Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2

Security Bank joins IFC-led global alliance for green commercial banks

BW FILE PHOTO

SECURITY BANK CORP. is the first Philippine lender to join a global green bank alliance founded and managed by the World Bank’s private sector arm, the International Finance Corp. (IFC).

The bank has joined the IFC’s Alliance for Green Commercial Banks, it said in a statement on Wednesday.

“Security Bank is proud to be the first Philippine bank to join the Alliance for Green Commercial Banks. This membership aligns with our vision to be the best-in-class in sustainable banking in the Philippines. Through the Alliance, we gain access to a global network of expertise that will help us enhance our ability to lead change within the Philippine banking industry and contribute meaningfully to the sustainable development goals,” Security Bank Executive Vice-President and Chief Financial Officer Eduardo M. Olbes said.

“Security Bank’s membership in the Alliance signals a powerful commitment from the Philippine banking sector to drive sustainable finance forward. The Philippines has immense potential for sustainable innovation. Security Bank’s leadership sends a strong signal that Philippine banks are ready to play a central role in shaping a greener, more resilient financial future — not only at home, but across the region,” Alliance for Green Commercial Banks Head of the Secretariat Carlos Serrano said.

The alliance is a by-invitation membership platform.

It aims to boost green commercial banking in emerging markets by bringing together financial institutions.

Its first regional chapter was established in Asia with the Hong Kong Monetary Authority serves as the regional anchor.

“The alliance promotes peer learning, innovation, and global knowledge exchange to address climate opportunities and risks to advance green finance,” Security Bank said.

“Security Bank’s membership reinforces its position as a sustainability-driven financial institution, committed to enriching lives, empowering businesses, and building communities sustainably through financial service excellence, while supporting the global climate agenda.”

In March, the bank joined the group’s inaugural flagship event in Hong Kong, the Excellence in Green Commercial Banking Immersion Lab, along with other member banks from the Philippines, Thailand, and Vietnam. — AMCS

Instant ube, kangkong chips, and tuna nuggets: Wide variety of products win KATHA awards

These and more found at this year’s IFEX food trade show

NINE winners were selected for just six categories in this year’s KATHA awards at the Center for International Trade Expositions and Missions’ (CITEM) preview for this week’s IFEX, the country’s largest food trade show.

The awarding was done on May 15 in Pasay City, ahead of the 2025 edition of the trade show (which kicked off in 2015). The trade show will be held from May 22 to 24 at the World Trade Center in Pasay City.

Nineteen products from 15 companies became the finalists for this year’s awards.

Winner included Kalamancello by Sol’s Italian Food for the Beverages category; Royal Blue Instant Purple Yam (Ube) Dessert by Innovative Packaging Industry Corp. for Bakery Products and Confectionaries; One Vizcaya Dimsum Pork Siomai with Mushroom by One Vizcaya Export Corp. for Meat, Poultries, and Dairies; Buenas Vegan Bagoong by Gem Foods International, Inc. for Functional Foods, Health Foods, Alternative Foods; Cócoes Organic Coconut Flower Aminos Teriyaki by Lionheart Farms (Philippines) Corp. for Processed Fruit and Vegetables, Sauces and Condiments; and Kangkong King Water Spinach Chips Salted Egg Flavored by KKK Food Corp. for Snacks and Ready-to-Eat.

A special citation for Best in Packaging Design was also given to Century Pacific Food, Inc.’s unMeat line of products. Century Pacific Food was part of a triple-tie for the Seafood category: the three winners were Century Superkids Crispy Tuna Nuggets, Barrio Fiesta Bagoong Hipon by Prime Global Corp., and Napoleon’s Bangus Karaage by Hou Yang Food Corp.

Prior to the awarding, guests were also given an opportunity to try out the finalists’ wares, which were displayed in booths at Casa Ibarra where the ceremony was held.

Aside from the winners, top on our list was Dark Chocolate Covered Pili Nuts by Theo & Philo, Instant Home-made Hard Ice Cream Mix (Vanilla) by Miguelito’s International Corp. (just blend with milk and freeze it overnight), and Vegan Dinuguan by Orange Country Enterprise (made with black beans, tofu, and coconut milk).

Other finalists included Vizcaya Fruit Pops by One Vizcaya Export Corp., unMeat Bao Plant-based Buns and unMeat Meat-free Hotdogs by Century Pacific Food, Inc., Sheentaro Dried Lemongrass by Dry Tech Manufacturing Corp., Northbay Salmon in Oil Classic Tapa and Salmon Reserve Fiery Glazed Salmon in Soya Oil by Kai Ana Foods Int’l Corp., and 3 Sisters Unsweetened Banana Chips by Three Sisters Home Made Banana Chips.

CITEM also recognized new “FOOD Philippines Advocates Par Excellence” for 2025 — media personalities Erwan Heussaff of FEATR by The Fat Kid Inside Studios, Anne Kristel Cabral Laysico of Philtimes AU and Masterplan Global, as well as Abigail Marquez, a content creator who has collaborated with Gordon Ramsay and is best known for her renditions of Filipino spring rolls, lumpia.

CITEM Executive Director Leah Pulido Ocampo said in an interview that they have almost doubled the number of exhibitors this year for this year’s IFEX, moving the number up to more than 700, from last year’s 400+.

“We opened it to foreign exhibitors, (and) there’s more participation from the regions,” she said about the increase.

CITEM also runs Manila FAME, the country’s design trade show. Ms. Ocampo talked about their agency’s metrics for success: “We have key performance indices: the number of exhibitors, the export sales.” Aside from the export sales reports, they also keep track of the number of buyers every year. “It keeps increasing.”

Visit ifexconnect.com and citem.gov.ph for details on the 18th edition of IFEX Philippines on May 22 to 24. — JL Garcia

Renewable energy champion

CREIT.COM.PH

The Philippines is hungry for energy. With its robust economy, the country’s peak power demand is growing at around 5% every year, set to expand from 17,331 megawatts (MW) in 2023 to 68,483 MW in 2050, according to the Department of Energy. To answer these energy needs, the founders of Megawide Construction Corp. established Citicore Renewable Energy Corp. By doing so, they would challenge entrenched conglomerates in the energy industry. Along the way, they would also invent a new way to rapidly grow the company to achieve their ambitious vision of 5,000 MW of renewable energy in five years.

I spoke to Citicore’s CEO Oliver Tan about his journey at the head of the company to gain some insight on how a young company can take on giant conglomerates in its industry. Oliver was previously the Chief Financial Officer of Megawide Construction Corp. — an important link that proved pivotal in driving Citicore closer to achieving its lofty goals. Mr. Tan’s journey is one of financial innovation and perseverance. It’s also an underdog story, an inspiration to entrepreneurs everywhere.

HAVE A CLEAR VISION
“Everything starts with a clear vision,” he says.

For Citicore, that vision was its goal to produce 5,000 MW of renewable energy in five years, or a gigawatt every year — a goal set by the company’s chairman, Edgar Saavedra.

Citicore is very close to achieving this goal. Currently it operates 10 solar farms with a gross installed capacity of 285 MW. And more solar farms with a capacity of 250 MW will go online later this year. The company is about to begin construction on four offshore wind platforms with a total capacity of 362 MW. It is also experimenting with runoff river hydro power and has a long pipeline of solar projects for the upcoming years.

For Oliver Tan, the beginning of Citicore goes back to his joining Mr. Saavedra’s Megawide. In what he calls a “Voltes V” moment, Saavedra and Tan joined forces one Christmas Eve. Tan’s role? To guide the IPO of Megawide, and later on, to become its CFO.

Behind a successful IPO supported by Henry Sy, Megawide would rise to prominence in the industry to build projects from transport to infrastructure. It is famous for the Mactan Cebu Airport and is currently building the Metro Manila Subway.

In 2014, the partners decided to found Citicore Renewable Energy with Tan as its CEO.

“We entered into utility,” Mr. Tan says about their decision. “So during that time, if we are to enter [the energy industry] via conventional coal, there’s no advantage. Because the big boys are there already. So we really had to find a niche. Where can we possibly excel? That’s when we thought of renewable energy.”

Focusing on their strengths of partnership with government — Citicore’s primary customer — and their expertise in world-class engineering, the partners knew they could make Citicore work.

Mr. Tan said, “What’s going to happen to power is like what happened to the automobile, to the telecom industry, from horse carriage to combustion engine, right? And then for telecom, from analog to digital. With power, we thought, ‘Okay, this is going to be something big because basically you’re harnessing nature.’”

A REIT FOR RENEWABLE ENERGY
One major hurdle remained: How would Citicore achieve its vision at scale? How would it raise the funds needed? How would it acquire the land required for vast solar farms?

It is here where Oliver Tan’s expertise in finance rose to the fore. Instead of just a basic IPO to raise capital, he turned Citicore’s business into a REIT — a real estate income trust — and established CREIT to complement Citicore Renewable Energy Corp. (CREC).

In essence, with CREIT, Tan turned investing in renewable energy newcomer Citicore into a familiar and reliable investment — like real estate.

He explains, “It works like a mall or office building, right? CREIT owns the land. And then your tenant rents the land from CREIT, puts up a building or a mall, and leases it out to different tenants.

“In this case, CREIT owns the land where Citicorp Renewable puts up the solar farm. So CREC is paying a lease for the use of the land while it is generating electricity to sell to the consumer.

“As Citicorp Renewable is building 1,000 megawatts every year, it will require approximately 1,000 hectares of land. Hence CREIT will also expand its leasing business portfolio.” And ultimately investors in CREIT will benefit as Citicore grows.

THE VALUE OF PERSEVERANCE
Looking back at Citicore’s journey, Tan rightfully takes pride in his achievements, particularly in his successful IPOs.

“We already have three publicly listed entities, Megawide, CREIT, and CREC,” he says. “CREIT was also innovative in the sense that we’re the first energy team, right? That’s my source of joy. Because my passion really is finance.”

However, he was quick to emphasize that it was the whole team that achieved their goals, as well as the value of perseverance.

“It’s not only me,” he continued. “I was fortunate enough to lead a team to create that product. And my biggest joy is we are inspiring startups because we did not inherit [the company] from our family, right? We can compete with the big boys.

“You just need perseverance… Stick to your vision and do it.”

 

RJ Ledesma (www.rjledesma.com) is a Hall of Fame Awardee for Best Male Host at the Aliw Awards, a multi-awarded serial entrepreneur, motivational speaker, and business mentor, podcaster, an Honorary Consul, and editor-in-chief of The Business Manual. Mr. Ledesma can be found on LinkedIn, Facebook and Instagram. The RJ Ledesma Podcast is available on Facebook, Spotify, Google and Apple Podcasts. Are there entrepreneurs you want Mr. Ledesma to interview? Let him know at ledesma.rj@gmail.com.

Thrive or survive? Boomi CEO says era of AI-driven automation has arrived

BOOMI Chief Executive Officer Steve Lucas gives a keynote speech at Boomi World in Dallas, Texas, May 14. — BOOMI

By Cathy Rose A. Garcia, Editor-in-Chief

DALLAS, Texas — Boomi is positioning itself to take the lead in helping organizations in this era of artificial intelligence (AI)-driven automation.

“I believe that we are living in this era of AI-driven automation, where every single business process that you have can be enhanced, augmented, accelerated, replaced, improved by AI,” Boomi Chief Executive Officer (CEO) Steve Lucas said in his keynote speech at Boomi World here on May 14.

He said the gap is widening between the companies with AI and those without.

“This divide is something I’m not comfortable with — it’s the AI haves and have-nots. I worry about the companies, the countries, that have superior AI. I worry about the small companies, the ones that aren’t spending billions of dollars on AI research, those companies. How will they compete?”

“I believe that we should be here for everyone that isn’t spending billions of dollars on AI, not just to survive in this new era of AI but thrive.”

Mr. Lucas said Boomi is the one platform that can deliver it all in this era of AI-driven automation.

The Boomi enterprise platform now includes AI agent management, which allows for agent building, orchestration and operations, process-aware intelligence, support for the Model Context Protocol (MCP), and governance.

“We believe this platform is the one that you should bet on for your agentic future,” he said.

Mr. Lucas said there are currently around 33,000 Boomi AI agents in action.

Boomi Chief Product and Technology Officer Ed Macosky said in a briefing that customers have been seeing real benefits from the use of AI agents.

“What I’m seeing with our customers, and others in the market, this tide is turning in terms of people are starting to see real benefits. They’ve moved from pilots, prototypes… to solutions that are really saving money, but that is a lot of where we’re focused now and then chaining them together. That momentum will continue,” Mr. Macosky said.

Some of the customers have reported a 97% reduction in response time, an 80% drop in documentation time, and 50% faster issue resolution.

“This AI is built for scale, but it’s not just that… We are solving real problems,” Mr. Lucas said.

AI agents are being used in a wide range of industries, such as manufacturing, healthcare, financial services and insurance, retail and consumer goods, energy and utilities, transportation and logistics, and hospitality and travel.

NO CODE
Boomi is making its Agentstudio generally available to customers starting May 24. This would allow users to design, build and manage AI agents in a no-code environment.

“We can agentify everything… AI is going to rewrite how we operate. Every aspect of our business will change. In manufacturing, agents will optimize supply chains. This is happening now,” Mr. Lucas said.

“Make a choice. Are we going to survive in this era of AI-driven automation or are we going to thrive? and I believe the choice is simple we need to thrive.”

Mr. Lucas said that a year ago, building an AI agent was “kind of like wizardry,” but now one can just use Boomi to create an agent.

“When I create the agent, I can go into a Boomi process and then I can drop it in, and it participates in the process itself. No code. That is the most important part of this. We are commoditizing agent creation,” he said.

Boomi also partnered with Amazon Web Services to develop an agentic governance platform called Agent Control Tower.

“Whether you have two agents or 200,000 in your company or two million, we can watch the agents, we can understand what they do, we can report on their behavior,” Mr. Lucas said.

Boomi expects customers to transform their business processes using AI agents on the Boomi platform and building millions of AI agents.

“This is the platform for automation in the era of AI. So, the real question, though, is how do I go fast? … Change only happens at the speed of trust,” Mr. Lucas said.

In a separate briefing on May 14, Mr. Lucas said he believes agentic processes will be the dominant form of automation going forward.

“I think it’s real. I think it needs to be practical. I think what doesn’t help is the (OpenAi CEO) Sam Altman prognostication that everyone’s going to lose their jobs, we’re going to have artificial superintelligence in three years, and we’re all screwed. That is not helpful commentary,” he said.

Mr. Lucas said the company remains guided by its “north star” to “take complex things and make them simple.”

“The reality is that every company on this planet has this question before them: Will I be an AI-driven company or not?… We want to be the great equalizer for that company, the platform that levels the playing field,” he said.

“You can do more than just survive. You can thrive in this world.”

Deposits in Islamic banks, IBUs now covered by PDIC

THE PHILIPPINE Deposit Insurance Corp. (PDIC) will now cover the deposits of Islamic banks (IB) and Islamic banking units (IBUs).

The PDIC’s board in December last year approved the insurance coverage of Islamic deposits as defined under the Bangko Sentral ng Pilipinas’ (BSP) regulations in the same manner as conventional deposits.

This means that deposits in IBs and IBUs will be covered up to P1 million per depositor per bank.

“The expansion of deposit insurance to include Islamic deposits guarantees that depositors of Islamic banks have the same level of protection as those of conventional banks, thereby fostering confidence in the Islamic banking system. This is a welcome development that also aligns with the National Government’s pursuit of promoting financial inclusion and strengthening of the Islamic banking sector in the country as this encourages more individuals and businesses to save in banks,” PDIC President and Chief Executive Officer Roberto B. Tan said in a statement on Wednesday.

“This is something positive for the Islamic banking industry,” BSP Deputy Governor Chuchi G. Fonacier said in a Viber message.

As of end-2024, there were 12,514 Islamic deposit accounts in the banking system.

The three entities with Islamic banking operations in the country are state-owned Al Amanah Islamic Investment Bank, Maybank Philippines, which began its IBU’s operations in August last year, and CARD Bank, Inc., which opened an IBU in Cotabato City last year.

Islamic banking is based on the principles of Shari’ah Law. In Islamic banking, interest is prohibited, while in conventional banking, interest is the main source of income.

Products of Islamic banks or IBUs are usually asset-backed and involve trading or renting of assets and focus on ethical financing, risk-sharing, and socially responsible practices.

The BSP has been encouraging lenders to participate in Islamic banking after the sector was opened to new players.

In 2023, the central bank approved the modified the minimum capitalization requirement for conventional banks with an IBU to give more Filipinos access to Shari’ah-compliant banking products and services. — A.M.C. Sy

GMA says efforts ongoing to refresh TV programs amid viewership shift

BW FILE PHOTO

GMA NETWORK, INC. said it is addressing last year’s decline in advertising revenues by refreshing its television programming amid a shift in audience viewership.

“Now, to address this, this has a twofold effect. It’s caused by the programs themselves, and needless to say, the growing or significant shift of viewership from TV to the digital platforms,” GMA Network President and Chief Executive Officer Gilberto R. Duavit, Jr. said during the company’s annual stockholders’ meeting on Wednesday.

“As far as the TV aspect or the core programs are concerned, efforts are underway to effect a meaningful change or cycle in program replacement,” he added.

He said these programs are “envisioned to be more responsive and, moving forward, to be progressively so, given certain efforts that are being exerted now.”

Mr. Duavit said such efforts are intended to optimize advertising revenues on both platforms.

“Now, separately, of course, there are efforts in non-advertising revenue-generating activities. We refer now to film production releasing, content syndication, over-the-top streaming or broadcast, and other non-advertising revenue streams; these efforts, of course, continue,” he said.

For 2024, GMA Network reported a 34.7% drop in its attributable net income to P2.07 billion, mainly due to lower advertising revenues.

However, for the first quarter of 2025, the company saw its attributable net income increase more than threefold to P801.68 million from P204.12 million, as advertising revenues improved.

At the stock exchange on Wednesday, shares in the company declined by 0.18% to close at P5.53 apiece. — Sheldeen Joy Talavera

Dining In/Out (05/22/25)

Haru Afternoon Tea at Yawaragi, Hotel Okura Manila at Newport World Resorts

Tea at Newport World Resorts

YAWARAGI at Hotel Okura Manila presents a Japanese-style afternoon tea through its seasonal Haru Afternoon Tea. This set features prized teas from Fukuoka, Japan, including Yame Sencha and Matcha. Priced at P2,150++ per set (good for two guests), the Haru Afternoon Tea is available until May 31. It will be followed by a summer-inspired version, Natsu, launching in June. Meanwhile, Hilton Manila introduces its Tea Society experience at the Madison Lounge and Bar. The experience includes a choice of two distinctive themes: Gatsby’s Glamour, inspired by the opulence of the 1920s, and Dapper’s Lounge, which captures a more contemporary, polished aesthetic. This is priced at P2,500++ per person with a minimum of 20 guests. The Garden Wing Café offers a daily high tea set that combines sweet and savory selections with a choice of coffee or tea, priced at P750 net per person and available until June 30. For more information on Newport World Resorts, visit www.newportworldresorts.com.

DTI holds food festival

THE DTI (Department of Trade and Industry) will open this year’s DTI Food Festival, themed “Flavors from the Regions,” on May 30, with an opening ceremony at 1:30 p.m., at the Megatrade Halls 1 through 3, at Mega B in SM Megamall. The food fair will run through June 1.

Shake Shack’s newest roadside menu

SHAKE SHACK has released a limited time menu reminiscent of childhood summers. Menu items include Smashed Onion Cheeseburger (thinly sliced onions smashed into a 100% Angus cheeseburger with Dijonnaise and pickles, in between a buttered non-GMO potato bun), Sweet Corn Shake (vanilla frozen custard hand spun with creamed corn and topped with sweet corn kernels and cornflakes), Calamansi Pie Oh My Concrete (vanilla frozen custard blend with Wildflour calamansi pie, with 5% of the sales going to CENTEX, Ayala Foundation’s education program for underserved Filipino communities). Shake Shack also has a line of drinks for the season: limited time-only Cucumber Mint Lemonade with real cucumber and mint mixed with house-made lemonade and ARC Lava Rock Vodka, Shackmade lemonade (blended with ARC Botanical Gin), smaller sizes for shakes, and ShackMeister Ale (available in 330 ml bottles, and packs of four). Follow @shakeshackph on Facebook and Instagram for more details or visit shakeshack.ph.

US Embassy launches adobo cookbook

ON May 15, US Ambassador to the Philippines MaryKay Carlson hosted the launch of the US Poultry Adobo Collection cookbook by “Adobo Queen” chef Nancy Reyes-Lumen to celebrate one of the Philippines’ dishes and showcase the quality of US poultry products. “The US Poultry Adobo Collection is a symbol of the close bond between the United States and the Philippines and our shared love for food as friends, partners, allies, and foodies,” Ms. Carlson said during the launch. With the support of the US Department of Agriculture’s Foreign Agricultural Service in Manila, the USA Poultry and Egg Export Council (USAPEEC), and the United Soybean Board, the cookbook features more than 20 adobo and sauce recipes crafted by Ms. Reyes-Lumen. These recipes pay homage to traditional Filipino regional cooking styles while incorporating modern twists using US chicken, duck, and turkey products that are available in the Philippines. Limited copies will be available to restaurateurs, importers, and other industry representatives during US poultry product promotion events. Select recipes from the cookbook, such as US Chicken Adobo Pastil and US Chicken Adobo sa Kamatis, will be posted on USAPEEC’s Facebook page (https://www.facebook.com/USAPEECPHL).

Making NCAP work

PHILIPPINE STAR/NOEL B. PABALATE

With the Supreme Court partially lifting its restraining order on the no-contact apprehension program (NCAP), the Metro Manila Development Authority (MMDA) now faces the challenge of convincing critics that the system can indeed work and significantly improve traffic flow and road safety.

On Tuesday, the Supreme Court granted the government’s request to allow NCAP operations on Metro Manila roads under MMDA jurisdiction. These include major thoroughfares such as EDSA, C5, Katipunan Ave., Marcos Highway, Roxas Blvd., Commonwealth Ave., Quezon Ave., West Ave., E. Rodriguez Ave., and Buendia (Gil Puyat) Ave.

However, NCAP implementation by local government units such as the cities of Manila and Parañaque remain suspended until the Supreme Court issues a final resolution on petitions challenging the constitutionality of no-contact apprehension for traffic violations.

NCAP was initially suspended in August 2022 after several petitions were filed against it at the High Tribunal. In 2023, the Court conducted oral arguments from both sides. To date, the Court has yet to render a final decision but has modified its original restraining order to allow the MMDA to resume NCAP on specific roads.

Petitioners against NCAP include Kilusan sa Pagbabago ng Industriya ng Transportasyon, Inc. (KAPIT), Pangkalahatang Sangguniang Manila and Suburbs Drivers Association Nationwide (Pasang-Masda), Alliance of Transport Operators and Drivers Association of the Philippines (ALTODAP), and the Alliance of Concerned Transport Organization (ACTO). These groups claim that NCAP lacks legal basis.

In convincing the Court to partially lift the restraining order, government lawyers argued that “the right to use vehicles on public roads is a privilege, and that privilege carries with it not only the duty to ensure the safety of pedestrians and travelers but also a collective obligation to ensure that roads continue to serve our national economy and benefit everyone.”

They further argued, “Our concerned national regulatory agencies and local governments have joined hands to ensure this privilege is not abused. Through NCAP, they have established a mechanism to manage traffic and hold accountable those who abuse their privilege to use our roads.”

This point, to me, is the heart of the matter. NCAP is not intended to deprive anyone of their privilege to use public roads. Rather, it provides an alternative method for strictly enforcing traffic regulations designed to ensure safety and order.

This was precisely why, in a column two months ago, I urged the Supreme Court to finally resolve this three-year-old case in favor of upholding NCAP rather than striking it down. I remain convinced that technology-based traffic enforcement represents the future, despite its imperfections.

I also referenced arguments presented in Court by the MMDA and the Land Transportation Office (LTO), which highlighted that the average monthly number of traffic violations recorded by surveillance cameras tripled since NCAP’s suspension in August 2022.

I firmly believe that technology, compared to human enforcers, is dispassionate, impartial, and free from personal discretion when determining violations. While technology cannot be held personally accountable in the same way individuals can, it is also incorruptible. Thus, my continued support for NCAP.

Global experience demonstrates that camera-based traffic enforcement can significantly enhance compliance with traffic rules, reduce accidents, and increase transparency in administrative processes. Consequently, it can be expected to lower traffic-related fatalities and violations.

When implemented effectively, automated camera-based enforcement ensures impartiality and consistency. In a country like the Philippines, cameras can enforce traffic rules uniformly, disregarding motorists’ socioeconomic or political backgrounds. At the point of apprehension, political influence can be minimized.

Moreover, cameras operate continuously, accurately documenting violations and providing reliable evidence for adjudication. They run 24 hours a day, 365 days a year. Unlike human enforcers, they do not tire and can cover broader areas. Algorithms can efficiently handle enforcement tasks.

However, to prevent future disruptions and address legal shortcomings, Congress should consider passing national legislation institutionalizing NCAP for national use. Concurrently, lawmakers can improve the legal framework by establishing specialized traffic adjudication boards and dedicated traffic courts.

Congress can further define the range of penalties by updating the existing Land Transportation Code to accommodate enforcement via NCAP. Amendments to traffic and transportation laws should reflect emerging technologies and set clear national standards for road use and enforcement.

Additionally, lawmakers should rationalize and harmonize existing laws, policies, and regulations governing all road users — motor vehicles, pedestrians, motorcycles, bicycles, scooters, electric vehicles, personal mobility devices, and all others.

One aspect requiring in-depth analysis is establishing scientifically based, data-driven standards for uniform and consistent traffic penalties that apply to all road users, across all local government units. Traffic fines must not remain static but should be periodically adjusted for inflation and evolving driver behavior.

Ultimately, NCAP aims to enhance traffic flow, public safety, and overall quality of life. As the government argued before the Court, roads must “serve our national economy and benefit everyone,” and NCAP, in my opinion, can be an effective mechanism “to manage traffic and hold accountable those who abuse their privilege to use our roads.”

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

Southeast Asia’s first HP OMEN Playground store opens in SM Megamall

The HP OMEN Playground store in SM Megamall is the first of its kind in Southeast Asia. — HP PHILIPPINES

HP PHILIPPINES on May 16 unveiled the first OMEN Playground concept store in Southeast Asia in SM Megamall.

The store will be launched with a three-day celebration event from May 23-25 where the brand will offer promos and hold activities for customers, HP Philippines said in a statement

“The gaming industry in the Philippines continues to grow at an exciting pace, with over 43 million gamers driving demand for high-performance and personalized experiences,” Ida Evina Ong-Co, managing director of HP Philippines, said. “We’re seeing strong growth for our Gaming business. We hope that through the launch of the first HP OMEN Playground in Southeast Asia, we will bring Filipino gamers a space where they can explore our full gaming ecosystem, and discover how our innovations in performance, personalization, and AI (artificial intelligence) can transform the way they play.”

The company said the opening of the OMEN Playground store in the country aims to help boost the local gaming scene.

“The move comes at a time when the country’s esports market is booming — valued at $26.60 million in 2024 and projected to double by 2033. As the local gaming community grows more sophisticated and expansive, HP aims to meet players where they are: with powerful devices, high-performance gear, and experiences that elevate the way they play.”

The concept store is meant to be a hub to showcase the future of gaming technology via HP’s gaming brand OMEN. It will feature the brand’s full ecosystem of laptops, desktops, monitors, and peripherals, as well as HyperX accessories.

“What sets OMEN and Victus apart is their ability to deliver top-tier gaming performance at competitive prices — featuring advanced processors, powerful graphics, and fast-refresh displays — all designed to provide an immersive gaming experience. This combination of high-performance specs and affordability makes premium gaming more accessible to Filipino gamers,” HP Philippines said. “With OMEN, HP isn’t just entering the game — it’s redefining it for Filipino players everywhere.”

The company will provide a two-year home service warranty across its OMEN product lineup, it added. — BVR

Sun Life posts P15.13-B premium income in Q1

SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) remained the top life insurer in the country in terms of premium income in the first quarter, it said on Wednesday.

Sun Life Philippines booked a premium income of P15.13 billion in the first three months of 2025, it said in a statement.

“Maintaining our number one position in the Philippine life insurance industry is a testament to our enduring commitment to our clients. We are immensely grateful for their continued trust, and we remain steadfast in our promise to be their partner for life,” Sun Life Philippines Country Head and Chief Executive Officer Benedict C. Sison said.

The company added that its network of financial advisors and its various insurance and investment solutions helped it maintain its top spot in the life insurance sector.

“This sustained leadership reflects trust and confidence of Filipinos in Sun Life’s ability to deliver reliable and innovative financial solutions. The company’s consistent performance underscores its deep understanding of the evolving needs of its clients, and its commitment to providing products and services that empower them to achieve their financial goals,” it said.

Sun Life Philippines posted a premium income of P57.16 billion in 2024, topping the life sector.

The life insurance industry’s premium income rose by 13.96% year on year to P99.9 billion in the first quarter, driven by variable life products, latest Insurance Commission data showed. — A.M.C. Sy

SM Prime eyes Q1 2027 completion for SMXCITE trade hall

BW FILE PHOTO

LISTED real estate developer SM Prime Holdings, Inc. expects to complete the construction of the P1.7-billion SMX Center for International Trade and Exhibitions (SMXCITE) trade hall venue in Pasay City by the first quarter (Q1) of 2027 as it expands its convention portfolio.

SMXCITE will double the current footprint of SMX Convention Center Manila, adding more than 18,000 square meters (sq.m.) of leasable trade hall space, SM Prime said in a regulatory filing on Wednesday.

Located within the SM Mall of Asia complex, SMXCITE will feature two buildings constructed simultaneously — each capable of hosting over 18,000 guests.

Together with SMX Convention Center Manila, the development will offer over 35,000 sq.m. of combined space. It will cater to international trade shows, product launches, corporate gatherings, and large-scale consumer exhibitions.

SMXCITE will also include sustainability features, such as design elements that maximize natural daylight to reduce energy consumption.

“This expansion reflects our confidence in the Philippines’ growing stature in the meetings, incentives, conferences and exhibitions (MICE) space,” SM Hotels and Conventions Corp. Executive Vice-President Peggy E. Angeles said.

“With world-class infrastructure and a strategic location, we believe Manila can rival regional peers as a go-to venue for international trade events,” she added.

Once completed, SM Prime’s total convention portfolio will grow to nearly 60,000 sq.m. of gross leasable area across eight venues nationwide — including SMX Aura in Taguig, SMX Bacolod, SMX Davao, SMX Clark, SMX Olongapo, Sky Hall Seaside Cebu, and Megatrade Hall in SM Megamall.

SM Prime increased its first-quarter attributable net income by 11% to P11.7 billion. Revenue rose 7% to P32.8 billion, led by its malls and residential segments.

On Wednesday, SM Prime shares declined by 1.91%, or 45 centavos, to close at P23.05 apiece. — Revin Mikhael D. Ochave

Comic actor George Wendt, Cheers barfly, 76

George Wendt (R) with John Ratzenberger in a scene from the TV show Cheers.

COMIC ACTOR George Wendt, best known for his Emmy-nominated supporting role as the beer-bellied barfly Norm on the long-running hit NBC television sitcom Cheers, died on Tuesday in Los Angeles. He was 76.

The passing of the Chicago-born performer was announced in a statement from his publicist, Melissa Nathan, who said his family confirmed that he died peacefully in his sleep in the early morning at home.

No other details about the circumstances or cause of his death were given.

“George was a doting family man, a well-loved friend and confidant to all of those lucky enough to have known him,” the statement said. “He will be missed forever.”

Mr. Wendt got his showbiz start in the Second City improvisational comedy troupe of his native Chicago in the 1970s and went on to appear in small roles in various prime-time TV series during the 1980s, including M*A*S*H, Taxi, and Soap.

He landed his first gig as a TV series regular in 1982 on the short-lived CBS comedy Making the Grade, which lasted just six episodes before it was canceled.

But he was most famous for his signature role as the beer-quaffing accountant Norm Peterson — as amiable as he was portly — during the entire run of Cheers, which aired in US prime time from 1982 to 1993.

Set in a fictional Boston neighborhood bar “where everybody knows your name,” the series launched the careers of such stars as Ted Danson and Woody Harrelson, and spun off another long-running NBC sitcom, Frasier, starring Kelsey Grammer.

Norm was often the good-natured comic foil of his bar-stool companion and drinking buddy, the know-it-all mailman Cliff, played by John Ratzenberger. The Norm character earned Mr. Wendt six consecutive Emmy Award nominations.

Just months before the show ended its run, Mr. Wendt and Mr. Ratzenberger sued the show’s producer, Paramount Pictures, challenging a licensing deal that sought to market their likenesses as a pair of chatty life-size robots in a chain of Cheers-like airport bars.

The case, pitting intellectual property rights claimed by the studio against the actors’ rights to exclusive control over use of their own likenesses for profit, bounced through the federal court system for years before being denied a hearing by the US Supreme Court in 2000. The case ultimately was settled for undisclosed terms.

The popularity of the Norm character helped fuel Mr. Wendt’s career for decades to come, as he appeared in dozens of supporting roles or guest spots in film and TV shows, mostly comedies, sometimes as himself or reprising his Norm character.

Among the most memorable of his off-Cheers body of work were eight appearances as a Chicago sports superfan in a recurring sketch on Saturday Night Live, employing a spot-on South Side accent to humorous effect. — Reuters

123...12,694Page 2 of 12,694
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube