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Old brands, new favorites

TWO OLD BRANDS are ramping up their game with new menu items.

YABU
Yabu has just opened store numbers 18 and 19 in just 12 years. The restaurant chain, specializing in tonkatsu (crispy fried pork cutlet, Japanese-style), partnered with Michelin Bib Gourmand chef Kazuya Takeda to create their product. Part of the appeal lies in the farm-to-table cabbage and homemade panko (breadcrumbs).

The store openings (in SM Grand Central and SM Fairview) also served as vehicles to launch two new products: Hokkaido Softcream and the Tornado Omelette Curry. Hokkaiso Softcream is a soft serve ice cream made with milk from the famed Hokkaido dairy farms, while the Tornado Omelette Curry is tornado-style omelette on top of rice, served with signature rich and deep Japanese curry sauce. This can be paired with either Rosu or Chicken Katsu.

“We are not just opening new stores; we are setting a new standard,” said the Yabu management team in a statement. “It’s a celebration of where we’ve been and an exciting glimpse into where we are headed. We invite everyone to join us in this new chapter and experience the pinnacle of tonkatsu dining.”

PAN DE MANILA
Neighborhood favorite Pan de Manila wants to remind the public that not only do they offer pan de sal, but they also have dining outlets. Merienda by Pan de Manila currently has six branches: at Rockwell Ortigas, Rockwell Sheridan, Santolan Town Plaza, Four E-com Center Pasay, SM City Batangas, and Ayala Center Bloc Cebu.

Merienda by Pan de Manila presents timeless classics like crispy beef tapa, palabok espesyal, Lucban longganisa (sausage flavored with garlic), and arrozcaldo (savory porridge) alongside culinary innovations such as lumpiang embutido and lechon belly batchoy. They also have coffee, and hot chocolate, which one can pair with the menu of bibingka and other kakanin (a category of Filipino rice cakes). With classic wood moldings and capiz fixtures, the cafes are equipped to remind one of times spent in familiar houses.

Follow Merienda by Pan de Manila on Instagram @meriendamanila.

​More tools, regulations key to addressing deepfake crimes

PIXABAY

By Miguel Hanz L. Antivola, Reporter

THE CREATION of tools and regulations to address the proliferation of deepfakes is expected to become a priority in the Philippines next year, according to experts.

Deepfakes refer to media that have been digitally manipulated through artificial intelligence to create misrepresentations of people and events.

“Untrained eyes and ears cannot discern what is fake,” Jonathan Dixon, vice-president and managing director at Cloudflare Asia Pacific, Japan, and China, said in an e-mailed statement to reporters on Monday.

“With today’s versions more realistic than ever, trained eyes and ears also fail to identify deepfakes,” he added,

Mr. Dixon said he expects that there will be an increased demand for “the next cutting-edge security technology” targeting the issue of deepfakes in 2024.

Ronald B. Gustilo, national campaigner for Digital Pinoys, likewise said more tools and regulations are needed to address the increase in crimes involving deepfakes.

The Philippines must foster a resilient defense against deepfake threats through technological innovation, legal frameworks, and community education, he said in a Viber message to BusinessWorld.

“Enhancing detection algorithms will empower platforms to identify and mitigate the spread of deceptive content,” Mr. Gustilo noted.

“Simultaneously, enacting and enforcing robust regulations will serve as a deterrent, discouraging malicious actors from engaging in deepfake activities,” he added.

Public education is also equally important “as raising awareness about the existence and potential harm of deepfakes equips individuals to discern authentic content from manipulated media,” Mr. Gustilo said.

Deepfakes have already captured the attention of Congress, with proposed laws and potential investigations under discussion among lawmakers, he said.

“Although specific instances within the Philippines might not have garnered widespread attention, the need for a comprehensive strategy is evident,” Mr. Gustilo said.

“Combating the deepfake dilemma requires a multifaceted approach, incorporating advancements in detection algorithms, the implementation of stringent legislative measures, and proactive public awareness initiatives,” he added.

A memorandum from the Justice department in October said deepfakes may be categorized as violations of computer-related fraud, computer-related identity theft, or misuse of devices, which are punishable under the Cybercrime Prevention Act.

Meanwhile, House Bill No. 9425 filed last month seeks to define deepfakes and what kinds of deepfakes are deemed harmful and subject to legal consequences.

The bill defines deepfake as “any audio, visual or audio-visual recording created or altered through technical means, such as video recording, motion-picture film, sound recording, electronic image, or photograph, which are so convincing that a reasonable person would mistake it for an authentic representation of an individual’s speech or conduct.”

Meanwhile, it defines “harmful deepfakes” as those created without consent, for no artistic purpose and used for defamation, sexual harassment, the exploitation of children, fraud, deceptive transactions, copyright infringement, election offenses, and terrorism.

“The penalty to be imposed for offenses committed through the use of deepfake technology shall be one degree higher than those prescribed in the Revised Penal Code, as amended, and relevant special laws,” the bill said.

SEC sets fees for REIT fund managers, compliance officers

THE Securities and Exchange Commission (SEC) has issued the filing and annual fees to be paid by fund managers of real estate investment trust (REIT) fund managers and their respective compliance officers.

The corporate regulator issued Memorandum Circular No. 22 dated Nov. 28, which mandated that the filing fee upon initial application for a REIT fund manager is P15,000 while a REIT fund manager compliance officer would pay P3,000. 

For the annual fee, the memorandum circular provides that a REIT fund manager would pay 1/2,000 of 1% of the total value of the assets of the REIT under management as of Sept. 30 of the current year as reflected in the quarterly report but not less than P30,000 nor more than P100,000. 

“The annual fee shall be computed for each REIT under management by the fund manager,” the SEC said.

On the other hand, the REIT fund manager compliance officer would pay a P1,500 annual fee.

“The application for payment of the annual fees shall be in accordance with the form prescribed by the commission and to be paid on or before Dec. 31 of each year,” the SEC said.

Failure to pay the annual and filing fees would lead to the suspension or revocation of the registration or license, according to the SEC.   

“Applications for payment of annual fee filed beyond the month on which the annual fee is due shall be subject to a 50% surcharge based on the computed annual fees; and 100% surcharge based on the computed annual fees if filed beyond the succeeding month after the month where the annual fee is due,” the SEC said. 

Under Republic Act No. 9856 or the REIT Act, the SEC is authorized to collect and retain registration fees paid to it relative to the establishment of REITs and registration of their securities.

“In the certificates of registration of REIT fund managers and their respective compliance officers, it was stated that the registration is subject to compliance with the qualifications and monitoring requirements of the commission, including payment of the required annual fee, and the registration remains valid unless suspended, canceled, or revoked for cause or cancelled by the commission or voluntarily surrendered by the registrant,” the SEC said.  — Revin Mikhael D. Ochave

Addressing the decline in education

SASIN TIPCHAI FROM PIXABAY

An international assessment of global education made public recently reported that less than a quarter of Filipino students reached the minimum level of proficiency in mathematics, reading, and science in 2022. Much like the assessment results for 2018, the Philippines was said to be performing worse than the global average in these three subjects.

Filipino students were among the weakest globally in math, science, and reading last year, according to the Program for International Student Assessment (PISA). PISA evaluates the literacy of 15-year-olds in formal schooling. The assessment is done periodically. The 2022 evaluation involved 81 countries. PISA is conducted by the Organization for Economic Co-operation and Development (OECD).

In the 2018 PISA ranking, the Philippines was reported to have ranked lowest in reading comprehension and second-lowest in mathematics and science. In 2022, Filipinos were ranked sixth-lowest in mathematics and reading, and third-lowest in science. The 2022 PISA test results showed only 16% of Filipino students have basic or baseline proficiency in mathematics, only 24% have basic reading proficiency, and only 23% have basic proficiency in science.

“In the Philippines, the share of low performers is larger among boys (86%) than among girls (82%) in mathematics,” a news report quoted PISA as also reporting. And, more boys scored lower than girls in reading, with 82% of male students scoring below level-2 proficiency in reading compared to 71% of girls.

These assessments from 2018 and 2022 should be a wake-up call for all those with an interest in improving Philippine education. Whatever reforms have been undertaken to date should be reviewed and reassessed for their effectiveness. Some experts claim that it takes at least a decade to see the positive effects of any major change in curriculum.

In 2018, I took a position against completely removing tuition payments in state colleges and universities. I believed in the argument that this could do more harm than good in the long run, as it would make the entry to state colleges more competitive. And that this competitiveness would benefit the rich and better-educated students more than poorer graduates.

Back then, I wrote that without tuition, states colleges and universities would have limited funding to improve faculty and facilities. Schools would also have to rely more on grants and donations to maintain service quality. These financing concerns have become more alarming given the PISA results in 2018 and 2022.

For sure, many if not most of the students that are part of the 16% with basic proficiency in mathematics, 24% with basic reading proficiency, and 23% with basic proficiency belong to the A-B economic segment — those from wealthier families with access to more expensive schools. So, with even the curriculum seemingly benefiting them more than poor students in public schools, the rich continue to enjoy the edge in competing for access to state-funded colleges and universities.

I also noted previously that free education at the tertiary level pressures the National Government to subsidize public education through higher taxes and fees, at the expense of other public services. And the pressure will go up as the population grows. The cost of education is borne by all taxpayers.

With a system where the sustainability of the “free” education program depends on fiscal balance, then any development with adverse implications on state finances will also have negative consequences on state-sponsored education. A situation can arise where some state colleges will have to limit enrollment if not shut down because the government lacks money.

I have been told that many smaller private schools have closed in recent years, after having lost students and teachers to the public school system. Dwindling enrollment, a cap on tuition increases, and higher taxes have been resulting in more closures. Perhaps soon enough one will have to go to an expensive school that only the rich can afford, or to a public school, or not go to school at all.

The burden of curriculum development is also with the government. And judging from the 2018 and 2022 PISA results, there is little doubt that the current system is not working well. If less than a quarter of students have basic proficiency in reading, math, and science, then obviously there is a problem, and a big one at that.

Addressing concerns with curriculum and financing go hand in hand. Curriculum involves quality, while financing involves access. More important, one without the other still makes the education system deficient. There should be ways to urgently arrest the decline in quality. There is no point in making education more accessible if the system will just churn out poor graduates.

Graduates must be equipped with the basic proficiencies required to secure gainful employment. Otherwise, the school system will just produce graduates that are ill-fitted or insufficiently educated for available jobs. In the end, the public investment in educating them will not pay off.

At this point, we need more data, more research, and more studies that can help policymakers make informed decisions on curriculum development, teacher training, and facilities improvement, among others. We need experts to study the situation and tell us where we should invest and what we should improve. We cannot simply wait another five years for the expected gains, if any, from the K-12 program. At this point, the education system is in dire need of repair.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

Yields on central bank’s term deposits inch higher

BW FILE PHOTO

TERM DEPOSIT YIELDS inched up on Wednesday even as inflation hit a 20-month low in November, which may prompt the Bangko Sentral ng Pilipinas (BSP) to keep borrowing costs steady at its meeting next week.

Demand for the BSP’s term deposit facility (TDF) reached P336.436 billion on Wednesday, above the P290 billion auctioned off by the central bank and the P295.971 billion in bids for a P300-billion offering seen last week.

The BSP Auction Committee said in a statement that strong demand was observed for Wednesday’s TDF offer.

“Looking ahead, the BSP’s monetary operations will continue to be guided by its assessment of prevailing liquidity conditions and market developments,” it added. 

Broken down, bids for the one-week term deposits amounted to P178.186 billion, above the P160 billion on the auction block and the P164.686 billion in tenders logged the previous week for a P180-billion offer.

Accepted rates were from 6.65% to 6.72%, narrower than the 6.62% to 6.75% band seen a week ago. This brought the average rate of the seven-day papers to 6.6927%, increasing by 0.52 basis point (bp) from the 6.6875% quoted previously.

Meanwhile, the 14-day papers fetched bids totaling P158.250 billion, surpassing the P130 billion bid out by the central bank and the P131.285 billion for a P120-billion offer recorded on Nov. 29.

Lenders asked for yields ranging from 6.6892% to 6.6550%, higher than the 6.6886% to 6.60% margin logged a week earlier. With this, the average rate of the two-week deposits inched up by 0.06 bp to 6.6892% from 6.6886% in the prior auction.

The central bank has not auctioned off 28-day term deposits for three years to give way to its weekly offering of securities with the same tenor.

The term deposits and the 28-day bills are used by the BSP to mop up excess liquidity in the financial system and to better guide market rates.

TDF yields were higher week on week following the release of data showing slower November inflation, as this could prompt the Monetary Board to keep borrowing costs unchanged at its last monetary policy meeting for the year on Dec. 14, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Headline inflation eased to 4.1% in November from 4.9% in October and 8% in November 2022. This was the slowest rate in 20 months or since the 4% seen in March 2022.

It was also lower than the median estimate of 4.4% in a BusinessWorld poll of 15 analysts conducted last week and was near the lower end of the 4-4.8% forecast range of the BSP for the month.

In the first eleven months, inflation averaged 6.2%, faster than 5.6% in the same period a year ago and still above the central bank’s 2-4% target and baseline forecast of 6% for 2023.

The BSP last month kept its target reverse repurchase rate at a 16-year high of 6.5%.

The central bank has raised borrowing costs by a total of 450 bps since May 2022 to tame inflation. — K.B. Ta-asan

Dining In/Out (12/07/23)

A holiday homecoming at Makati Shangri-La

MAKATI Shangri-La, Manila presents a Holiday Homecoming, a celebration of festive cheer and indulgence, from Christmas-themed classes for the little ones, feasts, to a New Year Countdown. Keep the little ones entertained with Christmas-themed activities such as chocolate making and gingerbread decorating classes scheduled on Dec. 9 and 16. Rates start at P1,000 net per child per class inclusive of refreshments, a certificate of completion and a goody bag. As seating is limited, pre-registration is encouraged. Call 8813-8888 or e-mail dining.makati@shangri-la.com for reservations. The Goodie House at the hotel lobby carries festive treats including Christmas cookies and chocolates, and a selection of hampers. The hamper rate starts at P1,500 net. Then there is the Season’s Delight Afternoon Tea Set at the Lobby Lounge from 2 to 5 p.m. Enjoy the relaxing views of the lush garden and cascading waterfalls, while being serenaded by live entertainment. The rate starts at P2,500 net good for two people. The hotel’s restaurants have their specials on Dec. 24, 25, 31 and Jan. 1: fresh seafood, premium meat cuts, and a selection of sweet confections with a buffet at Circles Event Café (rate starts at P2,400 net per person); Shang Palace’s set menus for a minimum of six persons (rate starts at P3,288 net per person), Sage Grill, which has a la carte and set menu options (set menu rate starts at P4,800 net per person). Santa Claus makes a pitstop at the hotel on Christmas Eve (from 5:30 to 6:15 p.m. and 8:30 to 9:30 p.m.) and Christmas Day (from noon to 12:45 p.m. and 2:15 to 3 p.m.), handing out treats to all the good little boys and girls. The New Year’s Eve countdown at the Lobby Lounge has a 1990s theme, with roller skate dancers, drag queens, a DJ, live band music, and rhythmic drummers. The rate starts at P9,800 net per person inclusive of pre- dinner cocktails, free flowing Moet and Chandon during cocktail hour, and a three-course set menu with a dessert buffet. Holiday masses are scheduled on Christmas Eve and New Year’s Eve at 10 p.m. at the Isabela Ballroom.  For more information, access the e-brochure at Holiday Homecoming (makatishangrila.com).

Young pastry chef celebrates Christmas spirit

PASTRY CHEF Allyza Cepeda, the young creative behind the champorado-inspired, soju-infused, and 1990s candies-themed macarons of Jane Dough Desserts, celebrates the season through her latest confections. Dubbed “Season’s Embrace: A Festive Symphony of Flavors,” the macaron collection features a diverse palette of flavors: sikwate, vanilla bean, orange milk chocolate, ruby strawberry, and pistachio. Ms. Cepeda, who studied at the School of Hotel, Restaurant, and Institution Management (SHRIM) of the De La Salle-College of Saint Benilde (DLS-CSB), made each macaron special. For example, Spicy Sikwate balances Auro 64 % dark chocolate with a gentle kick of cayenne, Vanilla Bean envelops the creamy rich Madagascar vanilla in a classic meringue sandwich. The macarons come in dainty boxes personalized with quaint hang tags. For more information about Ms. Cepeda’s creations visit https://www.facebook.com/findjanedough.

Feasts at Newport World Resorts

NEWPORT World Resorts’ signature and specialty restaurants offer holiday flavors from all over the world. Casa Buenas has the Fiesta de Navidad spread worth P9,500 net. The Christmas family set offers festive Filipino-Spanish fare such as smoked and roasted honey ham, grilled sea bass, black mussels, adlai and mushroom risotto, grilled asparagus with prosciutto and egg, and fruitcake with white chocolate macadamia. This feast is best shared by up to five to six persons. Meanwhile, a four-meter tall Yuletide Gingerbread House can be found at the Newport Garden Wing. Inside are shelves filled with sweet treats such as Small Chocolate Snowman (P800 net), Santa on Scooter (P1,500 net), and Chocolate Boot with Truffles (P600 net). Kusina Sea Kitchens, the all-day dining destination at Hilton Manila, welcomes the Yuletide season with a festive buffet for a classic Filipino Christmas celebration. Enjoy a special buffet made special with sweet carols from the Christmas Choir, a visit from Santa Claus with gifts, and Christmas Bon Bons at the Christmas Eve Dinner Buffet priced at P3,500++ and the Christmas Day Lunch and Dinner Buffet for P3,000++. Hotel Okura Manila’s fine dining and Michelin-recognized restaurant Yamazato has a seven-course Christmas Teppan Kaiseki, all for P10,000++ per person, which can be ordered from Dec. 24 to 25. Marriott Hotel Manila’s buffet restaurant, the Marriott Cafe, offers traditional roast carvings, fresh seafood, and more. The Festive Sunday Lunch is available on Dec. 10 and 17 for P3,800 nett per person. It will also serve a Noche Buena Buffet (P2,688 net), Christmas Day Lunch (P3,888 net), and Christmas Day Dinner (P3,700 net). Sheraton Manila’s all-day restaurant S Kitchen will have holiday favorites, from roast turkey, lechon, and more signature dishes on the Christmas Eve Dinner and the Christmas Day Lunch and Dinner Buffet, for P3,900 net. Guests can also take-home holiday staples straight from Newport World Resorts’ kitchen. The Holiday Takeaway menu includes savory and sweet yuletide showstoppers like US Butterball Turkey for P14,200 net, Suckling Pig for P11,600 net, Honey Glazed Pork Ham Boneless for P9,500 net, and more. For more information on The World of Christmas 2023 visit www.newportworldresorts.com and follow @newportworldresorts on Facebook and Instagram, and @nwresorts on Twitter.

Nutella at the Noel Bazaar

THE WORLD of Nutella will open its doors through the Food Gift Factory in Noel Bazaar (Filinvest Tent Alabang) on Dec 8-10. The Nutella stall will feature Nutella pastries and bundles. Nutella also offers limited edition jars that are available in two sizes — 350 gms and 680 gms. They are also available in supermarkets and hypermarkets nationwide.

DQ features M&Ms in new treats

THIS HOLIDAY season, Dairy Queen (DQ) features M&Ms in its latest Blizzard of the Month offer, which comes in six different items. First are three new Blizzards made with DQ’s creamy vanilla soft serve mixed with M&Ms candy pieces: the Nutty Blizzard, the Choco Fudge Blizzard, and the Caramel Brownie Blizzard, made with bite-sized brownies and caramel topping. Joining these limited-edition Blizzards is the new M&Ms Parfait, made with layers of soft serve and chocolate topping and then topped with whipped cream and M&Ms. For those who like ice cream cakes, there’s the new M&Ms Tin Cake, which comes in a reusable tin can, and the new M&Ms Blizzard Cake, a 100% ice cream cake made with DQ’s signature soft serve, cake crunch, and chocolate fudge center mixed with M&Ms, garnished with cake frosting and then topped with even more M&Ms. It is available in six-inch and eight-inch variants. All are available at DQ stores for dine-in and take out orders, and can also be ordered for delivery by calling the 8911-1111 hotline or by logging on to www.dairyqueen.com.ph.

Goldilocks announces new Christmas cake

GOLDILOCKS has developed a special Christmas cake: Merry Cherry Choco (P699). It is a moist chocolate cake with cherry and whipped cream filling, wrapped in smooth buttercream icing, topped with white chocolate ganache, and garnished with festive holiday toppers. Merry Cherry Choco is now available at all Goldilocks branches.

Moonleaf Tea Shop partners milk tea with waffle bites

MOONLEAF Tea Shop’s newest sweet treat is the Moonlight Waffle Bites which comes in five variants: Plain Waffle, Chocolate, Peanut Butter, Milky Cheese, and Wintermelon. Enjoy a milk tea and waffle combo with a P20 discount when ordering a Waffle Bite alongside a tall pearl milk tea. The promo will last until further notice. Moonlight Waffle Bites are now available in 14 branches around the country. For more information, visit Moonleaf Tea Shop’s website at www.moonleaf.ph

Red Ribbon has new Vanilla Sprinkles cake

RED RIBBON now carries the Vanilla Sprinkles Dedication Cake, The vanilla chiffon cake has vanilla icing, colorful sprinkles on top and in the filling, and space on top for a special dedication. It is available at all Red Ribbon stores, with the price starting at P500. It can also be ordered via the delivery website, the Red Ribbon app, the delivery hotline at #87777, or Grab Food and Foodpanda.

Personal Collection introduces Great Life Coffee

Personal Collection (PC) has introduced Great Life Coffee in the Philippines, with actress Marian Rivera as the brand ambassador. This new instant coffee is available in two variants: Creamy White and Creamy Brown. It comes in convenient twin sachet packaging. Great Life Coffee promises more than just energy; it offers exceptional is available at Personal Collection branches, as well as online platforms like Shopee, Lazada, and PC Starter, priced at P250 for 10 twin packs.

InnoCare looks to bring portable x-ray machines to Southeast Asia

TAIPEI CITY — Taiwan-based company InnoCare Optoelectronics Corp. (InnoCare) seeks to distribute in Southeast Asia its portable x-ray flat panel detectors that can store and generate multiple images to help improve accuracy in detecting diseases, one of its top officials said.

“Most of the Southeast Asian countries are in the developing phase, so our idea is to promote our products to be able to go to tier two and tier three cities where we can let more and more people use [the flat panel detector] in the x-ray,” Raunak Joshi, business development manager for the InnoCare’s Asia-Pacific region, told BusinessWorld in the sidelines of the Healthcare+ Expo in Taipei City, Taiwan last week.

InnoCare is currently in talks with a potential distributor in the Philippines, he said.

“We’ve yet to find a partner in Philippines. So, hopefully after this [event], we can find a partner in Philippines,” Mr. Joshi added.

The new flat panel detectors would lessen the time to get an x-ray image to 10 seconds from the usual five minutes, he said.

The portable panel detectors can save multiple x-ray images that can be viewed through another gadget like a tablet, Mr. Joshi said. It is also powered by chargeable batteries.

“You [can] take this to a village, take a lot of scans, and then bring it back. At the end of the day, doctors can see a lot of images,” he said. “This has storage [compared to] the previous one.”

The flat panel detectors, through artificial intelligence, can also generate full images of respiratory illnesses like COVID-19, tuberculosis, and pneumonia with 90% accuracy.

InnoCare has distributed its handheld flat panel detectors in India, Vietnam, Nepal, Bangladesh, America, and Europe.

It also seeks to develop flat panel detectors to get longer x-ray images that would cover a person’s full spine or lower limbs, Mr. Joshi said. — Beatriz Marie D. Cruz

Vista Land raises P6 billion from fixed-rate bonds

VISTA Land & Lifescapes, Inc. (VLL) has raised P6 billion from a bond offering as part of its capital-raising activities, the Villar-led listed holding firm told the stock exchange on Wednesday.

VLL’s peso-denominated fixed-rate bond offering consists of Series F bonds at 7.5426% per annum (p.a) due December 2026, and Series G bonds at 7.6886% p.a. due December 2028.

The issuance is the first tranche of its three-year P35-billion fixed-rate bond offering, which received the certificate of permit to offer securities for sale from the Securities and Exchange Commission (SEC) on Nov. 20.

According to VLL, the bonds received an AAA from Credit Rating and Investors Services Philippines, Inc., and PRS Aaa from the Philippine Rating Services Corp. — the highest ratings assigned by the two institutions. 

The joint issue managers, joint lead underwriters, and joint bookrunners tapped for the offer were China Bank Capital Corp., SB Capital Investment Corp., and Union Bank of the Philippines. 

VLL is tycoon Manuel B. Villar, Jr.’s listed firm engaged in developing residential subdivisions and constructing housing and condominium units.

As of September, VLL recorded a 70% climb in net income to P8.2 billion compared with P4.82 billion a year ago as the company’s nine-month consolidated revenues increased by 18% to P27.4 billion.   

Shares of VLL at the local bourse fell three centavos or 1.83% to P1.61 apiece on Wednesday. — Revin Mikhael D. Ochave

Energizing growth via fossil fuels, nuclear power, and unsubsidized electricity prices

(Part 6 of a series)

There are two good things about the ongoing Conference of the Parties 28 (COP28) meeting with governments, multilaterals, corporations and other players in Dubai, United Arab Emirates (UAE): one, the host country is a big oil-gas producer and exporter and hence, will never agree to a phase-out of fossil fuels; and, two, the growing pivot to nuclear energy as the attractiveness of wind-solar as “decarbonization” alternatives is waning.

The bad thing, of course, is that the estimated 70,000 participants in the COP 28 meetings are using lots of fossil fuels while they demonize fossil fuels. There is continuing double talk and hypocrisy in the annual UN climate meetings. There are no solar planes, no commercial giant kites to bring people from around the world to Dubai. Only oil-guzzling commercial planes and private jets can bring them to Dubai.

The UAE’s reserves/production or R/P ratio for oil in 2020 is 73.1, meaning that despite its big annual production for domestic use and exports, its oil reserves will be depleted in 73 years (vs the US’ 11 years and the UK’s seven years). And the UAE’s gas R/P ratio, also in 2020, is 107.1 years vs the US’ 14 years and the UK’s five years. The UAE and Saudi Arabia, Qatar, Iran, Kuwait, etc. keep exploring and digging for more oil and gas — that is why their reserves are not falling — while the UK, US, other western industrial countries restrict oil-gas exploration in the pursuit of “decarbonization” and “net zero” aspirations.

I saw a copy of the International Energy Consultants (IEC) 2023 report on global comparison of retail electricity tariffs. The prices are for the years 2018 and 2022. The main explanation given why many countries have high electricity prices is because they have unsubsidized rates compared to countries with subsidies.

Seeking other possible explanations, I dug up the consumption data of fossil fuels, especially coal and natural gas plus nuclear power, of those countries listed in the IEC report over a one-decade gap, 2012 to 2022.

The quick conclusion is that European countries have high electricity prices — up to 31.6¢US/kwh for Denmark — because they have “decarbonized” and “denuclearized” a lot. The total consumption for coal, gas, and nuclear (CGN) for Denmark has declined by 62% in just one decade. Greece, Germany, Italy, and Ireland also have had double-digit declines in CGN consumption.

Many Asian countries did not follow the wild and irrational “decarbonization” push of the Europeans. Instead, they expanded their coal and gas consumption as many of them have no nuclear energy development yet.

The Philippines has a good record here. CGN consumption has expanded 102% over one decade. It has unsubsidized electricity and yet Meralco prices are at a similar level as the average for all 46 countries and US states at only 18¢US/kwh (see Table 1).

So good job, Meralco. Good job too, other private and corporate distribution utilities, for keeping electricity prices at competitive rates and yet avoiding occasional blackouts experienced by areas under electric cooperatives pampered by politics and the government agency National Electrification Administration (NEA).

I also checked the energy index and prices. The solar and wind energy index peaked in late 2021 then started falling until today. The EU carbon permit prices have plateaued since early 2022 and are now on a steady decline. More companies are less willing to pay high carbon permits and taxes — either they cut back on their energy use or simply close and move to countries outside of Europe.

The UK is a classic example of fast, wild, irrational decarbonization. Their monthly electricity production has been falling for the past 13-14 years now, and the UK’s economic growth has been crawling for the past decade or two. In contrast, in China (and also India, Vietnam, Indonesia, etc.) electricity production keep rising (see Table 2). Their pace of industrialization has quickened, and economic growth is high.

The priority concern for the Philippines and other developing countries is more sustained high growth so that they can create more jobs and businesses for their people, cut unemployment and poverty, and aspire to be wealthy and prosperous. Only cheap energy can provide this. Now that the anti-coal lunacy has deepened, the developing world should proceed to develop more nuclear energy.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Ayala Land and Mastercard unite for a greener season of joy

Sustainability meets holiday giving

As the holiday season approaches, Ayala Land and Mastercard are teaming up to spread the joy of giving back and celebrating with a purpose. As a part of their commitment to sustainability, Ayala Land Estates and Ayala Land Hotels have partnered with Mastercard to make this holiday season extra special.

From Nov. 24 to Jan. 31, 2024, every P3,000 spent with a Mastercard credit or debit card at Fairmont Hotel, Raffles Hotel, Holiday Inn & Suites Makati, Seda Residences Makati, and Seda Hotel Nuvali will earn guests a raffle coupon. Prizes include three P50,000 Ayala Malls shopping sprees, ten sets of 10,000 Ayala Malls Zing points, and five hotel family staycation packages.

Ayala Land is the Philippines’ leading full-line property developer of sustainable estates, hotels, and leisure developments. The company has embarked on an ambitious carbon emission reduction and offsetting program, dedicating 586 hectares of land as forests to counteract the effects of climate change. This holiday season, they are amplifying their commitment to environmental stewardship in collaboration with Mastercard through the Priceless Planet Coalition. Uniting the efforts of consumers, financial institutions and merchants to take collaborative action and fight climate change together with climate-science and forest-restoration experts from Conservation International and the World Resources Institute the Priceless Planet Coalition aims to further scale forest-restoration work across 20 diverse restoration sites, including six within Asia-Pacific: Australia, Cambodia, China, India, the Philippines and Thailand. Ayala Land aims to address the global climate crisis by planting the right trees in the right places.

For every P3,000 spent at participating Ayala Land Hotels using a Mastercard credit or debit card, one tree will be donated to support the Priceless Planet Coalition’s mission to plant 100 million trees by 2025. To celebrate this season of giving, guests will receive generous rewards such as up to a 20% discount on hotel accommodations, buffet dining, food and beverages at Fairmont Hotel, Spectrum Restaurant, Raffles Hotel, Mireio, Writer’s Bar, Holiday Inn & Suites Makati, Flavors Restaurant, Oz Bar, Seda Residences Makati, Misto Makati, Straight Up Bar, Seda Hotel Nuvali and Misto Café Nuvali.

This Christmas, Ayala Land and Mastercard are turning celebrations into a meaningful cause, offering an opportunity to give back to the environment while enjoying quality time with family and friends. Join them in making this holiday season a sustainable and memorable one.

For more information, visit https://www.facebook.com/NUVALIOfficial or https://www.facebook.com/makeitmakati.

 

Per DTI Fair Trade Permit No. FTEB-180903, Series of 2023

 

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Insurance sector books higher combined profit

THE INSURANCE SECTOR saw its overall net income grow by 9.38% in the first nine months, the industry regulator said on Wednesday, with its combined assets, invested assets, and net worth also increasing.

The net income of the insurance industry stood at P38.28 billion at end-September, up from P35 billion in the same period last year, the Insurance Commission (IC) said in a statement.

This came as the life and nonlife insurance sectors saw higher premiums and as mutual benefit associations (MBAs) posted increased contributions in the period.

The premium income of life insurance companies grew by 13.93% to P229.89 billion in the first nine months, with P46.57 billion coming from new business.

The sector posted a net income of P28.79 billion in the period, up by 10.32% from P26.10 billion last year.

Meanwhile, the nonlife insurance sector’s total net premiums written rose by 15.56% to P48.21 billion at end-September.

The segment’s net profit increased by 14.99% to P5.48 billion from P4.76 billion a year prior.

Lastly, MBAs saw contributions rise by 7.43% to P11.494.4 billion in the first nine months.

However, the net earnings of MBAs declined by 3.05% to P4.01 billion from P4.14 billion last year due to a 32.72% rise in total underwriting expenses amounting to P9.64 billion.

Meanwhile, the insurance industry’s combined assets went up by 9.93% to P2.23 trillion as of September from P2.03 trillion a year prior, while total liabilities increased by 9.77% to P1.78 trillion from P1.62 trillion.

The sector’s total invested assets likewise rose by 14.96% year on year to P1.98 trillion in the period from P1.73 trillion.

Overall net worth grew by 10.6% to P450.15 billion from P407 billion.

Lastly, total paid-up capital and guaranty fund went up by 5.10% to P83.04 billion from P79.01 billion. — AMCS

Artist Jesse Darling wins UK’s Turner Prize 2023

LONDON — British artist Jesse Darling was awarded the 2023 Turner Prize for contemporary art on Tuesday and took home 25,000 pounds ($31,480) as this year’s winner.

Established in 1984 and named after British painter J.M.W. Turner, the prestigious art prize is awarded to an artist born or based in the United Kingdom for an outstanding exhibition or presentation of their work in the past 12 months.

The jury commended Oxford-born Mr. Darling’s use of materials and commonplace objects like concrete, welded barriers, hazard tape, office files and net curtains, “to convey a familiar yet delirious world.”

“Invoking societal breakdown, his presentation unsettles perceived notions of labor, class, Britishness and power,” the jury said about Mr. Darling, who lives and works in Berlin.

This year’s jury was chaired by Tate Britain Director Alex Farquharson.

The 2023 prize was announced at a ceremony in Eastbourne’s Winter Gardens, in southeast England, where Mr. Darling was presented with the award by British rapper and musician Tinie Tempah. — Reuters

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