Joy~Nostalg fosters the joy of giving this holiday season

November 17, 2023 | 5:30 pm

The five-star serviced residences partners with the Liter of Light project for another meaningful Christmas Tree Lighting event

Five-star serviced residences Joy~Nostalg Hotel & Suites Managed by Accor promotes the true meaning of the holidays, reminding everyone to spread love during the most wonderful time of the year. Joy~Nostalg shares the jubilant message through its annual Christmas Tree Lighting event, titled “The Joy of Giving.”

This year’s celebration gives special meaning to the ceremonial kick-off to the holiday season. Living up to the event’s name, Joy~Nostalg exemplifies the joy of giving and extends hope and happiness to the less fortunate, in partnership with Liter of Light. The movement, led by social entrepreneur Ilac Diaz, turns inexpensive, readily available materials into high-quality solar lighting sources for people with limited or no access to electricity.

“This Christmas, our hearts are full as we illuminate lives, celebrating the gift of bringing light, joy, and hope to those in need,” says Odette Huang, general manager of Joy~Nostalg Hotel & Suites Managed by Accor.

Joy~Nostalg began its collaboration with Liter of Light months ago. The hotel learned that 90 minutes away from its location in Ortigas CBD, there is a community living without access to electricity. Joy~Nostalg reached out to Liter of Light, and worked to bring brightness to families, enabling proper study conditions for children and ensuring safe pathways for everyone.

Joy~Nostalg’s associates, aptly named “Heartists,” generously lent their resources to the project and contributed 100 solar lamps to the community. They personally assembled and delivered the lights, receiving overwhelming joy and gratitude from the community.

To supplement the effort, Joy~Nostalg reached out to customers, stakeholders, and guests for more contributions. The result is another set of 100 light sources, set to be handed out to 100 families during the holiday season.

“We often notice how our city becomes brighter during the festive season, but energy poverty still makes this same spark of Christmas a little harder to see in so many villages,” says Ilac Diaz, whose Liter of Light movement has installed more than 350,000 bottle lights in over 15 countries. “With Joy~Nostalg providing solar lamps hand-built by corporate volunteers, these lights will be sure to brighten so many lives this Christmas.”

Alongside the collaboration with Liter of Light, Joy~Nostalg also teamed up with Nespresso and the Negrense Volunteers for Change Foundation, Inc. (NVC) for this year’s Christmas celebration, featuring recycled capsules as ornaments in the hotel’s holiday decors. A total of 3,700 Nespresso capsules were recycled into handcrafted decorations by the NVC, an organization that provides proper nutrition for poor children, as well as sustainable livelihood opportunities for their parents. Joy~Nostalg also supported the livelihood of a small Barrio in Bohol, Antequera, by purchasing basket hampers for their season’s fine selection of gifting goodies.

1 of 3

Spotlighting a bigger cause during its Christmas Tree Lighting event has become a tradition for Joy~Nostalg. Last year, the hotel supported the artisan project of Persons Deprived of Liberty (PDLs) of San Juan City Jail, showcasing their crafty parol products in the lobby. Proceeds from these hand-made parols benefitted the families of PDLs, allowing them to somehow partake in the celebration of Christmas.

For more information on Joy~Nostalg Hotel & Suites Managed by Accor, visit https://www.joynostalgmanila.com/ or contact +632 5318-7888 and HB2D6- RE1@accor.com. Follow the premier lifestyle destination on Facebook (https://www.facebook.com/JoyNostalgManila/), Instagram (@joynostalgmanila), and Twitter (@joynostalgmnl).

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

A glimpse at IMES’ Premier Summit 2023: Ascending to Greater Heights

November 17, 2023 | 5:15 pm

The countdown has begun for the much-anticipated Premier Summit 2023: Ascending to Greater Heights, a gathering of industry leaders in the field of Industrial Engineering and student leaders from across the nation. Hosted by the Industrial Management Engineering Society (IMES) at De La Salle University (DLSU), this event promises to bring together different minds in exploring the importance of leadership with collaboration. Mark your calendars for Nov. 18, 2023, as the Premier Summit unfolds from 10:00 a.m. to 3:00 p.m. at The Verdure, Henry Sy Bldg., De La Salle University – Manila. This event will be a culmination of ideas, experiences and talents, with IMES ambassadors from schools nationwide connecting to inspire and learn from each other. Under the banner of “leadership with collaboration,” this year’s Premier Summit takes a look at the essence of leadership in the modern world.

The Premier Summit will feature an impressive lineup of speakers such as Alvanson So, Regional People Lead at Canva Philippines; and Jyone Cruz, External Relations Head of Ateneo CODE, who will take the stage to share their insights and experiences on leadership. The event will also host a dynamic panel discussion featuring student leaders to give them a chance to practice the idea of leadership with collaboration. Premier Summit will also offer engaging activities tailored to foster collaboration and leadership skills. Attendees can look forward to interactive workshops, engaging booths and valuable networking opportunities. It is an opportunity for personal growth, professional development, and expanding one’s horizons.

Check out https://www.facebook.com/IMESsummitPH for more details to register and secure the chance to ascend toward greater heights.

Magnitude 6.9 earthquake strikes Mindanao

November 17, 2023 | 4:57 pm

An earthquake of 6.9 magnitude struck the Mindanao region of the Philippines on Friday, German Research Center for Geosciences (GFZ) said.

The quake was at a depth of 10 km (6.2 miles) GFZ added.

The Pacific Tsunami Warning Center said no tsunami was expected.

Damage and aftershocks can be expected from the offshore quake, the Philippines’ seismology agency said in a bulletin.

Intensity 8 were felt in the southern Philippines provinces of Sarangani and South Cotabato, it added.—Reuters

AREIT, ACEN boards greenlight P6.8-B property-for-share swap transaction

November 17, 2023 | 3:31 pm

Ayala-led real estate investment trust company AREIT, Inc. announced on Friday that its board of directors has approved a move to acquire 276 hectares of industrial land in Zambales from Buendia Christiana Holdings Corp. (BCHC), a wholly owned subsidiary of ACEN Corp., through an asset-for-share swap transaction.

“The transaction was approved by the board of directors of AREIT and ACEN on 16 November 2023 and is subject to the approval of AREIT shareholders and relevant regulatory bodies thereafter,” AREIT said in a disclosure to the stock exchange.

ACEN made a separate disclosure announcing its board’s approval of the proposed property-for-share swap between BCHC and AREIT.

AREIT said it will issue 199,109,438 primary common shares to BCHC in exchange for the land valued at P6.77 billion.

“This acquisition solidifies AREIT’s footing as the Philippines’ largest and most diversified Real Estate Investment Trust, now at 861 thousand sqm of building gross leasable area,” the company noted.

“After the acquisition, AREIT will own 286 hectares of industrial land, which includes 9.8 hectares currently owned in Laguna Technopark. This will increase AREIT’s Assets Under Management from P87 billion to P94 billion,” it added.

Following the issuance of the shares, Giga Ace 8, Inc., a wholly owned subsidiary of ACEN involved in solar plant development and operation, will enter into a 25-year lease agreement with AREIT, the listed company said.

AREIT also said that the land addition will complement its sustainability objectives, with 18 properties already having shifted from coal to clean renewable energy.

AREIT and Ayala Land, Inc. signed an agreement with the International Finance Corp. in September to certify 150 hectares of office buildings for EDGE Zero Carbon. It aims to establish the largest EDGE Zero Carbon portfolio in the country.

AREIT also secured a green light from the Securities and Exchange Commission in September for the property-for-share swap with Ayala Land, Ayalaland Malls, Inc., and Northbeacon Commercial Corp.

On Friday, AREIT shares closed 0.31% higher at P32 apiece, while ACEN shares closed 1.80% lower at P4.90 apiece. — Miguel Hanz L. Antivola

UnionDigital Bank plans to introduce high-frequency lending in 2024

November 17, 2023 | 2:01 pm

UnionDigital Bank, the digital lender of UnionBank of the Philippines, Inc., plans to launch its high-frequency lending product next year, allowing consumers to avail themselves of short-term loans, its president said on Thursday.

“We’re moving to more frequent lending in shorter tenors,” UnionDigital President and Chief Executive Henry Aguda said during a media roundtable at the Singapore Fintech Festival.

“We want to make it configurable. Soon, we’ll come out with the lending on our app where you can configure the tenor. The underwriting is there instantaneously when you download your app,” he added.

Mike Singh, UnionDigital’s Chief Commercial and Revenue Officer, said that the product will be targeted towards the mass market that lives “day-to-day.”

“A lot of the gig economy is not fixed-pay. Maybe (their) expenses this month exceeded (their) income. So, (they) need a short-term loan. We want to give them the choice: you can take a loan in the morning and you can pay it off maybe in the evening if you get paid through commission,” he said.

“The faster we can collect and the shorter the tenor loan, the faster the turnaround. We have to mimic how it is (in the informal lending market). If not, they will not adapt to the structure of normal banking lending operations,” Mr. Aguda said.

The product will likely be launched in the second quarter or second half of next year.

“The first version of that maybe is a 30-day minimum but no prepayment penalty,” Mr. Singh said.

“Right now it’s monthly. We’ll move to two weeks, then we’ll do weekly, then the aspiration is on a daily basis. One month is too long for somebody in that segment,” Mr. Aguda added.

The loans will also be priced for risk and are slightly above credit card rates. “What’s good is the interest rate is not fixed to a specific cohort or product. It changes based on how risky you are,” Mr. Aguda said.

“Obviously, the cards segment has money so its lower risk. Our segment has very high risk. So, we have to price for it. But if you pay your loan, the Artificial Intelligence (AI) will read that and your score will go up so your next loan, the interest rate will be lower,” Mr. Singh added.

UnionDigital is also planning to infuse additional capital to accommodate this new lending feature. “We’re in the process now of writing up our capital requirements for the next 24 months, we haven’t placed the figure,” Mr. Singh added.

Meanwhile, UnionDigital said it is also launching a product geared towards making processing more efficient for micro-, small and medium-sized Enterprises (MSMEs).

“MSMEs, as you know, are the driver of our economy. Our vision for MSMEs is what we call straight-through processing. Automated. faceless, paperless, same-day approval. That’s another product in the pipeline,” Mr. Singh added.

With these new products in the pipeline, Mr. Singh said he expects UnionDigital’s loan portfolio to double or even triple.

UnionDigital said its outstanding loan balance has reached at least P12 billion.

The lender was granted a digital banking license by the Bangko Sentral ng Pilipinas in July 2021 and began operations in July 2022. — Luisa Maria Jacinta C. Jocson

Marcos, China’s Xi to discuss tensions, way forward in South China Sea

November 17, 2023 | 12:21 pm

BBM-Marcos — PRESIDENT Ferdinand R. Marcos, Jr. at the New York Stock Exchange. — OFFICE OF THE PRESS SECRETARY

Philippines President Ferdinand R. Marcos, Jr. said on Friday he will meet with his Chinese counterpart Xi Jinping at the sidelines of the APEC Summit in San Francisco to discuss tensions and formulate ways forward in the South China Sea.

“We will get the view of the Chinese president on what we can do to bring down the temperature, to not escalate the situation in the West Philippine Sea,” Mr. Marcos said in a video message.

Manila refers to the part of the South China Sea that it claims as the West Philippine Sea.

“We will put together the ways forward because we are continuously trying to maintain the peace,” Mr. Marcos said ahead of a meeting with Mr. Xi at the sidelines of the APEC Summit in San Francisco.

Mr. Marcos said he also discussed South China Sea issues with US Vice President Kamala Harris.

China’s embassy in Manila did not immediately respond to a request for comment.

China claims sovereignty over nearly the entire South China Sea, pointing to a line on its maps that cuts into the exclusive economic zones of Vietnam, the Philippines, Malaysia, Brunei and Indonesia. Taiwan, which China also claims as part of its territory, has said it does not accept Beijing’s maps.

The Permanent Court of Arbitration in 2016 said the line on China’s maps had no legal basis, which Beijing rejects.

The Philippines’ foreign ministry on Thursday committed to continue resupply missions and an “upkeep” of a grounded navy ship in a disputed South China Sea atoll, saying it does not have to give prior notice to China.

The Department of Foreign Affairs also called on China to remove all “illegal structures” it built within the Philippines’ exclusive economic zone, cease reclamation in those areas and be accountable for the damage the activities caused. — Reuters

China tells Japan to reaffirm strategic relations in rare leader talks

November 17, 2023 | 12:12 pm

Xi_Jinping_BRICS_summit_2015 — CHINESE PRESIDENT XI JINPING — HTTP://KREMLIN.RU/EVENTS/PRESIDENT/NEWS/49899/PHOTOS

Chinese President Xi Jinping told Japanese Prime Minister Fumio Kishida that Asia’s two largest economies should reaffirm their strategic relationship in their first face-to-face talks in a year that look to put a floor under strained ties.

The remarks, reported by Chinese state media, came at the start of talks on the sidelines of the APEC summit in San Francisco on Thursday evening.

The two leaders are also expected to discuss the creation of a new dialogue framework on export control issues and fostering a safe business environment, Japanese media reported.

The countries should “focus on common interests and properly handle differences,” Mr. Xi told Mr. Kishida as they sat across from one another at a table flanked by their delegations.

China and Japan should reaffirm their “strategic relationship of mutual benefit and give it new meaning”, he added.

In a joint statement in 2008, Japan and China agreed to pursue a “mutually beneficial relationship based on common strategic interests” designed to ensure frequent leadership exchanges on issues such as security.

But the phrasing has been used less frequently in recent years as the historic rivals have clashed over a series of issues such as territorial disputes, trade tensions and Taiwan, the democratic island near Japan that Beijing claims as its own.

Most recently, ties have been tested by China‘s ban on Japanese seafood following Tokyo’s decision to release treated water from its crippled Fukushima nuclear plant into the sea in August.

Mr. Kishida plans to call for the reversal of China‘s ban and will also insist on the early release of Japanese nationals arrested by Chinese authorities, while global issues like the conflict in Gaza are also expected to be on the agenda, Japanese media reported.

In brief remarks at the start of the meeting, Mr. Kishida told Mr. Xi: “Japan and China coexist and prosper as neighbors and have a responsibility to contribute to world peace and prosperity.”

Their meeting followed a highly-anticipated summit between US President Joe Biden and Mr. Xi in which the two superpowers agreed to open a presidential hotline and resume military-to-military communications, among other matters.

Mr. Kishida also met Mr. Biden at the summit where they discussed issues including “common challenges” that they share with China.

China‘s push to reaffirm relations with Japan could be partly driven by Tokyo’s close ties with its arch-rival Washington, said Rumi Aoyama, an expert on Japan–China relations.

“I think there is a desire to drive a wedge between Japan and the United States by establishing a so-called strategic relationship with Japan amid the US-China confrontation,” said Aoyama, director of Waseda Institute of Contemporary Chinese Studies.

On the sidelines of the APEC summit, Mr. Kishida has also met South Korean President Yoon Suk Yeol in their seventh meeting this year. The pair promised to push for deeper cooperation and discussed shared concerns like North Korea’s missile tests.

Mr. Yoon, Mr. Kishida and Mr. Biden also held a brief trilateral meeting on Thursday.

Leaders from the 21-member Asia-Pacific Economic Cooperation forum are in San Francisco for the 30th summit from Nov. 15-17. – Reuters

Biden to stress APEC economic ties, as trade deal stumbles

November 17, 2023 | 12:09 pm

SAN FRANCISCO – President Joe Biden will highlight strong US ties to the Asia Pacific Economic Cooperation (APEC) forum economies on Thursday, despite a failure to make progress on key trade provisions sought by regional countries.

Mr. Biden, who held a high-stakes summit with Chinese President Xi Jinping on Wednesday, is due to address a summit of CEOs on Thursday before speaking to leaders from the 21-member APEC gathered in San Francisco for the organization’s annual summit.

Mr. Biden will also take part in an event with the 14-member Indo-Pacific Economic Framework (IPEF) that his administration established to bolster economic engagement after former President Donald Trump quit a long-negotiated regional trade pact in 2017.

US hopes for an IPEF trade deal were dashed this week, after members could not agree on improving labor and environmental standards or compliance, people briefed on the talks said.

In remarks to APEC leaders, Mr. Biden will highlight US progress to combat climate change, call for collective APEC action, and “demonstrate this administration’s commitment to deepening economic engagement with the region,” a senior US official told journalists.

US exports to the region have grown 12%, 60% of U.S. exports are sent to a fellow APEC economy, and APEC members have invested $1.7 trillion into the US economy since 2016, the official said.

He said leaders of Japan, Vietnam and Singapore would join Biden at an IPEF event and highlight progress in reaching an agreement on supply chains. The official said the IPEF countries would “substantially conclude” clean economy and fair economy agreements.

US Commerce Secretary Gina Raimondo said earlier on Thursday IPEF countries had agreed on several “pillars” of the IPEF initiative, covering cooperation on clean energy and anti-corruption measures. Ministers also formally signed a previously agreed text of a third pillar, covering supply chain resiliency.

Biden plans to emphasize his administration’s efforts to advance workers’ rights in remarks on Thursday, the U.S. official said. He said Biden was “committed to ensuring high labor standards, bringing workers’ voices decision making table and enforcing rules against unfair labor practices.”

Asked how long the IPEF trade pillar could take to conclude, the official said most negotiations take years but the US administration had said it would be working on an “accelerated timeline.”

Mr. Biden will note that companies based in other APEC economies had invested more than $200 billion into the US since the start of his administration, the official said, and that U.S. companies have invested at least $40 billion in other APEC economies in 2023 alone.

APEC members have been closely watching developments between the US and China, the world’s two largest economies and strategic rivals, concerned that ever more intense competition could upset global trade and security.

On Wednesday might in San Francisco, executives from top US firms dined with Mr. Xi after his talks with Mr. Biden aimed at steadying relations.

China is ready to be a partner and friend of the United States, Mr. Xi told them, and he said there was plenty of room for bilateral cooperation, part of a charm offensive to reassure global business and counter his country’s struggles to entice foreign investment. – Reuters

Alibaba’s Hong Kong shares tumble 10% after cloud unit spin-off shelved

November 17, 2023 | 12:06 pm

HONG KONG – Alibaba Group’s Hong Kong shares slumped 10% on Friday after it scrapped plans to spin off its cloud business, citing uncertainties fuelled by U.S. curbs on exports to China of chips used in artificial intelligence applications.

The stock opened down 7.8% and then deepened its loss to 10.3% by mid-morning, heading for its biggest one-day drop in more than a year.

It was the first reaction in Asia since the stunning strategy reversal was announced late on Thursday. The company’s U.S. listed securities BABA.N closed down 9%.

“The cancellation of a full spin–off of AliCloud is a negative surprise,” said Nomura analyst Shi Jialong in a note.

Alibaba’s concerns over the U.S. export curbs announced by Washington in October come on the heels of similar worries raised this week by Chinese social media and gaming company Tencent Holdings 0700.HK which said the restrictions would force it to seek domestically produced alternatives.

Alibaba, once Asia’s most valuable stock, was worth around $830 billion at its peak in October 2020 but is now valued at less than one fourth, as the e-commerce company took centre-stage in Beijing’s technology sector crackdown and as the Chinese economy slowed.

The latest Alibaba news underscores broader hurdles facing China’s big tech companies as the export curbs make it harder for them to get crucial chip supplies from U.S. companies.

In March, Alibaba announced plans to carve out the cloud business as part of the biggest restructuring in its 24-year history that broke the company up into six units.

Analysts had estimated then the cloud division could be worth $41-$60 billion but had warned that its listing could attract scrutiny from both Chinese and overseas regulators due to the reams of data it manages.

FOCUS ON AI

On Thursday, Alibaba Chairman Joseph Tsai told a post-earnings call that the company would now focus on growing the cloud business and providing investment for its artificial intelligence (AI) drivers.

Some analysts said the reversal on the spin–off would assist Alibaba’s AI push.

“The company believes the chip ban might materially and adversely affect its ability to offer products and services in the longer term. But (it) also points to the increasing importance of retaining the cloud unit given the surging demand for AI computing in China,” said US Tiger Research analyst Bo Pei.

The Hangzhou-based company, in announcing its quarterly earnings on Thursday, also put on hold a listing plan for its Freshippo groceries business.

Alibaba reported second-quarter revenue of 224.79 billion yuan ($31.01 billion), in line with the 224.32 billion expected by analysts, LSEG data showed.

Eddie Wu, chief executive of Alibaba, detailed the company’s future strategy on the call, saying that each of its businesses would face the market more independently and that they would conduct a strategic review to distinguish between “core” and “non-core” businesses. – Reuters

Pag-IBIG sets records anew, releases nearly P51B in cash loans

November 17, 2023 | 11:07 am

Pag-IBIG Fund disbursed P50.79 billion in cash loans in the last ten months, breaking its record for the highest amount of cash loans released for any January to October period. The amount released benefitted 2,281,042 Pag-IBIG Fund members, also a record high.

From January to October, the amount of short-term loans released by the agency increased by 12% or P5.5 billion compared to the P45.29 billion released during the same period in 2022. The number of members assisted through the program also increased by 6% or 127,494 more than the 2,153,548 members from the previous year as more members utilized the agency’s online channel, the Virtual Pag-IBIG, to apply for cash loans. During the period, 743,362 members filed their loans online, an increase of 266,281 borrowers or 56% year-on-year.

“We are happy to report that Pag-IBIG Fund continues to provide Filipino workers with assistance on their immediate financial needs through our cash loans. The record-high amount of loans we released, as well as the highest ever number of members aided through these loan program, show that our short-term loans are among the top choices of Filipino workers in gaining additional funds for their needs. All these are part of our efforts in heeding the call of President Ferdinand Marcos, Jr. to provide the best service to the Filipino people,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG Fund’s Short-Term Loan Program includes the agency’s Multi-Purpose Loan (MPL) and Calamity Loan. Under the Pag-IBIG MPL, qualified members can borrow up to 80% of their total Pag-IBIG Regular Savings, which consists of their monthly contributions, their employer’s contributions, and accumulated dividends earned. The proceeds can be used to pay for tuition fees, medical expenses, minor home improvement, a family trip, or even serve as business capital. Borrowers may choose between a 24 or 36-month payment term, with the first payment deferred for two months. The Pag-IBIG Calamity Loan, on the other hand, is available to members residing or working in areas declared under a state of calamity. In the past years, the agency has returned more than 90% of its income, mostly derived from interest on loans, to members in the form of dividends.

Of the total amount of cash loans released by the agency, P48.32 billion were in the form of Pag-IBIG MPLs which helped 2,131,435 members, while P2.48 billion were in the form of Calamity Loans which in turn aided 149,607 members.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile, cited the reliability and ease of access in availing the Pag-IBIG’s Short-Term Loans as the main drivers for its strong growth. She further noted that with more members applying for loans using the Virtual Pag-IBIG, the amount of cash loans released by the agency in January to October from online applications surged to P16.65 billion, an increase of P6.51 billion or a 64% increase year-on-year.

“We at Pag-IBIG Fund recognize that each and every year, millions of our members rely on our Pag-IBIG MPL for their immediate financial needs. That is why we have made the application for our cash loans more accessible and easier for our members. Today, our members can easily and conveniently apply for these loans through many channels, which include their employers or at any of our more than 200 branches nationwide. Members may now also apply for a cash loan anytime, anywhere by using our online channels, the Virtual Pag-IBIG or the Virtual Pag-IBIG Mobile App. Our members can rest assured that our programs shall always be reliable, and that we shall continuously find ways to make their benefits accessible them,” Acosta said.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

US, Philippines ink landmark deal on nuclear cooperation

November 17, 2023 | 11:03 am

The United States and the Philippines on Friday signed a landmark deal that would allow Washington to export nuclear technology and material to Manila, which is exploring nuclear power in its bid to decarbonize and boost energy independence.

Philippines President Ferdinand R. Marcos, Jr. witnessed the signing between US Secretary of State Antony Blinken and Philippines’ Energy Secretary Raphael P.M. Lotilla.

“The United States will be able to share equipment and material with the Philippines as they work to develop small modular reactors and other civilian nuclear energy infrastructure,” Mr. Blinken said.

Negotiations for the 123 Agreement started in November 2022.

“We see nuclear energy becoming a part of the Philippines’ energy mix by 2032 and we are more than happy to pursue this path with the United States,” Mr. Marcos said in a speech. “Nuclear energy is one area where we can show the Philippines-U.S. alliance and partnership truly works.”

US Congress approval is needed for the deal, which will allow a peaceful transfer of nuclear material, equipment and information in adherence with non-proliferation requirements.

As of end-2022, the United States had 23 agreements covering 47 countries, the International Atomic Energy Agency, and democratically governed Taiwan.

The Philippines wants to tap nuclear power as a viable alternative baseload power source as it seeks to retire coal plants to help meet climate goals and boost energy security. The Southeast Asian nation is vulnerable to volatile global oil prices, seasonal power outages, and high electricity rates.

Previous attempts to pursue nuclear energy in the Philippines were halted over safety concerns, but Mr. Marcos has discussed the possibility of reviving a mothballed nuclear power plant, built in response to an energy crisis during the rule of the late Philippines strongman and his namesake father.

Completed in 1984, the Bataan Nuclear Power Plant was mothballed two years later following the ouster of the older Marcos, the deadly Chernobyl nuclear disaster, and corruption allegations. — Reuters

GCash, Mayani team up to boost agri-fishery community with access to fair lending

November 17, 2023 | 9:37 am

As part of its commitment to promoting financial inclusion and digital adoption for all Filipinos, GCash has joined forces with Mayani Philippines through its lending arm, Fuse, to empower and improve the financial capabilities of the agricultural community by providing a safe, accessible, and secure source of credit to farmers and fisherfolks across the nation.

Through this strategic partnership, GCash will initially extend its suite of products and services initially to farmers in Lian, Batangas, ultimately allowing Filipino farmers to take advantage of agritech and fintech, and help them improve their livelihoods while having easy access to innovative and convenient financial services and tools.

CEOs shake hands to seal partnership: (from L-R) JT Solis, Co-Founder and CEO of Mayani, Inc., alongside Tony Isidro, President and CEO of Fuse Lending.

Signing the agreement were Fuse Lending President and CEO Tony Isidro, Vice-President for Product and Strategy Baby Aquino, and Mayani Founder and Executive Chair Jeff Barreiro, together with Co-founder and CEO JT Solis.

“Agriculture has always been one of the most important industries of our nation. As we leverage modern technology’s financial transformation, rapid growth and sustainability are expected. We are honored to have Mayani onboard as one of our key partners as we continue introducing innovations that will help connect farmers with finance and enhance the power of financial inclusion in the Philippines,” said Mr. Isidro.

Since 2016, Fuse Lending has disbursed over P100 billion in loans and has supported millions of Filipinos in achieving their financial aspirations and goals. By providing non-collateralized lending products such as GCredit, GGives, and GLoan through the GCash app, Fuse seeks to broaden access to financial services, especially for the unbanked sector, including the agri-fishery community, which has largely been traditional for decades.

For its part, Mayani, a fast-growing farm-to-table platform with over 144,000 smallholder farmers and fisherfolks across seven regions of the Philippines, 30,000 business-to-consumer customers, and a solid business-to-business portfolio, helps provide communities with sustainable livelihoods through its end-to-end digital agri-fisheries value chain innovation and scale-driven market partnerships. By integrating its digital ecosystem with GCash and Fuse, it is able to provide more Filipino farmers and fishermen access to borrowing means that truly prioritize their needs.

“We’ve always held the belief that financial rails for the agri-fishery sector are best built on top of existing market rails for our smallholder farmers and fisherfolks. This partnership with GCash and Fuse accelerates our agri-fintech aspiration of cultivating financial inclusion for rural Philippines. By situating any loan transaction within a trade and supply chain context, I think we are able to finally crack the code towards making our farmers and fisherfolks bankable, credit-worthy, and financially-empowered,” said Mr. Solis.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.