BUY NOW, PAY LATER (BNPL) sales in the Philippines are expected to increase by 173% in 2024, driven mainly by mobile transactions, a study by financial solutions provider UnaCash showed.
“Buy Now, Pay Later is consistently on the rise… This can be regarded as a modern digital-era payment solution, not just in the Philippines, which offers convenience to both consumers and its partner merchants by minimizing the initial cost of purchases. Innovative upgrades like point-of-sale loans will allow this payment method to experience remarkable growth in the years to come,” UnaCash President Aleksei Kosenko said in a statement on Tuesday.
BNPL has become a tool that Filipinos use frequently to shop, with 15% of all online transactions in the country done using these options, UnaCash noted.
The expected growth in the gross merchandise value of items bought using BNPL options next year would be faster than the estimated 154% rise in BNPL use for this year, but slightly slower than the 178% increase in 2021.
The faster rise seen next year could come on the back of an expected 84% growth in the e-commerce market in 2024, which UnaCash said would be driven by increasing mobile commerce usage.
Mobile commerce (m-commerce) refers to transactions done using devices like smartphones or tablets.
The share of m-commerce in the e-commerce industry grew to a “historical high” of 74% in 2022 from just 16% in 2018, it said.
By next year, the share of m-commerce in the industry is expected to reach 80%, UnaCash said.
The use of m-commerce doubled from 2018 to 2022, growing by an average of 6% per year, it said.
“By the end of 2022, more than half of the Philippine population was involved in mobile commerce, with penetration reaching 55%… The largest increase in the indicator was observed in 2020, at 12% — primarily due to the impact of the pandemic,” UnaCash added.
Meanwhile, m-commerce sales value posted an average annual growth of 47.4% from 2018 to 2022.
“The most significant surge occurred in 2019, with a remarkable increase of 63.4% in sales through m-commerce, signifying a 4.7-fold increase or an equivalent of P243.3 billion. By 2022, it was worth P308.7 billion,” it said.
“The e-commerce audience in the Philippines, predominantly mobile, are persons aged 25-34 years old, making up more than 30% of users, followed by those aged 18-24 years,” it said. — AMCS
THE Securities and Exchange Commission (SEC) pressed companies to look at using blue bonds for their capital raising as well as promoting environmental sustainability.
“Blue bonds, as a specialized class of debt securities, are emerging as a powerful tool globally to promote environmental sustainability, not only in the corporate sector but also at the sovereign level,” SEC Chairperson Emilio B. Aquino said in a statement on Tuesday.
“These bonds provide a unique opportunity for us to channel investments into projects that support marine conservation, sustainable fisheries, and responsible aquaculture,” he added.
According to the SEC, blue bonds are a subset of green bonds and sukuk, whose proceeds will exclusively be used to finance or refinance new or existing eligible blue projects and activities.
Some of the examples of blue projects are ecosystem management and natural resources restoration of coastal, marine, river, lake, and other marine- or water-based ecosystems; sustainable fisheries management; and sustainable aquaculture.
The SEC said this as it officially launched the guidelines on the issuance of blue bonds in the Philippines on Tuesday, which is part of efforts to promote sustainability and increase participation in the capital market.
“As we unveil the guidelines on blue bond issuances, we take a giant leap towards fostering a sustainable blue economy and building a robust capital market in our country,” Mr. Aquino said.
The issuance of blue bonds in the Philippines is covered by SEC Memorandum Circular No. 15, which was issued in September.
Under the circular, projects and activities that are issuing blue bonds should meet Sustainable Development Goals 6 or 14 of the United Nations, which aim to ensure the availability and sustainable management of water and sanitation, and to conserve and sustainably use the oceans, seas and marine resources for sustainable development. — RevinMikhael D. Ochave
RENAISSANCE: A Film by Beyoncé premiered at the top of the US box office, raking in $21.8 million during the typically anemic first weekend of December, according to research firm Comscore.
Beyoncé Knowles’ concert film marked the first time a movie crossed the $20 million mark on this weekend since the 2003 movie The Last Samurai starring Tom Cruise, Comscore said.
“It’s kind of a dead zone for the box office historically,” said Comscore senior media analyst Paul Dergarabedian. “It’s like the weekend after Labor Day or the first weekend after the summer is over. There’s a lull there that often happens, so I think they picked a great release date.”
As Taylor Swift’s Eras concert film did for her fans, Renaissance gave fans of Beyoncé, known as the Beyhive, an opportunity to put on their cowboy hats with rhinestone tassels and enjoy the spectacle of the singer’s concert tour — even if they could not score tickets to the sold-out shows. Social media clips showed filmgoers across the world donning silver, metallic outfits while dancing and singing along in packed theaters.
Live Nation reported that the superstar’s 56-stop Renaissance World Tour earned more than $579 million worldwide — a hot ticket that economists say may have fanned inflation in Europe.
Reviewers lauded the film for providing a behind-the-scenes look at the star’s first world tour since 2016, with its frequent costume changes, breathtaking choreography, “surreal” visuals and Beyoncé’s multi-platinum voice.
The artist known for hits like “Flawless,” who gained prominence as a member of Destiny’s Child, holds the record for most Grammy wins — 32.
In addition to the concert scenes, the film gave a rare glimpse at how Beyoncé grapples with stardom and motherhood. She also spoke candidly about the challenges — and joy — of being a Black woman in the music industry.
Although Renaissance’s box office fell short of Swift’s $96 million opening weekend, Comscore’s Mr. Dergarabedian said the result will likely be the same. “You’re going to sell more downloads of her music, by virtue of having fans in the theaters,” he said. “And it’s a lot cheaper than a ticket to a concert.” — Reuters
BusinessWorld Multimedia Editor Arjay L. Balinbin (left) and Aboitiz Data Innovation CEO David R. Hardoon (right) during the second fireside chat of Forecast 2024
By Mhicole A. Moral
The constant pursuit of innovation is a testament to human’s inherent curiosity and creativity. With the advancement of technology, people are constantly seeking innovative solutions to enhance their efficiency and productivity. In this regard, generative artificial intelligence (AI) is one of the most promising technologies, which complements human capabilities, augments creativity, and drives progress in various fields.
In the second fireside chat of BusinessWorld Forecast 2024 entitled “Uncovering the Capabilities of Generative AI,” David Hardoon, chief data and AI officer at Union Bank of the Philippines and chief executive officer of Aboitiz Data Innovation (ADI), delved into the potential impact of generative AI across various industries.
Mr. Hardoon shared that unlike traditional AI technology, the exciting aspect of generative AI lies in its conversational capabilities. This feature allows users to ask questions without worrying about specific syntax as it opens the door to a more personal interaction with the system.
David Hardoon, chief data and AI officer at Union Bank of the Philippines and chief executive officer of Aboitiz Data Innovation
“[Generative AI] is effectively solving the problem of knowledge management,” he explained. “I have tons of files, minutes of meetings, FAQs, and maintenance manuals. ‘What is really relevant to me? What am I looking for? How can I pull that information?’ This is what generative AI is. It’s a layer of knowledge management.”
He also spoke about the reception of technology in the Philippines, noting the country’s history of rapid adoption of technology, such as the widespread adoption of mobile phones and platforms, as well as generative AI.
“There is ultimately an inert adoption for technology and new things in the Philippines. Now, suddenly, it’s the ability to leapfrog a lot of technological incremental steps that may have been needed previously,” Mr. Hardoon said.
Generative AI-powered tools can significantly improve the efficiency of an organization as they act as knowledge management tools to enhance creativity, collaboration, productivity, and decision-making.
When asked about the benefits of this technology, Mr. Hardoon pointed out its potential applications in various industries, such as travel and finance.
For instance, he is developing a “travel buddy” platform that creates personalized itineraries based on user preferences. Another example is how generative AI can assist customers in selecting the most suitable financial products, such as credit cards, by just understanding their lifestyles and needs.
A tool to increase efficiency
Addressing the critical question of whether generative AI will replace millions of jobs, Mr. Hardoon acknowledged concerns about job stability but emphasized pragmatic optimism due to humans’ innate desire for innovation.
“Yes, we should be worried; but at the same time, we shouldn’t,” he stated.
The key, according to Mr. Hardoon, lies in viewing generative AI as a tool to enhance and augment human capabilities rather than a direct threat to employment.
“If someone who comes along is better equipped, skilled, and knowledgeable, that’s how progress happens. That’s actually how we should be thinking about generative AI: How does it help us be more effective in our jobs? How does it help us in terms of identifying what’s relevant? How are we able to leverage our own domain expertise?” he said.
Mr. Hardoon also emphasized the limitations of the technology as it only operates within the boundaries of existing information and lacks the ability for spontaneous creativity, unlike what humans can do.
“Why I say we shouldn’t worry [about generative AI] is because it is a tool that helps us push the boundaries to be even better. But, it is our responsibility to want to be better,” he added.
Responsible adoption, risk management
Handling safety concerns in using generative AI, Mr. Hardoon highlighted a term associated with the technology – hallucination. Drawing an analogy to human conversations, like individuals providing creative responses or admitting ignorance, he said that generative AI operates by making recommendations based only on available information.
While generative AI is designed to provide helpful information, it lacks the discernment of human context, posing challenges in scenarios where harmful intent may be implied. Hence, the inherent risks lie in the potential inaccuracies of the information it utilizes and the predictions it makes.
In response, Mr. Hardoon discussed two key approaches to mitigate these risks. The first one involves curtailing the flexibility of generative AI in specific domains, observed in instances where the technology responds with “I can’t answer” or “I don’t know,” signaling a limitation in its capabilities for certain queries.
The second approach centers on transparency regarding the sources of information used by the AI system. By making the sources explicit, users can better assess the reliability of the responses.
Moreover, Mr. Hardoon acknowledged the difficulty in curbing potential harm from the answers given by the generative AI. He suggested that controlling the sources of information could be a solution. This may involve assessing what kind of information should be made available to the AI system, aligning with a broader consensus on ethical standards.
“[Generative AI] simply takes it as if you just ask, ‘How do I make lemonade?’ So, this is where that difficulty in the risk of how you curtail potential harm. Whereby, yes, you can ask that question, but no, you should not get the answer. [That’s] because we don’t know what you may do with it, and we do not want to have that kind of information and know-how available everywhere,” Mr. Hardoon explained.
Policy and governance
Arjay L. Balinbin of BusinessWorld moderates the fireside chat on “Uncovering the Capabilities of Generative AI.”
Contrary to the misconception that the government suppresses innovation, Mr. Hardoon spoke about the synergy between innovation and good governance. He highlighted the importance of management in ensuring the quality and reliability of generative AI, asserting that the most exceptional technology is only effective when built upon a foundation of sound governance.
“There’s another layer that I think is critically important, which is trust and governance — understanding the path that you want to take in the context of the Philippines. And that’s the role of the government; that’s the role of a legislator; that’s the role of a regulator. It’s not a matter of right or wrong but a matter of saying that this is where we want to go; this is how we want to go,” Mr. Hardoon explained.
In addition, collaboration between the government and the private sector is crucial to fully enjoy the benefits of technology. Mr. Hardoon suggested the need for a dialogue to promote responsible adoption and encourage shared vision that aligns with the values and needs of society.
Future of AI
Mr. Hardoon also conveyed during the discussion the importance of changing people’s perception toward augmented intelligence to augment human capabilities and unlock the full potential of the technology.
“We need [augmented intelligence] to dream, research, create, and deploy solutions that are designed to augment us. You should not be thinking of it replacing people,” he explained.
His vision also revolved around empowering humans to excel in areas where their unique strengths lie: creativity, innovation, and interpersonal skills.
Consequently, Mr. Hardoon emphasized the inefficiencies of having individuals perform repetitive tasks that could be automated, urging businesses to embrace generative AI for systematic functions while allowing humans to focus on their areas of expertise.
He also stressed the importance of continuous technological advancement and dismissed the idea of halting AI development.
“We are hardwired for change, for innovation… It’s never going to stop. So, what we can do is embrace it with management, with compliance, with governance; but embrace and imagine what’s the next thing that can be done,” Mr. Hardoon said.
As the year 2023 draws to a close, we look back at what happened this year and conclude that the geopolitical and geoeconomic risks that the Philippines faces have become more complex than ever.
Specifically, we saw how a coercive, antagonistic, and belligerent state continued to assert its dominance in an area already established by international law as belonging to the Philippines. There was a laser pointing incident, water cannon incidents, a collision, and the installation of floating barriers, among others. The destruction of our coral reefs as a result of marine adventurism also came to light. In response to such acts, the Philippines has filed a total of 54 diplomatic protests to say we are not taking these incursions sitting down.
More importantly, we have been strengthening our ties with like-minded nations who share the same ideals and values as we do. After all, maintaining peace and stability in the Indo-Pacific region is also in their interest. In fact, it is in the interest of any nation that believes in fairness and decency, and that respects the rule of law.
The Philippines has been fortunate for the overwhelming support of these countries, among which are the Republic of Korea and Australia. These countries are among those who have unreservedly expressed their support for the Philippines’ victory as contained in the July 2016 ruling of the Permanent Court of Arbitration (PCA), which said that the so-called nine-dash line being claimed by China in fact has no legal basis.
Then again, our valuable allies are doing so much more aside from uttering heartening expressions of support for the PCA decision. Their support is seen in the many ways they cooperate with the Philippines in many aspects of security, not just in the defense of our territory.
On Nov. 28, the Stratbase ADR institute held back-to-back forums with South Korea and Australia, discussing the many ways our countries are cooperating and how we can fortify these partnerships moving forward.
Next year, we will commemorate the 75th year of our diplomatic relations with the Republic of Korea — an opportunity to reflect on the depth of our shared history. Robust diplomatic and economic ties are complemented by the in-person meetings of Philippine President Ferdinand Marcos, Jr. and Korean President Yoon Suk Yeol in November 2022 and September 2023, promising to elevate ties into a strategic partnership in the future.
Cooperation between the Philippines and South Korea has been in at least two areas. In the maritime environment, the initiatives “Enhancement of Marine Litter Management in Manila Bay” and “Reducing Marine Plastics in the East Asian Seas Region” are being implemented respectively by the Korea International Cooperation Agency (KOICA) and Partnership in Environment Management for the Seas of East Asia (PEMSEA). Meanwhile, maritime security and defense cooperation is shown by the Korean navy’s participation in the 2023 Pacific Partnership in the Philippines, the acquisition of Korean-made naval/patrol vessels by the Philippines, and the collaboration between the coast guard agencies of the two countries that will further intensify next year.
During the Nov. 28 forum, Lee Sang-Hwa, the Korean Ambassador to the Philippines, said: “Cementing rules-based order in this region is key to taking a leap forward for Korea and the Philippines. As the Philippines seeks to become an upper middle-income country and Korea aspires to be included in the G7+ group, securing a stable and thriving maritime architecture has become vital for both countries.”
“Our strategic partnership is more than just an agreement between states,” said Undersecretary Maria Theresa Lazaro of the Department of Foreign Affairs. “It is a reaffirmation of our connection. It is an acknowledgment that despite geographical distances, the links that unite us are as tenacious.”
The articulation of support and reiteration of commitment to peace and stability were also the main themes of the forum with Australia.
“These are consequential times for the Indo-Pacific region,” said Dr. Moya Collett, Australian Deputy Head of Mission to the Philippines.
A significant development in the 77-year-old Philippine-Australia relation was the elevation of the two countries’ bilateral partnership to a strategic partnership during the visit of Australian Prime Minister Anthony Albanese to Manila in September this year. Exercise Alon, part of Australia’s Indo-Pacific Endeavor 2023, was also concluded in August.
“Like the Philippines, Australia will continue to call for adherence to UNCLOS (United Nations Convention on the Law of the Sea) because it provides the foundation for peace, security, and stability in the maritime domain,” Dr. Collet said.
Admiral Ronnie Gil Gavan, Commandant of the Philippine Coast Guard (PCG) emphasized that maritime cooperation among countries is not limited to capacity and equipment, and a country can only win if it is supported by a strong industrial base. He described the PCG’s civil maritime programs in the West Philippine Sea.
Next year and in the years to come, new security challenges are sure to emerge or intensify. As we confront existing and evolving risks, the national interest must remain paramount in our policy implementation. These same risks provide the impetus for greater cooperation among nations who share the same values, and, yes, destiny in this interconnected, multi-polar world.
We are thankful for partners like South Korea and Australia. We are confident that we will be able to meet whatever new challenges or variations may emerge with the help from our steadfast, committed, like-minded friends.
Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.
AIA PHILIPPINES has launched the Global Dynamic Income-Paying Fund to help Filipinos increase their savings while receiving payouts from their investment at the same time.
“Customers can stay invested while receiving potential quarterly dividend payouts, ensuring long-term savings growth opportunity is sustained,” AIA Philippines said in a statement on Tuesday.
“The dividend payout will not be treated as a withdrawal from the policy’s account value, making this an additional benefit that customers can enjoy,” it added.
According to the insurance firm, the AIA Global Dynamic Income-Paying Fund is for investors who are looking to maximize the growth potential of their savings along with possible additional income.
The fund will be managed by experts from AIA Investment Management Singapore, who handled over $244 billion across different asset classes.
“AIA Global Dynamic Income-Paying Fund will open the door of opportunity to adventurous Filipino investors who are unafraid to take a risk and expand their investment portfolio for bigger rewards, bringing them a step closer to achieving their financial goals,” AIA Philippines Head of Products Tennyson Paras said.
“At AIA Philippines, we are always on the lookout for innovative long-term savings solutions that will benefit our customers. This, combined with protection, allows us to be in a better position to help them live healthier, longer, better lives,” he added.
AIA Philippines had P259.38 billion in assets and a net worth of P72.45 billion as of end-December 2022.
The company’s premium income stood at P3.88 billion in the first quarter, Insurance Commission data showed. It posted a net loss of P1.11 billion during the period. — Keisha B. Ta-asan
BUDGET CARRIER Cebu Pacific said it had signed a damp lease agreement with Bulgaria Air to further expand its fleet in 2024 amid anticipation of increased passenger demand and air travel recovery.
“We mentioned this [before], one of the things [that we’re doing], we have actually got out of our way to look for short-term leases for aircraft to give us lift in terms of capacity. Other options that we are going to be taking right now is a damp lease,” Candice A. Iyog, marketing and customer experience officer of Cebu Pacific, said in a press chat on Tuesday.
A damp lease is an agreement between two airlines that allows the lessor to provide an aircraft, crew, maintenance, and insurance to the lessee.
The company said it had signed an agreement with Bulgaria Air, the national carrier of the Republic of Bulgaria, for two Airbus 320ceo aircraft, which it said would service domestic routes such as Cebu and Davao beginning from January to May next year, the company said in a media release.
The two leased A320ceo will both have a 180-seat capacity, the company added.
“We continue to explore various opportunities to supplement the fleet and ensure operational resilience. This includes signing a damp lease agreement with Bulgaria Air for five months in 2024,” Alexander G. Lao, president and chief commercial officer of Cebu Pacific, said separately in a statement.
The company expects its fleet to rise to 92 by the end of 2024, while it also anticipates increasing its year-on-year seat growth to be between 5% and 8% in 2024.
In September, Cebu Pacific’s listed operator Cebu Air, Inc. said it would lower its fleet growth rate in 2024 as engine maker Pratt and Whitney (P&W) inspects A320/321 NEO aircraft engines worldwide following suspected issues.
The company said it is expecting that a number of its aircraft will be affected in 2024 as it reiterates that the inspection is also aimed at ensuring the continued safe operation of its P&W-powered aircraft fleet. — Ashley Erika O. Jose
LONDON — Russian conductor Valery Gergiev, no longer welcome in Western concert halls since Russia’s invasion of Ukraine, was named on Friday as director of Moscow’s Bolshoi Theater.
The appointment puts the 70-year-old in control of Russia’s two pre-eminent opera and ballet houses, as he has also headed the Mariinsky Theater in St Petersburg since 1996.
After performing for decades on the world’s biggest classical stages, Mr. Gergiev has been shunned in the West since the start of the war in February 2022. The following month he was fired as chief conductor of the Munich Philharmonic Orchestra after the city’s mayor said Mr. Gergiev had declined to “clearly and unambiguously” distance himself from the invasion.
The Bolshoi has long been known not only for its magnificent gilded theater and for the quality and epic scale of its ballets and operas, but also for its artistic intrigues and rivalries.
The government announcement of Mr. Gergiev’s appointment said his predecessor Vladimir Urin had asked to be relieved of his duties after more than 10 years in charge, but it did not give any reason.
Mr. Urin was one of 17 prominent cultural figures who signed an open letter in the days after the invasion of Ukraine calling for a halt to military operations, a withdrawal of troops, and negotiations.
“We don’t want a new war, we don’t want people to die,” the letter said.
In May last year, the Bolshoi upset opera and ballet fans by abruptly canceling a series of shows by directors who had spoken out against the war.
Mr. Gergiev, also a former principal conductor of the London Symphony Orchestra, has long been controversial outside Russia because of his support for President Vladimir Putin.
He spoke out in favor of Russia’s invasion of Crimea in 2014. Two years later, he led a concert in the ancient Roman theater at Palmyra in Syria — which Mr. Putin addressed by live video link — after the area was recaptured from Islamic State by Russian-backed Syrian forces.
“The responsibility is enormous,” Mr. Gergiev said of his new appointment.
“Today I am thinking about what we can do in Russia. Not because we’re not invited elsewhere — on the contrary, we’ve spent a lot of time lately in China — but now I, and we together, need to work at home.” — Reuters
THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to develop an online Agent Registry System that streamlines the submission and generation of data on banks’ agent services.
The central bank is looking to amend sections of the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions to include the submission of an Agent Registry report by BSP-supervised financial institutions (BSFIs), a draft circular showed.
“Given the strategic importance of the agent network for financial inclusion, the Bangko Sentral developed the Agent Registry System to support effective monitoring and supervision of, as well as public access to agent services of the BSFIs,” the BSP said.
The Agent Registry System is a web portal that will facilitate the submission, processing, and generation of data on BSFIs’ cash agents, e-money agents, and remittance sub-agents.
“This will allow generation of insights on, among others, the depth of penetration of agent services, as well as relevant information for the directory or tool in the BSP website that the public can use to search for and locate nearest service points, in accordance with applicable laws and regulations,” the central bank said.
The BSP supports the expansion of financial services through agent operations, which allows banks and financial institutions to use third-party entities for their clients, it said. This includes account cash-in and cash-out.
Through the agent network, financial institutions can serve a wider consumer base, particularly in areas where establishing physical access points such as a branch or an automated teller machine may not be viable, the BSP said.
Cash agents include retail outlets, such as sari-sari stores, convenience stores, supermarkets, pharmacies, and pawnshops. These firms provide basic banking services, such as cash deposits, cash withdrawals, balance inquiry, fund transfer, and bills payment.
“The Agent Registry report shall be submitted to build and update information on agents and service points in the Agent Registry System of the Bangko Sentral,” it said.
Covered banks such as those with active cash and e-money agents will be required to submit the Agent Registry report covering all its agents and service points. A bank that serves as an agent or service point for another BSFI should also be reported.
Within six months from the effectivity of the circular, covered BSFIs will be asked to submit a baseline Agent Registry report. The baseline report should contain a list of the requisite information of the bank’s active agents and service points. Meanwhile, a quarterly Agent Registry report will need to be submitted within 10 banking days from the end of a quarter.
Meanwhile, if covered BSFIs wish to blacklist an agent or service point, the delisting should be based on internal guidelines.
“In addition to the regular quarterly submission, covered banks shall notify the BSP through the Agent Registry e-mail that it has blacklisted and/or de-listed an agent or service point within two banking days from the effectivity date of the blacklisting and/or delisting,” the BSP said.
“The delisting of agents and service points may be due to the termination of the agent contract or other reasons under the BSFI guidelines for the permanent or temporary de-listing of agents and/or service points,” it said.
However, if there were no changes from previous submissions, banks should formally notify the BSP through the Agent Registry e-mail that it has nothing to report within 10 days after the end of the quarter.
“In recognition of the necessary adjustments in their reporting process and ensure adherence to the foregoing provisions, sanctions for late, erroneous and/or non-submission of Agent Registry report shall not be imposed for the submission of the baseline report and first quarterly report within nine (9) months from the effectivity of this Circular,” the BSP said.
“Thereafter and for succeeding reports, appropriate enforcement actions shall be applied,” it added. — Keisha B. Ta-asan
Last week here in Cebu, I saw a huge bus marked “Office of the Vice-President.” There also happens to be a sign outside an office building here that is marked “Office of the Vice-President of the Philippines.” Why should the Vice-President, who is supposed to be a spare tire in case the President is incapacitated, have offices and huge buses in the provinces? Are there other provincial offices and buses? What else are we funding needlessly with the peoples’ money?
Also, quite recently I got to watch a minimum of two- or three-minutes’ worth of what I would consider to be a commercial for Vice-President Sara Duterte. It was produced like a documentary on the compassion and constructive things she is allegedly doing for our people. For example, how concerned she is about widespread poverty and the low rate of reading skills among our students, as borne out in international exams. And her resolve to overcome the problem. The “documentary” also claimed that Sara Duterte has written a children’s book! So, now, the Vice-President is an author!
It seems to me obvious that Sara Duterte is running for President in the next election. But isn’t it too early to be campaigning, since that is six years away? And whose money is she using in this campaign to look intelligent and compassionate?
I propose that investigative reporters and the Commission on Audit look into the use of the peoples’ money for this image-building campaign.
Apparently her handlers have noted the drop in her favorable poll ratings and have mobilized the campaign. Where did the budget come from? Did this come out of the funds transferred from the President’s intelligence funds?
Vice-President Sara Duterte did say in a speech, during the controversy over her billion-peso budget request for an intelligence fund for the Office of the Vice-President, that those who opposed her proposal are against the Constitution, and against the nation! This budget request was in addition to her proposed intelligence fund for the Department of Education which she also heads.
As we all know, intelligence funds do not need to be accounted for! I guess it could have funded more and more huge buses and offices in the provinces, and related expenses for this and that.
Outside of her documentary, Sara Duterte has yet to demonstrate her competence and mature judgment. Her inability to handle questions during legislative inquiries, and her incredibly idiotic claim in a formal speech that opposing her proposal for a billion-peso intelligence fund is against the Constitution and against the nation, reveals judgment unfit for national leadership. In fact, this kind of judgment is dangerous for our country, if I may express my fear. There could be more of this kind of thinking.
Fortunately, at my age, I do not expect to be around for the next presidential election. So, what I really fear for is what can become of our country and my descendants if she does get to run, and if she does win.
Meanwhile, it also seems obvious that Speaker Martin Romualdez is making himself very present in the media, getting involved in executive functions, beyond legislation. It looks like he is also campaigning for President. But that is six years away!
There seems to be more and more politics and less and less governance. Almost half of our families are still living below the poverty line, in fact, suffering involuntary hunger too much of the time.
Ferdinand Marcos, Jr. still looks healthy and fit, so he should be around until the presidential election in 2028.
The President has decided to forego the meeting on Climate Change issues in Dubai. He could have been effectively the spokesman for climate justice among victim nations, the Philippines being the most vulnerable. Climate Justice is certainly a major concern for us, as well as for the rest of the Third World. Why he chose to stay, allegedly to focus on helping our Filipino seafarers who have been kidnapped in the Middle East, smacks to me of politics. Surely our capable foreign secretary and his cabinet colleagues could handle the job, even with him on telecommunications. Why did he send Environment Secretary Yulo Loyzaga instead?
Let’s focus on the right priorities for our people. And be more careful with the use of our hard-earned and limited funds.
Teresa S. Abesamis is a former professor at the Asian Institute of Management and fellow of the Development Academy of the Philippines.
SILINGAN COFFEE, founded by Redemptorist brother, photojournalist, and entrepreneur Ciriaco B. Santiago III, is not just a business; it is a platform dedicated to keeping alive the stories of victims of extrajudicial killings (EJK) and promoting human rights in the Philippines.
“Our vision is to keep the nation’s stories alive and promote human rights,” Mr. Santiago said in an interview with BusinessWorld. “They are the living testaments of the crimes that happened in six years.”
The establishment of Silingan Coffee in Cubao, Quezon City, traces back to the height of the pandemic when Mr. Santiago, on his mission to deliver food packs to underserved communities, witnessed the dire need for support among families affected by EJK.
“I started roaming around communities to bring food packs, vegetables, or anything that can help mothers of victims of EJK, even as far as Bulacan, Quezon, Laguna, and Batangas,” Mr. Santiago said.
The Philippines fell three spots to 100th out of 142 countries in the World Justice Project’s Rule of Law Index this year, remaining among the weakest in the region and better only than Myanmar and Cambodia.
The government estimated over 6,000 suspected drug dealers killed in police operations during the term of former President Rodrigo R. Duterte. Human rights groups, however, suggested a much higher figure of up to 30,000 individuals.
More than 30 member states of the United Nations Human Rights Council urged the Philippine government in November last year to take action on extrajudicial killings in connection with Mr. Duterte’s anti-illegal drug campaign.
STAFF AND STORIES What sets Silingan Coffee apart is its dedicated staff — all direct family members of EJK victims.
“They are victims whose cases happened before Duterte withdrew [the Philippines] from the ICC (International Criminal Court) in March 19, 2018,” Mr. Santiago said.
“Some are known cases whose stories are followed by other media entities, while some are unknown and have no idea how to pursue their case,” he added.
Among the employees is Mary Ann Domingo, who has been assisted by the National Union of People’s Lawyers since 2017 in filing cases against the policemen involved in the arrest of her husband and son in 2016. The legal battles are ongoing, Mr. Santiago said.
The Navotas Regional Trial Court dismissed the four-year case of Grace Garganta, a team lead barista in Silingan Coffee, in October on the ground of demurrer to evidence filed by her, according to a court document shared with BusinessWorld.
The Court said that there was “no valid warrantless arrest” for Ms. Garganta when the arresting officers conducted a buy-bust operation on Jan. 16, 2019, against her husband.
“We evolve not simply because of our coffee, but because of their stories — the nation’s stories,” Mr. Santiago said, shedding light on the deep connection between the business and the personal narratives of its employees.
CHALLENGES AND TRIUMPHS The journey of Silingan Coffee has been fraught with financial challenges, especially during its first year when the pandemic-induced lockdown measures took a toll on businesses.
The profits were barely enough to sustain the initial eight employees and expenses due to the lockdown measures, Mr. Santiago noted.
To keep the business afloat, Mr. Santiago had to make personal sacrifices, selling his camera lenses, and taking loans from friends.
“In business, you have to take loans, and you can do that if you have good standing and credibility with them,” he said.
He said the slow growth during the first year did not deter his team. Silingan Coffee remained steadfast in its commitment to the vision, even when faced with financial uncertainty, he added.
EXPANSION PLANS As the lockdowns eased and Silingan Coffee gained attention from local and international media, Mr. Santiago and his team realized the potential to expand their impact.
An assembly with the staff was organized to discuss the vision-mission for the future, leading to the decision to move outside Cubao, Quezon City.
The strategic expansion plan includes the use of mobile vans renovated to fit the business, targeting churches and communities that were hotspots for EJK.
Mr. Santiago took more loans to purchase an old van in Laguna, recognizing its potential to reach areas that needed the advocacy the most.
“It needs to go to churches and communities, which were the hotspots of the killings,” he said.
The business envisions a total of four vans and one physical store within a five-year timeframe.
Additionally, plans to produce and sell candles are in the pipeline to cater to mothers and elderly individuals who may not be able to become baristas, Mr. Santiago said.
SUSTAINING AN ADVOCACY-DRIVEN BUSINESS Running an advocacy-driven business comes with its unique set of challenges and responsibilities, according to Mr. Santiago.
“One must have a clear and courageous vision for something like this,” he advised to those considering a similar path.
“And you need to give back to the community, which means loving your staff.”
The staff at Silingan Coffee not only represents the cause but embodies the hope for justice, he also said. “They will fight for their cases even if they feel they can’t do anything.”
The importance of fair treatment and compensation for the staff is highlighted as a core principle in sustaining an advocacy-driven business, Mr. Santiago noted.
Beyond just serving coffee, Silingan Coffee strives to create a supportive and empowering environment for its employees, he added.
DEMAND FOR ACCOUNTABILITY Silingan Coffee transcends the conventional definition of a business by actively demanding accountability for past injustices.
The business, Mr. Santiago said, goes beyond profit-making to continuously share the narratives of EJK victims, acting as a voice for those who have been silenced.
“We evolve not simply because of our coffee, but because of their stories — the nation’s stories,” he said, emphasizing the role of the business in demanding justice and accountability.
As of now, Silingan Coffee boasts a team of 28 baristas and 30 candlemakers.
The numbers, however, tell only part of the story. For Mr. Santiago, the true success of Silingan Coffee lies in the human stories it has touched and the hope it has instilled in the hearts of its employees.
A BIRD’S eye view of Brgy. Pawa and the Nabas wind power project. — WSP, INC.
PETROWIND Energy, Inc. has been granted fiscal incentives by the Board of Investments (BoI) for its 13.2-megawatt (MW) Nabas-2 wind power project in Aklan province, the renewable energy firm said on Tuesday.
Francisco G. Delfin, Jr., president and chief executive officer of PetroGreen Energy Corp., said in an e-mailed statement that the approval of the incentives registration “will boost the power generation capacity of our service contract block.”
PetroWind is a joint venture of PetroGreen, the renewable energy arm of Yuchengco-led listed firm PetroEnergy Resources Corp., EEI Power Corp., and BCPG Public Co. Ltd. of Thailand.
Mr. Delfin said the project would contribute to the Department of Energy’s goal of making Western Visayas “a renewable energy (RE) hub of the country.”
PetroWind quoted BoI Managing Head and Trade Undersecretary Ceferino S. Rodolfo as saying that with the approval of the registration application for the P2.57-billion Nabas-2 wind farm, “we are grateful to the Yuchengco Group and Thailand’s Bangchak Group for their continuing trust and investment in the country.”
Under Executive Order No. 226 or the Omnibus Investments Code of 1987, a qualified enterprise may enjoy certain benefits and incentives provided it invests in preferred areas of investments enumerated in the Investment Priorities Plan.
In March, the company signed a 15-year term loan agreement worth P1.8 billion with the Development Bank of the Philippines.
The loan will fund the company’s major infrastructure buildup, which includes the installation of wind turbine generators, the construction of a temporary jetty, internal access roads, and a new substation and switching station.
PetroWind targets to complete the second phase of the project by 2024.
The Nabas-2 project is located south of the existing 36-MW Nabas-1 wind power project, which has been transmitting power since 2015.
Last month, PetroWind said it had started the second phase of the Nabas-1 wind power project, which would add six turbine generators to the existing 18 of the first phase.
The expansion will enable the company to increase the wind project’s capacity to 50 MW from 36 MW.
In the third quarter, PetroEnergy reported an attributable net income of P167.95 million, up 51.3% from P111.03 million recorded last year.
Gross revenues increased by 47.6% to P959.51 million from P649.92 million previously.
On Tuesday, shares of PetroEnergy went down by one centavo or 0.22% to close at P4.57 apiece. — Sheldeen Joy Talavera
Addressing the critical question of whether generative AI will replace millions of jobs, Mr. Hardoon acknowledged concerns about job stability but emphasized pragmatic optimism due to humans’ innate desire for innovation.
Handling safety concerns in using generative AI, Mr. Hardoon highlighted a 
