Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 3646

Court overturns ruling on SMC’s stamp tax refund claim

PHILSTAR FILE PHOTO

THE SUPREME COURT (SC) has overturned a tax court ruling that granted San Miguel Corp. (SMC) a refund of interest penalties worth P15.6 million, which it paid in connection with its 2009 documentary stamp tax (DST) liabilities totaling P30.42 million.

In a 13-page ruling dated April 12 and made public on July 28, the tribunal said that SMC was not entitled to a refund of its DST and penalties since it cannot use good faith as an argument in seeking the refund.

“Good faith cannot be invoked by SMC on the basis of previous Bureau of Internal Revenue (BIR) issuances since the same were not issued in its favor,” according to the ruling penned by Associate Justice Maria Filomena D. Singh.

The court said that the CIR should not have imposed a compromise penalty worth P50,000 to the previously worth interest penalty, ordering the official to refund the amount to the company.

“Since SMC’s case does not involve criminal tax liabilities, the compromise penalty should not have been imposed and collected,” the tribunal said.

The Court of Tax Appeals (CTA) had granted part of the company’s refund claim worth P15.6 million, representing penalties imposed by the CIR in connection with the DST deficiencies, based on the company’s good faith of previous interpretations of the BIR rulings on which documents could be subject to DST.

It earlier denied SMC’s claim for a refund of its documentary stamp tax worth P14.5 million, following a 2011 High Court ruling that found instructional letters, as well as journals and cash vouchers of advances made to affiliates, qualified as loan agreements subject to DST.

The High Court said the company failed to cite a BIR ruling that declared that intercompany loans and advances through memos and vouchers were not subject to DST.

“It is a basic rule that a taxpayer cannot utilize for themselves specific BIR Rulings made for another, as only the taxpayer who sought such BIR Ruling may invoke the same,” the country’s highest court said. — John Victor D. Ordoñez

SONA 2023: investments, revenues and climate

During his second State of the Nation Address (SONA) on Monday, July 24, President Ferdinand R. Marcos, Jr. highlighted economic recovery via high GDP growth, increasing the employment rate, investments, revenues, and spending on agriculture modernization; the decrease in inflation rate, other economic factors.

For this piece, three subjects will be tackled — investments, revenues, and climate change. Note also that this month, this writer has made a four-part assessment of the economic performance of the administration’ first year: budget deficit and employment (part 1), inflation and interest rates (part 2), trade and investments (part 3), and overall GDP and agriculture (part 4).

INVESTMENTS AND MAHARLIKA FUND
The President said in his SONA, “For strategic financing, some of the nation’s high-priority projects can now look to the newly established Maharlika Investment Fund, without the added debt burden…. the Maharlika Fund shall be used to make high-impact and profitable investments, such as the Build-Better-More program.

“…foreign trips… economic missions have yielded an estimated total investment value of $71 billion, or P3.9 trillion, with a potential to generate 175,000 jobs…

“BoI-approved investment projects have reached P1.2 trillion during our first year, while other strategic investments approved for processing through the newly established ‘green lanes’ amount to P230 billion.”

This is indeed a good performance, kudos should largely be given to the economic team (Finance Secretary Benjamin Diokno, Budget and Management Secretary Amenah Pangandaman, National Economic and Development Authority Secretary Arsenio Balisacan, former Central Bank Governor Felipe Medalla and now Governor Eli Remolona) and their series of Philippine Economic Briefings (PEB) with investors in some key cities in the world — Jakarta, Singapore, Washington, DC, New York, Frankfurt, London, Tokyo, and Toronto.

More aggressive investment promotions by the economic team should be done in Europe, a rich continent but many countries of which have taken the slow path to deindustrialization and degrowth economics in their climate, energy, and trade policies. One result of this is that companies there are slowly migrating to North America and Asia.

I constructed a table (Table 1) of eight charts, with trends in foreign direct investments (FDI) over the last 15 years in the four biggest economies of Europe and four ASEAN countries. The former show flatlining if not mild deceleration in FDI, the latter shows a continuing rise in FDI.

CLIMATE CHANGE
The President further stated in his SONA 2023, “…action to mitigate and adapt to the effects of climate change…. The economic agenda cannot and will not ever be incompatible with our climate change agenda.

“Climate change is now an important criterion in our integral national policies, in planning, decision-making, up to the implementation of programs…. We remain committed to global decarbonization goals.”

Mr. President, climate change is true. Climate has been changing since planet Earth was born some 4.6 billion years ago and will continue to change in the next billions of years, warming and cooling in endless and natural cycles.

Climate change as natural or nature-made — not man-made — is shown in scientific data, especially paleoclimate data. Below I show only two sets of these: a.) the number of tropical cyclones in the world is fluctuating, not ever-rising, as some years have more storms, some years have less storms; and, b.) the El Niño-La Niña cycle, with the recent La Niña of 2021-2022 having a triple-dip, the last time this happened was in La Niña 2000-2001 (Table 2).

So, we should not compromise our agriculture, energy, mining, transportation, other sectoral policies in the false and fictional hope of “fighting man-made climate change.” There is warming-cooling cycle, El Niño-La Niña cycle, wet-dry season cycle, water evaporation-condensation cycle, and so on. But there is no budget deficit-surplus cycle, there is only endless, perennial budget deficit and perennial borrowing as more public resources are spent on climate bureaucracies, climate travels, climate loans, and related wasteful spending.

We should slowly wean ourselves away from climate alarmism and move towards spending realism, non-wasteful spending focused on fast economic growth, rising productivity, industrialization and modernization.

HIGHER REVENUES, CONTROL SMUGGLING
President Marcos Jr. also said in his SONA: “Higher revenue collections will be critical in our bid to bolster public investments. Under our fiscal framework, we envision our tax and revenue efforts to further increase, to up to 16.9% and 17.3% by 2028….

“Isa sa mga dahilan ng pagtaas ng presyo ay ang mga smugglers, hoarders at nagmamanipula ng presyo ng produktong agrikultural. Hinahabol at ihahabla natin sila.” (One of the reasons for the rise in prices are smugglers, hoarders, and the manipulators of prices of agricultural products. We will go after them and charge them.)

You are correct there, Mr. President. The government needs more revenues to fund more infrastructure projects and investments, especially in the provinces. Economic sabotage via smuggling, non-payment of appropriate taxes, unfair competition with legitimate and law-abiding businesses by bringing in illicit products should be penalized.

I notice that the Bureau of Internal Revenue (BIR) under the new leadership of Commissioner Romeo D. Lumagui, Jr. is doing a good job plugging the revenue loopholes caused by smuggling and illicit trade. I saw reports of BIR regional offices nationwide holding simultaneous raids on July 13 and 14 of retailers and warehouses of suspected and actual smuggled products.

Some 747 stores, warehouses, and different establishments were raided. The amount of taxes evaded has still not been fully quantified, but the Commissioner is clearly committed to filing criminal cases against the traders and owners of the stores that are in violation of the law, and the destruction (not reselling) of the confiscated goods.

The President asked Congress in his SONA to enact five bills, four on revenues and one on spending rationalization: a.) Excise tax on single-use plastics, b.) VAT on digital services, c) Rationalization of the mining fiscal regime, d.) Motor vehicle user’s charge/road user’s tax, and, e.) Military and Uniformed Personnel (MUP) pension reform.

I must give credit to the economic team, especially the Finance department, for their many meetings and consultations with active MUP personnel and officials. MUP should contribute to their own pensions and not expect the taxpayers to pay for their huge, tax-free pensions.

Mining tax rationalization is a good move. Global prices of important metals like gold, copper, and silver remain high, the potential corporate mining sales and government tax revenues are big, we should seize the opportunities. This topic will also be discussed in the forthcoming Mining Conference 2023, on Sept. 19-20 at Shangri-La Edsa Hotel, sponsored by the Chamber of Mines of the Philippines.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers

minimalgovernment@gmail.com

Value of basic deposit accounts rises to P12 billion at end-2022

MORE FILIPINOS opened basic deposit accounts (BDAs) in the fourth quarter of 2022, bringing the value of total deposits to P12 billion, the Bangko Sentral ng Pilipinas (BSP) said. 

The Philippine central bank said in a social media post that the number of BDAs in the country hit 15.3 million in the fourth quarter of 2022, almost double (or 95.4%) the 7.9 million BDAs recorded in the comparable year-ago period. 

In terms of value, total deposits in these BDAs surged by 135% to P12 billion in the fourth quarter last year, from just P5.1 billion in the same period in 2021.

Based on central bank data, 154 banks are offering BDAs as of end-2022.

Introduced in 2018, the BDA is a product that Filipinos can open for a fee of not more than P100. BDAs have no maintaining balance, no dormancy charges, and have simple identification requirements.

The BSP earlier said the BDA was created to meet the needs of the unbanked and low-income sector, helping it improve financial inclusion in the country.

Under the Digital Payments Transformation Roadmap, the BSP wants 70% of Filipino adults to have financial accounts and digitize 50% of total retail payments by the end of this year.

Latest data from the BSP showed the country’s banked adults rose to 56% of all adults in 2021, from 29% in 2019. This was driven by the growth in digital payments. — Keisha B. Ta-asan

Researchers find evidence of a 2,000-year-old curry, the oldest ever found in Southeast Asia

IT’S HARD to imagine a world without spice today. Fast global trade has allowed the import and export of all manner of delicious ingredients that help bring Indian, Chinese, Vietnamese, Malaysian, Sri Lankan (and so many more) cuisines to our dinner tables.

Now, new research shows the trading of spices for culinary use goes way back — some 2,000 years, to be precise.

In a paper published in Science Advances, we and our colleagues detail our findings of what seems to be evidence of Southeast Asia’s oldest known curry. It’s also the oldest evidence of curry ever found outside India.

We made the intriguing discovery at the Oc Eo archaeological complex in southern Vietnam. We found eight unique spices, originally from different sources, which were likely used for making curry. What’s even more fascinating is that some of these would have been transported over several thousand kilometers by sea.

Our team’s research wasn’t initially focused on curry. Rather, we were curious to learn about the function of a set of stone grinding tools known as pesani, which the people of the ancient Funan kingdom likely used to powder their spices. We also wanted to gain a deeper understanding of the ancient spice trade.

Using a technique called starch grain analysis, we analyzed microscopic remains recovered from a range of grinding and pounding tools excavated from the Oc Eo site. Most of these tools were excavated by our team from 2017 to 2019, while some had been previously collected by the local museum.

Starch grains are tiny structures found within plant cells that can be preserved over long periods. Studying them can provide valuable insights into past plant use, diet, cultivation practices, and even environmental conditions.

Of the 40 tools we analyzed, 12 produced a range of spices including turmeric, ginger, fingerroot, sand ginger, galangal, clove, nutmeg, and cinnamon. This means the occupants of the site had indeed used the tools for food processing, including to powder the rhizomes, seeds, and stems of spice plants to release flavor.

To figure out how old the site and tools were, our team obtained 29 separate dates from charcoal and wood samples. This included a date of 207-326 CE produced by a charcoal sample taken from just below the largest grinding slab, which measures 76 cm by 31 cm.

Another team working at the same site applied a technique called thermoluminescence dating to bricks used in the site’s architecture. Collectively, the results show the Oc Eo complex was occupied between the 1st and 8th centuries CE.

We know the global spice trade has linked cultures and economies in Asia, Africa, and Europe since classical times.

However, before this study we had limited evidence of ancient curry at archaeological sites — and the little evidence we did have mainly came from India. Most of our knowledge of the early spice trade has therefore come from clues in ancient documents from India, China, and Rome.

Our research is the first to confirm, in a very tangible way, that spices were valuable commodities exchanged on the global trading network nearly 2,000 years ago.

The spices found at Oc Eo wouldn’t have all been available in the region naturally; someone at some point would have transported them there via the Indian or Pacific Ocean. This proves curry has a fascinating history beyond India, and that curry spices were coveted far and wide.

If you’ve ever prepared curry from scratch, you’ll know it’s not simple. It involves considerable time and effort, as well as a range of unique spices, and the use of grinding tools.

So it’s interesting to note that nearly 2,000 years ago, individuals living outside India had a strong desire to savor the flavors of curry – as evidenced by their diligent preparations.

Another fascinating finding is that the curry recipe used in Vietnam today has not deviated significantly from the ancient Oc Eo period. Key components such as turmeric, cloves, cinnamon, and coconut milk have remained consistent in the recipe. It goes to show a good recipe will stand the test of time!

In this study, we primarily focused on microscopic plant remains. And we have yet to compare these findings with other larger plant remains unearthed from the site.

During an excavation conducted from 2017 to 2020, our team also collected a significant number of well-preserved seeds. In the future we hope to analyze these, too. We may identify many more spices, or may even discover unique plant species – adding to our understanding of the region’s history.

By completing more dating on the site, we might also be able to understand when and how each type of spice or plant started to be traded globally.

We would like to acknowledge our colleague Khanh Trung Kien Nguyen of Vietnam’s Southern Institute for Social Sciences for their invaluable contribution to this work. — The Conversation via Reuters Connect

Weiwei Wang is a PhD Candidate at the Australian National University while Hsiao-chun Hung is a Senior Research Fellow, School of Culture, History & Language, at the Australian National University.

Digitalization seen sustaining small food businesses 

THE DIGITALIZATION of the food industry has become a lifeline for micro-, small-, and medium-sized enterprises (MSMEs), according to online food platform foodpanda Philippines.

In a statement on Wednesday, the platform noted that the digitalization of the local food industry has led to significant livelihood generation.

“Many of them became our partners during the height of the pandemic, as the lockdowns created a level playing field for smaller players to reach a bigger market through online platforms,” foodpanda Philippines Managing Director Daniel Marogy said.

“For some of these small businesses, onboarding with foodpanda was their very first foray into e-commerce, and we helped them to digitize. And many of these, in turn, became very successful businesses that rely on both a physical store presence as well as an online platform to reach many customers,” he added.

Aside from MSMEs, foodpanda Philippines said that digitalization has also provided more opportunities for the platform’s freelance delivery partners.

“Alongside this was the huge boom of opportunities in the gig economy, particularly for freelance delivery partners, as we continue to count on our partnership with foodpanda logistics and its thousands of ‘Ka-panda’ delivery partners across the country to meet consumer demand,” Mr. Marogy said.

“Many of foodpanda logistics’ Ka-panda delivery partners come from other industries, looking for supplemental income, or are doing freelance work on multiple platforms, or breadwinners counting on foodpanda logistics for their bread and butter earnings,” he added.

Mr. Marogy said that e-commerce and online platforms are vital in helping the growth of the national economy, as well as supporting the growth of the restaurant industry.

“As more restaurants embrace digital platforms for food delivery and online ordering, their customer base expands, resulting in higher food production needs,” he said.

“In the digital transformation era, the digital economy emerges as an important driver of the growth of the Philippines,” the platform said.

“With e-commerce and online platforms at the forefront, this new paradigm assumes a crucial role in shaping the nation’s economic development. As the country fully embraces the digital revolution, ongoing support and expansion of online platforms become vital catalysts for progress and economic growth,” it added.  

Currently, foodpanda operates in 150 cities and municipalities in the Philippines. The e-commerce platform, which has a presence across 11 Asian markets, is a subsidiary of the German multinational online food ordering company Delivery Hero. — Revin Mikhael D. Ochave

‘Verified human’: Worldcoin users queue up for iris scans

LONDON/TOKYO/BENGALURU — People around the world are getting their eyeballs scanned in exchange for a digital ID and the promise of free cryptocurrency, shrugging off concerns among privacy campaigners and data regulators.

Founded by Sam Altman, the CEO of ChatGPT developer OpenAI, the Worldcoin project says it aims to create a new “identity and financial network” and that its digital ID will allow users to, among other things, prove online that they are human, not a bot.

The project launched on Monday, with eyeball scans taking place in countries including Britain, Japan, and India.

At a crypto conference in Tokyo, people on Tuesday queued in front of a gleaming silver globe flanked by placards stating: “Orbs are here.” Applicants lined up to have their irises scanned by the device, before waiting for the 25 free Worldcoin tokens the company says verified users can claim.

Users told Reuters they weighed concerns over data collection against their curiosity about the project, which says it has issued IDs for more than two million people in 120 countries, mostly during a trial period in the last two years.

“There’s a risk with having the data of your own eyes collected by a company, but I like to follow the most up to date crypto projects,” said Saeki Sasaki, 33.

“I was a bit scared, but I’ve done it now and can’t take it back.”

Worldcoin’s data-collection is a “potential privacy nightmare,” said the Electronic Privacy Information Center, a US privacy campaigner.

Worldcoin did not respond to Reuters’ questions on its privacy policies sent via e-mail on Tuesday. The company’s website says the project is “completely private” and that either biometric data is deleted or users can opt to have it stored in encrypted form.

‘FREE MONEY’
In the lobby of a co-working space in east London on Monday, two Worldcoin representatives showed a small stream of people how to download the app and get scanned, handing out free t-shirts and stickers saying “verified human” afterwards.

Christian, a 34-year-old graphic designer, said he was taking part because he was “intrigued.” He follows developments in artificial intelligence (AI) and crypto, buying cryptocurrencies “just for fun.”

“I think going forward AI will be hard to distinguish from human and I think this potentially solves that problem and that’s pretty amazing,” he said, declining to give his full name for privacy reasons.

Worldcoin tokens were trading around $2.30 on the world’s largest exchange, Binance, on Tuesday. For many users, the promise of financial gains from the crypto coins was enough to make them hand over personal data.

Ali, a 22-year-old chemical engineering student who has invested some of his student loan in crypto, said he calculated that the 25 free tokens could be sold for $70 to $80 at current prices.

“I told my brother about it this morning. I told him ‘it’s free money, you want to come with me to get it?’”

Both Christian and Ali said they had not read Worldcoin’s privacy policy, which says that data may be passed to subcontractors and could be accessed by governments and authorities — though it also says it takes steps to mitigate risks and uses encryption to stop unauthorized access.

“It’s quite concerning but I think a lot of companies have our data at this point,” Ali said.

UK privacy campaign group Big Brother Watch said there was a risk biometric data could be hacked or exploited.

“Digital ID systems increase state and corporate control over individuals’ lives and rarely live up to the extraordinary benefits technocrats tend to attribute to them,” senior advocacy officer Madeleine Stone said.

The project also drew attention from regulators, with Britain’s data regulator telling Reuters it was making enquiries about the UK launch of Worldcoin.

In a mall in Bengaluru, India, orb operators approached passers-by on Tuesday and showed them how to sign up. Most interviewed by Reuters said they were not worried about privacy.

One new user, 18-year-old commerce student Sujith, said he did not read Worldcoin’s fine print and did not really have privacy concerns. He said he invests the little pocket money he gets from his family in crypto.

“While I was passing they asked me would you like some free coins? So (I thought) why not?” he said. — Reuters

Past glories

JCOMP-FREEPIK

JOB APPLICANTS, including senior executives switching companies to an even more elevated position, are routinely asked to submit their biodata. This highlights their work history, especially the high points, which are in bold print. Recorded achievements are central in the final interview and a license to go ego-tripping — so you did this all by yourself?

In social settings, unrelated to job interviews or political campaigns, talking about glorious moments in one’s past can turn a person into a pest. For that matter, keeping old wounds of humiliation from closing is just as tiresome. It’s best to leave the past in a dark attic of the mind, to be visited only when extracting lessons learned.

Past achievements certainly enhance one’s biodata. But relying on past glories has been dismissed as “resting on one’s laurels,” denoting an inertia in making any effort towards future accomplishments.

The phrase about “laurels” harks back to the ancient practice in Rome when victors of chariot races or wars were crowned with laurel wreaths (leaves of a plant) as symbols of honor. So, wearing old symbols of excellence denotes putting too much store on shrubberies long past their blooming days. Can these laurels then move from the crown to the seat of the pants?

And even here in this Roman custom, the man on the chariot doing his victory lap around the arena is accompanied by a charioteer who whispers in his ear “sic transit gloria” (this glory too shall pass) as if to remind the victorious celebrant to eventually come down from his temporary perch.

A fixation on a former high-profile status often defines those no longer having any new heights to aspire for. Few things can be more humiliating than a formerly powerful person, once at the top of the food chain, now cast in the shadows, regaling anyone who cares to listen about the perks he once enjoyed and the people he used to boss around. Thus, are old people dismissed when repeating stories from long ago depicting now powerful personalities as their underlings from long ago.

Can a fixation with the past be a simple case of nostalgia? The term comes from two Greek words — nostos (homecoming) and algos (sorrow). A sentimental longing for the past feeds a type of sadness. Alumni groups celebrating their golden jubilee always see the past with rose-colored glasses. Were they better than the present batch with access to online research and essays from Chat GPT?

Still, the past is a comfort zone for those selling nostalgia.

Revivals of old musicals with a modern twist are blockbusters in the world of theater. So too are clubs featuring music from the ’70s or ’80s to lure the oldies back to stroll down memory lane. The influx of concerts featuring ageing bands (not even the original members) and names vaguely remembered from the past can fill up small concert venues with generous seating areas for wheelchairs and nurses’ stations.

Living in the past leads to an unwillingness to tackle the troublesome issues of the present. It can be a denial strategy which bestows an inordinate importance to triumphs that only the triumphant can remember with fondness.

Who cares if you once were an important person that many lined up to meet? Your former supplicants have themselves risen in stature and may consider you a relic of their humble past. They may occasionally introduce you as their mentor and acknowledge your role in their ascendance.

Setting aside past glories can be a refreshing attribute of distinguished personalities. It’s best for them to watch quietly from the sidelines as younger players get their star turns.

Modesty arising from a realization of the irrelevance of previous high perches on now forgotten pedestals invites an appreciative reception especially from those too young to remember. If someone familiar with that glorious period in the past mentions, even just in passing, one’s previously awe-inspiring status, it is best to shrug it off — Oh well, that was all so long ago. (Shall we ask for the dessert menu?)

And when conversation threatens to return to that historic episode, it is best to veer off to something off tangent. Do you still want a small café latte’ with brown sugar? Such a conversational side road may make the other person suspect that you’re already losing your marbles. And well, she may even be right.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

PBB books higher net profit in Q2

PHILIPPINE Business Bank, Inc. (PBB) saw its net income rise by 22.59% year on year in the second quarter.

The lender’s attributable net income stood at P380.43 million in the April-to-June period, higher than P310.33 million seen in the same period last year, based on its quarterly report submitted to the local bourse on Wednesday.

This brought its net profit in the first half to P869.24 million, up by 40.14% year on year from P620.28 million.

As a result, the lender’s return on average equity stood at 10.96%, while its return on average assets was at 1.28% at end-June.

“In the first half of 2023, PBB sustained solid top-line growth owing to better interest rate margins, healthy loan growth, and improved income on trading. The growth in the bank’s deposits and loans was satisfactory, given the current market uncertainties evident in today’s environment. PBB saw signs of tightening competition, especially in the lending business, but its customers have remained loyal to the Bank despite the aggressive stance of other banks,” PBB President and Chief Executive Officer Roland R. Avante said in a statement.

PBB’s net interest income in the second quarter grew by 30.1% to P1.56 billion from P1.2 billion, driven by higher interest earnings from loans and other receivables (70.33%), investment and trading securities (10.82%), and due from the Bangko Sentral ng Pilipinas (BSP) and other banks (61.7%).

“This is due to the increasing interest rate imposed by the BSP to manage the country’s inflation rate,” PBB said.

Meanwhile, interest expenses jumped by 310.62% to P654.17 million.

The bank’s net interest margin stood at 4.89%, up from 4.33% at end-2022.

Meanwhile, other income declined by 52.98% to P140.8 million.

On the other hand, other expenses went up by 13.08% to P1.01 billion from P895.64 million.

The lender’s cost-to-income ratio was at 42.13%, down from 47.84% at end-2022.

The bank set aside loan loss provisions amounting to P150 million in the second quarter, down by 16.67% from P175 million in the same period last year.

PBB’s net loans stood at P103.84 billion at end-June.

Its bank’s nonperforming loan (NPL) ratio stood at 6.92%, up from 5.37% as it recorded P7.4 billion in NPLs at end-June.

On the funding side, deposit liabilities stood at P112.30 billion.

The bank’s loan-to-deposit ratio stood at 92.46% in the second quarter.

Meanwhile, total equity was at P17.1 billion at end-June. Its capital adequacy ratio was at 13%.

PBB’s total assets stood at P137.18 billion at end-June.

Its shares went down by 27 centavos or 3.42% to end at P7.63 each on Wednesday. — A.M.C. Sy

Counting Pikachus: Pokemon sleep app entices fans to go to bed

POKEMON.COM

LOS ANGELES — Fans who play Pokemon late into the night have a new incentive to get to bed in the form of a sleep app that rewards them with the franchise’s signature monsters.

Pokemon Co. and Niantic, two of the companies behind the wildly popular Pokemon Go augmented reality mobile game, released Pokemon Sleep this month.

Developed by SELECT BUTTON Inc., the app monitors sleep through the user’s phone, placed on the bed. Players receive Pokemon when they wake up, more for the deepest slumber.

Originating in Japan in the 1990s, Pokemon, named for “pocket monsters,” spawned a global multi-billion dollar media franchise spanning trading cards, games, TV shows, and movies.

The role-playing game pits colorful anime creatures and their human trainers against each other. The characters including lovable yellow Pikachu have different powers, such as the ability to paralyze attackers.

“Pokemon Sleep provides another opportunity for anyone with a smart device to interact with Pokemon and provides an opportunity to look forward to waking up in the morning and also to get lots of sleep,” said Yuri Horie, product marketing manager at Pokemon Co. — Reuters

PXP Energy net loss widens in second quarter

PANGILINAN-LED PXP Energy Corp. saw its attributable net loss for the second quarter widen to P6.59 million from P3.68 million in the same period last year due to lower margins from its Galoc operations.

In a stock exchange disclosure, PXP said its revenues for the second quarter fell by 18.3% to P21.49 million from P26.30 million a year ago.

PXP’s Galoc operations are covered by Service Contract (SC) 14C-1, located in the offshore northwest Palawan basin.

The listed oil and gas company said cost and expenses in the second quarter fell by 2.1% to P26.30 million from P26.87 million a year ago.

In the first half, PXP recorded consolidated petroleum revenues of P39.4 million.

During the January to June period, the oil and gas company incurred a net loss attributable to the parent firm of P12.67 million compared to P6.41 million in the same period last year.

For the first six months, PXP’s revenues declined to P39.35 million, down by 12.8% from P45.11 million in the corresponding period a year ago.

In March, the Department of Energy affirmed that the period from Oct. 14, 2020 until April 6, 2022, will be credited back to SC 72 and SC 75.

PXP informed the stock exchange that once the force majeure is lifted, both service contracts will retain the equivalent remaining terms of the respective subphases before Oct. 14, 2020.

PXP holds a 50% interest in SC 75 located in northwest Palawan. Its subsidiary, Forum Energy Ltd., in which PXP holds a direct and indirect interest of 79.13%, has a 70% participating interest in SC 72, also in northwest Palawan, through its wholly owned subsidiary Forum (GSEC 101).

PXP and Forum said that they will continue to seek the government’s approval to allow the resumption of both its activities within SC 75 and SC 72.

PXP also said that it is fully committed to pursuing exploration activities for its other projects in the Philippines.

At the stock exchange on Wednesday, shares in the company closed 1.97% lower to end at P4.48 apiece. — Ashley Erika O. Jose

Are your mobile apps secure? Here’s what you need to know

SARA KURFESS-UNSPLASH

WITH mobile usage increasing exponentially every year, mobile apps have become ever more integral to businesses and people. Look no further than the growth of the Philippines’ digital economy for evidence of this, which Access Partnership forecasts will be worth $28 billion by mid-decade.

Meanwhile, the Appdome Filipino Consumers Expectations of Mobile App Security survey finds that on average, people living in the Philippines use seven mobile apps per day, which is on par with global usage levels. In fact, the same survey finds that more than half of Filipino consumers prefer using mobile apps over web channels.

Significantly, eWallets, social media, and mobile games were the top three ranked by usage among Filipinos. It should come as little surprise to developers then, that security is a major concern for Filipino consumers. For the businesses that deliver these apps, it underscores the point that protecting their customers should not be an afterthought.

CURRENT STATE OF PLAY
As the tactics of cybercriminals evolve, companies in the Philippines have had to play catch up to mitigate risks.

According to Kroll, 75% of Philippine organizations experienced a cyber incident last year. In comparison, the average from across Asia Pacific was 59%. The same report also found that local organizations were particularly concerned about data loss, with 70% citing it as their leading worry. Meanwhile, 60% were worried about the business disruption as a result of a cyberattack, and 29% felt regulatory fines from failing to keep out cyber attackers would have dire consequences for the business.

Unfortunately, cyber attackers are showing little signs of letting up. March this year alone saw 81 cyber security incidents logged by the National Computer Emergency Response Team (NCERT).

Ensuring app security also directly links to brand trust and customer loyalty. For instance, Appdome’s survey of Filipino consumers shows that businesses that want to differentiate in a crowded field must prioritize app security. Of those surveyed, 65.5% ranked “hacking the mobile apps I use” as their top concern.

It is revealing that this figure is 30.3% higher than the global baseline of just over 50%, showing that Filipino consumers take app security and protection very seriously but that companies are, potentially, falling short of meeting this need.

Furthermore, the same report revealed that mobile fraud was a major worry for 42.5% of Filipino consumers. Meanwhile, malware was cited as the joint third-highest concern at 29%, revealing that embedding mobile apps with malware prevention should be a priority for local businesses.

Worryingly, the same number of respondents also expressed concerns about developer indifference to security. This fear also ranked above all other threats in the spectrum, including threats from data breaches, trojans, spying and so on. For businesses, this is a huge opportunity to distinguish themselves by equipping developers with the tools to tell mobile users that they are protected from threat actors on their apps.

These figures should send a clear signal to brands about the importance of embedding their app offerings with a security model that goes above and beyond basic hardening and obfuscation. Clearly, failure to do so, will see more agile competitors swoop in and win over customers.

PIVOTING TOWARDS MOBILE DEVSECOPS
For businesses, their ability to compete in the digital-first era rests on how quickly they can innovate without compromising security. Today, it is a “must-have” to be able to count upon a comprehensive, fast and simplified approach to DevSecOps. Ultimately, embracing mobile DevSecOps hinges on an organization-wide adherence to new, rapid-release processes that combine different disciplines, development, security, and operations, into one continuous workflow.

Here is where a unified cyber defense automation platform in the DevOps pipeline enables businesses to build, test, release and monitor all mobile apps with ease. As a result, they can address complexity and be proactive in stopping threats like fraud.

When picking a platform to integrate into the CI/CD pipeline, it is crucial to consider capabilities like automation and artificial intelligence. Businesses should also look for solutions that champion no-code, as this allows them to embed security protocols, at any time in the development process, via a few simple clicks and without the need for writing tedious code or a software development kit.

Through enhanced agility, efficiency and consistency in your mobile DevSecOps, organizations can protect themselves and their customers better. Armed with the ability to accelerate the delivery of mobile app security and defenses, businesses will be well placed to deliver better functioning apps with less work, zero complexity, and better user experiences across the board.

 

Jan Sysmans, mobile app security evangelist at Appdome.

Venice film fest attracts top names despite Hollywood strikes

Venice presented a powerful line-up on Tuesday for its forthcoming film festival, defying fears its 80th edition would be a washout because of strikes by Hollywood actors and writers.

Although many stars will miss the traditional red carpet openings for big studio productions, Venice artistic director Alberto Barbera still managed to attract a slew of top movies to the Lido.

New films by directors including Bradley Cooper, Yorgos Lanthimos, David Fincher, Michael Mann, Sofia Coppola, Ava DuVernay and Wes Anderson will all debut at the event, which runs from Aug. 30-Sept. 9.

The festival will also court controversy by giving prominence to Woody Allen, Roman Polanski, and Luc Besson, three directors hit by #MeToo scandals who have been cold-shouldered by many industry figures over the past decade.

All three have repeatedly denies the accusations against them. Besson was cleared last month.

The world’s oldest film festival, regarded as a launchpad for Oscar contenders as awards season approaches, features movies from 55 countries, including 23 titles running for the prestigious Golden Lion award.

Barbera said that despite uncertainty surrounding the actors’ strike only one title had been pulled from the expected line-up — the planned opening tennis drama Challengers, directed by Luca Guadagnino and starring Zendaya.

The SAG-AFTRA guild called the strike this month after failing to reach an agreement with studios on a new three-year contract. Guild members are not permitted to engage in any promotional activity for their films.

Barbera said he hoped stars of smaller independent movies would be able to publicise their work in person regardless of the stoppage. “So we hope the red carpet is not as empty as some people had been predicting,” he said.

TRIO OF BIOPICS
Among the most eagerly awaited films will be the Netflix drama Maestro, about the composer Leonard Bernstein, directed by and starring Cooper, who brought his directorial debut A Star is Born to Venice in 2018.

Two other biopics will also vie for attention on the Lido – Coppola’s Priscilla, which is based on the memoirs of Elvis Presley’s wife and stars Cailee Spaeny, and Ferrari, directed by Mann. It stars Adam Driver as famed Italian carmaker Enzo Ferrari and Penelope Cruz as his wife.

Only five women directors will present in the main competition, with DuVernay making history as the first African American woman competing for the Golden Lion with her movie Origin, which dissects racism in the United States.

Among the other big pictures likely to cause a buzz are Lanthimos’ surrealist science fiction comedy-drama Poor Things, which stars Emma Stone and Mark Ruffalo — neither of whom will be able to walk the red carpet because of the strike.

Besson, who was cleared in June of rape charges levelled against him in 2018 by an actress, will present his latest film Dogman for the top award.

Both Allen, with his French language picture Coup De Chance, and Polanski, with The Palace will show out of competition.

Anderson will also show out-of-competition with his 40-minute Netflix comedy The Wonderful Story of Henry Sugar, based on a Roald Dahl short story and starring Benedict Cumberbatch, Ralph Fiennes, Dev Patel and Ben Kingsley. — Reuters

1...3,6453,6463,647...13,338Page 3,646 of 13,338
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube