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AirAsia targets freighter fleet expansion, including PHL deployment

ISABEL LEE-UNSPLASH

MALAYSIAN multinational low-cost airline AirAsia aims to expand its fleet of Airbus 321-211 Freighters to ten within the next 18 months, with plans to have some of these aircraft stationed in Manila.

On Wednesday, AirAsia’s logistics venture Teleport announced plans to increase the number of its freighter planes after unveiling its first A321F in Kuala Lumpur, the first black freighter in Southeast Asia.

“We are taking three this year, and we have a plan for 10. All ten will be acquired in the next 18 months,” Teleport Chief Executive Officer Pete Chareonwongsak told reporters.

Anthony Francis Fernandes, the chief executive officer of Capital A Berhad, the holding company for the travel and lifestyle group, said that the group sees significant growth for its logistics business in the Philippines.

“The Philippines is where we see Teleport having very big operations, although AirAsia Philippines is currently handling all of Teleport’s work,” he said.

“Some of the ten aircraft we are discussing will be invested in the Philippines,” he added.

“Our number one route, our volume in the whole region is in the Philippines,” said Mr. Chareonwongsak. “Davao to Manila — so, the Philippines is very, very important.”

The three A321F aircraft that the company plans to deploy this year will be leased for a duration of seven years and will be funded by Teleport and operated by AirAsia.

The new Airbus is expected to strengthen Teleport’s air logistics network in Southeast Asia by adding more skidded capacity to the existing passenger belly network.

The A321F has a maximum payload of 27 tons or 27,000 kilograms and can travel up to 2,200 nautical miles or have a five-hour range within the Asia Pacific region from the Kuala Lumpur hub.

“This addresses the growing demand for key emerging production and manufacturing hubs within the region, with the ability to transport goods to primary and secondary cities across Southeast Asia,” Teleport said.

In the first half of the year, AirAsia Philippines achieved an average on-time performance (OTP) of 81%, with the highest recorded on July 6 at 94%.

OTP is a metric used to measure an airline’s punctuality. An airline is considered on time if it arrives or departs within 15 minutes of the published schedule.

AirAsia Philippines Country Head for Communications and Public Affairs, Steve F. Dailisan, said, “Our day-to-day operations at AirAsia focus on safety, passenger comfort, and OTP, in that order, to ensure that we safely and efficiently fly our guests to their destinations.”

“We are not perfect, but we strive to do our best for our guests and their loved ones. We are also working closely with the government and industry partners to mitigate controllable circumstances that aim to improve the efficiency of airport operations,” he added.

The airline’s OTP was affected by inclement weather, lightning alerts, and bird strikes, which increased during the first six months.

In the first half of the year, the Air Carriers Association of the Philippines reported a significant increase in bird strike incidents, with a total of 107 cases.

Meanwhile, the Manila International Airport Authority recorded 71 and 84 Lightning Yellow and Red Alerts in the months of May and June.

“This tripled the number of incidents, totaling 166 for the first half of this year, compared to the overall 60 occurrences in 2022,” AirAsia said. — Justine Irish D. Tabile

ERC to pursue legal options after CA ruling in favor of San Miguel

THE ENERGY Regulatory Commission (ERC) will pursue all legal options following a Court of Appeals (CA) ruling favoring San Miguel Global Power Holdings Corp., the agency said on Thursday.

The Office of the Solicitor General (OSG) will submit a motion for reconsideration of the CA’s decision, ERC Chairperson Monalisa C. Dimalanta told a briefing.

On Wednesday, the 13th division of the Court of Appeals (CA) granted the motion for certiorari filed by San Miguel Energy Corp. (SMEC) and South Premiere Power Corp. (SPPC), which voided the decision of the ERC that denied their electricity rate hike petition.

“The ERC hopes the CA will revisit the records of the case as well as the arguments of the parties and uphold the Commission’s ruling,” the ERC said in a separate statement.

The OSG is currently drafting arguments, reiterating the previously raised points, according to Ms. Dimalanta.

“Only the Supreme Court can order a permanent injunction, how could the CA have issued that? That will affect everything in the industry. We want that to be clarified,” she added.

As per the ERC, the joint decision made by the 13th division of the CA granted the motions for price adjustment filed by SPPC and SMEC with the ERC. The decision stated that such approval of rate adjustment was “without prejudice to further requests for price adjustments for June 2022 onwards.”

SPPC manages the natural gas-fired power plant in Ilijan, Batangas, while SMEC is responsible for the coal power plant in Sual, Pangasinan. Both units are subsidiaries of San Miguel Global Power, the power arm of San Miguel Corp. (SMC).

“While the ERC views the CA’s decision as unfortunate and disconcerting, the Commission remains committed to the rule of law in protecting the consumers,” the ERC said.

In a separate statement, San Miguel Global Power said that the CA decision upholds the constitutional mandate of due process and guarantees the right to be “treated fairly” by quasi-judicial bodies like the ERC.

“We always believed that such a framework is key to fostering growth, innovation and sustainability in the country’s power industry,” San Miguel Global Power said.

The CA ruling represents the latest development in the case involving power supplier SPPC and electricity distributor Manila Electric Co. (Meralco), who jointly requested a higher approved rate from the ERC in May of the previous year.

SMEC and Meralco had also sought a similar rate increase in May, which was rejected by the ERC in September of the same year.

San Miguel Global Power said in August that its units, SPPC and SMEC, incurred a combined loss of P15 billion. The rate increase was intended to recover a portion, specifically P5 billion, of the units’ losses.

The company cited a “change in circumstance” when surging fuel costs exceeded the price range outlined in the contracts with Meralco. However, the ERC denied the petition, saying that it had no basis since the power supply agreement is a fixed-rate contract. — Ashley Erika O. Jose

An open relationship: Is it right for you?

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LOVING one person is enough work. If you love one, or two more people, it gets harder to make the relationship work, and a guide might be nice.

During a talk for Pride Month on June 26 called “#SEATED: Conversations around creating Kinder, Safer, and Stronger Online Spaces for the LBGTQ+ Community Together,” dating app Bumble and Metro Manila had a segment about navigating open relationships. LGBTQ+ activist Ging Cristobal shared her insights about the work that goes into open relationships, and if it’s right for a person.

“We normalize monogamy, meaning you just love only one person; ‘’til death do us part,’” she said. “You can be in an open relationship,” she said, defining it as usually a romantic or a sexual relationship that can be with one person or many others. “The caveat here is: (but) with permission from your partners,” she said.

Meanwhile, she defines the differences between a polyamorous relationship and an open one, which have been used interchangeably. “In polyamorous relationships, you commit to love multiple partners equally,” she said. She says that open and polyamorous relationships have several variations: sometimes, only one person is open. “You can have a primary partner, and the others are your secondary partners – equally.” The key is consent: Ms. Cristobal says that while these relationships are non-monogamous, these are “both consensual and ethical” (as opposed to flat out cheating on your partner).

The key to finding out if an open relationship is right for someone is, “You really have to ask yourself.”

“In a long-term relationship, you develop different needs over time, and sometimes, the interest would wane,” she said. “We also have to face the fact that people have their needs met by more than one person,” she said, citing examples of some people having strengths another doesn’t have, or else more comfortable discussions with somebody else.

“It puts too much pressure on your partner if you expect them to be the one to complete everything that your heart desires. We are all broken human beings, and sometimes, you just don’t want to be honest about it, but we look for something that fills the void — which is really wrong sometimes. Well, most of the time,” she said.

In entering ethically non-monogamous relationships, one needs to set rules and boundaries. In the sitcom Schitt’s Creek, David Rose allows his partner Patrick to go on a date with someone new, but sits at home stewing with anxiety. His sister, Alexis, says, “This is why you have ground rules, David! Josh Groban has a thick, leather-bound binder full of them.”

The rules differ from one relationship to another, but Ms. Cristobal suggests setting clear rules about sex (and safety during the act, like discussing the use of protection), privacy, and prioritizing a partner. These work only if one is upfront and honest with communicating needs and boundaries. “Will you be brave enough to admit to your partner that you’re not meeting eye-to-eye?” she said. “Boundaries are a request for collaboration and cooperation, while demands – it’s about control so that you feel you won’t get hurt.”

She also advises questioning oneself and having a truthful answer to what one wants and feels about going open. “Do it for the right reasons,” she said. She adds that people in these relationships should avoid jealousy, and especially using that jealousy as a card during disagreements. People who are in these relationships should set clear parameters, as well as regularly evaluating their experiences to see if it’s working. “You really have to talk about your needs, and communicate,” she said. “If it’s not working for you, you have to end it, because your resentment will just grow.”

“The reality is that we have more fulfilling and long-lasting relationships when we seek self-expansion or mutual growth of both ourselves and partners,” she said.

DATING SAFELY
Meanwhile, Lucille McCart, Bumble APAC Communications Director, laid down her own tips for dating safely while using the app. “We really want to create a safe space for people to connect and find love. We do know through our research that when you have low levels of self-love, you are willing to accept less; you are valuing less what you can bring to a relationship.”

These dating safety tips include starting with a video chat, and vetting someone through online sources. “Do not be afraid to be a bit of a stalker on social media. Look someone up, their LinkedIn, their Instagram; look up whatever you need to make sure that you really feel like you know who it is you’re going to meet. If you get a bad feeling about it from anything that you see, you don’t have to go on this date,” said Ms. McCart.

She adds that one should trust their instincts, and for added measure, to tell someone about the place they’re going. One should also be careful around alcohol consumption, possibly bring a friend, and ensure a method of transportation to and from a date. She also says that one should know their own boundaries — advice that rings true both for safe dating and ethical non-monogamy.

“If something doesn’t feel right, remember: you don’t have to do it,” she said. — J.L.G.

Kepwealth studying property acquisitions for second half 

LISTED property developer Kepwealth Property Phils., Inc. announced on Thursday that it is evaluating potential property acquisitions for the second half (H2) of the year or the first half of 2024. 

In a regulatory filing, the company said that its board of directors projects that it is likely to explore new acquisitions in the future.

“The challenges brought about by the COVID 19 pandemic have continued into the second quarter of 2023. This has adversely affected the businesses of our clients, which in turn has affected our leasing operations,” the company said.

“We are working closely with our clients to help them stay afloat and weather this pandemic even as we exert all efforts to look for new clients,” it added.

Kepwealth said that it would proceed cautiously with new acquisitions and evaluate the company’s available properties in line with the current demand for office space in the market.

The company previously announced its intention to complete the acquisition of new properties by the end of the second quarter of 2020, using the proceeds from its P384.77 million initial public offering.

“We still believe that our shareholders’ interest would be best served by being conservative in our capital investments,” the company said.

The company also said that it had invested all unused proceeds from the initial public offering in low-risk investment instruments with the highest possible returns, without providing further details about the nature of the investment.

As of the end of June, the company holds P170.45 million in net proceeds from its initial public offering.

During the first quarter, the company reduced its attributable net loss to P157,906 from P615,831 in the same period the previous year.

In the three-month period, the company recorded a 2.95% decline in revenues, amounting to P11.86 million compared to the previous year’s reported revenue of P12.22 million. — Adrian H. Halili

Irony in deficit and debt sustainability

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We wrote before that while the total outstanding debt of the National Government (NG) continued to increase, as long as our national output would remain resilient, we should be able to pay back our debt obligations.

From 2019’s NG debt level of P7.73 trillion, the pandemic mostly contributed to its steep rise to P9.79 trillion in 2020, an addition of a whopping P2.06 trillion.

For better appreciation, this increase was more than half of the Philippine national budget of P4.1 trillion that year. The increments in the annual debt levels tapered off to P1.73 trillion in 2021 and P1.69 trillion in 2022. For the first five months of 2023, some P578 billion brought the NG debt level to P14.09 trillion, the highest in history.

From the pre-pandemic debt level of P7.73 trillion, the NG incurred a total of P6.37 trillion, representing an increase in the NG debt to GDP ratio from 39.6% in 2019 to 61% by the end of March 2023, still manageable by the usual debt sustainability standards.

But the situation looks precarious.

We have a budget of P5.768 trillion for 2024, nearly 10% higher than this year’s P5.268 trillion. This is anchored on a growth forecast of 6-7% in 2023 and 6.5-8% for 2024 until 2028, something that some international financial institutions have reconsidered for possible downgrading. Inflation is expected at 5-6% and 2-4% in 2023 and 2024, respectively, even as the threats of higher wages and El Niño on domestic inflation become more real. NG also projects oil prices at $70-90 and peso-dollar exchange rate at P54-57 and P53-57 for the next two years. It’s surprising that NG should program significant gains in both exports and imports for next year when global recession looms large. 

As to the fiscal deficit, from a peak of P1.67 trillion in 2021, or 8.6% of GDP, it came down to P1.61 trillion or 7.3% of GDP. As of March 2023, we have incurred a budget shortfall of P326 billion or 4.8% of GDP. Based on our last reading, NG is programming a lower deficit to GDP ratio of 6.1% this year and 5.1% next year. By the time the Bongbong Marcos presidency ends in 2028, NG takes pride in its goal to restore fiscal sustainability at 3.0%.

The National Government is also optimistic, and rightly to be so, about its ability to attain fiscal sustainability based on the various structural reforms established recently including the amendments to the Public Service Act, Foreign Investments Act, Retail Liberalization Act and the Corporate Recovery and Tax Incentives for Enterprises, all essential in enhancing the investment environment in the Philippines. If the strategies in the Philippine Development Plan for 2023-2028 are followed and executed, that should further help in improving public finance.

In the People’s Proposed Budget for 2023, the Department of Budget and Management planned to finance the budget through borrowings amounting to P2.2 trillion, of which P1.65 trillion would be sourced from the domestic markets and the rest of more than P550 billion from bonds, program and project loans from external creditors.

So far for the first five months of 2023, NG has already incurred P1.168 trillion in borrowings — P880 billion in domestic borrowings and P287 billion in foreign borrowings, or more than 50% of programmed amounts. Thus, with seven more months to go, NG is left with only 47% of its total programmed borrowing.

What is bothersome is the spate of borrowings we have seen in the first six months of 2023. The Bangko Sentral ng Pilipinas (BSP), for instance, reported that in the first quarter 2023 alone, some $5.56 billion or, at P55 to a dollar, P305.8 billion was approved. These are earmarked for general budget financing including those for sustainable finance, COVID-19 response, infrastructure and education projects.

The other weekend, we saw in the broadsheets that the World Bank approved a $600-million loan “to build on the momentum of the Philippine Rural Development Project” launched as early as 2014 by the Department of Agriculture. This money is supposed to increase market access and incomes for about half a million farmers and fisherfolk. This easily translates into P33 billion.

The Davao Public Transport Modernization Project secured $1-billion loan from the Asian Development Bank to help transform the quality of Davao City’s public transport and support low-carbon usage. This project involves the purchase of some 1,100 buses but will be operated by the private sector under a so-called performance-based contracts. How this would avoid aggravating both fiscal and debt sustainability should be a big challenge. The cost in peso terms is P55 billion.

Early this week, the National Treasury announced that it is planning to sell retail dollar bonds by September this year amounting to some $2 billion. The last time retail dollar bonds were offered was in 2021 with sales reaching $1.6 billion. This is one of the purposes for the non-deal roadshow in Canada this week. In pesos, this means an additional borrowing of P110 billion.   

If we simply go by the headline debt number — some may have been approved but the actual execution may take time, distribution between domestic and foreign debt will depend not on the currency denomination but on the residency of the creditor — NG may find itself indeed in a precarious position as we complete the last two quarters of 2023. It was good for NG to have considered the possible surge in the pandemic and the El Niño phenomenon as well as the required subsidies and cash transfers to marginalized sectors, food supply augmentation and energy security to address inflation.

However, it looks like El Niño is evolving into a more serious dry spell than originally expected by PAGASA. That would require more budget allocation as we begin to experience it this month. While economists and observers have rightly argued that we have a long list of local government water projects under the framework of public private partnership, people are looking at the possible use of the larger allocation of LGUs under the Mandanas law. Whether this is feasible in the context of local politics remains a big challenge from a budgetary standpoint.

If the Maharlika Investment Fund is finally launched this year as it is being rushed, that could also make a big dent in the national budget as far as sourcing the seed fund from NG is concerned. As of the second quarter of this year, some 82% of the budget has been released. Therefore, compensatory budget could only be sourced from additional borrowings. In the first place, nowhere did we find that the Maharlika was considered in the budget preparation.

Herein lies the irony.

We are literally scrounging for funds to finance the national budget, but only the heavens know why we have been so intentional in launching this investment vehicle called Maharlika. We borrow, and borrow heavily, because our budget is short. In addition, NG has also initiated discussion in Congress about the imposition of new taxes, new burdens to both business and households. Notwithstanding this basic reservation, our economic managers continue to believe it is critical in the country’s long-term economic strategy when one of the biggest hurdles in the next few years is the restoration of both fiscal and debt sustainability that is most watched by creditors, investors and credit rating agencies.

Dismissing obvious economic and financial challenges that stare us in the face should not puzzle us anymore. For some now believe that it is only today that we have a story to tell to our prospective investors.

 

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

Security Bank raises P18.5B from issuance of fixed-rate bonds

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SECURITY BANK Corp. on Thursday said it raised P18.5 billion from the issuance of fixed-rate peso corporate bonds due 2025.

The size of the issuance, with a rate of 6.425% per annum, is the bank’s largest to date as the bonds were oversubscribed amid strong demand, the lender said in a disclosure to the local bourse.

The amount raised is 131.25% higher than the minimum issue size of P8 billion. Minimum denominations were set for P1 million and increments of P100,000 thereafter.

Security Bank Executive Vice-President and Financial Markets Segment Head Arnold Q. Bengco said the high demand for the notes was due to investor confidence in the bank.

The bonds were listed on the Philippine Dealing & Exchange Corp. (PDEx) on Thursday for interested investors or traders.

The lender said proceeds from the issuance will be used to “diversify its funding sources and support its lending activities.”

Philippine Commercial Capital, Inc. (PCCI) and the bank’s investment management arm SB Capital Investment Corp. are the joint lead arrangers and selling agents for the issuance. PCCI is also the sole bookrunner for the offer.

The bonds were offered from June 26 to July 7 and were issued out of the bank’s P100-billion bond and commercial paper program.

In the first quarter, Security Bank’s net income fell by 13.39% year on year to P2.36 billion.

Its shares closed at P83.60 apiece on Thursday, up by 1.77% or P1.45 from its previous finish. — Aaron Michael C. Sy

Succession and Last of Us lead nominees for Emmy awards

HBO drama Succession, the story of a cutthroat fight for control of a family’s media empire, led the nominees for television’s Emmy awards on Wednesday with 27 nods for the show’s final season.

Nominations for the highest honors on television were announced as Hollywood was in the throes of labor tensions that may delay the Emmys ceremony beyond its normal September date. Film and TV writers walked off the job two months ago, and actors may strike as soon as Wednesday evening.

When the Emmys do take place, two-time best drama winner Succession will vie for the trophy again alongside fellow HBO show The Last of Us, a dystopian video-game adaptation that landed a second-best 24 Emmy nominations.

“Thank you to the Television Academy for sending us off in such style,” said Succession supporting actor nominee Alan Ruck. The show about the dysfunctional Roy family ended its four-season run in May.

Others competing for best drama included HBO’s Game of Thrones prequel House of the Dragon, vacation-gone-wrong story The White Lotus and  series Andor. Previous nominees Better Call Saul,  Yellowjackets and The Crown are also in the mix.

Ted Lasso, another double Emmy winner for best series, will compete for best comedy against Abbott Elementary, The Marvelous Mrs. Maisel, Jury Duty, Only Murders in the Building, and Wednesday.

Ted Lasso was the most-nominated comedy with 21 nods.

For limited series, the list includes Netflix’s Dahmer – Monster: The Jeffrey Dahmer Story and Beef as well as Obi-Wan Kenobi on Disney+. The White Lotus won the category last year but this year was moved to the drama race.

HBO, a unit of Warner Bros Discovery, outpaced all networks with 127 total nominations. Netflix landed 103 nods.

In acting categories, Succession patriarch Brian Cox will compete with two of his warring TV sons — Jeremy Strong and Kieran Culkin — for best drama actor. Sarah Snook, another Roy sibling, is considered the favorite to win best drama actress.

Previous Emmy winner Jason Sudeikis, co-creator and star of Ted Lasso, was nominated for best comedy actor for the third season of the fish-out-of-water story on Apple TV+.

First-time nominees Jeremy Allen White of The Bear and Jason Segel of Shrinking are also among those who will compete for best comedy actor.

In the comedy actress category, voters nominated Mrs. Maisel star Rachel Brosnahan, Abbott Elementary creator and star Quinta Brunson, Dead to Me actress Christina Applegate, Natasha Lyonne for her starring role in Poker Face and Jenna Ortega of Wednesday.

“As a person who just wanted to make a TV show, this will never stop being amazing,” Ms. Brunson said on Twitter.

The nominations featured some notable strides on diversity, said Clayton Davis, senior awards editor at Variety. Last of Us star Pedro Pascal became the second Latino in history nominated for best drama actor. The first was Jimmy Smits, who was nominated five times in the 1990s for his role on NYPD Blue.

Black women received the most nominations ever in a single category, Davis said, with Janelle James and Sheryl Lee Ralph of Abbott Elementary, Ayo Edebiri of The Bear, and Jessica Williams of Shrinking in the running for best supporting actress in a comedy.

Winners will be chosen by the roughly 20,000 members of the Television Academy.

Voters passed over the popular Western drama Yellowstone and spinoff 1923. They also left out Harrison Ford, who played acclaimed roles in 1923 and Shrinking. As of Wednesday, the Emmys ceremony was scheduled to take place on Sept. 18 and air live on the Fox broadcast network. Organizers will decide closer to that date on whether to reschedule, an academy spokesperson said.

“We hope the ongoing guild negotiations can come to an equitable and swift resolution,” Frank Scherma, chairman and CEO of the Television Academy, said at the start of the nominations’ announcement. — Reuters

SEC drafts new guidelines for add’l paid-in capital for companies

THE SECURITIES and Exchange Commission (SEC) announced on Thursday its plans to introduce new guidelines for companies that intend to create or increase their paid-in capital.

“The commission recognizes the necessity of issuing clear guidelines to supervise, review, and monitor the creation of additional paid-in capital (APIC) in order to prevent stock watering,” the SEC stated in a draft memorandum.

APIC refers to any amount paid or contributed by stockholders over the par value of the shares or in excess of the stated value in the case of no-par shares, according to the commission.

The proposed memorandum covers firms that will issue shares for cash at a value exceeding their current par value, resulting in the creation of additional paid-in capital (APIC), as well as the creation of APIC without the issuance of shares.

The SEC emphasized that all corporations are required to obtain regulatory approval if they intend to issue shares in exchange for cash consideration, resulting in the recording of APIC.

Furthermore, the SEC said that corporations must secure approval from the SEC each time they create or increase APIC.

Firms are required to submit documents to the Financial Analysis and Audit Division (FAAD) of the Company Registration and Monitoring Department (CRMD) or any extension offices.

“The FAAD or the EE shall not accept any application that fails to submit all the required documents. Once the applicant corporation completes the required documents, the handling officer will evaluate the submission and issue the Payment Assessment Form, which includes the applicable fees,” it said.


The regulator warned that noncompliance would lead to fines equivalent to a basic penalty of 1/10 of 1% of the total amount of APIC created or Php10,000.00, whichever is higher.

Additionally, corporations that fail to comply with this requirement will be subject to a filing fee penalty imposed by the commission.

Companies are also obliged to disclose all issuances of shares with APIC and the creation or increase of APIC in their annual financial statements.

Exemptions from the proposed guidelines include APIC already recorded in the corporation’s books and records, as well as firms that have filed their applications with the commission prior to the memorandum’s effective date. — Adrian H. Halili

HMO industry incurs P319-M net loss

THE HEALTH Maintenance Organization (HMO) industry swung to a P319-million net loss in the first quarter after the decline in invested assets and equity, data from the Insurance Commission showed.

The quarter’s net loss was a reversal of the industry’s net profit of P864 million in the same period last year, based on the unaudited interim financial statements submitted by 25 licensed companies and four others with pending licenses.

It also came despite revenues rising by 12% to P15.55 billion from P13.88 billion last year. Of these, fees from memberships, enrollees, and administrative services accounted for P15.37 billion, up 12.7% from P13.64 billion previously.

Total capital stock also climbed by 25.8% to P5.66 billion from P4.5 billion.

Benefits and claims paid out by the industry likewise went up by 35.3% to P12.83 billion in the January-to-March period from P9.48 billion.

Meanwhile, the sector’s invested assets fell by 37.7% to P16.36 billion from P26.25 billion.

Total assets likewise slipped by 6.9% to P64.79 billion at end-March from P69.62 billion last year. Liabilities also inched down by 1.1% to P52.96 billion from P53.56 billion.

The equity of HMO companies in the first quarter stood at P11.83 billion, down by 26.3% year on year from P16.06 billion.

Data from the commission’s website showed nine out of the 29 HMOs incurred a net loss as of end-March. — Aaron Michael C. Sy

Reflecting on the success and vision of Philippine Blockchain Week

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The excitement and accomplishments of the previous year’s Philippine Blockchain Week still resonate within the hearts of all those who were able to attend.

As an avid supporter of blockchain technology, I had the privilege of witnessing the formation of valuable collaborations, inspiring success stories, and promising government partnerships.

The blockchain community in the Philippines has come together, forming the Blockchain Council of the Philippines, with the support of the Department of Information and Communications Technology and the Department of Trade and Industry, to mount the second Philippine Blockchain Week. For those who were unable to join us last year, allow me to take you on a journey through the highlights of the event and share the energy and love that pervaded the conference.

One cannot overstate the significance of the collective effort that went into making the dream of Philippine Blockchain Week a reality. From the visionary speakers who shared their expertise to the sponsors who believed in our mission, and the open-minded attendees who embraced the conference, it was the combined dedication and passion of everyone involved that allowed the event to flourish.

The same goals and visions that initiated this journey remain unchanged — to provide job opportunities for Filipinos, attract tourism and business to the Philippines, and make blockchain technology mainstream.

While blockchain technology and its associated jargon may still be unfamiliar to many, progress continues to be made. The path toward widespread appreciation and understanding is long, but the key lies in demonstrating the practical applications of blockchain across various industries. We must continue showcasing how this technology can be life-changing and drive innovation.

As we embark on this year’s conference, it is an opportunity to build upon the foundations we have laid and to push the boundaries of what is possible. Our vision remains clear: to bring blockchain to the forefront of the Philippines’ growth and position the country as a global leader in the industry.

During the press conference, we were honored to have the presence of esteemed speakers, including Department of Information and Communications Technology (DICT) Director Emmy Lou Versoza-Delfin and Department of Trade and Industry Director Jo-Dann Darong. Their messages of support exemplified the growing recognition of blockchain’s significance in driving innovation, transparency, and inclusivity in our society.

The Philippine government has shown readiness and eagerness to embrace blockchain technology, recognizing its potential to revolutionize sectors such as finance, healthcare, agriculture, logistics, and public service. Moreover, the DICT has announced several initiatives in collaboration with the Blockchain Council of the Philippines, including blockchain education for students, focus group discussions for government officials, block awards, and a blockchain hackathon for startups.

The presence of our esteemed speakers and partners at the press conference reflects the commitment and shared vision for the future of blockchain technology in the Philippines. We are at the forefront of a digital revolution that has the potential to bring about inclusive growth, social equity, and sustainable development.

As we continue to celebrate the creativity and innovation of our country, it is crucial to embrace blockchain as a catalyst for positive transformation. Philippine Blockchain Week 2023 holds great promise, and I invite you all to join us on this riveting journey of exploration, collaboration, and opportunity.

The partnership between the Korean Blockchain Federation and the Philippine Blockchain Council is a significant development that showcases the global appeal and potential of blockchain technology.

Through a Memorandum of Understanding (MOU), both organizations aim to foster business arrangements and advocacy initiatives, fostering mutually beneficial relationships between the Korean and Philippine blockchain ecosystems. The signing ceremony, scheduled for July 28, will mark a milestone in blockchain cooperation between the two nations.

Furthermore, the participation of Junca Global, a prominent Japanese company, underscores the importance of international alliances in the blockchain space. Their presence will undoubtedly contribute to enriching the discussions and knowledge sharing during Philippine Blockchain Week.

The FinTech Alliance, known for its commitment to promoting responsible fintech practices, will contribute to the event by hosting a dedicated track that delves into the convergence of blockchain and finance.

Recognizing the increasing role of artificial intelligence (AI) in the digital landscape, the Analytics and Artificial Intelligence Association will organize an AI conference within the Blockchain Week, showcasing cutting-edge applications and facilitating knowledge exchange. Additionally, a special track focused on blockchain for government will provide valuable insights and training for government officials, ensuring their understanding and active involvement in blockchain initiatives.

Education and nurturing young talents form a vital part of the Philippine Blockchain Week’s agenda.

The DICT, in collaboration with various partners, will conduct Blockchain 101 sessions, reaching out to thousands of students and raising awareness about the potential of blockchain technology.

Additionally, a hackathon will be organized, inviting students and professionals to contribute their innovative ideas and problem-solving skills to address key societal challenges. The focus on the younger generation is an investment in the future, aiming to create a blockchain-native and web three-literate workforce.

Acknowledging the Philippines’ reputation as a creative hub, the Philippine Blockchain Week will include a dedicated track for creativity. Working in collaboration with the government’s creativity month initiatives, the event will address the protection of intellectual property in the Web 3 era. Participants will have the opportunity to explore the intersection of blockchain technology and various creative industries such as music, arts, and writing. We hope everyone here gets to join us on this worthwhile endeavor.

 

Dr. Donald Lim is the founding president of the Blockchain Association of the Philippines and the lead convenor of the Philippine Blockchain Week. He is also the Asian anchor of FintechTV.

EntertainmentNews (07/14/23)

FDCP, Ayala Cinemas to screen foreign titles

THE FILM Development Council of the Philippines (FDCP) and Ayala Cinemas will bring acclaimed world cinema titles to the Filipino audience through “A-List Series Presents: FDCP World Cinema,” which will run from July 26 to 30. Rights to Cannes 2022 winning titles Aftersun directed by Charlotte Wells, Close directed by Lukas Dhont, Corsage directed by Marie Kreutzer, and Return to Seoul directed by Davy Chou, were licensed back in March. They originate from the United Kingdom, Belgium, Austria, and Cambodia respectively. The four films will be screened in select Ayala Cinemas in Metro Manila, Bacolod, and Cebu, in Cinema ‘76 in Quezon City, and in FDCP Cinematheque Centres in Manila, Davao, Iloilo, Nabunturan, and Negros. For updates on the schedule and ticket prices, follow FDCP on Facebook, Twitter, and Instagram.

Filipinos top number of Google searches for Taylor Swift

FANS of pop and country star Taylor Swift caused the Philippines to rank number one in worldwide Google Search interest for the superstar. The Philippines scored a full 100 in worldwide search interest over time for the search term “Taylor Swift” during the week of July 2 to 8, due to the release of her re-recorded album Speak Now (Taylor’s Version) and ticket sales for the Singapore leg of her worldwide The Eras Tour. To get around the lack of a Philippine stop in the tour, Filipino fans planned to buy tickets and travel to the Singapore show.

The country beat the concert host Singapore (87), the US (79), and Australia (74). After the third and fourth in the 70s, the interest over time falls steeply with Ireland next at number five and scoring 55.

Within the Philippines, the Calabarzon region consisting of Cavite, Laguna, Batangas, Rizal, and Quezon topped the regions with 100, closely followed by Metro Manila in 99. The top five are rounded out by Central Luzon (95), Bicol (92), and Western Visayas (91).

Ms. Swift hasn’t been in Manila since 2011, when she performed a one-night show at the Araneta Coliseum. The Eras Tour is Ms. Swift’s sixth concert tour that began on March 23 earlier this year and will go through five continents before concluding on August 17, 2024 in London.

Come on Barbie, Let’s Go Party

WARNER Music Philippines is partnering with the Studio Dance Club for an exclusive pre-release Dance Blowout Party for the soundtrack album of Barbie the Movie. This event is set to happen on July 20, 2023, 7 PM, a day ahead of Barbie’s world premiere.

The songs featured throughout the film have been revealed one by one, from Dua Lipa’s “Dance the Night” to rap queens Nicki Minaj and Ice Spice’s “Barbie World,” (a take on Aqua’s song “Barbie Girl”).  The album also includes K-Pop group FIFTY FIFTY’s “Barbie Dreams,” which features Atlanta-bred rapper Kaliii. The track uses an interpolation of Janet Jackson’s “Together Again,” adding a hint of nostalgic appeal.

Barbie’s guests will have the chance to dance the night away with five dance instructors who will teach all the Barbies and Kens to move to the album’s tracks. Everyone is invited to come in their best Barbiecore and Ken-ergy outfits — a perfect match to the venue’s Barbie-inspired décor.

Themed Barbie and Ken drinks will be available for all of the attendees, and dinner will be served on the house. A disco-themed photo area will also be set up inspired by Dua Lipa’s ‘Dance the Night’ music video.

Those who can’t attend the dance party can still catch other activities, such as the colorful BarbieLand setup on the SM Mall of Asia Atrium. This includes life-sized displays, Barbie-themed donuts and drinks, and a mirror-and-jukebox setup

To get an invitation to Barbie’s party, interested attendees have to sign up through https://wmp.lnk.to/DanceBlowoutParty. 

Barbie the movie premiers worldwide on July 21, 2023, and premiers in the Philippines on July 19, 2023. The Barbie the Album deluxe version is set for release on July 28, 2023.

SC affirms illegal dismissal ruling in Qatar electrical engineer case

PHILSTAR FILE PHOTO

THE Supreme Court (SC) has upheld a Court of Appeals (CA) ruling that found I-People Manpower Resources, Inc. and Elec Qatar liable for illegally dismissing one of its electrical engineers.

In a 16-page decision dated Jan. 2 and made public on July 4, the High Court said the validity of the company’s retrenchment exercise was not proved. The retrenchment led to Jomer O. Monton’s dismissal.

I-People Manpower and Mr. Monton’s Qatar employer Elec Qatar were ordered to pay Mr. Monton’s unpaid salary of 72,000 Qatari riyals (about P1.1 million), placement fees charged 12% interest, and legal fees charged 10% interest.

The recruitment firm argued that the engineer’s dismissal was due to retrenchment because of lack of activity in Elec Qatar. It described the dismissal as “management prerogative.”

“Monton could only be dismissed if both the substantive and procedural due process requirements under the Labor Code are complied with,” according to the ruling, written by Associate Justice Jhosep P. Lopez.

Under the Labor Code, a retrenchment is valid if a company can prove that it can avoid losses and if fair and reasonable criteria were used in dismissing employees.

In 2013, Mr. Monton was hired by Elec Qatar, which performs electro-mechanical services, through the manpower firm for two years. He was given a monthly basic salary of 6,000 riyals or about P90,000.

The employment contract gave Elec Qatar the option to terminate given one month’s notice.

A year later, Mr. Monton received a termination letter from Elec Qatar, which cited low activity levels, prompting the company to reduce staffing levels.

The National Labor Relations Commission (NLRC) affirmed the labor arbiter’s decision to reject the engineer’s illegal dismissal claim, upholding the legality of his dismissal.

The NLRC said Mr. Monton’s contract only required compliance with the one-month notice clause.

The appellate court overturned the decision, saying Elec Qatar could not just “unilaterally” terminate an employment contract at will.

“Basic is the rule that an employee may be dismissed from service only for just or authorized causes which must be shown by clear and convincing evidence,” the High Court said. — John Victor D. Ordoñez

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