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Coin deposit machine collections hit P649M

PHILSTAR FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas’ (BSP) coin deposit machines (CoDMs) collected currency valued at P648.9 million as of April 15, it said on Monday.

This was 12.4% higher than the P577.42-million worth of coins collected in the same period a month ago, the BSP said in a social media post.

The central bank said a total of 179.64 million pieces of coins were deposited in the machines, up by 10.7% from 162.31 million a month prior.

There were also 161,725 transactions made through the machines as of April 15.

The BSP and its retail partners launched the deposit machines in June 2023 to help promote efficient coin recirculation in the country.

The initiative aims to address the artificial coin shortage in the financial system and help ensure that only fit and legal tender currency is available for public use.

All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDMs. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machines.

The value of coins deposited in CoDMs may be credited to an individual’s e-wallet account or converted into shopping vouchers.

In February, BSP Deputy Governor Bernadette Romulo-Puyat said the central bank wants to roll out another 25 deposit machines this year.

There are currently 25 deposit machines available in the Greater Manila Area. They can be found in select retail establishments of the SM Store, Robinsons Supermarket and Festival Mall. — Luisa Maria Jacinta C. Jocson

Damosa Land plans Kahi Estates in 5-ha property in Davao City

COMPANY HANDOUT

Real estate developer Damosa Land, Inc. (DLI) plans to launch a subdivision project in Davao City next month, aiming to highlight the company’s sustainability initiatives.

A new project called Kahi Estates is set to be built on a five-hectare (ha) property situated on Libby Road in Puan, Davao City, DLI President Ricardo “Cary” Lagdameo said in an interview.

The project focuses on wellness and multigenerational living, integrating modern Filipino architecture, DLI said.

It will be an open-lot subdivision with only 42 lots available for sale. The lot area will range from 550 to 600 square meters.

“We will be building a model house. Not necessarily for sale to all of our buyers but we wanted to build a house that would be a showcase to our homeowners as to what they can do in their lots,” Mr. Lagdameo said.

The company worked with urban planner Architect Felino “Jun” A. Palafox, Jr. on the project’s planning.

“What makes the project special to us is we really want to showcase our sustainable initiatives. A five-hectare subdivision but it would tap so many positive green attributes. For instance, the green open space. In the five hectares we only have 42 lots available for sale,” he said on Thursday.

The project integrates green and sustainable technology, aligning with innovative concepts that combine agriculture and residence.

Mr. Lagdameo described the house as incorporating several sustainability features. It is designed to maximize airflow and utilizes vegetation for landscaping. The roof shape facilitates rainwater catchment.

The project has preserved the existing fruit-bearing trees on the property.

Other sustainable features include green spaces, tree-lined streets, restoration of native ecological communities, provision for vegetable gardens, butterfly roof design for rainwater harvesting and solar power integration, recycling of steel products, and construction of detention ponds.

“We will be using as much of whatever is inside the property as possible,” Mr. Lagdameo said.

“As soon as we secure all the necessary permits, we are hopeful to start the site development in a few months. We are ready to go with site development the moment that we get our development permit,” he added. — Maya M. Padillo

Are gentlemen’s agreements and treaty withdrawals presidential prerogatives?

As China has been repeatedly citing a supposed gentleman’s agreement between then President Rodrigo Duterte and Chinese President Xi Jinping to maintain the status quo in Ayungin Shoal, where the BRP Sierra Madre had been run aground to serve as the country’s outpost in the West Philippine Sea, Defense Secretary Gilbert Teodoro, Jr. urged Filipinos early this month not to lose sight of China’s illegal activities in the West Philippine Sea (WPS).

He said, “While we realize that accountability is important in the issue on whether or not a so-called ‘gentleman’s agreement’ was forged with China regarding the BRP Sierra Madre and Ayungin Shoal, we Filipinos must not lose sight of the fact that the main threat to our rights in the WPS is the Chinese Government’s illegal activities. Let us not fall into the trap set by Chinese propaganda of refocusing the debate on a so-called promise while deflecting attention away from China’s government, thereby freeing and allowing them to continue with their illegal activities in our EEZ.”

But a couple of days later, Harry Roque, former spokesman of President Duterte, said that President Duterte and Chinese President Xi Jinping did strike a “gentleman’s agreement” to maintain the status quo in Ayungin Shoal. The deal involved allowing limited resupply missions to BRP Sierra Madre so that the soldiers stationed there would have food and water.

Bringing of construction materials to the decrepit BRP Sierra Madre was not allowed though as that was considered tantamount to building permanent structures in Ayungin Shoal, which China calls Ren’ai Jiao. But Mr. Roque did say the agreement was non-binding.

However, former President Duterte denied on April 11 that he had entered into a “gentleman’s agreement” during his term as president. He said such is not a practice of the president. “There is no agreement, as is where it is,” he said. He added that the only thing he remembered when he spoke with Xi Jinping was that armed patrols would not be seen moving in the West Philippine Sea to avoid tension and war.

But on April 11, the Chinese Embassy confirmed the existence of a “gentleman’s agreement” between President Duterte and President Xi Jinping regarding the BRP Sierra Madre in Ayungin Shoal.

The embassy posted on its website, “In order to manage the Ren’ai Jiao situation, during the Duterte Administration, China and the Philippines reached a Gentleman’s Agreement, which had effectively helped maintain the overall peace and stability at Ren’ai Jiao. In the beginning of the current Philippine Administration, the said Agreement was still followed in handling the resupply mission of Ren’ai Jiao. But since February 2023, the Philippine side has ceased to abide by the Agreement, categorically denied its existence, and kept stirring up trouble to provoke incidents. This is the reason behind the constant volatility in Ren’ai Jiao in the past year,” it added.

China has stepped up its aggressive activities in the West Philippine Sea in recent months. Philippine boats on a resupply mission to the BRP Sierra Madre have been blocked by Chinese Coast Guard vessels. Some of them have fired water cannons at Philippine boats en route to BRP Sierra Madre. The Chinese embassy said “It has no choice but to take all necessary measures to safeguard its own sovereignty and territorial integ-rity. We would like to once again urge the Philippines to honor its promises and consensus reached, stop provocations and return to the right track of dialogue and consultation.”

With the Chinese Embassy confirming the existence of a gentleman’s agreement between the two presidents, former president Duterte then admitted that he had agreed to maintain the status quo in the West Philippine Sea. “Aside from the fact of having a handshake with President Xi Jinping, the only thing I remember was status quo. That’s the word — no movement, no armed patrols there,” he said.

He said the deal involved not bringing construction materials for the repair and upkeep of the BRP Sierra Madre in Ayungin Shoal. He added that despite the verbal agreement, “We have not conceded anything to China.”

President Ferdinand “Bongbong” Marcos was “horrified” when informed that the Chinese Embassy was invoking a “gentleman’s agreement” entered into by President Duterte. Said he, “I am horrified by the idea that we compromised through a secret agreement the territory and the sovereign rights of Filipinos. If that agreement says we have to ask permission from other countries in order to navigate our own territory, that kind of agreement would probably be difficult to follow.”

He need not agonize over it. Mr. Roque, who taught constitutional law and public international law, has said the agreement is not binding. Senate Minority Leader Aquilino Pimentel III. who topped the 1990 bar exams, said the agreement was unconstitutional and should not be binding on the Philippine government. “A single Filipino, no matter his position in the government, cannot bind the country in an informal, unwritten [and] unrecorded agreement,” he added.

Besides, President Marcos, Jr. can disregard totally Mr. Duterte’s agreement with Xi Jinping. As he himself has claimed, the president is the main architect of foreign policy. He is the president now. President Duterte unilat-erally withdrew the Philippines from the International Criminal Court (ICC), when membership in that body had to be ratified by the Philippine Senate.

In 2000, then President Joseph Estrada signed the Rome Statute, the treaty that established the ICC. However, the Philippine Senate failed to ratify the treaty. In 2005, human rights advocates petitioned the Supreme Court to move forward with the ratification of the treaty. But only in 2011, after civil society and many government instrumentalities advocated for ratification and enlisting public support during the presidency of Benigno Aquino III did the Senate ratify the Rome Statute.

Senator Miriam Defensor Santiago, Rapporteur on the Bill and chairperson of the relevant Sub-Committee, and Senator Loren Legarda, Chairperson of the Foreign Relations Committee, played a fundamental role in bringing about a decision supporting the treaty. The other senators who signed the ratification of the Rome Statute that created the ICC were current senators Alan Peter Cayetano, Pia Cayetano, Aquilino Pimentel III, Miguel Zubiri, Francis Escudero, Jinggoy Estrada, and Bong Revilla.

Senator Legarda hailed the Senate “in wasting no time in putting its stamp of approval on the treaty after President Aquino’s signing of the instrument of ratification.” She deposited the Instrument of Ratification with the UN Office of Legal Affairs in New York on Aug. 31, 2011. She manifested that this “is a step in the right direction, considering that the Philippines is a thriving and robust democracy. This will strengthen our stand in protecting human rights, including the right to human life and dignity, and will bring a strong message that we will never tolerate impunity.”

But on March 17, 2018, then President Rodrigo Duterte announced the withdrawal of the Philippines from the ICC, one month after the Prosecutor of the ICC, Fatou Bensouda, announced the start of a preliminary examina-tion in the Philippines which would look, inter alia, into alleged crimes against humanity committed in the country, including the possible criminal responsibility of Duterte himself.

A petition filed by opposition senators with the Supreme Court argued against the unilateral decision of the President to withdraw from an international treaty, stating that as it is “equivalent to a repeal of a law,” which would require congressional approval. But the United Nations Secretary General set March 17, 2019 as the end of the one year “transition” period for the Philippines’ final exit from the ICC (per Article 127 (1) of the Rome Stat-ute). Thus, the Philippines ceased to be a member of the ICC on March 18, 2019.

If President Duterte could unilaterally withdraw the country from an international treaty, President Marcos can disregard Mr. Duterte’s personal commitment.

 

Oscar P. Lagman, Jr. is a keen observer of Philippine politics.

Taiwan president congratulates Taiwanese queen for winning Drag Race

Nymphia Wind 🍌 妮妃雅 瘋 (@66wind99) • Instagram photos and videos )

TAIPEI — Taiwan President Tsai Ing-wen on Saturday offered her congratulations to the Taiwanese drag queen Nymphia Wind for winning RuPaul’s Drag Race, the first person from East Asia to take the crown.

Ms. Tsai and her ruling Democratic Progressive Party (DPP) have championed LGBTQ+ rights making the island a bastion of liberal values, and in 2019 Taiwan legalized same sex marriage in a first for Asia.

“Congratulations to you, Nymphia Wind, for being so accomplished in the difficult art form of drag, and for being the first Taiwanese to take the stage and win on RuPaul’s Drag Race,” Ms. Tsai wrote on Instagram in English.

“Right after being crowned queen, you said ‘Taiwan, this is for you.’ Taiwan thanks you for living fearlessly,” she added. Taiwan’s capital Taipei hosts East Asia’s largest Pride march every October. Last year, vice-president Lai Ching-te, who won election as Taiwan’s next president in January, marched at Pride becoming the most senior government leader ever to attend.

Nymphia Wind was already a well-established artist on Taiwan’s thriving drag scene, often wearing over-the-top outfits inspired by bananas, and has done shows at Taiwanese temples and photo shoots at wet markets dressed as a banana.

Stars from Drag Race, which has just ended its 16th season, also come to Taiwan to perform.

Taiwan’s openness on LGBTQ+ issues stands in marked contrast with its giant neighbor China, which claims the island as its own territory.

While same sex relations are not illegal in China, same sex marriage is, and the government has been cracking down on activists and depictions of LGBTQ+ people in the media. — Reuters

On nuclear energy, LFSCOE, and the red-yellow alerts

Since I will cover three energy topics in this piece, I will focus on the data and shorten the discussion.

RISE IN NUCLEAR POWER USE AND HIGH GROWTH
Nuclear energy — having the highest energy density, a high capacity factor, and least cost of fuel per kilowatt hour (kwh) of generation — shows that it can help sustain high growth of an economy, among various factors and drivers of economic growth. This is shown in the cases of China, South Korea, India, and Pakistan. Meanwhile, adding more intermittent wind and solar power contributes to slow growth, if not degrowth and deindustrialization. Clear cases of this are shown by the United Kingdon and Germany.

For Table 1, I have grouped the countries into Group A (denuclearizing countries), Group B (fluctuating use), and Group C (countries with rising nuclear energy use).

LEVELIZED FULL SYSTEM COST OF ELECTRICITY
I tackle this since I went through a study, “Levelized Full System Costs of Electricity” (LFSCOE) by Robert Idel, in Energy 259 (2022), published by Elsevier.

The common measurement of economic and energy efficiency of various power sources is the Levelized Costs of Electricity (LCOE) which summarizes different ratios of fixed to variable costs into a single cost metric. But this measurement does not consider the intermittency (or instability, unreliability) and non-dispatchability on demand of renewables. So, a more realistic measurement was created, the LFSCOE.

Under LCOE (where storage cost and backup power are not incorporated), solar and wind power appears “cheap,” only $36-$40/Megawatt hour (MWh). But when storage and related costs are included, the cost of solar jumps to $1,380/MWh in Germany and $413/MWh in Texas.

The capacity factor or actual electricity generation per megawatt of installed power are lowest for solar (only 1.5% in Germany and 10.4% in Texas and hence, unreliable if not dangerous for energy-intensive industries and sectors (see Table 2).

This further explains why countries that added more wind and solar power in their grid are experiencing crawling or stunted growth. Like the United Kingdom and Germany.

YELLOW AND RED ALERTS
Last week, from April 16-18, the Luzon and Visayas grids experienced a prolonged series of yellow and red alerts. The main reason was high electricity demand due to extremely hot weather and cloudless skies almost daily, and the decline of the power supply due to the unscheduled shutdowns of several power plants plus the de-rating of other plants like hydro. In Table 3 are the relevant numbers from the Independent Electricity Market Operator of the Philippines (IEMOP).

In a press conference last Friday, April 19, Energy Secretary Raphael EM Lotilla thanked the various energy stakeholders and the public “for their cooperation in avoiding power interruptions despite the red and yellow alerts that were declared (due) to thin reserves.” He reiterated the need for energy conservation by consumers, mentioned the role of the Interruptible Load Program (ILP) by Meralco and many other distribution utilities and electric cooperatives to augment overall power supply, and the possibility of rain seeding in coordination with the Agriculture Department.

The Energy Regulatory Commission (ERC) also released a statement on April 18 where Chairperson Monalisa Dimalanta emphasized the importance of having “a steady and adequate power supply to meet consumer demands and the grid’s regulating requirements… We have directed power plant operators to submit to the Commission their estimated timelines for the resumption of their operations, and we will continue to monitor their timely compliance.”

The ghost of big blackouts of 1990-1992 continues to hound us after more than three decades. This is not good. As a developing country aspiring to industrialize and have sustained growth, we should focus on high-growth targets, not high-renewables targets. All our efforts to attract foreign and domestic investments (FDIs) will be endangered if investors see the dangers of regular yellow and red alerts.

 

Bienvenido S. Oplas Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

RCBC consumer loans may hit P160B

PHILSTAR FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) is expecting its consumer loan portfolio to reach P160 billion this year from P126 billion in 2023, driven by targeted campaigns and “innovative” programs.

“As the unit with the highest growth target among RCBC’s business units, the consumer lending group aims to increase its share of growth even further,” RCBC Consumer Lending Group Head Ramil M. De Villa said in a statement on Monday.

RCBC will use analytics to conduct targeted selling, it said.

It also plans to introduce new loan products, upgrade its existing loans management system, and further improve processes and internal sales growth, it added.

“Furthermore, the company’s monthly booking has recorded a 117% year-on-year increase, from P2.482 billion in January 2023 to P5.4 billion in January 2024,” RCBC said.

It added that auto and housing loans saw strong growth in their share in the bank’s total loan portfolio, in addition to credit cards, personal loans, and salary loans.

RCBC’s total loans grew by 16.78% to P643.68 billion last year from P551.21 billion in 2022, its financial statement showed. Of this, consumer loans grew by 29%, driven mainly by credit cards and housing loans.

“That’s how aggressive we are growing the business. We intend to sustain our momentum this year through our strong synergy with one of our biggest shareholders, SMBC (Sumitomo Mitsui Banking Corp.). SMBC has a specific interest in consumer loans,” Mr. De Villa said.

SMBC is the commercial banking arm of Japan’s Sumitomo Mitsui Financial Group.

SMBC increased its shareholdings in RCBC in 2023 to 20% from 4.999%, infusing P27.126 billion in new core equity Tier 1 capital into the bank.

The capital infusion is part of RCBC’s capital-raising plan to support long-term and sustainable asset growth and investments in technology, cybersecurity, and human resources.

RCBC’s attributable net income rose by 1.14% to P12.218 billion in 2023 on the back of higher loans and deposits. — A.M.C. Sy

Netflix slips as move to end sharing subscriber count raises growth doubts

REUTERS

NETFLIX shares fell on Friday as its plan to stop sharing subscriber numbers from 2025 stoked growth worries, with analysts warning that rivals may follow the step by scrapping the key metric on the streaming industry’s health.

Subscriber additions have long been watched by investors and Wall Street analysts to evaluate how companies, including Netflix, Walt Disney Co., and Warner Bros. Discovery, are faring in the streaming wars.

But after three quarters of blockbuster growth in subscribers, streaming pioneer Netflix said late on Thursday it would stop reporting the figure to focus more on revenue and profitability.

“Industries tend to work in unison and if one of the leading players decides it is better that investors judge performance on different measures, rivals might adopt the same logic,” said Dan Coatsworth, investment analyst at AJ Bell.

The move comes as some analysts raised concerns about how Netflix plans to maintain growth after its password-sharing crackdown, which helped it add 9.3 million new customers in the first quarter.

There are signs that streaming growth is saturating in the US as it halved in 2023, data from research firm Antenna showed in February.

“While this is partially a sign of Netflix’s unrivaled market share, it also raises questions about the streamer’s ultimate ceiling in the current landscape,” said Brandon Katz, entertainment industry strategist for Parrot Analytics.

Netflix’s stock fell 7.3% to $565.85, its largest drop since July, as its revenue forecast for the second quarter was below estimates. If losses hold, its market valuation was set to fall about $19 billion.

Netflix has said it plans to fuel future growth by working to improve the variety and quality of its entertainment and scale its advertising business.

Wolfe Research said the streaming giant could enter the bidding for NBA media rights, which marks a big change from its strategy of focusing on sports entertainment — content such as Formula One docuseries Drive to Survive and WWE.

“Netflix leaps from subs to engagement (and less disclosure) at a pivotal moment: the NBA’s media rights sale. Will Netflix spend $1-3B for some of the NBA’s media rights? We think so. Sports is the biggest slice of the pay TV pie, and Netflix can accelerate sports brands’ globalization.” — Reuters

Haus Talk, Inc. breaks ground for townhomes, condo dev’t in Antipolo

Listed property developer Haus Talk, Inc. (HTI) has broken ground for two residential projects in Antipolo City.

These projects are Hammond, a 1.6-hectare economic complex of single-attached townhomes, and Ellery Homes, a two-building condominium, the company announced last week.

Both developments are situated across from each other in Barangay Hinapao, Antipolo.

Hammond is expected to be completed by 2026, while construction for Ellery Homes will begin in July 2024, Haus Talk Head of Corporate Planning and Investor Relations Francis R. Madlambayan said in an e-mailed statement on Monday.

“HTI promises to deliver the same design aesthetic and community planning that have made previous Haus Talk projects like Celestis 1 & 2 and Eastview 3 sell out quickly,” the company said in a disclosure to the stock exchange.

The 161-unit Hammond will be sold at a base price of P3.6 million per unit. The four-storey Ellery Homes buildings, comprising a total of 144 units, will be offered for P1.8 million each.

Mr. Madlambayan said that the company pursued vertical development to align with the national government’s initiative to increase economic and affordable housing options.

“It’s also HTI’s way to test the waters for vertical given the clamor for more affordable communities in Antipolo,” he added.

The two residential projects are slated to be marketed in the third quarter of 2024, the company said.

These will join the Celestis located in Barangay Bayugo and the five-hectare Eastview Residences Premiere to the HTI’s portfolio in Antipolo City.

Haus Talk is said to be seeking additional land for development in Antipolo and hints at plans for both vertical and horizontal developments in Laguna this year.

“It promises to be a banner year. We reached our targets this early.  We’re expecting a 60% growth in gross sales by the end of 2024, that is largely attributable to The Granary’s phenomenal performance.” Mr. Madlambayan said. — Aubrey Rose A. Inosante

PNOC, WindStream Energy tie up for hybrid renewable technology

THE Philippine National Oil Co. (PNOC) has partnered with Indian renewable energy solutions provider WindStream Energy Technologies India Pvt Ltd. to implement hybrid renewable technology systems in the Philip-pines.

PNOC and WindStream recently signed a memorandum of understanding to deploy SolarMill technologies, which combine wind and solar energy systems, across small island communities in the country.

The hybridization technology system, developed by Windstream Energy Technologies, is a modular and scalable energy solution capable of integrating solar energy and wind turbine wind magnet generators, PNOC said in a statement on Monday.

PNOC serves as the corporate arm of the Department of Energy. It manages the exploration of the Philippines’ indigenous oil, exploitation and development of all energy resources.

Established in 2013, Windstream Energy Technologies provides hybrid renewable energy systems to about 38 countries.

PNOC said that using the SolarMill will accelerate the government’s electrification goal because of its compact size, which makes it easier to deploy and install in remote areas.

The partnership is also expected to boost the hybridization program of National Power Corp. (Napocor) for its small power utility group in off-grid areas.

“By blending diesel-powered generation with solar and wind power, the initiative seeks to enhance energy access and sustainability in off-grid communities,” PNOC said.

To recall, state-run Napocor is also targeting to accelerate the hybridization of diesel generators by tapping renewables like solar power. — Ashley Erika O. Jose

Filipino Fund, Inc. to hold 2024 Annual Stockholders’ Meeting via remote communication on May 14

 


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[B-SIDE Podcast] The corporate benefits of hiring PWDs

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Is it costly to hire with persons with disabilities, or PWDs? Are PWDs only limited to certain roles? In this B-Side episode, BusinessWorld speaks with Grant Javier, executive director of Project Inclusion Network, about the most common misconceptions surrounding PWD employees, as well as the benefits of hiring them.

Recorded remotely on March 21, 2024. Produced by Arjale Jayrie G. Queral.

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GMA Network, Inc. sets 2024 Annual Meeting of Stockholders on May 15

Please be notified that the Annual Meeting of the Stockholders of GMA Network, Inc. (the “Company”) will be held on May 15, 2024 (Wednesday) at 10:00 a.m. via Zoom application through https://us06web.zoom.us/j/88241492914?pwd=40FVhkk7icO|6wSX53pL4QGzF38Bvb.1.

Click to enlarge

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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