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Untangling the Philippines’ energy trilemma

From left: Energy Regulatory Commission Chairperson and CEO Atty. Monalisa Dimalanta, First Philippine Holdings Corp. Chief Sustainability Officer Agnes De Jesus, Aboitiz Power Corp. Head of Energy Transition Projects Felino Bernardo, and Department of Energy Undersecretary Giovanni Bacordo

By Bjorn Biel M. Beltran, Special Features Assistant Editor; Angela Kiara S. Brillantes, Special Features and Content Writer; and Jomarc Angelo M. Corpuz

In a modern world beset by various societal, economic, and environmental issues, few challenges loom as ominously as the energy trilemma.

It’s a Gordian knot of competing needs and aspirations, a complex puzzle with global repercussions. On one side, the relentless demand for accessible and affordable energy to power our homes, fuel our industries, and drive inclusive societal progress. On another, the ever-present anxiety that is energy security, which is sorely needed to safeguard against disruptions to daily life, and brings to mind the precariousness of the world’s finite resources. There is also the third side, the urgent call for sustainability, as the specter of climate change haunts the very livability of the archipelagic Philippines in the future.

Navigating this trilemma demands more than just technical expertise; it requires a delicate balance of innovation, policy reform, and societal engagement.

Atty. Monalisa C. Dimalanta, chairperson and CEO of the Energy Regulatory Commission, said in her keynote address at a recently-concluded BusinessWorld Insights and Project KaLIKHAsan forum that the energy trilemma comprise the “most urgent and critical issues of our time, right up there with food security and health.”

Atty. Dimalanta noted that such an encompassing issue demands attention from the entire country, not simply from the government.

“Some would say, in fact, that the regulator has no role or has very limited role in the discussion of the energy trilemma; and, perhaps in the context of other countries, that is correct. In the Philippine context, however, it is my view that we all have a role to play in charting our country’s energy,” she said.

Atty. Dimalanta identified the various government programs that aim to address the different facets of the energy trilemma, such as the Green Energy Auction Program, the Net-Metering Program, and the revised Renewable Portfolio Standards.

“In all of these programs, the primary driver of course, is the desire to achieve an energy industry in the Philippines that is secure, despite our lack of fossil fuel resources; equitable, knowing that it is energy that is fueling our growing economy; and environmentally sustainable, because we are only stewards of these resources. We owe it to the next generation of Filipinos to leave them with a fighting chance for a better future.”

Energy sustainability

Agnes C. De Jesus, chief sustainability officer of First Philippine Holdings Corp. (FPH), discussed about energy sustainability, which she defined as striking the right balance between energy security and environmental protection towards uplifting present and future generations.

She noted that the transformation of the energy sector goes beyond changing power sources and thus lies within production, distribution, and consumption of power.

“Because transition is not just changing the type of power to renewable energy. By transformation (and energy sustainability), we mean changing the way we produce power, changing the way we distribute power, and use power,” Ms. De Jesus said in her presentation.

Her presentation added that with the rise of energy demand coinciding with the imperative to mitigate emissions, crucial steps have to be taken, among them developing low-carbon solutions are feasible and cost-effective.

Ms. De Jesus also commented during the forum’s panel discussion that investments in sensors, thermal imagers, green transformers, and carbon-capturing technologies can aid in the Philippine’s transition.

She further expressed that the country has to be practical in the transition to renewable energy (RE), citing studies from the University of Finland as well as climate analytics from November last year.

“While we want 100% [REs] and technically it’s feasible, there are certain considerations that were also listed that the government has to pay attention to and systematically work on. For example, for us to be 100% RE, we need to surge our solar [capacities]. If we don’t want gas to be our transition fuel, we need to drastically lower the costs of batteries that support solar,” Ms. De Jesus explained.

Energy security

Presenting about energy security, Felino M. Bernardo, head of energy transition projects of Aboitiz Power Corp. (AboitizPower), defined energy security as “having dependable and affordable access for everyone.”

“In this complex process we are undergoing, there is no cheap way to go through this and we have to be deliberate around the cost. But, how we select, how we decide on the cost is by making decisions today not only for us but for generations to come. It entails and ensures a stable energy supply that can meet the population and economy’s needs while safeguarding against destruction and external shocks,” Mr. Bernardo said in his presentation.

Mr. Bernardo added that several steps are being taken to ensure a secure and more sustainable energy landscape, such as diversifying energy mix; exploring cleaner and more abundant fuels; and investing in grid modernization, which is expected to incorporate a growing amount of RE and recover quickly from natural disasters.

Regarding the potential of nuclear energy for the country, Mr. Bernardo said that results from other countries show that the resource can help deliver a more affordable and secure energy source, although the Philippines still has quite a long way to develop capabilities and regulations.

“It’s going to be part of the solution, definitely. Eventually, it should be part of the energy mix. It’s a good source of baseload energy, dispatchable, safe, and carbon-free,” Mr. Bernardo shared during the panel discussion.

Mr. Bernardo also added that distributed power through energy packets and the transformation of retired power plants with innovations can also be a solution to the transmission problem.

“We have to look at what we have today and optimize that before we proceed with other technologies because we already have great [plants]. We should look at options of what should we do to optimize what we have, so it’s using existing power plants and converting them to be cleaner, upgrading the current transmission system by using newer technology for it to be able to carry more power to the load centers,” Mr. Bernardo said.

A long-term effort

Department of Energy Undersecretary Giovanni Bacordo also joined the forum with a closing address on the current landscape and long-term goals of the country’s energy sector.

“My first takeaway when I first reported to the Department of Energy way back September of 2020 is that whatever we are doing at the department now, will be felt ten years from now. It’s not like building a waiting shed or a small building, which can be finished within the year,” Mr. Bacordo said.

He is confident that currently, as the government puts into motion its comprehensive energy program, the Philippines can look forward towards an energy system that is inclusive, secure, and sustainable.

“The realization of the energy plan, which embeds energy transition strategies, entails both a whole-of-government and a whole-of-nation approach. The path towards energy transition is a mutual effort and this resonates with the departments’ continued engagement with government agencies, the regulators, energy stakeholders, development partners, and financing institutions,” Mr. Bacordo noted.

“Again, let me reiterate what we are doing now will be felt ten years from now. So stay with us, because the best is yet to come.”

First Gen income falls on lower RE contribution

LOPEZ-LED First Gen Corp. posted a first-quarter attributable net income of $78.82 million, marking an 11.7% decrease from last year’s $89.23 million due to a lower contribution from its renewables unit.

First Gen’s combined revenues for the first quarter fell by 8.5% to $596.4 million from $652.18 million as a result of lower volumes of electricity sold during the period, the company said in a statement on Wednesday.

Natural gas accounted for the majority of First Gen’s revenue at 65.1% or $388.29 million, followed by geothermal, wind, and solar at a combined 31.1% or $185.28 million, while the remainder is for its hydro at 2.9% or $17.2 million.

Revenues from First Gen’s renewable energy (RE) unit, Energy Development Corp. (EDC), excluding hydro’s revenues, fell by 19.3% to $185.3 million during the period from $229.6 million in the corresponding period a year ago.

The company attributed EDC’s decreased top line to the lower average sales volumes and lower average selling prices during the period.

Meanwhile, contributions from its hydro platforms soared by 8%, with recurring earnings of $8 million, 12% higher year on year.

The strong performance of the company’s hydro platforms was due to its takeover of the Casecnan hydroelectric power plant, the company said.

First Gen’s unit, Fresh River Lakes Corp., officially took over the operations of Casecnan in February, where the power plant generated $3-million attributable income for its one month of operations alone.

The operations of Casecnan mitigated the impact of lower recurring income from its Pantabangan-Masiway power plants, which ran on lower capacity due to low water reservoir levels, the company said.

The cost of electricity fell to $387.3 million compared with $423.8 million in 2023.

“As we expected, First Gen started the year slow with the expiration of San Gabriel’s contract with Meralco. Prices in the market were also generally lower with adequate supply available in the first quarter. This was cushioned by our takeover of Casecnan last February,” said Francis Giles B. Puno, president and chief operating officer of First Gen.

Listed energy company First Gen has a total of 3,668 megawatts of installed capacity, accounting for 20% of the Philippines’ gross power generation.

At the local bourse on Wednesday, shares in the company shed 54 centavos or 2.79% to end at P18.80 apiece. — Ashley Erika O. Jose

Property demand drives Ayala Land income up 39% to P6.3B

LISTED property developer Ayala Land, Inc. (ALI) recorded a 39% jump in its first-quarter net income to P6.3 billion, led by stronger property demand and consumer activity.

The company’s consolidated revenues improved by 33% to P41 billion, ALI said in a statement to the stock exchange on Wednesday.

“Our first-quarter performance reflects our commitment to delivering on our operational targets this year, focused on high-value market opportunities and our drive for quality,” ALI President and Chief Executive Officer Anna Ma. Margarita Bautista-Dy said.

“Anchored on the resiliency of the local property market and consumer activity, we look forward to executing our plans to support our growth aspiration for 2024,” she added.

Property development revenue increased by 47% to P25 billion, led by residential and commercial lot bookings.

Residential revenue went up by 51% to P21.4 billion, while revenue from commercial and industrial lots jumped 59% to P2.8 billion.

Office-for-sale revenue dropped by 26% to P826 million as the lower incremental percentage of completion of the projects offset the sales bookings during the quarter.

Residential reservation sales increased by 20% to P33.3 billion, carried by strong demand for products in the premium and vertical segments.

“The quarter’s sales performance translated to a monthly sales average of P11.1 billion — an acceleration from P9.5 billion in 2023,” ALI said.

ALI launched four projects worth P13.7 billion in the first quarter. These include horizontal developments such as Alveo’s Sereneo in Nuvali, Laguna, and Caleia in Vermosa, Cavite, and Amaia’s Scapes Rizal Sector 2B and Scapes San Fernando Sector 2 in Pampanga.

Leasing and hospitality revenue surged by 8% to P10.9 billion, led by higher mall occupancy, increased mall, office, and hotel rental rates, and the contribution of new Seda hotel rooms at Manila Bay and Nuvali.

Shopping center revenues increased by 9% to P5.5 billion, while office leasing rose by 5% to P3.1 billion. Hotel and resort revenues accelerated by 8% to P2.3 billion.

Meanwhile, ALI’s service businesses consisting of construction, property management, and airline saw a 42% revenue growth to P4.2 billion.

Net construction revenues of Makati Development Corp. grew by 75% to P2.6 billion due to additional contracts from external projects.

“Property Management, AirSWIFT, and retail electricity supply companies generated revenues of P1.5 billion, a 7% increase year on year, mainly from higher parking and airline passenger revenues,” ALI said.

Capital expenditures totaled P18.8 billion, wherein 49% was spent on residential projects, 30% for estate development, 9% for land acquisition, 11% for commercial leasing projects, and 1% for other purposes.

On Wednesday, ALI shares improved by 4.91% or P1.30 to P27.80 per share. — Revin Mikhael D. Ochave

SMC Foods sees 13% rise in operating income

SAN MIGUEL Food and Beverage, Inc. (SMFB) recorded a first-quarter consolidated operating income of P13.1 billion, 13% higher driven by higher sales in its Food and Spirits divisions.

“We remain committed to leveraging our strengths to address challenges and continue delivering exceptional value to our stakeholders,” SMFB President and Chief Executive Officer Ramon S. Ang said in a media release on Wednesday.

Without disclosing comparative figures, the company said its consolidated revenues grew by 12% to P95.4 billion for the first quarter.

SMFB said its food business sustained its revenue growth and was able to deliver “strong profits” for the period.

Combined sales for the first quarter hit P43 billion, marking a 2% increase from the same period last year, fueled by higher volumes across its segments.

The food business’ operating income soared by 78% to P2.7 billion on higher gross profits as key raw materials eased, SMFB said.

Its processed meats, dairy, and coffee segments drove the company’s revenue growth for the first quarter; processed meats revenue expanded by 10%.

Revenues from poultry and animal nutrition and health businesses were sustained from last year’s level due to the stable supply of chicken, the company added.

The spirits business managed to post strong performance for the first three months of the year, SMFB said.

“The strength of its core brands, along with supply chain improvements developed over the years, helped protect volumes and profitability,” the company said.

Revenues from its spirits business climbed 17% due to higher selling prices, while operating income went up to P2.3 billion.

The beer business recorded a revenue of P37.4 billion, lower by 3% compared to the same period last year due to reduced volumes, while its international beer business also saw a decline in volumes due to market mix changes, the company said.

At the local bourse on Wednesday, shares in the company gained 10 centavos or 0.22% to end at P45.40 each. — Ashley Erika O. Jose

Century Pacific Food profit climbs 15% to P1.7 billion

LISTED Century Pacific Food, Inc. (CNPF) reported a 15% increase in its first-quarter net income to P1.7 billion, led by stronger exports and favorable commodity costs.

Consolidated revenue improved by 16% to P18.2 billion, driven by the 10% growth of the branded business composed of the marine, meat, milk, and other emerging segments, CNPF said in a statement to the stock exchange on Wednesday.

CNPF also benefited from the 49% sales increase of original equipment manufacturer (OEM) tuna and coconut exports.

CNPF Chief Financial Officer Richard Kristoffer S. Manapat said the company continues to operate with cautious optimism as it aims to grow the business in the low double-digit territory.

“We are thankful for the first quarter’s healthy momentum, which we expect to normalize and align with our full-year outlook as we move forward. Uncertainties remain, especially with inflation looming over our operating landscape and dampening consumer sentiment,” he said.

“On the branded side, our offerings come in different price tiers to serve varying consumer needs. We focused on providing our consumers with affordable sources of nutrition, keeping our brands relevant during this time. Meanwhile, the OEM exports business, which was challenged last year, is in recovery mode, given tailwinds in commodities,” he added.

CNPF previously committed $40 million to expand its coconut processing capacity, which will serve both its OEM and domestic coconut business with room for growth.

The commitment is part of an expanded agreement with US-based beverage firm The Vita Coco Company, Inc., which requires approximately 90 million liters of coconut water over the next five years.

On Wednesday, CNPF stocks declined by 2.14% or 80 centavos to P36.55 per share. — Revin Mikhael D. Ochave

Puregold income reaches P2.5 billion in Q1 on higher sales

LISTED retailer Puregold Price Club, Inc. posted a consolidated net income of P2.5 billion for the first quarter (Q1), a 4.1% increase from P2.4 billion a year ago, driven by higher sales for the period.

The company’s consolidated revenue for the first quarter increased to P47.3 billion, a 6.5% rise from the P44.4 billion in the corresponding period a year ago, the company told the stock exchange.

For the January to March period, the company recorded net sales of P47.32 billion, marking a 6.7% increase from last year’s P44.35 billion.

Puregold said its operating expenses increased by 10.9% to P6.33 billion from P5.71 billion in the same period last year.

The listed grocery retailer said it logged positive 1.5% same-store sales growth for the first quarter from Puregold stores and negative 1.2% from S&R Warehouse clubs.

Same-store sales measure revenue growth from store locations that have been in operation for at least a year.

“Same-Store Sales Growth trends continued to normalize starting in the second quarter of 2023 as consumer revenge spending has plateaued. The company continues to see a buoyant trajectory in top line growth for the year 2024,” Puregold said.

As of last year, Puregold has opened 37 new Puregold stores, four S&R membership shopping warehouses, and three S&R New York Style quick service restaurants.

To date, the company has a total of 568 stores nationwide; of which 488 are Puregold stores, 26 are S&R membership shopping warehouses, and 54 are S&R New York Style quick service restaurants.

At the local bourse on Wednesday, shares in the company closed 25 centavos or 1.04% higher at P24.20 apiece. — Ashley Erika O. Jose

Schneider Electric opens smart distribution center in Cavite

THE LOCAL unit of a French energy management and industrial automation company opened its smart distribution center in the Cavite Economic Zone on Wednesday.

“The growth that we’re seeing is more on the internal demand for our existing production, and since we’re one of the fastest growing across the region, our capacity can still sustain the growth projections globally,” said Ireen Catane, country president of Schneider Electric, at the inauguration of the new distribution center.

Spanning 4,200 square meters (sq.m.), the new distribution center is part of Schneider Electric Philippines, Inc.’s expansion plan to increase the total area of its distribution center in Cavite to 19,600 sq.m.

Ms. Catane said that the company’s investment in the expansion amounted to P86.5 million, covering the newly opened smart distribution center and its yet-to-open station to be used for consolidating containers.

“If you look at how much we have invested and automated the facility, the intent really is for us to strengthen our safety for our employees, as well as to automate our processes so that we become more efficient,” she said.

“In any logistics operation, efficiency is very important because when we are efficient, we are also fast, meaning we can deliver our items to the market faster than expected,” she added.

Schneider Electric Logistics Director Jordan Gansan said that the new facility will manage the distribution of UPS 3-phase equipment, mainly used in data centers, utilities, and power plants.

“We will also manage other hardware and accessories needed to accommodate and fulfill [our clients’] requests,” Mr. Gansan said.

He said that the 4,200-sq.m. distribution center will have over 2,000 pallet spaces and over 5,000 references to serve the local market, while the size of the container station will be around 2,200 sq.m.

“Pretty much, there’s just one more building that we’re finishing, which is our container station. That will go live at the end of May and will complete all our expansion,” he said.

“By the time we finish the P86.5-million investment… we will have increased and expanded our footprint by 55%,” he added.

The Cavite Smart Distribution Center is one of the French firm’s main distribution centers in the Asia Pacific and is one of its 17 smart distribution centers worldwide.

Aside from meeting the local requirements, the Cavite hub also manages the export and distribution of the company’s UPS 3 Phase equipment to Asia Pacific, North America, Europe, and South America. — Justine Irish D. Tabile

Upgrade to an iPhone and get up to P5,000 cashback from Smart and UnionBank

Mobile services provider Smart Communications, Inc. (Smart) is making it easier for subscribers to upgrade to a 5G device as it now offers the latest iPhones in an exclusive partnership with UnionBank that enables customers to get up to P5,000 cashback when they pay using UnionBank credit card.

Open to Smart Prepaid, Smart Postpaid, and Smart Infinity subscribers, customers can get their preferred iPhone at select Smart Stores via zero-interest installment for 12 or 24 months for new UnionBank credit card holders via PayEasy.

Subscribers who don’t have an active or existing credit card yet from UnionBank are eligible for this promo and are entitled to get their first monthly amortization cashback from April 26 to July 7, 2024 when they avail of an iPhone device. Cashback is computed based on the principal cost of the device and their chosen installment term.

The best iPhone deal from Smart

To avail of this promo, Prepaid and Postpaid subscribers must simply apply for a UnionBank Rewards Credit Card and for Infinity, they must apply for the UnionBank Miles+ Credit Card. For a minimum device purchase of P3,000, customers who used their new UnionBank credit card are qualified to avail of 0% installment for 12 or 24 months at select Smart Stores.

Prepaid and Postpaid subscribers may apply for a UnionBank Rewards Credit Card via smart.com.ph/Pages/UBWelcomeGift. On the other hand, Infinity members may apply for a UnionBankMiles+ Credit Card via smart.com.ph/Pages/InfinityUBWelcome.

Subscribers who avail of the promo will then receive up to P5,000 cashback depending on the total cost of their device.

As an added benefit, “No Annual Fees For Life” will also apply to Smart Prepaid and Postpaid subscribers with a new UnionBank Rewards Credit Card if they spend P20,000 within 60 days of card approval. Meanwhile, Infinity members get an additional 30,000 miles with a new UnionBankMiles+ Credit Card P40,000 accumulated spend in the first 60 days of card approval, which may be used to redeem airline miles and enjoy lounge access.

Get the iPhone 15 for as low as P2,033 per month
 
Under this exclusive offer, customers can get the iPhone 15 (128 GB) for only P2,033 per month for 24 months, or P4,067 per month for 12 months with zero interest rate with a UnionBank credit card.

Aside from the latest iPhone 15 series, Smart also offers other select iPhone models, including the iPhone 15 Plus; iPhone 15 Pro; iPhone 15 Pro Max; iPhone 14; iPhone 13; and iPhone 12; and iPhone 11 — also through affordable and flexible payment options.

For Prepaid customers, each iPhone is also bundled with a FREE Smart Prepaid eSIM and Magic Data 99, which comes with 2 GB non-expiry data, allowing customers to connect online and browse their favorite apps right away. On the other hand, Postpaid subscribers may get their dream iPhones via Smart Signature Plans+, which offer data-packed plans for uninterrupted connectivity, perfect for getaways this summer season.

To know more, visit smrt.ph/UBWelcomeGift for Prepaid and Postpaid, and smrt.ph/UBWelcomeGiftInfinity for Infinity.

 


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Not all olive oils are the same

WHILE a large part of the Mediterranean makes and uses olive oil, some are just better than the others. In the case of Castillo de Canena from Jaen, Spain, it uses the power of heritage and harnessing time to join the game.

On April 18, BusinessWorld seemed to be transported to Spain, if only for all the olive oil and jamon present at the Spanish Ambassador’s residence in Forbes Park. Francisco Vañó and his sister Rosa were there to unveil new bottles of their limited edition First Day of Harvest olive oils, the bottles bearing two paintings by esteemed Filipino-Spanish artist Fernando Zóbel.

Mr. Zóbel hails from the prominent Zóbel de Ayala family – while known for the financial district they established in Makati, the family’s imprimatur on art is indelible thanks to their Ayala Museum. In their native Spain, the Zóbel scion left his own fingerprint through the founding of the Museo de Arte Abstracto Español in the town of Cuenca, and through his own artworks.

Mr. Vañó told BusinessWorld about their choice of art. Every year, for the special edition bottles, they choose an artist, an actor, a writer — famous people — for their images to adorn their bottles. “Everybody knows, in Spain, Fernando Zóbel is one of the best painters of the 20th century,” he said. “We think that it merged in a very rational way the two countries. He was Filipino, as well he was Spanish.”

The bottle of Picual (a variety of olive) oil bears the image of the painting Dos de Mayo IV, owned by the Juan March Foundation. The bottle of the Arbequina variety of olive oil uses the image of Luz Pálida, II, owned by the Ayala Foundation.

DIFFICULT HARVEST
In a statement, Mr. Vañó described the conditions under which the olive oils were made: “This new edition dedicated to Fernando Zóbel comes in a year in which the harvest has been particularly difficult and complicated. Although the trees were watered using a localized irrigation system, they began flowering three weeks earlier than usual: this was due to extreme heat coupled with a lack of rainfall throughout the early part of spring. Although flowering was expected to be very good, the persistent high temperatures in late April and the first fortnight in May scorched most of the buds, drastically reducing fruit quantity. Very few olives on the trees, very differing fruit production and a very rapid maturity: this was the scenario we faced. Finally, we managed to overcome this dire scenario thanks to the involvement of our team, by using high-tech machinery and integral refrigeration systems together with a scrupulous process of choosing the specific estates and fruit. The effort made was huge, but, once again, we are very happy with the obtained results.”

To BusinessWorld, he described the Picual variety as grassy, and the Arbequina variety as fruity. There are only 10,000 bottles made of the First Day of Harvest edition. But does it make a difference? “The fruit is very strong; it’s very robust… more personality,” he said. “It’s an homage to the producer.”

“A tree is a living creature. It’s like us. It doesn’t move, but it reacts.”

The harvest season of olives is short: Mr. Vañó said that it lasts from October until mid-November. That contrasts with the age of Mr. Vañó’s family: he is of the 9th generation; and the estate where the olives are planted has been productive since 1780.

“Each generation that joins the family company should add, should innovate, should do new things, should expand the business,” he said.

While his ancestors produced olive oil in bulk, it was he and his sister, upon joining the company in 2003, that had the idea to release premium varieties. “You have to continue working,” he said.

Castillo de Canena olive oil is available in Santi’s Delicatessen and The Bow Tie Duck Manila. — Joseph L. Garcia

PHL among most targeted by malicious URL attacks — report

MUHAMMAD RAUFAN YUSUP-UNSPLASH

THE PHILIPPINES placed fifth in a global ranking of economies that logged the highest number of accessed malicious Uniform Resource Locators (URLs) in 2023, cybersecurity software company Trend Micro said.

According to its latest annual cybersecurity report, Filipinos accessed 76.73 million malicious URLs.

Still, this was a 20% decline from 2022.

Ahead of the Philippines were Japan, which led the ranking with 823,06 million accessed URLs, followed by the United States with 382.88 million, Taiwan with 95.1 million, and China with 84.3 million.

“We’re blocking more threats than ever before for our customers. However, adversaries showed a variety and sophistication of tactics, techniques, and procedures (TTPs) in their attacks, especially in defense evasion,” Trend Micro Philippines Country Manager Ian Felipe said in a statement.

Mr. Felipe said network defenders should continue to proactively manage risks.

“Understanding the strategies favored by our adversaries is the foundation of effective defense.”

Meanwhile, Trend Micro also reported that among other threats detected in the Philippines, e-mail threats went down by 27% year on year, while URL hosted and URL victim threats fell 34% and 20%, respectively.

The firm also saw botnet victims go down by 27% and online banking malware drop by 46%.

Meanwhile, malware detections in the country rose by 12% year on year.

Southeast Asian countries including the Philippines recorded an overall increase in ransomware detections, making up more than half (52%) of the global number, largely attributed to significant detections within Thailand.

“Other markets such as Indonesia, Malaysia, Singapore, and the Philippines saw a decline in ransomware detections, similar to the overall global trend. In the Philippines, the number of ransomware detections fell by 93%,” Trend Micro said.

The report also showed that the Philippine government was mostly targeted in advanced persistent threat campaigns.

It said that threat actor Earth Estries, known to deploy cyber espionage campaigns, targeted government organizations and technology industries in the Philippines, Taiwan, Malaysia, South Africa, Germany, and the US.

Earth Estries uses public services such as GitHub, Gmail, AnonFiles, and file.io to exchange and transfer commands and stolen data.

In addition, it also identified China-based group Mustang Panda attacked government organizations in the country using “components of legitimate software commonly used in Southeast Asia for DLL (Dynamic Link Library) sideloading.”

Meanwhile, globally, Trend Micro said detected threats rose to 161 billion in 2023 from 146.4 billion in 2022.

It blocked 73.8 billion e-mail threats, 2.3 billion malicious URLs, 82.1 billion malicious files, 87.5 billion e-mail reputation queries, 4.1 trillion reputation queries, and 2.3 trillion file reputation queries. — Aubrey Rose A. Inosante

DigiPlus Q1 income rises to P2 billion on higher user traffic

LISTED digital entertainment company DigiPlus Interactive Corp. said its first-quarter (Q1) attributable net income rose by almost four times to P2 billion from P424.38 million last year, driven by better revenues and higher user traffic.

First-quarter revenues soared by more than two times to P13.6 billion from P4.18 billion in 2023, led by growing user traffic in its flagship platforms BingoPlus and ArenaPlus digital sportsbook, as well as fresh contributions from new game offerings, Digi-Plus said in a stock exchange filing on Wednesday.

Earnings before interest, taxes, depreciation, and amortization increased over three times to P2.1 billion.

Due to higher revenues, costs, and operating expenses during the period also increased by more than two times to P11.61 billion from P3.71 billion in 2023.

“We intend to sustain our growth momentum by continuing to invest in innovation and new technologies to enhance user experience and adding new digital offerings traditionally well-loved by Filipinos,” DigiPlus President Andy Tsui said.

“By delivering innovative, fun, and accessible digital offerings, we aim to continue revolutionizing the entertainment space in the Philippines,” he added.

DigiPlus previously launched the Perya Game, a local leisure and entertainment game platform with a nod to traditional Filipino carnival. The platform offers various online versions of popular games such as “Color Games,” “Pusoy,” “Lucky 9,” “Tongits,” and “Pa Pula, Pa Puti.”

“To diversify its digital entertainment portfolio, DigiPlus continues to introduce innovative and exciting product offerings that cater to a variety of demographics and lifestyle preferences,” the company said.

On Wednesday, DigiPlus shares declined by 4.63% or 62 centavos to P12.76 per share. — Revin Mikhael D. Ochave

Ginebra San Miguel, Inc. sets Regular Stockholders’ Meeting via remote communication on May 30

 


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