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Arts & Culture (07/03/24)

Fil-Am sisters hold talk on writing and migration

FILIPINO-American sisters Grace and Mary Talusan, born in the Philippines, and Liza, born in the USA, grew up in America and seldom returned “home,” a word their migrant parents used interchangeably to mean Manila, where their clans lived. Despite the physical and temporal distances from their extended families and their ancestral lands, the sisters became scholars, professors, and authors whose work engages with the histories, cultures, and lived experiences of the Filipino diaspora. In a book talk and facilitated discussion, they will introduce their research and books — love letters to the home they moved from, but never truly left. The talk is presented by the Filipinas Heritage Library (FHL). It will be held on July 6, 2 p.m., in Function Room 1 of the Ayala Museum, Greenbelt, Makati. Tickets — P300 for regular tickets, P240 for Ayala employees, P210 for senior/PWD, and P150 for students — are available at bit.ly/fhl-lovelettershome. Proceeds will support FHL’s educational programs.

Philippine Ballet Theatre presents Sarimanok

THE BEAUTY of Philippine heritage takes center stage with Sarimanok, a legend that comes alive through dance. The Philippine Ballet Theater presents this original full-length Filipino ballet which narrates the tale of a mythical bird that saves the day, fostering love’s bloom. There will be performances on July 6, at 3 and 8 p.m., and July 7, at 3 p.m., at the Samsung Performing Arts Theater at Circuit Makati. Tickets, priced from P350 to P2,500, are now available through Philippine Ballet Theatre at secretariat@pbt.org.ph or 0968-870-8887.

Arturo Luz exhibit at Megamall

“STREAMLINED: The National Artist ARTURO LUZ Exhibition” is ongoing at the Art Center of SM Megamall Bldg. A until July 13. The Renaissance Art Gallery presents the exhibition of the National Artist’s works which demonstrate the primary virtues that distinguished Arturo Luz from the rest of his contemporaries: linear and geometric, minimalist in conception, and executed with technical skill and finesse.  All the works are authentic and original, supplied with written and visual documentation.

ARTablado at Robinsons Galleria showcases sisters

SISTERS Bettina Marie and Maita Hagad are the focus of a dual display of creativity at the ARTablado in Robinsons Galleria. Hailing from Bacolod City, the two multi-disciplinary artists’ combined skills include painting, sketching, sculpture, fashion design, fashion styling, photography, videography, print making, textiles, and installation art. Bettina Hagad works as a freelance artist and fashion designer while Maita Hagad is a designer, artist, and dancer. Their duo exhibit, “These Objects Walk, Not Run,” runs until July 15 at ARTablado in Robinsons Galleria in Ortigas, Quezon City.

Ateneo Art Gallery launches outdoor installation

THE ATENEO Art Gallery presents the interactive, ephemeral, and experimental outdoor installation Portals by artists Ged Merino and Aze Ong. Part of the GedAze Project, it features a fabric canopy composed of varied fiber and fabric textures, with holes and openings incorporated in its design, all reflecting and symbolizing interconnectedness, hope, and transformation through shared human experience. The artists aim to challenge the boundaries of textile through atypical approaches. The installation is open to contributions from the public. Crochet enthusiasts are encouraged to place their contributions in the designated drop box or to approach museum staff. The installation can be found at the Wong Chu King Foundation Cove, Ateneo College Batch 1980 cove, and Eli and Elizabeth Hubahib Cove at the Ignacio B Gimenez Amphitheater, Areté, Ateneo de Manila University, Quezon City. The installation is open to the public.

Leslie de Chavez exhibition opening at MO_Space

TWO galleries at MO_Space will be exhibiting art by Leslie de Chavez. These are “As Judas receives the bread from Christ, a small black devil is shown entering his mouth” at the Main Gallery, and “Placebo Paintings” at Gallery 2. The artist presents a tableau that re-examines the (dys)functionality of our image/object-inundated world in the instigation of pertinent yet elusive everyday socio-political narratives. It is open for public viewing from July 6 to Aug. 4 at MO_Space, at the 3rd level of MOs Design, B2 Bonifacio High Street, 9th Avenue, BGC, Taguig.

New book focuses on 1990s music scene

THE BOOK Tugtugan Pamorningan: The Philippine Music Scene (1990-1999) by Susan Claire Agbayani has been published by the University of the Philippines Press. It chronicles the reinvention of Pinoy rock, the ethnic music movement, and the rise of Philippine theater all in the 1990s. It is a love letter to a music-loving culture full of gigs and concerts, and can be ordered directly from the UP Press, or via Shopee or Lazada.

2024 Good Design Award PHL gives 32 awards

THE DEPARTMENT of Trade and Industry-Design Center of the Philippines has awarded outstanding designs at the recently held 2024 Good Design Award Philippines. The Malasakit Gran Prix Award winner was the First United Building in Escolta, Manila, which “embodies the power of restoration and adaptive reuse in driving urban regeneration.” Originally the Perez-Samanillo Bldg., the Art Deco landmark designed by Andres P. Luna (son of the painter Juan Luna) was Manila’s tallest building in 1928. It has now transformed into a vibrant hub for creative communities. The Philippine Textile Table Swatchbook of ANTHILL Fabric Factory also received the Gold Award for “showing indigenous Philippine fabrics through storytelling narratives and interactive features.” Among those recognized for design that creates social impact was Lakat Sustainable Sneakers which was given the Red Award under the Object Making category. It also received the Green Award, a special accolade given to projects, products, and services that represent the highest level of sustainable design. This year, a total of 32 awards were given out across five categories.

Okada scraps plan to buy Dennis Uy’s Cebu casino

By Revin Mikhael D. Ochave, Reporter

OKADA MANILA operator Tiger Resort Leisure & Entertainment, Inc. (TRLEI) has ended talks to acquire a majority stake in Dennis A. Uy’s Emerald Bay integrated resort project in Mactan, Cebu.

Uy-led listed company PH Resorts Group Holdings, Inc. announced in a stock exchange disclosure on Tuesday that its subsidiary PH Travel and Leisure Holdings Corp. received a letter from TRLEI on July 1, terminating the term sheet for the deal entered into in December last year.

TRLEI is the third group that withdrew its investment plan in the Emerald Bay project, following Razon-led integrated resort operator Bloomberry Resorts Corp. and Cebu-based property developer AppleOne Properties, Inc.

The term sheet contained the basis for TRLEI to acquire a “significant majority ownership” in PH Travel subsidiaries Lapulapu Leisure, Inc. and Lapulapu Land Corp., which are the entities that operate the Emerald Bay Project.

The parties were originally scheduled to execute the agreements under the term sheet in July.

TRLEI is the Philippine unit of Japanese gaming firm Universal Entertainment Corp., while PH Resorts is the gaming and tourism holding company of Mr. Uy’s Udenna Group.

PH Resorts President Raymundo Martin M. Escalona said the company would meet with other parties that have shown interest in the Emerald Bay project.

“We understand that the Okada Manila operator no longer intends to pursue the Emerald Bay acquisition. Nevertheless, this development shall give PH Resorts the opportunity to engage with other parties which have already expressed their keen interest in the Emerald Bay Project, but have been unable to formalize due to the restrictions under the TRLEI deal,” he said.

“We assure our shareholders and stakeholders, however, that the company’s management is already working towards another transaction, be it an acquisition, joint venture, or otherwise, that will ensure the completion of the Emerald Bay Project,” he added.

Emerald Bay is a planned integrated resort with a five-star hotel adjacent to 300 meters of beachfront, with two 15-storey towers offering 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor with over 700 electronic gaming machines and over 140 tables.

Sought for comment, AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message: “Clearly there is something undesirable in PH Resort’s books, as this is the third bail-out attempt to fall through.”

“I think at this point, it’s doubtful that PH Resorts can secure a partner unless it lowers its asking price,” he added.

BusinessWorld sought comments from TRLEI and Okada Manila but had not received a response as of the deadline.

For the first quarter, PH Resorts widened its net loss to P246.92 million from the P212.31-million net loss in the same period last year due to a P10.2-million foreign exchange loss. 

The company recorded an 87.2% increase in its first quarter revenue to P11.9 million from P6.35 million in 2023. Operating expenses fell by 4% to P34.6 million due to lower salaries and wages.

“Pursuant to the provisions of the term sheet, LapuLapu Leisure received partial nonrefundable payments from TRLEI totaling P327.6 million and P300.1 million as of March 31, 2024 and Dec. 31, 2023, respectively. These are presented as part of advances for future stock subscription under Liabilities in the consolidated statement of financial position as of March 31, 2024,” PH Resorts said in the regulatory filing. 

On Tuesday, PH Resorts shares fell by 19.44% or 14 centavos, ending at 58 centavos per share. 

Britain’s Ian McKellen will not return to role after stage fall

IAN MCKELLEN in a scene from Player Kings. — PLAYERKINGSTHEPLAY.CO.UK

LONDON — British actor Ian McKellen, 85, will not return to the role of John Falstaff in a tour after he fell off a London stage mid-performance last month, the play’s producers said on Monday.

Mr. McKellen was starring in Player Kings, a production of William Shakespeare’s Henry IV, Parts One and Two, in the capital’s West End theater district, on June 17 when he lost his footing and fell off the front of the stage during a fight scene.

The actor, who is best known for playing Gandalf in the film versions of Lord of the Rings and The Hobbit and was also Magneto in the X-Men movies, was taken to hospital.

“Two weeks after my accident onstage, my injuries improve day by day,” he said in a statement.

“It’s with the greatest reluctance that I have accepted the medical advice to protect my full recovery by not working in the meantime.”

David Semark, Mr. McKellen’s understudy who completed the run in London, will play the role in Bristol, Birmingham, Norwich, and Newcastle, producers said.

Mr. McKellen’s stage career stretches back to 1961, where his credits include playing Richard III, King Lear, and Macbeth. — Reuters

Tracking BSP’s efforts of digitalizing the Philippine economy

BSP South Luzon Regional Director Tomas D. Cariño, Jr. (fourth from left) and Legazpi City Mayor Carmen Geraldine B. Rosal (fifth from left) led the launching of Paleng-QR Ph Plus at the City of Legazpi’s public market on June 13. Also in photo are (from left) Councilor Alexander U. Jao, BSP Area Director Alvin L. Bermido, Vice-Mayor Oscar Robert H. Cristobal, market-goer Gloria Baynado, and DILG Regional Director Arnaldo E. Escober, Jr. — Photo from bsp.gov.ph

Leveraging emerging and innovative technologies is driving the Philippines towards a more digitalized economy, beginning with the banking and financing sectors.

Everything comes easy with digital banking; financial services are made more accessible, convenient, and perhaps most importantly, financially inclusive. The country’s successful digitalization has brought many benefits and a sizeable impact in consumer’s lives.

So much that the Bangko Sentral ng Pilipinas (BSP) is pushing the banking sector to the forefront of digitalization, promoting banks and financial institutions as crucial enablers for digital transformation and financial inclusion.

“We want to make sure that this digitalization will result in better and more products that respond to the needs of clients, help them manage their finances, and enable them to seize economic opportunities,” Eli M. Remolona, Jr., BSP Governor said last year.

To better facilitate the digitalization of the banking system, the BSP introduced various initiatives on digital banking, such as open financing, a regulatory sandbox, and some measures on generative artificial intelligence (AI).

Open finance

(From left) Department of the Interior and Local Government Regional Director Leocadio T. Trovela, City of Mandaue Mayor Jonas C. Cortes, BSP Officer-in-Charge for Financial Inclusion and Consumer Empowerment Sub-Sector Atty. Charina B. De Vera-Yap, and market vendor Cristina Mosqueda at the Mandaue City Public Market — Photo from bsp.gov.ph

In a speech he made in March, Governor Remolona Jr. recently outlined the central bank’s strategy to digitalize the financial system, emphasizing four key initiatives. The first initiative, the Open Finance Framework, encourages established banks such as BPI, BDO, and Metrobank to participate in an open finance ecosystem, which will utilize application programming interfaces (APIs) to connect various financial services, ensuring that customer data is used with explicit permission, thereby respecting data ownership.

“We are advocating open finance, particularly in the area of financial health. Open finance facilitates consent-driven sharing of customer data among financial institutions and third-party providers. It also gives customers more access and more choices when it comes to financial services,” he said in a separate speech in June.

“We believe that open finance holds significant potential to extend the reach of financial inclusion. It will do by fostering innovations in financial services. At the center of open finance is the customer who must be served and protected at all times. This is why we, at the BSP, are implementing our financial consumer protection framework. This would ensure that the rights and needs of consumers always comes first and that their trust and confidence in the financial system is preserved.”

The second initiative focuses on digital banking, aiming to facilitate online deposit raising and loan issuance. While raising deposits online is relatively straightforward, the collection of loans presents challenges due to cultural preferences for personal interaction. Currently, the BSP has limited digital banking licenses to six but may consider expanding this to diversify business models and stimulate industry excitement.

Regulatory sandbox and digital payments

The BSP and the Department of Trade and Industry (DTI) formally sealed their partnership for the conduct of the country’s first Cashless Expo. BSP Deputy Governor Mamerto E. Tangonan (left) signed the Memorandum of Agreement on the Cashless Expo with DTI Assistant Secretary Mary Jean T. Pacheco (right) last October. The Cashless Expo was held from Nov. 17 to 19 at the World Trade Center in Pasay City. — Photo from bsp.gov.ph

The central bank governor also highlighted the BSP’s regulatory sandbox, a controlled environment where fintech innovations can be tested with regulatory oversight. This sandbox aims to minimize regulatory uncertainty, providing innovators with guidance on potential regulatory implications. The BSP supports these innovators by helping them understand the regulatory landscape they will face if their innovations succeed.

Finally, the BSP is actively promoting digital payment systems to serve the unbanked population. Initiatives like e-wallets and simplified deposit accounts aim to integrate more people into the formal financial system, providing access to credit, financial services, and investment opportunities.

The BSP addressed the integration of generative AI, such as ChatGPT, into the financial system. While he acknowledges AI’s potential, Governor Remolona stressed the importance of human oversight to prevent issues like hallucinations and herding. He emphasized that AI should be used responsibly to ensure accurate and useful outputs.

“If you have used ChatGPT, you know how irresistible it is. So, we do not even have to encourage it. You guys will do it without any encouragement, but of course, we have to think of guard rails for generative AI,” he said, speaking to financial executives.

“As you know, generative AI leads to what we call hallucinations; it imagines things that never happened. It leads to herding; it gives the same answer to different questions. So, we think that, for now, at least, when using generative AI, a human being should work with it and look at the answers before you decide. Apparently, it is not so hard to tell whether the answers are wrong.”

Governor Remolona also discussed Project Nexus, a collaborative effort by ASEAN central banks to enable fast and cost-effective cross-border retail payments. Expected to be operational by 2026, Project Nexus aims to facilitate remittances at low costs, enhancing financial connectivity across the region.

“Empowered by a shared vision of efficient and reliable cross-border payments, the collaboration between the BIS and ASEAN central banks has been rather effective, and I’d like this to continue. Central banks have always played a role in payments as a public good. With Nexus, this role will be extended to cross-border payments, maximizing the network effects. Thus, the Bangko Sentral ng Pilipinas (BSP) will continue to work with the Philippine payments industry, BIS and other interested countries towards its live implementation. We look forward to Nexus providing overseas Filipinos with a cheaper and faster means to send money to family back home, and facilitating the globalisation of Filipino small and medium scale enterprises,” Mr. Remolona said.

Through these initiatives, the BSP seeks to leverage technology to improve financial inclusion, ensure data privacy, foster innovation, and prepare for AI integration while maintaining regulatory oversight. The central bank’s comprehensive approach aims to create a more inclusive and efficient financial ecosystem, benefiting both consumers and financial institutions.

Prior to these initiatives, the BSP has developed innovations to promote a digital payment system that serves the unbanked, such as Paleng-QR PH Plus Program and Bills Pay PH.

Paleng-QR Ph Plus Program is a program that promotes the adoption of digital payments in public markets and other business establishments, particularly of small and medium enterprises.

Moreover, this program strives to facilitate smooth, convenient, and more accessible payment transactions between vendors and customers using digital devices. This initiative, which was done in partnership with the Department of the Interior and Local Government (DILG), aligns with its goal of promoting QR code technology, providing a secure and efficient way for payment transactions.

Bills Pay PH, meanwhile, is a payment system that allows their customers to pay their bills, giving users the option to pay their bills with or without an account of different payment service providers. Transactions can be made through QR code or non-QR code payment.

“We hope these will lead to people joining the formal financial system. They will have access to bank credit, other financial services, and eventually the whole financial ecosystem-access to investment instruments, access to the right kind of insurance, and so on,” Mr. Remolona said in a previous speech at the General Membership Meeting of the Financial Executives Institutes of the Philippines.

Digital literacy

Officials and staff from the BSP Visayas Regional Office replacing the public’s unfit banknotes from circulation by exchanging it with fresh bills or digital cash during the conduct of its Piso Caravan last year in SM Consolacion, Cebu and Robinsons Place, Tacloban City, Leyte — Photo from bsp.gov.ph

Committed to driving digital growth, BSP will continue its Digital Literacy program (DLP), which aims to promote financial education, increase adoption of financial services, and build more trust in the digital financial ecosystem. It further informs and educates consumers of digital banking and financing, protecting consumer welfare, and tips on avoiding frauds, scams, and minimizing risks.

BSP’s digital efforts is poised to shape the Philippines and its banking sector into a more digitalized economy. These initiatives are aligned with the central bank’s Digital Payments Transformation Roadmap, that aims to convert 50% of the country’s payment transactions to digital. This shows that the increasing demand and popularity of digital financial services and innovative solutions has created numerous market and economic opportunities that will continue to grow in the coming years.

“As the BSP continues to champion financial digitalization initiatives, everyone is called to join this journey of transformation. Let us work together in building an economy that is characterized by a robust, secure, and resilient digital financial infrastructure, with tech-savvy consumers and an innovation-embracing public sector,” BSP said in another statement.

PHL telco group says fraudsters evade ‘robust’ filters

PHILSTAR FILE PHOTO

THE Philippine Chamber of Telecommunications Operators (PCTO) said the country’s telecommunications companies should urgently implement stringent security measures against scam and spam messages, citing a surge in off-network scam messages that are evading telco networks.

“This new wave of scam messages is worrisome as fraudsters have resorted to methods that do not pass through telco networks, thus they are able to evade our already robust filters,” PCTO President and Globe General Counsel Froilan M. Castelo said in a statement on Tuesday.

For the first quarter, Globe reported blocking a total of 362.77 million scam/spam messages, a decrease from 1.1 billion in the same period last year.

Additionally, Globe noted a decline in bank-related spam and scam messages to a range of 1.04 million to 4.07 million during January to March.

Despite the reduction in scam and spam messages, the PCTO said there is an increasing threat of off-network scam/spam messages, which are malicious messages sent to mobile users outside of their telco provider.

Mr. Castelo  said there is a pressing need for enhanced collaboration among telco players to address this problem.

Fraudsters exploit internet-based messaging platforms and other rich communication services for these activities, he noted.

“Industry players and key stakeholders must work closely together to combat this trend. Let’s focus on finding ways to defeat our common enemy: scammers,” Mr. Castelo said.

Separately, PLDT Inc. and its wireless unit Smart Communications, Inc. said that they are intensifying their measures against scammers.

From January to May, Smart said it has blacklisted over 615,788 mobile numbers associated with illicit and fraudulent activities such as spamming and SMS phishing scams.

“We actively collaborate with the Cybercrime Investigation and Coordinating Center and the NTC (National Telecommunications Commission), our peers in the telecom industry, and other allies from the private and public sectors, to have a comprehensive response to the menace of SMShing and phishing scammers,”  PLDT and Smart Chief Information Security Officer Jojo G. Gendrano said in a statement.

CYBERSECURITY AS BOARDROOM PRIORITY
Meanwhile, Chris Painter, president of the Global Forum on Cyber Expertise Foundation, said Philippine businesses must prioritize cybersecurity to enhance resilience against the rising incidence of attacks like data breaches.

“The number one thing businesses have to do is make it a priority at the boardroom level. That is something that is not just the job of the chief invasion security officer and that means they need to invest a resource in it,” he said in an interview.

Mr. Painter said entities should develop protocols in collaboration with authorities to ensure they respond effectively to attacks.

“Hardening the targets is one thing, but that resilience and also doing the analysis afterward and cooperating with others to see what’s going on and with the government, I think, is critically important.”

He added that countries like the Philippines need to collaborate with partners and establish connections with other countries to address these issues.

He cited geopolitical issues and investments as reasons for the Philippines being targeted.

Recently, GCash reportedly experienced an alleged breach of data from its know-your-customer process, which is mandatory for identifying clients opening an account. However, the e-wallet service clarified that its initial findings showed no indications of a data breach in their system and assured that customer funds and accounts were not impacted.

Digital Pinoys national campaigner Ronald B. Gustilo said the organization welcomes GCash’s assurance that no accounts were compromised and encourages cooperation with the Cybercrime Investigation and Coordinating Center’s investigation.

“We also encourage Gcash to continuously take measures to protect their database and their whole system so that their customers will have an assurance that their funds and the personal information entrusted to the e-wallet provider is safe,” he said.

Other similar cases confirmed by the National Privacy Commission involved Toyota Motors Philippines, Robinsons Malls, Maxicare Healthcare, and Jollibee Foods Corp.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose and Aubrey Rose A. Inosante

Consumer group files petitions vs Meralco’s supply contracts

PHILSTAR FILE PHOTO

CONSUMER GROUP Power for People Coalition (P4P) has filed petitions with the Energy Regulatory Commission (ERC) seeking to reject Manila Electric Co.’s (Meralco) power supply contracts with generation companies that procure from fuel plants.

“We are asking the ERC to reject these contracts as part of their responsibility of protecting the public. Otherwise, they will condemn a new generation of consumers to 15 years or more of expensive power,” P4P Convenor Gerry C. Arances said in a statement on Monday.

The consumer group filed petitions with the ERC against the power supply contracts secured by Meralco through competitive selection processes (CSPs) with generation companies including Excellent Energy Resources, Inc. (EERI), GNPower Dinginin Ltd. Co. (GNPD), South Premiere Power Corp. (SPPC), and Mariveles Power Generation Corp. (MPGC).

In January, Meralco announced that it had secured the lowest bids for the 1,800-megawatt (MW) supply from GNPD, MPGC, and EERI, with offers of P6.8580 per kilowatt-hour (kWh) for 300 MW, P6.9971 per kWh for 300 MW, and P7.1094 per kWh for 1,200 MW, respectively.

Meanwhile, SPPC was awarded the 1,200-MW baseload contract after submitting the lowest bid of P7.0718 per kWh.

EERI, SPPC, and MPGC are subsidiaries of San Miguel Global Power Holdings Corp., while GNPD operates under the private limited partnership of Aboitiz Power Corp.’s Therma Power, Inc., AC Energy & Infrastructure Corp., and Power Partners Ltd. Co.

“The terms of these power contracts are unfavorable to consumers and small businesses. Everyone loses except big power players: Meralco, San Miguel, and Aboitiz, who are leaving consumers no choice but to pay for more expensive electricity while their profits are soaring,” Mr. Arances said.

P4P said that the contracts allow the power plants to “automatically” pass on fuel costs to consumers.

Sought for comment, Meralco Vice-President and Head of Corporate Communications Joe R. Zaldarriaga said the company has committed to sourcing the least-cost available supply through, among others, the conduct of a transparent bidding process.

“We strictly observe and follow the requirements and standards set by the government, which includes securing prior approval from the Department of Energy of our Power Supply Procurement Plan and the corresponding Terms of Reference (TOR) of the CSPs,” he said.

Mr. Zaldarriaga said that the TORs considered suggestions from the ERC chairperson before they were published.

“The CSPs involve an open and competitive process with the ultimate goal to secure the lowest bid from qualified generation companies, with no preferential treatment. Thus, the allegations that contracts emanating from CSPs are anti-competitive have no basis,” he said.

“We would like to assure our customers that all power supply contracts resulting from our CSPs undergo a strict review and approval from the ERC before being implemented to ensure that rates are fair and reasonable,” Mr. Zaldarriaga said.

ERC Chairperson and Chief Executive Officer Monalisa C, Dimalanta said the commission is still evaluating the power contracts and “the points raised by consumer groups will all be taken into consideration.”

“We encourage consumers to also participate in the formal process — as intervenors or oppositors in the proceedings — so we can ventilate all issues,” she said in a Viber message.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Actor-director Manny Castañeda, 69

IMDB

ACTOR-director Manny Castañeda has passed away, according to his close friend, Film Development Council of the Philippines (FDCP) director Jose “Joey” Javier Reyes, who announced it in a Facebook post on July 1. He passed away on June 30, according to a later announcement from the Castañeda family.

Mr. Castañeda is known for his part in the films Aliw (1979), Oro Plata Mata (1981), Sana’y Wala Nang Wakas (1986), and Sakal, Sakali, Saklolo (2007). He is also known for his roles on television series like Makiling and FPJ’s Ang Probinsyano. His final acting credit according to IMDb.com was in Makiling, where he was in 10 episodes this yar.

Among the movies he directed are Sa Kabilugan ng Buwan (1997), May Isang Pamilya (1999), and Shame (2000).

In a Facebook post, Mr. Reyes recalled how he and the late actor were childhood friends, especially since college.

“We were inseparable since that time, all throughout college … until we both ended up teaching then finding our place in the insane world of show business,” he said.

Mr. Castañeda’s wake is ongoing until July 5 at the Sanctuarium at Araneta Ave. in Quezon City. The innurment will be on July 6. — BH Lacsamana

CTA: Ayala Corp. eligible for P308-M tax credit certificate

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) has partially granted Ayala Corp. a tax credit certificate worth more than P308 million, covering excess and unused creditable withholding taxes (CWT) for 2018 and 2019.

In a decision publicized on June 19, the CTA Third Division ruled that Ayala Corp. had sufficiently demonstrated its entitlement to the tax credit certificate.

The amount represents the excess and unutilized CWT for the specified years.

“Accordingly, the Commissioner of Internal Revenue is ordered to issue a tax credit certificate in favor of petitioner Ayala Corp. in the reduced amount of P308,235,301.61, representing excess and unutilized creditable withholding taxes for the calendar years 2018 and 2019,” a part of the 20-page ruling of Justice Marian Ivy F. Reyes-Fajardo read.

Ayala Corp. argued for the approval of its CWT claim based on several grounds. Firstly, it filed both administrative and judicial claims within the prescribed two-year period. Additionally, it substantiated its excess and unutilized CWT amounts with Certificates of Creditable Tax Withheld at Source.

Further, Ayala Corp. said it ensured that the income subject to CWT was accurately included as part of its gross income in the amended Annual Income Tax Returns for both 2018 and 2019.

Ayala Corp. also said it did not exercise the option to carry over its excess and unutilized CWTs to following years.

The respondent countered that the corporation is not entitled to claim issuance of the tax credit certificate for its excess and unutilized CWTs over the two-year period due to its failure to submit complete supporting documents. — Chloe Mari A. Hufana

1MDB fugitive to return Warhol, Monet art in new DoJ deal

COURTESY THE U.S. DEPARTMENT OF JUSTICE

THE US Justice Department reached a deal with fugitive Low Taek Jho and his family to get back more than $100 million of assets including artworks by Claude Monet and Andy Warhol, the latest asset recovery linked to the multibillion-dollar 1MDB scandal in Malaysia.

The department announced the agreement on Wednesday with the fugitive, better known as Jho Low, unnamed members of his family, and various trusts to resolve two civil forfeiture cases brought against assets purchased using funds allegedly from the 1Malaysia Development Fund.

“Under the agreement, the department will coordinate with foreign partners to facilitate the liquidation and return of these assets to Malaysia,” the Department of Justice (DoJ) said in a statement. Before this settlement, the US had helped return over $1.4 billion in assets associated with the $4.5-billion money laundering and bribery scheme.

Mr. Low has repeatedly declared his innocence in the past. The 1MDB scandal, which also dragged in Goldman Sachs Group, Inc. and Hollywood, created political upheaval in Malaysia with former Prime Minister Najib Razak losing elections in 2018. Najib was eventually sentenced to jail for crimes related to the fund.

Under the latest agreements with the US, Mr. Low agreed to return a luxury apartment in Paris and artwork in Switzerland by Warhol and Monet, which he bought for about $35 million. The other involves returning to Malaysia about $67 million in property and cash in bank accounts in Hong Kong, Switzerland and Singapore.

In 2020, Mr. Low struck a deal with US prosecutors to recoup almost $700 million of assets, including a Beverly Hills hotel and real estate in New York and London. That was in addition to $260 million of assets, including a $126-million super yacht, seized earlier on Malaysia’s behalf.

Mr. Low still faces charges in New York for conspiring to launder billions of dollars taken from 1MDB and for paying bribes to various Malaysian and UAE officials. He also faces a case in a District of Columbia court for making and concealing foreign campaign contributions to the US presidential elections in 2012.

Malaysian authorities have been trying, with no success, to track and repatriate Low for years. He was spotted last year in Macau.

Mr. Low was charged in absentia in 2018 by a Malaysian court with eight counts of money laundering and issued a warrant of arrest for his role in 1MDB. A separate Malaysian court said in 2020 that he played a key role in transferring 42 million ringgit ($8.9 million) from a former 1MDB unit to Najib’s accounts. Najib has claimed innocence, and got his prison sentence halved under a royal pardon earlier this year. — Bloomberg

Church teachings on sustainable mining: Shared responsibility

CURIOSO PHOTOGRAPHY-UNSPLASH

(Part 5)

The final chapter of the encyclical Laudato Si focuses on the primordial importance of environmental education. Here, every single individual must be involved, especially the young. This education has to affect actions and daily habits, the reduction of water consumption, the sorting of waste, and even turning off unnecessary lights and, among the well-to-do, air-conditioning units.

An integral ecology is also made up of simple daily gestures which break with the logic of violence, exploitation, and selfishness. As Pope Francis proposed in Evangelium Gaudium, sobriety, when lived freely and consciously, is liberating, just as happiness means knowing how to limit some needs which only diminish us, and being open to the many different possibilities which life can offer. In this way we must regain the conviction that we need one another, that we have a shared responsibility for others and the world, and that being good and decent are worth it.

To put this into practice, each individual must add to his regular examination of conscience a new dimension. He or she must reflect seriously on how one has lived in communion, not only with God, with others, and with oneself, but also with all creatures and with nature. In this regard, the Japanese people are the foremost examples. Whether in taking public transport, going to theaters, shopping in a mall, watching football games in the World Cup, the typical Japanese individual is always considering how his or her individual behavior is impacting the welfare of his or her neighbor. I saw this with my own eyes in a recent trip I made to Tokyo. It was impressive how on the grounds of vast public parks and walking trails with which the city is endowed, I did not see a single piece of litter, despite hundreds of people exercising and jogging along the various paths.

When I returned to the Philippines, I was overjoyed to read in the papers that the Department of Environment and Natural Resources (DENR) had agreed with leaders of the mining industry of the Philippines to implement policy reforms that will make the local mining industry more sustainable, responsible, transparent, and investor friendly. Highlighted in the joint declaration are the commitment to sustainable mining practices, the protection of biodiversity, and the respect for the rights of the local communities in the mining areas. Echoing very much the guidelines found in the encyclicals of the Catholic Church, especially those of Pope Francis, the mining companies committed to use the most efficient technologies for judicious extraction and optimum utilization of mineral resources, uphold ecological integrity, and safeguard the common good.

Once again, we have to remind ourselves that the common good is defined in the Philippine Constitution of 1987 as a social or juridical order that enables every member of society to attain his or her fullest human development. Not only those individuals directly affected by the mining operations should benefit from them. The public at large can also share in the earnings of the mining enterprises. This can be made possible by the mining sector pledging to remit to the government the full and correct taxes, royalties, and fees required for the exploration, development, and use of the country’s mineral resources.

For its part, the DENR is committing to encourage investments in mineral processing by providing incentives and strategic support. One of the most serious complaints of those who want to invest in mining, especially foreigners, is the red tape involved in the process of evaluating and issuing mineral agreements. The DENR has pledged to streamline this process. Especially to be tackled are the inconsistencies of policies affecting the mining sector issued by different government agencies. The DENR has committed to develop parallel processing applications with other government agencies, and explore the possibility of honoring the free, prior, and informed consent initiated by indigenous people. The DENR also will take the initiative to craft mining project prospectus and guide investors on lands suitable for exploration.

Industry associations will play a major role in helping individual mining enterprises to engage in responsible mining. The two leading groups — the Chamber of Mines of the Philippines and the Philippine Nickel Industry Association — agreed to establish an ethics committee that will oversee the environmental, social, and governance performance of its players. In the spirit of cooperation, and not of confrontation, the DENR and the mining sector agreed to establish a joint monitoring and evaluation mechanism to determine the impact of mining operations on the environment and the socioeconomic conditions of affected communities.

In this regard, it would be necessary to accumulate and analyze data on the poverty incidence prevailing in specific mining communities instead of relying on the poverty data by province or region available from the Philippine Statistics Authority. The site-specific poverty incidence data should be monitored yearly to determine if the mining operations are actually contributing to reducing poverty in the immediate mining community. This will directly address the criticism of the anti-mining NGOs that the profits of mining enterprises just make the investors richer without lifting the mining communities from poverty.

There was also an agreement from the mining companies to the DENR’s proposal to assign personnel to every mining project who could help the firms comply with rules and regulations. Long-standing issues will be addressed by the DENR such as the levying of a fixed royalty rate for Indigenous Peoples (IPs) and inclusion of a mining representative in the Mining Industry Coordinating Council.

These measures, if properly and resolutely implemented, will go a long way to enable the Philippines, as well as the global economic community, to benefit from the country’s rich mineral resources whose exploitation are necessary for the fulfillment of the goals of Industrial Revolution 4.0. Such technologies as Artificial Intelligence (AI), the Internet of Things (IoS), Robotization and Data Analytics are highly dependent on the availability of the products of the mining sector, especially of copper and nickel that are indispensable for all the hardware needed for digitalization as well as for such renewable energy as solar and wind.

If we are to cite another social doctrine that can be derived from the New Testament, our inability to make use of our very rich mineral resources — because of our failure to arrive at a reasonable consensus — will be tantamount to literally “burying our talents” as described in the Parable of the Talents.

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Tracking the BSP’s journey in embracing sustainable finance

Image from bsp.gov.ph

For more than 30 years, the Bangko Sentral ng Pilipinas (BSP) has been the stronghold of the Philippine economy. Established pursuant the New Central Bank Act of 1993, the BSP promotes price stability, a strong financial system, and a safe and efficient payment and settlement system for Filipinos.

Since its establishment, the Philippines’ central bank has weathered several economic challenges over the decades including the Asian Financial Crisis in 1997, a global pandemic in 2020 and, in the past year, skyrocketing inflation rates. But with growing concerns and pressure to act on other looming problems such as climate change and growing social inequality, the BSP has started to embrace sustainable finance as a measure to ensure long-lasting progress.

The BSP refers to this process as “any form of financial product or service which integrates environmental, social, and governance criteria into business decisions that support economic growth” which may lead to long-term economic projects.

These considerations might include climate change mitigation and adaptation, issues of inequality and inclusiveness as well as management structures of public and private institutions that play a fundamental role in the decision-making process.

In this regard, the BSP has made a few steps to integrate sustainable finance into its policies and practices. A circular released in 2020 states that the BSP’s monetary board had approved a sustainable finance policy framework that set out the central bank’s expectations for financial institutions to embed these principles in their operations.

Circular 1085, Series of 2020, required banks in the country to disclose sustainability strategic objectives and risk appetites, overviews of environmental and social risk systems, products and services aligned with internationally recognized sustainability standards including the issuance of green, social, and sustainability bonds, and other initiatives that promote adherence to sustainable finance in their annual reports. Aside from the items above, the circular also mandates banks to report the progress of these initiatives to the BSP yearly.

In 2021, the BSP, along with other central banks, pledged to facilitate sustainable regulations that will respond to climate change through the collective declaration of the Central Banks and Supervisors’ Network for Greening the Financial System (NGFS) in their commitment to the 26th United Nations Climate Change Conference of Parties (COP26).

“Central banks and financial institutions should recognize their important role in contributing to the transition to a low-carbon economy. As stewards of the financial sector, we should all commit to act with urgency in achieving the desired emissions reduction targets and in promoting the sustainability agenda,” former BSP Governor Benjamin E. Diokno said in a statement.

A year later, the central bank released the Philippine Sustainable Finance Roadmap and Sustainable Finance Guiding Principles. Developed by the BSP’s “Green Force” in 2021, the road map and guiding principles aim to facilitate the mainstreaming of sustainable finance in the country and establish an understanding among stakeholders of economic activities considered “sustainable.”

The document laid out the BSP’s strategic plans to develop sustainable finance in the country. These initiatives seek to establish three pillars in the Philippine financial system that aim to create a conducive environment, mainstream sustainable finance, and develop a sustainable pipeline.

The BSP also launched its 11-point Sustainable Central Banking (SCB) Strategy in 2022. The points are: to conduct a comprehensive vulnerability assessment of the economy and financial system accounting for environmental risks; enhance mandatory disclosures of climate-related financial risks by all banks; issue guidance on mandatory climate stress testing for banks; explore the integration of environmental and social risk into prudential practices.

The 11-point SCB Strategy also includes for BSP to: incorporate macroeconomic effects of climate change into monetary policy analysis; consider incentive schemes for the promotion of green lending by banks; include sustainability considerations in its portfolio and risk management and sign the UN Principles for Responsible Investment (UN PRI); develop a task force for inclusive green finance; to include climate-related financial disclosures in its annual report; adopt sustainable practices for its facilities and operations; and to roll out a capacity-building program for all staff in relevant areas.

“Climate change and other environmental hazards impact the prices of goods and change the risk profile of financial institutions. We are doing what we have to do in line with our mandates of promoting price and financial stability,” then-Governor Felipe M. Medalla said in a press release.

Last year, in an effort to foster the transition toward a sustainable economy, the BSP approved additional incentives for financial institutions in the form of additional single borrower’s limit (SBL) for financing eligible projects and zero reserve requirement rates on sustainable bonds.

The introduction of this set of measures is part of the initiative under the BSP’s 11-point SCB Strategy to mainstream sustainable finance as well as support the achievement of the country’s climate commitments and sustainable development goals.

Recently, the BSP’s monetary board approved the adoption of the Philippines’ Sustainable Finance Taxonomy Guidelines (SFTG) for banks which aims to direct, accelerate, and increase capital flows to economic activities that promote sustainability objectives. The SFTG will use a “traffic light system” to classify bank activity: “Green” for an SFTG-aligned activity, “Amber” for partially aligned, and “Red” for not aligned.

This version of the SFTG focuses on climate change mitigation and climate change adaptation with future interactions expected to emphasize biodiversity and circular economy. The taxonomy provides a simplified approach to assessing the economic activities of micro, small, and medium enterprises (MSMEs).

“The issuance of a taxonomy is a crucial step in our sustainability journey. It provides high level guidance in determining the greenness of an investment. But this is just the first step to what I expect will be a long iterative process of calibrating the document to fully capture the conditions of the Philippine economy,” BSP Governor and Monetary Board Chairman Eli M. Remolona, Jr. said in a statement.

Throughout the years, the central bank has shown its commitment to the Filipino people by proactively responding to the financial crisis that they have faced. By adopting sustainable finance and integrating environmental, social, and governance criteria into its policies and practices, the BSP has paved the way to a more sustainable economy and future for the Philippines. — Jomarc Angelo M. Corpuz

Japan imposes new fees on Mount Fuji climbers to limit tourists

FILIZ ELAERTS-UNSPLASH

FUJIYOSHIDA, Japan — Park rangers on Japan’s sacred Mount Fuji officially started this year’s climbing season about 90 minutes before sunrise on Monday, levying new trail fees and limiting hiker numbers to curb overcrowding.

At 3 a.m., officials opened a newly installed gate at a station placed just over halfway up the 3,776-meter (12,388-ft) peak that is a symbol of Japan and a magnet for tourists, now swarming into the country at a record pace.

Climbers must pay 2,000 yen ($12) and their numbers will be limited to 4,000 a day after complaints of litter, pollution, and dangerously crowded trails flowed in last year.

“I think Mount Fuji will be very happy if everyone is more conscious about the environment and things like taking rubbish home with them,” said Sachiko Kan, 61, who was one of about 1,200 hikers gathered on the first day of the new measures.

The yen’s slide to a 38-year low has made Japan an irresistible bargain for overseas visitors.

They are injecting record sums into national coffers but are also putting strains on facilities for travel and hospitality, not to mention the patience of locals.

Hordes of tourists became a traffic hazard at a nearby photography spot where Mount Fuji appeared to float over a convenience store, driving officials to put up a barrier of black mesh to obstruct the view that had gone viral online.

The climbing season this year on Mount Fuji, which straddles the prefectures of Yamanashi and Shizuoka about 136 km from Tokyo, runs until Sept. 10, after which the weather gets too cold and snowy.

A still active stratovolcano whose last eruption was in 1707, Mount Fuji has been a site of Shinto and Buddhist worship for centuries.

The number of climbers recovered to pre-pandemic levels last year, with about 300,000 annually, the environment ministry says. Hikers typically start in the wee hours to make it to the top in time for sunrise.

For their money, climbers receive a wristband giving access to the trail between 3 a.m. and 4 p.m., excluding those with reservations for mountain huts closer to the peak, to whom the daily limit on visitors will not apply, authorities say.

The new trail curbs were necessary to prevent accidents and incidents of altitude sickness, particularly among foreign “bullet climbers,” or those racing to the top, Yamanashi governor Kotaro Nagasaki said last month.

Japan should focus on attracting “higher spending visitors” over sheer numbers of people, he told a press conference.

Geoffrey Kula, one overseas climber waiting to scale Mount Fuji on opening day, took the restrictions in stride.

“This is not Disneyland,” said Mr. Kula, a visitor from Boston. “Having some sort of access control system to limit the amount of potential chaos is good.” — Reuters

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