RLC Residences unveils leasing website for condo seekers

February 27, 2024 | 12:01 am

RLC RESIDENCES has introduced a leasing website to facilitate the search and comparison of condominium units for potential renters.

“We aim to simplify the process of searching within our developments…,” RLC Residences Senior Director, Marketing Head, and Chief Integration Officer Karen Cesario said in an e-mailed statement on Feb. 21a.

The website helps prospective tenants navigate and compare properties based on location, unit type, and rental rates.

Properties are available in seven cities: Mandaluyong, Muntinlupa, Pasay, Pasig, Quezon, San Juan, and Taguig.

“The newly launched leasing website featuring condo units for rent allows home seekers to match themselves to the right place for them to live in,” the company said.

Upon selecting the desired unit, the website also displays actual residential snapshots and available amenities for each property.

For example, The Sapphire Bloc, a 36-square-meter one-bedroom unit in Pasig City, with a monthly rate of P40,000, has amenities such as a children’s playroom, playground, dry garden, fitness gym, function room, and others.

“RLC Residences’ leasing website allows unit seekers to check the rental range of fees for each unit, and even compare them with other properties within its portfolio,” the company said.

The rental rates range from P16,000 to P80,000, depending on the property type, unit type, and location.

RLC Residences is the residential division of listed company Robinsons Land Corp. — Aubrey Rose A. Inosante

SOCResources, Inc. opens nomination of candidates for vacancies on the Board of Directors

February 27, 2024 | 12:01 am

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K-pop girl group TWICE aims for top of the Billboard

February 27, 2024 | 12:01 am

SEOUL — With an upbeat new album all about love and friendship and a world tour under way, K-pop girl band TWICE has set its sights on a new high on the Billboard main chart, the group told Reuters.

The nine-member band has helped to drive the global K-pop phenomenon since its debut in 2015, propelled by cheerful songs, catchy hooks, and choreography.

TWICE released its album With YOU-th, on Friday, following an all-English language single “I Got You” early this month.

In an interview with Reuters, members of TWICE said they were elated to perform as a group after focusing on solo or sub-unit activities over the last year.

The six-track mini album and its lead single, “One Spark,” were meant to embody the passion and love the members share among themselves and with the fans, Chaeyoung said. With two other band members, Jeongyeon and Dahyun, she wrote the lyrics.

“I think this album is a collection of things that represent our youth, the friendship and special bond that glues together nine of us and that only TWICE can show,” she said.

The pre-released single, “I Got You,” had headed iTunes’ top songs chart in 41 regions, TWICE’s management JYP Entertainment Corp. said, and the band aims for a higher spot on the Billboard main chart.

“I have a dream. I’ll be really happy if we score high on the Billboard, even if not No. 1,” Chaeyoung said.

TWICE has resumed its fifth world tour, performing in Mexico City and Sao Paulo this month and is set to visit Las Vegas in March. In July, the band’s members will become the first overseas female artists to play the Nissan Stadium in Kanagawa, Japan.

Like many other K-pop groups, TWICE faces tight schedules and public pressure, but “letting go of things” and strength as a group helped its members to cope, they said.

Jeongyeon also said she had taken boxing lessons to unwind.

“You need to learn to rely on the people around you, and to get help from them, not do everything alone,” Mina said. — Reuters

PSBank net income up 23%

February 27, 2024 | 12:01 am

PSBank-Philippine Savings Bank — COMMONS.WIKIMEDIA.ORG

PHILIPPINE Savings Bank (PSBank) recorded a higher net profit in 2023 as it saw double-digit growth in loans and higher investment revenues, it said on Monday.

The thrift banking arm of the Metrobank Group booked a net income of P4.53 billion last year, 23% higher than the P3.68 billion in 2022, it said in a disclosure to the stock exchange.

This translated to a return on equity of 11.7%, the bank said.

“This significant milestone was a result of teamwork and steadfast commitment of PSBankers in delivering effortless banking to our clients and stakeholders,” President Jose Vicente L. Alde said in a statement.

“We want to leverage on this momentum to expand our coverage, provide diversified offerings, and further invest in technology to level up customer experience in the succeeding years,” he said.

The bank’s financial statement was not available as of press time.

PSBank said its financial performance in 2023 was mainly driven by the double-digit growth in loans, higher investment revenues, and muted costs amid operational efficiencies.

Its net interest income rose by 7% year on year to P11.83 billion in 2023, while operating expenses declined by 1% amid its cost optimization efforts.

The bank’s gross loan portfolio grew by 12% to P125 billion at end-2023 from the P112 billion a year prior. Auto loans expanded by 24% year on year amid higher demand, PSBank said.

Despite the growth in its loan book, PSBank’s gross nonperforming loan ratio improved to 3.3%in 2023 from 3.5% in 2022.

On the funding side, total deposits with the bank were at P190 billion last year.

PSBank’s assets stood at P238 billion at end-2023, while its capital reached P40 billion.

Its capital adequacy ratio was at 24.5% in 2023 and its common equity Tier 1 ratio stood at 23.6%, above the minimum levels set by the central bank.

PSBank’s shares dropped by P1 or 1.82% to close at P54 each on Monday. — Keisha B. Ta-asan

A ‘re-horizoned’ AFP modernization program: What does it mean?

February 27, 2024 | 12:01 am

PBBM Marcos-AFP annivesary — PHILIPPINE STAR/KJ ROSALES

LAST MONTH, President Ferdinand Marcos, Jr. approved the revised Horizon 3 of the Armed Forces of the Philippines (AFP) modernization program (AFPMP). Dubbed as a “re-horizoned” iteration of the last phase of the AFPMP, it was also announced that it will have a price tag of P2 trillion ($35 billion) covering a 10-year period. However, details about this ambitious plan remain elusive.

For the uninitiated, the question is: “What does this mean?” It is possible that its significance is lost on ordinary Filipinos because of its ambiguity. Therefore, it is important to “connect the dots” and present a picture of what this new program entails. Existing policies, pronouncements by public officials, as well as reports from traditional and nontraditional sources can help us unpack the issue and offer a possible direction of the program.

To start, the National Security Policy (2023-2028) or NSP provides a general idea of the program’s direction. The NSP underscores the importance of preserving the country’s sovereignty and advancing its national interest. It also views the attainment of a credible defense posture as a crucial component of national security.

In addition, pronouncements by public officials give us a glimpse of how the program will be realized. For instance, statements from Defense Secretary Gilbert Teodoro and AFP Chief General Romeo Brawner, Jr., declared that the revised program will allow the AFP to protect its exclusive economic zone (EEZ) and secure the country’s economic interests. Secretary Teodoro also introduced the Comprehensive Archipelagic Defense Concept which underscored the importance of protecting the country’s natural resources and guarantee the unimpeded and peaceful exploration of these resources. He further stressed that violations of Philippine territorial integrity and sovereignty cannot be tolerated.

And then there are the traditional and non-traditional media. News reports combined with reliable social media sources present the specific weapons systems for the revised horizon. There are four prominent items that are discussed in these reports. These are:

a.) The acquisition of multi-role fighters (MRFs): Initially envisioned in the 1990s, the Philippine Air Force (PAF) MRF dream has yet to come to fruition. This platform can provide the PAF with combat aircraft that can adapt to multiple missions. It can be a traditional jet fighter/interceptor and capable of air interdiction (e.g., Maritime strike and ground attack) and air support roles. For this, the highly anticipated acquisition of 12 to 14 JAS-39 Gripens from Sweden can provide the PAF with this unprecedented capability. There are also reports that used F-16s are being considered. Although the exact number and airplane variant are still unknown, these aircraft are expected to complement the Gripens. Aside from the MRFs, there is also this idea of expanding the country’s current FA-50 fleet through the additional purchase of the upgraded block 20 model. It is said that this acquisition mix will allow the AFP to achieve its desired 36 to 40 combat aircraft threshold.

b.) Renewed interest in subsurface capability: In particular, this pertains to the planned acquisition of submarines by the Philippine Navy (PN). This report has received much fanfare lately since President Marcos himself has developed a keen interest in this matter. The PN is said to be eying two to three units, with France, Spain, and South Korea as the possible contenders for this project. In addition, the navy is also eyeing the expansion of its current fleet of anti-submarine warfare helicopters.

c.) Maritime Domain Awareness: Another significant facet of the revised horizon is the improvement of the country’s maritime domain awareness capability. This means that the 3^rd horizon will prioritize the acquisition of land-based radar and airborne surveillance systems that can give the AFP the ability to monitor the country’s air and maritime spaces. Combined with the proposed subsurface capabilities, an integrated domain surveillance and intelligence platform can provide a 3D and 24/7 view of our territories.

d.) Acquisition of area denial/anti-access systems: The acquisition of the Brahmos cruise missile system from India provides the AFP with a significant stand-off (long range) capability against maritime and land targets. With a range of 290 km and a speed of Mach 3, this land-based system will allow us to hit targets well beyond our EEZ. Thus, this platform is a potent deterrent against naval aggression in the West Philippine Sea. Furthermore, it has been reported that the Philippine Army is planning to acquire the High Mobility Artillery Rocket System (HIMARS) platform from the United States. This platform made its battlefield debut in Ukraine where it was used with stunning lethality against Russian frontline positions, command and control structures, as well as their logistics hubs.

If these reports are accurate, then how can we characterize the direction of this “re-horizoned” phase of the AFPMP? First, there is a strong emphasis on external defense. The previous intention of the program was to improve the country’s territorial defense and focus on restoring the AFP’s lost capabilities. However, this new phase goes beyond the earlier objectives by highlighting the importance of extending our military capabilities beyond our coastlines. For instance, having the ability to enforce the Philippine air defense identification zone combined with stand-off systems to defend our EEZ can give any aggressor something to worry about. Combined with the ability to monitor its maritime domain and airspace, this new horizon also adds a significant deterrence value.

Second, this new phase will also enable the Philippines to respond to contingencies. The potential flashpoints in the Taiwan straits and the West Philippine Sea are the obvious factors behind this shift. In addition, the new horizon can be viewed as part of the Marcos administration’s policy to strengthen its security alliances with United States, Japan, Canada, Australia, among others. Consequently, the completion of this horizon will provide the Philippines with capabilities that will allow its meaningful participation in joint military exercises in the region and even beyond.

Overall, this new direction for the 3^rd horizon of the AFPMP, despite being modest, signifies the strong commitment of the Marcos administration to enhance the country’s defense posture. This will also allow for the enforcement of the country’s baseline and maritime laws. Furthermore, this new horizon recognizes the country’s crucial role in the stability of the Indo-Pacific region.

Finally, the new program can also open opportunities for collaboration especially in building the country’s defense industries. Agreements on technology transfer, in-country production, and professional exchanges can significantly contribute to national development.

Sherwin E. Ona, PhD is an associate professor of the Department of Political Science and Development Studies at De La Salle University, Philippines. He is a senior fellow of the Philippine Public Safety College and the Stratbase-ADR Institute. At present, Dr. Ona is a visiting fellow of the Institute for National Defense and Security Research in Taiwan.

Combined fund transfers hit P1.31 trillion in January

February 27, 2024 | 12:01 am

THE VALUE and volume of electronic fund transfers that went through PESONet and InstaPay continued to rise as of January from a year ago, based on data from the Bangko Sentral ng Pilipinas (BSP). Read the full story.

PLDT plans to put up more data centers

February 27, 2024 | 12:01 am

PLDT_headquarters_sign_Makati_Avenue,_Makati — WIKIMEDIA COMMONS/PATRICKROQUE01

PLDT Inc. through its subsidiary ePLDT, Inc. is planning to scale up the capacity of its data centers in the country, the company’s president said.

“We are in the planning stage for the next wave of data centers. We are in the process of engaging data center designers, we are engaging contractors already to understand how to build world class data center facilities,” Victor S. Genuino, president and chief executive officer of ePLDT, told reporters last week.

ePLDT, through its data center unit VITRO, Inc., is on track to open its hyperscale data center in Sta. Rosa Laguna by July, the company said.

The 50-megawatt (MW) data center is the 11^th data center of PLDT.

“So, our existing data center footprint now for our 10 data centers is around close to 50 MW combined in terms of total facility load. The Sta. Rosa facility alone will be an additional 50 MW,” Mr. Genuino said.

Earlier, the company said that for its planned 12^th data center it may double the capacity of Vitro Sta. Rosa.

“We need to understand that the data center industry is undergoing a huge transformation. We feel that there’s a room for us to still build data center capacity to be ahead of the curve,” he said.

Mr. Genuino also said the company is currently engaging with data center designers to put up two more data centers.

“We are in site selection for data center 13 and 14. We are engaging different contractors already to understand how to build world-class data center facilities,” he added.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

How PSEi member stocks performed — February 26, 2024

February 27, 2024 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, February 26, 2024.

Philippines told to prepare for Trump presidency

February 26, 2024 | 9:17 pm

By Kyle Aristophere T. Atienza, Reporter

THE PHILIPPINES should ensure ironclad security arrangements with its allies in case of a potential Trump presidency that could force the US to scale back its presence in the Indo-Pacific region despite China’s increased assertiveness, according to a geopolitical expert.

While the US is unlikely to totally disengage from the region, it might scale back its presence, a move that could have serious implications for the Philippines and other small states that have a sea dispute with China, Enrico Cau, an associate researcher at the Taiwan Center for International Strategic Studies, said in a reply to questions sent via Facebook Messenger.

China, which claims the South China Sea almost in its entirety, might see decreased US presence in the region as an “implicit green light to pursue its territorial ambitions across the region unchallenged,” he said. “It may sow a wave of insecurity among smaller powers unable to build sufficient deterrence.”

This could create a leadership vacuum in a region that is averse to formal defense coalitions, he added.

Former US President Donald John Trump, who pushes for an America first policy, has moved closer to the Republican Party’s presidential nomination for the 2024 elections after defeating former Governor Nikki Haley in her home state, South Carolina, on Saturday.

The US presidential election is nine months away and countries are now preparing for the potential consequences of another Trump presidency, which could mean US abandonment of Ukraine and Taiwan and a transactional approach to foreign policy.

A Trump presidency might keep the level of US engagement in the region “while devolving costs and responsibilities of regional security to regional partners,” Mr. Cau said.

The Philippines has taken its security alliance with the US to the next level amid an increasingly expansionist China. There is also increased tension between China and Taiwan, which it claims as its own territory.

In February last year, President Ferdinand R. Marcos, Jr. gave Washington access to four more military bases on top of the five existing sites.

The Trump government through former Secretary of State Mike Pompeo in 2019 vowed to defend the Philippines in case of an attack by China, a commitment that US President Joseph R. Biden has reiterated.

Mr. Pompeo during his visit to Manila in March 2019 said the Philippines, like other countries in the region, must do its part to keep the South China Sea free and open.

“The only thing I know about Trump is that he’s against China,” Philippine Coast Guard spokesman Jay Tristan Tarriela told a forum last week. “Our alliance with the US will not be negated or affected by having Trump again in the White House.”

US VOID
Both Mr. Trump and Mr. Biden view China as a threat, said Joshua Bernard B. Espeña, vice president at Manila-based International Development and Security Cooperation. “What might differ is how Trump views unilateralism as the main approach against China,” he said via Messenger chat.

Under the Trump government, the US renamed its Pacific Command to the Indo-Pacific Command in recognition of the increasing connectivity between the Indian and Pacific oceans, Mr. Espeña said.

Last week, the US and Philippine military held the air component of their Maritime Cooperative Activity’s third iteration that started this month. The two forces held their first joint patrols in November last year.

“We can deduce that the alliance will still be fine at the operational level,” Mr. Espeña said. “It just so happened that Trump’s years coincided with ex-President Rodrigo R. Duterte’s tenure,” he added, noting that Mr. Marcos, whose family spent years in exile in the US, has “good personal relations with the American elite.”

Don Mclain Gill, who teaches foreign relations at De La Salle University, said the US under another Trump presidency would likely want its allies in the region including the Philippines to assume more responsibility.

“Under the previous Philippine administration, Manila often gave the cold shoulder to Washington,” he said via Messenger chat. “Manila will have to make sure that it does not get the shorter end of the bargain.”

Mr. Trump likes industrious allies, Mr. Espeña said. “I think that joint patrols and other relevant exchanges would proceed. Should Trump win the presidency, the Philippines should do what it always does: do more and contribute more to the alliance.”

Mr. Cau said Japan could fill the void in case the US scales back its commitment to the region.

“This means that for the Philippines, tightening relations with Japan may be a good idea,” he said. “But there are always limitations. The country may get too involved in conflicts that it should avoid.”

The Philippines should continue cooperating with the US “while also preserving adequate red lines in terms of how far such cooperation should go,” Mr. Cau said, adding that it should accept the fact that US support might not last forever.

The Philippines should set up a network of defense partners to share costs and know-how in the defense sector, he added, citing the path taken by Japan, Indonesia and South Korea.

Probe of cyanide fishing at Scarborough Shoal sought

February 26, 2024 | 9:16 pm

fishing-fishermen — PHILIPPINE STAR/ MICHAEL VARCAS

By John Victor D. Ordoñez, Reporter

A PHILIPPINE senator has filed a resolution seeking to investigate the damage caused by cyanide fishing at Scarborough Shoal in the South China Sea, allegedly by Chinese and Vietnamese fishermen.

The Senate should look at the incident because it undermines the Philippines’ marine ecosystem and territorial integrity, Senator Francis N. Tolentino said in Resolution 938, citing reports that the damage had reached P1 billion.

“The Philippines, as a party to the Convention of Biological Diversity signed in 1992, is obligated to guard against the unsustainable use of coastal and marine resources which includes the country’s commitment to addressing the threat of cyanide use and its impact on coastal biodiversity,” he said.

The convention has been ratified by 196 countries.

China’s Foreign Ministry spokesperson Mao Ning earlier said the allegations of cyanide fishing were “baseless and a sheer fabrication.”

“The use of cyanide or other noxious or poisonous substances is a clear case of illegal, unreported and unregulated fishing,” Mr. Tolentino said, adding that it undermines the sustainability of the global marine ecosystem.

The Bureau of Fisheries and Aquatic Resources (BFAR) on Feb. 17 said Chinese and Vietnamese fishermen had been using cyanide at Scarborough Shoal, locally called Bajo de Masinloc, to prevent Filipino fishing boats from fishing in the area.

President Ferdinand R. Marcos, Jr. has ordered the Philippine Coast Guard (PCG) and BFAR to conduct joint scientific research to find out if Chinese fishermen were behind the cyanide use. The agencies will work with the University of the Philippines Marine Science Institute.

The shoal is 240 kilometers west of the main Philippine island of Luzon and is about 900 kilometers from Hainan, the nearest major Chinese landmass.

Located within the Philippines’ exclusive economic zone (EEZ), Scarborough Shoal is also claimed by China, making it one of Asia’s most contested maritime features and a flashpoint for flare-ups.

China claims almost the entire South China Sea, a conduit for more than $3 trillion in annual ship commerce. Its territorial claims overlap with those of the Philippines, Vietnam, Malaysia and Brunei.

Mr. Marcos had ordered stricter patrols at the shoal.

Based on a study by the Center for Strategic and International Studies in December, China’s dredging and giant clam harvesting have damaged at least 21,000 acres of coral reefs in the South China Sea.

Vietnam has also been building outposts in the area, damaging at least 1,500 acres of coral reefs through dredging. The Philippines, Malaysia and Taiwan have damaged fewer than 100 acres of coral reefs, according to the study.

At the weekend, the Chinese Embassy in Manila questioned the results of the study since it had only relied on satellite images.

“China has always attached great importance to the protection of the ecological environment of the Nansha Islands (Spratly Islands) and reefs and their adjacent waters, and carried out environmental protection and monitoring work in accordance with domestic and international laws,” it said in a statement on Feb. 24.

Meanwhile, the Philippine Senate approved on third and final reading a bill that seeks to set up maritime zones and territories in the South China Sea.

Twenty-three senators unanimously approved Senate Bill 2492, which will also set up maritime zones in the Benham Rise in the West Pacific.

The bill “upholds the principles of sovereignty, environmental sustainability and maritime security,” Senator Francis N. Tolentino, who sponsored the measure, told the plenary.

He said the proposed law would safeguard Philippine maritime interests “for generations to come.”

Under the bill, Philippine authorities may impose a fine of as much as $1 million (P56 million) on foreign actors that build artificial islands, conduct marine research and destroy Philippine marine environments within the maritime zones.

The Senate special committee on maritime and admiralty zones is also looking into measures seeking to establish archipelagic sea lanes to safeguard the country’s marine resources.

“This law and all our efforts to protect our territorial integrity are among the greatest legacies we can leave for future generations of Filipinos,” Senate Majority Leader Emmanuel Joel J. Villanueva told the Senate floor.

Gregory B. Poling, a senior fellow and director of the Southeast Asia Program and Asia Maritime Transparency Initiative at the Center for Strategic and International Studies, has said the measure would build up the Philippines’ “moral and legal high ground” in staking its claim on the waterway.

The National Mapping and Resource Information Authority last year said it would finish mapping Philippine territories in the South China Sea by 2028.

Marcos signs bill giving cash gift to Filipino octogenarians

February 26, 2024 | 9:15 pm

SENIOR citizens will soon be getting a P10,000 cash gift upon reaching the age of 80 and every five years after until the age of 95 under the newly signed expanded Centenarians Act.

President Ferdinand R. Marcos, Jr. on Monday signed a bill that seeks to give senior citizens who turned 80 a P10,000 cash gift.

Filipinos in the Philippines and overseas will get the aid every five years until they turn 95, according to the expanded Centenarians Act. The original law entitled Filipinos aged a century to a P100,000 cash gift.

“They deserve more than cash in an envelope,” Mr. Marcos said in a speech after signing the measure at the presidential palace. “What they should get is a support infrastructure that every society owes to its graying population.”

The law will create a database of Filipino elderly eligible for the benefits. There were about 9.2 million Filipino senior citizens in 2020, according to the local statistics agency.

“The enactment of the measure is a tangible expression of our commitment to enhancing the well-being of our senior citizens and reflects our collective dedication to building a society that honors and supports every generation,” Senator Sherwin T. Gatchalian, who co-sponsored the bill in the Senate, said in a statement.

Meanwhile, Party-list Rep. Elizaldy S. Co urged the Budget department to finance the law using unprogrammed funds under this year’s national budget.

“The amendments to the Centenarians Act of 2016 should be funded by the Department of Budget and Management this year at the earliest,” the congressman, who heads the House committee on appropriations, said in a statement.

The government could also fund it using savings, Party-list Rep. Rodolfo M. Ordanes, who heads the committee on senior citizens, said in a separate statement.

Congress failed to allot a budget for the law during budget debates last year.

“Use of the unprogrammed funds or savings can be justified because the law is new, and the amount needed would not be huge because the number of seniors turning 80, 85, 90 and 95 this year would not be too many,” Mr. Ordanes said. — Kyle Aristophere T. Atienza and Kenneth Christiane L. Basilio

Proposed Jail Integration Act OK’d by Senate on 2^nd reading

February 26, 2024 | 9:14 pm

THE PHILIPPINE Senate on Monday approved on second reading the bill that seeks to transfer the supervision of provincial jails from local governments to the Bureau of Jail Management and Penology (BJMP), with the aim of easing prison congestion.

Under Senate Bill No. 2352, provincial governments would have three years to turn over control of provincial jails to the BJMP, including their compliance with the BJMP’s cleanliness and sanitation requirements.

The BJMP, which is under the supervision of the Department of the Interior and Local Government, handles city, district and municipal jails.

During the three-year transition period, provincial governments would still pay for the food, water and water expenses of their jails and inmates.

The management, control and supervision of provincial and sub-provincial jails would be transferred to the BJMP if the bill is passed.

“It is the policy of the state to promote the general welfare and safeguard the basic rights of persons deprived of liberty,” stated a portion of the bill sponsored by Senator Ronald “Bato” M. dela Rosa.

Many of the country’s jails fail to meet the United Nations’ minimum standards with Human Rights Watch pointing out inadequate food, poor nutrition and unsanitary conditions.

Justice Secretary Jesus Crispin C. Remulla earlier said the government was working on accelerating legal proceedings so that a number of inmates still in jail due to pending criminal cases can be released. — John Victor D. Ordoñez