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MFT Group bank accounts, other assets frozen; Calata officials fined 

By Revin Mikhael D. OchaveReporter

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.

LANDBANK rolls out digital deposit accounts for OFWs

BW FILE PHOTO

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

Short on curbside chargers, New York EV drivers are improvising

A TESLA electric vehicle (EV) is plugged to a charger in Teia, north of Barcelona, Spain, Oct. 31, 2023. — REUTERS

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

Christie’s hackers fail to post files as deadline passes

FOR THE past week, the hackers who attacked Christie’s have been threatening to release a large trove of client data if the auctioneer didn’t pay a ransom by 11 a.m. New York time on Monday. That deadline came and went, and the gang has yet to drop files on the dark web.

The hacking group known as RansomHub claimed responsibility on May 27 for the cyberattack that struck the auction house earlier that month. They posted a countdown clock on their extortion site along with a message suggesting they’d release client data, including names and passport details, on Monday morning.

Three days later, RansomHub took up a new strategy: offering the data for auction on an update on its dark web site. It’s not clear what become of that effort, if anything.

The criminal group had said that Christie’s had ceased communications after they had attempted to reach a “reasonable resolution.” A Christie’s spokesperson didn’t immediately respond to a request for comment.

The auction house sent a notice to clients affected by the breach, emphasizing that while passport information was indeed compromised, contact details, financial data, and most importantly, transaction-related information hadn’t been exposed.

“Please rest assured we are treating this incident with the utmost seriousness,” the auction house wrote in a note to clients that was reviewed by Bloomberg. “We have proactively informed the relevant authorities, which include the UK police (via ActionFraud) and the FBI, as well as relevant data protection regulators globally, where required.”

While Christie’s was forced to deal with the immediate aftermath of the cyberattack, the damage to the company appeared to be limited. The incident occurred on the eve of watch auctions in Geneva and days before Christie’s began important auctions in New York.

Christie’s managed to sell $115 million in art in a single evening in May, despite the breach. In total, its May marquee week sales yielded $640 million. — Bloomberg

Manila climbs in smart centers list

Manila climbed nine spots to 66th out of 79 ranked centers in the ninth edition of the Smart Centers Index (SCI) by Long Finance Initiative. The index rates the innovation and technology offerings of commercial and financial centers. Despite an improvement in rankings, the Philippine capital remained one of the laggards in the region after getting an overall rating of 639.

Manila climbs in smart centers list

Philippine Realty and Holdings Corp. to hold 2024 Annual Stockholders’ Meeting virtually on June 28

 


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Peace processes

FREEPIK

There is much talk about war and peace these days all over the globe. The Shangri-La forum and the plan to have talks in Switzerland are attempts to arrive at some progress toward peace. Our president, Ferdinand Marcos, Jr., was a keynote speaker at the Shangri-La dialogues where leaders of nations of various persuasions shared views and debated. This included China’s Defense Minister with Marcos; and Russia with Ukraine’s president, Vo-lodymyr Zelenskyy.

FREEPIK

Interestingly, Mr. Zelenskyy quietly came to Malacañang the other day to meet with Mr. Marcos Jr. whom he had met in Singapore.

It made me curious about the processes that our own leaders engaged in that led to the end of the war between the Muslim rebels in Mindanao and the Philippine government. Perhaps there are some things we can learn from them, and share. I was able to chat with then Presidential spokesman Edwin Lacierda and Presidential Peace Process Adviser Ging Quintos Deles who were part of then-President Benigno “PNoy” Aquino III’s hush-hush trip to Japan.

Although the initiative for negotiating peace with the Muslim rebels was first taken by the government of President Fidel V. Ramos in 1996, it took 15 years for serious negotiations to again be pursued. The ousting of President Joseph Estrada, the tribal conflicts in Mindanao, including the Ampatuan massacres, and the rivalry between Nur Misuari’s Moro National Liberation Front (MNLF) and the Moro Islamic Liberation Front (MILF) stalled the negotiations.

In 2011, a year after he was inaugurated as president, PNoy Aquino made the bold, out-of-the-box decision to meet one-on-one with the leaders of the MILF. The initiative was done very quietly, and only a few cabinet members and the peace negotiators were part of the secret moves which featured a face-to-face meeting between Aquino and the MILF leadership: Chair Al Haz Murad Ibrahim, and chief negotiator Mohagher Iqbal who was the MILF chair in the 1996 initiatives.

The International Contact Group (ICG), consisting of diplomats and NGO leaders from Norway, Saudi Arabia, Turkey, the UK, and Japan, provided assistance for the PHL-MILF negotiations. Then Presidential Peace Adviser Ging Deles calls them “Friends of the peace process.” The ICG offered two venues for the proposed meeting. One in Norway, and the other in Japan. President Aquino chose Japan since it is nearer, he said.

The meeting took place on Aug. 4, 2011, at a hotel near Narita airport. The next morning, President Aquino and his team returned to Manila where, once the news had broken, politicians and many media entities were highly critical, calling the President’s move unconstitutional, against “protocol,” etc., etc.

It seems to me that since Mr. Aquino was not running for reelection, he didn’t have to be affected by those criticisms. The six years we allow presidents to serve in our Constitution can be constructive, as it was in the case of Mr. Aquino who had, by the end of his term, accomplished the highest government funding in our history and peace in Mindanao. At the same time, six years under an irresponsible president can be destructive. We are still dealing with budget problems from corruption and impulsive decisions (such as doubling the salaries of uniformed personnel) under President Rodrigo Duterte.

This seems to me to be the problem of Israel’s Prime Minister Benjamin Netanyahu and US President Joe Biden who are both running for re-election. Netanyahu has to please the voters of his right-wing political allies who do not want compromises with the Hamas. Biden’s position of criticizing Netanyahu’s genocidal attacks on Gaza are inconsistent with the US’ support of Israel through providing arms — which are also used on civilians.

Presidential Peace Adviser Ging Deles had endorsed Marvic Leonen to be the head of the government’s negotiating team. When he was appointed to the Supreme Court, his deputy, Miriam Coronel Ferrer, took over. Ms. De-les says there was good rapport and trust between President Aquino and MILF Chair Murad Ibrahim. Ms. Deles emphasizes that it also helped that there were “friends of the process” and a facilitator (Malaysia).

She revealed that Miriam Coronel Ferrer has been writing a book about the processes which should be out soon.

The MILF modified its demand for secession to one for autonomy. The Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) was processed into law which was finally signed in 2019.

That year, the areas under BARMM had a poverty incidence of more than 60%, and the highest infant mortality and maternal mortality in the country. There was also very high malnutrition.

Today, hopefully, under its own elected officials and in an environment of peace, our minority population of Muslims in Mindanao will have a better life, to their own increasing satisfaction.

 

Teresa S. Abesamis is a former professor at the Asian Institute of Management and fellow of the Development Academy of the Philippines.

tsabesamis0114@yahoo.com

Cebu’s property developer AppleOne says CdO a prime location for expansion

CEBU-BASED property developer AppleOne Group, Inc. on Tuesday said  it is preparing to expand into Mindanao, with a planned location in Cagayan de Oro (CdO).

The company has set its sights on CdO to strengthen its presence beyond Visayas and into the rising property market of Mindanao, AppleOne Chief Executive Officer and President Ray Go Manigsaca said in a statement.

“This is all set, and we are ready for Cagayan de Oro,” he said.

“CdO is a prime location for our expansion efforts in Mindanao. Its rich culture and natural tourist attractions make it a great destination hotspot for tourists,” he noted.

The company said CdO serves as a gateway to various tourist spots in Mindanao.

Inbound arrivals in Northern Mindanao reached up to 2.5 million in 2023, it noted.

The company previously broke ground on the JW Marriott Panglao Island Resort & Spa in Panglao, Bohol.

This is the province’s first five-star luxury hotel and residences, the company said.

It also plans to inaugurate Mahi Center and Fairfield by Marriott in Mactan Island by the latter part of this year.

AppleOne said Mindanao is seeing a boost in both residential and commercial developments due to increased investor confidence and the local government’s push for infrastructure improvements. — Aubrey Rose A. Inosante

Magic mushrooms get Canadian export license in psychedelic race

CHRIS ROBERT-UNSPLASH

CANADA has licensed a startup to export psychedelics to Australia for patient use, the latest milestone in a contest to supply the potential growth of medical psychedelic drugs.

Canada’s Health department awarded a drug establishment license to Optimi Health Corp., a spokeswoman for the company said, allowing it to ship pills containing the magic-mushroom extract psilocybin and MDMA — controlled and otherwise-illegal substances — to a provider in Australia.

The small Vancouver-based company hopes the certificate will help pave the way to an expanded market for psychedelic drugs as pharmaceuticals while giving it an early-mover advantage.

Seven companies have legally exported psilocybin, MDMA or both from the country so far, all for clinical trial purposes, a spokeswoman for Canada’s Health department said. She wasn’t able to say if any has ever been exported for regular patient use before; she declined to name the seven companies, citing security reasons.

The milestone puts Optimi among a small club of legal, international suppliers of psychedelic drugs, according to Chairman John James ‘JJ’ Wilson, its co-founder and the son of billionaire Lululemon Athletica, Inc. founder Chip Wilson.

Optimi’s vision is “to be the largest scalable quality manufacturer made available globally of psilocybin and MDMA,” Mr. JJ Wilson said in an interview. “The world is taking this more seriously as an alternative to traditional pharmaceuticals, to treat these mental health disorders.”

The market today is clinical rather than recreational, Mr. Wilson said, downplaying parallels to the legalization of cannabis in Canada and many US states.

Optimi’s bet is that, even though magic mushrooms are naturally occurring, demand for a pharmaceutical-grade version of the substance will be robust, and the company will have the credentials and scale to supply it.

As it seeks to carve out this niche, refine processes and strike early supply deals, it’s losing more than C$1 million ($733,000) per quarter and regularly raising funds, filings show. Chip Wilson, who sits on its advisory board, acquired shares with options worth as much as C$3.3 million in late 2022, and since then the company has closed small private placements.

To grow, test, and extract its trippy crop, Optimi has set up 20,000 square feet of facilities in Princeton, British Columbia, a mining and lumber town with a population of about 3,000 in the mountains three hours’ drive east of Vancouver. The nondescript blue warehouses are set behind high security fences.

Visitors must show government ID, don protective clothing, and pass through air jets to prevent contamination. Although warehoused mushroom strains have zany and obscene names like “Albino Penis Envy,” Optimi has built facilities to pass stringent manufacturing-quality tests set by authorities. Staff have to undergo background checks.

‘INITIAL PROMISE’
All this effort and investment is part of jostling to be in prime position for a possible psychedelic renaissance.

Although many jurisdictions have now relaxed rules around cannabis, the regular possession, sale and distribution of potent psychedelics remains illegal in Canada and the US. But attitudes are shifting, and there’s increased talk of potential benefits in treating psychiatric conditions. Research has increased — and in some cities like Vancouver, rebellious entrepreneurs have even opened brick-and-mortar stores, which sell psychedelics with apparent impunity.

Optimi says it’s ready to step in first wherever MDMA and mushrooms become rescheduled, and points to regulatory developments.

Last June, the US Food and Drug Administration (FDA) published its first draft guidance on psychedelic clinical trials, saying they showed “initial promise.” A month later, Australia opened a world-first pathway for authorized psychiatrists to access MDMA and psilocybin, saying they can be used for the treatment of post-traumatic stress disorder and treatment-resistant depression, respectively.

Outside advisers to the FDA are preparing to meet this week to weigh Lykos Therapeutics, Inc.’s MDMA drug for post-traumatic stress disorder. A report from the agency scientists, posted on Friday, focused on the difficulties of evaluating the drug and potential risks.

Still, untested business models and regulation in flux means that investment prospects are highly uncertain.

As with cannabis companies, psychedelic startups have gone through a shakeout. Optimi’s stock price is down 43% since its 2021 initial public offering. Others including Lucy Scientific Discovery, Inc., Psyence Biomedical Ltd. and AWAKN Life Sciences Corp. have also seen their shares plummet since listing.

“In 2024 we’ll develop a capital strategy for how we want to go to the next phase,” Mr. Wilson said. — Bloomberg News

BDO relaunches shopping rewards credit card

BW FILE PHOTO

BDO Unibank, Inc. has relaunched its retail shopping credit card with new rewards programs as the Sy-led bank continues to expand its retail segment.

The bank on Tuesday relaunched the BDO ShopMore Mastercard in celebration of its 20th anniversary.

“We just want to make sure we provide something good for the different segments of the market. Wherever you’re from, whatever status in life you’re at, we just want to make sure that there’s something for you,” BDO Senior Vice-President and Consumer Banking Group Marketing Head Ma. Nannette R. Regala told reporters at the launch evnt.

New cardholders will receive 250 Peso Points after their first purchase. Users can then earn two Peso Points for every P1,000 spent with the card.

Users can opt for a buy now, pay later option with 0% interest at over 20,000 participating stores.

The card awards users with double Peso Points for everyday purchases, such as for fuel, groceries, or clothes shopping.

Cardholders can cash in earned points for different types of rewards.

The card also offers discounts for dining and food deliveries.

The re-released BDO ShopMore Mastercard offers free membership for the first year. It is crafted entirely from recycled plastic.

“We all know how important sustainability is, so this is the first card that we produced made out of recycled plastics. We all know that so many things pollute the environment. So, little by little, we are going to convert some of our cards to recycled plastics,” Ms. Regala said.

BDO’s net income grew by 12.12% year on year to P18.5 billion in the first quarter as its core businesses remained strong.

Its shares went down by P1.10 or 0.8% to close at P136.90 apiece on Tuesday. — AMCS

Music lovers enjoy opera and picnics with the sheep at Glyndebourne

GLYNDEBOURNE.COM

GLYNDE, England — Nestled in the English countryside 50 miles (80 km) south of London, the Glyndebourne opera festival’s setting is a world away from the city-center opera houses which dominate the art form.

“It’s kind of us and the sheep out there,” said Lauren Snouffer, a soprano from Austin, Texas who is performing for the first time at Glyndebourne in Mozart’s The Magic Flute as Pamina.

The festival at the country estate celebrates its 90th anniversary this year and has a global reputation among opera lovers. Around 150,000 people attend across the summer and autumn seasons, which can sell out fast.

Some tickets cost over £250 ($318), though there are half-price offers for opera goers under 40.

The gardens open from 3 p.m. and performances start early, around 5 p.m., with a 90-minute interval when many patrons in black tie and evening dress head outside to enjoy luxurious picnics in the grounds, with sheep looking on from the surrounding fields.

The opera house itself seats 1,200 people — small by the standards of major venues — which Ms. Snouffer, 36, said allowed a more intimate vocal style.

“You really get to play with more colors and you can speak directly to the audience,” she said.

Visitors bring hampers, candlesticks, white table clothes and expensive treats.

“It’s picnicking on a different level,” said Yana Penrose, 31, who operates marionettes and is strapped inside a giant puppet weighing more than 40 kilograms.

This is Ms. Penrose’s first time on stage at an opera after eight years puppeteering and acting since leaving drama school.

“It creates an experience which is different to just me hopping on the Tube from my flat in south London and going into town and doing a show,” she said.

Unlike most opera in Europe, Glyndebourne’s main summer season receives no direct public subsidy.

Sara Eppel, 62, has attended Glyndebourne with her husband since the 1980s and has been drawn back by the standard of the music.

Preparing a picnic, sometimes for as many as 11 friends and family, adds to the occasion.

“It’s not just the opera, it’s the whole day,” she said. “For us it’s always been a feature of our summer.” — Reuters

Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, May 2024

FACTORY ACTIVITY in the Philippines expanded at a slower pace in May as employment fell for the first time in five months, S&P Global said on Monday. Read the full story.

Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, May 2024