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Gayle King, Kate Upton model for 60th Sports Illustrated swimsuit issue

LOS ANGELES — Journalist Gayle King, plus-sized model Hunter McGrady, and returning stars Chrissy Teigen and Kate Upton pose on separate covers unveiled on Tuesday for Sports Illustrated’s 60th annual swimsuit issue.

First-time Sports Illustrated model Ms. King, the 69-year-old co-host of CBS Mornings, smiled in a pink-and-green patterned one-piece suit with spaghetti straps.

Ms. McGrady, who founded a fashion line for sizes up to 5X, wore a brown one-piece with large cutouts. She first appeared in the magazine in 2017.

Ms. Upton donned a pink and red ruffled bikini for her fourth swimsuit issue cover. Ms. Teigan, who graced the cover of the 50th anniversary issue, posed in an orange suit with a plunging neckline for the current issue, which will debut on newsstands on Friday.

The swimsuit issue debuted in 1964 and was known for showcasing skinny young women in revealing bikinis. In recent years, it has diversified its pool of models by featuring older women, larger bodies, trans models, Paralympic athletes, and a woman in a burkini, a full-body swimsuit worn by some Muslim women.

“Over the past 60 years we have shattered stereotypes, embraced diversity, and championed inclusivity,” MJ Day, editor in chief of Sports Illustrated Swimsuit, said in a statement.

In addition to the four individual covers this year, the magazine released three others featuring groups of women who had appeared in the past, including Christie Brinkley, Martha Stewart, Megan Rapinoe, Paulina Porizkova, and Tyra Banks.

The women wore evening gowns in the group photos. — Reuters

Marking ChatGPT ‘sexy’ might not end well for humans

JOAQUIN PHOENIX in a scene from the 2013 movie Her.

HER. That was the single tweet that OpenAI Chief Executive Officer Sam Altman posted as his lieutenants demoed a new ChatGPT with the same alluring vocal flourishes Scarlett Johansson used in the movie about a man who falls in love with his AI.

The most impressive thing about the new GPT-4o (the “o” stands for “omni”) is that it can discuss what it “sees” through your phone camera in real time, a skill that Google faked in a demo for its AI model last December. More startling was that it didn’t just sound human but … strangely seductive.

“Hey there,” the new version of ChatGPT said in a coy woman’s voice to a young man in the company’s main video demonstration. “I see you’re rocking an OpenAI hoodie. Nice choice.”

In a live demo at OpenAI’s headquarters in San Francisco, the AI system surprised the audience when it suddenly said, “Wow, that’s quite the outfit you’ve got on,” to someone it was helping with an algebra problem. Bloomberg News, which was at the event, referred to its tone as “flirtatious.”

In another video demo, the AI, once again with a female voice, laughed coquettishly as an OpenAI staffer pretended to ask it for advice on what to wear for an interview. “Oh, Rocky!” it said giggling after he put on a silly hat. “That’s quite a statement piece!”

If OpenAI’s mostly male engineers are trying to build the perfect girlfriend, they seem to be on the right track. If the company is trying to build a more accurate and reliable AI model, however, they still have a ways to go. GPT-4o is still only slightly ahead on key AI benchmarks, and early tests show it continues to make mistakes on key tasks.

The company has instead focused on leaping ahead with user experience, making GPT-4o more of a consumer play than one for enterprise customers. Its new model can infer emotions and respond to audio as quickly as a human would in conversation. That could fulfil a long-time goal in tech of “ambient computing,” which eschews having to stare into tiny screen and type with your thumbs for just talking and showing things to a computer.

There’s plenty of potential in that, from live tutoring to having a clever digital assistant analyze your computer screen as you work. But OpenAI’s efforts to make its AI so engaging are disconcerting.

What are the social and psychological consequences of regularly speaking to a flirty, fun, and ultimately agreeable artificial voice on your phone, and then encountering a very different dynamic with men and women in real life? What happens when emotionally vulnerable people develop an unhealthy attachment to GPT-4o?

OpenAI did not respond to these questions at the time of writing, or explain why it had given GPT-4o so much more personality. If its objective was to make its product more engaging with consumers — as it has already tried to do with developers — that could open a can of worms, threatening insidious effects on our collective mental health. Remember those priorities are what led Facebook to design algorithms that promoted the most outrageous posts on its site to keep people scrolling, helping sow greater political division.

Yet you can see why Altman may be pushing to make his chatbot more sticky. User growth for ChatGPT has been stagnating, as competing bots like Anthropic’s Claude and Google’s Gemini race for market share. It’s likely why he’s also making GPT-4, OpenAI’s most advanced model on the market, free for all.

OpenAI didn’t describe GPT-4o as a “personal assistant,” but that seems to be what the company and its rivals are now chasing. Google is expected to announce a similar tool on Tuesday.*

Elon Musk’s AI company x.AI is also working on an app that will act as a personal assistant, according to an April 2024 funding pitch deck seen by Bloomberg Opinion. The $20-a-month app, which will also have a free tier, aims to show an AI-generated feed of suggested news articles and reminders to, for instance, buy flowers at a nearby store for a friend’s birthday, or to buy concert tickets for a favorite band that is on tour, according to one slide. The deck adds that by integrating with personal data from X, it can create a “supercharged social experience.” Musk tweeted on Tuesday that a “major upgrade to Grok” was on its way.

Meta is also exploring AI-assisted earphones with cameras, and its Ray-Ban smart glasses already include an AI assistant.

As the tech giants converge on digital assistants, they may see personality as the new AI battleground. But racing to make chatbots more sexy could have bizarre side effects. Pointing to Her was perhaps a fitting metaphor for Sam Altman: The movie doesn’t end well for humans.

BLOOMBERG OPINION

*One Google executive posted a video of his phone camera on Monday, pointing to a conference stage, with a disembodied female voice describing what it could “see.”

Boomi CEO sees need to reimagine enterprise apps amid AI explosion

AT BOOMI WORLD in Denver, Boomi Chief Executive Officer Steve Lucas said he expects enterprise applications to be ‘reimagined’ amid the AI explosion. — BOOMI

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

DENVER, Colorado — All enterprise applications will soon have to be reimagined amid the artificial intelligence (AI) explosion, according to the chief executive officer (CEO) of integration platform vendor Boomi.

“Remember when we would say, ‘oh, GenAI (generative AI) or new forms of potential consciousness, that’s like 30, 50 years away?’ But is it? I believe it’s not. I believe that there is a moment coming when we will be surrounded by AI,” Boomi CEO Steve Lucas said in his keynote speech at Boomi World here last May 8.

“It is just a matter of time. And I do not believe it is decades. I believe it is measured in single-digit years.”

AI dominated the conversations at Boomi World, an event that gathered customers, partners and members of the Boomi community for two days (May 8-9) here in Denver.

“Everything that you know will be reimagined. What was science fiction is now just science. All enterprise applications will be rebuilt to reason. The only enterprise applications that will matter five years from now are the ones that can reason,” Mr. Lucas said.

Boomi and other companies, he noted, are now moving very quickly to invent new technologies that can embrace AI.

“Boomi will leverage AI to help you do what you do today, wrangle the apps, the databases, and the APIs (application programming interfaces) that you need to work through. We will do that. But we’re also going to help you build the future. And we will not lose sight of who you are, what you need Boomi to be, that powerful integration and automation platform,” Mr. Lucas said.

Boomi unveiled its vision for the future, with a focus on integration and automation, API management, and data management, amid the emergence of the AI economy.

Mr. Lucas noted how the Integration Platform as a Service (iPaaS) has a crucial role in improving speed, agility, and effectiveness across business operations.

“Connectivity remains a critical challenge for almost every organization. The chief culprit is digital fragmentation, a by-product of digital shifts that, paradoxically, lead to digital silos and disjointed technical architectures that leave the average enterprise now juggling over 364 applications and numerous API gateways,” he said.

AI needs reliable, secure, and current data, Mr. Lucas said, but most of the data is “fragmented, difficult to govern, and not securely managed.”

“What companies urgently need is a unified, enterprise-scale platform that not only bridges APIs, applications, data, and AI models, but also accelerates digital transformation.”

At the event, Boomi launched a next-generation API management service, Boomi Data Hub and Agent Garden as part of its enterprise platform.

“The AI economy requires next-generation API management (APIM) that accounts for a fragmented APIM landscape and can handle the demands of enterprise-grade scalability and security that AI workloads place on APIM solutions,” Boomi Chief Technology Officer Matt McLarty said.

To address this issue, Boomi acquired APIIDA’s federated API management business and assets from Cloud Software Group.

AI AGENTS
Boomi also introduced an AI agent framework, “a set of integration and no-code development capabilities that enable business and IT users to run AI agents built by Boomi or Boomi partners, and to build and run their own AI agents to solve pressing integration and automation requirements.”

“You will be able to build agents that integrate directly with Boomi, hydrate them, ground them, train them in your organization and objectives,” Mr. Lucas said.

He demonstrated one of the first third-party AI agents called Boomi FinTalk powered by Vianai Systems on Boomi GPT.

With Boomi FinTalk, the AI agent can tap sources of financial data within the system and database. Users can then ask questions through a natural language interface as a way to analyze financial data and trends in real time.

“I believe that the combination of Boomi’s integration platform and Vianai’s human-centered AI is this new foundation on which enterprises can bring the power of generative AI to help their customers in a trusted, safe, human-centered way,” Vishal Sikka, founder and CEO of Vianai Systems, said via video during Boomi World.

Boomi also launched the Boomi Data Hub, described as a “data foundation for operational, analytical, and AI workloads.”

“With the Boomi Enterprise Platform, we’re giving customers the foundation they need for connecting and managing all their data, and for accelerating AI and API development. Using Boomi, customers can say goodbye to the digital fragmentation that’s been undermining their digital transformation efforts, and finally get the comprehensive visibility, control, and automation they need,” Mr. Lucas said.

Boomi, a global software as a service company, has over 20,000 customers and a network of 800 partners around the world.

DoF proposes higher capital for state banks

DOF.GOV.PH

THE PROPOSED amendments to the charters of Land Bank of the Philippines (LANDBANK) and the Development Bank of the Philippines (DBP) seek to increase the lenders’ capitalization to P1 trillion and P300 billion, respectively.

“I think we finalized it already… I think P300 billion for DBP and then P1 trillion for LANDBANK, if I’m not mistaken,” Finance Secretary Ralph G. Recto told reporters late on Wednesday.

These would be well above LANDBANK’s current P200-billion authorized capital stock and DBP’s P35-billion capitalization.

Mr. Recto said the proposal has been finalized and has been presented to the Senate.

The Department of Finance (DoF) earlier floated proposals to amend the state banks’ charters to increase their capitalization and allow them to publicly list on the stock exchange.

DBP earlier said it is looking to raise 20% of its capital stock from its initial public offering.

LANDBANK’s net income rose by 11% to P12 billion in the first quarter.

Meanwhile, the DBP’s first-half income in 2023 jumped by 60% to P4.42 billion. — Luisa Maria Jacinta C. Jocson

Shell swings to profit with P1.41-B income in Q1

PHOTO FROM PILIPINAS SHELL

SHELL Pilipinas Corp. turned a profit in the first quarter, with an attributable net income of P1.41 billion, an improvement from the P310.33-billion net loss a year ago.

“We are making strategic choices to strengthen our market position, boost business resilience, and drive financial strength,” Shell Pilipinas President and Chief Executive Officer Lorelie Quiambao-Osial said in a media release on Wednesday.

The listed oil company’s net sales went down by 8.2% to P59.96 million from P65.29 million previously due to lower marketing volumes, Shell said in its quarterly report.

Sales volume dropped by 10.8% to 941.2 million liters from 1.06 billion liters a year ago.

Gross profit rose by 37% to P6.11 million from P4.46 million mainly due to inventory holding gains with the uptrend in global fuel prices.

Earnings before interest, taxes, depreciation, and amortization went up by 166.1% to P4 million from P1.51 million due to the impact of pre-tax inventory holding gain against loss last year.

“As we evolve in an increasingly competitive industry, Shell Pilipinas remains steadfast in delivering value to our shareholders fueled by our refreshed strategy, strong focus on performance, and disciplined delivery,” Ms. Quiambao-Osial said.

Shell Pilipinas Treasurer Reynaldo P. Abilo said the company is looking into spending P2-3 billion as capital expenditure (capex) budget for 2024.

The capex is mainly allocated to its terminals and mobility stations. — Sheldeen Joy Talavera

Technology and customer experience

FREEPIK

The use of technology, including artificial intelligence, in any function or operation is assumed to result in efficiency. That is, if the scenario allows for the minimal if not complete elimination of human intervention in the process. Otherwise, human involvement can contradict this assertion and result in inefficiencies or bottlenecks.

However, as with anything involving people, the human “touch” is almost always necessary. Any process or function devoid of human presence can be perceived as too uninvolved and impersonal. Worse, certain nuances are missed, and the customer experience may be seen as unsatisfying or incomplete. In short, not in all situations can humans be completely removed from the process.

I was at a fast-food branch at the corner of Valero and Dela Costa streets in Salcedo Village, Makati on Tuesday afternoon. It is one of those high-tech branches where customers place their orders themselves through big touch-screen monitors. One can also pay directly while ordering, using a credit card or an electronic wallet like GCash.

The thing with this system is that it takes a bit of time to navigate the menu. The advantage, however, is that given the numerous ordering terminals available, one can take more time ordering. I placed two orders: for dine-in, a sandwich, a drink, and a dessert; for take-out, a box of fried chicken. On both instances, I paid for my orders by tapping my card on the credit card terminal just below the screen.

Problem No. 1: Twice, while placing my orders, two different credit card terminals issued torn-up receipts. Obviously, for the two terminals I used, the thermal rolls were misfeeding. Thus, the receipts bunch up during printing and tear. And not one store staff was checking if the credit card terminals were working properly, i.e., correctly printing receipts. I had to call their attention to the torn receipts.

Problem No. 2: My first order, for a sandwich, a drink, and a dessert took 15 minutes to process and be delivered to my table. For any fast-food establishment, 15 minutes is too long for serving time. Considering the fast-food process, had I gone to another branch where orders are still manually taken, I would have had my order on hand as I stepped away from the counter.

Problem No. 3: The takeout chicken order was placed at 5:04 p.m., as indicated in the printed receipt. At 5:24 p.m., I approached the counter to follow up. The person at the counter walked away to consult someone, and then came back to me that it would take another 20 minutes for them to process the order. I was told 20 minutes after ordering that I would have to wait another 20 minutes. Of course, I found this to be unreasonable: 40 minutes to fix a box of fried chicken?

To the store’s credit, after I complained that another 20 minutes of waiting was unacceptable, considering that I already waited 20 minutes, someone went to the back and came back with my order. The box was handed to me, no bag, no napkins, and no offer of utensils. Again, the staff behavior and the customer experience at the same store would have been a lot better had I opted to drive-through.

I know this for a fact because I frequently use that store’s drive-through. In fact, that very same Tuesday afternoon, I bought iced coffee at the drive-through before I decided to park and walk into the store. But that pleasant and quick service at the drive-through was overturned by the poor customer experience in-store for two orders.

Problem No. 4: If one studied the cycle time for the entire ordering process, at least from my experience, the use of technology appears to have slowed rather than hastened the ordering and delivery process. It took a longer time for the food to get to the customer’s hands, as compared to the manual ordering system of old. In fact, had I ordered drive-through for the food, I am certain it would have been faster. And this leads me to wonder if the queuing system is biased and prioritizes drive-through orders over in-store dine-in and in-store take-out purchases.

Problem No. 5: Under the automated self-order system, the store loses the chance to directly interact with the customer to relay possible waiting time or to convey possible delays in servicing the order. At least during drive-through, as one orders, the order-taker immediately relays to the customer whether a delay can be expected, i.e., 10 minutes waiting time. This is not the case with the self-order system using touch screens.

In most cases, technology aims to simplify tasks. But it can sometimes introduce complexity. Poorly designed interfaces or complex technological systems that require extensive training can lead to inefficiencies as users take longer to complete tasks or make more errors. Or sometimes, human behavior becomes the bottleneck. Or, there are “disconnects” in the system.

In the case of processing the fried chicken order, technology automated the ordering and payment. But the actual task of cooking the chicken and packing the order still relied on human intervention. It was perhaps a case of orders coming in faster than the kitchen can handle. But the faceless robot interfacing between the two functions — order taking and food preparation — does not know any better. There lies the first disconnect.

And because of the automated ordering system, human oversight in the preparation process became more crucial. And the task of managing customer expectations fell through the cracks, as there was no way for the point-of-sale or ordering system nor the food preparation system to directly inform or advise the customer of possible delays. This was the second disconnect.

So, unless the customer walks up to the counter to complain, the staff and all the systems are all clueless about the poor customer experience. And this is concerning considering that a problem can be “detected” only after a complaint comes in. In terms of managing customer experience, if a complaint comes in, then that means the system already “failed” and no one saw it coming.

I am all for automation and the use of high-technology and artificial intelligence. But it is essential for companies to develop strategies that can enhance the benefits of technology but at the same time mitigate its negative impacts on productivity and human skills. Automation and technology should not displace people but complement them. Interpersonal skills cannot be automated.

Moreover, better interfaces should be developed to address possible “disconnects.” If order-takers at drive-through counters can get updated information from the kitchen on delays, and can relay the same information to drive-through customers, why can’t the self-order system be configured to carry and convey the same information to customers ordering in-store?

Automation and self-ordering systems should not be seen as just labor-saving devices, or tools for operational efficiency. Technology allows for customization and should be used not just to save on costs and to improve processes. Just as important, technology should also improve and enhance the customer journey and the customer experience.

 

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

matort@yahoo.com

Women in tech continue to face gender bias, pay gap

A WOMEN IN TECH panel discussion was held during Boomi World in Denver, Colorado, May 8. — BOOMI

DENVER, Colorado — Women remain underrepresented in the technology industry, and continue to face a number of challenges such as gender bias and pay gap.

According to tech insiders, there’s still a long way to go before women reach parity in the industry.

At a Women in Tech panel at Boomi World last May 8, women executives from Boomi, KORE Wireless, OSI Digital, Fever-Tree, and IDC shared their experiences and offered advice for women working in the highly competitive industry.

Karen Dosanijh, chief marketing officer at OSI Digital, said she’s still seeing a gap in tech leadership after over 25 years in the industry, with only around a fourth of leadership positions in the sector being held by women.

“Then if you double click on that and you look at women of color that are in leadership positions, it’s 7% in corporate America. There hasn’t been a huge shift. You know, I’m one of two women (in leadership positions) at the company that I work for right now — very well supported, but still one of two women at the leadership table,” she said.

Nicki Brock, senior director of enterprise apps at KORE Wireless, said she works for an organization that is still 80% male overall, and 85% male at the executive level.

“All of my peers, all have been now promoted to the VP level. I’m the only female, and I’m the only one who hasn’t been promoted,” Ms. Brock said. “We have to keep addressing it because if we just ignore it, then we’re doing everyone, you know, that disservice. So I bring it up in my organization.”

The gender pay gap is also another issue that women continue to face in the tech industry.

“Women make on average, and this is according to the Mc-Kinsey report, it’s $15,000 less than men in the same jobs. And then women of color make $33,000 less than men, you know, in the same jobs…   We still have a lot of work to do,” Ms. Dosanijh said.

Ms. Dosanijh said the “motherhood penalty” is another challenge faced by women in the tech industry.

“So, you’re out of the workplace for a year. Your career goes on pause and it actually goes on pause when you return as well. Or sometimes your job is not there,” Ms. Dosanijh said.

“Companies should really support women, young mothers as they transition out of the work force and back with flexible work and programs that support childcare. Let’s keep women in the workplace,” she added.

Alison Biggan, chief marketing officer at Boomi, said the challenge is not just because of bias, but also because there are more men in tech and STEM or science, technology, engineering, and math courses.

“We all do have allies and people that support us. Don’t just have them support you. Have them be part of the voices that hold people accountable. And use the numbers to drive the change. Because sometimes they may have a voice that, fair or unfair, is stronger or more powerful than yours,” Ms. Biggan said.

​Kate Stables, director of technology at Fever-Tree, said it’s important to look at the data to drive change and set targets.

She noted it is important to continue awareness and show people what allyship looks like.

ADVICE
Ms. Biggan said companies reward performers who go above and beyond and always do what they’re going to do.

“As it relates to imposter syndrome, my advice to people is: you’ve got to believe in yourself, you’ve got to give it a shot. And women are usually the folks who say, ‘I’m going to prove myself and then I’m going to ask for a promotion,’” Ms. Biggan said.

Shari Lava, research director for automation at IDC, said she has learned to stop explaining and justifying herself.

“My advice is stop trying to justify yourself, okay? We all have imposter syndrome. Go-getters, take on challenging roles so you’re always learning,” Ms. Lava said.

Asked what advice she would give her younger self, Ms. Biggan replied: “Be a little kinder to yourself in terms of your expectation.”

“(Also), to model the behavior that you want people to have and do. And that obviously can be work, but it also can be compassion. It also can be humanity. It also can be work-life balance,” Ms. Biggan said. “It’s OK to have boundaries. It’s OK to say no. It’s OK to negotiate the things that you’re going to do. It’s OK to do the things that work for you and your life.”

In her years in tech, Ms. Dosanijh said she has learned to just be herself.

“You know, don’t try to fit in. Don’t leave the best parts of yourself at the door… Own your superpowers, women. Yes. And don’t dim them,” she said.

Ms. Brock said women should keep pushing for parity by doing the research and arming themselves with facts.

“And don’t be afraid to speak up. We have to keep speaking up… Day after day after day, as exhausting as it is, we have to keep doing it in the workplace,” she said. — Cathy Rose A. Garcia

Shakey’s Pizza says Q1 profit slips 15%, cites higher operating expenses

SHAKEYSGROUP.PH

LISTED restaurant chain and food service group Shakey’s Pizza Asia Ventures, Inc. (SPAVI) saw a 15% decline in its first-quarter (Q1) net income to P171 million on higher operating expenses.

“In terms of profitability, first-quarter net income registered at P171 million, softening by 15% year on year, driven by higher operating expenses due to investments in the organization and in sales generating activities,” SPAVI said in a statement to the stock exchange on Wednesday.

System-wide sales rose by 15% to P4.8 billion led by the company’s network expansion program and sustained same-store sales despite the persisting inflationary environment. Net revenue surged by 6% to P3.1 billion.

Gross profit improved by 14% to P719 million while operating expenses increased by 41% to P472 million.

“While we had a challenging start, SPAVI has been reaping the benefits of a more diverse, multi-brand portfolio. As we move into the succeeding quarters, we expect our profitability to improve with tailwinds from easing commodities and improving operating expenses as a percentage of sales,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said.

“Furthermore, store network expansion will be financially accretive to the group,” he added.

SPAVI is expecting an upswing in net income for the second half, with full-year profits climbing by the mid-teens.

“Overall, we are on track to deliver top line growth in the mid-teens territory, and we expect profits to grow at the same pace as sales,” Mr. Gregorio said.

“Our guests were more careful about when and how they choose to spend their money. They sought even more value. Therefore, it was crucial for us to ensure that our brands remained relevant through compelling offers and programs to sustain sales,” he added.

SPAVI added 91 units to its store network during the first quarter, putting its global network at 2,232 stores and outlets as of end-March.

Across the company’s brands, Shakey’s has 268 outlets, Potato Corner has 1,874 stores and outlets, and Peri-Peri Charcoal Chicken and Sauce Bar has 76 units.

Other incubating brands such as R&B Milk Tea and Project Pie has a total of 14 units.

“Our group remains optimistic with a healthy dose of caution when it comes to our outlook. Given that we have been operating in a strained consumer environment and are coming from a high base due to the reopening, we are grateful to be able to deliver double-digit top line growth, which we expect to be sustained for the balance of the year,” Mr. Gregorio said.

On Wednesday, SPAVI shares were unchanged at P9.75 each. — Revin Mikhael D. Ochave

Wise enters Philippine market

GLOBAL CROSS-BORDER payments platform Wise has entered the Philippine market with the launch of its products Wise Account and Wise Prepaid Card.

Wise PH has no foreign transaction fees and exchange rate mark-ups, letting users receive money for free from abroad in more than nine currencies, Wise Philippines Country Manager Areson I. Cuevas said in a press briefing on Wednesday.

Wise PH decided to tap the Philippine market amid the increasing number of freelancers, gig economy workers, remittances and digital payments, Mr. Cuevas said. 

“We have seen in the last few years, this sudden increase in the number of freelancers or gig workers. And of course, we know that since a few decades back, a lot of us have moved out of the country to earn money. And right now, there’s around two million overseas Filipino workers who have active contracts,” he said.

“It’s an increasing market, and there’s increasing need from the Filipinos to have access to an international account. We have 1.96 million OFWs (overseas Filipino workers) and a growing market of freelancers. This alone would be a very good value proposition for them already,” Mr. Cuevas said.

Currencies that Wise PH users can receive include the Australian dollar, Canadian dollar, euro, British pound, Hungarian forint, New Zealand dollar, Singapore dollar, US dollar, and Turkish lira.

Wise Account also allows users to hold money in over 40 currencies with no holding fees or minimum balance required. Users may also move funds from their Wise Account to a local bank account or e-wallet.

Wise PHL supports more than eight local e-wallets, including GCash, Maya Bank, GrabPay, Starpay, Bayad Wallet, TayoCash, ShopeePay, and JuanCash.

Customers can move up to P490,000 or its equivalent in other currencies per transaction to their external accounts or e-wallets.

Wise PH said it currently does not support payments funded via bank transfer.

Users of Wise Account or Wise Prepaid Card can pay internationally in over 160 countries or online, as well as withdraw cash from both overseas and local automated teller machines (ATM) at the mid-market rate and a low conversion fee when using the card.

The spending limit for the Wise Prepaid Card is also at P490,000, with a monthly spending limit of P2 million.

Customers can make two free ATM withdrawals of up to P12,000 each month. The monthly limit for ATM withdrawals is P275,000.

Wise offers users up to three digital cards with different details that can be frozen after each transaction.

The company also plans to introduce additional funding methods, such as paying via bank transfers and e-wallets in the future. Currently, customers can only top up their Wise Account through a bank-issued credit or debit card.

It will also launch two more platforms: one tailored for small businesses and one for companies.

Mr. Cuevas also said they are looking to partner with local banks, adding that it will be part of InstaPay soon as part of the requirements for an electronic money issuer.

“That will allow us to send money or receive money to a lot more participants. With Wise being part of that rail, that opens us to a lot more partners,” he said.

Wise has 16 million users globally and processes over £9 billion in cross-border transactions every month. — A.M.C. Sy

Meryl Streep honored in emotional ceremony as Cannes opens

CANNES — The Cannes Film Festival officially kicked off on Tuesday night as celebrities walked the red carpet into the plush Grand Theater Lumiere to honor Hollywood actress Meryl Streep before settling in to watch this year’s opening film, The Second Act.

The French comedy’s cast, including Lea Seydoux and Vincent Lindon, were joined by actor Jane Fonda, model Heidi Klum, and Messi, the dog star of 2023’s Palme d’Or winner Anatomy of a Fall, as well as this year’s jury, headed by Greta Gerwig.

Ahead of the ceremony, French singer Zaho de Sagazan performed David Bowie’s “Modern Love” in the theater aisles to honor Ms. Gerwig’s black-and-white dance scene in Frances Ha.

Ms. Gerwig sang along and seemed visibly touched by the performance as Zaho De Sagazan got on stage to kiss her hand.

The audience gave a minutes-long ovation for Ms. Streep when she took the stage in a simple white gown and black-frame glasses, welcomed by French actress Juliette Binoche in a red dress.

“You changed the way we look at women in the cinema world,” said Ms. Binoche, who tried to control her breathing as she cried during her speech. “And yet you are not self-serious, like me.”

Ms. Streep — whose long list of films includes Death Becomes Her, Mamma Mia!, and The Iron Lady — listed people she wanted to thank.

“It’s like looking out the window of a bullet train,” she said of the montage that played of all her films.

“My mother, who was usually right about everything, said to me ‘Meryl, darling, you’ll see. It all goes so fast. So fast.’ And it has. Except for my speech,” Ms. Streep told the audience. — Reuters

Gov’t agencies urged to comply with cloud first policy

THE Department of Information and Communications Technology (DICT) last week urged government agencies to adopt the revamped cloud first policy amid a surge in cyberattacks.

“Considering the breadth of government data, proper classification schemes are essential to mitigate risks associated with unauthorized access or exposure, while cloud services offer flexibility, security, and cost efficiency,” DICT Undersecretary for Infostructure Management, Cybersecurity, and Upskilling Jeffrey Ian C. Dy said in his video presentation in the 2nd Philippine CTO Summit event on May 9.

The cloud first policy mandates state agencies to prioritize cloud computing solutions in their processes.

Due to a surge in cybercrime, the policy first issued in 2017 was amended to expand its coverage to government-owned and -controlled corporations, state universities, colleges, and local government units.

Mr. Dy said policy amendments also included data classification, security needs, and operability “to emphasize required adherence to Philippine law policies and standards, data management and cloud compliance.”

However, DICT Deputy Director of Cybersecurity Bureau Rodil M. Aniban said the cloud first policy will not guarantee protection from cyberattacks as most are due to phishing and the wrong use of USB disks and laptops.

“The entities’ cybersecurity defense relies as well on the help of cloud service provider so the solution center, security solutions in place and principal brand,” Mr. Aniban said.

This also relates to the recently issued National Cybersecurity Plan, he said, noting that one of the action items in the plan concerns the issuance of the minimum standards in collaboration with technology services providers.

In a congressional hearing on April 30, the DICT reported 282 cyberattacks against government organizations between January and March 2024, adding that 90% of these were resolved.

According to Mr. Dy, 811 early-stage hacking attempts were detected and neutralized by the agency’s National Security Operations Center as of April. This translates to over 74% of total hacking attempts.

The DICT’s Project Security Operations and Network Analysis Research also scanned over 2,000 online assets, exposing 30,682 vulnerabilities. — Aubrey Rose A. Inosante

On economic growth, nuclear energy, and Meralco franchise

The countries that are most resolutely on the path towards “net zero,” “decarbonization,” and “denuclearization” — the UK and Germany — are also on the path towards degrowth and deindustrialization. Other European countries are on the same path towards economic suicide. Here is their GDP growth in Q1 2023, Q4 2023, and Q1 2024, respectively: Germany: 0.1%, -0.2%, -0.2%; the UK: -0.3%, -0.2%, 0.2%; Italy: 2.2%, 0.7%, 0.6%; France: 0.8%, 1.1%, 1.1%; Ireland: 1.1%, -8.7%, -0.8%; Sweden: 1.7%, -0.2%, -1.1%; and Austria: 1.8%, -1.4%, -1.3%.

Germany shut down its last nuclear power plant in April 2023 while it reduced its number of coal plants. So, it must now rely on domestic intermittent wind-solar power plus import nuclear power from France, Belgium, and Sweden to avoid blackouts.

Economic growth and security is better assured if there is energy security. Nuclear power has been an old, proven reliable energy source since the 1950s in Europe and the US. Now Europeans that started with high nuclear capacity and have “denuclearized,” like Germany and the UK, are suffering from low growth if not degrowth. Meanwhile Asian countries that ramped up their nuclear power capacity are enjoying faster growth, like China, South Korea, and India (see Table 1).

 

I like this observation made by Lino Bernardo, Head of Energy Transition Projects of Aboitiz Power, and among my fellow travelers from government, corporate, and local media, on the Philippines Nuclear Trade Mission to Canada last March. He said, “A national nuclear energy program can only take off once clear policies have been laid and a regulatory regime is enforced. Nuclear power has high-capacity factor and long asset life but [is] paired with high upfront capital costs. The costs of emerging nuclear technologies must come down before it becomes commercially feasible for developing countries like the Philippines, making its adoption more later than sooner. Building nuclear energy assets requires flawless execution, holistic planning from commissioning to decommissioning, and preparations on human capital development must begin as soon as possible.”

MERALCO FRANCHISE RENEWAL
House Committee on Ways and Means Chairman Joey Salceda made a good observation that “The case for renewing Meralco’s franchise is plain and simple: it has complied with the conditions of the franchise law and it is good for the economy and the consumer… At least 29 municipalities and cities and at least four provinces outside the franchise area have formally expressed interest to be served by Meralco.” See BusinessWorld’s report this week, “Lawmaker bats for Meralco service expansion, cites economic benefits” (May 14).

The Meralco franchise area covers the whole of the National Capital Region (NCR) or Metro Manila, the five provinces of Calabarzon (the whole of Cavite and Rizal, and portions of Batangas, Laguna, and Quezon), and parts of the Central Luzon region (the whole of Bulacan and parts of Pampanga).

I checked the regional breakdown of the Philippines’ GDP. The Meralco franchise area covers the top three largest economic regions of the country. Since energy is development, by assuring energy security in these areas, the company has assured their economic security. Notice the faster growth of the NCR over the national GDP in the 2003-2009 period, and faster growth of Calabarzon and Central Luzon than the national GDP in the 2010-2023 period (see Table 2).

I am from Negros Occidental. There are five electric cooperatives (ECs) there, plus three ECs in neighboring Negros Oriental, for a total of eight ECs in a single island, eight legislative franchise laws from Congress, and eight entities to be monitored by the Energy Regulatory Commission (ERC) and the public.

That Meralco delivers the efficient distribution of electricity with minimal blackouts compared to many provinces in the country should be taken by Congress as a model to consolidate those eight ECs in our island into one franchise to be administered by experienced corporate distribution utilities.

COAL AS WORKHORSE VS BLACKOUT
I read about some groups blaming coal plants as the “cause” of the frequent yellow-red alerts in the Philippines, especially during the hot months of March to April. Far out! They are churning out fake news. Data from the Independent Electricity Market Operator of the Philippines (IEMOP) shows that it was precisely coal power that saved the country from potential horrible blackouts this year and previous years, contributing 62% to 65% of total power generation in 2023 and 2024 (see Table 3).

But since only “brownfield” coal investments are now allowed in the Philippines, and the existing gas plants will not be sufficient to provide additional large increases in power supply in the coming years, we have to consider the use of nuclear energy in the country, from reviving or refurbishing the Bataan nuclear plant to building new small modular reactors (SMRs). Then that would assure our economic security.

 

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