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Maynilad says it uses satellite, AI for leak detection 

MAYNILAD Water Services, Inc. said it has tapped satellite-based infrastructure intelligence company Asterra to use satellite imagery and artificial intelligence (AI) to detect underground pipe leaks.

Detecting underground pipe leaks will help the company to reduce network losses and recover more water supply for distribution, the west zone concessionaire said in a statement on Monday.

“By leveraging on this cutting-edge technology, Maynilad can locate underground pipe leaks in a more efficient way, as it reduces the time and effort needed for our field personnel to pin-point leak sources that often involves digging test pits on the streets,” Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said.

The water company said it has tapped Asterra’s patented algorithms that were originally developed to detect water on other planets.

The use of the technology involves applying algorithmic analysis to track the spectral “signature” of potable water underground over a land area of approximately 3,000 square kilometers captured in a satellite image, it said.

The leakage information that the AI algorithms pick up are captured in a geographic information system report that specifies street locations, enabling Maynilad to fast-track the process of detecting and repairing underground leaks.

The company said it is examining 1,000 kilometers of its primary lines across its service area and “actively looking” for possible leaks during its year-long pilot use of Asterra’s technology.

Maynilad serves the cities of Manila, except San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and 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. — Sheldeen Joy Talavera

D&L Industries, Inc. to conduct 2024 Annual Stockholders’ Meeting virtually on June 3

 


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Eurovision 2024 begins in Malmo with contestants’ walk on ‘Turquoise Carpet’

—EUROVISION.TV

MALMO, Sweden — Eurovision 2024 began in the Swedish city of Malmo on Sunday when 37 contenders walked the “Turquoise Carpet” amid heightened security and calls for boycotts due to Israel’s participation.

The 68th version of the song contest, which is always billed as non-political, is taking place against the backdrop of the devastating Israeli military campaign in Gaza, triggered by Hamas’ Oct. 7 attack on Israel last year.

Much focus is expected to be on Israeli contestant Eden Golan, when she performs her song “Hurricane” in the second semifinal on Thursday, with bookmakers placing the entry among the top 10 to win the competition.

The Israeli delegation did not attend the carpet on Sunday due to Holocaust Memorial Day in Israel, said Swedish broadcaster SVT, which co-organizes the contest with the European Broadcasting Union (EBU).

Israel agreed to modify the lyrics of its original song “October Rain,” which the EBU said made reference to the Oct. 7 Hamas onslaught.

The contest comprises three live shows, with half a dozen countries having a shot at the title this year, according to fans and bookmakers.

Sweden’s Loreen won the 2023 competition in Liverpool, northern England, with her song “Tattoo,” granting the Nordic country an automatic entry into next Saturday’s grand final.

The “Big Five” of the EBU — the UK, France, Germany, Spain, and Italy — are also automatically given a spot in the final, while the other contenders will compete in semi-finals for the remaining places.

It will be the seventh time Sweden is hosting the song contest after last doing so in 2016, and the third time Malmo will stage the competition.

Sweden’s participants for this year, twins Marcus & Martinus, were drawn in March to open the final with their dance pop song “Unforgettable.” — Reuters

PSBank earnings advance 23%

COMMONS.WIKIMEDIA.ORG

PHILIPPINE Savings Bank saw its (PSBank) net income climb by 23% in the first quarter amid higher core revenues and continued asset expansion, it said on Monday.

The thrift banking arm of Metropolitan Bank & Trust Co. registered a net income of P1.2 billion at end-March, up from P976.88 million in the same period last year, PSBank said in a disclosure to the stock exchange.

Its financial statement was unavailable as of press time.

“Despite prevailing economic challenges, we continue to see steady growth in our core business following our record-breaking performance in 2022. PSBank remains dedicated to offering simple and effortless banking solutions to meet the rapidly evolving needs of consumers,” PSBank President Jose Vicente L. Alde said.

The bank recorded a net profit of P4.53 billion in 2023, up by 23.18% year on year.

PSBank’s core revenues, which include net interest income and net services fees and commissions, rose by 2% to P3.49 billion in the first quarter.

Meanwhile, operating expenses rose by 5% to P2.3 billion.

The bank’s gross loans grew by 10% year on year to P128 billion in the first quarter, mainly driven by a 20% increase in auto loans amid strong demand for motor vehicles, it said.

Despite higher loans, PSBank set aside less provisions during the quarter as its gross nonperforming loan ratio “remained in check” at 3.4%.

On the funding side, total deposits with the bank were at P185 billion in the first quarter.

PSBank’s total assets stood at P234 billion at end-March.

Total capital was recorded at P41 billion.

The bank’s total capital adequacy ratio stood at 24.6% in the first quarter, while its common equity Tier 1 ratio was at 23.5%, both well above regulatory requirements and “among the highest in the industry,” it said.

PSBank’s shares rose by 10 centavos or 0.18% to end at P54.50 each on Monday. — A.M.C. Sy

P585-M Pueblo de Oro townhouse project for completion by 2027

REAL ESTATE developer Pueblo de Oro Development Corp. said it has invested P585 million in La Aldea del Rio townhouse, its latest addition to its portfolio in Cagayan de Oro City.

The 435-unit townhouse, situated on a 4.3-hectare land, is targeted for completion by 2027 with a P585 million investment cost,  Pueblo de Oro told BusinessWorld via e-mail last week.

La Aldea del Rio, situated in Barangay Lumbia, is the newest addition to the company’s residential projects including Westwood Storeys, Familia Verde, Lane, Bamboo Lane, The Grove, and Familia Apartments in the city.

The typical lot area spans about 44 square meters.

The company said the project targets middle-income families with kids who would like to have a home accessible to schools and workplaces, specifically near the Uptown Area of Cagayan de Oro.

The price range for a residential home is P2.3 million to P3.6 million, it said.

“La Aldea del Rio is strategically positioned near essential amenities including the Lumbia Barangay Hall, an elementary school, the newly opened Cagayan de Oro City Hospital Lumbia, and the upcoming Gaisano Uptown [Mall],” the company said in a statement.

Among the amenities included are a gated entrance and guardhouse, a multi-purpose hall, a basketball court, and a kiddie playground.

The company said the suggested floor plan accommodates a master bedroom and a second bedroom, with each unit having a provision for a carport.

It also mentioned incorporating a blend of modern design and traditional Asian elements.

Last year, Pueblo de Oro announced plans to allocate P13.5 billion to groundbreaking initiatives within Cagayan de Oro.

Overall, the company earmarked P18 billion in investments for more housing projects in locations including Cagayan de Oro, Batangas, and Cebu.

Meanwhile, properties in Cebu such as Pueblo de Oro Townhomes in Carcar City and Pueblo de Oro Storeys in Townscapes Lapu-Lapu are set to open in the second half of 2024 and the first half of 2025, respectively, the company said in an e-mailed statement on April 15.

The investments in Carcar City and Lapu-Lapu amounted to P1.4 billion and P1.2 billion, respectively, it added.

Pueblo de Oro is the residential development arm of ICCP Group, which has business interests in financial services and property management. — Aubrey Rose A. Inosante

Humanizing layoffs the Filipino way

IGOR OMILAEV-UNSPLASH

Last January, a viral video captured a heart-wrenching layoff experience. Brittany Pietsch posted “POV: You’re about to get laid off.” (Here’s the link for those who haven’t seen it: https://www.tiktok.com/@brittanypeachhh/video/7323004085043612959?lang=en) As an executive coach who helps Filipinos transition after layoffs, I believe her ordeal could have been less painful if Filipino values had been applied during this difficult conversation. Britanny’s struggle serves as a poignant reminder of the human toll behind employment executions.

First, the conversation was scheduled like a 15-minute break. In my experience, good organizations allot 30 to 60 minutes to account for the employee’s emotional reaction and a substantive discussion. Additionally, these organizations often have external coaches or in-house employee assistance programs ready to provide emotional processing and support.

Furthermore, layoffs are very sensitive, and every behavior is magnified. The brief meeting between Brittany, an HR person, and a director illustrated a transactional approach that was devoid of malasakit (genuine concern) for the company’s employees. The executioners, deliverers of the news, could have practiced pakikiramdam, or the ability to sense other people’s emotions, to help her navigate the sensitive situation.

Second, the lack of clarity and transparency exacerbated Brittany’s pain. The director said, “You’ve not met… expectations for performance.” This statement contradicted and undermined the consistent positive feedback she had received from her manager. She did not receive a clear response when she pointed out this dissonance. Instead of leaving her feeling unheard and undervalued, the HR person and director could have applied pakikipagkapwa-tao (the value of relating to others with decency) by treating her with dignity, respect, and kindness.

Third, people who did not know her delivered the news. “Do you, guys, even know… like, who you’re talking to?” she spat out in frustration. Layoffs break the social contract that loyalty and hard work will result in stability of work and pay, and brutally severe the connection between the employee and the company. While the situation is unavoidable and unpleasant, direct managers who are more familiar with the employee can gently untangle the cord that binds the employee to the company. Filipinos have a keen sense of community or bayanihan (communal unity) and for many of us, this value makes the workplace our second family.

Fourth, Britanny was terminated through a virtual call. While it is challenging to have an in-person discussion in the middle of the pandemic or under a fully remote work setup, it is best to meet people being laid off face to face. Face-to-face interactions convey malasakit and galang (respect) in ways that Zoom meetings cannot.

Fifth, the layoff executioners were not ready for Britanny’s emotional outburst. The HR person tried to comfort her by stating, “Nothing we can say or do can make this feel better…” but there was no actual show of empathy. Words like “I understand” are meaningless when the speaker lacks sincerity and fails to acknowledge the emotional toil of being let go. The remark downplayed Britanny’s emotions rather than acknowledged them. Filipinos rarely express anger in conversations like this due to pakikisama (interpersonal harmony through cooperation) and pagiging mahiyain (being shy). However, as a collective society, we often talk about interaction with others through the grapevine (with gossips referred to as Marites). Organizations should aim for malasakit, pakikipagkapwa-tao, pakikisama, pakikiramdam, bayanihan and galang as essential elements for these inevitable conversations.

Everyone involved in layoffs — the victims, the executioners, and the survivors (the ones remaining) — experience the negative impact. And mishandling this delicate interaction through poor communication can worsen the negative effects. The victims may feel unfairly treated and experience low self-esteem and a sense of helplessness. The executioners may feel guilt, anxiety, detachment, and a decline in both physical health and company loyalty. The survivors may experience an erosion of job security, trust, commitment, effort, and satisfaction with the organization.

From a different perspective, there may be situations when an organization must swiftly deliver news. In this case, the organization must involve a direct manager. If a direct manager is not available, the executioner should be a trained manager who exemplifies the above Filipino values.

Brittany’s harrowing experience shows that layoffs should not be an exercise in trimming excess fat, but an opportunity to honor human connections. Leaders can humanize the layoff process by applying Filipino values. Let us remember that laid-off employees deserve dignity, compassion, and understanding.

 

Hannibal George Marchan is an executive coach, facilitator, and instructional designer for Lee Hecht Harrison, Quintegral, and Kaizen Leadership Asia. He is a PhD student and faculty member at De La Salle University.

hannibal.marchan@dlsu.edu.ph

Meralco targets to energize more hyperscale data centers

MANILA Electric Co. (Meralco) said it aims to energize more hyperscale data centers to support the industry.

“Meralco can even provide data center facilities with power supply redundancy through a double feed from an equally reliable power source, resulting in even more outstanding service availability,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho said in a statement on Monday.

“Hyperscale data centers will soon be energized by Meralco,” he added.

In 2023, Meralco energized hyperscale-ready data centers with an initial capacity of 22 megawatts (MW), which can ramp up to 180 MW, according to Meralco Senior Vice-President Ferdinand O. Geluz.

“We now have more than 30 service applications in the pipeline with a total capacity of 1,200 MW,” Mr. Geluz said.

Hyperscale data centers are massive business-critical facilities for companies with major data processing and storage needs.

Mr. Geluz said that Meralco has been providing packaged solutions that cater to hyperscalers and data centers’ needs, including master planning, value engineering, timely energization, energy and demand management, Retail Competition and Open Access day one switch, and renewable solutions.

“In our collective pursuit of advancing and elevating the hyperscale industry landscape of our nation, we pledge to continue providing innovative energy solutions and delivering efficient, value-added services that not only meet but exceed the evolving needs of our dynamic economic environment,” Mr. Aperocho said.

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. — Sheldeen Joy Talavera

Inspired by The Crown, new series explores Gandhi’s early life

IMDB

LONDON — The years of Mahatma Gandhi when he was a shy young man who had yet to become the revered father of a nation are being brought back to life in a historic London pub and other British venues for a new television series.

The producers plan a three-season series based on historian Ramachandra Guha’s biographical books Gandhi Before India and Gandhi: The Years that Changed the World.

Sameer Nair, the managing director of Indian production company Applause Entertainment, says that the extended format “much in the vein of (Netflix series) The Crown” allows greater scope than, for instance, the films on Gandhi’s life.

“This is really a coming-of-age story. It’s a very rich story that few people know about. You know the man, you don’t know the story,” Mr. Nair told Reuters during a break from filming at London’s George Tavern.

The first season, made up of eight episodes, went into production in India at the start of the year and is being filmed in Mumbai and Gujarat as well as Britain.

Directed by filmmaker Hansal Mehta, actor Pratik Gandhi, 44, takes on the title role.

No relation of Mahatma, he has already played his namesake on stage for the last eight years in India.

“Unknowingly, I was prepping for this day,” he said.

Despite the preparation, Pratik Gandhi feels the pressure of conveying the great man. His response is to anchor his performance in Gandhi’s human qualities.

“He was not a born great person. He was not a superman or superhuman,” he said. “All these experiences of his life made him what he became. And those capabilities are there in each one of us.”

Director Mehta says the series seeks to engage younger audiences. They could be drawn by the decision to cast British actor Tom Felton, known for his performances in the film adaptations of the Harry Potter books.

Mr. Felton plays Josiah Oldfield, who became a friend of Gandhi when he studied law in London.

The actor, 36, said he could not resist the role.

“Clearly the world would look very different without him. To be part of realizing why he became the way he became and how his actions were, it was pretty much a no-brainer for me to say ‘yes, I’d love to be part of this’,” he said. — Reuters

Security Bank readies dollar bond issuance

SECURITY Bank Corp. on Monday began a series of fixed income investor meetings for a possible offering of Regulation S dollar-denominated senior unsecured notes, it said on Monday.

The lender has mandated MUFG and UBS as the joint global coordinators to arrange the meetings for the potential issue, along with Standard Chartered Bank and SB Capital as joint bookrunners, Security Bank said in a disclosure to the local bourse.

“A Regulation S offering of US dollar-denominated senior unsecured notes… may follow, subject to market conditions,” it said.

“The notes are expected to be rated Baa2 by Moody’s,” Security Bank added.

The bonds will be issued out of the bank’s $1-billion medium-term note program established on Aug. 29, 2018.

The bank’s most recent issuance under the program was made in September 2018, from which it raised $300 million from five-year notes.

Security Bank’s net income declined by 13.74% to P9.105 billion last year due to higher expenses and as it set aside more loan loss reserves.

Its shares closed unchanged at P70 each on Monday. — A.M.C. Sy

Philippines slips in Nomad Passport Index

The Philippine passport dropped a notch to 125th out of 199 countries and territories in the 2024 Nomad Passport Index by Nomad Capitalist. The country scored 54, seventh lowest in the East and Southeast Asian region. The Nomad Passport Index measures passport strength based on five factors of travel and global citizenship perception.

 

Philippines slips in Nomad Passport Index

How PSEi member stocks performed — May 6, 2024

Here’s a quick glance at how PSEi stocks fared on Monday, May 6, 2024.


Peso strengthens on US data, weak dollar

BW FILE PHOTO

THE PESO rose on Monday amid a generally weaker dollar and softer-than-expected April US nonfarm payrolls data.

The local unit closed at P57.22 per dollar on Monday, strengthening by 12.5 centavos from its P57.345 finish on Friday, Bankers Association of the Philippines data showed.

The peso opened Monday’s session at P57.20 against the dollar. Its intraday best was at P57.10, while its weakest showing was at P57.28 versus the greenback.

Dollars exchanged dropped to $1.04 billion on Monday from $1.4 billion on Friday.

“The peso appreciated following the softer-than-expected US employment reports in April 2024,” a trader said in an e-mail.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the peso rose amid a weaker dollar.

The dollar was a touch lower on Monday as a soft US jobs report boosted wagers that the Federal Reserve may still cut rates this year, Reuters reported.

Data on Friday showed US job growth slowed more than expected in April and the increase in annual wages fell below 4% for the first time in nearly three years, as signs of labor market cooling raised optimism that the US central bank could engineer a “soft landing” for the economy. 

Markets are now pricing in almost 50 basis points of cuts this year, with a rate cut in November fully priced in.

The Fed held interest rates steady at the conclusion of its two-day monetary policy meeting last week, as expected, but signaled it was still leaning towards eventual rate cuts, even if they may take longer to come than initially expected.

The dollar index, which measures the US currency against six others, was at 105.10, having touched a more than three-week low of 104.52 on Friday. The index is up nearly 4% this year but fell almost 1% last week.

For Tuesday, the trader said the peso could depreciate again due to an expected uptick in Philippine inflation last month.

The trader sees the peso moving between P57.05 and P57.30 per dollar, while Mr. Ricafort expects it to range from P57.10 to P57.30. — A.M.C. Sy with Reuters