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THE 5th SOLO exhibition of Chino Yulo, titled “Be Water,” will be held at the Imahica Art Gallery from June 9 to 23. In it, Mr. Yulo showcases water’s physical properties and aesthetics and delves into the more profound philosophical message of the “be like water” ethos. His art encourages viewers to find strength in flexibility, beauty in adaptability, and harmony in life’s inevitable changes. The opening reception will be on June 9, 4 p.m., at Imahica Art Gallery, 2A Lee Gardens, Shaw Blvd., Mandaluyong.
PEOPLE around the world can now have an educational glimpse into Silverlens New York’s ongoing exhibits. In a video available on the Silverlens website, Norberto Roldan discusses his solo exhibition, “How Not to Win a Revolution,” from the socio-cultural and historical contexts that guided his textile assemblages, to its intertwining Christian symbols, folk religious rituals, secondhand fabric, and liturgical vestments. Meanwhile, Filipino American artist Keka Enriquez discusses her highly anticipated return to the art world after a 20-year hiatus in her ongoing solo exhibition “Odds and Ends.” She narrates her artistic journey, from her past works in which she experimented with materials like lard and plaster casts, to her current paintings showcasing an evolved style. Both exhibits are on view at Silverlens New York until June 15.
AT THE Conservatory of The Peninsula Manila on June 23, the hotel hosts “Art in Resonance TALKS: BenCab in Conversation with Ambeth Ocampo.” An eminent historian, popular newspaper columnist, and friend of the artist, Mr. Ocampo will join National Artist Benedicto “BenCab” Cabrera to discuss his search for a Filipino identity and the social and cultural context behind his work. Seats to the talk are priced at P3,888, inclusive of a BenCab Art in Resonance Afternoon Tea Buffet at The Upper Lobby. The talk will start at 3 p.m., followed by the afternoon tea buffet at 4 p.m. Pre-registration and pre-payment are required.
THE FESTIVAL of Filipino festivals, Aliwan Fiesta, is making its return to the Cultural Center of the Philippines (CCP) Complex in Pasay City from June 27 to 29. Led by the MBC Media Group, the festival will bring together communities from different regions of the Philippines to showcase their vibrant festivals and share them with the public outside their locales. The fiesta kicks off on June 27 with the Tugtog ng Aliwan Competition at 5 p.m., followed by the Pasakalye Concert at 7 p.m. The concert will feature a star-studded line-up of Filipino artists. On June 28, the Reyna ng Aliwan pageant will feature beauty queens from across the Philippines. On June 29, 5 p.m., the Grand Parade will showcase the Streetdance and Float Competitions, starting at the intersection of Jalandoni St. and V. Sotto St. and culminating in front of the Aliw Theater. The best of the best dance groups and floats will be announced in an award ceremony at 9 p.m.
UPON closing its production of Rent, 9 Works Theatrical has announced that it is set to stage the Broadway musical Once on This Island in September. The Broadway musical, with a book and lyrics by Lynn Ahrens and music by Stephen Flaherty, was first staged in 1990. The musical is set in the French Antilles in the Caribbean and tells the story of Ti Moune, a peasant girl who falls in love with Daniel, a wealthy boy from the other side of the island, and how the gods of the island react to this development. The upcoming 9 Works Theatrical production will be directed by the company’s Artistic Director, Robbie Guevara.
THE FAR Eastern University (FEU) is preserving Filipino cultural heritage and memory with the meticulous restoration of its Administration Building, a 75-year-old Art Deco structure designed by National Artist Pablo Antonio, Sr. A total of P1.2 million was allocated for the restoration project, with a focus on jet grouting to maintain the structural integrity of the heritage building. The Administration Building is one of FEU’s most lauded buildings, which recently granted the distinction of National Cultural Treasure by the National Commission for Culture and the Arts.
THE VIRGIN Labfest (VLF) Writing Fellowship Program has announced the eight fellows who will be joining the two-week training workshop slated on June 18 to 30. The budding playwrights are: Andrei Michaela Corre, Lance Romulus Dayrit, Jeremi Flores, Ivan Jon Gentolizo, Chris Joseph Junio, Roel Rocky Pepito, Athina Melinette Tirones, and Philomena Yap. Award-winning playwright Glenn Mas will once again guide the fellows in their dramatic writing journey. For two weeks, the participants will learn the fundamentals of playwriting, as well as the different aspects of theater production. They will have opportunities to interact and converse with the featured playwrights of this year’s VLF 19: Pintog, and industry leaders. The fellowship program will culminate with Fellowship Showcase, to be directed by the artistic director of the Cultural Center of the Philippines (CCP) Dennis N. Marasigan, on June 30, 5 p.m., at the Bulwagang Roberto Chabet, 3/F Tanghalang Ignacio Gimenez, CCP Complex. The showcase will feature staged readings of the writing fellows’ final outputs.
ALLIANZ expects insurance premiums in the Philippines to expand to €16.7 billion by 2034, with a compounded annual growth rate (CAGR) of 8.1% over the next 10 years, it said in a report.
The expected CAGR for the next 10 years is faster than the 7.2% year-on-year expansion seen in 2023 to €7.1 billion in premiums, the Allianz 2024 Global Insurance Report released last month showed.
“For the next decade, we expect the Philippine market to continue its robust development,” it said.
The report showed the expected CAGR of Philippine premiums over the next 10 years will outpace Asia ex-Japan’s 7.5% (to €2.816 trillion by 2034), China’s 7.7% (€1.472 trillion), and the 5.5% forecasted globally (€11.173 trillion), although the local market’s size will remain small in comparison.
Allianz’s Philippine bancassurance arm Allianz PNB Life said in a statement on Tuesday that the country’s population growth and young demographic presents long-term growth opportunities.
Allianz PNB Life President and Chief Executive Officer Joseph Gross said the Philippine insurance market’s performance in 2023 was driven by increased penetration, product customization, digital transformation, and improved financial literacy.
“Our performance aligns with these trends, showcasing our commitment to advancing the insurance landscape. Since our founding, we have released more than P1.8 billion worth of life-saving claims and continue to protect customers,” Mr. Gross said. “Our continued growth is anchored on our commitment to value creation across key aspects of the business: customers, distribution partners, and stakeholders.”
“We will pursue progress by achieving topline-to-customer value growth driven by regular pay protection, health, and long-term savings, streamlined offerings that are simpler, differentiated propositions, digital by default in service and policy management combined with human touch to sales and customers, and best-in-class sales performance, quality and productivity of our distribution network,” he added.
Allianz PNB Life said its premium income stood at P26.11 billion in 2023, while its net income was at P609.3 million, up 28% year on year.
It added that it placed seventh in the industry in terms of annualized net premiums at P1.1 billion.
The insurer ended 2023 with 1,684 sales agents servicing 169,001 customers in 17 business centers nationwide, it said.
The company focused on enhancing its core systems in 2023, allowing it to improve customer experience and operational efficiency through improved digital tools and platforms.
Allianz PNB Life Chief Distribution Christopher A. Cabognazon said the company is expanding by “accelerating transformation and value creation, maximizing channel growth, and driving the growth of our customer base through expansion and professionalization of our distribution network” to serve more market segments. — AMCS
(Part 1)
On April 26, I participated in the Palawan Stakeholders’ Congress on Mining and the Environment (PSC-ME) held in Puerto Princesa. Among the more than 100 participants were provincial officials and heads of LGUs, top officials from the Department of the Environment and Natural Resources (DENR) and Mines and Geosciences Bureau, executives from some of the nine existing mining operators in the Province of Palawan, members of the aca-deme, heads of NGOs, representatives from the indigenous tribes, people from media, and high officials of the Catholic Church in the Province such as Bishop Broderick Pabillo of the Apostolic Vicarate of Taytay and Bishop Socrates Mesiona of the Apostolic Vicarate of Puerto Princesa who were joined by some members of both the secular and religious clergy. After hearing some of the representatives from the NGOs committed to protecting the physical environment proclaim that “sustainable mining is an oxymoron,” a contradiction in terms, I was not surprised that at the end of the three-day Congress, more than 90% of the participants voted for a moratorium on the issuance of new permits for new mining operations in the province.
Fortunately, the Secretary of the DENR, Maria Antonia Yulo-Loyzaga, has often publicly stated that she believes in sustainable mining and that the mining industry is vital to generating economic growth and employment for the Philippine economy. She is, however, also very clear in her statements that mining firms must strictly adhere to regulations and practices that protect the physical environment. In the same Palawan Stakeholders Congress, I myself was very clear about the significant role that the mining industry plays not only in the Philippine setting but in the global economy. No one would question that the mineral mining industry is a primary sector providing the raw materials needed by numerous industries, especially those that are part of the so-called Industrial Revolution 4.0 (Artificial Intelligence, Internet of Thing, Robotization, and Data Science). It is difficult to imagine economies running without such raw and processed mineral ores as copper, nickel, and iron. They are essential for infrastructure development, transportation systems, electrical grids, and various consumer and industrial goods. In fact, the ongoing solutions to the problem of climate change, such as solar, wind, and geothermal energy, would be impossible to implement without nickel and copper. Neither could electrical vehicles be manufactured without such mineral ores.
By its sheer size in terms of investments in exploration, feasibility studies, construction, and development, to operations and closure, mining can contribute substantially to the economy, stimulate economic activities through key industry linkages, create job opportunities, generate fiscal revenues for the government, and provide livelihood opportunities to local communities (including indigenous tribes) and to micro-small scale and medium enterprises. Mining attracts massive amounts of capital to fund pre-exploration, exploration, and development activities, to jump start mining operations, and to generate sustained export revenues.
Especially in the context of Philippine industrial realities, there is little hope for manufactured exports to provide a substantial foreign exchange earnings for the Philippines in the medium term, except for the semiconductor and electronic components sector. It will take at least the next five years for us to introduce the necessary reforms in the agribusiness sector for the Philippines to export large amounts of high-value food products, such as those being exported by Thailand and Vietnam. We have no choice but to rely heavily on the exports of mineral products as a complement to the earnings from the Overseas Filipino Worker remittances and service exports such as those coming from the Information Technology and Business Process Management sector and from tourism. After all, mining belongs to the same sector called “industry” together with manufacturing, construction, and public utilities. To develop mining as much “industrializing” an economy as manufacturing does.
The problem, though, is that mining as an extractive industry has a direct impact on the physical environment that is already seriously challenged by natural disasters such as floods, earthquakes, and volcanic eruptions. Mining can reshape the natural landscape, displace communities, and emit industry-specific effluents and pollutants. Understandably, there is a growing militancy of responsible investors, downstream industries, civil society, and governments clamoring for stricter, unique and demanding standards and requirements.
Environmental, social, and governance principles must be adhered to and translated into practices for mining companies to gain societal, legal, moral, and environmental acceptance. In this regard, we see a trend for Catholic bishops and priests to be increasingly vocal about the moral and ethical principles that must be followed in striking a balance between economic development and environmental stewardship, ensuring the protection of natural resources while minimizing environmental degradation and social disruptions. It must be categorically stated that Bishops, priests, and other Church officials who express their views about the negative effects of mining are not violating the principle of the separation of Church and State. They are just exercising their right to give spiritual and moral guidance to their flock about the moral obligations of human beings to respect the creatures, both animate and inanimate, that have come from the hands of the God, the Creator of all things.
Unfortunately, a recent event tends to confirm the wisdom of the majority opinion expressed by the mining stakeholders of Palawan. On May 11, there was another mining disaster in Surigao del Norte. The tailings storage facility of the Siana Gold mine, operated by Greenstone Resources Corp. (GRC), collapsed, burying houses in the mining village of Siana, Mainit. Although no one died among the 55 families who fled to safety, this disaster reminded the public of the “mother of all mining disasters” in the Philippines: that of Marcopper and Placer Dome in the island of Marinduque. As reported by Science expert Segundo Eclar Romero in his column in a leading Philippine daily, “from 1975 to 1991, mil-lions of tons of mine tailings leaked into Calancan Bay, contaminating the marine ecosystem and impacting fishing communities. In 1996, a drainage tunnel collapse released 1.6 million cubic meters of toxic tailings into the Boac River, flood-ing downstream areas, destroying crops, and severely polluting the river system.”
Given this mining disaster and many others, some of which could have been prevented by more responsible practices, it becomes the duty of those who give moral and spiritual guidance to their flock to give the necessary guide-lines for action. Since 1891, the Popes of the Catholic Church have been issuing what are known as social encyclicals to give the Catholic faithful, both the clergy and laity, “principles for reflection, criteria for judgment and guidelines for action” concerning what is necessary to promote the common good of society. Here, the common good is defined, not as the greatest good for the greatest number, but as a social or juridical order that promotes the good of every single individual — politically, economically, socially, morally, and spiritually. This is how the “common good” is defined in the Philippine Constitution of 1987.
In the Palawan Mining Stakeholders Congress, the Most Rev. Socrates C. Mestona, MSP, D.D. gave the most comprehensive presentation of what the Teaching Authority of the Church has to say about the duty of everyone to take care of our common home, the physical environment in which we live. He first explained the basic principle of the spirituality of stewardship which is fundamentally anchored on the belief based on revelation that God is the creator of heaven and earth. It means that “nothing exists that does not owe its existence to Him. As such, everything belongs to the Creator. However, in His goodness and generosity, God entrusts His creation to human beings to care and cultivate responsibly. He gives them dominion to be productive, multiply, and replenish the earth so that they can also enjoy its fruits which He destined to be shared fairly, not only for the past and present but for the future generation of humanity as well.”
(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.
THE Makati Business Club (MBC) on Tuesday said it supports the renewal of Manila Electric Co.’s (Meralco) franchise, but recognizes “the need for targeted adjustments where necessary.”
In a statement, the MBC said that Meralco’s network plays “a pivotal role in ensuring reliable and accessible electricity for households and businesses in the country’s key economic regions.”
“We acknowledge concerns about electricity prices in the country, which are comparatively high among ASEAN nations. However, it is important to note that the Philippines boasts a liberalized energy market, devoid of government subsidies,” the business group said.
Citing a report by the International Energy Consultants 2, the group said that Meralco’s distribution rates remain fair and reasonable even amid prevailing inflation rates.
MBC said that the renewal of Meralco’s franchise is in line with the government objectives of enhancing energy security, resilience, and sustainability.
“Meralco has demonstrated its commitment to promoting renewable energy and has implemented programs to assist customers in transitioning to cleaner power sources,” the MBC noted.
“We therefore endorse the renewal of Meralco’s energy franchise, while also recognizing the need for targeted adjustments where necessary,” it added.
Meralco is the main power distributor for Metro Manila and nearby areas covering 39 cities and 72 municipalities.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Justine Irish D. Tabile
FILIPINO ice cream maker Miguelitos International Corp. is set to launch franchises in New Zealand and Dubai as it expects strong international demand, according to its top official.
The company will open outlets in Auckland and Dubai, Miguelito’s President Michelle A. Aman told BusinessWorld in a video interview. “We got a master franchise in Dubai because we put an exhibit there for export and they saw that our business model is good.”
Miguelito’s, which also makes instant food premixes, is set to open 30 outlets for its soft serve ice cream in Dubai. Their halal ice cream is now making waves in Zamboanga and they expect it to do well in the Middle East.
It recently partnered with New West Zone supermarket and department store, where its ice cream brand is sold.
Miguelitos opened a branch at the Maputo Shopping Centre in Mozambique in February.
“We were surprised because there were no Filipinos there,” Ms. Aman said, adding that the business has generated one of their highest sales at P100,000 a day. “All the locals are our customers.”
Miguelitos has 600 stores nationwide, with 480 franchisees inside malls, supermarkets and colleges. Aside from Mozambique, it also has ice cream outlets in Australia.
Among its best-selling ice cream flavors are hyped mango, avocado locco, crunchies and rolled ice cream.
Ms. Aman said their edge over competitors lies in the fact that their ice cream has 80% less sugar. They also sell vegan flavors.
Franchisees must shell out P500,000 to P1.7 million because malls have their own standards and varying location sizes.
The package includes location assistance, after-sales support, initial stocks and kiosks, machines, equipment and small wares.
“We also hire service crews for them and [provide] the inventory system. The business is plug and play,” she added.
The Philippine franchise sector is expected to grow by 10% to P34 billion in revenue this year from a year earlier, Philippine Franchise Association (PFA) President Chris Lim said in April, when more than 700 brands including Miguelitos and 100 foreign brands participated in Franchise Asia Philippines 2024.
PFA also expects the number of franchise outlets to grow by 8% to 216,000 this year.
Miguelitos started in 2002, when Ms. Aman and her husband Marlon bought a P250,000 single-nozzle ice cream machine in Mega Mall. The ice cream became a hit at their former store in Paco, Manila.
She said tricycle, jeepney, pedicab and motorbike drivers were their main customers back then. “They stopped before going home to buy from us.”
They sold 1,000 to 1,500 ice cream cones daily for P5 each.
Miguelitos later moved to the food court of an Ayala-owned mall near the capital.
“Our ice cream retail became more successful because the presentation was good,” Ms. Aman said. “We now had our own cart, unlike when we were just selling ice cream on a sidewalk.”
Miguelitos drew the attention of their first franchisee, who brought the ice cream brand to Cebu.
As demand rose, Ms. Aman said they had to rent a 2,500-square meter warehouse in Parañaque because their branch in Harrison Plaza in Manila was getting crowded.
Then the coronavirus pandemic happened. Miguelitos’ business was affected as malls were shuttered amid a nationwide lockdown.
Ms. Aman said some of their franchisees closed shop. “After the pandemic, Miguelitos bounced back starting in the last quarter of 2023.”
The challenges did not stop as the world learned to live with the pandemic.
Miguelitos has had to deal with rising raw material prices such as cocoa, which it uses in its ice cream, as well as exchange rate fluctuations.
Cocoa prices rose by about 60% and the company had to absorb the cost and spare its franchisees at the beginning, Ms. Aman said.
Miguelitos is now seeking to build air-conditioned outdoor spaces similar to the ones used by take-out coffee shops and burger chains.
After 22 years in the market, Miguelitos now assembles its ice cream machine and produces its premix powders in its warehouse. — Aubrey Rose A. Inosante
BANK of the Philippine Islands (BPI) has launched a loan product specifically for cancer treatment called LavLoans, it said on Monday.
“We want to provide specialized financing solutions to ease the financial challenges associated with cancer treatment. This program offers a lifeline to those in need,” BPI Retail Lending and Bancassurance Group Head Dexter Lloyd C. Cuajotor said at an event.
“While it is named after lavender, this color is associated with cancer awareness, symbolizing universal support for individuals affected by any form of cancer. The resemblance of love represents care, support, and solidarity we aim to offer to all types of cancer patients. And that’s exactly what this is all about… LavLoans is a specialized financing service designed to assist cancer patients and their families in managing financial burden associated with a cancer treatment,” he added.
BPI LavLoans is available through three financing solutions.
First, personal loans are multi-purpose cash loans for customers who need immediate access to additional funds without the need for collateral. Clients can borrow up to P500,000 with flexible payment terms of up to 24 months.
Meanwhile, the auto multi-purpose loan financing mode is for those who need to stretch their payments for lower monthly amortizations. Borrowers can use their car as collateral and pay for medical expenses for up to 60 months.
Lastly, the property equity loan is for those who need more funds for their treatment. It has a maximum loan amount of up to P2 million and lets borrowers use their existing real estate property as collateral to borrow up to 70% of the appraised value of their property. They may also stretch their payments for lower monthly installments of up to 60 months.
“The rate that we’ll offer is 100 basis points lower than the published rate for both auto and housing and then also for personal loans,” Mr. Cuajotor said.
PHYGITAL BRANCHES
Meanwhile, BPI Head of Consumer Banking and Executive Vice-President Maria Cristina “Ginbee” L. Go on Monday said the bank is aiming to transform 83 of its branches to be phygital or physical and digital branches this year and has a long-term goal of making all its branches phygital.
This comes as the bank reopened its flagship Dela Rosa, Makati branch as a phygital branch.
Phygital branches focus less on transactions and more on advising with added digital capabilities, Ms. Go said.
BPI saw its net income grow by 25.8% to P15.3 billion in the first quarter as higher revenues offset increases in provisions and expenses.
Its shares went down by P1 or 0.83% to end at P120 apiece on Tuesday. — AMCS
ROME — A Dutch tourist has defaced a frescoed wall in an ancient Roman house in Herculaneum, near Naples, damaging a building that survived the volcanic eruption of Mount Vesuvius in 79 AD, Italian police said on Monday.
The police statement said the 27-year-old tourist was swiftly identified after staff at the archaeological site discovered tagged graffiti writing made with a black, indelible marker pen on a white section of a painted wall.
Police said the writing was the man’s graffiti signature.
“Any damage hurts our heritage, our beauty, and our identity and that is why it must be punished with the utmost firmness,” Italian Culture Minister Gennaro Sangiuliano said in a statement.
The tourist, who was not named, faces charges of damage and defacement of artistic works.
A smaller city than its more famous neighbor Pompeii, Herculaneum was buried under a deeper layer of ash, which protected its ruins from thieves and left particularly well-preserved remains.
It is not the first time that historical monuments have been vandalized by tourists in Italy.
Last year, a visitor from England was caught in a video, posted on social media, scratching his and his girlfriend’s name with a key on an internal wall of Rome’s Colosseum.
Also last year, graffiti artists scaled and tagged the soaring stone façade to Milan’s Galleria Vittorio Emanuele II, the prestigious shopping arcade at the heart of the city. They were not caught.
In response to repeated acts of vandalism, Italy this year introduced tougher penalties on those who damage monuments and cultural sites, imposing fines of up to €40,000 ($43,548) for those found guilty of defacing monuments. — Reuters
The Chinese recently imposed a unilateral four-month fishing ban in the South China Sea, which includes the West Philippine Sea. The ban started on May 1 and is expected to last until Sept. 16.
The Philippines has rejected and condemned this audacious act, but China’s audacity is nothing new. In the past few years and months, China has blatantly ignored the Philippines’ victory over it at the Permanent Court of Ar-bitration. Newspaper headlines have detailed one instance of aggressive behavior after another — a direct affront to Philippine sovereignty and to international law.
The reprehensible acts partake of a maritime nature because they take place in waters that have been established as legitimately the Philippines’. But it is impossible to talk about the West Philippine Sea (WPS) from a purely geopolitical/maritime point of view. All these are also grave threats to the economic order. China’s acts show a blatant disregard for the Philippines’ right to fully harness and maximize the benefits from resources rightfully with-in its Exclusive Economic Zone, as affirmed by international law and the 2016 arbitral ruling.
Our waters hold resources that support and enhance the lives of Filipinos. The WPS, rich in marine biodiversity, serves as a vital fishing ground that is the livelihood of countless Filipinos. It is also believed to contain substantial untapped reserves of oil and natural gas. This is key to achieving energy security and powering the economy in the medium and long term. Finally, the WPS is a critical maritime route, facilitating international trade and commerce.
China’s acts in the WPS pose a grave threat to the concept of the “blue economy” as detailed by President Ferdinand Marcos, Jr. during his State of the Nation Address last year. The World Bank defines the blue economy as the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of the ocean ecosystem.” In fact, the Blue Economy Act has been approved by the House of Representatives and is on its second reading in the Senate.
During the recent Shangri-La Dialogue held in Singapore, President Marcos Jr. delivered a powerful message. “The life-giving waters of the West Philippine Sea flow in the blood of every Filipino. We cannot allow anyone to detach it from the totality of the maritime domain that renders our nation whole,” he said.
The question persists: What should be done about these threats to our maritime and economic space?
Continued engagement and collaboration with like-minded states appear to be the wisest move. Enhanced cooperation to ensure the achievement of both maritime and economic security is strategically necessary. These like-minded states — Australia, for instance — are in the best position to support us through these difficult times. Our two countries share robust security and economic ties, as was shown during President Marcos Jr.’s visit in March. We have long shared common interests in maintaining peace, stability, and prosperity in the Indo-Pacific region.
Stratbase ADR Institute Trustee and Program Convenor, and foreign policy scholar, Dr. Renato de Castro wrote that leveraging the country’s alliance and partnership with Australia brings forth the opportunity to build capabilities and resources for its comprehensive archipelagic defense strategy. He wrote this in his recent publication entitled “Jumpstarting Archipelagic Defense and Trilateral Security Partnership.”
Dr. De Castro will expound on his insights during a forum that will be held tomorrow, June 6, organized by Stratbase ADR Institute in partnership with the Embassy of Australia in the Philippines.
The event, entitled “Forging Bonds: Exploring the Nexus Between Maritime Security and Economic Security,” will be another opportunity for experts to gather and discuss the intimate link shared by maritime and economic security and, more importantly, how to move forward in these arenas for the benefit of the Filipino people.
It will gather stakeholders in the government, diplomatic community, the academe, and think tanks to discuss collaborative ways to ensure maritime security and its potential to boost the development of a sustainable blue economy in the West Philippine Sea.
Other discussants include Prof. Ranjit Rye, President of OCTA Research, who will explore public opinion on the West Philippine Sea dispute and China; Dr. Ma. Carmen Ablan Lagman, Full Professor at De La Salle University – Manila, who will discuss the development of a blue economy; and RADM Rommel Jude Ong (Ret), Professor of Praxis at Ateneo School of Government, who will examine the integration of alliance building and economic resilience for national security.
“The Indo-Pacific holds much promise as the fastest growing economic hub and the largest contributor to global growth. That [promise] must be kept alive,” President Marcos Jr. also said during the Singapore event.
“We recognize the importance of upholding multilateralism. It remains the single viable platform for collective action against transcendent global challenges.”
Indeed, nations that share the same values and principles need to come together and work collaboratively in order to preserve the rules-based international order. The show of unity and strength sends an unequivocal message to China that what it is doing is not only illegal but also rude, dishonorable, and morally reprehensible.
Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.
By Revin Mikhael D. Ochave, Reporter
THE Securities and Exchange Commission (SEC) said the bank accounts and other assets of Maria Francesca Tan (MFT) Group of Companies, Inc. have been frozen due to alleged illegal investment activities, while Calata Corp. officials have been ordered to pay P8 million in fines for making “misleading and exaggerated” statements about a project.
In a resolution promulgated on May 13, the Court of Appeals (CA) granted the petition of the Anti-Money Laundering Council (AMLC) to freeze MFT Group’s bank, securities, and insurance accounts for a 20-day period, the SEC said in a statement on Tuesday.
The freeze order covers 138 bank accounts, four securities accounts, and four insurance accounts.
“Under Section 10 of Republic Act No. 9160 or the Anti-Money Laundering Act of 2001, as amended, the CA may issue a freeze order upon a verified ex parte petition by the AMLC and after determination that probable cause exists that any monetary instrument or property is in any way related to an unlawful activity,” the SEC said.
In a separate resolution promulgated on May 17, the CA also granted the AMLC’s ex parte application for a bank inquiry order, allowing it to inquire or examine the bank, securities, and insurance accounts of the group within a 120-day period.
“The freeze and bank inquiry orders were issued after the MFT Group was found to be soliciting investments from the public without the necessary licenses from the SEC,” the corporate regulator said.
“The MFT Group promised guaranteed returns ranging from 12% to 18% of the amount they invested, which was considered as interest income…,” it added.
MFT GROUP DISAGREES
In a statement to BusinessWorld, MFT Group Legal Counsel Estrella C. Elamparo said: “While we respect and will abide by the resolution issued by the Court of Appeals on the application for freeze order applied for by the Anti-Money Laundering Council, upon the instigation by the Securities and Exchange Commission, we respectfully disagree that it has any basis.”
“The petition suffered from a crucial evidentiary gap that should have prevented the court from issuing a freeze order because AMLC failed to establish how each of the accounts is materially linked to the alleged unlawful activity of selling unregistered securities,” she added.
She said the loan transactions—subject of the SEC investigation—are not securities transactions “but personal loans so no predicate crime exists.”
“Moreover, all that the AMLC did was list down the bank accounts of the respondents in the case, list down the covered transaction reports (CTRs), and then jump to the conclusion that the number of transactions could have most likely been sourced from the alleged illegal transactions.”
“Not an iota of proof was presented to establish any link between the supposedly solicited investments and any of bank accounts,” Ms. Elamparo said.
She further said the MFT Group is a holding company, managing its investments in a portfolio of different companies and a variety of business activities. “It maintains legitimate business operations, which entail the payment of obligations to third persons, such as their suppliers, service providers, and even their employees who are likewise unjustly affected by the unwarranted freezing of bank accounts.”
“If we follow the AMLC’s logic, then all transactions occurring in all bank accounts involving someone accused of a predicate crime are presumptively proceeds of an unlawful activity. This shotgun approach could never have been the intention of the law, otherwise, the legislators would have done away with the phrase ‘in any way related’ to an unlawful activity. That phrase was included in the law precisely because a nexus needs to be established, at least preliminarily, between the transaction and unlawful activity,” she added.
“The resolution of the Court of Appeals is not yet final and we are hopeful that it can still be reversed on appeal,” Ms. Elamparo also said.
CALATA OFFICIALS FINED
In a separate statement, the SEC said that officers of former listed company Calata Corp. were ordered to pay P8 million in fines for allegedly making “misleading and exaggerated” statements about its Mactan Leisure City project, inducing the public to buy the company’s shares in 2016.
The SEC said that Makati City Regional Trial Court Branch 148 promulgated a decision on May 28 saying that Joseph H. Calata and Jose Marie E. Fabella were deemed “guilty beyond reasonable doubt” of two counts of violation of Republic Act No. 8799 or the Securities Regulation Code.
Mr. Calata is the company’s chairman, president, and chief executive officer, while Mr. Fabella is the corporate secretary, compliance officer, and corporate information officer.
“Calata and Fabella were sentenced to pay fines amounting to P4 million each, or to serve time in prison should they fail to pay the fines on account of insolvency,” the SEC said.
“Fabella, with the consent and authority of Calata, was found to have made misleading statements in the company’s disclosures to the Philippine Stock Exchange (PSE) about its partnership with Sino-America Gaming and Macau Resources Group Ltd. for the development of a $1.4 billion integrated resort and casino project called Mactan Leisure City,” it added.
The PSE ordered the delisting of Calata Corp. back in 2017 due to its repeated violations of PSE Disclosure Rules and Delisting Rules.
BusinessWorld tried to reach out to Mr. Calata for comment.
LAND BANK of the Philippines (LANDBANK) has launched a digital deposit account for overseas Filipino workers (OFWs), also providing them access to digital banking services.
“We are cheering on our kababayans abroad to save and grow their money through LANDBANK GoBayani. We want to support every step of their journey towards financial independence for them and their families back home,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a statement on Tuesday.
OFWs can use GoBayani to make transactions online, including fund transfers to their families back home, the state-run bank said.
“Accountholders can also perform e-commerce transactions and receive remittance via Visa Direct through Visa partners abroad,” LANDBANK said.
GoBayani users can also pay bills and other dues online. LANDBANK added it will soon include monthly contributions to Pag-IBIG Fund, Social Security System, and PhilHealth in the product.
OFWs can open a GoBayani savings account with no initial deposit and maintaining balance through the LANDBANK mobile banking app.
“Investing in our digital infrastructure forms part of our response to the increasing demand for convenient digital solutions. We are continuously enhancing our digital offerings to deliver a seamless banking experience to our customers and expand financial access to all,” Ms. Ortiz said.
LANDBANK’s net income rose by 11% to P12 billion in the first quarter on the back of increased interest earnings from loans. — AMCS
SITTING behind the wheel of her gray Tesla Model Y, Brooklyn resident Stephanie Doba uses her phone to punch the make, model and license plate number of a Toyota Camry into New York City’s online form for reporting illegal parking. Prompted to describe the issue, she answers with voice-to-text: “Gas car parking at electric vehicle charging station.”
Ms. Doba estimates she’s made at least 10 such reports since New York City set up curbside electric vehicle (EV) chargers near her Park Slope home three years ago. A self-appointed guardian of sorts, Ms. Doba some days walks to the tree-lined street where the public plugs are installed just to check if they’re being ICEd — EV-speak for when curbside chargers are blocked by internal-combustion cars. She never hangs around to see if her complaints result in tickets, but believes enough reports could convince the city to boost enforcement.
Ms. Doba’s frustration is familiar to many of the New York City area’s intrepid EV converts. The city has announced plans to install 40,000 Level 2 plugs, which can provide an EV with a full charge in about four to eight hours, and 6,000 fast chargers by 2030. But today there are around 2,200 public plugs citywide, 10% of them fast chargers, according to the US Department of Energy (DoE). Uneven distribution means even infrequent issues with damaged equipment or blocked spots can have an outsized impact. When the city reviewed usage data across 100 Level 2 chargers, it found an average utilization rate of 72% so far this year. It also found that over the past 18 months, gas cars blocked the chargers 20% of the time.
“People need to know that they’re hurting actual people when they block a charger,” Ms. Doba says. “It’s like if you parked your car at a gas pump and [walked] away.”
New York City aims to reduce vehicle emissions as part of its goal of reaching net zero by 2050, by which point the city also wants electric cars to account for 20% of new vehicle registrations. Getting there will require a robust and reliable charging network: While 80% of US EV drivers charge at home, according to the DoE, about half of NYC’s drivers depend on street parking.
In 2021, the city’s Department of Transportation (DoT) partnered with utility Consolidated Edison, Inc. and Canadian EV charging company FLO, Inc. on a pilot program to install 100 curbside Level 2 chargers across the five boroughs. Since then, hundreds more public chargers have been installed by private firms, including Tesla, Inc. and EVgo, Inc. Still, it’s been slow going; grid limitations, community input requirements and competing municipal uses of curbside space all influence how many chargers can be installed and where.
“Cities like New York have been building out their infrastructure for 100 years or more, so not all places are suitable for charging,” says Travis Allan, chief legal and public affairs officer at FLO.
To install its curbside chargers, FLO had to avoid interfering with bike lanes, loading docks and fire hydrants. FLO employees also conferred with residents and City Council members about the best and least disruptive locations. Mr. Allan says the company has gotten plenty of negative feedback from New Yorkers who don’t think there are enough charging stations, but he takes pride in the 99.9% uptime of the chargers FLO has installed in the city so far.
Sara Rafalson, EVgo’s executive vice-president of policy and external affairs, also cites capacity constraints as a recurring challenge in New York. But she’s optimistic about the potential of local government incentives, pointing to a recent $539 million increase in the New York State Public Service Commission’s now $1.24-billion EV budget. Some of that money will go towards alleviating electricity prices for charging station operators. Last year, the Commission also announced plans to put $372 million towards installing stations in disadvantaged communities.
“The real challenge in New York is … it’s challenging to get things done,” Ms. Rafalson says. “But I think overall the New York market is really attractive, and I would say that policy activity has really aided in it becoming more attractive.”
As more chargers come to more neighborhoods, finding an available plug in and around New York City will get easier. The city’s Transportation department says increased utilization is already reducing the frequency with which chargers are blocked by gas-powered cars. The DoT is also working with the police to educate officers and increase enforcement at public plugs.
In the meantime, Ms. Doba isn’t alone in finding creative workarounds. Just across the Hudson River in Jersey City, Sal Cameli bought his first EV in 2012. Today he has two Nissan Leafs, which he rarely drives, and one Tesla Model Y. But Mr. Cameli doesn’t have a garage or driveway to charge in. Instead, he hired an electrician six years ago to craft a 19-foot cable that plugs into a dryer hookup in his kitchen. The cable runs through a window and out to the street, where it’s fastened to a signpost to prevent anyone from tripping.
“In this neighborhood back then, there were no chargers at all,” Mr. Cameli says. “There was downtown Jersey City, but that’s 2.3 miles away. I’m not going to plug in there and then walk home. I could take a taxi, but that would just be ridiculous, you know?”
On nights when Mr. Cameli needs to use his charger, his biggest challenge is securing parking close enough for the cable to reach. That’s where the Nissans come in — Mr. Cameli calls them his “traffic cones.” One Leaf holds a spot by the signpost during the day, while Mr. Cameli takes his Tesla to visit clients of his freelance IT business. The other Leaf is parked behind the first one. When Mr. Cameli gets home, he moves the placeholder car, then parks the Tesla in its spot and parks the second Leaf at an angle to protect the protruding charger plug from a sideswipe.
Mr. Cameli says a full charge costs him $13.65, or $15 in the summer when electricity prices are higher. That compares to $18 at the charging station that was installed near his apartment a few years ago. He charges the Tesla every four days and drives it about 12,500 miles (2,010 kilometers) per year; the Leafs get charged every six weeks. Mr. Cameli pegs his annual charging costs at just under $500.
“I mean, I respect the innovation,” says Roy Rada, e-mobility innovation project manager at ConEd, who has heard of similar DIY charging setups around the city. “New Yorkers will get it done one way or the other,” he says. “But we want to provide them a much safer option that they can use.”
Mr. Rada recommends that residents consult the utility’s specialists to determine whether charging through their apartment is safe. If it’s not, EV owners can make a case to their property manager, which may get a discount on installing chargers outside the building through ConEd’s Power Ready program.
As more urban drivers adopt EVs, densely populated areas like New York will have to implement their own clever solutions. Many electric enthusiasts, including Ms. Doba and Mr. Cameli, dream of a future with more creative infrastructure, like lamp-post chargers or curbsides with wireless charging built into the pavement.
“Imagine all of Broadway — down from the tip of Manhattan all the way up to the park — that every single parking spot has wireless charging,” Mr. Cameli says. “Wouldn’t that be amazing?”
Others are dreaming up ways to connect EV drivers who need plugs with people who have them. In 2019, Queens resident James Francois founded a startup he’s calling Alternative Energy Resource. Aiming for a September beta launch, Mr. Francois envisions a community-backed app that connects New Yorkers willing to rent out their home-charging spaces to drivers who would otherwise have to rely on public plugs, especially rideshare drivers.
“People are interested,” Mr. Francois says. “Ever since Covid, people are moving toward more collaborative consumption and want to help their neighbors.”
Mr. Francois also sees his business idea as an actionable way for people to combat climate change. It’s a motivation shared by many early adopters of electric vehicles, including Ms. Doba.
“Climate concerns are top of mind for me, and helping the electric vehicle transition is really part of that advocacy and activism,” she says. “Even if it’s just on a very, very small local scale of getting some enforcement to keep my local EV charging station accessible.” — Bloomberg News
