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InLife liberalizes underwriting rules for greater access to financial protection 

Insular Life (InLife) announced that it is making changes to its underwriting guidelines to ease and expedite the insurance application process and make life insurance more accessible to Filipinos.

These new guidelines aim to remove barriers, particularly for traditionally underserved groups, making financial protection available to a broader segment of the Filipino population.

InLife’s updated underwriting rules expand the scope of approval and coverage, particularly benefiting applicants with specific medical conditions, overseas Filipino workers (OFWs), military and police personnel, and residents of certain regions in Mindanao. The improvements not only address coverage limits but also allow standard or improved ratings for various conditions and professions, supporting InLife’s goal of inclusivity and adequate protection for all. 

“Our enhanced underwriting guidelines are a testament to InLife’s resolve to ensure Filipinos have better chances at securing their finances throughout their lives,” said InLife First Vice President and Insurance Operations Division Head Diana A. Tagra. “We recognize that insurance should be accessible to everyone, regardless of health conditions or profession. These changes demonstrate our commitment to delivering flexible, inclusive, and competitive solutions that meet our customers’ diverse needs.” 

Key Enhancements in Underwriting Guidelines: 

  • Improved Approval for Medical Conditions: Standard premium rates will now apply to individuals with certain medical conditions that previously resulted in higher premium rates. Examples of these conditions include above normal BMI, controlled hypertension, elevated cholesterol, fatty liver, and strong family histories of certain medical conditions.
  • Diabetics for InLife’s  Critical Illness Coverage: Diabetics who are 20 to 65 yrs old, with well-controlled blood sugar, may now be covered under InLife’s critical Illness product, Resilience, subject to medical underwriting and rating. Coverage will be considered for individuals meeting certain health criteria.
  • Expanded Coverage for OFWs and Military Personnel: OFWs, just like any other insurance applicants, may now apply for coverage amounts based on their financial profile and needs. They may also apply for an Accidental Death Benefit rider. However, their eligibility will still be subject to underwriting based on their country of work and the duties they perform. Likewise, Military and police personnel are also eligible for increased coverage and additional benefits, providing security for the families of those who secure our country.
  • Coverage for Foreign Nationals and politicians: Resident foreign nationals who have appropriate resident visas may now apply for life insurance with InLife. Meanwhile, politicians may now opt for higher coverage up to 90 days prior to, and one month after, the elections.
  • Increased Coverage for Residents in Specific Regions: While certain areas in Mindanao were previously excluded, coverage is now available with limits to provide financial protection for Filipinos residing in these regions.

These updates, effective immediately, mark a significant shift in how InLife assesses risks, balancing a competitive stance with a customer-first approach. InLife’s new underwriting rules underscore its dedication to continuously evolving and adapting to the needs of a changing market.

With these liberalized guidelines, InLife proves its commitment to ensuring more Filipinos can gain the peace of mind that comes with adequate life insurance coverage, leading to A Lifetime For Good.

For more information on InLife, visit https://www.insularlife.com.ph/.

 

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Yields on central bank’s term deposits inch down

BW FILE PHOTO

TERM DEPOSIT yields went down on Wednesday as markets priced in the latest Philippine headline inflation data and amid a stronger peso.

The BSP’s term deposit facility (TDF) attracted bids amounting to P350.69 billion on Wednesday, above the P270 billion on the auction block as well as the P342.937 billion in bids seen a week ago for a P260-billion offer.

Broken down, tenders for the seven-day papers reached P198.58 billion, higher than the P160 billion auctioned off by the central bank. However, this was below the P213.622 billion in bids seen for the P150-billion offer of seven-day deposits in the previous week.

Banks asked for yields ranging from 5.985% to 6.04%, a narrower band compared with the 5.9755% to 6.06% seen a week ago. This caused the average rate of the one-week deposits to drop by 1.77 basis points (bps) to 6.0248% from 6.0425% previously.

Meanwhile, bids for the 14-day term deposits amounted to P152.11 billion, also higher than the P110-billion offering and the P129.315 billion in tenders for the same offer volume recorded on Dec. 4.

Accepted rates for the tenor ranged from 6% to 6.08%, also slimmer than the 6% to 6.11% margin recorded a week ago. With this, the average rate for the two-week deposits went down by 2.02 bps to 6.0614% from the 6.0816% logged in the prior week’s auction of 14-day papers.

The BSP has not auctioned off 28-day term deposits for over four years to give way to its weekly offerings of securities with the same tenor.

The term deposits and the BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

“The BSP TDF average auction yields again mostly eased slightly for the 12th straight week after local headline inflation settled at 2.5% in November 2024, still considered relatively benign and still within the BSP inflation target of 2-4%,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Inflation quickened to 2.5% in November from 2.3% in October as food prices soared after a series of typhoons struck the country.

In the 11-month period, headline inflation averaged 3.2%, a tad higher than the BSP’s baseline forecast of 3.1% but well within its 2-4% annual target.

Within-target November inflation “could still warrant a possible local policy rate cut on Dec. 19,” Mr. Ricafort added.

The Monetary Board will hold its final policy review for the year on Dec. 19. BSP Governor Eli M. Remolona, Jr. earlier said they could either cut or keep rates steady at the meeting.

The BSP began its easing cycle in August this year and has delivered a total of 50 bps worth of cuts so far, bringing the policy rate to 6%.

Mr. Ricafort said the stronger peso recently also caused TDF yields to go down on Wednesday.

After closing at its record low of P59 per dollar on Nov. 21 and 26, the peso has since rebounded, even returning to the P57 level last week, partly boosted by seasonal remittance inflows.

On Wednesday, the local unit closed at P58.28 against the dollar, down by 27 centavos from Tuesday’s finish. — Luisa Maria Jacinta C. Jocson

Megawide’s Baguio Integrated Terminal to undergo Swiss challenge by 2025

THE BAGUIO CITY Integrated Terminal project involves leasing, operating, and maintaining an intermodal terminal to serve provincial buses arriving from outside Baguio City. — BAGUIO CITY PUBLIC INFORMATION OFFICE OFFICIAL FACEBOOK ACCOUNT

THE P1.19-billion Baguio City Integrated Terminal proposal by Saavedra-led Megawide Construction Corp. is set to undergo a Swiss challenge by early next year, according to the Public-Private Partnership (PPP) Center.

“(The project is) in the approval process. The Sanggunian of Baguio City has 90 days to approve it. Once it’s approved, there will be a comparative challenge,” PPP Center Executive Director Ma. Cynthia C. Hernandez said during the PPP Center’s year-end press chat on Wednesday.

The 90-day approval process is expected to end by early next year, PPP Center Deputy Executive Director Jeffrey I. Manalo said.

A Swiss challenge, also known as a comparative challenge, is a procurement process where a public authority invites third parties to submit competing bids against an unsolicited proposal for a public project. The original proponent is then given the opportunity to match or improve upon the best competing offer, ensuring transparency and competitiveness in public procurement.

The listed construction company submitted unsolicited proposals for the P1.19-billion Baguio City Integrated Terminal and the P1.87-billion Cavite Bus Rapid Transit System.

The Baguio City Integrated Terminal project involves leasing, operating, and maintaining an intermodal terminal to serve provincial buses arriving from outside Baguio City.

The project aims to reduce traffic congestion in the city center of Baguio while also improving facilities for commuters.

The Cavite Bus Rapid Transit System is also undergoing a comparative challenge, with the deadline set for Dec. 23.

The project is a joint venture between Megawide and property development company Maplecrest Group, Inc.

The Cavite Bus Rapid Transit System project covers the development, operation, and maintenance of a bus rapid transit and P2P (point-to-point) route with an alignment of 42 kilometers stretching through Cavite, specifically Imus, General Trias, Tanza, Kawit, Trece Martires, and its surrounding areas, while also providing a link to Metro Manila via the Parañaque Integrated Terminal Exchange. — Ashley Erika O. Jose

Philippines’ IPv6 adoption rate remains low

STOCK PHOTO | Image from Freepik

THE Department of Information and Communications Technology (DICT) urged consumers to migrate to the latest version of Internet protocol (IP) to help protect their information through its built-in security, with the Philippines’ adoption rate remaining low.

The Philippines’ adoption rate of IP version 6 (IPv6) is only at 18.5%, according to data from the Asia-Pacific Network Information Centre. India leads IPv6 adoption in the region at around 80%.

“It can help with protection because the real protection of your assets, of your information, belongs to you,” George P. Tardio, chief of Critical Information Infrastructure in the Cybersecurity Standards Division of the DICT, told BusinessWorld on the sidelines of a forum on IPv6 adoption last week.

IPv6 features end-to-end encryption and authentication through IP Security (IPSec), which was optional in previous IP versions, Mr. Tardio noted.

IPSec plays a crucial role in securing the transmission of sensitive data between IP networks, he said.

“If you have your very own IP address, which is possible in IPV6, you will be able to protect yourself,” Mr. Tardio added.

IPv6 is a system that assigns unique IP addresses to each device connected to a network and offers up to 340 undecillion addresses. Meanwhile, its predecessor IP version 4 (IPv4) only offers 4.3 billion addresses.

“Addresses are nearly unlimited and will be able to accommodate every device on Earth, ultimately producing more efficient Internet traffic,” the Department of Science and Technology and Advanced Science and Technology Institute said in a statement.

“The push to increase [the Philippines’] adoption rate, similar to what neighboring Asian countries such as India and Vietnam have done, entails all stakeholders from government, academe, industry (internet service providers, and telecommunication companies), and local Internet development groups to work together.”

Resistance among consumers has contributed to the slow migration to IPv6 in the Philippines, Mr. Tardio said during the forum.

“The ordinary consumers or subscriber do not mind if they are using IPv4 or IPv6,” he said. “What matters to them is the internet speed and availability.”

Mr. Tardio said firms must be more proactive in informing end  users about the latest technologies that can boost cybersecurity.

“Because IPv6 is more secure than IPv4, let’s try to request it to our telco or (internet) providers,” he said.

Mr. Tadio added that he is hopeful that initiatives to boost IPv6 migration in the Philippines would be part of the DICT’s priorities next year.

“It’s not too late. We would still plan our targeting for 2025 this month,” he said. “For cybersecurity, I will definitely recommend IPv6 adoption.” — Almira Louise S. Martinez

GoTyme Bank reaches 5.1 million customers, P24 billion in deposits

GOTYME.COM.PH

GOTYME BANK has reached 5.1 million customers and P24 billion in deposits to date, its top official said.

“We’re now at 5.1 million customers. We will end the year at about 5.3 million customers. We’re super thankful for the big adoption and loyalty,” GoTyme Bank President and Chief Executive Officer (CEO) Nathaniel D. Clarke told BusinessWorld in an interview on Wednesday. “Deposits are also very strong. We’re at about P24 billion now, so it’s growing much faster than planned.”

“I thought I was being ambitious when I said [we’d hit] five million [customers] in three years and 10 million in five years, but now we’re at five million in two years and we’ll be close to 10 million in three years — so it’s obviously a good problem,” Mr. Clarke said, adding that they plan to increase their savings rate to 5% from 4% early next year to celebrate these milestones.

He attributed the rapid growth in GoTyme Bank’s customers and deposits to the ease of use of their mobile app, the country’s large young and underserved market, and their customer acquisition and distribution model that is backed by their kiosks and the Gokongwei group’s retail network.

“I think the market is just underserved. The reality is if you compare it to other markets, the incumbent banks have not delivered a great digital experience. The Philippines, I think, has the second youngest population in the world in a country with above 50 million [individuals] and is demanding high-quality digital services and experience,” Mr. Clarke said.

The bank’s “phygital” or physical and digital distribution model, which utilizes kiosks and ambassadors, also addresses the needs of those who prefer to make their transactions in person, he added.

The Gokongwei group’s wide retail network has made it easier for the bank to reach areas outside the National Capital Region, especially in Cebu, Mr. Clarke said.

For 2025, GoTyme Bank expects to reach over nine million customers and over P35 billion in deposits, the official said, as the lender plans to scale up its product offerings, especially credit and investments.

“We’re also already in testing for our buy now, pay later product as a consumer credit. I think next year is about starting to scale consumer credit beyond payroll lending and getting into investments,” Mr. Clarke said.

The bank also plans to offer digital asset services soon as it was granted a Virtual Asset Service Provider (VASP) license by the Bangko Sentral ng Pilipinas (BSP) in October, he added.

“We’re hopefully days away from putting that live in a pilot, then like a limited live,” Mr. Clarke said.

VASPs are firms that offer services or engage in activities that provide facilities for the safekeeping, administration, transfer or exchange of virtual assets. Their products and services include cryptocurrencies and electronic wallets for holding and storing virtual assets.

GoTyme Bank is one of the six digital lenders licensed by the BSP. The others are Tonik Digital Bank, Inc.; Maya Bank; Overseas Filipino Bank; UNObank; and UnionDigital Bank.

It is a partnership between the Gokongwei group and Singapore-based Tyme Group, which also operates TymeX in Vietnam, India and China and digital bank TymeBank in South Africa.

TymeBank was previously reported to be gearing up for an initial public offering (IPO) in New York by 2028.

“The market will dictate the timing. We want to be IPO ready in four to five years,” Mr. Clarke said. “South Africa is already profitable, so that will start creating a lot of earnings. We need to be profitable here, and we think we need to be approaching scale and profitability in a third market, either Vietnam or Indonesia. We think that before we are listing ready, we need three markets at scale.”

The official previously said he expects GoTyme Bank to become profitable by end-2025. — Aaron Michael C. Sy

Uy’s air navigation control proposal ‘rejected’ — PPP Center

COMCLARK Chief Executive Officer Dennis Anthony H. Uy — CONVERGEICT.COM

By Ashley Erika O. Jose, Reporter

THE Department of Transportation (DoTr) has rejected ComClark Network and Technology Corp.’s P29.82-billion unsolicited proposal to manage the country’s air navigation, traffic, and control system, according to the Public-Private Partnership (PPP) Center.

“The DoTr has decided to reject and return the unsolicited proposal. The DoTr will soon be sending the proponent the rejection letter, which will contain the grounds for rejection,” PPP Center Deputy Executive Director Jeffrey I. Manalo told reporters on the sidelines of a press briefing on Wednesday.

The Dennis Anthony H. Uy-led proponent may resubmit its unsolicited proposal upon addressing the grounds for rejection, Mr. Manalo said.

In October, Civil Aviation Authority of the Philippines (CAAP) Director-General Manuel Antonio L. Tamayo said that CAAP — as the implementing agency — was evaluating the proposal of ComClark.

Information from the PPP Center’s website indicates that ComClark’s proposal encompasses the construction, modernization, and operation of air navigation service facilities, including air traffic services and communications, navigation, surveillance, and traffic management systems. The company plans to execute the project with an international partner.

The proposal aims to modernize air traffic safety while also enhancing operational efficiency and reliability.

“By addressing critical shortcomings and leveraging innovative strategies, this initiative aims to instill a robust framework that ensures the utmost safety and effectiveness in air traffic management operations nationwide,” the PPP Center said.

To recall, PPP Center Executive Director Ma. Cynthia C. Hernandez said previously that the Air Traffic Services-Air Navigation Services project was also being evaluated as a solicited project.

The project involves the financing, design, construction, operations, and maintenance of air traffic services and air navigation services of the country’s airspace and international airspace managed by the Philippines, she said.

The Transportation department has said that, while there is an unsolicited proposal for managing and controlling the air traffic control system, it has also tapped the World Bank and the International Finance Corp. to conduct a study on the management of the country’s air traffic control.

The DoTr said that allowing a private company or creating a separate entity to manage and control the country’s air traffic control system will relieve CAAP of its conflicting roles.

ComClark is the controlling shareholder of Converge ICT Solutions, Inc., a listed telecommunications company. Converge has not received any information from the DoTr or PPP Center pertaining to the project, according to its communications team on Wednesday.

BusinessWorld also reached out to CAAP’s Mr. Tamayo for comment via text message and Viber. CAAP is an attached agency of the DoTr and is responsible for regulating and overseeing civil aviation in the country.

ChatGenie launches AI-powered multi-agent framework for BPOs

PHILSTAR FILE PHOTO

CUSTOMER engagement platform Chat-Genie has launched an artificial intelligence (AI)-powered multi-agent framework to help speed up tasks in traditional business process outsourcing (BPO) roles.

ChatGenie’s multi-agent framework deploys AI agents, which will take charge of customer interactions, enabling human workers to focus on handling more complex tasks such as resolving intricate customer issues, building client relationships, and driving customer success initiatives.

The AI agent will help automate repetitive office work such as query identification, issue classification, message filtering, and response refinement.

To run the framework, ChatGenie integrates advanced AI technologies such as Open-AI’s GPT-4o and Meta’s Llama 3.1.

Radge Falcis, cofounder and chief executive officer at ChatGenie, said the multi-agent platform shows that AI and human talent can coexist in a mutually beneficial way.

“Our technology is accelerating the redundancy of traditional customer service roles, but this isn’t about job losses,” Mr. Falcis in a statement.

“It’s about elevating agents to focus on their intellectual edge — tackling complex scenarios that require critical thinking and human empathy. In this way, we help businesses operate more efficiently while enabling employees to grow in their careers,” he added.

The framework includes agents for specific purposes, such as Guard AI, Classification AI, and Refinement AI, to ensure 90% to 95% accuracy in its responses.

The AI chatbots can also understand Filipino, English, and regional dialects.

The ChatGenie platform also integrates with popular messaging applications like Facebook Messenger, Instagram, and Meta’s Business Messaging services.

“Powered by large language models (LLMs), AI agents are systems that can perform complex tasks, make autonomous decisions, reason, adapt to unknown variables, understand language, and plan, making them highly versatile for various applications,” ChatGenie said.

The IT and Business Process Association of the Philippines (IBPAP) earlier said that 67% of firms saw enhanced productivity and operational efficiency after integrating AI into their operations. However, AI implementation resulted in job cuts among 8% of its members.

Despite this, IBPAP President and CEO Jack Madrid said AI is not expected to result in massive job losses in the industry if organizations continue to upskill their employees. — Beatriz Marie D. Cruz

Does Bitcoin at $100,000 signal a last laugh for HODLers?

PIXABAY

WHAT is there to say with Bitcoin at $100,000 for those of us who thought $10,000 looked nuts. After 15 years of cryptocurrency boom-and-bust cycles, rags-to-riches (and back to rags) stories, scams and bankruptcies, a carnival mood is back and hushing us naysayers.

Politicians are joining the party: Donald Trump is appointing pro-crypto officials, eyeing a Bitcoin reserve, and even hawking his own coin. So are punters, who are trying their hand and losing their shirts in the risky meme coin market. Like the 18th century carnival of Rome attended by the poet Goethe — where all mad and foolish behavior save knifing and brawling was allowed — it’s the mystified tourists who are in the minority.

Right now, it’s Anthony Scaramucci of all people whose analysis makes the most sense: Bitcoin’s new milestone shows it’s gained wider acceptance as a tradable asset and portfolio investment, offering both big gains and gut-wrenching drawdowns (the last peak-to-trough fall after COVID-19 was around 76%). The flipside of having no intrinsic value and a decentralized architecture with a huge energy footprint means that nobody’s using Bitcoin to buy their groceries, though: Only 7% of US consumers hold Bitcoin, according to Deutsche Bank AG research, and a survey published last month by the UK Financial Conduct Authority found only 16% of people who owned cryptocurrencies used them for payments. Skeptics focus on the lack of real-world adoption — yet it’s speculators banking on so-called digital gold who’ve come out richer.

Another point in favor of HODLers* going into 2025 is betting on the power of the incoming US president — somewhat ironically for a movement originally forged by libertarian cypher-punks. Almost $10 billion has flowed into Bitcoin exchange-traded funds since Trump’s Nov. 5 win, which makes sense given the likely gains to be had from regulatory forbearance. Gary Gensler’s departure from the Securities and Exchange Commission likely means more breathing space for tokens that have labored under the “unregistered securities” label, making US-based Coinbase Global, Inc. an obvious beneficiary of onshore trading flows and products — its shares have doubled this year. A friendlier regulatory atmosphere means we should expect more financial institutions to join in, even in risk-averse Europe.

Still, even pro-crypto folks know there are limits to this trade. We’re far from Friedrich Hayek’s vision of the “de-nationalization of money,” in which the state would ideally cede monopoly control of currency to the competitive private sector. Trump’s recent call to BRICs to accept dollar dominance shows he’s far from a crypto purist. A Bitcoin strategic reserve, with all the risk involved for US taxpayers, is probably (let’s hope) a bridge too far.

And while digital gold is a handy moniker that allows optimists to imagine another tenfold rise for Bitcoin — taking its market capitalization to $20 trillion, or on par with gold — its price has recently been correlated with tech stocks on the Nasdaq index, suggesting real-world macroeconomic conditions need to remain healthy to maintain that speculative luster. For now, they are: Monetary policy is loosening and tech stocks like Nvidia Corp. and Palantir Technologies, Inc. are rocketing (and have outperformed Bitcoin this year). But if the twin engines of the US economy and stock market sputter — perhaps due to tariffs or inflation — it may undermine Bitcoin’s attractiveness.

There are other, longer-term questions posed by this rally. The first is just how dangerous the gamblification of finance could yet be in a world of 24/7 trading apps, legalized sports betting, and instant payments — something crypto fans tend to dismiss. Like two sides of the same coin, crypto rallies expose punters to a proliferation of scams and get-rich-quick schemes. The urge to make money fast and replicate the seemingly out-of-reach gains of the early adopters can lead to horror shows like the Hawk Tuah memecoin or the baffling rise of Peanut the Squirrel’s token (market cap: $1.2 billion.) There will need to be re-regulation ahead, and maybe a total rethink of how the lines between investing and gambling are policed.

The second is whether there is already a glimpse of a future financial system beyond the speculation. Complex systems take time to emerge — something crypto doubters might also miss. Maybe new experiments, such as First Abu Dhabi Bank PJSC and Libre Capital’s announcement this week of a stablecoin lending pilot backed by tokenized money-market funds, are the budding indicators of where this Wild West of digital trading might end up.

The hope is that this carnival is close to maturity; but the history of financial manias, especially those with political encouragement, suggests a few more accidents are on the way.

BLOOMBERG OPINION

*HODL — “hold on for dear life”

Tea meditation

ORIENTO-UNSPLASH

“The tea ritual: such a precise repetition of the same gestures and the same tastes; accession to simple, authentic and refined sensations, a license given to all, at little cost, to become aristocrats of taste, because tea is the beverage of the wealthy and the poor; the tea ritual, therefore, has the extraordinary virtue of introducing into our lives an aperture of serene harmony.” — Muriel Barbery, The Elegance of the Hedgehog

IN MANY of the world’s tea-drinking cultures, tea is transformed into a ritual that gives a taste of the sacred to what should be mundane. In the Philippines, Rachel Ngan Dueñas does the same by holding tea meditation classes.

We caught up with Ms. Dueñas at an event with Moda Interni (see related story: https://tinyurl.com/3bbn9yw3), where her artwork (especially one shown at an exhibit at the Carrousel du Louvre in Paris, Come to Life) was shown with the furniture showroom’s Italian offerings.

We didn’t come for her art, however: Ms. Dueñas achieved her certification as a tea sommelier from the International Tea Masters Association in the Philippines in 2018. In 2020, at the height of the pandemic, she began holding tea meditation classes through her Instagram page, @kindness.in.a.cup.

“I’m Chinese. We grew up drinking tea and everything,” she told BusinessWorld in an interview on Nov. 28. While tea has always been a part of her life, it was a stint in her life in the corporate world selling tea to hotels that opened her eyes to the many varieties and possibilities. She recalled having to taste 15 teas in a week. “It opened my brain beyond Chinese tea,” she said.

Encouraged by her husband to pursue tea (after an otherwise unsatisfying life in the corporate world), she told us what discouraged her from doing so at first. “There’s something I’ve always wanted to be, but I never felt qualified,” she said. “The sommelier in my brain has always been a white (British) man,” she said with laughter. Her husband told her, “Then change that.”

“My insecurity worked to the best of my ability. I’m not British, but I’m going to overcompensate and study very hard,” she said. “My job is to be there to help articulate the taste of people; whether they like something or not… you draw from a memory and you understand why; it teaches you so much as a human being, and these little tastes (are) clues to yourself, and who you are.”

She tells us what is there to love about tea: “It brings you a sense of calm. It brings you a chance to slow down. It is the cheapest way to say: ‘I’m going to take care of you.’”

She walked us through what happens at a tea meditation class, inspired by the discipline in the Japanese tea ceremony. She talked about engaging the five senses: but more than that, about how the five senses’ preferability differ from person to person. Of the five senses, two are considered favorable by a person, two are unfavorable; the last sense is considered neutral. From observing me, she said that my own favorable senses must be sight and smell (basing it on my clothes and my perfume).

“When you use tea meditation, and you brew your tea and everything, you have to engage your five senses. When you do it slowly and mindfully… the best way to do it is to focus on that moment,” she said.

“Me, as a facilitator, I watch your body (language), and it helps to have someone to guide you. When I’m able to help your body… to a more relaxed state… it teaches your body. Instead of heightening your stress level, it actually lowers [it],” she said; pointing out that I had a propensity for clenching my jaw and holding my breath (which tea meditation should fix).

“Through your cup of tea, it will teach you how to slow down and be more compassionate to yourself. That’s what tea meditation is — I teach you how to be friends with yourself, in a very gentle way,” she said.

Of course, there are other ways to meditate (yoga, anyone?), but: “I don’t like to teach meditation for you to aim for your brain to be quiet… I feel like you should engage what you like, what you enjoy, and that can bring you tranquility, even if it’s multisensorial,” she said. “Meditation should not be difficult. It should not make you bad that you can’t do it.”

Tea meditation has led to much more. Her client list kept growing, until she was invited to hold a class at The Farm at San Benito. One of the people there happened to be involved with Paris Fashion Week and then brought her to Paris to help de-stress the fashion workers there. One thing led to another, and that’s how her painting came to be at the Carrousel du Louvre.

“Everybody was born with a God-given talent, and it is our mission to share that to the world,” she said about how tea has taken her to several places. “The moment you share that with the world, the world offers you opportunities, more than you can possibly dream of,” she said.

“Your talent has now become an act of service.”

Contact Ms. Dueñas at https://www.instagram.com/kindness.in.a.cup/. — Joseph L. Garcia

Central bank launches second phase of SME credit risk database project

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) has launched the second phase of its credit risk database project, which aims to improve financial inclusion by helping boost lending to small and medium enterprises (SME).

“We already have seen many SME success stories. Each of them inspires us to keep pushing forward with the work we have already started as we end phase one and as we move to phase two of the CRD project,” BSP Governor Eli M. Remolona, Jr. said on Wednesday.

The CRD project was launched in 2020 in partnership with the Japan International Cooperation Agency (JICA). Last year, the BSP introduced the CRD scoring model.

A total of 33 financial institutions in the country have provided data for the project.

“In just four years, we’ve built a large database of SME data and developed a credit scoring tool. This tool is already helping participating financial institutions better assess credit risk, complementing their own methods,” BSP Deputy Governor Bernadette Romulo-Puyat said.

“It’s a step forward in making credit more accessible to SMEs. We are now transitioning this tool into a web-based service, which will make it even easier to use.”

Philippine banks continued to fall short of the mandated lending quota for small businesses at end-September, only extending 4.55% of their total loan portfolio. This was well below the 10% requirement under the Magna Carta for MSMEs.

Under the law, 8% of these loans must go to micro and small enterprises, while 2% must go to medium-sized businesses.

JICA Chief Representative in the Philippines Takema Sakamoto said the second phase of the CRD project will need to ensure sustainability.

“First, in particular, we have to maintain the robustness of the database through creating a secure environment and convenient data provision mechanism for our partner financial institutions,” he said.

He also noted the need to maintain the accuracy of the scoring model through regular, internal and third-party validation as well as the continuous development of institutional capacities.

“However, we are still in the middle or just in the beginning. We still need to do more to promote risk-based lending rather than just relying on conventional, collateral-based lending to enhance financial inclusion of SMEs,” Mr. Sakamoto added.

He also called for the establishment of a permanent body that will “operate and maintain the CRD services in the Philippines.”

“We believe that the principles of confidentiality, open or public access, transparency, and fairness are the foundations of a functional and sustainable CRD-operating entities.” — Luisa Maria Jacinta C. Jocson

Terra Solar seeks ERC nod for connection facility

PHILSTAR FILE PHOTO

SOLAR DEVELOPER Terra Solar Philippines, Inc. (TSPI) is seeking approval from the Energy Regulatory Commission (ERC) to establish a transmission facility for its P200-billion solar power and battery energy storage project.

TSPI aims to develop, own, and/or operate dedicated point-to-point limited transmission facilities to connect its power project to the Luzon grid, according to its filing with the ERC.

“Connecting the Terra Solar Project to the Luzon grid via bus-in connection along the Nagsaag-San Jose 500-kilovolt (kV) Transmission Line is an essential requisite to the plant’s commercial operations scheduled in the first quarter of 2026,” the company said.

The company is constructing a 3,500-megawatt-peak (MWp) solar power plant and a 4,500-megawatt-hour (MWh) battery energy storage facility in Central Luzon.

Now known as MTerra Solar, the project is targeted to be completed by 2027 and is expected to provide clean energy to more than two million households.

“After a thorough review of the available options, TSPI determined that the bus-in connection along the Nagsaag-San Jose 500-kV Transmission Line is the most cost-effective and technically viable option for the immediate interconnection of the Terra Solar Project,” the company said.

Once completed, the operation, service, and maintenance of the said facilities are proposed to be undertaken by the National Grid Corp. of the Philippines, consistent with the decision of the commission on similar applications, it said.

MGen Renewable Energy, Inc., the renewable energy arm of Meralco PowerGen Corp. (MGen), holds a controlling stake in SP New Energy Corp. MGen is a subsidiary of power distributor Manila Electric Co. (Meralco).

Last month, the companies officially broke ground for the MTerra Solar Project, marking the full swing of its construction.

TSPI tapped state-owned firms China Energy Engineering Group Co., Ltd. and Power Construction Corp. of China Ltd. for the construction of the project.

The company also inked a contract with Meralco Industrial Engineering Services Corp. to design and construct critical infrastructure that will connect the solar plant to the Luzon grid.

The total contract price amounts to P7.8 billion, while about $116.9 million (approximately P6.8 billion) was allocated for offshore equipment.

The MTerra Solar project is set to deliver electricity under a 20-year, 850-MW mid-merit power supply agreement to Meralco.

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

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

Organizations seen shifting to unified security platforms for data protection

A SHIFT from multiple cybersecurity tools to a unified data security platform is expected to happen among organizations next year to enhance visibility and control of artificial intelligence (AI)-driven threats, according to a cybersecurity company.

“We honestly believe organizations will start to move more and more to a single platform in order to address the types of sophisticated threats,” Steven Sherman, Palo Alto Networks regional vice-president for ASEAN, said in a media briefing last week.

Mr. Sherman said cyberattacks have become more sophisticated and faster over time.

“In the past, we would see an attack that would take an x time frame — say days or weeks — that became reduced to hours, which then became minutes,” he said.

“Organizations are being attacked quicker now at a greater scale, with a higher level of sophistication.”

Palo Alto said a unified platform will help organizations build better resilience against such cyber threats by providing end-to-end visibility and context, spanning code repositories, cloud workloads, networks, and security operations centers.

“The convergence of all security layers onto a unified platform will optimize resources, improve overall efficiency, and enable organizations to build more resilient, adaptive defenses against evolving threats,” it said.

“Ultimately, this creates a more holistic security architecture with fewer dashboards,” it added.

In the Philippines, 174 cybersecurity incidents have occurred in November, according to the Philippine National Computer Emergency Response Team (CERT-PH).

The latest report revealed 83 cases of data breaches (leaks/exfiltration), which was the most common incident last month. Malware followed with 55 cases, together with 19 cases of compromised system-web application cybersecurity management system issues.

Compromised systems-web application (framework), phishing, technical assistance, compromised server, compromised network/infrastructure, and ransomware issues are also included in the incidents handled by CERT-PH.

CERT-PH added that government and emergency services ranked first in the critical infrastructures that saw the highest rate of incidents last month at 100 cases or 57.5%. The academe, telecommunications, healthcare, private institutions, military, finance, and banking sectors also reported cybersecurity threats. — Almira Louise S. Martinez

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