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Alternergy secures initial P3.3B from RCBC for Alabat Wind

ALTERNERGY Holdings Corp. has drawn P3.256 billion from its P5.3-billion project loan facility with Rizal Commercial Banking Corp. (RCBC) to partially fund the development of its 64-megawatt (MW) Alabat Wind Power Project in Quezon province, the energy company said on Monday.

“We are grateful to RCBC for this initial release of project funding for our Alabat Wind Project, coming soon after RCBC’s release last month of P800 million for our Balsik Solar project,” Alternergy President Gerry P. Magbanua said in a media release on Monday.

The drawdown is part of the P5.3-billion project finance facility the company secured from RCBC last year.

Under the transaction, Puyat Jacinto & Santos Law acted as the lender’s counsel, while Tantoco Villanueva & De Guzman Law Offices (Tavidell) served as the borrower’s counsel. AFRY Philippines, Inc. (AFRY) was the lender’s technical advisor, and AON was the borrower’s insurance broker, assisting in the successful execution of the drawdown.

The P7.1-billion power project is scheduled for completion by the end of the year, “possibly the first wind project to be completed” under the Department of Energy’s (DoE) Green Energy Program held in 2023.

The Alabat Wind Project is one of five renewable energy projects currently under construction by Alternergy, aligned with its goal of expanding its capacity portfolio to 500 MW by 2026.

Last month, the company said its wind sub-holding company, Alternergy Wind Holdings Corp., was awarded a certificate of authority by the DoE, allowing it to undertake the exploration and assessment of wind resources for the project.

Spanning 6,318 hectares, the prospective project is expected to generate at least 150 MW, forming part of Alternergy’s pipeline of projects beyond its 500-MW target by 2026.

At the local bourse on Monday, shares in the company declined by 0.96% to close at P1.03 apiece. — Sheldeen Joy Talavera

New Star Wars movie with Ryan Gosling set for 2027

Barbie’s Ken, Ryan Gosling, will star in the next Star Wars movie.

LOS ANGELES — Oscar-nominated actor Ryan Gosling will star in a new Star Wars film that will reach movie theaters in May 2027, Walt Disney’s Lucasfilm announced last week.

Star Wars: Starfighter will take place five years after the events of 2019’s The Rise of Skywalker, a Lucasfilm statement said.

The movie is “an entirely new adventure featuring all-new characters set in a period of time that has not been explored on screen yet,” the statement said.

Shawn Levy will direct and production will start in the fall. Mr. Levy directed Marvel’s 2024 Deadpool & Wolverine film and episodes of Netflix’s TV series Stranger Things.

Mr. Gosling has been nominated for three Oscars, most recently for his role as Ken in 2023’s Barbie.

Star Wars is a science-fiction franchise created by George Lucas in 1977 and set in a galaxy far, far away. The Star Wars films have brought in more than $5.1 billion at global box offices. — Reuters

PetroEnergy’s 2024 income soars to P471M

PETROENERGY.COM.PH

PETROENERGY RESOURCES CORP. (PERC) reported a nearly threefold increase in its attributable net income for 2024, rising to P471.82 million from P156.88 million in the previous year.

Revenues grew by 14.45% to P3.45 billion from P3.01 billion, driven by electricity sales, based on the company’s annual report.

In a media release, the company said electricity sales increased by 21% to P2.81 billion from P2.33 billion, supported by additional output from its renewable energy (RE) facilities.

Last year, the company completed and began testing and commissioning the 13.2-megawatt (MW) Phase 2 of the Nabas Wind Power Project in Aklan, the 27-MW direct current (MWdc) Dagohoy Solar Power Project in Bohol, and the 19.6-MWdc San Jose Solar Power Project in Nueva Ecija.

These RE projects offset the 16% year-on-year decline in oil revenues to P520 million from P623 million, resulting from lower crude oil production and prices.

Consolidated net income increased by 89% to P882 million in 2024 from P466 million in the previous year. The company attributed this to the recognition of a paper loss of P514 million and the restatement of its 2023 consolidated net income to P466 million from the previously reported P944 million.

“However, without the paper loss, PERC’s consolidated net income would have decreased by 6.6% due to higher interest expenses related to loans used for the acquisition of shares from EEIPC (EEI Power Corp.) and lower interest income from funds invested in new RE projects,” the company said.

For 2025, PERC is accelerating the completion of its 25-MWdc Bugallon Power Project in Pangasinan and the 40-MWdc Limbauan Solar Power Project in Isabela, both of which are scheduled to begin testing and commissioning in the fourth quarter.

Shares in the company rose by 0.28% to close at P3.61 each. — Sheldeen Joy Talavera

The Philippines’ logistics challenge: Charting pathways forward

FREEPIK

Historically celebrated for its remarkable beauty and biodiversity, the Philippines’ archipelagic geography has emerged as a critical economic challenge. Today, logistics costs consume an alarming 27.5% of the country’s GDP — the highest among ASEAN nations — significantly hindering economic growth, inflating consumer prices, and weakening global competitiveness. In stark contrast, neighbors, like Indonesia and Thailand, have successfully transformed similar geographic hurdles into economic opportunities. Urgent and targeted reforms are essential if the Philippines wishes to avoid further falling behind.

ROOT CAUSES OF THE PROBLEM
The country’s logistics inefficiencies stem from several structural and systemic factors:

Archipelagic Complexity: Distributing goods across over 7,000 islands requires costly and inefficient inter-island shipping. Domestic maritime transport rates often rival or exceed international freight charges, significantly increasing overall costs.

Infrastructure Deficiencies: The country struggles with congested ports, substandard cold chain facilities, and inadequate road networks, all prolonging delivery timelines. Metro Manila’s ports manage 70% of the national container volume, routinely exceed operational capacity, and function at 120%, resulting in chronic delays and inflated costs.

Customs Inefficiencies: The Philippine customs clearance procedures for imports average eight to nine days, compared to Thailand’s one to five days on average.

Regulatory Fragmentation: Overlapping policies and lack of inter-agency coordination stifle competition and limit growth in the logistics sector.

These systemic challenges severely impact both businesses and consumers. Logistics-related expenses currently represent 27% of sales revenues for Philippine businesses — more than double Thailand’s rate of 11%. Consumers bear the brunt, exemplified by Mindanao farmers who face higher costs to transport goods domestically than to export internationally.

LESSONS FROM ASEAN SUCCESS STORIES
Indonesia and Thailand provide valuable blueprints that the Philippines can adopt.

1. Indonesia’s Digital Transformation Blueprint. Indonesia dramatically reduced logistics costs from 24% to 14% of GDP by leveraging digital technologies through its National Logistics Ecosystem (NLE), which was initiated in 2020 through Presidential Instruction. With a target of 8% by 2045, the NLE includes the following reforms:

• Port Automation: Technologies, like RFID tagging and blockchain-driven documentation, significantly cut cargo processing times by 30% at major ports, such as Tanjung Priok.

• Unified Digital Platforms: A comprehensive digital integration of customs, shipping, and warehousing data streamlines administrative procedures and enhances transparency.

• AI-Driven Logistics: Deployment of artificial intelligence (AI) for route optimization reduces trucking fuel costs, while predictive analytics mitigates inventory wastage.

2. Thailand’s Infrastructure Excellence. Thailand boasts of the ASEAN’s lowest logistics costs at 11.1% of GDP, thanks to strategic infrastructure investments and robust policy planning:

• Multimodal Networks: Efficient rail-road-port connectivity ensures quick, congestion-free transportation from Laem Chabang Port to Bangkok and surrounding areas.

• Public-Private Partnerships: Collaborations with private sector giants, like the CP Group, led to advanced cold storage facilities, reducing agricultural spoilage rates by 20%.

• Consistent Policy Direction: A long-term logistics master plan emphasizing port expansions and regulatory simplification has attracted over $10 billion in logistics-focused foreign direct investment (FDI).

PATHWAYS FORWARD FOR THE PHILIPPINES
Drawing on these regional examples, the Philippines should adopt a comprehensive reform agenda built on four key pillars:

1. Accelerate Digitalization

• Establish a National Logistics Platform modeled after Indonesia’s NLE, starting with pilot projects at the Port of Manila, to consolidate customs, shipping, and warehouse data.

• Implement RFID and AI-driven cargo management technologies to reduce cargo handling times by up to 40%.

2. Enhance Infrastructure through Public-Private Collaboration

• Expedite projects under the “Build Better More” initiative, prioritizing significant port enhancements, such as the $1-billion New Manila International Airport.

• Develop integrated multimodal transport corridors, notably connecting agricultural producers in Luzon to consumer markets in the Visayas and Mindanao, potentially cutting transport costs for agricultural goods by at least 25%.

3. Implement Regulatory Reforms

• Adopt a single-window digital customs system, emulating Thailand’s model that slashed clearance times to under 24 hours, aiming for the digitalization of 90% of customs processes by 2026.

• Revise restrictive cabotage laws to encourage FDI and competition in domestic maritime transport, thus reducing inter-island shipping costs.

4. Build Climate-Resilient and Sustainable Supply Chains

• Construct disaster-resistant warehousing infrastructure modeled after Indonesia’s flood-resistant facilities to protect supply chains from frequent climate disruptions.

• Introduce incentives for sustainable logistics practices, promoting electric vehicles and solar-powered storage facilities, inspired by Thailand’s successful $500-million green logistics fund.

PROMISING INITIATIVES IN THE PHILIPPINES
1. Mandatory e-Invoicing for Customs. Implementing mandatory e-invoicing for customs in the Philippines, set to begin by March 2026, has the potential to reduce logistics costs significantly. This initiative introduces a pre-border technical verification and cross-border electronic invoice system to streamline customs processes and improve supply chain efficiency. While this initiative shows promise, some challenges must be resolved for its full impact:

• Digital Infrastructure: The success of e-invoicing depends on robust broadband connectivity across the country. The government’s ongoing Philippine Digital Infrastructure Project aims to address this gap by expanding high-speed internet access nationwide.

• Adoption by Stakeholders: Ensuring that all stakeholders — large taxpayers, e-commerce firms, exporters, and customs brokers — are prepared for compliance is crucial. Training programs and technical support will be needed to facilitate a smooth transition.

2. Luzon Economic Corridor. The Luzon Economic Corridor (LEC) Initiative is a trilateral economic development project launched by the Philippines, Japan, and the United States in April 2024, during their first-ever trilateral Summit held at the White House in Washington, DC. The LEC is part of the G7’s Partnership for Global Infrastructure and Investment (PGII) and represents the first such corridor in the Indo-Pacific region.

The LEC aims to enhance connectivity between key economic hubs in Luzon, including Subic Bay, Clark, Metro Manila, and Batangas. It focuses on coordinated investments in high-impact infrastructure projects, such as advanced rail systems to improve regional connectivity and port modernization to streamline maritime trade. The initiative is designed to address logistical bottlenecks that hinder economic efficiency and strengthen interconnectivity between Central Luzon and Calabarzon regions.

CONCLUSION: TIME FOR BOLD AND DECISIVE ACTION
The logistics challenge in the Philippines is undeniably critical, yet it presents an extraordinary opportunity for transformative change. By adopting proven regional strategies — Indonesia’s digital revolution and Thailand’s infrastructural prowess — the Philippines can revitalize its logistics sector, significantly reduce costs, and substantially boost its competitiveness.

The pathways forward require not merely incremental steps but bold, visionary leadership and committed action from policymakers and stakeholders alike. The urgency is clear: the Philippines must seize this moment or risk further economic marginalization in the rapidly advancing ASEAN community. The lessons are evident, and the pathways and planned initiatives are set; now is the time to act decisively to secure a prosperous future.

 

Alfredo E. Pascual is a former president of the Management Association of the Philippines and now an independent director of BDO Unibank. He has served as secretary of Department of Trade and Industry, president of the University of the Philippines, director of Private Sector Operations at the Asian Development Bank, CEO of the Institute of Corporate Directors, and a finance professor at the Asian Institute of Management.

map@map.org.ph

aepascual@gmail.com

LANDBANK posts 67% rise in digital transactions

LAND BANK OF THE PHILIPPINES

LAND BANK of the Philippines (LANDBANK) saw an 67% increase in digital transactions via its online channels last year, it said on Monday.

The state-run lender facilitated 162.28 million digital transactions last year, up from 97.08 million in 2023, it said in a statement.

This translated to a total value of P3.38 trillion, up by 38% from P2.45 trillion the year prior.

“Digital banking is not just about convenience — it’s about inclusion. Through our digital banking channels, we are empowering every Filipino to take control of their finances. Our goal is to make safe, reliable, and convenient banking accessible to all, especially our farmers and fishers, business owners, OFWs, and government agencies,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.

Majority of the transactions were done via the LANDBANK Mobile Banking App (MBA), with the total volume hitting a record 106.82 million last year or nearly double the 55.2 million transactions facilitated in 2023.

“Through the MBA, users can perform a wide range of banking services, including fund transfers, bill payments, and investing in government securities. Among the app’s major enhancements last year was the straight-through account opening feature, which allows customers to open a digital account online via smartphones without visiting a branch,” LANDBANK said.

Meanwhile, in terms of value, LANDBANK’s corporate online banking platform weAccess posted the highest transaction value among its digital channels last year at P1.36 trillion, up by 43% year on year from P952.14 billion in 2023.

The state-run bank’s other digital channels are its online retail banking platform iAccess; its web-based payment channel Link.BizPortal; the Electronic Modified Disbursement System, which is a facility for institutional clients and national government partners; and LANDBANK Bulk Crediting System, which is an electronic bulk disbursement facility.

As part of its ongoing digital transformation, the bank in December last year began its rollout of “phygital” or physical-digital branches, it said.

“These branches showcase a refreshed look, equipped with self-service machines, new queuing and tellering systems, meeting pods, and interactive zones,” LANDBANK said.

The state-run lender is also ramping up its LANDBANKasama Program, through which it aims to provide basic banking services like cash withdrawal, deposit, fund transfers, bills payment, and balance inquiry in underserved areas in collaboration with local cooperatives, associations, rural banks, local government units (LGUs), micro, small, and medium enterprises, and private entities.

“LANDBANK is also pioneering cash-lite ecosystems in key areas, starting with the Province of Batanes. By promoting the use of digital payments and equipping local merchants, residents, students and LGUs with digital financial tools and skills, the initiative promotes the use of cashless transactions as a safer, faster, and more convenient way to manage daily financial needs — ultimately reducing reliance on physical cash and fostering a digitally inclusive local economy,” it said.

“With its digital strategy in full swing, LANDBANK remains committed to accelerating digital transformation and delivering enhanced customer experience across the country — anchored on its mandate to serve the agriculture sector, empower small farmers and fishers, and drive inclusive and sustainable national development for all Filipinos,” it added.

LANDBANK’s net income declined to P35.36 billion in 2024 from P42.07 billion in 2023, its financial statement posted on its website showed. — A.M.C. Sy

Diego Luna feels he will need therapy after farewell to Andor show

Diego Luna in a scene from Andor.

LOS ANGELES — For actor Diego Luna, Season Two of the Disney Plus series Andor, based on the Star Wars franchise, correlates with real-life sociopolitical issues that go beyond the show.

“Oh my God, it’s so pertinent today. But think about it. If it had been ready a year ago, it probably would have been pertinent again,” said Mr. Luna, who plays the show’s lead Cassian Andor, in an interview.

The series is about a community taking control and having a responsibility to be active citizens, Mr. Luna observed. “It’s always a beautiful reminder.”

The second and final season of the acclaimed Star Wars television series will begin streaming on Disney Plus on Tuesday.

This season follows the adventures of rebel agent Cassian Andor as numerous characters come together to create the Rebel Alliance, a staple within the Star Wars movies.

The first season of Andor, created and written by Tony Gilroy, was nominated for best drama series at the Primetime Emmy Awards.

“The writing of Tony Gilroy, it’s always like proving you wrong. When you think, ‘OK, it’s going to go there and he’s going to solve it this way,’ he comes up with an idea that just makes you rethink everything and see it from a perspective you didn’t know it was even possible,” Mr. Luna said.

One unpredictable element is the romantic yet toxic relationship between two Imperial officers, Dedra, played by Denise Gough and Syril, portrayed by Kyle Soller.

After a clip was released online to promote the new season, many fans began “shipping,” or rooting for the two characters to become a romantic couple.

Ms. Gough admitted that until listening to Ben Mendelsohn, the Australian actor who plays antagonist Orson Krennic, she was in the dark about the meaning of “shipping.”

“Ben Mendelsohn was like, ‘It’s like the Love Boat. You’re on the Love Boat,” she said. “So that’s Ben Mendelsohn’s idea of shipping.”

Season Two marks the end of Mr. Luna’s journey as Andor and as executive producer for the series.

“I’m going to need therapy to answer it,” Mr. Luna said when asked how he will say goodbye to his role. — Reuters

Upson International profit climbs on store expansion

UPSON.COM.PH

LISTED information technology and electronics retailer Upson International Corp. posted a 3.7% increase in its net income to P481.5 million last year from P464.2 million in 2023, led by higher revenue and store expansion efforts.

“The increase was attributable to the combined effects of pre-opening costs of the additional 13 stores opened in 2024, and the higher gross margin due to revenue mix and higher product margin rates from increased promotion, including product bundling and price discounts,” Upson said in a regulatory filing.

Consolidated net revenue rose by 14.2% to P11.44 billion from P10.01 billion in 2023 on the back of new store openings.

Upson opened 13 stores in 2024, bringing its total store network to 245. Of the total, 213 are mall-based stores while 32 are standalone branches.

Revenue growth also came from the contribution of new retail subsidiary iStudio Technologies Philippines Corp., which generated P1.5 million last year.

Cost of sales increased by 14.2% to P9.06 billion while operating expenses rose by 14.8% to P1.92 billion.

Upson operates store brands such as Octagon, Microvalley, Gadget King, and Octagon Mobile.

The company offers more than 13,000 stock keeping units as of end-2024 spanning categories such as personal computers, printing, communication, storage, networking, peripherals, components, accessories, and software.

Upson shares were unchanged at 76 centavos per share on Monday. — Revin Mikhael D. Ochave

Political song and dance

PHILIPPINE STAR/NOEL PABALATE

Asked by a broadcast political commentator what he thought of President Ferdinand Marcos, Jr.’s senatorial slate for the 2025 midterm elections, former Senate President Franklin Drilon said with a tinge of disappointment. “It is composed of people who can sing and dance.”

I understand why he feels that way. He spent a total of 24 years in the Senate, nine of them as Senate president. He knows what qualities a senator must have to be able to perform the functions of a senator — craft laws, negotiate treaties, and judge impeached officials.

Well, based on the projections of the credible public opinion pollsters — Social Weather Stations, Pulse Asia, and OCTA Research — the dancers and singers among the current senatorial candidates are likely to win. That is because they are the idols of the bobotantes*, and the bobotantes form the great majority of the Philippine voting population. But as I wrote in my Oct. 8, 2024 column, let us not curse the bobotantes, let us instead campaign against their idols. Let us expose their idols’ limitations for legislative work.

So, let me begin the exposes.

Tito Sotto, also known as Tito Sen, had served a total of four terms in the Senate: from 1992 to 2004 and 2010 to 2022. He ties with Lorenzo Tañada and Franklin Drilon for the record for the longest-serving senator. While his record is not as distinguished as those of Tañada and Drilon, it could be said to be as memorable. Senators Tañada and Drilon are remembered for their profundity, Sotto is remembered for his paltriness.

In his first 12 years in the Senate, Sotto was hardly heard. He broke his silence during the impeachment trial of President Joseph Estrada in 2000 when he cross-examined a witness. He asked, “Can you tell this Court the telephone service provider that you use for your cellphone?” When the witness said, “Piltel,” he asked, “Digital, Analog, GSM?”

Having displayed his knowledge of the then latest technology in cellular phones, he went into a spell of silence again. But when Governor Chavit Singson testified that he brought P130 million to Estrada as a kickback from tobacco farmers, Sotto found the opportunity to get his five-second sound bite in. He asked, “How much does P130 million weigh?”

In his second 12 years in the Senate, Sotto became a bit more talkative. In 2013, he filed a bill that would mandate a 14th month bonus for all employees. He said the existing 13th month pay is not truly a bonus because there are actually 13 months in a year. “There are 52 weeks in a year, divide it by four weeks in a month. Thirteen months.”

In 2017, during the Commission on Appointment (CA) hearing on Judy Taguiwalo’s appointment as Secretary of Social Welfare and Development, Sotto asked her about her status as a single mother. “When you have children and you are single, ang tawag doon ay ‘na-ano lang’ (that is called ‘just got whatever’).” “Na ano lang” is suggestive of a momentary romantic indiscretion. Sotto was deservedly excoriated for his offensive remark.

Senators Tañada and Drilon are also remembered for their statesmanship and resolute independence; Tito Sen is known for his servility and sycophancy to the sitting president. During the impeachment trial of President Estrada, he voted “No” to the opening of an envelope believed to contain damning evidence that would have led to Estrada’s conviction and consequent removal from office.

In the impeachment trial of Chief Justice Renato Corona, he voted “Guilty,” a vote in accordance with President Noynoy Aquino’s initiative. He voted to oust Senator Leila de Lima from the Senate Committee on Justice and Human Rights, a vote in compliance with President Rodrigo Duterte’s directive.

In 1992, Senator Juan Ponce Enrile said he was not seeking reelection to the Senate because he did not relish the thought of debating with the likes of Tito Sotto, who was running for the Senate for the first time. Enrile knew that Sotto was a songwriter and comedian before entering politics.

Manny Pacquiao, like Sotto, is another former senator who seeks a return to the Senate. While Sotto is known for his silence in Senate deliberations, Pacquiao is known for his absence in Senate sessions. In June 2019, the Philippine Senate released data showing Pacquiao as having the worst attendance record among all the incumbent senators. It is a record he also set when he was in the House of Representatives. When he was criticized for his poor attendance record, he responded with, “I don’t just sit around making laws like others.”

In 2014, Pacquiao came to a PBA basketball game straight from a big fight abroad. “It’s amazing that he made it here. What a man!” gushed Tim Cone, coach of the team that beat Pacquiao’s team. “What a shame!” should have been the appropriate comment. Pacquiao should have returned instead to the halls of Congress as he was then the representative of Sarangani Province.

During his six years in the House of Representatives, he filed 20 bills, none of which passed beyond committee deliberations. Only four bills out of the 31 he filed as a senator were enacted into laws.

Like Sotto, Pacquiao is known for his servility and sycophancy. It was he who moved that the Senate declare the chairmanship and membership of the Senate Committee on Justice and Human Rights vacant. That led to the removal of Senator De Lima, President Duterte’s thorn, from the committee. He defended Paolo Duterte, son of Rodrigo Duterte, from allegations of being behind the P6.4-billion shipment of illegal drugs from China into the Philippines.

Pacquiao will most probably go down in history as the only senator of any country to win a title in any sport. Not because no senator of any country is athletic enough to win a sports title, but because no member of what is called the august body will disrobe down to his shorts before thousands of screaming fans to fight for prize money. Oh yes, he is a singer, too. He gives concerts right after his fights.

Another bobotante idol is Senator Bong Revilla who is running for re-election. His campaign message highlights his major accomplishments — the law requiring motorcycle riders to wear helmets and the law allowing students with unpaid tuition fees to take exams.

While he has served multiple terms like Sotto, his stint in the Senate is remembered more for his involvement in the Napoles pork barrel scam, which led the Sandiganbayan to issue an arrest warrant against him. He spent four years in detention.

He was acquitted of plunder and released in December 2018, but was required to return to the government P124.5 million in civil liability. He, however, has yet to return the amount.

In 2019, he ran for senator again. His campaign was no more than his dancing the “budots” before crowds. As he explained to journalists after winning, the less he talked, the less mistakes he made.

The son of actor-senator Ramon Revilla, Sr., Bong himself became an action star after finishing high school in 1982. His tremendous success as an actor made it unnecessary for him to earn a college degree.

Lito Lapid, like Bong Revilla, is an actor, a senator who has served several terms, is seeking re-election, and has been accused of graft. Unlike Revilla he was not involved in the Napoles pork barrel scam. He was, however, charged for his alleged involvement in the 2004 Fertilizer Fund scam while he was governor of Pampanga. The case was dismissed in 2016 by the Sandiganbayan due to the “inordinate delay” in the investigation.

Like Revilla, Lapid went into acting after completing high school. He graduated from stuntman to action star. His success in the film industry wiped out any thought of further studies beyond high school. That may account for his silence in the Senate Hall. He did author two laws — the law that ensures the poor of free legal service, and the law that requires the labeling of meat.

Running for the Senate for the first time is Willie Revillame, host of numerous variety shows where he sings and dances. He is widely known for his acts of charity, often giving away his trademark jackets, stacks of cash, and other prizes to audience members, participants, and individuals through his television programs and outdoor events.

President Duterte had repeatedly advised Revillame to run for senator, but he declined, giving as his reason his lack of qualification for lawmaking as he is not a lawyer. Also, he would like to focus on his current TV show, Wowowin.

But he has finally given in to the lure of the prestige, privileges, and perks of membership in the Senate. Asked about his previous concerns of lack of experience, he said it is enough for one to have a “heart open to helping others.”

Philip Salvador is another film and television actor who is running for senator. He had run for public office before, first for vice-mayor of Mandaluyong in 2001, and then for vice-governor of Bulacan in 2016. He lost in both campaigns.

In 2006, a businesswoman with whom he had a relationship filed a complaint of estafa against him. He was found guilty by a Las Piñas trial court and sentenced to 20 years in prison. As of January 2009, the case has been pending appeal with the Court of Appeals. On Jan. 21, 2009, Salvador got involved in a road rage incident. He beat up a bus driver who nearly hit his car. He later apologized.

He is the father of Joshua, the result of a romantic affair with Kris Aquino during the shooting of a movie in which the two starred. According to reports quoting Aquino, Joshua gets no financial support from him.

So, fellow advocates of good government, join my negative campaign against the dancers and singers running for senator.

*Bobotantes: a portmanteau of “bobo” or “stupid” and “botantes” or “voters.”

 

Oscar P. Lagman, Jr. has been a keen observer of Philippine politics since the 1950s.

Yields on BSP securities inch up even as offer goes oversubscribed

BANGKO SENTRAL NG PILIPINAS

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities inched higher on Monday, with both tenors being oversubscribed.

The BSP securities auctioned off on Monday fetched bids amounting to P124.432 billion, higher than the P120-billion offer but below the P153.009 billion in tenders for the P130-billion offering at the previous auction. The central bank made a full award of the bills.

Tenders for the 28-day BSP bills reached P40.817 billion, slightly above the P40-billion offer but lower than the P41.684 billion in bids for the P50 billion placed on the auction block on April 11. The central bank made a full P40-billion award of the tenor.

Banks asked for yields ranging from 5.65% to 5.849%, narrower than the 5.645% to 5.85% band previously. This caused the average rate of the one-month securities to edge up by 0.08 basis point (bp) to 5.779% from 5.7782%.

Meanwhile, bids for the 56-day bills amounted to P83.615 billion, higher than the P80-billion offering but below the P111.325 billion in tenders for same volume offered at the previous auction. The BSP likewise made a full P80-billion award of the two-month securities.

Accepted rates for the two-month tenor were from 5.65% to 5.8%, narrower than the 5.6125% to 5.816% margin seen in the prior auction. With this, the average rate of the securities rose by 1.18 bps to 5.7548% from 5.743%.

The auction date for the BSP bills was adjusted due to the Holy Week holidays last week.

The central bank decreased the total volume offering for BSP bills from the previous week, it said in a statement.

“Total tenders received amounted to P124.432 billion, lower than P153.009 billion in the previous week. The resulting bid-to-cover ratios were 1.02 times for the 28-day tenor and 1.05 times for the 56-day tenor,” it said.

The central bank uses the BSP securities and its term deposit facility to mop up excess liquidity in the financial system and to better guide short-term market rates towards its policy rate.

The BSP bills also contribute to improved price discovery for debt instruments while supporting monetary policy transmission, the central bank said.

The central bank securities were calibrated to not overlap with the Treasury bill and term deposit tenors also being offered weekly.

Data from the central bank showed that around 50% of its market operations are done through the short-term BSP bills.

The BSP bills are considered high-quality liquid assets for the computation of banks’ liquidity coverage ratio, net stable funding ratio, and minimum liquidity ratio.

They can also be traded on the secondary market. — Luisa Maria Jacinta C. Jocson

Philippines improves in international intellectual property list

The Philippines rose one rank to 36th out of 55 economies with an overall index score of 40.17% in the 13th edition of the International Intellectual Property (IP) Index by US Chamber of Commerce’s Global Innovation Policy Center. However, the country’s overall score fell below the Asia average score of 54.67%. The index evaluates the IP systems of the economies and reveals trends in global IP protection.

Philippines improves in international intellectual property list

Filipino coworking office provider GreatWork eyes int’l market

GREATWORKGLOBAL.COM

GREATWORK Global Workspaces, a Filipino coworking and serviced office provider, said it plans to expand nationwide and open its first international branch within two years.

“GreatWork is eyeing to make its first international expansion, being the first Filipino-owned to go global,” GreatWork Director Jettson P. Yu told BusinessWorld last week.

“We’re expanding GreatWork over the next 24 months in strategic locations across key cities and provinces nationwide,” he said.

GreatWork provides build-to-suit private offices, coworking spaces, meeting rooms, and virtual office addresses. It currently has three branches: two in Quezon City and one in Mega Tower, Mandaluyong City.

“We focus on where there is organic demand. So, we’re currently in talks with building owners who have one or two floors that are unproductive and want to make them productive,” Mr. Yu said.

Launched in 2018, the company has outgrown its pre-pandemic sales, posting a 736% absolute growth rate, according to German online data platform Statista.

The company also handles its own construction, sourcing materials and furniture directly, which helps reduce its costs by up to 30%, Mr. Yu said.

“In Metro Manila, the average cost for a Grade B standard office is around P30,000 to P32,000 per square meter. GreatWork can give it to you for P19,000 to P24,000,” he added.

Its tech-powered, modern workspaces feature ergonomic furniture, natural lighting, Wi-Fi connectivity, power sockets, and coffee sourced from local farmers.

GreatWork’s clients range from government tenants to freelancers and multinational firms such as PricewaterhouseCoopers, Concentrix, and IBM.

At present, its three branches have an average occupancy rate of 92%, Mr. Yu said, and the company is targeting full occupancy this year. — Beatriz Marie D. Cruz

Secrets of the Penguins to be premiered on eve of Earth Day

LONDON — Years of filming, often in extreme conditions, has provided new insights into the extraordinary challenges endured by penguins for a documentary series to be premiered on Monday, the eve of Earth Day.

Secrets of the Penguins is voiced by US actor Blake Lively and hosted by National Geographic explorer Bertie Gregory, who hopes to engage the widest possible audience with the natural world.

He says filming that included 274 days on the Ekström Ice Shelf in Antarctica, home to around 20,000 emperor penguins, as well as in locations from Cape Town in South Africa to the Galapagos Islands, led to discovering “new penguin secrets.”

“I have filmed penguins a lot before,” he said. “I thought I knew penguins. I was so wrong.”

The three-part series, to be screened on Disney+ on Monday, and on Nat Geo Wild on Tuesday, in all took more than two years to film.

The highlights include penguin chicks jumping off a 50-foot (15-meter) ice cliff in order to dive into the sea for the first time in their young lives.

“As soon as the first one went… they all started to jump. It was an amazing moment to witness,” Mr. Gregory said, adding the exploit has never been broadcast before.

“They’re the only animal in the world to raise their young during the Antarctic winter. It is the coldest, darkest, windiest place on Earth,” he said further.

Mr. Gregory says the significance goes beyond any one species.

“We should want to look after penguins, not just because it makes us feel warm and fuzzy inside, but because we need healthy, wild places for so many things,” he said.

The 31-year-old explorer has two Daytime Emmy Awards for the series Animals Up Close with Bertie Gregory and a BAFTA Television Craft Award for shooting British naturalist David Attenborough’s Seven Worlds, One Planet.

He does not see himself taking on the mantle of the 98-year-old Attenborough, who is still at work. “He’s one of a kind,” Mr. Gregory said. “There is no replacement.” — Reuters