OceanaGold reports 22.35% rise in gold production at Didipio mine

March 20, 2024 | 12:04 am

OCEANAGOLD Corp. saw a 22.35% increase in gold production at its Didipio Gold-Copper Mine in Nueva Vizcaya last year, the Australian-Canadian mining company said on Tuesday.

Year on year, the mine produced 138,500 ounces (oz) of gold, up from 113,200 oz in the previous year, it said in a statement.

“We are glad to have exceeded the top end of our 2023 production guidance ranging from 125,000 to 135,000 oz of gold and 12,000 to 14,000 metric tons of copper,” Didipio Mine President and External Affairs and Social Performance General Manager Joan Adaci-Cattiling said.

However, its copper production slipped 1.38% to 14,200 metric tons (MT) last year from 14,400 MT in 2022.

The increase in gold production was attributed to the mining of higher-grade breccia stopes in the fourth quarter of 2023, facilitated by the completion of the crown pillar strengthening project.

This strengthened the bottom of the mine’s ground surface directly above the underground mine, enabling safer underground mining activities.

Meanwhile, the average gold price per ounce increased by 9% to $1,974 in 2023 from $1,811 in 2022.

In contrast, copper prices per pound inched higher to $3.87 in 2023.

Didipio also raised the amount of production taxes paid to the government to $26.3 million or P1.46 billion in 2023, and an additional government share of $20.3 million or P1.1 billion per the Financial or Technical Assistance Agreement, the company said. — Aubrey Rose A. Inosante

Spaces for cooperation

March 20, 2024 | 12:04 am

Space technology has more practical uses than many would imagine.

It’s easy to see space technology as something quite literally out of this world when there are plenty of urgent concerns and issues we must attend to here on the Earth’s surface.

But while it is true that there are numerous problems that demand our urgent attention, the Philippines must safeguard its sovereignty, monitor environmental changes, ensure economic security, and respond effectively to natural disasters and other threats. The solution to some of these problems could lie in advancements in space technology.

For a country like the Philippines, a rising middle power, it should not be far-fetched to imagine that we can leverage on space technology as a real and powerful tool to help address the myriad of issues that we face.

Space Science, Technology and Applications (SSTA) provide for evidence-based decision-making, something that is always desirable as we navigate the complex world and the traditional and nontraditional threats with which we now live. With the increasing involvement of various actors in space activities, indeed there is a multi-polar aspect to space exploration.

We are not alone, and we need not be as there is an increasing involvement of various actors in space activities.

The protection of our maritime domain is the first thing that comes to mind. The Indo-Pacific region, for instance, emerges as a dynamic and fiercely competitive geopolitical arena, characterized not only by its vast maritime expanses but also by the intricate realm of outer space politics. Maritime domain awareness, facilitated by space-based assets, is a cornerstone of the Philippine security strategy, enabling the monitoring of territorial waters and combating aggression to ensure maritime security.

Satellite technology in this instance is a critical tool in monitoring the movements of other forces and other countries in our maritime space, far from where anybody could visually keep track of those movements. Through this, we are made aware of any threats and encroachments perpetuated by other nations with vested interests in what has been established as ours. This will, in turn, allow us to plan our moves and strategize on how best we can ward off such infringements.

The Philippines recognizes the immense potential of space-based Earth observation systems in enhancing maritime awareness. These space systems provide insights into the dynamics of the maritime domain and resource protection for a wide range of stakeholders, including the military, environmental groups, and government ministries responsible for transportation, commerce, maritime affairs, environmental protection, and disaster preparedness.

Collaborative efforts among various agencies focus on studying the marine environment and impact of human activity in the West Philippine Sea using satellite imagery. Techniques developed by the Philippine Space Agency, for instance, enable us to analyze images to detect ship presence around Pag-asa island and surrounding cays, while mapping monthly chlorophyll levels and ship presence near Hughes Reef reveals fluctuating patterns.

The time to harness these advancements is now, as they offer unprecedented potential to address maritime challenges and safeguard marine resources for future generations.

OTHER APPLICATIONS
Outside of marine security, there are other applications of space technology of which people may not immediately be aware. Food security and sustainable resource management, for instance, could make a big difference in our nation’s economic and political life. Satellite imagery and precision agriculture could be tapped to enhance agricultural productivity and ensure long-term sustainability.

For example, the Philippine Space Agency (PhilSA) and the Department of Environment and Natural Resources signed a MoA to create a geospatial database of the country’s natural resources and monitor the National Greening Program (NGP) using spaceborne data. This joint initiative, funded by the Department of Environment and Natural Resources, aims to strengthen science-based policymaking. PhilSA employs satellite technology, including remote sensing and artificial intelligence, to support NGP Progress Monitoring and the National Resource Accounting Program (NRAP). This collaboration showcases how advanced space technologies enhance environmental conservation efforts.

PhilSA employs satellite remote sensing, machine learning, artificial intelligence, and geographic information systems. This supports the NGP Progress Monitoring by generating vegetation trend maps and detecting forest disturbance. Additionally, PhilSA develops methodologies for mangrove mapping and air quality mapping under NRAP. This collaboration highlights the role of advanced space technologies in enhancing environmental conservation efforts.

The PhilSA also utilizes satellite imagery to produce fishing ground maps nationwide, collaborating with the Department of Agriculture, Bureau of Fisheries and Aquatic Resources, and National Fisheries Research and Development Institute. These maps aid in identifying current and potential fishing zones, providing valuable data for fisheries management.

Stakeholders receive guidance on optimal fishing locations, timing, and regulations. These insights are shared with the Task Force on Zero Hunger, led by the Cabinet Secretary, to support livelihood and food security initiatives, according to PhilSA.

Space-based communication technologies play a crucial role in bridging digital divides and fostering connectivity across the Philippine archipelago, facilitating access to education, healthcare, and economic opportunities for all Filipinos.

Such commitment to capacity-building and workforce development cultivates a skilled and resilient workforce equipped with the expertise to leverage space technologies for economic growth and societal benefit.

We at Stratbase are happy to provide a platform for discussions on space technology in the Philippines through a forum held yesterday. In partnership with the Embassy of Canada in the Philippines and in collaboration with the Philippine Space Agency, we hosted a day-long hybrid event on “Navigating the Frontiers of Global Space Collaboration and Promoting Space Science and Technology Applications Across Industries.”

The prospects are promising. This is just the start of the conversation, and we look forward to actualizing these plans and initiatives, maximizing the benefits of space technology, with the help of our friends from other countries and different sectors, for the common good.

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Relive the songs of Parokya ni Edgar onstage

March 20, 2024 | 12:04 am

Parokya-Miranda — PAROKYA NI EDGAR’S Chito Miranda talks at a press conference about how the new jukebox musical, Buruguduystunstugudunstuy, came to be.

GOOD news for fans of the iconic Filipino rock band Parokya ni Edgar — they only have to wait a month until Buruguduystunstugudunstuy: Ang Parokya ni Edgar Musical hits the stage.

The jukebox musical from Newport World Resorts’ production arm Full House Theater Company (FHTC) will have performances at the Newport Performing Arts Theater from April 26 to June 8.

The show features an epic world built around the colorful discography of Parokya ni Edgar, which is best known for its novelty songs and satirical covers. The musical itself takes its tongue twister name from the band’s 1997 album, Buruguduystunstugudunstuy.

Known as a pillar of original Pilipino music (OPM), Parokya ni Edgar has captured the country’s ears since 1993 with songs like “Halaga,” “Bagsakan,” “Don’t Touch My Birdie,” “Harana,” “This Guy’s In Love With You Pare,” and “Mister Suave.”

Chito Miranda, singer-songwriter and frontman of the band told the media after a March 15 preview that he never thought their songs would sound that beautiful in the hands of musical artists.

“We don’t trust ourselves when it comes to our material, but being a fan of Ang Huling El Bimbo The Musical, this was presented to me, and since I trust the team so much, I said, ‘game!’,” Mr. Miranda said.

“We never view our songs as anything outstanding or professional, pero iyung ganitong treatment nakakakilabot (but this treatment gave me goosebumps),” he added.

Ang Huling El Bimbo The Musical was FHTC’s hit production based on the songs of another iconic Filipino band, Eraserheads. However, the company said that Buruguduystunstugudunstuy has a totally different character.

For one, the four leads are all women who go on a journey of self-discovery — a take people may not expect from an all-male rock band’s music.

Mr. Miranda clarified that, as a songwriter, the goal is always to “have a conversation with everyone.”

“It’s not a conscious effort to make it universal, but whenever we write songs it’s trying to start a conversation with anyone who’s willing to listen,” he said.

All the characters’ names are derived from tracks in the band’s discography. Felicity Kyle Napuli plays Aiza, Marynor Madamesila plays Jen, Tex Ordoñez-De Leon plays Norma, and Natasha Cabrera plays Girlie. Supporting cast members include Pepe Herrera as Mr. Suave, Noel Comia as Tikmol, Nicco Manalo as Mang Jose, and Jasper Jimenez as Tito Ralph.

“The show is meant to be an acid trip. It has to be a wild, wild, wild ride. Many characters will cross from current times, the future, the past, and non-existing times,” said director Dexter Santos at the press conference. He described it as a “Parokya-verse,” a multiverse of references from the band’s music.

“It’s really fast-paced, highly visual with many videos, and a lot of production numbers [based on] 47 songs, some in full and some excerpts,” he added.

The production’s creative team includes playwright Rody Vera, musical director Ejay Yatco, choreographer Stephen Viñas, scenic designer Lawyn Cruz, costume designer Raven Ong, and video designers GA Fallarme and Joyce Garcia.

Menchu Lauchengco-Yulo and Michael Williams, co-artistic directors of FHTC, told the press that Mr. Miranda was “very involved” and accepting of the ideas that they conceptualized from the start.

Theatergoers will have to prepare for “a rollercoaster ride of emotions.” While Buruguduystunstugudunstuy won’t be as heavy as Ang Huling El Bimbo, it aims to be just as powerful.

“It will be naughty. It has a wide range of comedy. It can be dark most of the time and some of the time, but also there’s love and there’s kilig,” Mr. Santos said. “It’s all because Parokya ni Edgar has a really wide array of songs.”

There will be 3 p.m. matinees on April 27 and 28, May 4, 5, 11, and 12, and June 8. Evening performances will be at 8 p.m. on April 26 and 27, and May 3,4, 10, 11, and 17.

Tickets, ranging in price from P1,105 to P5,525, are available at all TicketWorld and SM Tickets outlets, HelixPay, and the Newport World Resorts Box Office. — Brontë H. Lacsamana

Gov’t makes full award of reissued 20-year bonds

March 20, 2024 | 12:04 am

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday as rates dropped on expectations that the Bangko Sentral ng Pilipinas (BSP) will begin its easing cycle this year.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued 20-year bonds it offered on Tuesday as total bids reached P60.946 billion, or more than twice the amount on the auction block.

The bonds, which have a remaining life of 19 years and 11 months, were awarded at an average rate of 6.189%, with accepted yields ranging from 6.17% to 6.25%.

The average rate of the reissued bonds went down by 2 basis points (bps) from the 6.209% quoted for the papers when they were first offered on Feb. 27 and 6.1 bps below the 6.25% coupon for the issue.

This was also 2.7 bps lower than the 6.216% seen for the same bond series and 13.1 bps below the 6.32% quoted for the 20-year tenor at the secondary market on Tuesday before the auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

This brought the total outstanding volume for the series to P60 billion, the BTr said in a statement.

“The lower awarded rates today reflected lingering market expectations of BSP rate cuts this year,” a trader said in an e-mail on Tuesday.

A second bond trader said in an e-mail that the average rate of the reissued paper was at the lower end of market expectations amid the large amount of non-competitive bids.

BSP Governor Eli M. Remolona, Jr. earlier said the central bank could consider cutting rates by the second half of the year if inflation is firmly within its 2-4% annual target band.

The Monetary Board raised its policy rate by 450 bps to a near 17-year high of 6.5% from May 2022 to October 2023 to help bring down elevated inflation. It has since kept its policy settings steady.

Headline inflation accelerated for the first time in five months in February to 3.4% from 2.8% in January, but was slower than the 8.6% print in the same month a year ago.

For the first two months of 2024, headline inflation averaged 3.1%, lower than the BSP’s 3.6% full-year baseline forecast but within its 2-4% target.

The BTr is looking to raise P180 billion from the domestic market this month, or P60 billion from Treasury bills and P120 billion through T-bonds.

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

Global art sales dropped 4% last year, UBS Market Report finds

March 20, 2024 | 12:03 am

IN THE face of high borrowing rates, geopolitical instability, and volatile economic conditions, the global art market still managed to notch an estimated $65 billion in sales in 2023, according to a joint report from Art Basel and UBS Group AG. That’s the good news.

Less encouraging is the fact that sales, which include those via auctions and art galleries alike, are down 4% in value from 2022. And that’s not factoring in inflation, which could mean the real value of the market’s contraction is more severe.

“I was actually slightly pleasantly surprised that it didn’t decline more,” says the report’s author Clare McAndrew, speaking in reference to the nominal 4% decline. “Talking to people in the last quarter of last year especially, it was pretty tough.”

Ms. McAndrew, the founder of the research and consulting firm Arts Economics, says the 2023 art market was in many respects the opposite of the year prior: “In 2022, it was definitely the high end doing much better and everything else kind of slowing,” she says, in reference to works priced in the millions of dollars. “And then we saw that kind of turn on its head a little bit last year, with the high end really kind of thinning out, but there still was activity going on at that kind of lower price level.”

GLOBAL DECLINES
The US maintained its dominant art world position, representing 42% of sales by value (which includes both primary and secondary markets), according to the report. And despite a series of high-profile auction flops —including the Long Museum’s disappointing sale at Sotheby’s in Hong Kong — China managed to surpass the United Kingdom (UK) as the second-biggest market, with its share rising to 19%; the UK sank to third place, with 17%. France came in a distant fourth, with 7% of sales by value, totaling $4.6 billion in sales.

Success is more than market share, though: In terms of total dollar amount, the US market declined by 10%, totaling $27.2 billion, according to the report. Sales in the UK fell nearly as much by share of value, some 8%. Only China, which Ms. McAndrew says benefited from a backlog of sales due to COVID-related lockdowns, saw a 9% growth in value in 2023, to $12.2 billion. But once that inventory belatedly hit the market in the spring, the Chinese market began to sink quickly, too.

“In the second half of the year, the auction segment was much flatter,” Ms. McAndrew says. Without that early spring spike, she continues, “it would have been a much, much worse year in China, and a much worse year globally as well.”

BELEAGUERED TROPHY MARKET
The 1,600 dealers surveyed who self-reported results — results that, therefore, should be taken with a grain of salt — told the researchers that their aggregate sales fell by about 3% year-over-year, to $36.1 billion. The pain was particularly pointed to dealers who had more than $10 million in turnover; they reported a 7% decline in average sales. Meanwhile smaller operations, that is dealers with a turnover of less than $500,000, saw sales rise by 12% on average.

The slowdown of higher-priced sales could have serious ramifications for the overall gallery ecosystem, says Noah Horowitz, chief executive officer of Art Basel. “We’re seeing a sense of costs outpacing pricing in terms of what galleries are able to turn around and sell,” he says, citing transport, shipping, travel and entertainment as factors that contribute to rising overhead. “Doing business has gotten more challenging, and prices aren’t quite keeping pace with the increasing cost of business.”

Global auction figures also suffered from a pullback at the highest end. Total public auction sales fell by 7%, to $25.1 billion, according to the report, and sales over $10 million were a major factor in that decline; the number of lots sold in that tier fell by 25% from the previous year, while total values decreased by a staggering 40%.

“I think people did hold back from selling at auction if they could,” Ms. McAndrew says.

LOOKING AHEAD
And yet transactions did occur, and the art market is still chugging along — the volume of sales actually increased by 4% year-over-year, according to the report. Much of what happens with that trend could hinge on the market’s robust (and largely unquantifiable) ecosystem, Ms. McAndrew suggests: “There’s a nice mix in the art market of the experience and the product. It’s got a dual nature, in that it’s buying something, but it’s the whole process that goes with buying it.” She cites the thrill of bidding at auction or the fun of traveling to an art fair in a warmer climate.

“It mixes experiences with products in a very positive way. I think that’s what’s going to save it,” she says.

Not every dealer is so optimistic. Only about a third of the report’s respondents expected an improvement in sales in 2024, and they have an even grimmer view of their peers: Just 23% predicted that their competitors would see a rise in sales. — Bloomberg

MCI BPO expands in Philippines

March 20, 2024 | 12:03 am

MCI BUSINESS Process Outsourcing (BPO), a subsidiary of American conglomerate MCI, announced on Monday its acquisition of EastWest BPO & Technologies as part of its expansion strategy in the Philippines.

“The acquisition of EastWest BPO & Technologies is a key step for MCI in expanding our offshore customer experience BPO contact center solutions,” MCI Chief Executive Officer Anthony Marlowe said in an e-mailed statement.

Mr. Marlowe said that after two decades as an onshore tech-enabled call center BPO service provider, the company shifted its focus to meet its clients’ demand for technology and high-quality nearshore or offshore cost arbitrage.

According to MCI, this acquisition merges its leadership and EastWest BPO’s resources “to deliver a seamless expansion of services.”

The company added that EastWest’s established infrastructure in the country granted it a cost-effective expansion as it came ready with access to an experienced workforce.

EastWest BPO has 300 employees and operates in four local and international offices. It is located near the Clark Freeport Zone in San Fernando, Pampanga.

MCI BPO is a subsidiary of MCI that offers services in contact center BPO, customer experience solutions, and more. Its services span seven countries internationally. — Aubrey Rose A. Inosante

Trump’s empty pockets make him an overseas mark

March 20, 2024 | 12:03 am

DONALD TRUMP, the self-described multibillionaire and “king of debt,” said he doesn’t have enough cash on hand to appeal a $454 million civil fraud judgment against him. Embarrassing, of course. But his empty pockets also raise the possibility that his collection of urban real estate, golf courses, and snake oil may be headed for a brutal financial squeeze.

Trump’s predicament is also the latest reminder that his financial challenges make him a national security threat — something that has been a reality ever since he was elected president in 2016. He’s always been willing to sell his name to the highest bidder. There’s no reason to believe that Trump, whose businesses collected millions of dollars from foreign governments and officials while he was president, won’t have a for-sale sign out now that he’s struggling with the suffocating weight of court judgments.

Trump is being criminally prosecuted for allegedly misappropriating classified documents and stashing them at Mar-a-Lago, his home in Palm Beach, Florida. Without a trial and public disclosure of more evidence, Trump’s motivations for taking the documents are unknown, but it’s reasonable to wonder whether he pondered trying to sell them. Monetizing the White House has been something of a family affair, after all. His son-in-law, Jared Kushner, has been busy trading financially on his proximity to the former president, for example.

All of this was troubling enough during and after Trump’s first stay in the Oval Office. He wasn’t under the kind of financial pressure he’s contending with now, however, and it makes all of his current financial maneuvers even more questionable — and certainly much more threatening. He’s not just another wheeler-dealer caught out over his skis.

Did Trump flip-flop on his support for banning the social media platform TikTok from the US because Jeff Yass, a huge donor, has a large investment in the Chinese company that owns it? I don’t know. Did Trump meet with Elon Musk, the wealthy entrepreneur whose automotive, communication and space exploration assets have relied on close business and financial relationships with the federal government, because he needed to raise money quickly in the wake of the civil fraud judgment? I don’t know.

Still, these are good questions to get answers to and should make voters wonder about whose interests Trump will serve should he be reelected in November.

Meanwhile, the clock is ticking. New York State Attorney General Letitia James, who successfully prosecuted Trump for lying about the value of his assets to banks and other parties, can seize his assets on March 25 to satisfy the $454 million judgment against him. Trump is appealing the ruling but still must place funds in escrow until the courts reach a final decision. That means he may have to put up at least $500 million to satisfy both the judgment and accrued interest while he appeals.

In a court filing on Monday, Trump’s lawyers said that the judgment would require him to have cash reserves of $1 billion and that he doesn’t have the money. Trump testified during a deposition last year that he had “substantially in excess of 400 million in cash,” a sum that was “going up very substantially every month.” That was either untrue or Trump, who has a long history of lying, wants to avoid using his own money or somehow burned through that magical pile of cash over the last year.

Trump recently posted a $91.6-million bond to postpone payment of a verdict in his defamation loss to the writer E. Jean Carroll. He’s also appealing that verdict. The bond was underwritten by a subsidiary of a large insurer, Chubb Ltd. No details were made public about what Trump posted as collateral. In court filings, Trump has flagged New York real estate he owns, including 40 Wall Street, Trump Tower, Trump National Golf Club Hudson Valley, and Trump Park Avenue, as properties he could tap to settle the Carroll verdict. Chubb, presumably, was satisfied that it could seize such assets should it need to.

But bond underwriters balked at sponsoring Trump for the $454 million fraud verdict. Trump’s court filing on Monday said that the developer had approached 30 companies to secure a bond but that he came up empty-handed. He asked that the amount he is required to be lowered or eliminated. Otherwise, he allowed, he would have to engage in a “fire sale” of some of his properties to satisfy the payment.

Trump, who has routinely inflated the value of what he owns, has a net worth of about $3.1 billion, according to Bloomberg News. Most of this is tied up in illiquid real estate holdings, particularly urban properties already stressed by the post-COVID flight of occupants away from downtown neighborhoods. He has also always been fond of borrowing heavily against his assets, so it’s never entirely clear how much debt he’s carrying at any given time.

This would be a perilous state of financial affairs for anyone contending with just one large court judgment. But Trump is facing four other prosecutions. Potential lenders or buyers are well aware of Trump’s travails, meaning that he is unlikely to get favorable terms or top dollar when he approaches them with his hand out.

The complexity of the Trump Organization will also get in the way. A skein of about 415 shell companies and other operating entities exist under the Trump Organization’s corporate umbrella, though only about 70 actually generate revenue. Trump’s name is also on buildings that others own.

So the going is likely to get rough for Trump as this plays out, and he’s likely to become more financially desperate with each passing day. That’s going to make him easy prey for interested lenders — and an easy mark for overseas interests eager to influence US policy.

BLOOMBERG OPINION

BPI sets issuance of five-year dollar bonds

March 20, 2024 | 12:03 am

BANK of the Philippine Islands (BPI) is looking to raise fresh funds via a benchmark-sized issuance of dollar-denominated senior unsecured five-year notes, it said on Tuesday.

The benchmark-sized Regulation S bonds will be available for a minimum investment amount of $200,000 and in denominations of $1,000 thereafter, the Ayala-led bank said in a disclosure to the local bourse.

A benchmark-sized issuance is worth at least $500 million.

The senior unsecured fixed-rate notes will be priced at around 140 basis points above the five-year US Treasury bond’s yield, BPI said. The bonds were expected to be priced on Tuesday.

The issue will be listed on the Singapore Exchange Securities Trading Ltd.

The notes will be issued out of BPI’s $3-billion medium-term note program.

The proceeds of the issuance will be used “for refinancing and general corporate purposes,” BPI said.

BPI Chief Finance Officer and Chief Sustainability Officer Eric Roberto M. Luchangco earlier said the bank will look to raise at least $300 million via dollar-denominated bonds to refinance its existing debt maturing in September.

The bank has mandated BPI Capital Corp. as the sole global coordinator and lead arranger for the issue, with J.P. Morgan Securities plc, Mizuho Securities Asia Ltd., Standard Chartered Bank, and UBS AG Singapore Branch also being tapped as joint lead arrangers.

BPI also tapped SyCip Salazar Hernandez & Gatmaitan to be the legal adviser for the issuer for Philippine law, while Romulo Mabanta Buenaventura Sayoc & de los Angeles will be the legal adviser for the joint lead arrangers.

Milbank (Hong Kong) LLP was also mandated as the legal adviser to the joint lead arrangers for English law, while Milbank LLP is the legal adviser of the Hongkong and Shanghai Banking Corp. Ltd., who is the trustee.

BPI expects the notes to be rated “Baa2” by Moody’s Ratings, in line with the Philippines’ sovereign debt.

The Ayala-led bank’s attributable net income rose by 61.13% year on year to P54.82 billion in 2023 on the back of higher revenues and lower loan loss provisions.

BPI’s shares climbed by P2.20 or 1.83% to close at P122.70 apiece on Tuesday. — A.M.C. Sy

DigiPlus profit rises to P4.1 billion

March 20, 2024 | 12:02 am

LISTED digital gaming company DigiPlus Interactive Corp. said its net income increased almost six times to P4.1 billion last year, driven by its digital retail segment and new platforms.

The company’s 2023 revenues climbed over three times to P27.3 billion on higher user traffic in bingo platform BingoPlus and sportsbook ArenaPlus, as well as the contribution of its new digital offerings, DigiPlus said in a regulatory filing on Tuesday.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) expanded nearly fivefold to P4.8 billion in 2023.

DigiPlus saw its net income for the fourth quarter rise by almost four times to P2 billion, while revenues grew by over three times to P11.3 billion. The company’s EBITDA also expanded nearly fivefold to P2.3 billion.

The performance was attributed to the company’s Color Game, which was launched in September last year. It is a livestreaming specialty game that mirrors the traditional Filipino carnival game.

DigiPlus has also introduced other games such as BingoPlus Poker, which offers card games in the digital space, and TongitsPlus, a social game that offers the card game without wagering real money.

“We are pleased to see the sustained growth momentum across our digital offerings as we aim to usher a new era of entertainment in the space,” DigiPlus President Andy Tsui said.

“We continue to be optimistic about the prospects for the company as we invest in new technologies and product development to deliver innovative, fun, affordable and accessible digital offerings that are traditionally well-loved by Filipinos,” he added.

On Tuesday, DigiPlus shares rose by 0.2% or two centavos to P10 apiece. — Revin Mikhael D. Ochave

Putin has no successor, no living rivals and no retirement plan — why his eventual death will set off a vicious power struggle

March 20, 2024 | 12:02 am

Two things are certain concerning Russian dictator Vladimir Putin.

First, he will be reelected as president in the rigged election scheduled to run from March 15 to 17, 2024, by a resounding — if fraudulent — margin. (According to Reuters, he “was reelected with 87.28% of the vote, figures published by the country’s electoral commission showed, with all the votes counted.” — Ed.)

Second, he is not immortal. He will die one day, and he is likely to die in office rather than retiring willingly. Though we don’t know when that day will come, the world might want to consider the power struggle that will commence the day after Putin departs.

Ever since he took over as president in 2000, Putin has been perfecting the machinery of electoral fraud to guarantee victory. Vote buying, ballot miscounting, distribution of pre-filled ballots, tampering with ballot boxes, voter monitoring and intimidation, and ballot stuffing are all methods that Putin’s agents employ to guarantee a favorable result.

He has also jailed political opponents, exiled others, and denied yet others the ability to challenge him in fair elections. In the most extreme cases, he has had a hand in the murders of opposition figures like Boris Nemtsov and, most recently, the prison death of Alexei Navalny. There will be no surprises in this election: Putin’s victory will reaffirm his iron grip on Russia’s politics.

As a scholar of Russian politics and foreign policy who has studied Putin’s regime for the past 25 years, I have watched him build a dictatorship in Russia that rivals the repressive Soviet Union in both its brutality and corruption.

But ironically, Putin is a prisoner of the political system he has built around himself for the past 24 years. Like many dictators, he cannot walk away from power and enjoy a quiet retirement even if he wanted to. He is too attached to, and dependent on, the mind-boggling wealth and power he has accumulated during his time as a public servant.

PROTECTION AGAINST THREATS
But even if Putin got to keep his palaces and yachts, there would be no guarantee of safety in retirement.

If Putin gave up power, his successor might come after him. Putin’s personal authority, charisma, and influence would always be a threat to his successor as long as he was alive, a tempting target for the next ruler, and Putin knows it.

The other reason most dictators won’t even name their successor is that it might initiate a bitter power struggle even before the dictator retires or dies. Imagine if Putin picked a successor: That person would immediately become the target of the unsuccessful contenders not chosen for the job.

There are bitter rivalries even among Putin’s inner circle of cronies. Usually Putin manages to keep those struggles in check, but the 2023 revolt by Wagner warlord Yevgeny Prigozhin against the Ministry of Defense shows how deadly these competitions can turn. Prigozhin was killed in an August 2023 plane crash whose real cause may never be known, but Putin’s hand is widely suspected.

Behind each of the wealthy insiders who support Putin — his oligarchs — stands a deep network of corrupt cronies who would stand to lose their power, wealth, and perhaps even freedom if a rival succeeded in taking over. Putin’s departure could set off a bloody power struggle whenever it happened, so why would he risk it ahead of time by naming his successor?

POWER OVER OTHERS
Putin is not likely to be removed by any palace coup. His control over Russia’s security services has allowed him to crush rivals and control the media, judiciary, regional leaders, parliament and community groups. He has also closely monitored threats from potential opposition figures inside and outside his regime, and made his regime “coup-proof,” as one scholar put it.

His cultivation of anti-Western Russian nationalism has won him the loyalty of the military and citizenry — at least for now.

Putin also uses his control over Russia’s natural resource wealth to keep his oligarchs in line. He decides which oligarchs are appointed to lead Russia’s major state-owned oil, gas, mineral and industrial producers. As long as they remain loyal to Putin and support his political and economic directives, these oligarchs are allowed to profit handsomely by plundering the income their companies earn.

The oligarchs’ wealth and freedom are conditional on staying in Putin’s good graces. Cross him and they could lose everything. Jailed tycoon Mikhail Khodorkovsky learned that in 2003 when, after criticizing Putin, he was imprisoned and saw his Yukos oil company seized by the state.

And just in case any of them did step out of line despite their dependence on his largesse, there’s another reason none of the oligarchs cross Putin: For decades he has amassed a trove of compromising materials or “kompromat” with which to blackmail even his closest advisers.

In short, the entire Russian elite have nothing to gain and everything to lose by defecting from Putin’s coalition.

AFTER DEATH
If Putin can’t retire and probably won’t be deposed, what happens when he finally does die in office? According to the Russian constitution, the prime minister automatically becomes acting president with limited powers when the president can or will no longer serve. Remember, that was Putin’s first step toward becoming president in 2000 when Boris Yeltsin resigned.

This time around, the transition would look much different. Russia’s current prime minister is Mikhail Mishustin, a rather bland and uncharismatic former tax official who lacks a strong power base of his own. Should he succeed Putin as acting president, it’s unlikely that he would become the permanent replacement.

Under the constitution, new presidential elections must be held within three months of the president’s death or incapacitation. But the real scramble for power will take place behind the scenes and not at the ballot box.

It’s possible that the potentially violent power struggle could be resolved before the election, but three months is not much time for a successor to consolidate their grip and fill the void left by Putin. It’s also possible that a consensus candidate might be allowed to win the election while the real struggle between factions plays out in the ensuing months and years.

Or an informal coalition of leaders attempts to rule collectively while holding the key positions of power like the presidency, premiership and security services. This sort of power-sharing arrangement has historical precedent in Russia: Coalitions proclaiming “collective leadership” briefly held power after the deaths of both Vladimir Lenin and Josef Stalin. But in each case, one member of the coalition was able to outmaneuver and eliminate their partners: first Stalin and later Nikita Khrushchev. These cases are reminders that autocratic succession is usually a messy affair.

But the days, months and years after Putin’s departure may be even more turbulent than anyone expects. Never before has so much personal authority been concentrated in the hands of a single Russian leader with so few supporting institutions to help stabilize a leadership transition. There is no monarchical succession, as under the Romanovs, the last royal family to rule the country. Nor are there the strong institutions of a single-party state to constrain rivals as in Soviet times.

There is only Putin.

THE CONVERSATION VIA REUTERS CONNECT

The views presented in this article are his own and do not represent the official policy or position of the Army, Department of Defense, or United States Government.

Robert Person is an associate professor of International Relations at the United States Military Academy West Point.

Women-led MSMEs operating unsustainably

March 20, 2024 | 12:02 am

business-person-planning-alternative-energies — FREEPIK

A NUMBER of women-led small businesses in Metro Manila have yet to embrace environmentally sustainable practices due to lack of awareness about its benefits, as well as limited financial resources, according to a government think tank.

The awareness these micro, small and medium enterprises (MSMEs) about the circular economy is “low,” the Philippine Institute for Development Studies (PIDS) said in a study published in December.

It “translates to a low level of circularity which was ascertained through strategy and vision, business model, post-sales services, resource recovery, waste management, resource consumption and eco-design,” said PIDS, which studied 58 women-led MSMEs in the capital and nearby cities.

It also found that these small enterprises tend to work in isolation and shun collaboration and partnerships to advance the circular economy.

Despite government efforts to mainstream the circular economy — a model of production and consumption that involves reusing, repairing and recycling materials as long as possible — 32.8% of the respondents did not have an idea of its principles. Only 8.6% clearly understood the concept.

PIDS said 36.2% of these businesses had a basic understanding and were interested in learning more about the topic, while 22.4% have heard of it but lack a full understanding.

Aside from the lack of knowledge and awareness, the participants also cited limited financial resources, lack of state support and policies, lack of access to partnerships and resistance to change as the main barriers to circular economy adoption, PIDS said.

The study found that 65.5% of the MSMEs were unaware of state-led programs, while 32.8% have only heard about certain projects.

Only one enterprise claimed that it was aware of government initiatives on the circular economy, PIDS said. “This is despite the enforcement of several initiatives at the local level.”

Marikina City, which mandates business owners to attend an annual waste management seminar before being issued permits, has been enforcing a program that collects kitchen wastes from restaurants and food stalls that are used as fertilizer for the city’s urban garden.

Makati City promotes recyclable trading activities through weekend waste market programs, PIDS said.

Quezon City requires households to segregate waste and residents are encouraged to participate in a so-called ecosaver program and waste markets, PIDS said.

Still, 43.1% of the businesses said they did not receive state support, while 27.6% described government guidance as poor.

PIDS said 24.1% of the respondents gave the government an average rating, while 5.2% gave it a good rating. “No respondent characterized government support as excellent.”

The Philippine Development Plan for 2023 to 2028 considers the circular economy as key to an improved environment quality, in line with a framework to establish livable communities.

PIDS noted that while the Philippines has passed laws and enforced projects to promote the circular economy, it has yet to develop a consolidated framework.

MSMEs account for more than 99% of Philippine businesses, and a 2019 Trade department list showed women-owned enterprises make up about 60% of business name registrations in the country, the think tank said.

STATE INITIATIVES
“The promotion of the circular economy within firms and enterprises in the country is indeed a much-needed endeavor given the increasing shift towards sustainable production and consumption at both regional and international levels,” it said.

PIDS said there had been several initiatives by the government, private sector and civil society to promote the circular economy.

For one, the Global Green Growth Institute and the Philippines’ Climate Change Commission have been collaborating since 2015 to help several towns achieve economic growth while pursuing green programs.

The Trade department has also been working with the institute to advance green practices among MSMEs in the food processing sector.

PIDS said 70.7% of the respondents said they had identified potential circular economy applications, while 13.8% occasionally did.

It added that 39.7% of the businesses were totally unaware of the gains from the circular economy, while 25.9% were somewhat aware and 25.9% were insufficiently aware. Only 8.6% were totally aware.

“In addition, 44.8% of surveyed women MSMEs revealed that there is no customer demand for circular economy practices, and only 5.2% shared that there is high demand for circular products and processes,” it added.

PIDS said 89.7% of the women-led companies did not use renewable energy sources and 80.3% never enforced energy management strategies.

It added that 48.1% of the respondents implemented material consumption management strategies, while 69.3% were somewhat aware of local recycling and waste management facilities.

The think tank urged the government through the Trade and Environment departments to “focus on education campaigns and advocacies to raise the current level of awareness about circular economy principles.”

It said the state could provide incentives and business support to address their limited financial resources.

The government should also promote the circular economy among MSMEs and members of the informal sector through digital technologies and social media platforms, it said.

“It is paramount that there is a heightened level of awareness among these groups due to their substantial contribution in terms of noncircular economic activities,” it said. “They are likewise not covered by extant policies and regulations given their economies of scale and nonregistration, specifically the informal sector.”

The government should also track its progress in mainstreaming circular economy principles among companies and households, PIDS said. — Kyle Aristophere T. Atienza

New Banksy mural depicting tree foliage appears in north London

March 20, 2024 | 12:02 am

LONDON — A new artwork by British street artist Banksy has appeared in London, using green paint sprayed across the side of a building to mimic the foliage of a real, heavily pruned tree that stands a few meters in front of it.

A photo of the mural was posted on Banksy’s official Instagram account on Monday, where the artist usually claims responsibility for works of art to his more than 12 million followers.

When viewed from certain angles, the green paint lines up with the tree’s bare branches to represent its leaves. The work includes a stencil, typical of Banksy, of a person holding a spraying device, dripping in green paint.

The renowned street artist’s latest work sparked interest and excitement across social media platforms, including from lawmaker and former leader of the Labour Party, Jeremy Corbyn, who represents the area of north London where the art appeared.

“Banksy has come to Islington! What wonderful artwork, proving there is hope for our natural world everywhere,” Mr. Corbyn said in a post on X.

In December, artwork by Banksy showing three grey drones across a “STOP” traffic sign in south London was removed by an unidentified man in broad daylight as passersby looked on. Police later made arrests.

That fate looks unlikely for his latest piece, which stretches beyond the height of the fully grown tree and across several floors of a large building. — Reuters

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