Revving up for a greener future

July 26, 2024 | 12:04 am

As the world tries to combat climate change and global warming, reducing carbon emissions in all sectors of society is essential in reversing their adverse effects. Responsible for more than a quarter of greenhouse gases in the atmosphere, transportation and logistics is driving towards decarbonization primarily through the use of electric vehicles (EVs).

The transition to these zero-emission automotives decreases the world’s carbon footprint significantly and paves the way to a greener, cleaner, and more sustainable future for the next generation. Due to growing awareness and concern for climate change, more and more people are switching to greener cars.

In the Philippines, the EV market is starting to become competitive as sales skyrocket. According to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), more than 10,000 EVs were sold last year, a tenfold increase from just over 1,000 in 2022.

Among these 10,000 models bought, hybrid electric vehicles (HEVs) accounted for most of the sales volume with 9,293 units purchased, while battery electric vehicles and plug-in hybrid electric vehicles (PHEVs) taking up only 462 and 106 units purchased, respectively.

With this growing preference for zero-emission automotive, President Ferdinand R. Marcos, Jr. directed the Department of Energy (DoE) and other relevant government agencies to help in the growth of the electric vehicle industry.

Focused on the integration of e-vehicles into the public transportation sector, the government has planned through the Comprehensive Roadmap for Electric Vehicle Industry (CREVI) for EVs to compose at least 50% of vehicles on the country’s roads by 2040.

In this regard, Mr. Marcos, as the chair of the National Economic and Development Authority (NEDA) Board, expanded the scope of Executive Order (EO) No. 12 on May 15. Originally, the order reduced the tariffs imposed on fully electric vehicles from 5% to 30% to zero until 2028.

Due to the expansion of the EO, all eco-friendly vehicles including PHEVs, HEVs, e-motorcycles, and e-bikes are tariff-free. The decision aims to cut the prices of these types of vehicles as well as encourage Filipinos and industries in the country to drive greener.

Taking the lead in the switch to EVs, the President ordered concerned government agencies to acquire a significant number of EVs for government use. Given a thumbs up by the Department of Budget and Management and the DoE, Mr. Marcos wants 10% of the government fleet to be EVs with corresponding charging stations for those vehicles.

Following these developments, it was recently announced that a modern EV station complete with charging terminals and a retail center will soon rise in New Clark City. Double 11 Properties Corp., in partnership with the Bases Conversion and Development Authority (BCDA), intends to build the development which is expected to house over 20 retail stores and offices, serving an estimated 200,000 motorists annually and creating about 500 jobs.

Philippine logistics company Mober’s expanded EV fleet

Logistics firms in the country are also integrating more EVs into their fleet. Logistics company Mober expanded its EV fleet to 60 vehicles this year through funding from conglomerate RT Heptagon Holdings (RTHH). The move aims to fast-track the integration of electric vehicles (EVs) into their fleet and to become one of the leaders in green logistics in the Philippines.

On the global stage, almost 14 million new EVs were sold globally in 2023 bringing the total number of registered green automotives on the roads to more than 40 million according to the International Energy Agency’s (IEA) Global EV Outlook 2024. These purchases equal 18% of all vehicles purchased last year.

Additionally, the IEA predicts that market shares of EVs in some of the world’s biggest economies could reach up to 45% in China, 25% in Europe, and over 11% in the United States in 2024. In the Southeast Asian region, EV sales grew as well specifically in Vietnam and Thailand where electric car purchases account for 15% and 10% of all automobiles sold, respectively. Overall, these regions comprise around 65% of all car sales worldwide.

Furthermore, data from the agency indicates that the EV market could keep growing this year and reach more than 17 million units sold, which will be equivalent to one in five cars sold globally. By 2035, the IEA noted that “every other car sold globally in 2035 is set to be electric” based on today’s energy, climate, and industrial policy settings.

Meanwhile, Bloomberg mentioned several global EV trends that could be game-changers in the market for the coming years. The media company said that battery technology in electric vehicles is rapidly improving, leading to longer ranges, faster charging times, and more sustainable energy storage. In addition, more and more charging stations are becoming accessible to the public with over 4 million public charging points installed around the world.

These trends are expected by Bloomberg to persist throughout the year and set the stage for 2025 and 2026 when brand new cheaper models are set to hit the global market.

While the effects are still gradual and barely felt, these initiatives, investments, and public interest in electric vehicles are beginning to show promising results environmentally. A study published in the British weekly scientific journal Nature shows that EVs do indeed reduce carbon emissions. The study indicates that the average monthly reduction rate of greenhouse gases is 9.47% with reductions from each vehicle ranging from 8.72 kg to 85.71 kg of carbon monthly.

However, electric cars, despite being climate-friendly, still take a toll on the environment. In a report released by the Pulitzer Center, the demand for nickel, which is used to make batteries for EVs, is skyrocketing and is expected to grow by 2030 to at least 10 times what it is now. This has led to expanded mines which come at the expense of the world’s few remaining rainforests.

The transition to EVs represents an important step in combatting climate change and improving air quality if done responsibly. With the Philippines and the rest of the world rapidly switching to eco-friendly vehicles, the drive towards a greener future has been revved up through electric vehicles. — Jomarc Angelo M. Corpuz

2 generations of modern PH artists featured in Ayala Alabang exhibit

July 26, 2024 | 12:04 am

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By Lito B. Zulueta

“VISION: PARADIGM” at Art Lounge Manila at Molito Lifestyle Center in Ayala Alabang, Muntinlupa gathers two generations of artists inheriting the modernist legacy of National Artist Victorio Edades and the original Thirteen Moderns such as Carlos “Botong” Francisco, Vicente Manansala, Cesar Legaspi, Diosdado Lorenzo, and Anita Magsaysay-Ho.

Organized by the University of Santo Tomas (UST) Atelier Alumni Association, Inc., the exhibit features alumni from the UST fine arts school, a cornerstone of modern art in the Philippines. It highlights students of Mr. Edades and other pioneering modernists who were faculty members at UST, now considered modern masters, such as J. Elizalde Navarro, Ang Kiukok, Danilo Dalena, Fil Delacruz, Raul Isidro, Justin Nuyda, Manuel Baldemor, Angelito Antonio, Norma Belleza, Remedios Boquiren, Edgar Doctor, Mario Parial, Lydia Velasco, Eduardo Castrillo, Ramon Orlina, and Roberto Chabet. (Mr. Orlina and Mr. Chabet graduated from the old UST College of Architecture and Fine Arts.)

These modern masters have paved the way for contemporary artists from UST, including Jose Tence Ruiz, Roland Ventura, Andres Barrioquinto, Alfred Esquillo, and Janos Delacruz, the latter being the son of Fil Delacruz. Father and son are CCP Thirteen Artists awardees. Janos continues his curatorial work from the previous UST alumni exhibit at Ayala Museum’s ArtistSpace, “Vision: Insight, “held exactly a year ago.

The earlier exhibit highlighted the original “vision” or “insight” of Mr. Edades and the original Thirteen Moderns, as articulated by Mr. Edades in a 1948 article: “Today there are progressive Filipino architects and painters who remain true to their inner vision in spite of ridicule and general indifference. With the reforming zeal of priests or saints, these artists are forcing to the forefront the issue of vitalizing the Philippine art world.”

In the new exhibit, this “vision” has evolved into a “paradigm,” representing a unique perspective and a standard for improvement and excellence. The vision has thus transformed into a mission, guiding new directions in the art world.

Ms. Boquiren’s vibrant portrayals of women and folk scenes capture a profound spiritual essence with inner luminosity. Ms. Belleza, too, illustrates folk-genre scenes of women vendors in her distinctive naif style, using earthy yet sunny colors. Velasco represents modern Filipinos through expressionist figuration, employing raw and earthy tones. Fil Delacruz’s symbolic representations of tropical flora and fauna reflect the modern spirit and creativity championed by Edades. Meanwhile, Doctor’s dynamic urbanscapes, Nuyda’s ethereal innerscapes, and Isidro’s abstracts exploring natural forces all draw inspiration from the modernist legacy established by Mr. Edades.

MODERN ART FILIPINIZED
Carlos Esteban Trinidad continues to explore bold abstraction with Our Hope is Near. Jun Impas’ realistic depictions of Cebu folk scenes honor the simplicity of Filipino village life, echoing Mr. Edades’s appreciation for the aesthetic potential in ordinary objects and simple situations. Fashion designer Edgar San Diego celebrates the beauty of the female form in Apat na Dalaga. In Dilag ng Palayukan, retired UST art pedagogue Danilo Santiago also honors the female figure, reimagining it in his vibrant cubist style. For his part, Franklin Cana offers a delicately poignant interpretation of the Mother and Child in Pure Love.
Roderick Macutay, known for his historical canvases, takes a socio-realistic turn in Going Going Gone, a playful yet incisive hyper-realistic depiction of the common people’s galunggong fish. Elmer Dumlao’s mixed-media piece Puwing interprets the experience of a speck of dust in the eye, amplifying it to a monumental scale. Nixxio Castrillo’s sculptures continue the dynamic metalwork tradition of his father, Eduardo “Ed” Castrillo, pushing the expressive boundaries of the medium. Joe Datuin, celebrated for his geometric stainless-steel Olympic rings, presents Dragon Dance, a mixed-media work combining painting and sculpture. Richard Buxani’s sculptures, which celebrate pop culture and Oriental themes, uphold the modernist tradition of experimentation and self-expression.

Other artists in the exhibit are Emman Acacio, Dino Blanco, Yeye Calderon, Danny Castillo, Seb Chua, Ben Cruz, Derrick Macutay, Maryrose Gisbert, Milmar Onal, Patrick Naval, Sonny Palles, Francisco Segismundo, Melchor Segismundo, C.J. Tañedo, Melissa Villaseñor, Maneline Wong, and Rudy Yu.

“Vision: Paradigm” will benefit UST academic scholars. The exhibit runs until July 29. For details call Precy Pineda, 0935-551-1305, or e-mail precy.pineda@galeriefrancesca.com.

Aboitiz Equity Ventures core profit declines marginally in Q2

July 26, 2024 | 12:04 am

CEBU-BASED conglomerate Aboitiz Equity Ventures, Inc. (AEV) reported a core net income of P6.4 billion for the second quarter.

This figure represents a 1% decline from P6.5 billion in the same period last year, the conglomerate said in a regulatory filing on Thursday. The complete financial statement has not yet been made available.

Meanwhile, the conglomerate’s consolidated net income for the quarter was P6.6 billion, a 2% increase year over year.

“Power accounted for 65% of the total net income contributions from AEV’s strategic business units (SBU) for the first half of the year, while food and beverage accounted for 20%,” it noted.

“Net income contributions from financial services, real estate, and infrastructure SBUs were at 18%, 3%, and -5%, respectively,” AEV added.

The conglomerate saw a 10% increase in its consolidated net income to P11.5 billion for the first half, compared with P10.5 billion last year.

Excluding a nonrecurring net gain of P83 million, AEV logged a 2% increase in its core net income for the period, reaching P11.4 billion, up from P11.1 billion in 2023.

Aboitiz Land, Inc. reported a 14% increase in its first-half consolidated net income, reaching P445 million, up from P389 million in 2023.

“This was attributable to higher revenues from the newly launched phases in Pristina and Priveya in 2023, along with additional revenues from higher spot sales and more units sold for the first half of 2024,” the conglomerate said.

The first-half net income contribution from AEV’s food and beverage segment reached P2.8 billion, up more than 15 times from P181 million last year.

The food and beverage segment includes Pilmico Foods Corp., Pilmico Animal Nutrition Corp., Pilmico International Pte. Ltd., which houses Gold Coin Management Holdings Pte. Ltd. and Coca-Cola Beverages Philippines, Inc. (CCBPI).

“This was primarily driven by the food group’s flour and agribusiness divisions, which continued to benefit from stabilizing commodity prices and strategic selling prices adjustments, and fresh contributions from CCBPI, which AEV acquired on Feb. 23,” the conglomerate said.

Aboitiz Power Corp. contributed P9.1 billion to the conglomerate’s first-half net income, down 2% from P9.3 billion last year.

On a stand-alone basis, the company’s net income dropped 4% to P17.1 billion due to the recognition of depreciation and interest for subsidiary GNPower Dinginin Ltd. Co.’s Unit 1 and Unit 2.

First-half earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 8% to P36.3 billion due to higher generation portfolio margins.

Union Bank of the Philippines, Inc. posted a 23% decline in its first-half net income contribution, falling to P2.5 billion.

The company recorded a stand-alone net income of P5.1 billion for the first half, down 17% from P6.1 billion last year.

Aboitiz InfraCapital, Inc. reported a P312 million loss for the period, a reversal from the P334 million profit last year, due to higher interest expenses from the company’s increased debt for expansion.

Meanwhile, AEV’s share in the net loss of Republic Cement & Building Materials, Inc. reached P407 million, down 10% from a P452 million loss last year.

“Although margins improved as a result of lower costs for the first half of 2024, relative to the first half of 2023, Republic Cement still incurred a loss as sales volume and selling prices still declined year on year due to weak market demand for cement,” the conglomerate said.

On Thursday, AEV shares rose 1.82% or 65 centavos, ending at P36.30 apiece. — Revin Mikhael D. Ochave

Is the die cast?

July 26, 2024 | 12:04 am

casino-gambling — MICHAL PARZUCHOWSKI-UNSPLASH

Let’s give it to President Ferdinand Marcos, Jr. that indeed “the hard lesson of this last year has made it clear that whatever current data proudly bannering our country as among the best-performing in Asia, means nothing to a Filipino, who is confronted by the price of rice at 45 to 65 pesos per kilo.”

We hope the President succeeds in rallying his fellow public servants to actually muster a whole-of-government strategy and execute it to once and for all bring down the price of rice closer to his campaign promise, and those of the other basic commodities. His rhetoric will truly connect to us. More Filipino citizenry will be buying into his pronouncements with firm conviction. On the other hand, we can only imagine the cost of failure.

In the same spirit, the perceived benefits of POGO (Philippine Offshore Gaming Operators) operations in the Philippines in the billions of pesos in public revenues and nearly half a million jobs created also mean nothing to a Filipino because these on-line gambling operations, “disguising themselves as legitimate entities,” have ventured into illicit areas furthest from gaming, such as “financial scamming, money laundering, prostitution, human trafficking, kidnapping, brutal torture — even murder.” For this reason, it was correct for the President to have directed the total ban on all POGOs in the Philippines. PAGCOR (Philippine Amusement and Gaming Corp.) should have no choice but to implement the presidential order “to wind down and cease the operations of POGOs by the end of the year.”

The applause was deafening, that part of the SONA received a standing ovation.

We are all for it, and as one netizen uploaded his message on the POGO ban: “Wala nang bawian, ha!” (No take-backs.)

Tuloy tuloy na ba ito? (Will this push through?)

Marcos’ directive strikes at the very heart of the POGOs because those that cater mainly to the Chinese market are in the first place illegal. As pointed out by the open letter of 1Sambayan to the President on July 16, a week before the SONA, China through its embassy here declared that “any form of gambling, including online gambling and overseas gambling by Chinese citizen is illegal.”

As such, granting a license to this type of POGOs violates PAGCOR’s own regulations. Under PAGCOR’s Regulation 2, 1Sambayan clarified, licensing of offshore POGOs which websites are accessed within the Philippines or in territories where online gambling is not allowed, is prohibited. In short, PAGCOR requires every offshore operator to cater only to foreign countries where gambling is allowed. A license from their home countries is needed. Since China prohibits gambling, they cannot produce this document and therefore PAGCOR’s license is void.

Nobody knows if the other POGOs owned and operated by non-residents are compliant with such PAGCOR requirements. If PAGCOR missed this prerequisite, there is no guarantee PAGCOR was more than diligent with the others.

The total ban is therefore logical.

Marcos enjoys popular support in this policy reversal on POGOs. 1Sambayan sent an open letter to the President recommending the immediate cancellation of licenses to operate POGOs that cater mainly to the Chinese market. Several business groups supported the economic managers’ recommendation for a total ban of POGOs. They include the Makati Business Club, Alyansa Agrikultura, the Financial Executives Institute of the Philippines, the Foundation for Economic Freedom, the Institute of Corporate Directors, the Justice Reform Initiative, the Management Association of the Philippines, and the UP School of Economics Alumni Association. Other religious and civic groups are also supportive.

They all argued that the contributions of POGOs to the Philippine economy is minimal but with great social cost based on POGOs’ involvement in criminal activities such as human trafficking, kidnapping, money laundering, torture and even slavery. Philippine National Police data shows that more than half of the 31 reported cases of kidnappings in 2022, for instance, were POGO-related. There should be no love lost in the quality of employment in these POGO establishments. Catering to the gambling industry is not the way to help build a strong economy.

More evidence of POGOs’ involvement in criminal activities was brought to light during the Senate investigation of Bamban, Tarlac Mayor Alice Guo and her involvement in Baofu’s Zun Yuan Technology, Inc., a shady POGO operator. This POGO employed nearly 700 workers of different nationalities including Filipinos, Chinese, Vietnamese, Malaysians, Rwandans, Indonesians, Taiwanese, and Kyrgyz. The raid by combined police and military forces discovered that the offshore operators were engaged in cybercrimes, qualified human trafficking, a pork barrel scam, and money laundering, among others.

Claiming she was of modest means and origin, Mayor Guo protested the decision of the Court of Appeals to freeze her assets and those of her associates. Freeze orders covered assets consisting of 90 bank accounts across 14 financial institutions, several real estate properties, and high-value personal properties such as luxury and sports vehicles and a helicopter. This freeze order was issued to prevent the dissipation of such assets should the case drag. The Bamban mayor was also suspended based on a graft complaint filed against her by the Department of the Interior and Local Government.

To be sure, the President’s directive is predated by a bill filed by Senator Sherwin Gatchalian in May which sought to repeal the taxability of POGOs pursuant to RA 11590, “the only law that acknowledges and legitimizes POGO operations in the Philippines.” This bill outlaws and prohibits offshore gaming operations. The senator invoked various police raids that proved POGOs were indeed involved in various criminal activities.

Finance department data also supports the bill. The economic benefits cited were in the vicinity of around P140 billion annually, but this could be overshadowed by the reputational cost of foregone potential investments and tourism revenues of about P148 billion. Law enforcement also comes at a cost. Thus, net gain is not even a fraction of GDP.

It’s a sad commentary that without the President’s decision to eliminate POGOs, measures with the same intent pending in the House of Representatives could have gathered dust forever. An enabling law, just like the Gatchalian proposal, should cover “all bases,” if this is to be a legacy of the President. It took House Speaker Martin Romualdez’ push to get the bills previously filed by Manila’s Rep. Benny Abante, Cagayan de Oro’s Rufus Rodriguez, and the Makabayan bloc out of the House’s games and amusements committee into a consolidated bill.

What is the wild card in this POGO story?

Some quarters have suggested using the Bamban mayor to flush out the bigger fish on the food chain. Unless she cooperates, the Presidential Anti-Organized Crime Commission (PAOCC) is not likely to qualify her as state witness. PAOCC seems to maintain its position that Guo is “the highest so far sa mga identified natin, hawak natin (the highest so far of those we have identified, that have a hold of).”

What is difficult to explain is how, in the first place, Mayor Guo suddenly appeared in Tarlac, gained Filipino citizenship, operated the biggest POGO in the Philippines, accumulated a vast amount of wealth and resources, and won the mayoralty election. Somebody high up on the food chain, or in the Philippine Government’s bureaucracy, must have given all the green lights in documenting her birth in the Philippines, granting her citizenship, securing the license to operate a POGO, eluding internal revenue assessment, and filing her certificate of candidacy.

Suddenly, everyone woke up clueless about how it all happened.

And we are seeing the start of a pushback. PAGCOR has been reported to be requesting that “12 POGO companies be spared from the nationwide ban.” Their action is as ludicrous as someone proposing to spare a prostitution house from prosecution because it is only part of an elaborate business empire, and that prostitutes and pimps depend on it for their livelihood. “PAGCOR made the appeal since 12 of the 43 POGO companies in the country are merely customer service agents for gaming companies.”

Some members of Congress have also expressed that there is a distinction between POGOs and IGLs or internet gaming licenses. But PAGCOR itself admitted that IGL is just another name for POGO, and that POGOs and IGLs are one and the same. Senate President Chiz Escudero’s point should be the guiding principle: “… if the government really wanted to ban gambling in the country, it must cover all its forms… whether it’s POGO, PIGO, or casinos — let’s ban them altogether if we truly believe that they are not doing any good for our society and our fellow citizens.”

Let’s not just be embroiled in the pluses and minuses of POGOs; it would become data dependent. Gambling is gambling, and if it is used to front for other criminal activities, by all means, let the President’s directive be implemented.

To see how this issue could proceed from here, we should recall what happened in the Senate last year when the bill on the proposed permanent ban of POGO was discussed at the Ways and Means Committee. One lady senator, in explaining her vote, said: “What I’m afraid of is that it will just get through because we know big people are behind POGO. Not only big people in the syndicate but in our government.” (Inquirer.net, Sept. 20, 2023).

Is the die cast?

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Delivery riders seek cut of weather surcharge

July 26, 2024 | 12:03 am

Motorists-rider-flood — PHILIPPINE STAR/EDD GUMBAN

By Chloe Mari A. Hufana

THE National Union of Food Delivery Riders said companies need to give them a cut of the surcharge the sellers collect during inclement weather.

“Companies are charging way higher during bad weather, but these surcharges do not benefit the riders, they go solely to the companies. Many customers think they are paying more so the riders receive higher earnings, but it is not true,” union spokesman John Jay P. Chan told BusinessWorld via text.

He said that during harsh conditions, riders must contend with flood risk, added costs due to rerouting, and the slowdown in the pace of deliveries.

Despite this, riders are still inclined to accept bookings due to need.

In a Viber message to BusinessWorld, Grab Philippines said rider safety is a top concern.

“We have taken proactive steps to communicate with our delivery partners through online channels and in-app notifications, advising them to avoid flooded areas. We strongly emphasize that their safety should always come first,” it said in a statement on Wednesday.

“Grab stands prepared with its calamity-assistance program, specifically designed to support our driver- and delivery-partners who have been severely affected by natural disasters such as typhoons — reinforcing our commitment to protect their welfare during these challenging times,” it added.

Mr. Chan urged Grab to implement a standard fare matrix to help riders like him during harsh weather.

A social media post recently portrayed a Grab food delivery rider traversing a flooded street. The poster was urging consumers to avoid ordering food delivery during bad weather.

Mr. Chan said riders are exploited because they have no benefits or protections under current labor rules.

Grab said riders are not their employees, citing the freedom riders have to accept bookings, but said the company offers social protection benefits to riders.

“Grab has long-standing partnerships with [the Social Security System (SSS), Philippine Health Insurance Corp. (PhilHealth), and Home Development Mutual Fund (Pag-IBIG)]. They have booths in our Grab Partner Center in Marikina to encourage our delivery- and driver-partners to register and contribute,” Grab told BusinessWorld via Viber.

Super typhoon Carina (international name: Gaemi), caused major floods on Luzon after it enhanced the impact of the southwest monsoon.

As a result, the National Capital Region was placed under a state of calamity on Wednesday.

The disaster management agency said almost one million people, or 180,000 families, were affected by the typhoon.

More than 35,000 people, or 8,320 families relocated to evacuation centers, it said.

GSIS, SSS to offer calamity loans

July 26, 2024 | 12:03 am

THE GOVERNMENT Service Insurance System (GSIS) has allocated P18.5 billion for emergency loans to members and pensioners affected by Typhoon Carina and the southwest monsoon.

The loans will assist 864,089 members and pensioners from Batangas, Rizal, and the National Capital Region, which were placed under state of calamity, it said in a statement on Thursday.

“Members and pensioners with existing emergency loan balances may borrow up to P40,000 to enable them to clear their previous loans and receive a maximum net amount of P20,000,” the GSIS said.

“Those without existing loans may apply for up to P20,000. The loan features a low interest rate of 6% per annum and a repayment period of three years.”

Eligible members may avail of the loan from July 26 to Oct. 28.

Applications for the loan may be done via the GSIS mobile app or at GSIS kiosks located at its branches, Department of Education offices, city halls, and select malls.

SSS
Separately, the Social Security System (SSS) said it will also provide calamity loans to disaster-hit members.

“Members in typhoon-stricken areas can borrow a loan equivalent to their one monthly salary credit or up to a maximum of P20,000,” SSS President and Chief Executive Officer Rolando Ledesma Macasaet said in a separate statement late on Wednesday.

The loan may be paid in two years or 24 equal monthly installments with an annual interest rate of 10%.

Members can apply for the loan through the SSS website, it said. — L.M.J.C. Jocson

Entertainment News (07/26/24)

July 26, 2024 | 12:03 am

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CCP’s Triple Threats concert postponed to August

FOR the safety of audience members, artists, and production staff, the Cultural Center of the Philippines (CCP) has postponed the concert Triple Threats Concert I: A La Carlotta, featuring theater actress and singer Carla Guevara-Laforteza, originally slated on July 25. Due to the declaration of a State of Calamity in Metro Manila, the concert has been rescheduled to Aug. 11, 7:30 p.m., at the Tanghalang Ignacio Gimenez (CCP Blackbox Theater) at the CCP Complex. Tickets bought for the July 25 concerts will be honored on the new concert date.

Deadpool & Wolverine now out in cinemas

THE ICONIC cinematic team-up of Marvel heroes Deadpool and Wolverine is now on the big screens in the Philippines. Directed by Shawn Levy, the superhero blockbuster stars Ryan Reynolds as Deadpool and Hugh Jackman as Wolverine, with Matthew Macfadyen, Emma Corrin, Karan Soni, Morena Baccarin, Rob Delaney, and Leslie Uggams in the cast. The movie centers on the two characters who cross paths and team up to defeat a common enemy. Deadpool & Wolverine is out now in cinemas nationwide.

P-Pop boyband New:ID releases two tracks

A NEW boy group has arisen in the form of New:ID, composed of five boys who are former contestants of reality TV program Dream Maker. Wilson, Macky, L, Thad, and Jom didn’t make the show’s final cut, but they went through rigorous training in South Korea for over a year. Now back as a fully-fledged P-pop group, they have released two digital tracks: “GHOST” and “The Day We Meet Again,” along with the music video for the former. The tracks are out now on all digital music streaming platforms.

M. Night Shyamalan unleashes new thriller Trap

THE LATEST thriller by director M. Night Shyamalan is Trap, which follows a father and daughter who attend a pop concert. The catch is that they are actually at the center of a dark and sinister event, the entire concert a trap for a serial killer. Shyamalan’s daughter Saleka plays the pop singer Lady Raven in the film, whose fictional songs she also wrote and performed. Josh Hartnett and Ariel Donoghue star as the father and daughter. Trap opens in Philippine cinemas on July 31 via Warner Bros. Pictures.

Romance drama It Ends With Us to screen in August

ON AUG. 7, Justin Baldoni’s romance drama based on a best-selling Colleen Hoover novel is coming to Philippine cinemas. It Ends With Us stars Blake Lively as the lead character Lily Bloom, a woman who overcomes a traumatic childhood to chase a lifelong dream of opening her own business in Boston. A chance meeting with charming neurosurgeon Ryle Kincaid (played by director Mr. Baldoni) sparks an intense connection. Later, Lily’s first love, Atlas Corrigan (played Brandon Sklenar), reenters her life and complicates matters. It Ends With Us screens in Philippine theaters starting Aug. 7.

Emily in Paris Season 4 reveals new cast members

THE FOURTH season of the Netflix series Emily in Paris has been announced as coming in two parts: the first on Aug. 15 and the second on Sept. 12. Netflix also revealed the show’s new cast members: Eugenio Franceschini, Thalia Besson, Rupert Everett, Anna Galiena, and Raoul Bova. Season 4 picks up from the previous one, with Lily Collins’ Emily having strong feelings for two men and Philippine Leroy-Beaulieu’s Sylvie forced to confront a thorny dilemma from her past.

K-blockbuster shows exclusively in SM Cinemas

BLACK Cap Pictures is bringing The Roundup: Punishment exclusively to SM Cinemas this August. South Korea’s second biggest film in 2024 to-date was filmed partly in the Philippines and features Korean-American actor Don Lee as Ma Seok-Do, known as Monster Cop. Here, he continues to hunt vicious groups of criminals that have taken their operations outside Korea. Starring alongside Lee are Korean actors Kim Mu-yeol, Lee Joo Bin, Park Ji-Hwan, and Lee Dong-Hwi. The Roundup: Punishment opens on Aug. 14 exclusively at SM Cinemas.

Rapper Ramdiss drops new single, ‘No Love’

EMERGING rap sensation Ramdiss returns with a new single, “No Love.” The song aims to be an emotional journey that reveals the complexities of love. It follows his Ramdiss’ previous singles, “Underdawg” and “OEM.” The song is out now on all digital music streaming platforms.

PXP Energy records slight Q2 net loss improvement

July 26, 2024 | 12:03 am

PANGILINAN-LED PXP Energy Corp. trimmed its attributable net loss for the second quarter to P6.55 million, slightly down from P6.59 million last year.

This reduction occurred despite a 22.7% decline in consolidated petroleum revenues, which fell to P16.62 million, the upstream oil and gas company said in a regulatory filing on Thursday.

The company saw a 16.4% decrease in its overall expenses, which totaled P22 million for the quarter.

Core net loss for the period slightly widened to P6.83 million from P6.81 million last year.

For the six months ending in June, the company recorded an attributable net loss of P9.16 million, down from P12.67 million the previous year. Core net loss for the period narrowed to P9.48 million from P13.42 million due to a higher average crude oil price and higher volume lifted from Galoc operations.

From January to June, consolidated petroleum revenues grew by 9.1% to P42.92 million from P39.35 million, following a 3.2% improvement in the average crude price to $82.1 per barrel of crude oil.

This is in addition to a 2.6% higher output sold at 309,198 barrels of crude oil from its operations in Service Contract (SC) 14 C-1 Galoc, a block located offshore northwest Palawan.

Consolidated costs and expenses rose by 0.7% to P49.05 million as petroleum production costs increased to P26.2 million, offset by a reduction in recurring overhead to P22.9 million.

In May, its board approved a share swap with Hong Kong’s Tidemark Holdings Ltd., which involves the issuance of 430,243,903 common shares in exchange for 24,125,383 shares held by Tidemark in Forum Energy Limited.

Subject to confirmation by the Securities and Exchange Commission, PXP has said it intends to issue its shares to Tidemark at an aggregate value of P1,557,482,928.86, at an issue price of P3.62 per share. Tidemark’s shares are valued at approximately P64.5579 per share.

Tidemark is a wholly owned subsidiary of Atok Big Wedge Co., Inc. PXP and Tidemark are shareholders of Forum Energy, a corporation organized under the laws of the United Kingdom.

PXP holds a 50% operating interest in SC 75 located in northwest Palawan. Forum Energy, through its wholly owned subsidiary Forum (GSEC 101) Limited, has a 70% operating interest in SC 72 Recto Bank offshore west Palawan.

PXP said that both the company and Forum Energy “will continue to coordinate with the government on any possible arrangement of activities in SC 72 and SC 75.”

“Exploration work in SC 40 will be pursued. Meanwhile, PXP will assess and study other oil and gas projects within the Philippines,” the company said.

SC 40, or the North Cebu Block, is located in the Visayan Basin, which covers the northern part of Cebu Island and the adjacent offshore areas in the Central Tañon Strait and Visayan Sea.

In 2014, SC 72 and SC 75 were put under force majeure due to the West Philippine Sea maritime dispute.

The moratorium was lifted in 2020. However, it was reimposed in 2022 as the Department of Energy directed to “put on hold any exploration activities for Service Contracts Nos. 72 and 75 until such time that the Security, Justice and Peace Coordinating Cluster has issued the necessary clearance to proceed.”

Shares in the company fell by 7.02% to P3.71 apiece on Thursday. — Sheldeen Joy Talavera

Old King Coal remains omnipotent and omnipresent

July 26, 2024 | 12:03 am

EVERY SECOND, the world burns 275 metric tons of coal — enough to fill 10 large dump trucks. That makes nearly 17,000 tons per minute, or one million tons an hour. Quickly, the mass becomes so large that it’s difficult to comprehend its enormity, but I’ll take a stab at putting it into context: Every six hours, the world consumes enough to build a coal replica of the Great Pyramid of Giza.

Coal and the industrial revolution it fueled created the world we live in — and nearly two centuries after George Stephenson used his “Locomotion No. 1” coal-fired steam engine to haul a passenger car along rails for the first time, the dirtiest of all fossil fuels remains unquestionably central to the global economy.

That may sound preposterous; after all, we’re in the age of the climate crisis. And yet, despite all the solar panels, all the windmills, the electric vehicles and the government incentives to go green, the world has never used as much coal as it’s burning this year.

The world will devour a record 8.74 billion metric tons of the several varieties of the dirtiest of fossil fuels this year, according to a report published Wednesday by the International Energy Agency (IEA). The IEA also increased its estimate for consumption in 2023. It all goes up in smoke, burned in power stations, metal forges, cement plants, and, in many corners of the developing world still, for home cooking and heating. It fuels the global economy — and climate change.

And rampant coal consumption isn’t going to stop anytime soon. Under current trends, appetite for anthracite, lignite, and all the other flavors will be higher in 2050 than it was in 2000. Read that again and let it sink in: Since the world started to get serious about global warming, coal demand has done nothing but increase, up 75% since 1997 (Kyoto Protocol), and by nearly 15% since 2015 (Paris Agreement).

The new 2023 and 2024 figures fit a pattern: For the last decade, the IEA has been heralding the arrival of peak coal demand, only to increase its forecast almost every year. Now, it says that appetite will drop in 2025, and start to gradually decline thereafter.

Maybe. But I remain skeptical about the next few years, and even the coming decade. At best, the story of the next five to 10 years is one of a plateau; the cliff-like drop that some analysts anticipate remains a fantasy.

Three reasons underpin my pessimism. First, India is witnessing a rapid increase in electricity usage, and New Delhi, keen to avoid blackouts, is going all-in building coal-fired power stations, paying no more than lip-service to emissions targets. So far this year, coal consumption in India is running 10% higher than in 2023.

Second, coal burning in southeast Asia will continue to increase, with countries reluctant to shift to gas after the Russian invasion of Ukraine led to a surge in prices as Europe responded by grabbing whatever gas was available for its own use. Vietnam, the Philippines, Indonesia, and Pakistan are among the countries where coal demand will continue to climb; the latter has significant deposits of low-quality fuel, called lignite, which it can potentially tap to power its industrialization program. Heatwaves linked to climate change and a more affluent population will lead to more air conditioners, further boosting electricity generation.

Third, the low-hanging fruit of the coal-to-gas and coal-to-renewables switch in Europe and the US is largely gone. For a few years, rising Asian consumption was offset by dropping demand in the West. Now, that compensating mechanism has run its course.*

Ironically, coal is now getting a boost from the energy transition itself. As the world moves to electrify everything — for example, putting more electric vehicles on the roads — demand for power is rising briskly. Renewable sources are meeting the bulk of that increase, but coal is still required mostly because it’s dependable: It doesn’t rely on weather conditions like hydropower, wind, and solar do. There are alternatives to provide a baseload flow of power, but these are typically also disliked by green activists: gas-fired power stations and nuclear reactors.

The production of what’s needed for the shift toward green energy sources also is boosting demand for the fossil fuel. In China, mass production of solar photovoltaic panels, electric vehicles, and batteries is one of the main reasons why electricity consumption is rising. In Indonesia, nickel production, key for electric-car batteries, is consuming huge amounts of low-quality coal. Quietly, coal demand there has doubled in the last five years.

I’m often asked whether the world is winning the battle of the energy transition. As long as coal consumption keeps increasing, the world isn’t performing an “energy transition” but an “energy addition,” where renewable sources of energy top up fossil fuels.

Despite its enormous importance to the global economy and climate change, coal isn’t as prominent in the discussion as it should be. In energy conferences, few even mention it; at times, I hear more discussions about banning plastic straws than about coal. Progress in reducing demand is hugely exaggerated. At the COP26 climate summit in Glasgow in 2021, policymakers announced they were “consigning coal to history.” Utter nonsense. That careless talk is a gross mischaracterization of the trends. Talking about imaginary progress in reducing coal demand doesn’t enhance the energy transition; it makes it far more difficult.

In the Western world, coal is an afterthought, a bygone commodity. Most Europeans and Americans aged 65 and younger have never had direct contact with the commodity. They’ve never used it for heating or cooking at home. I’m one of those lucky ignorant ones. Ask the older generation, however, and they do remember coal; my father, aged 73, recalls hauling it as a kid from the local warehouse to my grandparents’ home in northern Spain.

True, coal remains important for power generation even in rich nations — in the US, it still accounted for 16% of power generation last year, more than solar and wind combined — but in that role, the commodity is largely hidden from daily view. And that shapes our perceptions.

For a reality check, look to Asia, where King Coal still reigns. In China, India, and many other regional powerhouses, coal remains present in the daily lives of many, as well as where coal-fired power plants are the main source of electricity. Last year, Asia accounted for 82% of global coal usage; China alone consumed 56%, according to the UK-based Energy Institute.

Despite such gargantuan usage, China is for many green activists the poster child of green energy innovation. It’s the nation that’s producing and installing more windmills and solar panels; it’s also the leader in electric vehicles, both in production and adoption. But the Chinese green energy business is built on coal; and Beijing is quite happy to carry on relying on the fuel. Amazingly, many within the green lobby overlook, minimize, and excuse the Chinese behavior. For shame.

It’s time the world paid more attention to the persistence of coal. Otherwise, the energy transition is doomed to failure.

BLOOMBERG OPINION

*Coal demand is likely to hit an all-time high too when measured by energy content, rather than mass, according to Carlos Fernandez, head of coal at the International Energy Agency. Tonnage increases can at times overstate the increase in energy demand because Asian countries are burning coal with a lower calorific content. The 2.6% increase in global demand in 2023 would had been about 1.5% when measured in energy content, according to Fernandez.

There’s a caveat to this argument: coal demand in several rich nations that so far has seen very little drop in consumption, including Japan, South Korea, Taiwan, and Australia, can drop in the future.

China raising retirement age to relieve pension pressures

July 26, 2024 | 12:02 am

HONG KONG — China will gradually raise its statutory retirement age, now among the world’s lowest, to allow people to work longer, as it struggles to relieve soaring pressure on pension budgets, with many provinces already facing deficits.

The reform is urgent with life expectancy having risen in China to 78 years by 2021, from about 44 years in 1960, outstripping the US, and projected to exceed 80 years by 2050.

The announcement came in a key policy document that also rolled out plans to sharpen a strategy to combat a declining birth rate and an ageing population that fell for a second straight year in 2023, and is seen falling for decades.

“In line with the principle of voluntary participation with appropriate flexibility, we will advance reform to gradually raise the statutory retirement age in a prudent and orderly manner,” the authorities said.

The reforms outlined in the document are envisaged to be completed by 2029, they added.

The retirement age is now 60 for men, or five to six years below that in most developed economies, while for women in white-collar work it is 55, and 50 for women who work in factories.

Policymakers have said during the last two years that they aim to raise the age of retirement, but the change will be the first time that workers are able to choose to continue working.

National health authorities expect the cohort of those aged 60 and older to rise from 280 million to more than 400 million by 2035, or the equivalent of the entire current populations of the UK and US combined. — Reuters

Oona Philippines launches critical illness insurance product

July 26, 2024 | 12:02 am

OONA Insular Insurance Corp. (Oona Insurance Philippines) has launched a new product covering critical illnesses, marking its entry into the retail health segment, it said on Wednesday.

The nonlife insurer’s critical illness insurance product provides coverage for three major health threats, namely cancer, heart attack and stroke, it said in a statement.

Oona Insurance Founder and Group Chief Executive Officer (CEO) Abhishek Bhatia said the product takes away “pain points” that Filipinos encounter when availing of insurance policies, such as affordability, accessibility, and lengthy processes.

“The idea is to simplify it. The customer should pay what they really need or what they want,” he said during a briefing. “You can choose to cover yourself only for cancer, only for heart attack, only for stroke, or all three, or any combination.”

The product can be purchased via Oona’s website (myoona.ph) or through its agents and partner banks.

Customers can select a coverage amount starting at P100,000 up to P500,000. It offers bundling coverage for all three illnesses starting at P145 annually, as well as a stand-alone package starting at P51 yearly.

Individuals aged 18 to 65 years old can apply for the insurance product, with an extension until they reach 70 years old.

The product pays out upon diagnosis of the covered illnesses and not through reimbursement, Oona said.

“With real-time policy issuance and 100% of the coverage amount paid in cash, customers can use the funds for hospital bills, daily expenses or any other needs. This financial support allows them to concentrate on what truly matters: their treatment and recovery,” Oona Insurance Philippines President and CEO Ramon L. Zandueta said at the briefing.

The insurer plans to introduce other new products in the Philippines, such as new age lines and health insurance, it said.

“Through digital innovation, our goal is to remove the complexities and high costs typically associated with traditional health insurance,” Mr. Bhatia said.

“Our goal is to insure as many Filipinos as possible,” he added. “We are confident that as Filipinos become more aware of the benefits of Oona’s unique products, the adoption rates will rise.”

Besides critical illness insurance, the company currently offers motor, property, health, and personal accident products.

Oona Insurance Philippines recorded a premium income of P674.37 million in 2023, with net premiums written at P776.66 million, data from the Insurance Commission showed. It posted a net loss of P224.26 million last year. — BMDC

Taylor Swift lends personal items to UK’s V&A for museum ‘journey’

July 26, 2024 | 12:02 am

LONDON — Outfits, musical instruments and other objects on loan from US musician Taylor Swift are going on display at London’s V&A in a temporary summer exhibition.

Titled “Taylor Swift| Songbook Trail” the exhibition is made up of 13 installations dotted across the museum’s many galleries.

“It’s a journey around the museum,” curator Kate Bailey said.

“It follows chapters in Taylor Swift’s career and we highlight the eras and showcase objects and looks worn by Ms. Taylor across the different spaces in the museum.”

Ms. Bailey and her team were given access to Ms. Swift’s personal archives to pick items for the theatrically staged installations, which are placed in carefully chosen galleries that connect to moments in the 14-time Grammy winner’s career.

Among the objects on show are customized cowboy boots worn by a young Ms. Swift at the start of her career; the wig and facial hair she sported in “The Man” music video; reproductions of the hand-drawn storyboards for the “Willow” music video and a golden microphone with snake detail used by Swift, now 34, on the Reputation stadium tour.

Also on display are the ukulele played by Ms. Swift on the Speak Now world tour and the fisherman cap she wore on the Red (Taylor’s Version) album cover.

“It’s been a really fast-moving project, where I got to select works from the collection,” said Ms. Bailey. “I wanted to make sure that we were able to showcase costumes, but also musical instruments, objects that kind of convey her whole career and creativity.”

“It’s the first time we’ve done a trail in this way. And it’s the first time these objects have been seen in the UK. So, it’s incredibly exciting and it’s free.”

“Taylor Swift Songbook Trail” is displayed throughout the V&A South Kensington from June 27 to Sept. 8. According to the museum the trail takes 60-90 minutes to complete. — Reuters