jaded by the politics in the country post those euphoric days. But if there is something positive to note, we are still blessed and there is no doubt in my mind that the Filipino spirit will triumph in the end. It may be taking the country longer and with many detours, but it will happen.

Still this column hopes to see us gaining ground, improving economically and truly getting richer in our national spirit as well. At the end of the day, we must be mindful of how we can contribute to this destiny. If we harness our time, talent, and treasure towards progress, it will all add up to making this country truly rich.

The views expressed herein are the author’s own and do not necessarily reflect the opinion of his office as well as FINEX.

 

Benel Dela Paz Lagua was previously EVP and chief development officer at the Development Bank of the Philippines.  He is an active FINEX member and an advocate of risk-based lending for SMEs.  Today, he is independent director in progressive banks and in some NGOs. The views expressed herein are his own and does not necessarily reflect the opinion of his office as well as FINEX.

Bridgerton dives into friends-to-lovers romance in Season 3

LUKE NEWTON and Nicola Coughlan in a scene from Season 3 of Bridgerton.

LOS ANGELES — When Nicola Coughlan and Luke Newton were preparing to film Season 3 of the regency era romance series Bridgerton, they knew they were going from supporting characters to main characters. And it was scary.

Ms. Coughlan remembers feeling relaxed while watching the couples from the first two seasons perform because the biggest pressure wasn’t on her yet.

“As supporting actors you can go, ‘I’ll do my little bit but it doesn’t really matter because the main story is over there,’” she told Reuters.

However, that was no longer the case when she and Mr. Newton stepped forward as the leading couple for the third season of the Emmy-nominated show.

“For us to then go into being the main story, I think it overwhelms us still,” said the Irish actress.

Bridgerton, developed by Shonda Rhimes’ television production company Shondaland and Netflix, follows the romantic journeys of the Bridgerton family as they navigate London’s ruthless marriage market.

Set in the early 1800s, the story focuses on the scandals and successes of the social season as young marriageable nobility looks for love.

Season 3, which arrives on the streaming platform on Thursday, follows the highly anticipated friends-to-lovers romantic arc between characters Penelope Featherington and Colin Bridgerton, played by Coughlan and Newton.

“The friends-to-lover’s trope, I think a lot of people resonate with that and have experienced that,” said Newton.

“I think that’s why people are really passionate and excited for the season,” he added.

Similarly, the show’s new showrunner for Season 3, Jess Brownell, feels like the romance between Colin and Pen is a huge draw for viewers this time around.

“Because it’s a friends-to-lovers story, it naturally lends itself to a bit more humor, lightness, of playfulness, and a familiarity,” said Ms. Brownell, who follows in series creator Chris Van Dusen’s footsteps.

“I think that humor especially is something that really speaks to both Nicola and Luke’s strength.”

While the book series the show is based on by author Julia Quinn features a different love story before getting to Pen and Colin’s, Ms. Brownell felt like TV audiences would appreciate a unique chronological order.

“Pen and Colin have been on our screens now for two seasons. We know them and we care about them,” Ms. Brownell said.

“It felt like it was time to break out of the pattern of Colin being in the dark about Pen’s feelings for him. We wanted to twist things in a different direction and make him work for Pen’s affections,” she added. — Reuters

Weaker peso drags SMC Q1 income  

SAN MIGUEL Corp. (SMC) saw its attributable net income for the first quarter (Q1) fall 94% to P509 million from P8.83 billion in the same period last year due to foreign exchange loss, the listed conglomerate said.

For the first quarter, gross revenues increased to P392.71 billion, 13.3% higher than the P346.73 billion in the same period last year.

“The net income attributable to equity holders of the parent company decreased mainly due to lower net income on account of the foreign exchange loss as compared to foreign exchange gain in the same period in 2023,” SMC said in a regulatory filing on Thursday.

The company’s consolidated net income declined by 50% to P8.89 billion from the P17.74 billion in the first quarter of 2023, which SMC also attributed to the loss on foreign exchange in the first quarter of 2024.

The peso closed at P57.47 against the dollar on Thursday, strengthening by four centavos from its P57.51 finish on Wednesday. Its finish on Monday was its lowest in 18 months or since the P58.19-per-dollar close on Nov. 10, 2022.

Cost of sales for the first quarter increased to P328.36 billion, 13.2% higher than the P290.18 billion a year ago.

“The Group’s cost of sales increased by P38,181 million or 13%, mainly due to: higher volume sold reduced by the lower cost per liter of petroleum products of Petron; and higher LNG (liquefied natural gas) and coal consumption resulting from the resumption of operations of the Ilijan Power Plant in June 2023,” SMC said.

SMC’s gross expense for the first quarter expanded to P352.25 billion from P311.67 billion in the comparable year-ago period.

San Miguel Food and Beverage, Inc. managed to sustain steady performance for the first quarter after posting a P13.12 billion consolidated income from operations, SMC said.

Its packaging business posted an operating income of P696 million, 13% lower compared with the same period previously.

Further, the company’s energy arm — San Miguel Global Power — ended the first quarter with P1.55 billion, lower than its previous earnings, SMC said.

The company’s fuel and oil business reached P10.17 billion in consolidated operating income for the first quarter, up by 21% compared with the same period a year ago.

SMC’s infrastructure unit posted P3.59 billion net income driven by its higher interest income; while consolidated revenues hit P8.88 billion, 9% higher than last year’s, driven by the performance of its major operating toll roads.

SMC’s cement business recorded a net income of P1.2 billion for the first quarter, nearly doubling the P631 million earnings in the same period last year.

At the local bourse on Thursday, shares in SMC shed 20 centavos or 0.19% to end at P103.70 apiece. — Ashley Erika O. Jose

Greener with AI: How businesses are using tech to promote sustainability

FREEPIK

Due to increasing global vigilance on environmental concerns and expanding societal awareness by consumers worldwide, sustainability has become an important business value held sacred by businesses and brands. More than ever, companies across industries have been integrating sustainable practices into their operations as part of value offering — largely driven by a combination of regulatory requirements, consumer preferences, and ethical considerations. In this context, Artificial Intelligence (AI) is emerging as a powerful tool, enabling businesses to optimize resource utilization, reduce environmental impact, and drive innovation.

AI, characterized by machine learning algorithms, data analytics, and predictive modeling, is offering capabilities and opportunities for addressing sustainability challenges faced by brands and businesses. By processing vast amounts of data and identifying patterns and trends, AI enables businesses to make informed decisions and optimize processes to minimize waste and maximize efficiency.

Consequently, global businesses are increasingly leveraging AI to promote sustainability across various sectors. Here are several ways in which businesses are using AI to advance sustainability initiatives:

• Energy Management. Businesses are implementing AI-driven systems to optimize energy consumption and reduce carbon emissions. AI algorithms can analyze energy usage patterns, identify inefficiencies within the power systems, and recommend strategies for energy management and conservation. For example, there exists AI-powered smart grids that are capable of real-time monitoring and controlling of energy distribution, allowing busi-nesses to maximize and optimize energy flows.

• Waste Management. There are now AI technologies being deployed globally that improve waste management practices which, in turn, reduce environmental pollution. Businesses are now employing AI-powered sensors and sorting systems that can identify recyclable materials from mixed waste streams more efficiently thereby increasing recycling rates and reducing the amount of waste sent to landfills. Moreover, AI algorithms optimize waste collection routes, minimizing fuel consumption and greenhouse gas emissions.

• Water Conservation. There are also AI systems that enhance water conservation efforts and mitigate water scarcity challenges. Some firms have utilized AI-powered systems that analyze water usage data, detect leaks, and identify opportunities for efficiency improvements. In some advanced economies, AI-driven irrigation systems can monitor soil moisture levels and weather forecasts to optimize watering schedules thereby reducing water waste in agriculture.

• Supply Chain Sustainability. AI has also enabled businesses to promote sustainability throughout supply chains through improvement in transparency, traceability, and ethical sourcing practices. There are now AI-powered analytics platforms that track and trace raw materials from source to shelf, enabling businesses to verify compliance with sustainability standards and identify opportunities for improvement. AI algorithms have also been developed to optimize logis-tics operations — reducing transportation-related emissions and minimizing environmental impact.

• Agricultural Sustainability. The agricultural section is also harnessing AI to enhance sustainability practices and improve crop yields while minimizing environmental harm and degradation. For instance, AI-driven precision farming techniques are now able to analyze data on soil health, weather conditions, and crop growth to provide farmers with insights and recommendations for optimized planting, irrigation, and pest management. By reducing chemical inputs and water usage, AI-powered agriculture contributes to environmental conservation and resource efficiency.

• Environmental Monitoring. AI technologies are also currently being used by businesses for environmental monitoring and conservation efforts. We have seen examples of AI-powered drones and satellite imagery that ana-lyze environmental data, such as deforestation rates, air quality, and biodiversity, to assess ecosystem health. This information, in turn, enables businesses and policymakers to make informed decisions and implement targeted policy interventions to protect and better manage natural resources and biodiversity.

• Circular Economy Initiatives. Businesses and brands are also exploring AI-driven solutions to promote circular economy principles, such as resource recovery, recycling, and product lifecycle optimization. AI algorithms identify opportunities for waste reduction, reuse, and recycling, enabling businesses to minimize their environmental footprint and maximize resource efficiency. For example, AI-powered design tools help companies create products that are more easily recyclable and environmentally sustainable.

REAL-WORLD EXAMPLES OF AI IN SUSTAINABILITY
There are now several global companies across industries that are leveraging AI to drive sustainability initiatives and achieve measurable results. For example, Walmart, one of the world’s largest retailers, uses AI algorithms to optimize its logistics network, reducing fuel consumption and greenhouse gas emissions. By analyzing data from sensors, GPS trackers, and weather forecasts, Walmart can optimize delivery routes, minimize idle time, and reduce the number of miles traveled, resulting in significant cost savings and environmental benefits.

Similarly, Google has made significant investments in AI-driven sustainability initiatives, leveraging machine learning algorithms to optimize energy usage in its data centers. By analyzing data from sensors and weather fore-casts, Google can adjust cooling systems and allocate computing resources more efficiently, reducing energy consumption by up to 40% and cutting operating costs by millions of dollars annually.

In the fashion industry, companies like Adidas are using AI to design more sustainable products and reduce their environmental footprint. By analyzing data on material composition, production processes, and supply chain logistics, Adidas can identify opportunities to reduce waste, minimize water usage, and improve product recyclability. For example, Adidas has developed AI-powered design tools that generate optimized patterns for cutting fabric, reducing waste by up to 50% compared to traditional methods.

CHALLENGES AND FUTURE OUTLOOK
Despite the promising potential of AI in sustainability, its widespread adoption faces several obstacles and challenges. Some sections have raised the issue of privacy concerns, ethical implications, and the risk of algorithmic bias in the adoption of AI. On top of these, critics are mentioning the high cost of AI implementation and the lack of technical expertise in AI use that is a big stumbling block for many businesses, particularly those from the small- and medium-sized enterprises (SMEs).

But not all is lost as the adoption of AI technologies continues to evolve and are fast becoming more accessible. Initiatives such as open-source AI platforms, collaborative research partnerships, and government incentives are seen as helping accelerate innovation and expanded widespread adoption of AI in sustainability practices. Consumer demand for sustainable products and services, which is expected to continue growing, is also providing the much-needed push for universal adoption and application — providing additional incentive for businesses to invest in AI-driven sustainability initiatives.

By embracing AI-driven sustainability initiatives, businesses will be able to enhance their competitiveness, mitigate risks, and contribute to a more sustainable future for generations to come. As AI technologies continue to evolve and become more accessible, the possibilities for innovation are endless, offering hope for a world where economic prosperity is harmonized with environmental stewardship and social equity.

 

Dr. Ron F. Jabal, APR, is the CEO of PAGEONE Group (www.pageonegroup.ph) and the founder and president of the Reputation Management Association of the Philippines (www.rmap.org.ph).

ron.jabal@pageone.ph

rfjabal@gmail.com

RCBC disburses over P1 billion in salary loans

PHILSTAR FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) has disbursed over P1 billion in salary loans through its salary advance facility called RCBC Payday NOW since its launch last year, it said on Thursday.

“We created this product to enable a scalable solution to borrowing needs of employees so they can seamlessly advance a portion of their salaries especially during ‘petsa de peligro.’ We wanted to provide a much better option to loan sharks and ‘ATM sangla’ (ATM pawning) schemes, which charge very high interest rates,” RCBC Head of Credit Cards and Personal Loans Arniel Vincent B. Ong said in a statement.

The RCBC Payday NOW facility is available to prequalified RCBC payroll accountholders and allows them to tap a portion of their salaries before their payday.

It is currently available to over 200,000 employees of the bank’s partner companies.

Customers can apply for the advance through the RCBC Pulz app.

“Employees simply choose their desired amount, agree to terms and conditions and receive their funds in their payroll account in real time, all through a few taps in the mobile app,” RCBC said.

The amount withdrawn will be automatically deducted from the next salary cycle.

Employees are typically charged P125 or 3% of the advanced amount, depending on whichever is higher, but the bank has waived this fee until May 31 to promote the use of the product.

The digital salary advance facility saw close to 50% of mobile-active employees avail of the offer since its launch in September 2023, RCBC said.

“We are encouraged to see high adoption and very high repeat rates which validates our theory that by providing a digital salary advance with superior customer experience and pricing, we are able to deliver a greater benefit to our payroll customers,” Mr. Ong said. 

The bank also launched RCBC Salary Loan Now, a higher ticket and longer-term salary loan facility, in the first quarter to expand its digital lending for payroll accountholders.

RCBC aims to expand the reach of this product this year, it said.

The bank’s net income fell by 39.47% year on year to P2.2 billion in the first quarter in the absence of a one-off gain from its sale of properties recorded in the same period last year. — AMCS

Sofitel readies transfers, benefits for Philippine Plaza Hotel workers

SOFITELMANILA.COM

SOFITEL Philippine Plaza Hotel said workers who will be affected by the hotel’s renovation in July will be offered interviews in other hotels or else be granted separation benefits.

“There are already more than 200 vacancies waiting for the employees to be interviewed,” Philippine Plaza Holdings, Inc. (PPHI) President Esteban Peña Sy told BusinessWorld by phone on Wednesday. The hotel has nearly 500 workers.

Workers will be offered opportunities in Accor-managed properties as well as other hotels. These range from junior positions to supervisors and managers.

Last week, Accor announced that the 50-year-old Sofitel hotel will cease operations starting July 1 to undergo rehabilitation.

Sofitel also announced a Malasakit Program and appointed a consulting firm to assist with the job transitions.

Mr. Peña Sy said the separation package is around P239 million or $4 million for the employees, adding that the package exceeds the amounts negotiated in collective bargaining by the hotel’s labor union.

PPHI has also sought the assistance of the Department of Labor and Employment (DoLE), the Philippine Hotel Owners Association, and others to help with the placement of its workers.

On May 13, Tourism Secretary Christina G. Frasco met with Sofitel officials and expressed “dismay over the impending closure of Sofitel,” which she described as “an icon of Philippine hospitality for nearly 50 years.”

“We heard the news with much concern, especially that we view our hotel and accommodation sector as a critical component of the industry, especially now that we are making efforts to elevate the status of Philippine tourism vis-a-vis our ASEAN counterparts,” the DoT said in a statement on Tuesday.

The DoT will organize job fairs for affected employees.

Mr. Peña Sy called the rehabilitation a matter of safety at a time when the hotel was doing solid business with an average occupancy rate of 86% in the first quarter.

In the year to date, about 31 fire alarms were triggered and responded to by the fire department. A gas leak was also detected last year.

In September, a water pipe problem forced the hotel to evacuate almost 2,000 guests, who had to be booked in other hotels.

“The hotel engaged independent safety consultants — Bureau Veritas and Meinhardt Philippines — to look into its facilities” he said.

According to the audits conducted by the consultant, DoLE, and the Occupational Safety and Health Center, the building poses a danger to workers and guests.

Mr. Peña Sy said the shutdown was approved by the board and shareholders in April.

“The estimated cost to renovate the hotel, plus adding certain facilities to make it competitive with the newly constructed hotels and hotels under construction, may reach $150 million,” he said.

Sofitel said it will honor engagements and reservations until the end of June before closing its doors. — Aubrey Rose A. Inosante

Century Properties Group Q1 income hits P409.53 million

CENTURY Properties Group, Inc. (CPG) reported a P409.53-million attributable net income for the first quarter (Q1), more than double the P174.02 million a year ago, on strong growth from its development platforms.

“The affordable residential market’s sentiment for quality homes defied the odds of elevated interest and stubborn inflation rates as shown by our strong first-quarter performance. Sales take-up of our PHirst home products remains strong, and we see this further improving for the rest of the year,” CPG Chief Finance Officer Ponciano S. Carreon, Jr. said in a stock exchange disclosure on Thursday.

Revenues for the first quarter rose to P3.58 billion, 7.2% higher than the P3.34 billion in the same period last year; while its combined expenses grew to P2.85 billion from P2.77 billion, the company’s financial report showed.

CPG said its higher revenues for the period were driven by the contribution of its first-home residential development platform or PHirst, which accounted for the majority of its revenues or 58% at P2.1 billion.

The company’s In-City Vertical Developments accounted for 34% of its revenues at P1.1 billion; while its commercial leasing segments contributed 9% or P314 million, and the remainder were from the property management segment.

“Our firm commitment to timely deliver on our ongoing projects and the launching of several residential projects for the year puts us well on track to exceed the group’s prior year’s performance,” said CPG President and Chief Executive Officer Marco R. Antonio.

At the local bourse on Thursday, shares in the company closed 1.72% higher at 30 centavos each. — Ashley Erika O. Jose

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