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Ortigas Land launches two residential tower projects  for completion in 2-6 years

BW FILE PHOTO

PROPERTY developer Ortigas Land Corp. broke ground for its two residential tower projects — Olin at Jade Drive and Empress at Capitol Commons — which it aims to complete in the next two to six years.

“These milestones signify Ortigas Land’s commitment to building great places for life by offering tranquil spaces within the bustling city with the Empress and delving into a wider market with Olin at Jade Drive,” Ortigas Land Assistant Vice-President and Residential Business Unit Head Jenna J. Belardo said in a statement on Monday.

Empress at Capitol Commons is a 56-storey residential tower that features smart home living to provide seamless and convenient living for its residents, the company said. Construction is expected to be completed and turned over to residents by the fourth quarter of 2026.

“The location and positioning of these residential projects, coupled with upcoming developments and infrastructure, offers considerable prospects for potential residents and investors alike,” Ms. Belardo said.

The company offers its first mid-market residential tower after Ortigas Land broke ground for Olin at Jade Drive in the fourth quarter of this year.

Olin at Jade Drive features modern and ergonomic interiors, Ortigas Land said. The project is projected to be completed by the fourth quarter of 2029.

Both residential towers are located within corporate, commercial and retail development centers, offering additional convenience to customers, the company said.

Established in 1931, Ortigas Land is a property developer with businesses in industrial, commercial and residential centers. — Ashley Erika O. Jose

BSP approves BPI-RBC merger

THE BANGKO SENTRAL ng Pilipinas (BSP) has approved the proposed merger between Bank of the Philippine Islands (BPI) and Robinsons Bank Corp. (RBC), which is expected to take effect next month.

“Please be advised that the Bangko Sentral ng Pilipinas, in its Monetary Board Resolution No. 1633 dated Dec. 14, approved the merger between Bank of the Philippine Islands and Robinsons Bank Corp., with BPI as the surviving bank subject to certain conditions. A copy of BSP’s letter of approval was received by BPI on Dec. 15,” the Ayala-led bank said in a disclosure to the local bourse on Monday.

Following the BSP’s green light, the transaction now only needs to be approved by the Securities and Exchange Commission (SEC) as it was already cleared by the Philippine Competition Commission in September

“The merger is expected to take effect on Jan. 1, 2024, subject to the approval of the SEC,” BPI said.

“Upon the effectivity of the merger, BPI will be able to unlock various synergies across several products and service platforms, expand the customer and deposit base of both banks through the merged entity, and, at the same time, by capitalizing on BPI’s expertise and network, enhance the overall banking experience of RBC customers. BPI will be able to expand its client base, accelerate growth, and ultimately increase shareholder value through partnerships with the Gokongwei Group,” the bank added.

The merger was approved by BPI’s board of directors in September 2022 and by its shareholders in January 2023.

Upon the transaction’s closing, RBC’s shareholders will hold approximately 6% of the resulting outstanding capital stock of BPI, the listed lender previously said.

Under the merger, BPI will also be taking over RBC’s 20% stake in digital lender GoTyme Bank, a joint venture between the Gokongwei Group and Tyme, which is one of the six entities granted an online banking license by the BSP.

BPI previously said it expects its net income to climb by 5-6% and its revenues to rise by around 7% once the merger with RBC takes effect.

The main advantage of RBC that was factored into the projected revenue growth is its customer base’s strong digital adoption, with over 35% of their retail clients enrolled in its online app, it said.

The merger is also expected to improve BPI’s industry ranking in terms of deposits to second place, with the Ayala-led bank seeing growth opportunities from RBC’s lending book, including in the housing, salary, motorcycle and teachers loan segments and its “unique” credit card portfolio.

BPI saw its attributable net income grow by 33.33% year on year in the third quarter to P13.47 billion amid higher revenues.

Its shares climbed by 60 centavos or 0.59% to close at P102.20 apiece on Monday. — AMCS

Warner Bros. is feeling generous this holiday season with Wonka, two other releases

TIMOTHÉE CHALAMET in Wonka —IMDB.COM

AT LEAST one Hollywood film studio thinks it will be a Merry Christmas.

Warner Bros. Discovery, Inc. is releasing three films in theaters in the closing days of 2023, starting with Wonka, a musical about the fictional chocolatier, last Friday.

The picture, starring Timothée Chalamet, is expected to take first place in US and Canadian theaters last weekend, with ticket sales of as much as $45 million, according to Boxoffice Pro. Aquaman and the Lost Kingdom, a DC superhero sequel, follows on Dec. 22, and The Color Purple, a remake of the 1985 picture, opens Christmas Day.

No other studio plans to release as many movies this month. Universal Pictures and Sony Pictures are each putting out one film, respectively, the kids animated picture Migration and the romantic comedy Anyone But You, respectively. Walt Disney Co. and Paramount Pictures have no movies until 2024.

“Warner Bros. commitment to theatrical moviegoing has never been stronger,” Mike De Luca and Pamela Abdy, the co-chairs of the company’s film business, said in a joint statement.

That Warner Bros. and its chief executive officer, David Zaslav, would emerge as saviors for cinemas this holiday season is an unusual plot twist. The company angered filmmakers and theater chains when its previous management decided to release all of its major 2021 pictures online the same day as in cinemas.

Mr. Zaslav, a TV executive who merged his company, Discovery, Inc., with the fabled Warner Bros. film studio last year, has earned a reputation for ruthless cost-cutting, including canceling near-finished pictures such as Batgirl. Still, he’s also been a supporter of releasing films in theaters, including Barbie, which became the highest grossing picture in Warner Bros. history this year.

The COVID-19 pandemic delayed the completion of numerous films. Twin strikes by Hollywood actors and screenwriters also slowed movie debuts, partly because stars weren’t allowed to promote them. The industry has released 86 films through Dec. 10 of this year, down from 105 in the same period of 2019, according to Comscore, Inc.

Box-office revenue, at $8.5 billion, is 18% below prepandemic levels.

Wonka and Aquaman II were both scheduled to come out earlier but had their debuts pushed back. Warner Bros. executives said they can reach a broad range of audiences with the three different films.

That would help cinema chains including AMC Entertainment Holdings, Inc. and Regal owner Cineworld Group, which emerged from bankruptcy in July. Attendance has fallen at US and Canadian theaters — from more than 1.5 billion tickets sold in 2002 to less than half that in 2022, according to data from the Numbers.

Other pictures coming out this month include The Boys in the Boat, a sports drama directed by George Clooney and distributed by Amazon.com, Inc.’s Metro-Goldwyn-Mayer, Ferrari, a biography of the auto-racing legend from STX Films, and The Iron Claw, a wrestling film from A24. Bloomberg

Vladimir Putin is watching, so is Xi Jinping

Responding to Ukraine’s President Volodymyr Zelensky’s urgent request for additional aid to help Ukraine defend itself against Russia’s aggression, US President Joe Biden asked the US Congress for a $61-billion package of military assistance for Ukraine. US administration officials say a vote against aid for Ukraine would make it easier for Russian President Vladimir Putin to win the war.

“Putin is very closely watching what’s happening in Congress and the United States. Whatever the US Congress decides with regard to the Ukraine funding issue will send a critical message to the rest of the world — including would-be aggressors,” a White House official warned the other week. I am sure China’s President Xi Jinping is also watching what the US Congress is doing as it would be an indication of how the US will respond if the Philippines is attacked.

Some pundits say Xi Jinping would not liken Ukraine’s situation to that of the Philippines because he knows that unlike the Philippines, Ukraine has no mutual defense treaty with the US. They cite the assurances of high-ranking US officials. In 2021, after the Philippines filed a diplomatic protest over a new Chinese law that could endanger Filipino fishers, US Secretary of State Antony Blinken reaffirmed the US’ commitment to that treaty. In a 2022 meeting, US Vice-President Kamala Harris assured President Ferdinand Marcos, Jr. that “an armed attack on the Philippines armed forces, public vessels, or aircraft in the South China Sea would invoke US mutual defense commitments.”

The Mutual Defense Treaty (MDT) between the Philippines and the United States, signed on Aug. 30, 1951, dictates that both nations would support each other if either the Philippines or the United States were to be attacked by an external party. Article V defines the meaning of attack, which includes all attacks by a hostile power on a metropolitan area or on the island territories under either party’s jurisdiction in the Pacific or on its armed forces, public vessels, or aircraft in the Pacific.

Article VII of the MDT states that the treaty shall be ratified in accordance with the constitutional processes delineated by the Constitution of the Philippines and the Constitution of the United States. Both constitutions state that all treaties with a foreign country must be ratified by their respective Senates. The MDT was ratified by the Philippine Senate but not by the US Senate.

Not having been ratified by the US Senate, the MDT was reduced to a mere executive agreement on the part of the US. That means the MDT only binds the US president to exert his best efforts to persuade the US Congress to approve support in case the Philippines is attacked. Therefore, support for the defense of the Philippines is not assured as it is contingent on the approval of both chambers of the US Congress.

Many prominent personages including past and present public officials, notably Richard Gordon, former mayor of Olongapo, the city by Subic Bay, rue the pullout of military bases from the Philippines. They curse the senators who rejected the treaty that would have extended the American military presence in the country for at least another 10 years. They say China would not be pursuing its expansion agenda if the US 7th Fleet had remained in Subic Bay.

The defenders of the US military bases here may have been too young, or had not been politicized in the 1950s, to have read or heard the pronouncements of US officials on American military bases overseas. In 1955, then US Undersecretary of State for Political Affairs Robert Murphy said, “American troops are not present in the countries that are our allies as a favor to those countries. It would be absurd for America to pretend that our troops were stationed in allied countries for no other reason than to help them.”

In 1958, US President Dwight D. Eisenhower, who assisted Gen. Douglas MacArthur in the reorganization of the Philippines’ army from 1935 to 1939, declared: “Everything we do in the foreign field has for its basic purpose our own national security, our own national prosperity. We are not doing those things in the foreign field as a matter of altruism and charity.” The US ambassador to the Philippines from 1957 to 1959, Charles Bohlen, practically reiterated his president’s pronouncement when he said, “We in the US Embassy are here to protect American interests. We expect your officials to protect your own interests.”

We can infer from Mr. Bohlen’s statement that the US military bases were also here to protect American interests. And the US military bases in foreign field are there to also project to the whole world America’s military might in order to deter would-be aggressors from launching hostile actions against America.

Going back to the MDT, Article II states that each party either separately or jointly through mutual aid may acquire, develop, and maintain their capacity to resist armed attack. As Mr. Bohlen said 65 years ago, “We expect your officials to protect your own interests.” Sadly, past administrations failed to develop the country’s capacity to resist armed attack. The country depended solely on hand-me-down military equipment from Uncle Sam.

In 1995, President Fidel V. Ramos signed into law the Armed Forces of the Philippines (AFP) Modernization Act. Part of the P263-million proceeds from the sale of a former military camp in Metro Manila (Fort Bonifacio) was to fund the program. The law provided a budget of P50 billion for the first five years of the program. However, the financial crisis of 1997 forced the government to discontinue funding the program. Succeeding administrations neglected to resume the program.

But in 2014, the Philippines and the US executed an Enhanced Defense Cooperation Agreement (EDCA). It was designed to promote the following between the Philippines and the US:

• Interoperability

• Capacity building towards AFP modernization

• Strengthening the AFP for external defense

• Maritime Security

• Maritime Domain Awareness

• Humanitarian Assistance and Disaster Response (HADR)

The agreement allows US forces access to, and use of designated areas and facilities owned and controlled by the AFP at the invitation of the Philippine Government. It contains clear provisions that the US will not establish a permanent military presence or base in the Philippines, and a prohibition of entry to the Philippines of nuclear weapons. The EDCA has an initial term of 10 years, and thereafter will continue in force until terminated by either party after having given a one-year notice of intention to terminate.

In October this year, Congress vowed to amend the modernization and procurement laws of the AFP, according to Department of National Defense Secretary Gilberto C. Teodoro, Jr. For 2024, the defense budget is P233 billion. It includes P144 billion for personnel expenses, P69 billion for maintenance and other operating expenses, and P17 billion for capital outlay.

Capacity building takes years. In the interim, the Marcos administration has to deal delicately with China’s bullying tactics. It can adopt the schemes used in dealing with the school or neighborhood bully. They are:

• Avoid as much as possible any encounter with the bully,

• If encountered, move away,

• If provoked, keep cool,

• If bullied, report the incident to a higher authority,

• Move around the campus or neighborhood with other classmates or neighbors,

• Make very well-known you have a big friend,

• Devise ways to embarrass or frustrate the bully,

• Build strength and develop skills to erase the weakling or pushover image.

In fact, the administration has adopted many of these schemes.

 

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

McDonald’s Philippines to open more Green & Good stores

MCDONALD’S Philippines is ramping up the opening of new Green & Good stores next year. — COMPANY HANDOUT

By Miguel Hanz L. Antivola, Reporter

MCDONALD’S Philippines said it will open its entire portfolio of 60 new stores next year with Green & Good elements, alongside an additional flagship store, as part of its commitment to environmental responsibility.

The company will have 160 Green & Good stores by yearend, surpassing its goal of 130, Adi T. Hernandez, assistant vice-president for corporate relations and impact at McDonald’s Philippines, told reporters on the sidelines of its seventh flagship launch at Ayala Cresendo, Tarlac last week.

“Green & Good is test and learn,” she said on creating tailor-fit environment-friendly innovations per store. “We get to really experiment around these stores to find which are the best stores to integrate certain solutions.”

Green & Good is a local McDonald’s sustainability initiative which considers green building solutions, utility efficient solutions, packaging and waste disposal, and sustainable active mobility (Bike & Dine areas), depending on store specifications, Ms. Hernandez noted.

Ms. Hernandez said the Green & Good stores are “very much a local platform and framework,” noting that other markets come here to learn from the example of McDonald’s Philippines.

The flagship store construction in Tarlac includes 25% recycled steel building frames, eco-pavers and bricks made from 1-2 kilograms of shredded plastic, and synthetic fiber for reinforcement bars.

John Jo Camacho, business development group manager at McDonald’s, noted how 7-8% of the store’s energy consumption is supplied by its 24 kilowatt-hour (kWh) peak solar panel rooftop, where 3,000 kWh is saved monthly.

The store also reduces electric consumption through its photo and motion sensors, solar lampposts (3,100 kWh/year), LED lights (3,625 kWh/month), a variable refrigerant flow aircon system (9,000 kWh/year), low-power water heater (530 kWh/month), and heat reflective glass panels.

Additionally, it minimizes water consumption through its low-flow urinals (46,000 liters/year) and rainwater harvesting tanks (6,000 liters/year).

Ms. Hernandez said sustainable solutions must be present in all segments of the value chain, from construction to actual operations. “If not, it’s going to be a one-off thing.”

“It’s not only better for the environment, it will also yield returns in the long run,” she added on McDonald’s way of business moving forward in the next year.

While a Green & Good store is about 15% more expensive than a regular store, Mr. Camacho noted the cost can be recovered in six to seven years.

Ms. Hernandez said McDonald’s is eyeing sites in mixed-use developments for its next stores.

“It’s more of the discipline needed to track, study, and learn from the data that we’re able to get from our Green & Good stores,” she noted as a primary challenge in fulfilling the company’s sustainability goals.

“There’s still a lot of opportunity from us to harness and process the data to make better solutions.”

However, she said Green & Good has made it easier for the company to onboard 80 crew members per store. “They understand the cause.”

McDonald’s Philippines is set to close the year with 50 new stores and 740 stores in total, according to Ms. Hernandez.

A Brown amends joint venture with GET Philippines

THE joint venture of listed A Brown Co., Inc. (ABCI) and GET Philippines, Inc. will issue five million shares for a 50:50 shareholding ratio of their total outstanding shares.

In a regulatory filing on Tuesday, A Brown said that its board had approved amendments to its joint venture company with GET Philippines.

“Unless otherwise agreed upon by the Parties, ABCI and GET shall continue to retain an equal shareholding ratio of 50%-50% in JV Co.,” the company said.

“Any dividends generated by JV Co. from available retained earnings after each fiscal year from both transport and advertising operations shall be split equally by ABCI and GET,” it added.

Upon subscription of incorporation of the joint venture company, each entity will subscribe to five million shares for P22.5 million.

Earlier this year, the company forged an agreement with GET Philippines, an operator of zero-emission buses, to form a new company that will own and operate Community Optimized Managed Electric Transport vehicles in Cagayan de Oro.

“The investment will increase the portfolio of the Company and will increase revenue from the return on the investment in the future,” ABCI said.

Last week, the company said that its board greenlit the reduction in the authorized capital stock of P30 million instead of the previously disclosed P100 million.

ABCI is primarily engaged in real estate development. Its subsidiaries are in power generation, manufacturing, and trading of palm oil and other palm products.

On Monday, shares in the company went down by one centavo or 1.45% to end at P0.68 apiece. — Sheldeen Joy Talavera

Central bank posts lower net profit at end-Sept. due to higher expenses

BW FILE PHOTO

THE CENTRAL BANK’S net income fell in the first nine months of the year, mainly due to increased expenses, preliminary data showed.

The Bangko Sentral ng Pilipinas’ (BSP) net profit dropped by 76.38% to P22.34 billion in the first nine months of 2023 from P94.58 billion in the same period last year.

The central bank’s revenues grew by 8.16% year on year to P131.1 billion in the nine-month period from P121.21 billion.

Broken down, the BSP’s interest income rose by 25.9% to P144.19 billion as of September from P114.53 billion a year prior.

However, miscellaneous income, which includes trading gains, fees, penalties, and other operating income, stood at a net loss of P13.06 billion versus the P11.15-billion net profit in the first nine months of 2022.

Meanwhile, the central bank’s total expenses surged by 69.74% to P156.57 billion at end-September from P92.24 billion a year ago.

This came as interest expenses more than doubled, jumping by 132.6% to P123.95 billion in the period from P53.29 billion a year prior.

Other expenses incurred dropped by 16.23% to P32.63 billion from P38.95 billion a year earlier.

Meanwhile, the BSP posted a net loss from foreign exchange rate fluctuations worth P25.44 billion at end-September, a reversal of the P28.97-billion gain in the same period last year.

Separate central bank data showed the total assets held by the BSP inched down by 0.1% to P7.33 trillion as of end-September.

Liabilities also slipped by 0.48% to P7.19 trillion.

Meanwhile, the central bank’s net worth rose by 24.95% to P136.99 billion at end-September from P109.64 billion a year ago. — AMCS

The Boy and the Heron is an autobiographical reflection by Hayao Miyazaki in the twilight of his life

THE BOY AND THE HERON —IMDB.COM

MUCH about Hayao Miyazaki’s latest film,  The Boy and the Heron, remained a mystery until its premiere in Japanese theaters on July 14.

The title Kimi tachi wa do ikiruka, or “How do you live?,” was revealed in 2017. (The Boy and the Heron is the English title.) No trailer was produced for a Japanese audience and there were no announcements regarding the film’s plot, voice actors or production team. The involvement of Joe Hisaishi, who has been composing music for Miyazaki’s films since Nausicaä of the Valley of the Wind (1984), was confirmed on July 4, a mere 10 days prior to the film release.

Mystery served as a strategic promotional tool for the film. After the release on July 14, Studio Ghibli discouraged the public from making any comments about the film’s contents on social media. No pamphlet — a popular publication typically available at Japanese movie theaters — was produced for this film. An official guidebook was only made available for sale at the start of November.

Miyazaki wanted the audience to see his film with no preconceived expectations.

A COMING-OF-AGE STORY
Genzaburo Yoshino’s novel How do you live? was published in 1937, four years before Japan joined the second world war. The book follows a teenage boy as he navigates the big questions about how to live your life through interactions with his friends, housekeepers and family, particularly an uncle who acts as a guide. It was originally intended to be an ethics book for young adults, rather than a work of literature, and Miyazaki held a deep fondness for the book during his childhood.

While the film is an original story and not a remake of the novel, it shares numerous similarities. Both narratives feature a teenage boy on a coming-of-age journey, seeking the meaning of life, and are set in a similar historical era.

The novel unfolds in the 1930s, a period when Japan was increasingly embracing militarism. The animation film is set during the second world war, likely in 1944 or 1945, following the Fall of Saipan when American military aircraft began civilian-targeted firebombing. The film’s main character, Mahito, experiences the tragic loss of his mother in a fire, presumably caused by firebombing, early in the story.

While the historical background of the film is obvious to a domestic audience in Japan, it may not be immediately apparent to many foreign viewers. There is no guiding narrative to explain the historical background in the film. Miyazaki’s use of the title from the novel reflects on Yoshino’s anti-war stance, but this connection is not clear in the English title.

The new title, The Boy and the Heron, is unrelated to the Japanese original. It was possibly crafted to appeal to an international audience unfamiliar with the novel. Here, the boy symbolizes Miyazaki himself, a child who, having lost his mother and been compelled to leave Tokyo during wartime evacuations, continues to yearn for motherly comfort.

The boy embarks on a journey into an alternate world. A talking heron disrupts his journey, yet is crucial for the journey to reach completion. The encounter with the heron poignantly depicts how we can simultaneously embody friendship and opposition, mirroring the complexities of the real world.

The story serves as both a life lesson and an autobiographical reflection constructed by Miyazaki in the twilight of his life. It is a journey through time, an endeavor where he traverses decades to delve into his memories. For fervent Miyazaki enthusiasts, it offers a treasure trove that unveils the roots of his upbringing.

But the raw portrayal of Miyazaki’s past emotions might evoke discomfort. Some may feel reluctant to witness Miyazaki in such a vulnerable state, exposing aspects of himself they may not have anticipated encountering.

Born in 1941, the year when Japan entered the second world war, Miyazaki might have felt compelled to document his memories. Only a small fraction of today’s generations lived through the war; even fewer retain personal memories of that time. The opportunity to learn firsthand from direct experiences and oral histories is rapidly dwindling.

AWAITING ANOTHER FILM
After 2013’s The Wind Rises, Miyazaki spent 10 years creating The Boy and the Heron. During this time, speculations this might be his final film circulated in Japanese media.

Now 82 years old, Miyazaki has surprised many by already confirming his motivation to embark on his next cinematic endeavor. Despite his age, he has made clear his intent to create another film.

But The Boy and the Heron feels like the concluding work of his long journey, packed with messages to younger generations. His unusual request to not share any details of the film on social media suggests he wants his audience to individually consider the important issue of how to live your own life. While it is nice to feel connected, there should also be time to be on your own, and think.

Tets Kimura is an adjunct lecturer, Creative Arts, at Flinders University.

Top 10 news stories on power and electricity of 2023

For this column, here are the top 10 power and electricity news stories of 2023.

1. Philippine power generation is back to a yearly increase of five terawatt-hours (TWH) after a big decline during the 2020 lockdown dictatorship. In 2022, generation reached 111.5 TWH or 111,500 gigawatt-hours (GWH), according to the power statistics released by the Department of Energy (DoE) in mid-2023. This is almost double the 60.8 TWH in 2008 when the Renewable Energy (RE) Act or RA 9513 was enacted. According to the 2023 data from the Independent Electricity Market Operator of the Philippines (IEMOP), the Luzon and Visayas grids have produced 75.4 TWH for April-November alone.

2. Of the 111.5 TWH generated in 2022, 60% of it came from coal plants, 16% from (Malampaya) natural gas, and 9% each from geothermal and hydro. Solar and wind combined contributed only 2.5% of total, this after 14 years of political favoritism, fiscal incentives and tax exemptions, and energy mandates.

3. Coal was tops when considering the implied capacity factor, which is the ratio or percent of actual electricity generated by a given energy source in a given year, measured as: Capacity factor for the year (in %) = Generation in TWH/(installed capacity in MW x 24 hours/day x 365 days/year). Coal had 61%, natgas had about 50%, wind had about 23%, and solar had only 14%, which is very low and inefficient (see the table).

Items four to 10 were selected reports from BusinessWorld and mostly written by Sheldeen Joy Talavera:

4. The expansion of energy reserves and power capacity as seen in these reports: “DoE to resume certification of projects for expedited permits” (Nov. 6), “Malampaya exploration raises prospect of gas supply expansion, BMI says” (Nov. 9), “PHL coal, oil reserves valuation rises sharply as gas dwindles” (Nov. 23). We should have continuously expanding oil, gas and coal reserves via endless exploration and drilling. As shown in the table, fossil fuels contribute about 79% of total power generation in the country. A reduction in their share with no significant increase from non-fossil fuel sources would mean regular, wide-ranging blackouts in the country.

5. The endless lobbying for power de-generation, deindustrialization and degrowth economics: “Coal power phaseout by 2035, gas by 2040 deemed feasible” (Nov. 15), “ACEN, partners to retire coal plant in the Philippines” (Dec. 5), “DoE calls for accelerated retirement, repurposing of coal-fired power plants” (Dec. 6), “USAID helping PHL regulator effect clean energy transition” (Dec. 10), “Gov’t urged to develop timeline to retire coal-fired power plants” (Dec. 10).

As discussed above, coal is the main workhorse for power generation. It is why even climate and RE activists have 24/7 electricity, and yet coal is the most demonized energy source. The double talk is like when tens of thousands of climate leaders who demonize fossil fuels use lots of fossil fuels to fly from all around the world to the UN’s Conference of Parties (COP) annual meetings.

6. There have been good moves towards nuclear power development in the Philippines: “US, Philippines ink landmark deal on nuclear cooperation” (Nov. 17), “Nuclear deal seen addressing PHL need for baseload power” (Nov. 19), “House approves bill creating nuclear regulator” (Nov. 22).

At least two big generation companies, MGen and Aboitiz Power, have made explicit advocacies to develop nuclear energy in the future. Good move, guys.

7. The National Grid Corp. of the Philippines (NGCP) continues to be behind schedule in their transmission development projects in the country: “System impact studies approved for 32,000 MW worth of power projects” (Nov. 14), “NGCP seeks resolution of TRO on Panay-Guimaras tower sites” (Nov. 30), “NGCP sees Cebu-Bohol 230-kV link project completed in 2024” (Dec. 5).

8. News on energy pricing and regulations: “ERC caps NGCP allowable revenue at P36.7B annually, well below amount sought by grid” (Nov. 8), “ERC integrates with energy one-stop shop system” (Dec. 13), “Spot power prices fall in early Dec.” (Dec. 14).

The ERC, or Energy Regulatory Commission, is also reviewing the secondary price cap or price control at the wholesale electricity spot market (WESM). I hope that the ERC moves to abolish all forms of price controls there. The most expensive electricity is no electricity — blackouts — and the resulting damaged production, appliances, and inconvenience to people and businesses. If the spot price can jump to, say, P40/kWh for three hours due to transmission or generation problems and blackouts of three hours are avoided, then that is worth it. The average price can go down later.

9. Stories on Meralco being the largest electricity distributor in the Philippines: “Meralco baseload bid attracts interest from power providers with 3,000 MW in capacity” (Nov. 21), “Meralco starts bidding for 1,200-MW power supply” (Dec. 1). Securing huge power supply contracts from huge new power plants to ensure medium to long-term power security and stability are good moves by Meralco. Meralco’s electricity sales growth generally mirrors overall GDP growth. In Q1-Q3 2023, Meralco sales growth was 4.4%, not far from the overall GDP growth of 5.6% over the same period.

10. The DoE created an Energy Efficiency Excellence (EEE) Award for LGUs. The province of Iloilo was ranked the highest, and they will be rewarded by the DoE at the Hilton Hotel on Dec. 19. Iloilo Provincial Board Member Rolando Distura will receive the award on behalf of the Iloilo Provincial government. Mr. Distura was a former Mayor of Dumangas municipality and was one of our wedding godfathers when I got married in Iloilo City in 2005. Congratulations, Ninong.

We should prioritize energy realism, not alarmism. We should prioritize sustained economic growth, wealth creation and job creation for our people, not ecological central planning, not climate-related restrictions, taxation, and regulations.

 

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

NUSTAR Convention Center, Fili Hotel help raise Cebu City’s profile as a MICE destination

Fili Hotel NUSTAR Cebu and NUSTAR Hotel Façade.

THE NUSTAR Convention Center and Fili Hotel are helping raise the profile of Cebu City as a premier MICE (meetings, incentives, conferences, exhibitions/events) destination.

The two properties are located within the NUSTAR Resort, a nine-hectare, world-class integrated resort.

The NUSTAR Convention Center, which opened in June, is the largest and most modern convention center in Visayas and Mindanao. It has three ballrooms — the NUSTAR Grand Ballroom, the Fili Ballroom, and the NUSTAR Ballroom — as well as nine well-equipped meeting spaces which occupy a total area of 7,378.2 square meters (sq.m.).

Fili Hotel, the country’s first homegrown five-star hotel brand, is owned and operated by Robinsons Hotels and Resorts.

“What makes the NUSTAR Convention Center so enticing is its versatility,” Cristina Ong-Cruz, director for marketing and sales of Fili Hotel, said. “At our NUSTAR Grand Ballroom, for example, our clients and prospects are simply enthralled with the elegant, pillarless space that can comfortably seat 1,760 guests in a banquet setup, while even more can be accommodated in a theater setup, with up to 3,290 guests or delegates.”

The 492.8-sq.m. Fili Ballroom has a capacity of 340 guests in a round banquet setup.

The NUSTAR Ballroom, which offers 676 sq.m. of space, can seat 430 guests in a banquet setup or as many as 800 theater-style.

Fili Hotel has 379 rooms and suites. It also has a wide array of food and beverage outlets, such as Mott 32 modern Chinese restaurant; Xin Tian Di; Il Primo, an Italian-themed steakhouse; Fina; Fili Cafe; and Axis Bar.

AbaCore board agrees to sell land for P80M

ABACORE Capital Holdings, Inc. said its board had approved the sale of land with a total contract price of P80.31 million.

In a stock exchange disclosure, the listed holding company said its board had agreed to the land sale of its subsidiary covering a total land area of 13.3 hectares.

The land is located at Brgy. Kalingatan Loob, Mataas na Kahoy, Batangas and Brgy. San Salvador, Lipa City, the company said, adding that the contract price is set at P80.31 million with the cost at P18.31 million for a gain of P57.18 million.

Further, its board also approved the renewal of a loan from the Luzon Development Bank with an additional P30 million, increasing its total loan to P80 million, the company said.

In September, the company said it is investing in a 15-hectare property at Simlong, Batangas as the listed firm aims to increase its investment properties.

According to the company, the target investment property is “at a discount of around P225 million to the most recent appraised value.”

AbaCore is a listed holding company that has interests in sectors such as tourism, real estate, financial services, and energy.

At the local bourse on Monday, shares in the company gained one centavo or 1.15% to end at 88 centavos apiece. — Ashley Erika O. Jose

MCBL launches new life insurance product

MANULIFE CHINA BANK LIFE Assurance Corp. (MCBL), the bancassurance partnership between Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) and China Banking Corp., has launched an insurance plan offering life protection with guaranteed cash payouts.

MCBL AssureMax comes in two basic plans with a benefit period of 20 years or up to age 65, MCBL said in a statement on Monday.

AssureMax 20 is available for ages 0-65, while AssureMax 65 is for ages 0-45.

“With high protection and guaranteed returns offered by AssureMax, we want to provide Filipinos a smarter way to save, wherever they may be in their life journey. AssureMax is designed for our customers who aim to save up to purchase a new home, finance their children’s education or prepare for their retirement while ensuring insurance coverage,” MCBL President Neil Bowyer was quoted as saying.

“AssureMax is also tailor-fit for those who simply want to grow their investments or diversify their financial portfolios so they can reach their life goals,” he added.

MCBL AssureMax is available for five- or 10-year payment terms with guaranteed life protection equivalent to 200% of the plan’s face value.

It also offers a cash payout of 10% of the plan’s face value every two years starting the end of the seventh year for the five-year term and at the end of the 11th year for the 10-year plan.

Owners of the policy may also get additional earnings through non-guaranteed dividends.

MCBL AssureMax has a guaranteed maturity benefit equal to 100% of the face amount, which will be paid out at the end of the policy term.

The product also has pre-selected add-ons, including accidental death, payor’s, and hospital income benefits, among others.

MCBL’s premium income stood at P2.38 billion in the first quarter, Insurance Commission data showed. Its net income was at P258.21 million in the period. — AMCS