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SEC approves Filinvest, Dagupan Electric offerings

THE Securities and Exchange Commission (SEC) said on Wednesday that it had approved the public offering of two companies.

The Commission En Bank of SEC had allowed the registration statement of Filinvest Development Corp. for P32 billion fixed rate bonds and Dagupan Electric Corp. for 14.66 million common shares, it said in a media release.

The SEC said Filinvest Development will issue the peso-denominated bonds in tranches within three years, with the first tranche to be made up of P7 billion and an oversubscription allotment of up to P3 billion.

If realized, Filinvest Development could raise up to P9.87 billion from the offering, which it intends to use to partially fund its capital expenditures, general corporate purposes as well as redemption of maturing bonds, the SEC said.

The bonds are set to be issued from Jan. 25 to 31, 2024 “in time for listing on the Philippine Dealing and Exchange Corp. by February 7, 2024, according to the latest timeline submitted to the Commission.”

Filinvest Development has tapped BDO Capital & Investment Corp., BPI Capital Corporation, China Bank Capital Corp., East West Bank, First Metro, Land Bank of the Philippines, RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners for the transaction.

Meanwhile, the SEC said Dagupan Electric is set to hold its public offering for 2.2 million shares priced at P533 each to fund its capital projects including its electricity distribution services for three years.

“This includes the construction of a new substation in Sta. Barbara, Pangasinan and line extension, rehabilitation, and upgrades, among others,” SEC said.

The company is expecting to raise about P1.12 billion from the offering which it intends to offer from Jan. 8 to 12, 2024. It has tapped  Penta Capital & Investment Corp. as the underwriter for the offering. — Ashley Erika O. Jose

Maynilad, JGC-Hitachi consortium  to upgrade five wastewater acilities

MAYNILAD Water Services, Inc. has awarded a P998-million contract to the consortium of JGC Philippines, Inc. and Hitachi Asia, Ltd. to upgrade five of its sewage treatment plants (STPs) in Metro Manila.

The west-zone concessionaire said the project would ensure that the treated wastewater discharged by the STPs complies with the revised effluent standards of the Department of Environment and Natural Resources (DENR).

The STPs are those located in Bagbag, Congressional, Project 7, and Tatalon in Quezon City; and in Paco, Manila.

Maynilad has allocated more than P3 billion to upgrade 17 of its existing 22 STPs over the next five years.

The STP upgrade is part of the company’s P178-billion wastewater management spending plan from 2023 to 2046 in a bid to expand sewer coverage and manage pollution loading in bodies of water.

The company said that this will guarantee “adherence to legal requirements while enhancing customer service and protecting the environment.”

Under a department administrative order released in 2021, the DENR updated the water quality guidelines for selected parameters based on the current classification of water bodies and their beneficial use.

Effluent standards have also been updated for selected parameters based on the perceived impact on the activities in the area and on the environment.

Maynilad serves Manila, except portions of San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon.

It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and 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

Wellness retreat is expanding

YOGA by the famous lagoon at The Farm.

While plans are vague, The Farm at San Benito is looking into villas, magical wishing mango tree willing

By Joseph L. Garcia, Senior Reporter

THE FARM at San Benito in Batangas has been chugging along with expansion plans.

According to one of the owners, Rajan Uttamchandani, during a tour of the property on Dec. 14, the resort (which had been hailed as the country’s Best Wellness Retreat by the World Spa Awards in October) has gone from just over 20 rooms in 2018, to more than 60 today. Furthermore, in the future, the property plans to expand from the 11-hectare space which they currently occupy to make full use of the 52 hectares The Farm sits on.

They’ve already started: businesswoman and philanthropist Pinky Tobiano has already built a villa on the farm, with nine more villa-sized spaces allotted for their brand ambassadors. “We don’t envision selling more in the first phase,” said Mr. Uttamchandani. “When we do develop the larger real estate in the back, there would be some expansion plans to bring in tourists and foreigners to also invest in the Philippines,” he told BusinessWorld. But plans are still somewhat vague. “We don’t know yet, to be honest, we’re still conceptualizing the master plan for the larger property.”

Right now, they’re looking to develop 26 or 27 hectares more. “We’re looking at an international wellness community,” he said. “The idea is to really expand, but to expand with a purpose.”

LONG TERM PANDEMIC GUESTS
The Dec. 14 tour was ostensibly for their Christmas tree lighting, but it was also a way for them to celebrate the property’s 21st anniversary. The Farm was founded by Eckard Rempe in the early 2000s and was acquired by CG Hospitality Holdings Chairman Binod K. Chaudhary in 2018. “In the ’90s, nobody was talking about wellness,” said Mr. Uttamchandani.

“I think the pandemic really propelled people taking care of their bodies and health,” he said, remembering that they pivoted to medical solutions during the COVID-19 pandemic, bringing in their first guest during the lockdowns in July 2020. A number of the pandemic guests were long-term, with some staying up to one and a half years. “After the pandemic, they realized that their real wealth is your health. Why not invest in yourself? The joke is, if you spend a night here, you extend your life by a year.” He gave his own body as an example: he once stayed for four days and left six kilos lighter. “These are all medically proven,” he said of the resort’s treatments. “These are European machines that do the diagnostics.”

The pandemic also skewed guest nationality figures: while guests at The Farm were once an equal 50/50 mix between domestic visitors and foreign guests, 70% of The Farm’s guests are now locals.

MAGICAL WISHING MANGO TREE
Meanwhile, with the land around The Farm about to be redeveloped, Mr. Uttamchandani talked about the alleged mystical properties in the area. Its German founder had believed there is an energy source at the foot of the Malarayat mountains where The Farm is located. Near those mountains sits the resort’s storied tree, about 300 years old, where the property’s 15 or so peacocks come to roost. “That 300-year-old mango tree is said to have strong blessings. I can give you personal experiences. Things I have wished for on that mango tree — no biases — have come true. But you have to do it with a clean heart,” said Mr. Uttamchandani.

Celebrity ambassador for The Farm, actress Iza Calzado, who was present for the tree-lighting, said that she has wished upon the mango tree herself. “A lot of the things that I wished for came true,” she said, saying that she first visited The Farm in 2011. She recalled that with her husband, Ben Wintle, “We also wished for something. Actually, someone,” she said, introducing her daughter, Deia Amihan, who was celebrating her first Christmas party at The Farm.

The Farm at San Benito is hosting a New Year’s Eve Dinner and Countdown at its restaurants Alive! (which had just received its Halal certification), Prana, and Pesce.

GCash for Business powers payroll transformation: Embracing contactless disbursement for a modern workforce

In the age of digital transformation, the way customers approach their interactions with businesses has undergone a significant shift — but so have employees. While workplace trends point to flexibility as a key factor for employee satisfaction, most companies address this through hybrid or work-from-anywhere arrangements.

However, there is an untapped opportunity for innovation that highly impacts the employee experience: payroll.

“The pandemic highlighted many of the challenges we’ve always known about traditional payroll — security vulnerabilities, inefficiencies, and inconveniences for both the employer and the employee,” said Kate Cruz, Head of B2B Growth Marketing.

Throughout the pandemic, GCash for Business provided over 217,000 individuals with financial assistance, disbursing over PHP200 million without disruption from lockdowns and mobility restrictions. Even government agencies were able to provide uninterrupted services. The Makati Local Government Unit was able to disburse financial aid during this time, providing cash directly to their constituents’ Makatizen eWallet app powered by GCash.

Since then, the finance super app has fulfilled over 19 million disbursements servicing over 700,000 monthly users both in the public and private sectors.

“The COVID-19 pandemic is not the last disruption businesses will face in their lifetimes, so the flexibility of their payroll and disbursement systems dictate how employees and other business stakeholders receive — or don’t receive — their due compensation,” added Ms. Cruz.

While company innovation usually focuses on customer obsession, employee expectations have also evolved to reflect the new capabilities and opportunities enabled by technology.

“Companies tend to focus on other areas to streamline and improve operations, but GCash for Business makes it easy for businesses to develop a robust contactless fund disbursement system that can significantly impact not just employee morale but deliver tangible business results,” Ms. Cruz said.

Simplifying Payroll, Enhancing Security, and Elevating Employee Engagement

A study by the PCI Security Standards Council found that contactless payments can lead to increased employee satisfaction due to convenience and better security. At the same time, employers can streamline the time and money spent on disbursements and reduce incidents of fraud.

To help businesses empower their employees, GCash for Business makes it easy for companies to access the finance super app’s various features:

  • Easy Access to cash, compensation, and incentives 

With GCash for Business, companies can easily and quickly disburse loans, incentives, rewards, and even government subsidies directly to their employees’ GCash e-wallet, eliminating processing time and manpower otherwise needed if these disbursements were done via physical checks and other forms of paper trail.

Streamlining enterprises’ payroll system further, GCash for Business also supports the onboarding of new employees within 24 hours and offers no minimum balance requirements.

Payouts can be done securely, safely, and effortlessly with the Funds Disbursement System. This intuitive disbursement portal allows employers to customize disbursement schedules, generate reports, and view their fund history.  

  • Easy Access to Lending Products 

Employees with a verified GCash account can easily access lending solutions such as GCredit, GGives, and GLoan with 0% collateral to fund their goals and other life needs. This allows employers to extend financial support without the need to manage and maintain a separate fund for their employees.

  • Easy Access to Digital Savings 

To help maximize their earnings, employees have access to GSave to open digital bank accounts with higher interest rates. Since they are verified GCash users, GSave makes it easy to open new savings accounts with some of the country’s most reputable banking institutions without the long processes and tedious requirements.

  • Easy Access to Investment Products 

Employees with verified GCash accounts can further expedite their earning potential with investment options available through the app. They can choose to invest in local stocks via GStocks, take advantage of expertly managed funds through GInvest, or try their hand at crypto trading via GCrypto.

  • Easy Access to Financial Empowerment 

By leveraging the disbursement solutions of GCash for Business, employers ultimately expand their employees’ access to financial tools that empower them to take better control of their financial future. With access to features like Pay Bills, Insurance, International Remittance, and GCash Pro, employers empower their employees with the capability to manage, track, and grow their finances all in one single app.

In today’s fast-paced world, financial stability and security are crushing for employees. GCash for Business is a powerful tool that enables businesses to empower their employees to reach their financial goals and at the same time streamline the payroll processes and operations.

“In a world where technology and innovation are rapidly transforming the way we live and work, GCash for Business offers powerful solutions for local companies to leverage on to delight their customers, innovate on their operations, and empower and retain their employees,” said Cruz. “It may sound complicated, but GCash for Business makes it easy.”

 

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Upper Wawa Dam on track to start operations by 2025

WAWAJVCO, Inc. is on track to begin the commercial operations of the Upper Wawa Dam and supply water by the end of 2025, it said on Wednesday.

In a media release, the joint venture company between Prime Infrastructure Capital, Inc. and San Lorenzo Ruiz Builders and Developers Group said the construction is 70% complete as of December, with an 85-meter roller-compacted concrete dam to be finished in a few months.

Once operational, the Upper Wawa Dam is expected to deliver an annual water supply capacity of more than 700 million liters per day (MLD), benefiting the residents of the greater Metro Manila, including the province of Rizal.

Aside from serving as a water supply source, the dam will also help mitigate the problem of flooding in the downstream areas and localities of the Marikina River, the company said.

“The exceptional construction pace at Upper Wawa Dam showcases Prime Infra’s commitment to delivering on our commitments in developing water supply infrastructure at this scale,” said Prime Infra President and Chief Executive Officer Guillaume Lucci.

“We are pleased that the project continues to be materially ahead of schedule. We take great pride in ensuring that we sustain this pace and do so safely by 2025,” he added.

The project is the second phase of the Wawa Bulk Water Supply Project located in Rizal province. Its first phase — the Tayabasan Weir — started commercial operations in October 2022. Since it began operations, it has been delivering 80 MLD.

WawaJVCo has also teamed up with the Department of Environment and Natural Resources in implementing a watershed management plan that includes reforestation activities around the site of the project covering 1,800 hectares.

“In developing this project, we aim to build a legacy by prioritizing environmental sustainability and fostering long-term partnerships with our host communities,” said Melvin John Tan, president of WawaJVCo and market sector lead for water of Prime Infra. — Sheldeen Joy Talavera

Supply chains are breaking. They’ll rebuild stronger.

VECTORJUICE-FREEPIK

PICK a single item from an array of shocks and you can see just how fragile global supply chains truly are. But combine climate change, decoupling from China, unprecedented technological development, wars, rising costs and labor shortages, and we now have an amalgam of catalysts that will change global trade for the better.

The pandemic is seen as the primary cause for many of the disruptions over the past four years. A halt to flights, factory shutdowns in China, and surges in demand for specific products broke supply chains. Yet the weaknesses were already there, hidden by an often-improvised interplay between manufacturers, shippers, logistics providers, and retailers.

What COVID taught us, though, is that just-in-time inventory strategies — keeping only what’s immediately needed — aren’t robust enough to handle deviations from the norm. Ironically, Toyota Motor Corp., an early pioneer of keeping low stockpiles, quietly ditched this lean approach around a decade ago. As a result, the Japanese carmaker sailed through the chip shortage relatively unscathed, while rivals General Motors Co. and Ford Motor Co. tweaked their products and halted factory lines to adjust to a lack of parts.

The tech sector went through a similar rethink. Apple, Inc. is the standard bearer, while Taiwan Semiconductor Manufacturing Co. (TSMC) and Foxconn Technology Group are prime examples of supply-chain providers that made adjustments long before they were needed. The process of making an iPhone starts upstream with TSMC providing chips, then Foxconn assembling the devices before Apple handles logistics and sales. Over the past decade, each of the upper, middle, and downstream links in the supply chain have almost doubled the proportion of inventory they hold.

This expansion of reserves across sectors from cars to cellphones has ameliorated the impact of one-time shocks such as COVID shutdowns, labor shortages, and war. Yet recent events have proven that stockpiles alone aren’t enough to shepherd us through crises.

The modern global economy relies on Adam Smith’s free-market belief that countries should focus on what they’re relatively better at, rather than erecting protectionist barriers and trying to make everything locally. Smith’s thesis was found within his revelatory opus An Inquiry Into the Nature and Causes of the Wealth of Nations — the late 20th century’s embrace of trade liberalization did indeed bring wealth to many nations and lifted billions of people out of poverty.

The result was a hub-and-spoke structure for global production, with China at the center. That model gained momentum after the Soviet Union fell and the world enjoyed relative peace — but it was only possible because of a rapidly expanding network of global aviation and marine transport. Huge aircraft and even bigger ships meant it was quicker and cheaper to make everything in one place, then transport it across the globe rather than attempt local production closer to the end market. Smith was right, it seemed.

An almost total cessation of passenger flights from the start of the pandemic in 2020 was the first sign that this model is too brittle. The closure of the Suez Canal, caused by poor piloting in the waterway, in 2021 was a stark reminder of how unstable one single stretch of marine traffic can be. The blockage also highlighted how much we rely on just a few supply lines to connect major consumption economies to a handful of production bases. On the other side of the world, climate change is creating drought and slowing traffic through the Panama Canal that joins Asia to eastern America.

Growing suspicion between the US and China may be the saving grace.

International buyers have long known that it was risky to put all their production eggs in one basket. But heightened tensions, including a Tech Cold War, have forced clients and suppliers to shift away from China to India, Vietnam, and Mexico. None will replace the former, but over the coming years, we should expect a shrinking proportion of products to be sourced from the world’s second-largest economy.

India, now the most populous nation, will take some of that business, but the days of mega factories — as seen in China’s Shenzhen and Zhengzhou cities — is over.

Logistics providers will need to adjust, too. Journeys from ports such as Shanghai to US destinations like Los Angeles were once the busiest routes in maritime transport. That allowed shipping companies to pile over 20,000 containers onto a single vessel, bringing unprecedented economies of scale. This benefit has faded over the past few years because China is no longer a source of cheap labor — indeed, it is often in shortage.

Now intra-Asian routes, which connect nations such as Cambodia, the Philippines, and Vietnam, are the busiest. A lot of this traffic is simply shifting half-finished goods to the next factory in the manufacturing chain, while some of it is recognition that Asian countries are now major consumers of global output.

This diversification of transport to smaller ports in the region will force lighter cargoes to be carried on lesser ships. As a result, the global industry must contend with a supply chain that consists of more docks connecting a larger number of factories, each processing fewer goods.

The crises that have brought supply chains to their breaking point have highlighted an urgent need for change. This will result in a far more robust and balanced framework for global trade and manufacturing.

BLOOMBERG OPINION

Term deposit yields drop on Fed cut bets

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits went down on Wednesday despite hawkish signals from the central bank chief recently as investors expect rate cuts in the United States next year.

The central bank’s term deposit facility (TDF) attracted bids amounting to P242.295 billion on Wednesday, above the P230 billion on the auction block. However, this was below the P324.325 billion in tenders seen a week ago for the same offer volume as the 14-day tenor went undersubscribed on Wednesday.

Broken down, tenders for the seven-day papers reached P137.115 billion, higher than the P120 billion auctioned off by the central bank but lower than the P194.105 billion in bids last week.

Banks asked for yields ranging from 6.6% to 6.63%, a tad narrower than the 6.6% to 6.65% band seen a week ago. This caused the average rate of the one-week deposits to decline by 1.82 basis points (bps) to 6.6147% from 6.6329% previously.

Meanwhile, bids for the 14-day term deposits amounted to P105.18 billion, below the P110-billion offering and the P130.22 billion in tenders seen on Dec. 20.

Accepted rates were from 6.6% to 6.68%, slightly wider than the 6.625% to 6.68% margin recorded a week ago. With this, the average rate for the two-week deposits inched down by 1.61 bps to 6.6402% from the 6.6563% logged in the prior week’s auction.

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

The term deposits and the 28-day bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

TDF yields went down despite signals of “higher for longer” rates from the BSP chief, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message, as market players continue to expect 150 bps in rate cuts from the US Federal Reserve as early as March 2024.

These cuts could be matched locally amid easing inflation in the Philippines, Mr. Ricafort added.

BSP Governor Eli M. Remolona, Jr. last week said the central bank is unlikely to deliver any benchmark interest rate cuts in the next few months and is leaning towards keeping borrowing costs higher for longer.

The BSP will only begin policy easing if inflation settles within a “comfortable” range or the midpoint of its 2-4% target band, Mr. Remolona said.

The central bank raised borrowing costs by a total of 450 bps from May 2022 to October this year, bringing the policy rate to a 16-year high of 6.5%.

The BSP has said inflation will settle within the 2-4% target in the first quarter of 2024 but could overshoot the target again from April to July partly due to the El Niño weather event.

In the first 11 months of 2023, headline inflation averaged 6.2%, still above the BSP’s 6% forecast and 2-4% target for the year.

Meanwhile, the US central bank kept borrowing costs unchanged at 5.25-5.5% for the third straight time earlier this month. This was after it hiked policy rates by 525 bps from March 2022 to July 2023.

Markets are now pricing in a 79% chance of a rate cut starting in March 2024, according to CME FedWatch tool, with over 150 bps of cuts priced in for next year, Reuters reported. — Keisha B. Ta-asan with Reuters

Actor Lee of Oscar-winning Parasite found dead amid drugs probe

LEE-SUN-KYUN and Cho Yeo-jeong in a scene from the 2019 film Parasite.

SEOUL — Lee Sun-kyun, an actor in the Oscar-winning film Parasite, was found dead on Wednesday in an apparent suicide in a car at a Seoul park after he was reported to have gone missing, officials in the South Korean capital said.

Mr. Lee, 48, who played the head of a wealthy household in the 2019 film, had faced police questioning three times over accusations of illegal drug use amid a government crackdown, with one session running 19 hours over the weekend.

The actor had said he was tricked into taking drugs by a bar hostess trying to blackmail him, the Yonhap news agency reported.

Authorities found Lee in a search triggered by the report that he was missing, a fire official told Reuters on condition of anonymity, as the matter is a sensitive one.

Earlier, citing police, Yonhap said Mr. Lee was found in a car at a park in Seoul, after his manager told police the actor had left home, leaving an apparent suicide note. Previously it said his wife had reported the incident.

Officials at Seoul’s Jongno and Seongbuk police stations did not immediately respond to telephone calls from Reuters seeking comment.

Mr. Lee’s agency, HODU&U Entertainment, also did not respond to calls.

However, domestic media cited a statement by the agency that expressed sadness at the death, while urging restraint regarding false information, speculation, or malicious reports.

Infringements of South Korea’s tough drug laws can lead to six months in jail, or up to 14 years for repeat offenders and dealers.

A dark-comedy thriller directed by Bong Joon-ho, Parasite won the Academy Award in 2020 in the four categories of best picture, best director, best original screenplay, and best international feature film, off six Oscar nominations.

In the film, Mr. Lee acted as Mr. Park, whose affluent home is infiltrated by members of a lower-class family posing as highly qualified domestic workers in a tangled scheme that leads to a gory end.

Mr. Lee, born in 1975, had leading roles in South Korean films such as the 2012 thriller Helpless and 2014’s All About My Wife.

He played the lead in Apple TV+’s first Korean-language original series, which rolled out in 2021.

A six-episode sci-fi thriller, Dr. Brain unspooled the tale of a cold-hearted neurologist hunting for clues to a mysterious family accident through brain experiments.

Mr. Lee’s wife is award-winning actress Jeon Hye-jin, and the couple had two children. ­— Reuters

Davao City call center partners with consumer service clients

SIXELEVEN GLOBAL SERVICES

DAVAO CITY — SixEleven Global Services, the first locally owned call center in Davao City and the entire Mindanao, has boosted its operation by partnering with consumer service clients, a company official said.

“We have major labels from the Philippines who have joined us,” said William Wijangco, chief operating officer of SixEleven, in an interview.

He did not disclose the identity of the clients due to a nondisclosure agreement (NDA) but said these are major labels and brands in the country.

Mr. Wijangco’s update is in time for SixEleven’s ceremonial lighting of its Gratitude Advent Tree on Thursday. The event signified the company’s gratefulness for the year 2023.

He said the event was held “because of the gratitude that we have, the devoted employees that we have, with the devoted partners and clients that have been with us for years already, and the efforts of the staff that comprises SixEleven Services.”

Mr. Wijangco added that the company is also grateful for its achievements in 2023.

SixEleven was named the Top Call Center in B2B company by the Clutch Award. Clutch recognizes the highest-performing B2B companies by certification, service focus, and other factors with a Leader award.

The company has been ISO certified this year and has renewed its Payment Card Industry Data Security Standard (PCI DSS) certification for 2024.

“We attribute the achievements to the very good pool of talents. We are very grateful that we have creative, talented, and skilled Mindanao people in our company,” Mr. Wijangco said.

Currently, SixEleven has 3,500 employees in its Davao City and General Santos City sites.

Launched in 2006, SixEleven started as a small 16-seater call center and has since developed into a full-blown corporation, employing approximately 2,500 employees.

Starting with just single-account outbound telemarketing in 2006, the call center is now providing voice and non-voice, 24-hour inbound and outbound online customer support and back-office services.

Meanwhile, the company is aiming to increase its current agent count to 5,000 by 2025 through its expansion in Cagayan de Oro City.

Mr. Wijangco said construction for the new site is ongoing and is targeted to be completed by June 2024. — Maya M. Padillo

Major PHL sustainability trends in 2024

RAWPIXEL.COM/FREEPIK

Sustainability is no longer a mere buzzword but an indispensable guiding principle steering global practices toward a more ecologically conscious future.

From innovative technologies to community-driven initiatives, the world is witnessing a remarkable surge in sustainable trends that echo a collective commitment to addressing climate change and environmental degradation.

Globally, there is a growing acceptance of the so-called climate fintech that blends technology with the principles of sustainability — paving the way for a steadier stream of funds to help enterprises transition to a greener value chain. For instance, we are seeing these climate fintech firms introduce eco-friendly investment opportunities such as green bonds, responsible investment funds, and financial backing for projects that cut down carbon emissions.

Another major development in global sustainability practices is the acceleration of disclosure preparation regarding the Corporate Sustainability Reporting Directive (CSRD) in the EU and the Securities and Exchange Commission (SEC) in the US. The CSRD has expanded the range of companies that are required to disclose what sustainability measures they have adopted and implemented. It is said that thousands of additional companies in Europe are now being obliged to disclose detailed information on how their operations affect the environment, social matters, and how they manage related risks and opportunities, thus influencing them to rethink their sustainable strategies. On the other hand, the US SEC had advanced proposals on rules on climate-related disclosures that are expected to increase accountability and encourage more sustainable business practices. These regulations signal a paradigm shift where sustainability reporting moves from being a voluntary, often inconsistent effort, to a standardized and enforceable requirement.

Another global trend is the application of artificial intelligence (AI) for sustainability, which sustainability specialists project will be further amplified in 2024. Because of AI’s potential to optimize resource use, and improve energy efficiency, the call for its use in sustainability practices has expanded with the belief that it can contribute to significant reductions in environmental impact. For one, AI’s predictive capabilities are now being utilized in biodiversity conservation, where machine learning models help in predicting poaching threats and management of protected areas. It is also believed that AI can help analyze big data for environmental science, thereby enhancing our understanding of ecological systems and the impacts of climate change.

As it stands, AI will be most useful in significantly simplifying the processes involved in ESG data management, especially in the light of mandatory sustainability disclosures.

As business faces the daunting task of managing, collecting, and analyzing  huge volumes of ESG data, AI-powered ESG data management software can support efforts to streamline the mapping process which can in turn ensure accuracy, efficiency, and compliance.

In the Philippines, there are also observable trends that we expect for 2024 and the years ahead. As a fitting year ender, I am focusing on select major sustainability trends that are expected to confront Philippine companies next year and in the future.

1. Circular Economy: Redefining Progress. At the forefront of sustainability trends in 2024 is the ascent of the circular economy, a departure from the linear “take-make-dispose” model. This revolutionary shift emphasizes resource efficiency and waste reduction, urging businesses and industries to adopt closed-loop systems. These systems are designed to facilitate easy disassembly, repair, and recycling, fostering not only environmental stewardship but also innovation in product design and manufacturing processes.

In the Philippines, a growing momentum toward circular economy principles is evident, especially in industries like textiles, electronics, and packaging. Collaborative initiatives involving government bodies, businesses, and non-governmental organizations (NGOs) are propelling the adoption of circular practices, aligning with the nation’s commitment to sustainable development and responsible resource management.

2. Renewable Energy: Powering Sustainable Progress. The global transition away from fossil fuels will be a defining theme in 2024, with the adoption of renewable energy sources taking center stage. Solar, wind, hydro, and geothermal energy are increasingly becoming mainstream, providing cleaner alternatives to conventional power generation methods. Endowed with abundant natural resources, the Philippines is strategically positioned to harness these energies for sustainable development.

Across the archipelagic expanse of the Philippines, solar farms, wind turbines, and geothermal power plants are becoming ubiquitous, contributing to the reduction of greenhouse gas emissions, and fostering energy independence. The government’s active promotion of clean energy aligns with the country’s commitment to mitigating climate change impacts.

3. Tech-Driven Sustainability Solutions: Nurturing Innovation. In 2024, technology will emerge as a linchpin in driving sustainability initiatives. AI, data analytics, and the Internet of Things (IoT) will be instrumental in optimizing resource use, enhancing energy efficiency, and monitoring environmental impacts. Smart cities and sustainable urban planning are emerging as innovative solutions to address the challenges posed by rapid urbanization.

Cities like Makati, Taguig, Manila, Pasig, Cebu, and Davao are at the forefront of adopting smart technologies to improve public services, reduce energy consumption, and enhance overall quality of life. From intelligent transportation systems to waste management solutions, technology is playing a pivotal role in transforming Filipino communities into sustainable and resilient hubs.

4. Regenerative Agriculture Practices: Cultivating Sustainability. Acknowledging agriculture’s significant role in environmental degradation, regenerative agriculture practices will be gaining prominence in 2024. Farmers and agricultural businesses are embracing techniques like agroforestry, cover cropping, and rotational grazing to restore soil health, sequester carbon, and promote biodiversity.

In the Philippines, where agriculture is a cornerstone of the economy, a growing interest in regenerative practices is observable. Both small-scale farmers and large agribusinesses are exploring methods that prioritize soil health and environmental conservation. This shift ensures not only long-term food security but also contributes to the country’s overall ecological equilibrium.

5. Green Building and Sustainable Infrastructure: Constructing Tomorrow. The construction industry will undergo a paradigm shift toward sustainability in 2024. Green building practices, incorporating eco-friendly materials, energy-efficient design, and waste reduction, are becoming the norm in new construction projects. Sustainable infrastructure development aims to minimize the environmental impact of buildings, roads, and other structures.

In the Philippines, sustainable building practices are gaining prominence, particularly in urban areas undergoing rapid development. Green architecture, adherence to energy-efficient building codes, and integration of renewable energy sources into construction projects are becoming increasingly prevalent. This trend not only addresses the immediate environmental impact of construction but also ensures the long-term resilience of infrastructure in the face of climate change.

6. Plastic Alternatives and Zero-Waste Initiatives: Breaking Free from Plastic. The global plastic pollution crisis has intensified the search for alternatives to single-use plastics and will spur the promotion of zero-waste initiatives in 2024. Individuals, businesses, and governments are actively seeking sustainable alternatives and innovative solutions to curtail plastic consumption and waste.

In the Philippines, a country grappling with the challenges of plastic pollution, a movement towards zero-waste living and the adoption of plastic alternatives is gaining momentum. Local businesses are exploring packaging options that are biodegradable or easily recyclable, and community-driven initiatives are raising awareness about the environmental impact of plastic. Government policies regulating single-use plastics and promoting responsible waste management practices further contribute to this sustainable shift.

7. Biodiversity Conservation and Ecotourism: Preserving Nature’s Beauty. Preserving biodiversity and promoting sustainable tourism are crucial components of the sustainability agenda in 2024. Ecosystems globally face threats from climate change, deforestation, and pollution, prompting efforts to protect and restore natural habitats. Simultaneously, the tourism industry is evolving to prioritize responsible and eco-friendly practices.

In the Philippines, renowned for its rich biodiversity and stunning landscapes, there is a growing focus on biodiversity conservation and ecotourism. The establishment of protected areas, marine reserves, and wildlife sanctuaries aims to safeguard the country’s unique flora and fauna. Sustainable tourism initiatives seek to strike a balance between economic development and environmental preservation, ensuring that future generations can revel in the beauty of the archipelago.

As the world grapples with the challenges of climate change and resource depletion, the adoption of sustainable practices emerges not only as an option but a necessity in 2024. The trends highlighted in this article demonstrate a collective global commitment to creating a more environmentally conscious and resilient future.

In the Philippines, these trends intersect with the nation’s unique socio-economic and environmental context, weaving a narrative of progress that balances economic growth with environmental responsibility.

By embracing circular economy principles, transitioning to renewable energy sources, leveraging technology for environmental solutions, promoting regenerative agriculture, adopting green building practices, reducing plastic usage, and prioritizing biodiversity conservation, the global community, including the Philippines, is laying the foundation for a sustainable and harmonious future. This collective effort, rooted in innovation and responsibility, paints a hopeful picture of a world where sustainability is not just a trend but an integral part of our shared legacy.

 

Ron F. Jabal, DBA, APR, is the chairman and CEO of the PAGEONE Group (www.pageonegroup.ph) and founder of Advocacy Partners Asia (www.advocacy.ph).

ron.jabal@pageone.ph

rfjabal@gmail.com

Transactions via PESONet, InstaPay reach P11.6 trillion

REUTERS

TRANSACTIONS made through PESONet and InstaPay continued to climb as of end-November, with the combined value breaching P11 trillion, amid the fast adoption of electronic fund transfers, data from the Bangko Sentral ng Pilipinas (BSP) showed.

The combined value of transactions done via automated clearing houses PESONet and InstaPay increased by 30.3% to P11.6 trillion at end-November from P8.9 trillion in the same period in 2022.

In terms of volume, transactions via the two payment systems climbed by 44.8% to 824.856 million in the same period from 569.665 million transactions a year prior.

“The consistent expansion of InstaPay and PESONet transactions may be attributed to several factors, including convenience, accessibility, cost-effectiveness, and security,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

Broken down, the value of transactions done via PESONet rose by 23.1% to P7.08 trillion in the January-to-November period from P5.75 trillion a year ago.

The volume of transactions coursed through the gateway stood at 83.3 million in the period, rising by 8% from 77.1 million the prior year.

Meanwhile, the value of transactions done through InstaPay grew by 41.9% year on year to P4.47 trillion in the first 11 months of 2023 from P3.15 trillion in the same period last year.

The volume of InstaPay transactions also surged by 50.6% year on year to 741.6 million from 492.5 million previously. 

PESONet and InstaPay are automated clearing houses under the central bank’s National Retail Payment System, which was launched in December 2015 to promote a safe, efficient, affordable, inclusive and reliable retail payments system.

PESONet caters to high-value transactions and is considered as an electronic alternative to paper-based checks.

On the other hand, InstaPay is a real-time electronic fund transfer facility for low-value transactions of up to P50,000.

“With the holiday season, increased gift-giving, early shopping, and bill payments, online fund transfers are poised to experience further growth,” Mr. Roces said.

“InstaPay and PESONet’s role in making money transfers more convenient and accessible is helping foster financial inclusion and boosting economic activity,” he added.

The BSP has encouraged the public to consider using digital means in sending cash gifts during the holiday season as this is “a safer and more convenient way of gift-giving for both the givers and the recipients.”

“There are 324 million e-money accounts in the Philippines as of end-September 2023. These accounts may be conveniently used for paying digitally for goods and services as well as for monetary gifts,” the central bank earlier said. 

The increase in PESONet and InstaPay transactions is expected to help the BSP achieve its twin goals to have 50% of retail payments done digitally and 70% of adult Filipinos as part of the formal financial system by the end of this year. — Keisha B. Ta-asan

Metro Manila Film Festival 2023: An ambitious mythology-based horror

Movie Review
Mallari
Directed by Derick Cabrido
MTRCB Rating: R-13

By Brontë H. Lacsamana, Reporter

LOVE is a curse. This is what this overly complicated horror film boils down to after its promising concept, centered on the Philippines’ first documented serial killer who is a priest, is injected with steroids of multiple ideas.

Mallari refers not just to the surname of 19th-century priest Severino Mallari, but also to his family’s lineage of time travelers: 1940s documentarist Johnrey Mallari and the present-day main character Jonathan Mallari de Dios. The two go back in time to uncover the secrets of the mythical family curse.

Surprised by that summary? You should be, seeing as it is way too much plot to wade through. But it at least utilizes the acting prowess of Piolo Pascual, who plays all three Mallaris. Blood-soaked, long-haired priest? Headstrong wartime documentarist? Lovelorn doctor? He did it all.

Director Derick Cabrido and screenwriter Enrico C. Santos really ran with it, inspired by true events, but even more inspired by tropes of all sorts. The movie spans thriller, sci-fi, folklore, historical, romance, even family drama genres. Many interesting threads woven together, sure, but the design of this script could have been less busy so we could appreciate each one.

(Warning: spoilers ahead.)
For example, there could have been more of a story behind the dark magic stuff so that it would be less of a twist in the final act and more of a creepy world long hidden in the shadows. Also, since Fr. Mallari is a priest, a peek into the social climate of a church-centered 1800s provincial town would have been interesting (though there is already Gomburza in the MMFF lineup to scratch that itch).

It just feels wasted that Pampanga during the Spanish occupation felt like just another setting. Meanwhile, modern-day Pampanga was filled with cringey unnecessary details like a quippy anti-woke priest and a trans prankster TikTok influencer-slash-sex worker (yes, their scenes are as bad as you think).

This is a horror movie with decent visuals, so you’d think the scares should at least be good too. But no, they’re all cheap jump scares carried by a loud, screeching score or sound that don’t have any bearing on the plot except to torment the lead characters and the audience. Being in a packed theater contributes to the viewing experience in this regard, especially if people are really into it and screaming at the right parts, like this writer experienced.

None of it sticks, though. Nothing particularly creeps you out thinking back on the film. Its impact is thanks in large part to the solid cast led by Pascual, and a minor role played by JC Santos.

Tying three generations of Mallaris is not a bad idea per se. Time-traveling shown in vignettes for viewers to piece together along with the characters must be unbelievably hard, so it deserves creative points for that. It is just that cooking up an origin story for the first documented Filipino serial killer, who happens to be a small-town priest, presents an embarrassment of riches when it comes to narrative possibilities.

Turning to time travel shenanigans was a bold choice, leading to lore in various time periods all barely fleshed out. We barely learn anything new about the historical serial killer. An abusive haciendero is killed and nothing else is heard about that particular social struggle. The mini documentary rejected by the Americans in light of the Hukbalahaps’ crusade was nothing but candy sprinkles. There is no distinguishable reason for why one is cursed to be a manananggal versus any other aswang. The moon is always red. Why? Who knows.

Aside from a particularly bad CGI scene, this could have been a decent technical feat for the Philippine horror genre. It presents itself as an exploration of various genres and worlds, but barely dips its toes in any of them. If only it were more focused.

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