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Information overload

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JUST FROM our social media groups of classmates, neighbors, organization members, hobby mates, and relatives, we already get all sorts of information including gossip and fake news handed from group to group. The handset has become not just a tool for communications but the reservoir of information from photos to blogs. Where is all this information going? What do we do with it?

When dealing with information overload, screening becomes a matter of survival. Some focus is applied on what posts to read, books to pick up, and streaming data to pay attention to. Even with short blogs and video clips (TikTok has contributed its share in the downpour) and the hits and passes they elicit, selectivity is essential.

Maybe, we can follow the rules of small talk. After all, it is in the exchange of personal details in an informal setting where the expression “too much information” has come from. This disdain for details, especially in private matters like intimate relationships of couples splitting up, or office politics in a particular company can be liberating. TMI is code for — can you change the topic or find another seatmate?

When dealing with the data fog, screening is essential. There is an implicit plea then to provide just sufficient information to keep conversation flowing, without sacrificing interest and overwhelming the listener with unnecessary details — she was wearing a tight headband under her helmet.

The best efficiency is achieved when specific information is requested. (What’s his real name?) If one needs to confirm the gravity of someone’s illness or the present employment status of an associate, the reply is brief and to the point. (I really don’t know.) Such a straightforward search elicits specific information. This may entail googling the source and wording of a quotation, the status of an elderly celebrity, or the top hit song of a particular year.

Focusing on common interests guides small talk. Would you discuss office politics and the perfidy of associates or impossible KRA’s being foisted on you by your boss with your cousin from Sydney in a family reunion? He couldn’t care less about your career challenges, or even successes. In small talk, we need to instinctively avoid imposing on the attention span of the other party. Maybe gossip on other relatives and effective ways to avoid diabetes may be more engaging.

In social media groups, is small talk limited to common interests? Even defining what is common to the group is a challenge. Classmates go their separate ways and hold very different beliefs.

Posts wander off into international subjects in the current news, like the war on Gaza, the increased provincial enrollment of a certain nationality of students with short hair, and religious miracles and various conspiracies to suppress supernatural phenomena. If the performance of the equity market comes up, for example, it is enough for the conversation to meander into what the Fed is up to and when the reduction of interest rates is likely to happen.

The best way to handle information overload is to simply ignore what does not interest us. Just because it’s there doesn’t mean it needs to be digested or even browsed. Like packing for a vacation, needs determine the clothes and items to bring to avoid taking along too much and being weighed down by too many towels.

Still, the functional use of information only applies to surfing the computer or the smart phone. The pragmatic approach to information can be discernment, especially when it comes to fake news (he fainted twice in his office) and conspiracy theories — there are foreign gardeners even in military camps.

However, an avid reader is prepared to be surprised and delighted with areas of knowledge some may consider worthless like stoicism, behavioral economics, or landscape architecture which is supposed to be the oldest profession. We should not be deprived of the joys of understanding how the Roman Empire was ruled, the lessons from the 2008 sub-prime loan crisis, and the progress of the Ukraine invasion.

Information which serves no immediate practical use can still be put in mental storage. Data which turns knowledge into wisdom is never wasted. From some remembered lines from Robert Frost, I may in old age finally understand that… “I have promises to keep, and miles to go before we sleep.”

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Philippines slips in 2024 Chandler Good Government Index

THE PHILIPPINES’ ranking in a global good governance index dropped four spots to 67th out of 100 countries — its worst showing in three years — as it scored lower in several indicators including leadership and foresight. Read the full story.

 

Philippines slips in 2024 Chandler Good Government Index

Alliance Global Group Q1 profit declines 10% on higher expenses

ANDREW L. Tan-led holding company Alliance Global Group, Inc. (AGI) saw a 10% decrease in its first-quarter attributable net income to P4.2 billion from P4.7 billion last year due to higher expenses.

“Higher input costs, marketing expenses, and interest charges, as well as unrealized foreign exchange losses capped profitability,” AGI said in a stock exchange disclosure on Wednesday.

AGI’s first-quarter revenues rose by 1% to P50.6 billion from P50.3 billion last year.

Megaworld Corp. took up 37% of revenue, followed by Emperador, Inc. at 26%, Golden Arches Development Corp. (GADC) at 23%, and Travellers International Hotel Group, Inc. at 14%.

“First-quarter results remained driven by the surge in real estate sales, and healthy contribution from quick service restaurants and tourism-related businesses which benefitted from resilient discretionary spending,” AGI said.

AGI’s real estate arm Megaworld Corp. saw an 8% increase in its first-quarter attributable net income to P4.4 billion as revenue climbed by 16% to P18.9 billion.

“Residential segment continued to benefit from sustained housing demand and higher project completion due to increased construction activity,” AGI said.

Liquor manufacturer Emperador saw a 25% drop in its attributable net income to P1.7 billion. Revenue fell by 16% to P13.1 billion.

“Brandy sales were weighed down by continued shift to value brands amid prevailing high domestic inflation. Whisky sales were affected by changes in sales mix as global demand for spirits turned soft,” AGI said.

GADC, the master franchise holder of fast food giant McDonald’s in the Philippines, saw a 19% increase in its attributable net income to P0.5 billion. Systemwide-sales rose by 13% to P19.5 billion.

“Sustained improvement in system-wide sales supported by continued product promotions, expanded store count and resilient discretionary spending,” AGI said.

Meanwhile, Newport World Resorts owner and operator Travellers International saw a 97% drop in its net income to P0.1 billion as gross revenue fell by 13% to P9.2 billion.

“AGI maintains its optimistic outlook for the rest of the year, supported by its sound business strategies and superior product/service offerings,” AGI said.

On Wednesday, AGI shares improved by 1.25% or 12 centavos to P9.70 per share. — Revin Mikhael D. Ochave

Senate OK’s anti-financial account scamming bill on second reading

THE SENATE on Wednesday approved on second reading a bill seeking to impose tougher penalties on those using financial accounts to commit crimes.

Under Senate Bill No. 2560, or the proposed Anti-Financial Account Scamming Act (AFASA) filed by Senator Mark A. Villar, individuals found guilty of money mule schemes would face jail time of at least six years and a fine as much as P500,000.

Those found guilty of fraud face jail time of as many as 12 years and a fine of not more than P1 million.

Individuals found guilty of economic sabotage face life imprisonment and a fine of at least P1 million but not more than P5 million.

At Wednesday’s plenary session, Senator Ana Theresia N. Hontiveros-Baraquel proposed an amendment entailing the civil forfeiture of all properties and other non-liquid assets of individuals involved in cases of economic sabotage, which Mr. Villar, the bill’s sponsor and author, accepted.

The release of these assets will be done only by order of a local court, Ms. Hontiveros said, noting that the amendment was crafted in consultation with the Department of Justice (DoJ).

The Supreme Court will be tasked to craft rules on carrying out the proposed provision, which would include releasing a portion of the assets to the DoJ that would be used for support and protection for human trafficking victims, the senator said.

“This amendment is being proposed to address the difficulties currently being encountered by our government bodies targeting large-scale trans-national scamming syndicates that usually operate on the backs of human trafficking victims,” she told the Senate floor.

“The victims rescued after a raid the complex, run in the thousands per scam complex, and government lacks resources and capacity for operations and assistance.”

The measure is one of the Legislative-Executive Development Advisory Council’s priority bills of President Ferdinand R. Marcos, Jr.’s administration.

The Bangko Sentral ng Pilipinas in January said the bill, which the House of Representatives has already approved, would help address the rise in crimes involving banks, e-wallets, and other types of financial accounts. — John Victor D. Ordoñez

Alice Munro, Canadian Nobel Prize-winning author, 92

INSTAGRAM.COM/MCCLELLANDSTEWART

OTTAWA — Nobel Prize-winning Canadian writer Alice Munro, whose exquisitely crafted tales of the loves, ambitions, and travails of small-town women in her native land made her a globally acclaimed master of the short story, has died at the age of 92, her publisher said on Tuesday.

Ms. Munro had died at her home in Port Hope, Ontario, said Kristin Cochrane, chief executive officer of McClelland & Stewart.

“Alice’s writing inspired countless writers … and her work leaves an indelible mark on our literary landscape,” she said in a statement.

The Globe and Mail newspaper, citing family members, said Ms. Munro had died on Monday after suffering from dementia for at least a decade.

Ms. Munro published more than a dozen collections of short stories and was honored with the Nobel Prize in Literature in 2013.

Her stories explored sex, yearning, discontent, aging, moral conflict, and other themes in rural settings with which she was intimately familiar — villages and farms in the Canadian province of Ontario. She was adept at fully developing complex characters within the limited pages of a short story.

“Alice Munro was a Canadian literary icon. For six decades, her short stories captivated hearts around Canada and the world,” Canadian Heritage Minister Pascale St-Onge said on the X social media network.

Ms. Munro, who wrote about ordinary people with clarity and realism, was often likened to Anton Chekhov, the 19th century Russian known for his brilliant short stories — a comparison the Swedish Academy cited in honoring her with the Nobel Prize.

Calling her a “master of the contemporary short story,” the Academy also said: “Her texts often feature depictions of everyday but decisive events, epiphanies of a kind, that illuminate the surrounding story and let existential questions appear in a flash of lightning.”

In an interview with the Canadian Broadcasting Corp. after winning the Nobel, Ms. Munro said, “I think my stories have gotten around quite remarkably for short stories, and I would really hope that this would make people see the short story as an important art, not just something that you played around with until you’d got a novel written.”

Her works included: Dance of the Happy Shades (1968), Lives of Girls and Women (1971), Who Do You Think You Are? (1978), The Moons of Jupiter (1982), Hateship, Friendship, Courtship, Loveship, Marriage (2001), Runaway (2004), The View from Castle Rock (2006), Too Much Happiness (2009), and Dear Life (2012).

The characters in her stories were often girls and women who lead seemingly unexceptional lives but struggle with tribulations ranging from sexual abuse and stifling marriages to repressed love and the ravages of aging.

“Last month I reread all of Alice Munro’s books. I felt the need to be close to her. Every time I read her is a new experience. Every time changes me. She will live forever,” leading Canadian author Heather O’Neill said in a post on X.

Ms. Munro’s story of a woman who starts losing her memory and agrees to enter a nursing home titled “The Bear Came Over the Mountain,” from Hateship, Friendship, Courtship, Loveship, Marriage, was adapted into the Oscar-nominated 2006 film Away From Her, directed by fellow Canadian Sarah Polley.

‘SHAME AND EMBARRASSMENT’
Canadian novelist Margaret Atwood, writing in the Guardian after Ms. Munro won the Nobel, summarized her work by saying: “Shame and embarrassment are driving forces for Munro’s characters, just as perfectionism in the writing has been a driving force for her: getting it down, getting it right, but also the impossibility of that. Munro chronicles failure much more often than she chronicles success, because the task of the writer has failure built in.”

American novelist Jonathan Franzen wrote in 2005, “Reading Munro puts me in that state of quiet reflection in which I think about my own life: about the decisions I’ve made, the things I’ve done and haven’t done, the kind of person I am, the prospect of death.”

The short story, a style more popular in the 19th and early 20th century, has long taken a back seat to the novel in popular tastes — and in attracting awards. But Ms. Munro was able to infuse her short stories with a richness of plot and depth of detail usually more characteristic of full-length novels.

“For years and years, I thought that stories were just practice, ’til I got time to write a novel. Then I found that they were all I could do and so I faced that. I suppose that my trying to get so much into stories has been a compensation,” Ms. Munro told the New Yorker magazine in 2012.

She was the second Canadian-born writer to win the Nobel literature prize but the first with a distinctly Canadian identity. Saul Bellow, who won in 1976, was born in Quebec but raised in Chicago and was widely seen as an American writer.

Ms. Munro also won the Man Booker International Prize in 2009 and the Giller Prize — Canada’s most high-profile literary award — twice.

Alice Laidlaw was born to a hard-pressed family of farmers on July 10, 1931, in Wingham, a small town in the region of southwestern Ontario that serves as the setting for many of her stories, and started writing in her teens.

Ms. Munro originally began writing short stories while a stay-at-home mother. She intended to someday write a novel, but said that with three children she was never able to find the time necessary. Ms. Munro began building a reputation when her stories started getting published in the New Yorker in the 1970s.

She married James Munro in 1951 and moved to Victoria, British Columbia, where the two ran a bookstore. They had four daughters — one died just hours after being born — before divorcing in 1972. Afterward, Ms. Munro moved back to Ontario. Her second husband, geographer Gerald Fremlin, died in April 2013.

Ms. Munro in 2009 revealed she had undergone heart bypass surgery and had been treated for cancer. — Reuters

Overseas Filipinos’ Cash Remittances

MONEY SENT HOME by overseas Filipino workers (OFWs) in March recorded its slowest pace of growth in nine months, data from the Bangko Sentral ng Pilipinas (BSP) showed. Read the full story.

 

Overseas Filipinos’ Cash Remittances

How PSEi member stocks performed — May 15, 2024

Here’s a quick glance at how PSEi stocks fared on Wednesday, May 15, 2024.


PHL gross gaming revenue up 18.5% in first quarter — PAGCOR

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE Philippines’ gross gaming revenue (GGR) rose 18.5% year on year to a record P81.7 billion in the first quarter, the Philippine Amusement and Gaming Corp. (PAGCOR) said.

In a statement on Wednesday, the gaming regulator said the first quarter total was nearly on pace to hit the full-year GGR target of P336 billion.

“The latest GGR is another new record, sustaining an upward trend for the gaming industry since the post-pandemic recovery started in the last quarter of 2022,” it said.

PAGCOR said that the bulk of first-quarter revenue was generated by licensed casinos, which raised P49.7 billion, though this was 8.2% lower year on year.

Meanwhile, e-games revenue surged 543% to P22.5 billion.

“The e-games revenue performance continues to exceed our projections, and this reflects how gaming technology and the proliferation of mobile devices is influencing not only our daily lives but our entertainment choices as well,” PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco said.

Revenue from PAGCOR-operated casinos under its Casino Filipino brand dropped 8.6% to P4.69 billion.

PAGCOR said this was due to the “challenge faced by the segment as more players continue to migrate to online platforms.”

Meanwhile, bingo revenue fell 21.5% to P4.81 billion. — Luisa Maria Jacinta C. Jocson

Laguindingan attracts 2 possible challengers

PHILSTAR FILE PHOTO

AT LEAST two parties have expressed interest in the upgrade and operations contract for Laguindingan International Airport in northern Mindanao, the Department of Transportation (DoTr) said. 

“There are two challengers, they have not submitted a counter proposal yet, but they have expressed interest,” Roberto C.O. Lim, Transportation undersecretary for aviation and airports, told reporters on Wednesday.

Mr. Lim made the announcement during the 2024 Aviation Summit organized by the European Chamber of Commerce of the Philippines.

The two parties have paid the participation fees but have not yet submitted their counter proposal, he said.

In February, the DoTr announced that companies were open to challenge the P12.75-billion proposal of Aboitiz InfraCapital, Inc. to operate, maintain, and expand Laguindingan.

“The Swiss challenge has started. We published yesterday the bid, the instruction to bidders that will identify the technical, financial eligibility,” Mr. Lim said.

The Swiss challenge process allows original proponents (OPs) to undertake a project unsolicited, opening up their bid to a challenge by other parties, which the OP then has a right to match.

The DoTr said if no parties end up formally challenging Aboitiz InfraCapital, the contract can be awarded to the OP within 90 days.

According to the guidelines to challengers published by the DoTr, a qualified challenger must have a net worth of at least P3.8 billion or its foreign currency equivalent.

“In case of a consortium, the net worth of consortium members who have an equity share of at least 25% each in the consortium may be added together,” the DoTr said.

The challenger must also have expertise in the operation and maintenance of an international airport, being involved in the industry for at least three consecutive years. The capacity of the airport it was previously involved in must be at least five million passengers yearly.

Aside from Laguindingan, the infrastructure arm of the Aboitiz group has also submitted unsolicited proposals for Bohol-Panglao International Airport and Bicol International Airport.

In 2022, Aboitiz InfraCapital finalized a deal with Megawide Construction Corp. and GMR Airports International, B.V., allowing it to acquire shares in GMR-Megawide Cebu Airport Corp., the company behind the Mactan-Cebu International Airport. — Ashley Erika O. Jose

ERC lets reserve market players settle 30% of March transactions

BW FILE PHOTO

THE Energy Regulatory Commission (ERC) ordered the partial lifting of the suspension imposed in March to enable the flow of reserve power into the system.

In an order promulgated on May 9, the ERC allowed the settlement of 30% of the amounts due on the reserve market transactions during the March billing month.

“The decision was made in an effort to ensure continuous operations of power generators providing reserves in the system following the suspension order issued on March 25, 2024,” the ERC said.

Citing simulations, the regulator projected the partial payments are expected to be worth P1.7 billion.

The amount is subject to adjustments pending the submission of the list of non-compliant generators by the National Grid Corp. of the Philippines (NGCP), an intervenor in the case.

The reserves traded for the March period were valued at P5.7 billion, the ERC said.

Arjon Valencia, corporate planning and communications manager of the Independent Electricity Market Operator of the Philippines (IEMOP), said IEMOP “will implement the order accordingly and will continue its close coordination with the ERC and the DoE (Department of Energy) for the immediate resumption of reserve market commercial operations,” he said via Viber message.

ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said the commission hopes to complete its evaluation within the month before fully lifting the suspension.

The ERC is “waiting for IEMOP and NGCP to complete the submission of required documents,” she said in a Viber message.

She said that the partial lifting of the suspension could possibly lead to upward adjustments in transmission charges.

“Total rates will still depend on the generation mix,” she said.

The reserve market allows the optimization of the market operator and system operator interfaces and automated real-time dispatch of committed ancillary services.

Ancillary services are deployed by grid operators to support the transmission of power from generators to consumers to maintain reliable operations.

The full commercial operations of the reserve market commenced in January.

In the suspension order in March, the ERC said that the IEMOP reported “significant price increases” in reserve costs for March compared to February. The regulator has said that the increase will impact the total price of electricity paid for by the public.

YELLOW ALERT
In an advisory on Wednesday afternoon, the NGCP raised yellow alerts over the Visayas grid between 2 p.m. and 4 p.m. and 6 p.m. and 8 p.m.

The available capacity was 2,968 megawatts (MW) while peak demand was 2,646 MW.

The grid operator said that the yellow alerts were lifted with the availability of power from the Cebu Energy Development Corp. unit 1 and Panay Diesel 1-3. 

A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement. — Sheldeen Joy Talavera

Mall tenants ordered to explain privacy issues

THE National Privacy Commission (NPC) said on Wednesday that a field inspection resulted in the issuance of show-cause orders to 65 establishments in a mall in Paranaque City.

NPC Circular No. 2024-01 authorizes on-the-spot inspections to verify whether personal information controllers (PICs) or personal information processors (PIPs) comply with the Data Privacy Act of 2012 (DPA) and the regulator’s other issuances.

“Malls and retail stores collect significant amounts of personal data from customers daily. Hence, these entities must comply with the DPA and NPC issuances to protect the rights of their data subjects and maintain consumer trust,” according to Privacy Commissioner John Henry Naga.

Mr. Naga said that fines ranging from P20,000 to P5 million can be imposed on violators of the DPA and other NPC issuances.

“This on-the-spot privacy sweep and compliance check should also serve as a warning to all non-compliant and erring PICs and PIPs that the NPC will not hesitate to impose administrative fines for violations of the DPA, its implementing rules and regulations, and the issuances of the NPC,” he said.

According to the NPC, 56 establishments were found to have not registered with the NPC, while nine establishments, while being registered, were issued citation tickets for other violations.

Some 38 establishments were found to have been compliant, registered, with their seal of registration properly displayed.

“Our primary goal is to ensure that PICs and PIPs are fully aware of their responsibilities under the DPA,” NPC Data Security and Compliance Office Director Aubin Arn Nieva said.

“If we find areas of non-compliance or potential vulnerabilities in their data handling practices, we can offer personalized recommendations and support to help them address these gaps and improve their data protection measures,” he added.

After the compliance check, the NPC will present its findings and assess whether the PICs or PIPs have any deficiencies, during which they will be requested to submit the necessary documents

The NPC is planning to replicate the on-the-spot privacy sweep at other malls and has clarified that it is the establishment or the lessee that will be held liable for the violations, not the mall owners or lessors. — Justine Irish D. Tabile

GMO crops pushed to counter climate disasters

RENZO D SOUZA—UNSPLASH

By Adrian H. Halili, Reporter

THE PHILIPPINES should consider cultivating crops classified as genetically modified organisms (GMOs) to mitigate the impact of climate disasters like typhoons and El Niño.

“When you look at the scale of damage that’s been caused, then I think it’s important for the sector to look at ways in which they can combat that,” Rory O’Donnell, an agriculture and trade expert for business solutions firm Penta, told BusinessWorld.

He added that GMO crops are already being planted in parts of Europe to alleviate drought conditions.

President Ferdinand R. Marcos, Jr. has ordered the Solicitor General to seek clarification and reconsideration of the decision to ban on the use of GMOs.

Mr. Marcos said that the decision would have a “widespread” impact on agriculture and food security.

“It basically is a means of accelerating natural genetic changes in crops,” Mr. O’Donnell said.

“The idea behind that is to develop crops that are drought resistant or more resistant to pests and therefore reduce the requirement for pesticides and other artificial additions,” he added.

The Court of Appeals (CA) revoked the biosafety permits for the commercial propagation of Golden Rice and Bt Eggplant, citing the potential risk to the environment and the health of consumers.

It also stopped field testing and imports until all measures were taken to ensure they were safe.

In a Senate hearing on Tuesday, the Department of Agriculture said it is also seeking reconsideration of the CA’s decision.

“There is a general communications problem around GMOs and new genomic techniques, where it’s very easy for people who are against them to say that there is a theoretical risk that is hard to assess and therefore, we shouldn’t do anything,” Mr. O’Donnell said.

He added that the agriculture industry continues to face the impact of climate change worldwide.

“The degree of climate change and the implications that’s having across the world for agriculture — I think we have to start looking at all the tools that are available. That’s not to say you don’t have to have rigorous scientific processes in place to ensure they’re safe,” Mr. O’Donnell said.

Damage and loss caused by El Niño have hit P6.35 billion as of May 8, with rice and corn the most affected crops. The total affected area was 111,702 hectares, impacting 121,389 farmers and fisherfolk.

Additionally, the DA said that it is currently preparing for above normal rainfall brought about by La Niña in the second half of the year.

PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), the government weather service, said there is a 62% chance of La Niña setting in between June and August.