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Eaton appoints VSTECS as authorized distributor for its UPS portfolio in the Philippines

In the photo (L-R): Fernando Morales, Pre-Sales Manager, Eaton Philippines; Chalalai Kwansuwan, Marketing Communication Manager — Philippines, Thailand and Vietnam, Eaton; Lizette Galvez, Head of Power Quality, Eaton Electrical Philippines; Low Seh Min, Power Quality Business Development Director, East Asia, Eaton Electric (Singapore); Tony Lin, Country Manager, Taiwan & Philippines, East Asia Eaton Electric (Singapore); Jimmy Go, President and CEO, VSTECS; Princess Chua, Executive Vice-President and Country Chief Operating Officer, VSTECS; Shirley Wong, Distributed Power Quality Solutions Manager, East Asia, Eaton Electric (Singapore); Ana Aliemante, Sales and Marketing Manager, VSTECS; Mina Catausan, Product Manager, VSTECS; and Melvin Manzanares, Assistant Manager, Technology and Product Solutions Group, VSTECS

Intelligent power management company Eaton today announced the appointment of VSTECS Phils., Inc. as the authorized distributor of its uninterruptible power supply (UPS) solutions in the Philippines. Since its inception in 1998, VSTECS has become one of the Philippines’ leading providers of information technology solutions, offering a comprehensive range of IT products and services designed to meet the needs of businesses in the country.

In the Philippines, where natural disasters and power fluctuations are common, investing in reliable power management is essential for safeguarding IT hardware and preventing costly downtime. Eaton, through VSTECS, offers the Philippine market a range of both single-phase and three-phase UPS products that ensure operational continuity, protect critical infrastructure, and allow precise monitoring and control to optimize performance and efficiency.

Jimmy Yam, vice-president and general manager, East Asia, Eaton’s Electrical Sector, said, “In today’s power-dependent landscape, the ability to safeguard against power disruptions is critical. Together, Eaton and VSTECS are set to support businesses in maintaining their operations seamlessly, even in the face of power challenges. Furthermore, this partnership enables VSTECS’ channel partners to offer tailored, cost-effective power management solutions, enhancing their value proposition and competitive edge in the market.”

VSTECS-Eaton partnership launch

Jimmy Go, president and CEO of VSTECS Phils., Inc., said, “We are thrilled to partner with Eaton to bring their world-class power management solutions to the Philippine market. This collaboration underscores our dedication to providing our customers with reliable and innovative technologies that protect their operations and enhance their capabilities. In addition, with the help of Eaton’s competitive channel programs, we will provide training and tailored sales and marketing support to our channel partners to help them expand their market presence and enhance customer satisfaction.”

VSTECS, as the authorized distributor, will leverage its extensive network and expertise to ensure that Eaton’s power management solutions are readily available and accessible to the Philippine market, empowering businesses and individuals to thrive in an increasingly digital world.

About Eaton

Eaton is an intelligent power management company dedicated to protecting the environment and improving the quality of life for people everywhere. We make products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy sources, helping to solve the world’s most urgent power management challenges, and building a more sustainable society for people today and generations to come.

Eaton was founded in 1911 and has been listed on the New York Stock Exchange for more than a century. We reported revenues of $23.2 billion in 2023 and serve customers in more than 160 countries. For more information, visit www.eaton.com. Follow us on LinkedIn.

About VSTECS Philippines

VSTECS is one of the leading ICT distributors in the country, recognized for its extensive portfolio of products, solutions, and services across diverse market segments. Its portfolio is unparalleled, representing over 100 renowned brands and encompassing a wide range of technology solutions. The company has established itself as the go-to partner for businesses in need of reliable, state-of-the-art solutions to address their evolving ICT needs. Its meticulously tailored solutions serve the retail, mobility, commercial, and enterprise markets, precisely meeting industry-specific requirements and driving innovation across sectors.

 

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Join the Ultimate Street Food Party at SM Hypermarket

Foodies everywhere are in for a treat as SM Hypermarket’s Street Food Festival makes its grand return. From September to October, the festival promises to be the ultimate celebration of street food, offering a delectable array of dishes, irresistible deals, and a host of exciting activities.

Sizzling Deals and Irresistible Promos

Shoppers can look forward to these fantastic deals:

  • Get up to P40 off on select Street Food Festival items when you use your SMAC card at any SM Hypermarket. Available in all stores.
  • Online Shoppers will enjoy exclusive deals with a minimum purchase of P1,500 worth of groceries inclusive of any Street Food Festival participating items at smmarkets.ph.
    • September: get FREE SM Bonus French Fries plus P50 off delivery on orders with Street Food Festival items.
    • October: receive a limited-edition Street Food Festival tote bag and P50 off delivery.

In select SM Hypermarket stores, shoppers can save with the following promos:

 

  • With a P3,000 total, including Street Food Festival items, shoppers can score a FREE gift from participating vendors.
  • Hit the P3,000 mark, inclusive of Street Food Festival items, and take home 10 free sticks of BBQ Master when you use your SMAC card.
  • For those who reach P5,000 groceries inclusive of Street Food Festival, you can snag a Limited-Edition SM Turon Pillow for just P200 — an exclusive offer for SMAC members.

The Ultimate Street Food Experience Awaits!

The Ultimate Street Food Party Expo, its grand activation, kicks off the festivities on Sept. 14-15, 2024, at SM Hypermarket Mall of Asia. Shoppers can enjoy all the fantastic offers previously mentioned, plus these exclusive Expo-only deals:

  • Spend P3,000 (inclusive of Street Food Festival items) and grab a Street Food Festival Bag for just P100.
  • For a total of P3,000 (inclusive of Street Food Festival items), dive into the Pool of Prizes game, where 600 lucky winners will each take home P500.
  • When you shop P500 worth of Street Food Festival items, you can try out the classic Party Pabitin for a chance to win great prizes.

Mark your calendars for the next Expo at SM Hypermarket Fairview on Oct. 19-20, 2024. With even more opportunities for fun and flavor, this is truly one party you won’t want to miss!

SM Hypermarket’s Street Food Festival is made possible thanks to the support of our partners, Knorr, Lady’s Choice, Nestle, Maggi Magic Sarap, Purefoods, 555, Lucky Me, Farm Fresh, CDO, and Bounty Fresh.

This is set to be an unforgettable celebration of food and fun. Families and friends are encouraged to come together, savor delicious street food, and create lasting memories. Truly, this is the ultimate street food party of the year — come join the fun and indulge in the flavors!

 

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Fintech behind Atome Philippines card among SEA’s Top 30 tech startups

Advance Intelligence Group Limited (AIGL), the Singapore-based fintech startup behind Atome Philippines’ PayLater Anywhere Card, has been listed in the inaugural NextGen Tech 30, an award which recognizes Southeast Asia’s Top 30 tech startups. 

The award is the region’s first collaboration between the public and private sectors. Among those involved were tech venture capital firms Granite Asia, KKR, and Northstar Group, multinational corporation DBS Bank, and Singapore’s Economic Development Board and InfoComm Media Development Authority.

The roster of NextGen Tech 30 winners include water treatment provider Gradient, agritech company Chickin, and online learning platform Prep. 

AIGL’s use of artificial intelligence, as well as its risk management strategy, is helping solve the credit crunch challenge in the Philippines, according to Magic Tang, head of Atome Cards. 

“For so many of our Atome Philippines cardholders, it is their first-ever card product, and we are also seeing very high daily engagement and use cases to afford basic necessities,” he said in a September 25 press statement. “This eventually graduates them to build a credit history and on-ramp to traditional financial products and services.”

ADVANCE.AI, an AIGL subsidiary, also announced last month that it had signed an agreement with state-owned Credit Information Corporation to launch a credit bureau in the Philippines. 

Total outstanding credit card volumes increased year-over-year to 11.2 million cards in Q4 2023 from 9.3 million cards in Q4 2022, based on a 2024 analysis by TransUnion, an information and insights company. Over the same period, the credit card penetration rate – or the percentage of adults holding at least one credit card – reached over 15% of Filipino adults.   

Data from the Credit Card Association of the Philippines showed that credit card spending in the country increased by 39% to reach P853 billion in the first half of 2023 – a rise from the 29% increase the previous year. – Patricia B. Mirasol

YGG partners with Parallel for a $100,000 tournament at the YGG Play Summit

image source: https://store.steampowered.com/app/2604930/Parallel/

Web 3.0 startup Yield Guild Games (YGG) is partnering with trading card game (TCG) Parallel in a $100,000 prize pool tournament at the YGG Play Summit in Manila, Philippines. 

There will be two global online qualifying tournaments to determine the 16 players who will compete at the play summit on November 19-23.  

“[Trading card game] players have always been passionate about the games they play, and many look for opportunities to test their skill at a high-stakes competitive level,” said Gabriel Dizon, YGG co-founder, in a September 25 press statement.  

“Parallel is in a very good position to be able to cater to these players, with many of its mechanics inspired by competitive TCGs such as Magic: the Gathering and Hearthstone,” he said.  

“With YGG organizing these events, many players can have a chance at earning their share of the $100,000 prize pool.” 

The summit will provide insights into the future of gaming, digital ownership, and worldwide Web 3.0 projects. It will also feature activities such as a cosplay competition, live demos, and a one-day conference. 

The YGG-community-managed Facebook group “Everything Parallel” will likewise be hosting contests and posting content designed to engage and attract people to the web3 game. Several educational videos, including deck guides, are also posted on YGG’s YouTube channel.  

Parallel TCG players can expect weekly events up until the November YGG Play Summit. 

Kalos, Parallel TCG’s co-founder whose name is not publicly available, said that he expects “a lot of competitive play in the weeks leading to the summit.” 

“We will be able to emulate that feeling of playing with other people in a card shop while also showing them the advantages that Web3 offers through Parallel TCG,” he said in the same press statement. – Patricia B. Mirasol

Deepfake can cause problems in the 2025 PH elections – IBM

VECSTOCK-FREEPIK

by Almira Louise S. Martinez, Reporter

Falsely generated videos, images, and audio powered by artificial intelligence (AI) can stir up trouble in the 2025 Philippine elections, a multinational technology company said. 

“Some of the deepfake stuff that gets put on there is quite funny, but it is a real problem,”  International Business Machines Corporation (IBM) APAC Vice President, Government, and Regulatory Affairs Stephen Braim said in a virtual interview on Monday. 

According to Mr. Braim, deepfakes have been widely used during elections in different countries like the United States and Taiwan. 

“They had a major problem with one of their neighbors using deepfakes trying to influence the election,” he said on the 2024 presidential election in Taiwan. 

Global superstars and creators were common victims of deepfakes during election season. “Their deep fakes are used in political advertising and to rip them off as content creators,” Mr. Braim said. 

In India, Bollywood actors Aamir Khan and Ranveer Singh were used in viral deepfake videos criticizing Prime Minister Narendra Modi during the general election. 

Additionally, an old video of Home Minister Amit Shah was manipulated using a basic editing tool called ‘cheapfake’ for a political agenda against the then-ruling party. 

Aside from known faces, even the general public can experience the damaging impacts of AI misuse. “There’s a lot of this stuff that’s used to trick people out of giving money over to what they think is a family member,” Mr. Braim said.  

Despite the harmful effects it may cause in the political sphere, proper safeguards are still not in place to protect the people. 

“There isn’t a silver bullet technology out there to handle deepfakes, whether either in the Philippines or anywhere around the world,” he told BusinessWorld. 

Mr. Braim said that the government plays a role in regulating and holding users and developers of deepfakes accountable for their actions. “We think regulation should very much be around to protect elections against the use of deepfakes.” 

He added that user trust is an integral part of the generative AI era. With all the negative implications of AI, Mr. Braim said it undermines people’s trust in a technology that can be useful for productivity, growth, and health outcomes. 

“You know the list is endless. We just got to marginalize the bad use of it,” he said.  

Markets fear ECB’s cautious path risks tipping inflation below target

If traders are right, the European Central Bank is now at risk of pushing inflation below its 2% target by cutting interest rates too slowly, hurting the bloc’s fragile economy.

The swaps market, where investors hedge inflation risk by exchanging payments tied to the rate of price growth, suggests inflation will fall durably below the ECB’s target from January, according to data compiled by Danske Bank for Reuters on Wednesday.

That’s much earlier than the ECB, which expects inflation – currently at 2.2% and potentially dipping below target this month before rising back – to fall to 2% in late 2025.

The ECB has been battling to rein in inflation, which was running in double digits less than two years ago. But price pressures have eased following aggressive rate hikes, prompting the bank to kick off an easing cycle in June. It last cut rates earlier this month.

“The market is signaling to the ECB that they could be behind the curve,” said Analissa Piazza, fixed income research analyst at MFS Investment Management, which manages $639 billion.

If the bank continues quarterly moves through next year – slower than markets expect – it could push inflation below target for too long and then struggle to push it back up in the future, she added.

Data this week showing euro zone business activity unexpectedly contracted in September vindicated markets, which have expected swifter disinflation than the ECB for a while. Traders now see more than a 50% chance of an October rate cut, even though ECB policymakers have so far refrained from signaling one.

Investors reckon the risk of below-target inflation is rising globally.

While they saw inflation between 2%-3% as the more likely outcome in the United States and the euro zone at end-2025, the share of investors who expect below target inflation rose in both regions this month, a BofA investor survey showed on Sept. 13, just before the Federal Reserve’s 50 basis-point rate cut.

In Sweden, inflation has fallen much faster than expected and been below target for three straight months, prompting the Riksbank to put faster cuts on the cards on Wednesday.

 

GROWTH WORRIES

A key part of the discrepancy is oil prices, which dropped to their lowest in nearly three years below $69 earlier in September LCOc1.

At around $74, they are still over 6% lower than the August 16 cut-off date for the ECB’s latest economic projections.

For sure, markets aren’t signaling the kind of ultra-low inflation that prevailed before the COVID-19 pandemic that the ECB struggled to reignite, prompting it to unleash vast bond purchases and a controversial experiment with negative interest rates.

The swaps point to average inflation of 1.7% over the next year.

And a key market gauge of longer-term inflation expectations EUIL5YF5Y=R, which dropped to a two-year low earlier in September, remains just a touch above 2%.

But crucially, market inflation expectations signal disagreement with the ECB’s outlook on growth.

“The market is thinking the ECB is a little bit optimistic on growth,” said Amundi Investment Institute’s head of developed markets strategy Guy Stear, who expects euro zone growth to improve to 1% next year from 0.8% this year, less than half the rise to 1.3% the ECB expects.

 

INCOME BOOST?

While acknowledging domestic demand will be weaker than previously expected, the ECB reckons goods disinflation has run its course and expects rising real incomes to support consumption and drive growth.

But euro zone households are saving more than they did before the pandemic and some economists reckon they are unlikely to run down those savings and boost consumption as consumer confidence remains weak.

Nomura economists note that, rather than accumulating more cash, savers have upped their asset holdings, making them less likely to spend.

And while volatile, wage growth – which ECB hawks in particular worry risks keeping services inflation high – has slowed more sharply than the bank expected.

Monday’s business activity data, showing German businesses shedding staff at the fastest pace in over 15 years outside of the pandemic, also warranted caution, economists said.

A bleaker economic outlook than the ECB expects would support euro zone government bonds, which have underperformed U.S. Treasuries this year, investors said.

Indeed, rate-sensitive German two-year bond yields DE2YT=RR registered their biggest daily fall in nearly two months following Monday’s data.

“The question simply remains given the weakness in overall growth… just how long can the ECB hold onto the idea that services inflation is sticky and we have to be patient?” said Barclays’s head of euro rates strategy Rohan Khanna.

“The longer they hold onto that argument, it worsens the economic situation and will hence force them into deeper cuts, or potentially even bigger cuts down the line.” – Reuters

Vietnam says Musk’s SpaceX plans $1.5 bln Starlink investment

STARLINK.COM

HANOI – Elon Musk’s SpaceX plans to invest $1.5 billion in Vietnam in the near future, the government of the Communist-run nation said on Thursday, which could help resolve a stalemate over the launch of its Starlink satellite services there.

Months of talks on the offer of Starlink’s satellite internet connection and other communications services were put on hold at the end of 2023, sources familiar with the matter had told Reuters earlier this year, although they resumed later.

“The Vietnamese government is considering the (investment) proposal of SpaceX,” a report on the government portal on Thursday quoted President To Lam as saying, asking the company to work closely on completing preparations for the investment.

The remark followed the leader’s meeting in New York with SpaceX government affairs official Tim Hughes, who said the company planned to invest $15 billion in Vietnam, a promising market for its satellite internet service, the report added.

The government did not clarify where SpaceX’s investment would be made, nor when details could be agreed.

U.S.-based SpaceX did not immediately respond to a Reuters request for comment.

Vietnam’s foreign ministry did not respond to a request for comment.

With 100 million people, Vietnam is a large user base for U.S. internet companies such as Meta’s Facebook and Alphabet, but its ageing equipment can disrupt operations of key optic fiber undersea cables.

Large mountainous swathes also make internet services less reliable in Vietnam, which could also use satellite internet for tasks such as tighter patrolling in the disputed South China Sea where it is often at odds with China.

Such a step may not go down well with Beijing, however.

 

INVESTING WHERE?

Thursday’s news follows a report this month on the government portal that cited Hughes as saying SpaceX aimed to provide Starlink services to the Southeast Asian nation, after the two sides had resumed talks.

At the time, Hughes, the company’s senior vice president for global business and government affairs, said SpaceX’s deployment of internet services in Vietnam aimed mainly to benefit education and disaster prevention efforts, state media reported.

Last year’s talks were stymied by questions about ownership of the company SpaceX would have to set up in Vietnam, which limits foreigners’ holdings in such firms to half, while SpaceX wanted at least a controlling stake, sources had told Reuters.

It is unclear whether this issue is still a hurdle.

Vietnam also requires data to be stored domestically, with strict controls on what is visible online.

Industry sources told Reuters SpaceX has suppliers in Vietnam, a major industrial hub home to large manufacturing operations of U.S. firms and their contractors.

Apple, with dozens of suppliers in the country, said in April it wanted to invest more by increasing spending on them. – Reuters

North Korea may be able to produce a double-digit number of nuclear weapons, MP says

SEOUL – North Korea has enough plutonium and uranium to produce at least a double-digit number of nuclear weapons, a South Korean lawmaker said on Thursday, citing the country’s spy agency.

The agency also sees the prospect of North Korea potentially carrying out a seventh nuclear test after the U.S. presidential election on November 5, Lee Seong-kweun, who sits on the parliamentary intelligence committee, said.

In July, a report by the Federation of American Scientists concluded that Pyongyang may have produced enough fissile material to build up to 90 nuclear warheads, but that it has likely assembled closer to 50.

Lee said it was rare for North Korean state media to report on leader Kim Jong Un’s visit to a uranium enrichment facility, suggesting the report published earlier this month was likely aimed at sending a message to Washington ahead of the U.S. presidential election.

Mr. Lee, who was speaking to reporters after being briefed by South Korea’s National Intelligence Service, also said the report on the visit may be for domestic purposes.

“It was said that the economic situation is dire, so it could be interpreted as an act to instill confidence in residents,” Mr. Lee said.

Pyongyang says its arsenal of nuclear weapons and ballistic missiles to carry them are necessary to counter threats from the United States and its allies.

It also often touts the weapons as a matter of national prestige and proof of the country’s power.

The North Korean Supreme People’s Assembly (SPA), the reclusive state’s rubber-stamp parliament, is set to convene a new session on Oct. 7 in Pyongyang.

During the session, the North might amend its constitution and take follow-up measures to draw new boundaries with the South, Mr. Lee said.

The last SPA meeting was held in January where leader Kim called for a constitutional amendment that would view South Korea as the “primary foe.” – Reuters

How will Japan’s ruling party pick the next prime minister?

TOKYO – Japan’s ruling Liberal Democratic Party will elect its new president on Friday to replace outgoing Prime Minister Fumio Kishida and lead a party that has governed the country for most of the past seven decades.

 

HOW DOES THE VOTE WORK?

Two weeks of debates and campaign events across Japan culminate in a gathering on Friday of the nine candidates and other LDP lawmakers at party headquarters in Tokyo for the vote to decide the new leader.

Since the party has a majority in parliament, the winner will become the next prime minister.

LDP lawmakers will cast 368 votes in the first round, with an equal number distributed among rank-and-file members gathered on Thursday.

In the 2021 leadership election, the party had 1.13 million registered members, its website showed.

A candidate securing a simple majority in that poll becomes party leader. If no one secures a majority, a run-off poll follows, between the two candidates with the most votes.

In the second round, each lawmaker again gets one vote, but the share of the rank-and-file drops to 47 votes, one for each of Japan’s prefectures.

In the unlikely event of a tie, the winner will be decided by lot. That has never happened in a leadership contest, but was used in 2010 to decide who would chair the LDP’s upper house caucus.

 

AFTER THE PARTY VOTE

Kishida and his ministers will resign, probably on Monday, and parliament will gather to name the new party leader as his successor, who will then announce a new cabinet and appoint key LDP officials.

The new prime minister may also call a snap general election to seek a national mandate, with at least one leading candidate, Shinjiro Koizumi, having promised to do so. Such elections could come as early as October 27, media have said. – Reuters

Legislation to curb US investment in China is top priority, lawmaker says

By United_States_Capitol_-_west_front.jpg: Architect of the Capitolderivative work: O.J. - United_States_Capitol_-_west_front.jpg, Public Domain, https://commons.wikimedia.org/w/index.php?curid=17800708

WASHINGTON – The Republican chair of the House of Representatives’ select committee on China said on Wednesday that the panel’s top priority is legislation restricting US investment in China to stop investors from “funding our own demise.”

“We have to have an outbound investment regime that basically says ‘No investment in these businesses that are on some kind of a list,’ that says ‘We shouldn’t be helping the Chinese military, we shouldn’t be supporting genocide,'” Representative John Moolenaar said, speaking on a panel at the American Enterprise Institute.

“That’s probably our number one priority right now,” he added. “We are actually funding our demise.”

A committee spokesperson confirmed that “genocide” referred to China’s alleged treatment of its Uyghur minority in Xinjiang.

The Chinese Embassy in Washington said Beijing firmly opposes “the U.S. overstretching the concept of national security and abusing state power to go after Chinese products and companies.” It added that China would “continue to firmly protect the legitimate and lawful rights and interests of Chinese companies.”

Mr. Moolenaar’s remarks signal Congress could revive long-sought restrictions on U.S. investment in China, which have faced a rocky path in Washington.

A measure restricting outbound investment was stripped out of the Chips Act before it was signed into law in 2022. In August 2023, Democratic President Joe Biden issued an executive order giving the Treasury Department the authority to bar or restrict US investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.

But rules implementing that order, proposed in July, have yet to be finalized. The Treasury did not respond to a request for comment on the status of the proposed rules.

Mr. Moolenaar said House Speaker Mike Johnson “would like to have something before the end of the year.” Johnson’s office did not respond to a request for comment.

The United States and other Western countries have imposed sanctions on Chinese officials for human rights abuses in Xinjiang, which the United States has said have amounted to genocide.

China rejects allegations of abuses, including use of forced labor in Xinjiang, and describes the camps it has set up there as vocational training centers for Uyghur Muslims that help combat religious extremism.

Mr. Moolenaar also flagged specific Chinese companies that he said pose national security threats including Chinese crane maker Shanghai Zhenhua Heavy Industry Co (ZPMC), which was featured in a recent committee report.

US-bound cranes made by ZPMC, which accounts for 80 percent of ship-to-shore cranes in operation at US ports, contain unauthorized cellular modems, creating a “significant backdoor security vulnerability,” he said.

“ZPMC could disrupt US maritime equipment and technology at the request of the Chinese government, including during a conflict over Taiwan,” he said, referring to the democratically governed island that China claims. The company, he said, is a “loaded gun”.

Neither ZPMC nor the Chinese embassy in Washington immediately responded to requests for comment on that issue, but ZPMC has in the past said it does not pose a cyber security threat. – Reuters

WiSAP, BeyondTrust spearhead discussion on leveraging AI for modern identity threat detection

The Women in Security Alliance Philippines (WiSAP), an inclusive industry association for cybersecurity professionals, recently partnered with BeyondTrust to host a discussion on harnessing artificial intelligence (AI) for modern identity threat detection.

In her remarks, WiSAP President and Chair Mel Migriño expressed her gratitude to BeyondTrust for collaborating on this event, emphasizing their shared commitment to strengthening the cybersecurity landscape in the Philippines.

“I want to extend my heartfelt thanks to BeyondTrust for joining us in this crucial discussion. AI has become an essential tool in cybersecurity, helping us detect suspicious or malicious activities before they escalate,” Ms. Migriño said.

“We’re also using AI for mitigation strategies, tailored to your organization’s risk appetite. Whether it’s automated remediation or another approach, AI gives us the flexibility to respond effectively,” she added.

Asia Regional Sales Director Charlie Wood, meanwhile, also expressed gratitude to the WiSAP and explained the importance of the discussion where valuable knowledge on identifying and mitigating modern identity threats, along with actionable recommendations for enhancing security measures.

“Attackers online are constantly looking for ways to exploit the gaps between our technologies, people, and organizations. Their objective is to find weaknesses they can leverage to gain access to critical data,” Mr. Wood said.

“To counteract this, it’s crucial for us to refine our processes and strengthen our defenses, ensuring that these vulnerabilities are addressed and that access to sensitive information is tightly controlled,” he pointed out.

BeyondTrust is an international company specializing in safeguarding identities and critical access from security threats, while also enhancing operational efficiencies.

On the sidelines of the event, BeyondTrust Senior Director Benjamin Wong, explained, “This collaborative effort with WiSAP is aimed at educating people on the proper and responsible use of AI especially in cybersecurity.” Mr. Wong further added, “This event is also part of our ongoing efforts to strengthen cybersecurity in the Philippines.”

Demonstrating support from the government sector, the Cybercrime Investigation and Coordinating Center (CICC), an agency attached to the Department of Information and Communications Technology (DICT), actively participated in the discussion.

CICC Executive Director Undersecretary Alexander Ramos, expressed his hopes for the event, stating, “I hope in today’s activities that we’re going to have; we can share more knowledge and experiences that will make the virtual world safer for everyone.”

On the other hand, Scam Watch Pilipinas, a national citizen arm supporting the Philippine government’s efforts against cyber fraud, also backed the initiative.

As a private initiative focused on educating Filipinos about online scams, Scam Watch Pilipinas highlighted the growing misuse of AI in various fraudulent activities.

“Scam Watch Pilipinas fully supports this initiative, especially in light of the increasing role AI plays in online scams,” said Jocel De Guzman, co-founder of Scam Watch Pilipinas, while explaining the importance of educating the public on the ethical use of AI.

The event took place at the Ascott Hotel in BGC, Taguig City, and included a round-table discussion where experts shared their insights on identity management as a crucial component in building a secure and resilient hybrid infrastructure.

The panel featured Chief Information Security Officer (CISO) Charmaine Rose A. Valmonte, Kenneth Catugas from the British Computer Society (MBCS), and Mr. Wood to represent BeyondTrust. The discussion was moderated by Ms. Vida Samson.

 

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China weighs injecting $142 bln of capital into top banks, Bloomberg News reports

CARLOS DE SOUZA-UNSPLASH

HONG KONG – China is considering injecting up to 1 trillion yuan ($142.39 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, Bloomberg News reported on Wednesday.

The move is part of broad stimulus measures Beijing introduced this week to boost China’s ailing economy and sluggish markets.

The funding will mainly come from the issuance of new special sovereign bonds, Bloomberg reported, citing people with knowledge of the matter.

The National Financial Regulatory Administration (NFRA), the country’s banking sector regulator, did not immediately respond to a Reuters request for comment.

Top lenders in the world’s second-largest economy have been struggling with shrinking margins, faltering profits and rising bad loans amid slowing growth and an unprecedented property sector crisis.

Four of China’s five largest lenders reported lower second-quarter profit after responding to a government nudge to lower lending rates in order to stimulate weak loan demand.

The massive capital injection, subjected to changes, would be the first time since the 2008 global financial crisis that the Chinese government has stepped in to replenish its big lenders, the Bloomberg report said.

China’s CSI300 blue-chip index reversed early losses to last trade 0.35% higher, while Hong Kong’s Hang Seng Index gained 1.5%. The yuan extended its gains and was last up 0.12% at 7.0241 in the onshore market. – Reuters

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