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Meryl Streep honored in emotional ceremony as Cannes opens

CANNES — The Cannes Film Festival officially kicked off on Tuesday night as celebrities walked the red carpet into the plush Grand Theater Lumiere to honor Hollywood actress Meryl Streep before settling in to watch this year’s opening film, The Second Act.

The French comedy’s cast, including Lea Seydoux and Vincent Lindon, were joined by actor Jane Fonda, model Heidi Klum, and Messi, the dog star of 2023’s Palme d’Or winner Anatomy of a Fall, as well as this year’s jury, headed by Greta Gerwig.

Ahead of the ceremony, French singer Zaho de Sagazan performed David Bowie’s “Modern Love” in the theater aisles to honor Ms. Gerwig’s black-and-white dance scene in Frances Ha.

Ms. Gerwig sang along and seemed visibly touched by the performance as Zaho De Sagazan got on stage to kiss her hand.

The audience gave a minutes-long ovation for Ms. Streep when she took the stage in a simple white gown and black-frame glasses, welcomed by French actress Juliette Binoche in a red dress.

“You changed the way we look at women in the cinema world,” said Ms. Binoche, who tried to control her breathing as she cried during her speech. “And yet you are not self-serious, like me.”

Ms. Streep — whose long list of films includes Death Becomes Her, Mamma Mia!, and The Iron Lady — listed people she wanted to thank.

“It’s like looking out the window of a bullet train,” she said of the montage that played of all her films.

“My mother, who was usually right about everything, said to me ‘Meryl, darling, you’ll see. It all goes so fast. So fast.’ And it has. Except for my speech,” Ms. Streep told the audience. — Reuters

Gov’t agencies urged to comply with cloud first policy

TRUSTPAIR.COM

THE Department of Information and Communications Technology (DICT) last week urged government agencies to adopt the revamped cloud first policy amid a surge in cyberattacks.

“Considering the breadth of government data, proper classification schemes are essential to mitigate risks associated with unauthorized access or exposure, while cloud services offer flexibility, security, and cost efficiency,” DICT Undersecretary for Infostructure Management, Cybersecurity, and Upskilling Jeffrey Ian C. Dy said in his video presentation in the 2nd Philippine CTO Summit event on May 9.

The cloud first policy mandates state agencies to prioritize cloud computing solutions in their processes.

Due to a surge in cybercrime, the policy first issued in 2017 was amended to expand its coverage to government-owned and -controlled corporations, state universities, colleges, and local government units.

Mr. Dy said policy amendments also included data classification, security needs, and operability “to emphasize required adherence to Philippine law policies and standards, data management and cloud compliance.”

However, DICT Deputy Director of Cybersecurity Bureau Rodil M. Aniban said the cloud first policy will not guarantee protection from cyberattacks as most are due to phishing and the wrong use of USB disks and laptops.

“The entities’ cybersecurity defense relies as well on the help of cloud service provider so the solution center, security solutions in place and principal brand,” Mr. Aniban said.

This also relates to the recently issued National Cybersecurity Plan, he said, noting that one of the action items in the plan concerns the issuance of the minimum standards in collaboration with technology services providers.

In a congressional hearing on April 30, the DICT reported 282 cyberattacks against government organizations between January and March 2024, adding that 90% of these were resolved.

According to Mr. Dy, 811 early-stage hacking attempts were detected and neutralized by the agency’s National Security Operations Center as of April. This translates to over 74% of total hacking attempts.

The DICT’s Project Security Operations and Network Analysis Research also scanned over 2,000 online assets, exposing 30,682 vulnerabilities. — Aubrey Rose A. Inosante

On economic growth, nuclear energy, and Meralco franchise

The countries that are most resolutely on the path towards “net zero,” “decarbonization,” and “denuclearization” — the UK and Germany — are also on the path towards degrowth and deindustrialization. Other European countries are on the same path towards economic suicide. Here is their GDP growth in Q1 2023, Q4 2023, and Q1 2024, respectively: Germany: 0.1%, -0.2%, -0.2%; the UK: -0.3%, -0.2%, 0.2%; Italy: 2.2%, 0.7%, 0.6%; France: 0.8%, 1.1%, 1.1%; Ireland: 1.1%, -8.7%, -0.8%; Sweden: 1.7%, -0.2%, -1.1%; and Austria: 1.8%, -1.4%, -1.3%.

Germany shut down its last nuclear power plant in April 2023 while it reduced its number of coal plants. So, it must now rely on domestic intermittent wind-solar power plus import nuclear power from France, Belgium, and Sweden to avoid blackouts.

Economic growth and security is better assured if there is energy security. Nuclear power has been an old, proven reliable energy source since the 1950s in Europe and the US. Now Europeans that started with high nuclear capacity and have “denuclearized,” like Germany and the UK, are suffering from low growth if not degrowth. Meanwhile Asian countries that ramped up their nuclear power capacity are enjoying faster growth, like China, South Korea, and India (see Table 1).

 

I like this observation made by Lino Bernardo, Head of Energy Transition Projects of Aboitiz Power, and among my fellow travelers from government, corporate, and local media, on the Philippines Nuclear Trade Mission to Canada last March. He said, “A national nuclear energy program can only take off once clear policies have been laid and a regulatory regime is enforced. Nuclear power has high-capacity factor and long asset life but [is] paired with high upfront capital costs. The costs of emerging nuclear technologies must come down before it becomes commercially feasible for developing countries like the Philippines, making its adoption more later than sooner. Building nuclear energy assets requires flawless execution, holistic planning from commissioning to decommissioning, and preparations on human capital development must begin as soon as possible.”

MERALCO FRANCHISE RENEWAL
House Committee on Ways and Means Chairman Joey Salceda made a good observation that “The case for renewing Meralco’s franchise is plain and simple: it has complied with the conditions of the franchise law and it is good for the economy and the consumer… At least 29 municipalities and cities and at least four provinces outside the franchise area have formally expressed interest to be served by Meralco.” See BusinessWorld’s report this week, “Lawmaker bats for Meralco service expansion, cites economic benefits” (May 14).

The Meralco franchise area covers the whole of the National Capital Region (NCR) or Metro Manila, the five provinces of Calabarzon (the whole of Cavite and Rizal, and portions of Batangas, Laguna, and Quezon), and parts of the Central Luzon region (the whole of Bulacan and parts of Pampanga).

I checked the regional breakdown of the Philippines’ GDP. The Meralco franchise area covers the top three largest economic regions of the country. Since energy is development, by assuring energy security in these areas, the company has assured their economic security. Notice the faster growth of the NCR over the national GDP in the 2003-2009 period, and faster growth of Calabarzon and Central Luzon than the national GDP in the 2010-2023 period (see Table 2).

I am from Negros Occidental. There are five electric cooperatives (ECs) there, plus three ECs in neighboring Negros Oriental, for a total of eight ECs in a single island, eight legislative franchise laws from Congress, and eight entities to be monitored by the Energy Regulatory Commission (ERC) and the public.

That Meralco delivers the efficient distribution of electricity with minimal blackouts compared to many provinces in the country should be taken by Congress as a model to consolidate those eight ECs in our island into one franchise to be administered by experienced corporate distribution utilities.

COAL AS WORKHORSE VS BLACKOUT
I read about some groups blaming coal plants as the “cause” of the frequent yellow-red alerts in the Philippines, especially during the hot months of March to April. Far out! They are churning out fake news. Data from the Independent Electricity Market Operator of the Philippines (IEMOP) shows that it was precisely coal power that saved the country from potential horrible blackouts this year and previous years, contributing 62% to 65% of total power generation in 2023 and 2024 (see Table 3).

But since only “brownfield” coal investments are now allowed in the Philippines, and the existing gas plants will not be sufficient to provide additional large increases in power supply in the coming years, we have to consider the use of nuclear energy in the country, from reviving or refurbishing the Bataan nuclear plant to building new small modular reactors (SMRs). Then that would assure our economic security.

 

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

BankCom net income up 8%

BANKCOM.COM.PH

BANK of Commerce (BankCom) posted a higher net profit in the first quarter, driven by continued growth in its revenues, it reported on Wednesday.

The bank’s net income stood at P769.18 million in the January-to- March period, up by 7.89%  from P712.9 million in the same period last year, it said in a disclosure to the stock exchange.

This resulted in a return on equity of 9.87% and a return on assets of 1.33%.

“The bank’s continued profitability was driven by steady growth in its core business, specifically net interest income, alongside an increase in non-interest income,” the bank said in a statement.

Gross revenues rose by 17% year on year to P2.65 billion from P2.27 billion.

“BankCom’s strong revenue growth was driven by higher net interest income and service charges, fees, and commissions,” the bank said.

Net interest income grew by 16.55% to P2.25 billion from P1.93 billion in the prior year, driven by the steady expansion in its lending and financial assets.

Net interest margin stood at 4.46%, up from 4.28% last year.

Other income rose by 17% to P398.34 million from P340.98 million on the back of service charges, fees, and commissions, and real and other properties acquired-related gains, BankCom said.

Service charges, fees, and commissions stood at P250.91 million, driven by investment banking, credit card, and trust fees. BankCom’s investment banking arm contributed P69.55 million or 28% to total earnings from service charges, fees, and commissions.

“In addition, gains on the foreclosure and sale of property and equipment and foreclosed assets increased more than two times to P79.60 million,” the bank said.

BankCom’s total operating income rose by 16.59% to P2.65 billion from P2.27 billion.

Operating expenses, excluding provisions for credit and impairment losses, went up by 18% to P1.61 billion from the P1.36 billion last year.

This resulted in a cost-to-income ratio of 61%.

The bank set aside P28.65 million in provisions for credit and impairment losses during the first quarter.

Meanwhile, total loans and receivables rose by 7.42% to P117.69 billion from P109.57 billion at end-2023.

Its gross nonperforming loan (NPL) and net NPL ratios stood at 1.47% and 0.37%, respectively, as of March.

On the funding side, deposit liabilities inched up by 0.08% to P186.05 billion from P185.91 billion.

As a result, its loan-to-deposit ratio was at 69%.

BankCom’s assets stood at P231.75 billion at end-March.

Total capital was at P31.5 billion. Its capital adequacy ratio stood at 18.64%.

The bank’s shares went down by 5 centavos or 0.75% to end at P6.80 apiece on Wednesday. — A.M.C. Sy

Plastic Bank eyeing to expand operations in PHL

CANADA-BASED for-profit social enterprise Plastic Bank said it is looking to expand its operations in the Philippines.

“We have branches that operate in Palawan, and we’re also exploring setting up branches in Cebu and now we’re exploring operating also in Mindanao,” Plastic Bank Regional Vice-President Asia Pacific Rene Guarin said during a media roundtable on Wednesday.

Plastic Bank builds recycling systems wherein collection members can exchange plastic collected for perks such as health insurance, grocery vouchers and school supplies.

“Each plastic collection is recorded using its blockchain-supported platform, ensuring a verified plastic collection journey from collection branches to processors and providing incentives for communities,” Plastic Bank said.

The company has 206 active branches spread across Metro Manila, North Luzon, and South Luzon. It operates in the Philippines, Indonesia, Brazil, Egypt, Thailand, and Cameroon.

Plastic Bank offers an “impact subscription,” a monthly contribution that ensures the collection of a pre-set amount of plastic bottles by its collection communities.

“With our blockchain platform and the newly launched Impact Subscription model, we empower businesses to integrate sustainability and social impact seamlessly,” Plastic Bank Founder and Chief Executive Officer David Katz said.

“It’s time to redefine success and embark on a journey where business isn’t just about making money but making a meaningful difference,” he added.

According to Plastic Bank, subscribing to its impact subscription “positions brands among purpose-driven market leaders.” 

It enables the participants to align their businesses “with ethical practices that significantly boost consumer loyalty and enhance brand equity.” — Sheldeen Joy Talavera

Roman Polanski acquitted by French court in defamation trial

Roman Polanski in a scene from the 1994 film A Pure Formality. — IMDB

PARIS — A French court on Tuesday acquitted film director Roman Polanski of defaming British actress Charlotte Lewis after she accused him of raping her when she was a teenager.

Ms. Lewis, 56, alleged in 2010 that the Franco-Polish director had sexually abused her at his Paris apartment in 1983 when she was 16 after she had traveled to the French capital for a casting session. She starred in his 1986 film Pirates.

She sued for defamation after Mr. Polanski called her allegations a “heinous lie” in a 2019 interview with Paris Match magazine.

Paris Match also wrote that Mr. Polanski cited a quote attributed to Ms. Lewis in a 1999 interview she gave to the News of the World, in which she allegedly remarked: “I wanted to be his mistress …I probably desired him more than he did me.”

Ms. Lewis disputed the quote’s accuracy.

Mr. Polanski’s lawyer Delphine Meillet hailed the verdict as “an important day for free speech and for defense rights.”

“Today a court said: yes, one can challenge accusations,” she said.

Ms. Lewis said she would appeal the verdict.

“I feel sad and let down. It’s a sad day for women and men. But it’s not over. We are going to appeal,” a tearful Ms. Lewis said.

The Polanski verdict came as this year’s Cannes Film Festival gets under way amid speculation about potentially explosive #MeToo allegations against a string of actors and directors.

Mr. Polanski, director of classic films like Chinatown, Rosemary’s Baby, The Pianist, and Carnage, fled California for Europe in 1978 after pleading guilty to unlawful sex with a 13-year-old girl but before being formally sentenced.

After the #MeToo movement gained global traction in 2017 following sexual abuse allegations against US film producer Harvey Weinstein, several women alleged that Mr. Polanski had sexually assaulted them as teenagers.

Mr. Polanski has consistently denied the allegations which never went to trial, but he has since found it hard to secure global distribution deals for his movies, even if actors are still lining up to work with him.

In 2020, Mr. Polanski won best directing for his film An Officer and a Spy at the Cesars, prompting several women in the audience walking out in protest at honoring a man facing rape accusations. — Reuters

Morong launches NGA 911 command center

TRUSTPAIR.COM

THE local government unit (LGU) of Morong, Rizal is now equipped with Next Generation Advanced 911 (NGA 911) emergency response technology through a command center launched last week.

“The creation of Morong, Rizal Emergency 911 Command Center has arisen on our utmost desire to effectively and efficiently respond to emergencies and crisis situations,” Morong Mayor Sidney B. Soriano said during the May 6 launch event.

He said it aims to enhance emergency responses, improve location accuracy, authority coordination, integration of surveillance systems, and access to real-time reports.

The NGA 911 hotline allows LGU residents to directly call and text trained dispatchers 24/7 to report disasters, accidents, and medical emergencies, among others.

A group of personnel is assigned to take calls as trained dispatchers that coordinate with authorities, such as the Philippine National Police for crime prevention, and medical and rescue services for the Bureau of Fire Protection.

It took a year to install the NGA 911 command center and an allocated P3.5 million in their 2022 budget, Mr. Soriano said.

As power and signal outages are common during climate disasters, NGA 911 ensures that its infrastructure is built on several redundancies and even uses Starlink, NGA Philippines Country Head Robert Andrew Llaguno said.

“That’s three circuits. When its first circuit fails, it will be on auto fail-safe. If everything falters and the communication system is down, our design will have the Disaster Risk Reduction and Management Office of Morong, Rizal to be the last base standing,” he said.

Mr. Llaguno said the NGA 911 Call Handling System can identify the location of the caller within a five-yard radius.

It is powered by Internet of Things capabilities to allow interaction beyond regular devices like smartphones and desktops. CCTV streams, GPS location and other early warning devices are also integrated.

Currently, the technology is currently used to monitor calls and awaits telecommunication companies to terminate sending the 911 calls to Morong’s command center, Mr. Llaguno said.

The project is a partnership between Morong’s LGU and NGA Philippines, the local subsidiary of multinational corporation NGA 911, LLC headquartered in the US, to provide emergency communication and public safety services.

After Morong and Asia, NGA Philippines aims to replicate the use of the short code in the country, aligned with former President Rodrigo R. Duterte’s Executive Order No. 56, which institutionalized 911 as the emergency hotline and nationwide emergency answering point, replacing Patrol 117.

“Hopefully, the first 100 local government units adopt it — highly urbanized and component cities, as well as some first-class, second-class municipalities — and then it cascades slowly,” Mr. Llaguno said.

Meanwhile, Rizal Governor Nina Ricci Alcantara Ynares-Chiongbian said she is optimistic about the Call Handling System’s wider implementation, as it can also be helpful for criminal cases. — A.R.A. Inosante

[B-SIDE Podcast] Staying safe in the sun: tips on preventing heat-related illnesses

Follow us on Spotify BusinessWorld B-Side

The Philippines has a wet season and a dry season, or so the saying goes. Given the predictability of summer, in particular, what measures can Filipinos take to protect themselves from the heat?
In this B-Side episode, BusinessWorld speaks with Dr. Albert Francis E. Domingo, the Department of Health spokesperson, on how to both spot the symptoms of – and prevent – heat-related illnesses.

Interview by Patricia Mirasol

Editing by Jino Nicolas and Arjale Queral

Follow us on Spotify BusinessWorld B-Side

Information overload

FREEPIK

JUST FROM our social media groups of classmates, neighbors, organization members, hobby mates, and relatives, we already get all sorts of information including gossip and fake news handed from group to group. The handset has become not just a tool for communications but the reservoir of information from photos to blogs. Where is all this information going? What do we do with it?

When dealing with information overload, screening becomes a matter of survival. Some focus is applied on what posts to read, books to pick up, and streaming data to pay attention to. Even with short blogs and video clips (TikTok has contributed its share in the downpour) and the hits and passes they elicit, selectivity is essential.

Maybe, we can follow the rules of small talk. After all, it is in the exchange of personal details in an informal setting where the expression “too much information” has come from. This disdain for details, especially in private matters like intimate relationships of couples splitting up, or office politics in a particular company can be liberating. TMI is code for — can you change the topic or find another seatmate?

When dealing with the data fog, screening is essential. There is an implicit plea then to provide just sufficient information to keep conversation flowing, without sacrificing interest and overwhelming the listener with unnecessary details — she was wearing a tight headband under her helmet.

The best efficiency is achieved when specific information is requested. (What’s his real name?) If one needs to confirm the gravity of someone’s illness or the present employment status of an associate, the reply is brief and to the point. (I really don’t know.) Such a straightforward search elicits specific information. This may entail googling the source and wording of a quotation, the status of an elderly celebrity, or the top hit song of a particular year.

Focusing on common interests guides small talk. Would you discuss office politics and the perfidy of associates or impossible KRA’s being foisted on you by your boss with your cousin from Sydney in a family reunion? He couldn’t care less about your career challenges, or even successes. In small talk, we need to instinctively avoid imposing on the attention span of the other party. Maybe gossip on other relatives and effective ways to avoid diabetes may be more engaging.

In social media groups, is small talk limited to common interests? Even defining what is common to the group is a challenge. Classmates go their separate ways and hold very different beliefs.

Posts wander off into international subjects in the current news, like the war on Gaza, the increased provincial enrollment of a certain nationality of students with short hair, and religious miracles and various conspiracies to suppress supernatural phenomena. If the performance of the equity market comes up, for example, it is enough for the conversation to meander into what the Fed is up to and when the reduction of interest rates is likely to happen.

The best way to handle information overload is to simply ignore what does not interest us. Just because it’s there doesn’t mean it needs to be digested or even browsed. Like packing for a vacation, needs determine the clothes and items to bring to avoid taking along too much and being weighed down by too many towels.

Still, the functional use of information only applies to surfing the computer or the smart phone. The pragmatic approach to information can be discernment, especially when it comes to fake news (he fainted twice in his office) and conspiracy theories — there are foreign gardeners even in military camps.

However, an avid reader is prepared to be surprised and delighted with areas of knowledge some may consider worthless like stoicism, behavioral economics, or landscape architecture which is supposed to be the oldest profession. We should not be deprived of the joys of understanding how the Roman Empire was ruled, the lessons from the 2008 sub-prime loan crisis, and the progress of the Ukraine invasion.

Information which serves no immediate practical use can still be put in mental storage. Data which turns knowledge into wisdom is never wasted. From some remembered lines from Robert Frost, I may in old age finally understand that… “I have promises to keep, and miles to go before we sleep.”

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Philippines slips in 2024 Chandler Good Government Index

THE PHILIPPINES’ ranking in a global good governance index dropped four spots to 67th out of 100 countries — its worst showing in three years — as it scored lower in several indicators including leadership and foresight. Read the full story.

 

Philippines slips in 2024 Chandler Good Government Index

Alliance Global Group Q1 profit declines 10% on higher expenses

ANDREW L. Tan-led holding company Alliance Global Group, Inc. (AGI) saw a 10% decrease in its first-quarter attributable net income to P4.2 billion from P4.7 billion last year due to higher expenses.

“Higher input costs, marketing expenses, and interest charges, as well as unrealized foreign exchange losses capped profitability,” AGI said in a stock exchange disclosure on Wednesday.

AGI’s first-quarter revenues rose by 1% to P50.6 billion from P50.3 billion last year.

Megaworld Corp. took up 37% of revenue, followed by Emperador, Inc. at 26%, Golden Arches Development Corp. (GADC) at 23%, and Travellers International Hotel Group, Inc. at 14%.

“First-quarter results remained driven by the surge in real estate sales, and healthy contribution from quick service restaurants and tourism-related businesses which benefitted from resilient discretionary spending,” AGI said.

AGI’s real estate arm Megaworld Corp. saw an 8% increase in its first-quarter attributable net income to P4.4 billion as revenue climbed by 16% to P18.9 billion.

“Residential segment continued to benefit from sustained housing demand and higher project completion due to increased construction activity,” AGI said.

Liquor manufacturer Emperador saw a 25% drop in its attributable net income to P1.7 billion. Revenue fell by 16% to P13.1 billion.

“Brandy sales were weighed down by continued shift to value brands amid prevailing high domestic inflation. Whisky sales were affected by changes in sales mix as global demand for spirits turned soft,” AGI said.

GADC, the master franchise holder of fast food giant McDonald’s in the Philippines, saw a 19% increase in its attributable net income to P0.5 billion. Systemwide-sales rose by 13% to P19.5 billion.

“Sustained improvement in system-wide sales supported by continued product promotions, expanded store count and resilient discretionary spending,” AGI said.

Meanwhile, Newport World Resorts owner and operator Travellers International saw a 97% drop in its net income to P0.1 billion as gross revenue fell by 13% to P9.2 billion.

“AGI maintains its optimistic outlook for the rest of the year, supported by its sound business strategies and superior product/service offerings,” AGI said.

On Wednesday, AGI shares improved by 1.25% or 12 centavos to P9.70 per share. — Revin Mikhael D. Ochave

Senate OK’s anti-financial account scamming bill on second reading

THE SENATE on Wednesday approved on second reading a bill seeking to impose tougher penalties on those using financial accounts to commit crimes.

Under Senate Bill No. 2560, or the proposed Anti-Financial Account Scamming Act (AFASA) filed by Senator Mark A. Villar, individuals found guilty of money mule schemes would face jail time of at least six years and a fine as much as P500,000.

Those found guilty of fraud face jail time of as many as 12 years and a fine of not more than P1 million.

Individuals found guilty of economic sabotage face life imprisonment and a fine of at least P1 million but not more than P5 million.

At Wednesday’s plenary session, Senator Ana Theresia N. Hontiveros-Baraquel proposed an amendment entailing the civil forfeiture of all properties and other non-liquid assets of individuals involved in cases of economic sabotage, which Mr. Villar, the bill’s sponsor and author, accepted.

The release of these assets will be done only by order of a local court, Ms. Hontiveros said, noting that the amendment was crafted in consultation with the Department of Justice (DoJ).

The Supreme Court will be tasked to craft rules on carrying out the proposed provision, which would include releasing a portion of the assets to the DoJ that would be used for support and protection for human trafficking victims, the senator said.

“This amendment is being proposed to address the difficulties currently being encountered by our government bodies targeting large-scale trans-national scamming syndicates that usually operate on the backs of human trafficking victims,” she told the Senate floor.

“The victims rescued after a raid the complex, run in the thousands per scam complex, and government lacks resources and capacity for operations and assistance.”

The measure is one of the Legislative-Executive Development Advisory Council’s priority bills of President Ferdinand R. Marcos, Jr.’s administration.

The Bangko Sentral ng Pilipinas in January said the bill, which the House of Representatives has already approved, would help address the rise in crimes involving banks, e-wallets, and other types of financial accounts. — John Victor D. Ordoñez

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