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Who will be the EY Entrepreneur Of The Year 2024 Philippines? The search begins

Present at the EY Entrepreneur Of The Year 2024 Philippines program launch were (standing from left to right) Henry Tan, EY Entrepreneur Of The Year Philippines program director; Dr. Jaime Alip, CARD, Inc. managing director; Esther Go, Medilink Network, Inc. president and CEO; Steve Tamayo, Far East Hotel Management and Consultancy, Inc. president; Benjamin Yao, EY Entrepreneur Of The Year 2019 Philippines winner; Ambassador Jesus Tambunting, EY Entrepreneur Of The Year 2009 Philippines winner; Cesar Mamon, Enchanted Kingdom, Inc. president and chairman of the Board; (sitting from left to right) Jay Sarmiento, BusinessWorld vice-president for Sales and Marketing; Rely de Guzman, Special Projects head of the ABS-CBN News Channel; Ramon S. Monzon, president and CEO of the Philippine Stock Exchange; Vivian Ruiz, vice-chair and deputy managing partner of SGV & Co.; Cristina Roque, undersecretary for Department of Trade and Industry-MSME Development Group; Elvin Ivan Uy, Philippine Business for Social Progress executive director; and Lady Ochel Espinosa, Asian Institute of Management marketing director.

The SGV Foundation has announced the start of the nomination period for the EY Entrepreneur Of The Year 2024 Philippines at the signing of a Memorandum of Agreement at the STI Holdings Center in Makati on Feb. 7. The MoA was signed and witnessed by co-presenters who have supported the program over the years. These include the Asian Institute of Management, Department of Trade and Industry, Philippine Business for Social Progress, and Philippine Stock Exchange; with official media partners BusinessWorld and ABS-CBN News Channel. Former finalists and winners graced the event, led by EY Entrepreneur Of The Year 2019 Philippines winner Benjamin Yao, chairman and CEO of SteelAsia Manufacturing Corp.; and EY Entrepreneur Of The Year 2009 Philippines Amb. Jesus Tambunting, chairman of Capital Shares Investment Corp. A special video message was also presented by EY Entrepreneur Of The Year 2022 Philippines winner Dennis Uy, CEO and co-founder of Converge ICT Solutions, Inc.

The theme for the 2024 program is “Shaping Opportunities,” which recognizes the transformative ability of Filipino entrepreneurs in reimagining and molding our economy through their grit, innovation, and passion. The EY Entrepreneur Of The Year 2024 Philippines theme also honors the art of entrepreneurship that underscores successful enterprises. By creating impactful businesses, local entrepreneurs have the power to reshape the country’s economic landscape and build a better working world.

Since the program was first launched in 2003, the EY Entrepreneur Of The Year Philippines has become one of the most prestigious awards programs in the local business community. The EY Entrepreneur Of The Year 2024 Philippines program showcases the potential of entrepreneurship to create opportunities, solutions and bring about positive change.

The search is open to all Filipino entrepreneurs. To be eligible, a nominee must be a Filipino business owner who is primarily responsible for the recent performance of his or her company. The nominee must still be active in business, which must have been in operation for at least two years. The nominee must also be still active in top-level management if he or she is the founder of a publicly-held company. A completed nomination form, audited financial statements, and other business documents are required for a nomination to be considered for further judging. Nominations for the award may be submitted online at eoy.ey.com by June 28, 2024.

 

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Your next big gig: A campaign to invite Gen Z and Millennials to become Sun Life Financial Advisors

(L-R) Robert Ryan Chu, Manager Candidate, Angel Oak NBO; Jemimah Villanueva, Unit Manager, Olive NBO; Al Quitagon, Chief Distribution Officer, Sun Life Philippines; Jayvee Badile, Branch Manager, Phoenix Palm; Juan Sargado IV, Financial Advisor, Red Sycamore NBO; and Raissa Hernandez Panganiban, Financial Advisor, Tindalo NBO

Today’s generations are at the forefront of embracing the gig economy, and this is revolutionizing the traditional employment landscape. Fueled by a desire for flexibility and independence, millennials and Gen Z are increasingly turning to gig opportunities or side hustles.

This was the insight that inspired Sun Life Philippines’ recently launched campaign, “The Next Big Gig”. The campaign aims to invite today’s generation to venture into becoming a financial advisor as their next side hustle.

“The Next Big Gig” was officially launched at a media event held at Makati Shangri-La last Feb. 7. At the event, Sun Life Financial Advisors shared their own personal stories to enlighten the audience about how this gig gives them income opportunities, the freedom of time, and a sense of fulfillment in helping their clients start their journey towards financial security.

Sun Life Philippines’ Head of Integrated Public Relations and Corporate Communications, Len Arboleda (left), and Chief Distribution Officer, Al Quitagon

All these were likewise reflected in Sun Life’s newest digital video, which premiered during the event. It features various individuals who are also financial advisors, such as a school teacher, an online seller, a corporate employee, and an entrepreneur – all of whom enjoy the perks of being a financial advisor, namely the earnings, travel incentives, finding an advocacy, and the rewarding feeling of being your clients’ Partner for Life.

To add an experiential element to the event, there were three main “pods” or activity booths that simulated the experiences of a financial advisor. Each pod allowed the attendees to win exclusive Sun Life merchandise and prizes.

The “Next Big Quiz” pod was a quiz booth with questions on life insurance to challenge the attendees’ knowledge on the subject matter. The second pod was entitled “Next Big Destination”, which was an international-themed photo wall. This represented the travel incentives of Sun Life advisors. Lastly, the third pod was called, “Next Big Project”. This booth showcased advisors’ corporate social responsibility activities and included a voting apparatus that asked what project advisors should support next.

“The gig economy is booming, and we recognize that today’s generation craves flexibility and purpose in their careers. Our campaign, ‘The Next Big Gig’, aims to showcase the incredible opportunity for individuals to build a fulfilling career and advocacy as a Sun Life Financial Advisor. This gig allows you to earn income while pursuing your passions, experiencing rewards, and finding a sense of purpose,” said Al Quitangon, Chief Distribution Officer of Sun Life Philippines.

Want to get started on your Next Big Gig? Visit www.sunlife.co/BecomeAnAdvisor to know more!

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

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FDI net inflows rise to near 2-year high

STOCK PHOTO | Image by ❄️♡💛♡❄️ Julita ❄️♡💛♡❄️ from Pixabay

By Keisha B. Ta-asan, Reporter

NET INFLOWS of foreign direct investments (FDIs) into the Philippines in November surged to its highest level in almost two years amid an improving economic outlook.

FDI net inflows rose by 27.8% year on year to $1.048 billion in November 2023 from $820 million in the same month in 2022, data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed.

This was the highest monthly FDI net inflow recorded since the $2.662 billion in December 2021.

NeNet Foreign Direct Investment (November 2023)Month on month, net inflows of FDIs, which are a key source of jobs and capital for the economy, surged by 60% from $655 million in October.

The increase in FDI net inflows was mainly driven by the increase in investments of nonresidents in debt instruments, which offset the decline in investments in equity capital and reinvestment of earnings, the central bank said in a statement.

“FDI bounced back in November due to a pickup in net debt instruments. However, actual equity or fresh FDI slipped 39.8%,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

Nonresidents’ net investments in debt instruments of local affiliates grew by 57.8% to $897 million in November from $568 million in the same month in 2022.

Meanwhile, net investments in equity capital other than reinvestment of earnings fell by 52.5% to $85 million in November from $180 million in the same month a year prior. Broken down, equity capital placements declined by 41.3% to $115 million, while withdrawals climbed by 89.8% to $29 million.

Reinvestment of earnings likewise decreased by 8.1% to $66 million in November from $72 million a year prior.

Investments in equity and investment fund shares also went down by 39.8% year on year to $151 million in November from $251 million.

The equity placements were mainly from Japan and the United States. These were invested mostly in the manufacturing, real estate, and construction industries.

“Large investments in specific sectors or an overall improvement in the Philippine economic outlook (inflation control, growth projections) could have attracted investors,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“Global factors, such as diversification away from volatile regions, might also have contributed,” he added.

Headline inflation cooled to a 20-month low of 4.1% in November from 4.9% in October and 8% a year ago, still above the BSP’s 2-4% target range. The consumer price index has since eased further, hitting 2.8% in January.

Meanwhile, the Philippine economy expanded by 5.6% in the fourth quarter of 2023, bringing full-year gross domestic product (GDP) growth to 5.6% last year.

The Philippines was one of the best performing economies in Southeast Asia last year even as GDP growth fell short of the government’s 6-7% target.

SUBDUED FDI
For the first 11 months of 2023, FDI net inflows went down by 13.3% to $7.58 billion from $8.74 billion in the comparable year-ago period.

“Notwithstanding the country’s sustained economic growth, FDI remained subdued due to the lingering impact of high inflation and low growth prospects globally,” the central bank said.

BSP data showed foreign investments in debt instruments declined by 11.3% year on year to $5.47 billion in the January-to-November period.

Reinvestment of earnings went down by 6.5% to $1.01 billion in the 11 months through November 2023.

Investments in equity and investment fund shares also declined by 18.1% to $2.12 billion in the 11-month period.

Net foreign investments in equity capital reached $1.04 billion during the period, 26.4% lower than the previous year’s level. Equity capital placements decreased by 7.1% to $1.6 billion, while withdrawals more than doubled (118%) to $504 million.

Most of these placements were from Japan, the United States, Singapore, and Germany.

“Looking forward, predicting future FDI will be anchored on the actualized pledges, which now stands at 20%,” Mr. Roces said.

Around $14.2 billion in investments from the foreign trips of President Ferdinand R. Marcos, Jr. are now being “actualized,” the Department of Trade and Industry said over the weekend.

These investments involve 46 projects and are at about 20% of the total investment pledges of $72.2 billion across 148 projects.

“We could see continued high inflows if positive economic indicators and investor confidence persist,” Mr. Roces said. “As for 2024, the long-term outlook hinges on global economic stability, Philippine policy reforms, and specific investment deals.”

He added that the Philippines should maintain a stable and attractive investment environment this year to ensure sustained FDI growth.

“Hopefully, with the Philippines still posting growth, we could see FDI eventually reverse the slide in 2023,” Mr. Mapa said.

The BSP expects to record FDI net inflows of $8 billion at end-2023 and $10 billion at end-2024.

Planned LANDBANK-DBP merger to be scrapped — Recto

THE PLANNED MERGER between the state-run lenders Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LANDBANK) will no longer push through due to their conflicting mandates.

“It’s not pushing through because basically there is no benefit gained from combining the two institutions. We have separate mandates and it’s best for the country that both institutions remain independent, pursuing their separate mandates,” DBP President and Chief Executive Officer (CEO) Michael O. de Jesus told reporters on the sidelines of an event on Monday.

“No need for a merger. Both have different mandates. It will be good to continue having two government depository banks,” Finance Secretary Ralph G. Recto told BusinessWorld via text message when asked for confirmation.

BusinessWorld also sought comments from Malacañang and LANDBANK, but they did not respond as of press time.

The two state-run banks are also unlikely to be merged at least until the end of the current administration’s term, Mr. De Jesus noted.

“We work together [with LANDBANK]. It’s always best to have these two institutions. There’s healthy competition also… What’s good for the country is really having two separate independent banks, each pursuing their own mandates,” he added.

LANDBANK President and CEO Lynette V. Ortiz previously said they would discuss the merger with Mr. Recto.

“As far as we’re concerned, we’re operating on our own,” she told reporters on Jan. 26.

Meanwhile, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said in a Viber message that the central bank has not received an application for the planned merger.

Former Finance Secretary Benjamin E. Diokno in March 2023 announced that President Ferdinand R. Marcos, Jr. is in “support” of the merger of the state-run lenders, with LANDBANK as the surviving entity. The transaction had been expected to be completed before the end of that year.

The merger was expected to create the largest bank in the country in terms of assets. Data from the Department of Finance (DoF) showed the consolidated bank would have an estimated asset size of P4.185 trillion and deposit base amounting to P3.588 trillion.

The DoF earlier said the merger can generate P975 million in savings annually for the government through the consolidation of the banks’ branch operations.

DBP officials earlier said the merger could endanger the economy as the consolidated entity would be too big to fail, with the concentration of risks in one lender making it vulnerable.

LANDBANK’s primary mandate is to promote countryside development and provide financial assistance and support services to its priority sectors, namely farmers, fisherfolk, agrarian reform beneficiaries, agri and aqua businesses and agri-aqua related projects of local government units and government-owned and -controlled corporations; micro, small, and medium enterprises; and countryside financial institutions.

Meanwhile, DBP is tasked to provide banking services to cater to the medium- and long-term needs of agricultural and industrial enterprises, especially small- and medium-scale industries. It is also the government’s designated infrastructure bank.

On the other hand, asked about DBP’s contribution to the Maharlika Investment Fund (MIF), Mr. De Jesus said there will be no change.

Under Republic Act No. 11954, the DBP and LANDBANK are mandated to contribute P25 billion and P50 billion, respectively, as the initial seed capital for the MIF. The two state lenders remitted the funds to the Treasury in September.

“It (contribution) will stay there. Both LANDBANK and DBP are on the board of Maharlika. So, we expect that to do very well. It’s just building the organization at this point,” he said.

Enrico P. Villanueva, senior lecturer of economics at the University of the Philippines Los Baños, said in a social media message that the scrapped merger could leave the DBP unable to address the capital adequacy impact of its MIF contribution.

“I still think there are economies of scale or efficiencies to be achieved from the merger,” Mr. Villanueva said.

LANDBANK and DBP sought regulatory relief from the BSP after making their contributions to the MIF. — A.M.C. Sy

SEC looking to implement hike in fees, charges this year

THE Securities and Exchange Commission (SEC) hopes its planned hike in fees and charges can be finalized and implemented within the year, its top official said.

“Preferably, at least within the year,” SEC Chairperson Emilio B. Aquino told reporters on the sidelines of an event last week when asked when they plan to implement the higher fees and charges.

“We promise to listen to their (business groups’) side…,” he added.

Mr. Aquino said no changes have been made to the commission’s proposed increases.

“It’s being sorted out. As we are talking, the proposal is still as is. But we are open to a possible review and all. But nothing has been done yet,” he said.

In August 2023, the SEC issued its proposed schedule of new fees and charges for stakeholders’ comments.

The regulator has said its rates have not been changed since 2017. The proposed hike will help develop its services to “benefit the transacting public,” it said.

However, various business groups led by the Philippine Chamber of Commerce and Industry and Philippine Exporters Confederation, Inc. (Philexport) have expressed opposition to the proposal, describing it as “obscene” and “unconscionable.” They urged the SEC to review, “if not totally scrap,” the plan, which they called “anti-business.”

Among others, they opposed the SEC’s proposal to charge corporate issuers one-fourth of 1% of total indebtedness when creating bonded indebtedness.

Philexport President Sergio R. Ortiz-Luis, Jr. on Monday said their stance remains the same, adding that business groups will soon meet with the SEC on the matter.

“We want to review it, do the impact assessment with ARTA (Anti-Red Tape Authority), and then that’s the time that we decide on the matter,” Mr. Ortiz-Luis said in a text message.

AMNESTY PROGRAM
Meanwhile, Mr. Aquino said about 85,000 corporations availed of the SEC’s amnesty program, which ended on Dec. 31.

“There are still a number of noncompliant companies. But then again, it is quite an improvement compared to our neighbors, and 85,000 is quite a lot,” he said.

The SEC’s amnesty program launched in March 2023 allows noncompliant and suspended or revoked corporations to pay a reduced penalty for the late or non-filing of their general information sheets (GIS), annual financial statement, and official contact details as provided under Memorandum Circular No. 28 series of 2020.

In October, the SEC issued two lists covering more than 320,000 ordinary corporations that were urged to avail of the amnesty program after failing to submit their GIS within five years from the date of incorporation or failure to submit their GIS for three times consecutively or intermittently within five years. — Revin Mikhael D. Ochave

Economic growth may pick up to 5.7%

PHILIPPINE STAR/ MICHAEL VARCAS

PHILIPPINE gross domestic product (GDP) may grow by 5.7% this year following the economy’s faster-than-expected expansion in the fourth quarter of 2023, UBS Global Research and Evidence Lab said.

The research firm raised its 2024 Philippine GDP growth forecast from 5.3% previously, Grace Lim, an economist from UBS, said in a note. It also hiked its 2025 projection to 6% from 5.8%.

“This largely reflects carryover effects from the fourth quarter of 2023, rather than a strong bounce in sequential growth momentum through 2024,” Ms. Lim said.

Both forecasts are below the government’s growth targets of 6.5-7.5% for this year and 6.5-8% for 2025.

The Philippine economy grew by 5.6% in the fourth quarter, bringing full-year growth to 5.6% in 2023. This was slower than the 7.6% expansion in 2022 and below the government’s 6-7% goal.

At 5.7%, economic growth this year would be faster than the 2023 pace but is still slower than the pre-pandemic average of 6.6%, Ms. Lim noted.

“On the bright side, we highlight that inflation has been trending down nicely, surprising consensus on the downside for three months in a row,” she said. “Should downside risks to inflation materialize, consumption could surprise on the upside.”

Inflation eased to 2.8% in January from 3.9% in December and 8.7% in the same month a year ago. This was the slowest print since October 2020 and marked the second straight month that inflation settled within the 2-4% target band.

Ms. Lim noted that consumer spending remained robust last year despite inflationary pressures and amid resilient labor market conditions.

In 2023, household spending grew by 5.6%, slower than 8.3% in 2022. Household consumption typically accounts for three-fourths of GDP.

Meanwhile, the unemployment rate dropped to a record low of 4.3% from the 5.4% recorded in 2022.

Ms. Lim added that the decline in government spending seen in the fourth quarter of 2023 was largely in line with expectations. Government spending contracted by 1.8% that quarter, bringing the full-year growth to a flat 0.4%.

“The government budget has the fiscal deficit declining by another one percentage point in 2024, financed by revenue broadening (including increasing tax efficiency and compliance),” she said.

“In nominal terms, we expect government consumption growth to accelerate modestly in 2024, growing by about 7-8% year on year,” she said.

Meanwhile, inflation may surprise to the downside this year, especially if government interventions to stabilize rising rice prices are successful, Ms. Lim said.

“We forecast inflation to fall further in January to February on base effects, before breaching the 4% upper bound slightly in the second quarter due to base effects,” she said.

UBS sees inflation averaging 3.6% this year, lower than the 3.7% baseline forecast of the central bank.

The Bangko Sentral ng Pilipinas (BSP) is also expected to cut borrowing costs by a total of 100 basis points (bps) this year, broken down into 25-bp rate cuts at each of the Monetary Board’s four meetings in the second half.

If realized, the policy rate would go down to 5.5% by end-2024 from the current level of 6.5%, which is a 16-year high.

The Monetary Board hiked borrowing costs by a cumulative 450 bps from May 2022 to October 2023 before keeping them steady at its last two meetings.

The BSP is widely expected to keep benchmark interest rates unchanged for a third straight review on Thursday, a BusinessWorld poll held last week showed. — Keisha B. Ta-asan

Rock & Roll Hall of Fame unveils 2024 nominees

THE 2024 NOMINEES for the Rock & Roll Hall of Fame: (top row, L-R) Mary J. Blige, Mariah Carey, Cher, Dave Matthews Band, (2nd row) Eric B. & Rakim, Foreigner, Peter Frampton, Jane’s Addiction, (3rd row) Kool & the Gang, Lenny Kravitz, Oasis, Sinéad O’Connor, (4th row) Ozzy Osbourne, Sade & A Tribe Called Quest. — ROCKHALL.COM

THE ROCK & ROLL Hall of Fame on Saturday unveiled its nominees for 2024, with singer-songwriter Mariah Carey, the queen of Christmas hits, and Cher, the Goddess of Pop, making the list for the first time.

Other debut nominees include rock stalwarts Foreigner and Peter Frampton, funk legends Kool & the Gang, singer-songwriter Lenny Kravitz, Britpop icons Oasis, the soulful Sade, and Sinéad O’Connor. Ozzy Osbourne, following his previous induction with Black Sabbath, is recognized for his solo career.

R&B star Mary J. Blige makes the list for a second time, with 10 of the 15 acts on the ballot for the first time.

To be considered for this honor, an artist or band must have released their first commercial recording at least 25 years prior to the year of nomination. The final list will be announced in late April.

The ceremony in Cleveland, Ohio, will be livestreamed on Disney+ and a special broadcast will air on ABC, which will be available on Hulu the following day. — Reuters

‘Peaked TV’: US scripted shows dropped in 2023

COMMONS.WIKIMEDIA.ORG

PASADENA, California — The number of scripted television series in the United States declined by 14% in 2023, FX network chief John Landgraf said on Friday, after a decade-long explosion of shows fueled by the streaming TV wars.

The chairman of FX Content and Productions coined the term “peak TV” as he tallied the rise of programming when traditional media companies started chasing Netflix, Inc. in 2013.

Mr. Landgraf said on Friday it could now be called “peaked TV.” FX research counted 516 original scripted series last year, down from 600 in 2022. Hollywood’s strikes last year contributed to the drop, Mr. Landgraf said, but added that he believed the reduction likely was under way even before the work stoppages.

“I finally predicted correctly, after a number of sincere but premature guesses, that we had started to see a decline,” he said at a Television Critics Association event.

FX is a unit of Walt Disney.

Disney, Netflix and other companies have canceled shows and reduced budgets to meet investor demands for profits, leading to predictions of a major contraction in Hollywood.

Since 2012, the only other dip in the number of scripted shows came during the pandemic year of 2020, when 493 were released.

Last year’s downturn has accelerated at the start of 2024, Mr. Landgraf said. Scripted programming in the first five weeks of the year has fallen 31% compared to the same period in 2023.

While that represents a short window, and may have been impacted by the strikes, Mr. Landgraf said he believed it was “directionally accurate” in what he expected for the rest of the year. — Reuters

Battle-scarred Taiwanese islands star in Oscar nominated film

ISLAND IN BETWEEN — IMDB.COM

TAIPEI — A film about frontline Taiwanese islands repeatedly fought over with China during the height of the Cold War is vying to win an Oscar this year, with its director hoping the attention will help better explain tensions over Taiwan to a broader audience.

Taiwanese-American director S. Leo Chiang’s 19-minute-long Island in Between, available to watch on YouTube, tells the story of Kinmen, a small island group which hugs the Chinese coast.

Kinmen has been controlled by Taiwan since the Chinese civil war ended in 1949, and was the site of pitched battles in the 1950s as Beijing launched waves of attacks.

Mr. Chiang told Reuters he felt the time was right to revisit the history of Kinmen, now a popular tourist destination, given China’s saber rattling over Taiwan, including war games in 2022 after then-US House Speaker Nancy Pelosi visited Taipei.

China says democratically governed Taiwan is part of its territory, despite the objections of the government in Taipei.

“I think people are more interested in Taiwan than ever, at least in a long, long time. We’re definitely taking advantage of that interest,” Mr. Chiang said.

“Life is very normal here. People are not exactly sitting around fretting and pulling their hair out. But in Kinmen it’s a different story.”

Old bunkers and buildings riddled with bullet holes stand testament to Kinmen’s battle-scarred past, and the film opens with an abandoned tank half submerged under the sand on a beach, its gun pointing out to sea. Martial law only ended on the islands in 1992, five years later than Taiwan.

Mr. Chiang, whose father did his military service on Kinmen in 1968, said he aimed to use the island as a visual representation of the tensions with China, but also to ultimately tell a story about what it means to be Taiwanese.

“At least for me, I still embrace my Chinese cultural and historical and ethnic connection, but in terms of national identity I’m very vocal about being Taiwanese,” he added.

Island in Between is nominated for best documentary short film. The Academy Awards ceremony will be held on March 10.

As for his next project, Mr. Chiang said he was considering making a film about the late, staunchly anti-Communist Taiwanese singer Teresa Teng, whose songs were broadcast at China from giant loudspeakers on Kinmen and remain wildly popular throughout the Chinese-speaking world.

“I don’t think people understand how iconic she was,” he said. — Reuters

DoE readies for 4,399-MW green energy auction this year

FREEPIK

THE Department of Energy (DoE) is set to issue in April the notice of auction and terms of reference for an estimated 4,399 megawatts (MW) of renewable energy capacity under the third round of its green energy auction (GEA-3) program.

“The DoE will conduct the third round of the GEA-3 this year as part of the department’s push for increased utilization of the country’s renewable energy resources and attainment of energy security and reliability,” the Energy department said in a statement on Monday.

The third round of the green energy auction will cater to non-feed-in-tariff (Non-FIT) eligible renewable energy (RE) technologies such as geothermal, impounding hydro, and pumped-storage hydro.

The GEA-3 will likewise cater to run-of-river hydro, which is a FIT-eligible RE technology, the DoE said.

Publication of the notice of auction, terms of reference, price determination methodology for Non-FIT eligible RE technologies, and green energy auction reserve price for run-of-river hydro is set for April 29.

The start of registration of qualified bidders will be May 13, to be followed by the announcement of qualified suppliers on July 4.

The auction proper will be on Aug. 21, and the notice of award for FIT-eligible RE technology is targeted for Sept 18.

The announcement of the award for Non-FIT RE eligible technologies is scheduled for Dec. 10.

Broken down, estimated capacities for Non-FIT eligible RE technologies are 699 MW from impounding hydro, 3,120 MW from pumped-storage hydro, and 380 MW from geothermal.

The DoE requires a delivery commencement period for impounding hydro and pumped storage hydro from 2028 to 2030.

For geothermal, the delivery commencement period should be from 2024 to 2030, the DoE said.

“An estimated 200 MW of RE capacity from run-of-river hydro is expected to be auctioned, with a target delivery commencement period [from] 2026 to 2028,” it added.

“Through the administration of the GEA-3, the DOE is not only paving the way for a more sustainable future but is also ensuring a transparent and competitive selection of RE facilities,” the department also said. — S.J.Talavera

Entertainment News (02/13/24)

Backstreet Boys’ Nick Carter coming to Manila, Cebu

The Backstreet Boys’ Nick Carter is bringing his solo Who I Am Tour to Asia with concerts scheduled in Cebu on May 23 at the Waterfront Hotel Ballroom, and in Metro Manila on May 24 at the New Frontier Theater in Quezon City. The Philippine leg of the tour is presented by Wilbros Live. The Who I Am Tour, which has already completed successful legs in the United States, Canada, and South America, marks Mr. Carter’s return to the stage as a solo artist after seven years. For the upcoming concert dates in Manila and Cebu, the singer-songwriter is set to perform tracks from his solo catalog — including his latest single releases “Never Break My Heart (Not Again),” “Made For Us,” and “Superman” — as well as Backstreet Boys favorites and other music hits with a personal significance to Carter. Tickets to the Manila show will be available at TicketNet.com.ph and TicketNet outlets, and the Cebu show at SMTickets.com and SM Tickets outlets. Fan club pre-sale will be on Feb. 16 at 11 a.m. and general on-sale on Feb. 17 at 11 a.m.

Sparkle GMA Artist Center launches kilig series

SPARKLE GMA Artist Center is kicking off the festivities of love month with two new performing love teams: Ashley Sarmiento and Marco Masa (AshCo); and Princess Aliyah and Bryce Eusebio (PrYce). These two love teams are the stars of a new online series, TikTok Kilig Series — skits in which the couples join the staple love team of Allen Ansay and Sofia Pablo (AlFia). The AshCo pairing leads the pack in Secret Notes from Feb. 8 to 14, followed by PrYce’s gamer-friendly connection in Beyond the Game from Feb. 16 to 22. Finally, AlFia in Mystery Girl will run from Feb. 24 to 29.

Acoustic OPM icons come together for concert

THREE of the biggest names in the Philippine acoustic scene are coming together for a concert: Ice Seguerra, Joey G, and Noel Cabangon. In a stripped back session with just guitars and vocals, original Pilipino music (OPM) fans can get a triple dose of nostalgic songs on Feb. 23. Strings and Voices: A Threelogy Series will be held at the Newport Performing Arts Theater, Newport world Resorts. Tickets, priced from P1,500 to P8,500, are now available at all TicketWorld and SM Tickets outlets.

Fil-Am rapper MBNel releases PHL-inspired single

TAKING inspiration from his most recent visit to his motherland, Filipino-American rap artist MBNel released his latest single, “Just Like You,” via US label Empire. The song’s lyrics reflect life in Manila for the Filipino masses, and its official video was filmed in Manila’s slums and old railways with MBNel chilling with regular folks and kids in the streets. “I’m trying to show that I share some of the same problems that some of my fans might be going through or have been through. This video demonstrates that we are not that different regardless of fame, money, or whatever,” MBNel said in a statement. “Just Like You” is out now on all digital streaming platforms.

Aegis concert at Newport World Resorts

AEGIS continues to raise the bar for ballad style-rock n’ roll in their upcoming concert dubbed Aegis: Unbreakable on Feb. 24 at the Newport Performing Arts Theater at Newport World Resorts. Celebrating their 25th year in the music business, the band will return with heartbreak rock anthems such as “Halik,” “Mahal na Mahal Kita,” and “Luha,” staples of karaoke sessions and still heard on radio stations. Tickets, priced from P1,000 to P7,800, are now available at all SM Tickets and TicketWorld outlets.

Australia’s Magic Men come to the Philippines

BROUGHT to the country by Trifecta Brand Lab, Magic Men Australia will have live performances at the Newport Performing Arts Theater at Newport world Resorts on March 16 and 17 at 8 p.m. Tickets are now available via TicketWorld.

Denise Julia and DENȲ release song collab

FILIPINO R&B stars Denise Julia and DENȲ have collaborated on a new jam, “don’t matter.” The track marks the first time that the two worked together for a music project. In an Instagram post last week, Denise Julia confirmed that the idea of collaborating started three years ago, when they were just trying to make it big in the music scene. The song is produced by J. Greg, Duaneinsane, and Denise Julia, and it involves the two singers trading verses over a delicate, laid-back groove. The song is now on all streaming platforms via Sony Music Entertainment.

Public warned against investing in Camacho Packaging Supplies, Reveal

SEC.GOV.PH

THE Securities and Exchange Commission (SEC) has cautioned the public against investing in Camacho Packaging Supplies Trading and Reveal, saying that these entities do not have the necessary license to solicit investments.

In an advisory posted on its website, the corporate regulator flagged Camacho Packaging Supplies Trading/Camacho Trading and Camacho Packaging Supplies OPC.

The entity, allegedly engaged in newspaper and packaging trading, offers a 10% monthly payout for a minimum amount of P50,000 for old investors and a minimum amount of P100,000 for new investors, with a 12-month holding period.

“Though Camacho Packaging Supplies OPC is registered as a corporation, it does not have the necessary secondary license from the commission to authorize it to solicit investments from the public,” the SEC said.

In a separate advisory, the SEC said that Reveal Marketing/Reveal Marketing PH/Reveal Marketing Team PH are allegedly involved in an investment scheme called the shareholder’s program, which offers various modes for the public to purchase shares and gain profits.

The program offers three levels that promise profits ranging from 20% to 130% depending on the period and investment amount.

“Reveal represents to be engaged in multilevel marketing intended to help the people to have an extra passive income through investments,” the SEC said.

“The investment opportunity being offered by Reveal is a form of securities as the elements of investment contract are present in its investment offerings,” it said.

The SEC said that Reveal Beauty and Wellness Digital Marketing OPC is registered as a one-person corporation, while entities Reveal Marketing/Reveal Marketing PH/Reveal Marketing Team PH are not registered either as a corporation, one-person corporation, or as a partnership.

Despite being registered, the commission said that Reveal Beauty and Wellness Digital Marketing OPC do not have the secondary license to solicit investments.

BusinessWorld sought comments from the two entities but has yet to receive a response as of the deadline. — Revin Mikhael D. Ochave

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