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Cityland says 50-storey condo tower to rise in Quezon City

LISTED property developer Cityland Development Corp. announced on Monday its City North Tower project along North Avenue in Quezon City.

“City North Tower… will rise in the bustling commercial and business district of Quezon City,” the company said in a statement.

The 50-storey condominium project, which will be located across the future common station of Metro Rail Transit (MRT) Line 7, MRT 3, Light Rail Transit Line 1, and Metro Manila Subway, will have commercial, office, and residential units.

“It is just walking distance from Quezon City’s biggest malls SM North EDSA and TriNoma, banks, restaurants, government offices, and other places of interest, thus making it an ideal place of total living comfort and convenience,” Cityland said.

The City North Tower will have amenities such as swimming pool, multipurpose room with movable play set, gym, and viewing deck.

The project’s residential segment will offer studio, one-bedroom, and two-bedroom units, the company said.

In September last year, Cityland announced the turnover of its 40-storey 101 Xavierville condominium project along Xavierville Avenue, Barangay Loyola Heights in Quezon City.

The property, launched in 2018, is a commercial and residential condominium that has studio, one-bedroom, and commercial units. It caters to students, young professionals, and couples starting a family.

Cityland’s projects consist of medium to high-rise office, commercial, residential condominiums, residential subdivisions, and farm lots. — Revin Mikhael D. Ochave

 

Entertainment News (03/12/24)


Puregold CinePanalo to have inaugural run

TO culminate the first edition of Puregold’s CinePanalo Film Festival, the six full-length films and 25 short films that were given film grants will be screened from March 15 to 19 at the Gateway Cinemas in Araneta City, Quezon City. All films follow the theme “Mga Kwentong Panalo sa Buhay.The six full-length films are: Kurt Soberano’s Under the Piaya Moon; Eugene Torres’ One Day League: Dead Mother, Dead All; Sigrid Bernardo’s Pushcart Tales; Raynier Brizuela’s Boys at the Back; Joel Ferrer’s Road to Happy; and Carlo Obispo’s A Lab Story. For more details on the festival’s run, visit Puregold and Gateway’s social media pages.


Apl.de.Ap, Sandara Park collaborate on new single

TWO superstars with Filipino backgrounds — Filipino-American Black Eyed Peas legend Apl.de.Ap and 2NE1 K-pop icon Sandara Park — have joined forces on a single called “2 Proud,” also marking their first collaboration together. Produced by long-time BEP music director Keith Harris, the track blends pop and hip-hop. “It’s been a long time coming for Sandara and I. Both of us grew up partly in the Philippines so to have been able to connect for the first time was a kind of magic,” Apl.de.Ap said. The song is out now on digital streaming platforms.


FDCP celebrates women’s month with Cine Filipina

THE FILM Development Council of the Philippines (FDCP) has revealed the lineup for this week’s Cine Filipina, a festival of women-centered films and film talks at FDCP Cinematheque Centers nationwide. The films include era-defining Filipino classics by National Artist for Film Marilou Diaz-Abaya — Brutal, Karnal, and Moral — as well as contemporary films that portray new generations of women, like Liway by Kip Oebanda and Maria by She Andes. There will also be films from Cannes-winning filmmaker Céline Sciamma and Academy Award-nominated director Joachim Trier. Some screenings will be free while some cost P150. Cine Filipina runs from March 12 to 23. Visit the FDCP’s social media pages for the full schedule.


PJ Morton releases first single from new album

ON the heels of winning his fifth Grammy Award, PJ Morton’ recently released “Please Be Good,” a single that teases his upcoming album made entirely in Africa. The record features collaborations with dozens of musicians from across South Africa, Nigeria, Ghana, and Egypt. “Please Be Good” features Nigerian producer P.Priime, known for Afrobeats and hip-hop, which are new sonic directions for PJ Morton. The song is out now on all streaming platforms.


CCP Cine Icons to hold first anniversary screening

THE CINE Icons program of the Cultural Center of the Philippines (CCP) will be celebrating its first year this March with a screening of Joel Lamangan’s 1995 tragic crime-thriller, The Flor Contemplacion Story. The screening and talkback session will take place on March 15 at 1 p.m., at the GSIS Theater in Pasay City. The event is free and open to the public. An appropriate film for National Women’s Month, The Flor Contemplacion Story tells the story of a female overseas Filipino worker in Singapore who is accused of killing a fellow maid and the child under her care, and is sentenced to death. The Flor Contemplacion Story was written by National Artist Ricky Lee and Bonifacio Ilagan and stars National Artist Nora Aunor and the late Jaclyn Jose. Seats can be reserved at bit.ly/CCPCineIcons-TFCS-reg.


Alex Bruce drops new single

IN TIME for International Women’s Month, Alex Bruce has released a single titled “SWOOSH,” a bass-heavy hip-hop track with an uplifting message. Initially penned for international activewear brand NIKE, it is meant to embody the brand’s tagline, “Just Do It!,” in every aspect of life. “It’s more than just a song in a way; it’s an anthem, a testament to the power of determination, self-belief, and seizing the moment,” Ms. Bruce said. The young rapper came up with the track with the help of producers GOODSON and SHAQUIRO. “SWOOSH” is out now on all digital music platforms worldwide via Sony Music Entertainment.


Disney+ to premiere Korean series Blood Free

THE UPCOMING Korean original series Blood Free, starring Ju Jihoon and Han Hyojoo, will premiere in the Philippines via Disney+. The thriller follows a former bodyguard, Woo Chaewon (Ju Jihoon), who is tormented by the mistakes of his past, and who finds himself working for Yoon Ja Yoo (Han Hyojoo), the CEO of a contentious lab-grown meat corporation. The two are linked by a past incident that changed both their destinies. Blood Free will be available on Disney+ on April 10.

Gov’t fully awards T-bills as rates retreat

THE GOVERNMENT fully awarded Treasury bills (T-bills) at an auction on Monday as rates mostly fell amid a large amount of retail Treasury bond (RTB) maturing and softer expectations for US inflation.

The Bureau of the Treasury (BTr) raised P15 billion as planned from the T-bills as total bids reached P50.708 billion, more than thrice the amount on the auction block.

The Treasury raised P5 billion as programmed from the 91-day T-bills as tenders reached P13.555 billion. The three-month paper was quoted at an average rate of 5.772%, 0.6 basis point (bp) lower than last week. Accepted rates ranged from 5.73% to 5.825%.

The government also fully awarded P5 billion in 182-day debt as bids hit P17.631 billion. The average rate for the six-month T-bill rose by 2.9 bps to 5.966% from last week. Accepted rates were 5.93% to 5.993%.

The BTr also sold P5 billion of 364-day debt as demand totaled P19.522 billion. The average rate of the one-year T-bill went down by 1.3 bps to 6.087%. Accepted yields were 6.089% to 6.125%.

At the secondary market before the auction on Monday, the 91-, 182- and 364-day T-bills were quoted at 5.7652%, 5.9746% and 6.1049%, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the BTr.

T-bill rates mostly fell on Monday due to maturing retail Treasury bonds worth P700 billion, increasing liquidity in the financial system, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

One set of RTBs matured on March 9, while another matured on March 12.

Both were included in the bond exchange program for the 30th tranche of retail Treasury bonds, from which the government raised P243.45 billion.

“The lower T-bills awarded today reflected market expectations of a potentially softer US consumer price index report tomorrow,” a trader said in an e-mail.

US inflation eased to 3.1% in January from 3.4% a month earlier.

On Tuesday, the BTr will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and 10 months.

The Treasury is looking at raising P180 billion from the domestic market this month — P60 billion from T-bills and P120 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 5.1% of economic output this year. — Aaron Michael C. Sy

Not the time for the Commander-in-Chief to be away

PHILIPPINE STAR/KJ ROSALES

When US President Joe Biden asked the US Congress for a $61-billion package of military assistance for Ukraine last December, US administration officials said whatever the US Congress decides will send a critical message to the rest of the world — including would-be aggressors. Obviously, China’s President Xi Jinping has gotten the message — how the US will respond if China invades Taiwan or attacks the Philippines.

Talking to a delegation of the People’s Liberation Army and Armed Police Force at China’s annual parliament meeting last Thursday, President Xi urged the armed forces to coordinate preparations for military conflicts at sea, protect the country’s maritime rights and interests, and promote the marine economy. He said it was vital to develop a cyberspace defense system and increase the ability to protect national network security.

On the same day, the Taiwanese defense ministry released a report that stated that China has increased grey-zone warfare against Taiwan, intending to “saturate” the areas surrounding the democratic island with balloons, drones, and civilian boats. The Taiwan administration claims that in the past few years China has been conducting so-called grey-zone warfare, which employs irregular tactics to harass Taiwan without resorting to open battles.

The report said that China has attempted to “increase burdens of our naval and air forces and to obscure the existence of the median line in the strait.” The median line refers to the unofficial border between Taiwan and China which China’s forces began regularly crossing in recent years. The report also said to “disguise military activities with civilians” that China has also incorporated research and militia vessels.

The United States think tank, Asia Maritime Transparency Initiative (AMTI), said in a report last month that more than 180 militia ships were spotted at Mischief Reef, which the Philippines calls Panganiban, from July 2023. Mischief Chief is 37 kilometers away from Second Thomas Shoal, where BRP Sierra Madre was deliberately grounded to serve as an outpost of the Armed Forces of the Philippines. The Chinese Coast Guard has been blocking Manila’s resupply missions to the ship, firing water cannons at much smaller and slower Philippine vessels.

The think tank said only a minority of the boats at Mischief Reef were the professional type seen supporting Chinese efforts to block Philippine missions to Second Thomas Shoal. It said a “different pattern of activity was on display” during tensions at Second Thomas Shoal in 2023. “There, purpose-built professional militia ships from the Qiong Sansha Yu fleet that operate out of Hainan routinely worked with the China Coast Guard to block Philippine resupply missions to the BRP Sierra Madre.”

AMTI said the contrast between the relatively low militia presence at Second Thomas Shoal and the intensity of operations during resupply missions indicates that professional militia ships stand ready to support China Coast Guard operations at short notice at any point of friction. Scarborough Shoal has been the focus of Philippine government missions in the South China Sea this month, as the country seeks to ensure Filipino fishermen’s access to the low-tide elevation, which Filipinos call Bajo de Masinloc.

Last week, another US-based think tank, Gordian Knot Center for National Security Innovation, said two Chinese research vessels were loitering around the Benham Rise, an extinct volcanic ridge located in the Philippine Sea. They are suspected by Philippine officials of doing surveillance.

Last Tuesday, a Chinese Coast Guard ship executed dangerous maneuvers against BRP Sindangan, a Philippine Coast Guard vessel that was escorting civilian boats on a resupply mission to BRP Sierra Madre. The maneuvers led to a minor collision between the two ships, causing minor damage to the escort ship. Subsequently, two Chinese Coast Guard vessels attacked one of the resupply boats with water cannons, causing injuries to at least four of the boat’s crewmen.

“I do not think that it is time or the reason to invoke the Mutual Defense Treaty,” President Ferdinand “Bongbong” Marcos, Jr. said from Melbourne, Australia. But he said the Philippines will protest the Chinese actions of harassing, blocking, and firing water cannons at the Philippine vessels, aside from executing dangerous maneuvers.

The continuing dangerous maneuvers and aggressive actions being taken by China Coast Guard ships against our own Coast Guard vessels and Filipino civilian boats are not enough reasons to invoke the treaty. They do not fall under the treaty’s definition of an armed attack.

But the deployment more than 180 militia ships in Mischief Reef and Xi Jinping’s urging his armed forces to prepare for military conflicts at sea are compelling reasons to operationalize the country’s Comprehensive Archipelagic Defense Concept (CADC), a strategic action plan. CADC is in line with President Marcos’ directive for the Armed Forces of the Philippines to focus on external defense in order to protect and secure our entire territory and exclusive economic zone.

Now is not the time for Commander-in-Chief Ferdinand Marcos, Jr. to be away. He should be at his command post. He flew away again yesterday, this time for Germany and the Czech Republic for official working visits from March 11 to 15.

He has made 21 international trips to 15 countries so far during his presidency. The President was accompanied by First Lady Liza Araneta Marcos and his first cousin, House Speaker Martin Romualdez on all his trips. Former president Gloria Arroyo joined the presidential entourage of all the trips since Nov. 16, 2022. The President and the First Lady’s eldest son, Sandro Marcos, Ilocos Norte’s 1st District representative, joined many of the trips, while their other two sons joined some.

Well, when President Fidel Ramos went to America in 1993 to attend the Asia-Pacific Economic Cooperation meeting in Seattle, he brought with him First Lady Ming Ramos, their grandchildren, the First Lady’s sister and her American husband. When President Arroyo made a state visit to China in 2004, she brought along her two sons, their wives, their children, and the children’s nannies.

The number of trips per country where President Marcos has gone to are:

Three: United States, Indonesia, and Singapore (two of the three trips to Singapore were to watch the Grand Prix with the First Lady, son Zandro, and cousin Seaker Martin Romualdez)

Two: Australia and Japan

One: Belgium, Brunei (to attend the wedding of Prince Abdul Mateen, a son of Hassanal Bolkiah, Ruler of Brunei), Cambodia, China, Malaysia, Saudi Arabia, Switzerland, Thailand, the United Kingdom (to attend the coronation of King Charles III) and Vietnam

At his inauguration as president, Ferdinand Marcos, Jr. said: “I once knew a man who saw what little had been achieved since independence in a land filled with people with the greatest potential for achievement, and yet they were poor. But he got it done. Sometimes, with the needed support. Sometimes, without. My father built more and better roads, produced more rice than all administrations before his.”

Bongbong Marcos has told the Filipino people how great his father was. He must also tell the whole world. After all, the Guinness World Record attributes to his father the record for “the greatest robbery of a government.”

That is what his trips are all about, to tell the peoples of the member nations of ASEAN, of the European Union, and of the United Nations that the Filipino people truly acknowledge the greatness of his father by electing him to the same office that his father occupied for 20 years. He brings with him on his trips the heads or representatives of the eight biggest business empires in the Philippines to show the business world that not only the Filipinos have faith in him but the business sector as well.

But Bongbong Marcos has not accomplished his mission of revising history. From the World Economic Forum in Davos to the United Nations General Assembly in New York, to the ASEAN Summit in Melbourne, he is confronted with his father’s record of massive human rights abuses and plunder of the national treasure.

He might as well stay home and bask in the adulation of millions of “bobotantes.” Or he can enhance further his idolaters’ admiration by putting on his combat uniform like he did at the contrived inauguration of his father on Feb. 25, 1986, and, with constant companion son Sandro, fly to Subic and pretend to oversee the resupply missions to BRP Sierra Madre.

 

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

ERC eyeing to review impact of $3.3-billion LNG deal 

REUTERS

THE ENERGY Regulatory Commission (ERC) said it will review the potential impact of the agreement among three energy companies to operate an integrated liquefied natural gas (LNG) facility on the power industry.

“We will review once we have more information, particularly regarding the results of recent CSPs (competitive selection processes) of Meralco (Manila Electric Co.) and pursuant to other mandates of the Commission,” ERC Chairperson Monalisa C. Dimalanta told reporters on Monday.

Ms. Dimalanta made the statement when sought for comment on the deal among San Miguel Global Power Holdings Corp. (SMGP), Meralco PowerGen Corp. (MGen), and Aboitiz Power Corp. (AboitizPower).

Under the $3.3-billion deal, MGen and AboitizPower will jointly invest in two of SMGP’s gas-fired power plants: the 1,278-megawatt (MW) Ilijan power plant and the new 1,320-MW combined cycle power facility.

The three companies will also invest in the LNG import and re-gasification terminal owned by Linseed Field Corp.

MGen is a subsidiary of power distributor Meralco while SMGP is a subsidiary of conglomerate San Miguel Corp.

“The review of the merger falls under the mandate of the PCC (Philippine Competition Commission). ERC will review the effect, if any, on the present and future PSAs (power supply agreements) of Meralco and behavior of players in the WESM (Wholesale Electricity Spot Market) and retail market,” she said.

“There has been a standing arrangement for coordinated review since 2019. We just operationalized the agreement by setting up the joint inquiry team last month,” she added.

The ERC and the PCC said last month that a joint task force was formed “to monitor and investigate allegations of anticompetitive practices in the power sector.”

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

Some Like It Bot: Realistic digital Marilyn Monroe to make debut at tech conference

ARE you a fan of Marilyn Monroe and would like to talk to a very realistic digital version of her? That could now be possible.

More than 60 years after her death, Digital Marilyn — created with the help of artificial intelligence (AI) — will make her debut on Friday at the South by Southwest tech conference in Austin, Texas.

Appearing via computer screen in a modest black turtleneck sweater and sporting her familiar blonde hairstyle, the iconic actress’ digital doppelganger will converse in her familiar breathy voice. She can express emotions, such as smiling in response to a compliment.

In a recent test, Digital Marilyn talked about her favorite movie role as Sugar in the 1959 comedy Some Like It Hot, pausing and glancing down in a reflective manner before offering her responses.

She said she found the sexy yet vulnerable character to be “a challenging role, but also rewarding.” She also recommended other comedies, such as Gentlemen Prefer Blondes.

Digital Marilyn was built by Soul Machines, an AI firm that specializes in creating realistic digital people, in partnership with Authentic Brands Group. The marketing firm owns a portfolio of brands, including the likeness rights to Monroe as well as other dead celebrities.

“Every time I talk to Marilyn, it’s a special feeling,” said Greg Cross, chief executive officer and co-founder of Soul Machines. “You feel like you have a good relationship with an icon.”

Soul Machines will unveil Digital Marilyn at an event hosted by The Information, where attendees can interact with the character. Cross said he hopes the demonstration will spark conversations about using the character as a brand ambassador. — Reuters

Robinsons Hotels sees strong market with rising staycationers from Manila

ROBINSONS Hotels and Resorts (RHR), the hospitality arm of Robinsons Land Corp., expects a robust tourism market this year, with an increasing number of staycationers from Metro Manila, a company official said.

The Philippine market is at a threshold or a pivotal point where it will grow sharply over the next five to 10 years, RHR Senior Vice-President and Business Unit Manager Barun Jolly said in an interview with BusinessWorld.

He noted that the tourism sector has rebounded from the challenges posed by the coronavirus pandemic and has already reached pre-pandemic levels.

The recovery is attributed to initiatives by the Department of Tourism, the Filipino brand of hospitality, and the emerging growth opportunities outside major tourist hubs like Metro Manila, Boracay, and Cebu.

“Places like Naga City and General Santos City are brimming with potential because the middle class of Philippines that is growing very rapidly. They are earning well and have a higher spending potential,” he said.

In terms of staycations, the company has observed a notable trend dubbed “bleisure,” where business trips are combined with leisure stays, Mr. Jolly said.

“We have been very mindful to incorporate the ease of work in every hotel that you go. Starting from an essentials hotel, if you go to a Go Hotel, you’ll be able to work seamlessly, [and] of course, [at] our urban luxury resorts like Fili,” he added.

RHR is tapping into the meetings, incentives, conferences, and exhibitions (MICE) market, providing facilities for corporate and government activities.

According to Colliers Philippines’ 2024 property outlook, the Tourism department is priming the country as a major (MICE) destination in Asia.

Apart from foreign brands, the property consultancy firm also sees an opening of more homegrown MICE facilities in key tourist destinations.

Mr. Jolly said that RHR is also gearing up for the opening of Nustar Resort and Casino in Cebu’s Kawit island, scheduled for full operation in June. This addition, set to surpass the luxury standards of Fili Hotel, signifies RHR’s commitment to enhancing its brand portfolio, he added.

Basic rooms at Nustar Resort and Casino are expected to range between P14,000 to P15,000.

On Nustar’s projected occupancy rate, Mr. Jolly said that it is best to let the hotel run for nine months to get an idea. But considering the “market is pretty strong, anything between mid-60s to mid-70s is quite likely to be achieved,” he noted.

Mr. Jolly oversees RHR’s international brands including Dusit Thani Mactan Cebu, Crowne Plaza Manila Galleria, Holiday Inn Manila, The Westin Manila, Fili Hotel, and the new addition into the fold, the Nustar Resort and Casino. — Aubrey Rose A. Inosante

PH1 targets to finish One Lancaster Park’s Tower 1 by first half of 2026

BW FILE PHOTO

THE property unit of Megawide Construction Corp. said it expects to complete the Tower 1 of its One Lancaster Park (OLP) project with Property Company of Friends, Inc. (Pro-Friends) in Imus City by 2026.

“The property’s Tower 1 is expected to be done by the first half of 2026,” PH1 World Developers (PH1WD) said in a statement to BusinessWorld on Monday.

PH1WD recently signed a development contract with the Guillermo C. Choa-led Pro-Friends for their joint venture, Famtech Properties, Inc., which will build the One Lancaster Park vertical property development within the Lancaster New City.

Under the partnership, PH1WD will build and manage One Lancaster Park Towers 1 and 2 as part of the first phase of the project.

Both towers will have 191 units each and will be L-type residential buildings.

“Famtech is looking forward to becoming the first vertical development within Lancaster New City. It’s fitting to launch our unique Metro Living with Nature concept in Imus because the province of Cavite is itself a convergence of urban development and natural surroundings,” PH1WD President Gigi G. Alcantara said in a statement last week.

The One Lancaster Park will feature a seven-hectare leisure field consisting of a family bonding zone, a kids’ playground, a physical activity area, a quiet zone, pocket gardens, and security offered by a condominium-style development.

Once finished, the One Lancaster Park property will comprise nine eight-storey buildings with basement parking. It will also feature elevated walkways, three adult and kids swimming pools, a clubhouse, and a basketball court.

“OLP will appeal to potential homeowners and scouting to purchase a property as an additional investment that they can earn from, or pass on to their children,” Pro-Friends Commercial Business Group Head Richard Tay said.

The Saavedra-led Megawide will undertake the construction of One Lancaster Park, including Towers 1 and 2, as well as roadworks, a sewage treatment plant, and site and amenities development.

“PH1WD will continue to positively disrupt the local property development sector that will manifest in. Future homeowners of the property can look forward to experiencing a high-standard of form and functionality that is the trademark of a Megawide-built housing structure,” Ms. Alcantara said.

The Lancaster New City is a 2000-hectare township that spans across the areas of Kawit, Imus, and General Trias in Cavite. It offers residential and commercial spaces. — Revin Mikhael D. Ochave

Nuclear energy to sustain Philippines’ high economic growth

TORONTO — The Philippines’ Nuclear Trade Mission to Canada ended the three-day Toronto leg last Friday, March 8. It was a very educational tour filled with meetings for me and other Philippine participants, headed by Energy Undersecretary Sharon Garin and Science Undersecretary Leah Buendia.

On those three days, we saw the McMaster University Nuclear Reactor, we went inside the research reactor that provides neutrons for medical isotopes, imaging service, and power generation (five megawatts), and many other services. The reactor is in the middle of the sprawling university and students, staff, and visitors casually walk outside it without fear or alarm.

We also visited a big CANDU (Canada Deuterium-Uranium) mock-up reactor — not a real nuclear plant but containing all the basic components and various chambers — owned by Ontario Power Generation (OPG). OPG owns and operates the Darlington nuclear generating station, four CANDU reactors that can produce up to 31 terawatt-hours (TWH). This is almost one third of the Philippines’ total power generation of 114 TWH nationwide in 2022.

The top corporate leaders of Bruce Power, the biggest operating nuclear power company in North America, met us in their office in downtown Toronto. Their eight CANDU reactors can produce up to 48 TWH of electricity yearly, or 42% of total Philippine power generation in 2022.

If our Bataan Nuclear Power Plant (BNPP) had been allowed to operate and not killed by politics and health alarmism in 1986, it could have generated about 4.6 TWH/year (assuming 85% capacity factor) for the past 38 years. This is much larger than the output of wind + solar of 2.9 TWH combined in 2022.

As a developing country, we need to overcome our perennial low power generation and low reserves margin relative to demand, which leads to high electricity prices. I checked again the power generation of several countries and compared it with their economic performance over a seven-year period, 2016-2022. I grouped the countries into three: Group A are the G7 industrial countries, Group B are the major East Asian economies, and Group C are the major South Asian countries.

The G7 is characterized by low, if not contracting, power generation and low GDP growth of between 0.2% (Japan) to 2.1% (US). The East Asian and South Asian countries are characterized by high growth in power generation and high GDP growth, except for Thailand (see the table).

The Philippines’ average yearly growth of 4.9% in power generation was equivalent to a 4 TWH/year increase, and our GDP was growing at an average of 4.3% yearly average. In 2023, we grew at 5.6%, and the increase in power generation could be at least 5 TWH. And since the government targets growth of 6-7% yearly from 2024-2028, I strongly believe that we should produce 6-7 TWH/year of power, otherwise the growth target will not be attained due to blackouts, with supply unable to meet high demand.

Meaning if we produce only 5-6 TWH/year of power, our economy will grow only at the 5-6% range. We actually need to grow 8% yearly through the next decade if we want to, a.) drastically reduce poverty, and, b.) reduce the public debt/GDP ratio from the current 62% to 50% or less. The denominator, GDP size, must grow at a high level and be sustained for a decade or more, for us to attain those two big social and economic goals.

I am flying back to Manila in several hours. Yesterday I asked Energy Undersecretary Sharon Garin about the major lessons from this nuclear trade mission. She said that, “The Canadian Embassy has graciously given us an opportunity to comprehensively understand the core competencies of Canada in nuclear power development. Canadians have completed nuclear power plants in time or ahead of schedule, these are competencies we hope to develop in the Philippines. The Philippine Nuclear Energy Program Inter-Agency Committee will likely pursue more targeted and responsive joint activities with Canada in the near future. It is one of the few countries [with whom] we already have an existing bilateral agreement on nuclear energy.”

I also talked to two fellow participants who are local energy players and have expressed explicit interest in developing nuclear power in the country soon.

Meralco’s First Vice-President and Head of Networks, Froilan “Froi” Savet, said that “the Philippines can establish a robust regulatory framework similar to that of the Canadian Nuclear Safety Commission (CNSC) to ensure safe and secure operation of its to-be nuclear facilities. [A] possible Memorandum of Understanding (MoU) with premier academic institutions like Ontario Tech and McMaster University where we could send qualified students on scholarships to study nuclear engineering.”

Aboitiz Power Corp.’s Head of Energy Transition Projects, Felino “Lino” Bernardo, seconded Mr. Savet’s observation, saying that: “In the near to medium term, the Philippine government should first enact enabling policies that would, among others, signal support to those in the power generation sector and enable a seamless but rational allocation of resources. Likewise, multi-sectoral collaboration amongst local stakeholders and extending to foreign ones — who will leverage their experience and expertise — should close the existing skills gap, the development of robust supply chains, and converging of public-private efforts towards harnessing the potential of nuclear technology. There is a need for human capital development via friendly bilateral relations that support knowledge and skills transfers of peaceful use of nuclear energy.”

All good points there. And great guidance and assistance from the Canadian embassy in Manila with the series of meetings and site visits. In particular, David Hartman, the Ambassador of Canada to the Philippines, and Guy Boileau, Senior Trade Commissioner, and Jesus Sanchez, Trade Commissioner. Mssrs. Boileau and Sanchez brought us on a post-event tour of Niagara Falls — a fantastic place. Aboitiz Power’s Mr. Bernardo estimated that the falls’ huge volume of water can possibly generate at least 1,000 MW of power and it is still winter. Expect more power to be produced during summertime when water volume is higher.

Now that new coal plants in “greenfield” investment are prohibited, with the continuing low and pathetic output from wind-solar-biomass, and with new gas plants which are still insufficient to fulfill high power demand, the government and the public must learn to appreciate the value of nuclear energy. Nuclear power will help avoid blackouts in the future, and provide clean and stable 24/7 electricity for the country’s rising demand and fast economic growth.

 

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

minimalgovernment@gmail.com

OceanaGold seeks new mine site in Nueva Vizcaya

AUSTRALIAN-CANADIAN mining company OceanaGold Corp. said it plans to spend $5-7 million this year on drilling and exploration.

“That’s about 9 kilometers away from our existing mine…, and we are hoping to find another mine here in the Philippines,” OceanaGold Chief Executive Officer Gerard M. Bond said in a media briefing on Monday.

Its Philippine unit, OceanaGold Philippines, Inc., operates the Didipio gold and copper mine in Nueva Vizcaya.

He added that $2 million will be allocated for exploratory drilling in Napartan Kasibu, Nueva Vizcaya.

“We think there could be gold there, but we will only know when we put the drills there in the coming months,” Mr. Bond said.

The company has signed agreements with local landowners and the barangay to commence drilling operations in the area.

“We’re in the process of getting drills to site, and we look forward to drilling. We have to have the drills active in about a month,” he said.

He added that another $3 milllion to $5 million was earmarked for drilling within the Didipio mine.

“We operate 200 meters below the old open pit, but we see mineralization that is mineable another 200 meters below… and even further below that at the 400-meter level,” he said.

The company projects 120,000 to 135,000 ounces of gold and 12,000 to 14,000 tons of copper production for the Didipio Mine this year. A.H. Halili

Philippines remains ‘partly free’ in Global Freedom Report

The Philippines scored 58 out of 100, unchanged from the previous year with a “partly free” status, in the 2024 edition of the annual Freedom in the World by US-based nonprofit organization Freedom House. The report assesses the real-world rights and freedoms enjoyed by individuals, rather than governments, of 195 countries and 15 territories.

 

Philippines remains ‘partly free’ in Global Freedom Report

Rural bank consolidation won’t ensure agri lending, experts say

JCOMP-FREEPIK

By Aaron Michael C. Sy, Reporter

A PHILIPPINE central bank plan to consolidate rural banks could boost their capital but will not ensure lending to the agriculture sector, according to industry experts.

“Admittedly, mergers and consolidations result in bigger entities that, as a result of their combined financial positions, make for a stronger bank,” Mary Ann Tupasi-Saddul, former president of the Rural Bankers Association of the Philippines, said in an e-mail. “Mere size, however, does not automatically ensure a bank will lend to agriculture.”

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. earlier said the central bank is looking at consolidating rural banks to make them more resilient and meet capital requirements so they can lend more to the agriculture sector.

In September 2022, the BSP raised the minimum capital requirement for rural banks with a head office and as many as five branches to P50 million, while those with six to 10 branches must have a minimum capital of P120 million. Those with more than 10 branches must have a capital of at least P200 million.

Rural banks have until 2027 to comply.

“If the BSP wants fewer and stronger banks, then requiring higher capitalization will result in consolidation and fewer banks,” Calixto V. Chikiamco, president of the Foundation for Economic Freedom, said in a Viber message. “If the BSP wants them to lend to agriculture, fewer and bigger banks won’t necessarily lead to more agricultural lending.”

Ms. Saddul said rural banks might have opted out of lending to farmers due to climate risks, the absence of effective guarantee systems and acceptable collateral.

The BSP’s mandate for banks to diversify lending into nonagricultural sectors to mitigate credit risks also led to rural lenders’ shift in lending to consumers, she added.

“BSP’s capital adequacy framework imbues banks with the need to seek out the most effective use of bank capital, which may not necessarily be in the form of exposure to the agricultural sector,” she added.

Ms. Saddul said rural banks had the highest level of compliance in lending to the sector before the Agri-Agra Law was revised in October 2022.

She noted that the BSP should instead add support mechanisms such as incentives and guarantees for lending to mandated sectors.

It could also expand credit scoring analytics for agriculture and small businesses.

Increasing rural banks’ capital requirement could be unsustainable because it could push them to hire more people, increase costs and close down, Enrico P. Villanueva, a senior economic lecturer at the University of the Philippines Los Baños, said in a blog.

“BSP’s concern for rural bank stability and contagion to the bigger financial system is valid, more so in the light of irresponsible rural bankers who left their depositors hanging by engaging in unsound banking practices,” he said. “But maybe it is time to abandon the absolute capital requirement in favor of the global requirement of capital relative to risk assets.”