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Beyond Hallyu: Digitally reimagined Korean heritage

IN THE CALM environs of the Korean Cultural Center of the Philippines (KCC), a spacious multipurpose hall at the fifth level has been transformed into an expansive panorama of immersive audio-visual projections.

The National Museum of Korea is responsible for bringing this mesmerizing — and free! — experience to the Philippines. Using new digital technology, they animated reinterpretations of traditional Korean art from the Joseon Dynasty (which flourished from the 1300s and lasted 500 more years until the establishment of the Korean Empire in 1897).

“Endless Landscape: Digitally Reimagined Korean Art” is made up of four videos: Endless Mountains and Rivers; Royal Processions with the People; Pillars of Divinity, Chongseok Rocks; and Peonies in Bloom.

“This special exhibition showcases Korea’s unique traditions, culture, and artistic works through digital technology, and we hope that many Filipinos will discover new connections with Korea through it,” KCC director Kim Myeongjin said at the exhibition’s launch on Jan. 18.

Upon entering the hall, visitors are enveloped in a rich tapestry of landscapes and historical scenes. The space is “an intersection of the cultural heritage of the past and the digital technology of the present,” according to Mr. Kim.

The first video played in the exhibit is Endless Mountains and Rivers, based on the 18th-century masterpiece by royal court painter Yi Inmun. It depicts people living in harmony with nature, a utopia sought by Koreans in the late Joseon Dynasty, brought to life with peaceful music and vibrant animations.

The second, entitled Royal Processions with the People, is a fascinating and colorful take on uigwe, or records of royal protocols. This particular piece depicts a court procession to the Hwaseong Fortress headed by King Jeongjo, a Joseon king who may be familiar to those who watch historical K-dramas.

Next up is Pillars of Divinity, Chongseok Rocks, a relaxing view of the Chongseok Rocks in Tongcheon, Gangwondo Province. The renowned attraction in the Geumgangsan Mountains was first painted by Kim Gyujin, for a commissioned work that once decorated Changdeokgung Palace. Now, the unusual, jagged rock forms dance beautifully in the digital exhibit.

Finally, the joyful animation Peonies in Bloom is based on a diptych showing peonies, part of the National Museum of Korea collection. The piece was originally installed in a palace building during the Joseon Dynasty. According to the exhibit’s notes, for Koreans, peonies are the “king of flowers” due to their splendid and elegant appearance, which is why they are a motif for royal rites and architecture.

Mr. Kim noted that aside from being visually impressive, these four videos are meant to help Filipinos “engage with Korean culture.”

For Lee Sang-hwa, the Ambassador of the Republic of Korea to the Philippines, the exhibit is a testament to the friendship between the two countries, celebrating the 75th anniversary of their diplomatic relations this year.

He told BusinessWorld that it is the first of many commemorative events lined up for 2024.

“We aim to ignite interest and appreciation among our Filipino friends. In recent years, the allure of Korean culture has extended beyond borders, primarily propelled by Hallyu, or the Korean wave,” Mr. Lee said.

KCC’s Mr. Kim added that the center has strived since 2011 to “introduce the rich tapestry of Korean culture to the Philippine mainstream.”

“Endless Landscape: Digitally Reimagined Korean Art” runs until June 29, at the fifth level of the Korean Cultural Center of the Philippines in Bayani Road, Taguig City. The exhibit is free of charge and is open to the public. — Brontë H. Lacsamana

PNOC eyes aquavoltaic systems for solar energy

STATE-RUN Philippine National Oil Co. (PNOC) is exploring the development of aquavoltaic systems in the Philippines, aiming to install solar panels atop fishponds.

“This is a very good convergence between agriculture production and energy,” PNOC President Oliver B. Butalid said in an interview last week.

PNOC hopes to carry out the project in expansive areas with the involvement of an investor.

“It is not going to disrupt the fish production, so we will be looking for contiguous fishpond areas in the hundreds of hectares.”

Ma. Rowena C. Raymundo, PNOC’s manager of business research and development department, said that the project is currently in the “drawing stage,” with plans to demonstrate it in fishponds located in Pampanga.

“The idea there is putting up solar panels above fishponds. It [would] cover about 40-60% of the area, so we don’t compromise the productivity of the fishponds,” she said.

Unlike floating solar technology, aquavoltaic system involves putting solar panels that are three meters above water by placing poles, she noted.

“[The proponent] is someone who has done this in Taiwan and China, and the results have been successful that is why they want to replicate, do it here in the Philippines.”

PNOC is also exploring the possibility of becoming a retail electricity supplier for government entities as part of its strategy to become a service provider to government agencies.

“We want to present this option to them because most of the government agencies who are large consumers of electricity… they are not very well-served by private players because there are peculiarities in the government, like everything we do has to go through a procurement,” Ms. Raymundo said. — Sheldeen Joy Talavera

Apl de Ap launches NFT music and art collection

APL DE AP, Bitto and Jax Reyes pose with Turnaround. —BRONTË H. LACSAMANA

FILIPINO-American rapper Apl de Ap (real name: Allan Pineda Lindo) has just released a non-fungible token (NFT) collection in collaboration with digital artist Bitto and GCrypto, the cryptocurrency arm of GCash. The collection dropped on Jan. 18, during the official art exhibit of the NFTs, which took place in Apotheka in Poblacion, Makati City.

The centerpiece at the launch/auction was Turnaround, Apl de Ap’s exclusive new song that comes with Bitto’s 4×5-foot canvas painting.  Filipino NFT marketplace Likha and art gallery Vinyl on Vinyl also organized a colorful display of Bitto’s limited edition sculptures with Apl’s embedded music.

Art enthusiasts and NFT collectors present at the event came together to witness the launch of the “phygital” (physical and digital) exhibit, titled “Agents of Peace and Love.”

Multi-awarded Grammy winner Apl de Ap, known for being part of hip-hop group Black Eyed Peas, has been helping the Filipino creative industry. He previously collaborated with NFT artist Sevi, a 10-year-old with autism and a beneficiary of the First Mint Fund at the 2022 Philippine Web3 Festival.

He also has his Apl de Ap Foundation, which empowers Filipino youth by granting opportunities in arts, technology, and healthcare.

“I’m excited to have my foundation collaborating with Bitto to release our first phygital art launch. It means a lot to see the art move into a myriad of dimensions,” Apl told reporters during the launch.

Meanwhile, Manila-based modern and contemporary artist Bitto was able to mix his style inspired by nature, textiles, Japanese fashion magazines, and streetwear, to create works reflecting Apl’s music.

“It’s really an honor for me to be working together with him through GCrypto. I’m truly grateful to know that I created a few artworks for this project that could provide support and grant opportunities to the youth in the Philippines,” Bitto said.

Art collector Jax Reyes, who was the winning bidder of “Turnaround,” described the main work as a must-have. “Finally, a Bitto artwork piece, but even more special since it’s also a collaboration with Apl! It’s something you don’t see often: a collaboration of two big names in the creative art space,” Mr. Reyes explained.

Also, because a portion of the earnings from the auction will go to Apl’s foundation that nurtures youth through education, bidding (for the piece) was a no-brainer, according to Mr. Reyes.

In 2023, GCash launched the GCrypto NFT Hub, which features digital art created by famous and up-and-coming local artists. Enthusiasts can explore it to see digital art for sale by National Artist Larry Alcala, Superordinary Friends x TRNZ, and Monster Mayhem by Distort Monsters.

To see Apl de Ap x Bitto’s “Agents of Peace and Love” collection along with the other digital art collaborations, go to https://www.gcash.com/services/gcrypto/nft — Brontë H. Lacsamana

GCash adds feature for user protection against scams

ELECTRONIC WALLET platform GCash announced on Tuesday a partnership with property and casualty insurance company Chubb to enhance user protection against scams.

GCash introduced a “Send Money Protect (SMP)” feature in its app, providing coverage up to P15,000 for users affected by scams like online shopping fraud, social engineering, and account takeover when using express send.

The SMP feature is an optional product covering all express send money transfers to GCash accounts for 30 days, available for P30 per month or P1 a day, the platform said in a statement.

“It can be availed by following three easy steps when sending money: first, ensure the send money protect box is checked in the express send transaction screen,” GCash said.

“After which, tap the pop-up screen to confirm, and lastly, proceed to finish the express send transaction, which is now protected with SMP,” it added.  

GCash Vice-President Winsley Bangit said that the new SMP feature adds an “extra layer of protection” against cyber threats.

“We make sure to be relentless in strengthening cybersecurity measures against scammers, fraudsters, and other cyber criminals,” he said.

“While due diligence is needed in making sure that online transactions are legitimate, we hope this brings more confidence to all knowing that you are covered in case you become a victim of fraud,” he added. — R.M.D. Ochave  

Build bigger, better, bolder (Part 2)

FREEPIK

The top management and board of directors of the Maharlika Investment Corp., foreign infrastructure companies interested in owning and managing large-scale infrastructure such as those from Spain and Japan, and domestic infrastructure and construction enterprises will be interested in the highlights of a recent Philippine Infrastructure Summit because these would help them understand the economic environment in which their businesses will be operating in the next five years or so. In his keynote speech, Senator Joseph Victor “JV” G. Ejercito said the new Public-Private Partnership (PPP) Code would efficiently fast-track all the processes for key infrastructure projects. The National Economic and Development Authority (NEDA) will limit itself to approving projects greater than P15 billion. Local governments can approve projects below this amount. Senator Ejercito expressed hope that most of the 197 infrastructure flagship projects will be funded by foreign direct investments.

In an advisory, PWC said the legislation consolidates all laws and regulations on the procurement of public assets through PPP arrangements. In addition to the Build-Operate-Transfer (BOT) arrangements under the old BOT law (one of the game changers in the golden economic era ushered in by former President Fidel V. Ramos), the new PPP Law now covers joint ventures and toll operation agreements. It also covers lease agreements on the rehabilitation, operation, and/or maintenance, including working capital and/or improvements by the private partner of an existing land or facility owned by the government for more than a year. The code likewise covers lease deals when the lease is a component of a PPP project, as well as other contractual arrangements that have the elements of a PPP.

The new law makes clear how LGUs can implement these PPP projects. A good number of the foreign infrastructure companies who attended road shows in which I have participated in the past few months have expressed great interest in infrastructure projects that can be implemented in partnership with LGUs like Batangas, Bataan, Oriental Mindoro, Siquijor, Palawan, Baguio, etc. This is a very healthy trend of decentralizing decisions to build regional infrastructure. Under the law, LGU projects regardless of cost will be approved by the local councils. Projects of local universities and colleges must be approved by their boards. This provision will be very relevant once the proceeds from National Government revenues are finally transferred to LGUs under the so-called Mandanas-Garcia ruling. I hope President BBM will see to it that this very important decentralization move is fully implemented, despite some hesitation of some top Finance officials.

NEDA-ICC, with the endorsement of the Regional Development Council (RDC), must approve any government undertakings using National Government funds for Local PPP projects within 60 days from submission of complete documents. Local PPP projects affecting national or sectoral development plans and national projects must likewise get the endorsement of the National Government through the respective RDCs. Endorsements must be made within 30 days from submission of complete documents, otherwise the project is deemed approved. PPP projects must be approved within 120 calendar days from receipt of complete documents, otherwise the project is deemed approved.

In the road shows I referred to above (there will be more road shows in 2024, especially for Japan, South Korea and Taiwan) there was a wealth of proposals from foreign investors about what they perceive are the infrastructure lacking in the Philippines, especially in transport, energy, telecommunications and water facilities. The idea of submitting unsolicited proposals was brought up very often. I am glad that the new law is clear about unsolicited proposals. These proposals are allowed for projects included on the list of PPP projects solicited by the implementing agency, provided that there will be reimbursement of development costs incurred by the agency on the project during the last three years, as well as reimbursement of less than or equal to 6% of actual project cost (excluding the cost of right of way acquisition).

We should try to attract FDIs for both nationally funded projects, as well as those at the local government level. This will enable us to hit a target that I have set for the BBM administration: FDI flows of $15-20 billion annually, mostly in the three strategic areas of infrastructure, renewable energy (including nuclear) and large-scale agribusiness projects. As Senator Ejercito mentioned, the Philippines has been receiving more or less $9 billion of FDIs annually on the average in the last few years, except for 2021 when FDIs breached $10 billion. Vietnam has attracted more than double that average.

In fact, at this point in 2023, Vietnam had already received $25 billion of FDIs. These inflows should complement the government’s infrastructure spending, which is at 5-6% of GDP. This can hardly meet the requirements for improving much needed rural infrastructure such as farm-to-market roads, irrigation systems, post-harvest facilities and other public works direly needed by small farmers to improve their meager incomes. These infrastructure funds from the government are also badly needed in increasing the number and improving the quality of public school buildings, as well as health-related facilities. We are far from hitting the desired target of spending 6% of GDP each on education and health, the average spent by our ASEAN neighbors. That is the reason why as much as possible, all the big-ticket infrastructure items such as renewable energy and large-scale agribusiness projects should almost be singlehandedly funded by FDIs in partnership with domestic enterprises (including the Maharlika Investment Corp.), which are now legally allowed to take a minority ownership as a result of the amendment of the Public Service Act, which in effect creatively amended the Constitution without the need for a constituent assembly or constitutional convention, which some members of the House of Representatives are advocating and President BBM seems to be encouraging.

As the chairman of the committee on the national economy of the Constitutional Convention of 1986 that drafted the Philippine Constitution of 1987, I can speak with authority that there is no need at this stage to spend precious time and effort on Charter change. The most onerous restrictions against foreign investments have already been removed through the amendment of the Public Service Act. The only remaining restrictions are land ownership and foreign investments in education, mass media and advertising. These restrictions do very little harm to the national economy. In the first place, foreigners who invest long-term capital in agribusiness ventures (like those who have made the Philippines a major power in the export of bananas and pineapples) are not interested in tying up capital in land. They prefer to lease land as in the case of Del Monte and Dole. Foreigners who want to own residential units can already own them in the thousands of condominium projects spread out all over the country.

As for advertising and media, there is enough local capital and talent to restrict these sectors to Filipinos. Lastly, there is not much harm done to the economy by prohibiting foreigners from owning educational institutions. It would be very counterproductive at this stage to insist on distracting the whole country from some urgent objectives like food security, improving the quality of basic education and delivering quality health services by pushing for an amendment of the Constitution in whatever way. Any change in the Constitution can wait for the next administration once the BBM government has delivered on its most important short-term objectives of the agricultural sector growing at an average of 2-3% yearly, increasing the investment-to-GDP ratio to at least 30% and reducing leakages from corruption. Substantially attaining these three objectives will go a long way in accelerating GDP growth in the remaining years of the BBM administration to 8% or more annually, thus increasing the chances that the poverty rate can be reduced to single-digit level by 2028 from 22% now.

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Elevating air transportation in the country

Photo from www.facebook.com/DOTrPH

Over the years, the Department of Transportation (DoTr) has played a crucial role in shaping the nation’s transportation landscape, with the goal of fostering economic development and improving the quality of life of Filipinos. With this in mind, the DoTr has been instrumental in the development of various infrastructure projects aimed at improving transportation across the country, including airports, seaports, and highways.

“Since its dawn up to now, the DoTr has been indefatigable in its thrust towards delivering a fast, reliable, safe, affordable, comfortable, and accessible transportation system across the country through the realization of the much-needed transport infrastructure projects, programs, and initiatives,” the department said in a statement on celebrating its 124th founding anniversary last year.

Air transportation plays a critical role in connecting people and businesses across the globe, and the Philippines is no exception. Recognizing the importance of air travel, the DoTr has been spearheading ambitious initiatives to revolutionize and elevate the airports and aviation infrastructure in the country.

Recently, the department has identified the enhancement of airport infrastructure as a priority, aiming to create world-class facilities that can accommodate the increasing demands of domestic and international air travel.

In fact, the Build Build Build flagship program of the Duterte administration, under the guidance of the DoTr, has completed 246 airport projects from 2016 to 2022.

Now, President Ferdinand “Bongbong” R. Marcos, Jr. has stated that the infrastructure program initiated by the former administration should not only be continued but also expanded wherever possible.

In his first State of the Nation Address, the President shared his commitment to finish the development of projects and the continuation of transportation systems improvement. He also expressed confidence in building on the firm foundation established by his predecessor, aiming to “Build Better More.”

One of the recent developments in this infrastructure project is the opening of the new passenger terminal building (PTB) of the Clark International Airport. The PTB is expected to cater to around eight million passengers annually. The modernization and expansion of the airport will also support various sectors and industries, such as hospitality, food and beverage, agriculture, and manufacturing.

According to a report by the Philippine News Agency, the expansion of Clark International Airport is expected to create 150,000 new jobs, equating to 0.4% of the total employed population in the Philippines.

In addition, the DoTr is set to build a new international airport in Bulacan, known as the New Manila International Airport (NMIA) or the Bulacan International Airport.

The new airport will be built on 2,500 hectares of land in Bulakan, Bulacan, which is about 35 kilometers north of Manila. The project is estimated to cost around P735.6 billion ($14.8 billion) and is expected to be completed by 2027.

NMIA will have four runways and will be able to accommodate up to 100 million passengers annually, making it one of the largest airports in the world. It will also have a terminal building with a floor area of 700,000 square meters, which is more than four times the size of NAIA’s Terminal 3.

According to the DoTr, the project is expected to generate around 30,000 jobs during the construction phase and around 1 million jobs once the airport is operational.

This project aims to decongest the Ninoy Aquino International Airport (NAIA) in Manila, which has been operating beyond its capacity for years.

On the other hand, the DoTr is fast-tracking the privatization of NAIA. According to the DoTr, NAIA is the largest and most recognizable gateway of the Philippines to the world, but it badly needs a total makeover. The three NAIA Passenger Terminals 1, 2, and 3 need to be modernized, upgraded, and future-proofed.

The government’s move to privatize NAIA is a step in the right direction to create reliable transport infrastructure and fulfill the goal of turning the Philippines into a regional economic hub. NAIA has already accounted for 47.9 million passengers, and this number is only set to increase with the airport’s modernization.

The DoTr, with the Manila International Airport Authority (MIAA), are working closely with the Asian Development Bank (ADB) to ensure the solicited NAIA Public-Private Partnership (PPP) is awarded to the most qualified concessionaire by 2024.

Furthermore, the department has been actively pursuing the development of regional airports to enhance connectivity and stimulate economic growth. In a report published by the Public-Private Partnership Center, the department plans to implement a public-private partnership (PPP) scheme for the development of regional airports, including the Puerto Princesa International Airport, as well as the airports of Bohol, Laguindingan, Iloilo, Kalibo, Bacolod, Tacloban, and Siargao.

The DoTr has been emphasizing the integration of cutting-edge technology and sustainable practices in airport development. The incorporation of smart systems for efficient operations, energy-efficient infrastructure, and eco-friendly design principles has been at the forefront of the department’s efforts.

One such example of the department’s implementation of modern technology is the Automatic Dependent Surveillance-Broadcast (ADS-B) system. This surveillance technology uses GPS to determine the precise location of aircraft, providing pilots and air traffic controllers with real-time information about the aircraft’s speed, altitude, and direction. This system has been instrumental in ensuring the safety of air travel in the Philippines.

The Civil Aviation Authority of the Philippines (CAAP) has also approved the National Aviation Safety Plan (NASP) 2022-2025. This plan promotes the effective implementation of safety oversight systems and a coordinated approach to collaboration with other states and industry.

The CAAP, operating under the DoTr, governs Philippine aviation law and ensures compliance with international standards and local regulations, covering aircraft operation, safety procedures, pilot licensing, and passenger rights.

Transportation Secretary Jaime J. Bautista emphasized the need for more airports to improve accessibility and mobility within the country.

“Transforming our airports — through expansion, upgrade, and rehabilitation — is not only at the core of this administration’s thrust on infrastructure development but also crucial to connecting the country to the rest of the world,” said Mr. Bautista during the 2023 Aviation Summit. — Mhicole A. Moral

Arts & Culture (01/24/24)

Exhibition recognizes Benildean painters

“THE BENILDEAN PAINTER,” a homecoming exhibition which highlights the visual flair of established and emerging artists from the De La Salle-College of Saint Benilde, opens to the public beginning Jan. 26. It is mounted in celebration of the 35th year of the institution by the Center for Campus Art (CCA). The artists featured are Lyra Tan, Lee Caces, Winna Go, Robin Ravago, G Paris Magalona, David Kaufman, Jadon Kilayko, and Joseph Tecson. “The Benildean Painter” is curated by CCA Director Architect Gerry Torres. It is available to the public from Jan. 26 to Apr. 25 at the 12F Main Gallery of Benilde Design + Arts Campus. For more information, visit https://www.facebook.com/BenildeCampusArt.

Joy and Daloy to have one-night-only show

THE DALOY Dance Company and Joy Alpuerto Ritter are bringing Joy and Daloy to the Cultural Center of the Philippines (CCP) stage in a one-night-only show. The twin-bill production will feature the dances ItikLandia and BABAE, showcasing a mix of creative choreography, explorations of compelling themes, and fusions of traditional Filipino elements with contemporary expressions. The show aims to help foster a deeper appreciation for contemporary dance. It will take place at the Tanghalang Ignacio Gimenez (CCP Black Box Theater) on Jan. 27 at 7 p.m.

Miss Saigon Manila cast announced

THE CAST for the international tour of Cameron Mackintosh’s new production of Boublil and Schönberg’s Miss Saigon has been revealed. The company is led by Filipino-Australians Abigail Adriano as Kim, a role she also played in the Australian run of the production, and Seann Miley Moore as the Engineer. Other cast members are Nigel Huckle as Chris, Sarah Morrison as Ellen, Lewis Francis as John, and Laurence Mossman as Thuy. Local Filipina performer Kiara Dario, who was recently the lead in Repertory Philippines’ Snow White and the Prince, also joins the company as Gigi, this being her first international tour. The Manila season will be at The Theatre at Solaire, presented by GMG Productions, with tickets on sale exclusively through TicketWorld. It will run from March 23 to May 5.

Gawad Alternatibo calls for submissions

GAWAD Alternatibo Para sa Pelikula at Video, the longest running independent film competition in Asia, is calling for submissions for its 36th edition. The deadline for the submission of entries is on April 30. Open to all Filipinos, entries must have a maximum running time of 45 minutes along with an accomplished entry form, synopsis and details of the entry, director’s credits, full production profile, and a film entry trailer. Participants may submit three entries in each category: Narrative, Experimental, Documentation, and Animation. The finalists will be screened during the Cinemalaya 2024, with the awards to be held on Aug. 10. For full mechanics, visit the Cultural Center of the Philippines website and the Gawad Alternatibo Facebook page.

Polish pianist Roustem Saitkoulov to perform with PPO

THE CULTURAL Center of the Philippines (CCP) and the Philippine Philharmonic Orchestra’s (PPO) sixth concert of the season, slated on Feb. 9, will no longer have pianist Krystian Zimerman as its guest performer due to logistic and technical concerns. However, it will push through on the same date at the Samsung Performing Arts Theater in Circuit Makati, instead with celebrated Polish pianist Roustem Saitkoulov. Under the baton of Maestro Grzegorz Nowak, he will perform F. Chopin’s Piano Concerto No. 2 in F minor. For ticket concerns and subscriptions, contact the CCP Sales and Promotion at salesandpromotions@culturalcenter.gov.ph.

Defense and security in the community of nations

MEMBERS of the Philippine Coast Guard participate in drills to improve search and rescue collaboration, and enforcement during the first trilateral coast guard exercise between the Philippines, Japan, and the US, at the coast of Bataan in the South China Sea, June 6, 2023. — REUTERS

A recent Stratbase-commissioned survey by Pulse Asia gives us a glimpse into how Filipinos see our security issues in the West Philippine Sea, how much they trust other nations and how they believe the Marcos administration should capitalize on popular support to pursue strategic and concrete decisions on defense and security.

The survey, conducted between Dec. 3 and 7, 2023, showed that 90% of Filipinos do not see China as a trustworthy partner in protecting the West Philippine Sea, given the issue’s implications on our security and economy.

Filipinos believe the Marcos administration should work with the following countries amid geopolitical challenges: the United States (79%), Australia (43%) and Japan (42%) to foster economic growth even as we uphold our 2016 victory at the Permanent Court of Arbitration, which rendered baseless China’s claims based on a so-called nine-dash line.

This arbitral victory needs to be protected and asserted because it affirms our rights to the West Philippine Sea and promotes a rule-based international order. We should also maintain sovereign and territorial integrity, protect marine resources from further destruction and prevent the abuse of such valuable resources.

Since the start of his administration, and distinguishing himself from his immediate predecessor, President Ferdinand R. Marcos, Jr. has made strong statements on the West Philippine Sea. At one point, he vowed that he would not give up a square inch of Philippine territory. The survey showed that most Filipinos or 55% agree he can fulfill this promise of protecting the West Philippine Sea against the illegal and aggressive actions of other states.

There are several steps the administration can take in asserting its right in the West Philippine Sea, according to the survey. Among these measures are strengthening the external defense capability of the Philippines especially the Navy, Air Force and Coast Guard through the AFP modernization program (67%), reinforcing alliances and partnerships with like-minded countries through joint patrols and military exercises (56%) and establishing a stronger military presence in the West Philippine Sea by repairing the BRP Sierra Madre, conducting regular resupply missions and ensuring control of Ayungin Shoal (52%).

Of course, parallel to these diplomatic efforts, the Philippines also internally has to improve cooperation among agencies involved in maritime security (52%). This includes promoting a whole-of-Philippine society approach involving the government, private sector and civil society organizations prioritizing the national interest.

What do these survey results mean, and in which direction do they point us?

First, it means that our arbitral victory is globally acknowledged by nations that share our values of respect for the international order and basic decency. These countries recognize the Philippines’ bravery against China’s coercive, illegal and aggressive actions within the West Philippine Sea.

In the past year saw, the Philippines made use of assertive transparency as a tool and weapon to expose China’s actions and to solidify support for a rule-based international order. We knew how crucial it was to make our people and the international community aware that the government is prioritizing the national interest in its domestic and international engagements.

Heeding public sentiment, the administration should continue its strategic strengthening and collaborative efforts with key allies including the three countries – the US, Australia and Japan – most trusted by Filipinos as revealed in the survey.

Early initiatives this year indicate this is so.

On Jan. 19, the Philippines and Canada signed a memorandum of understanding on defense cooperation. Defense Secretary Gilberto Teodoro, Jr. is optimistic about the imminent agreement, noting that increased defense collaboration aligns with the nation’s stance on the arbitral award and the West Philippine Sea, and will also include cyber-security cooperation, addressing both military and civilian vulnerabilities.

The Philippines is in negotiations for a defense deal with Japan, and we aim to sign the reciprocal access agreement this year.

On Jan. 11, the Philippines and United Kingdom signed a defense and security cooperation agreement that will focus on training, capacity-building, peacekeeping, humanitarian assistance, disaster relief and research and technology. This is crucial to maritime security in the South China Sea.

Like other countries, Germany and Indonesia have also expressed readiness to collaborate with the Philippines in enhancing maritime cooperation and finalizing a code of conduct for the South China Sea.

With the support and cooperation of our partners and allies, the Philippines feels emboldened to assert its rights and demonstrate to China that we will not be bullied within our own sovereign territory. The administration is planning to develop islands in the West Philippine Sea, including Thitu (Pag-asa) and Nanshan (Lawak) islands, as part of efforts to improve facilities and living conditions for soldiers. Ultimately, this plan is beneficial in asserting the country’s sovereignty and demonstrating a commitment to national security, as it aims to enhance the living conditions of Filipino soldiers while strengthening the nation’s defense capabilities.

Defense and security risks in the Indo-Pacific region are expected to intensify in the coming years. It also makes sense to anticipate the emergence of unforeseen security risks that could significantly reshape the geopolitical landscape.

The administration is aware it enjoys and must sustain the trust and confidence of the people. Filipinos expect our leaders to do the right thing amidst geopolitical threats.

Our partnerships with like-minded friends and allies have benefited us greatly and will be central to the preservation of the established order in the region and in the world.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Century Pacific Food plans to boost renewable energy investment

CENTURY Pacific Food, Inc. (CNPF) is investing further in renewable energy initiatives, the listed food and beverage company said on Tuesday.

In a statement, CNPF said it plans to increase the capacity of its solar facility in General Santos to 8.6 megawatts (MW), a 65% boost from the previous 5.2 MW, with a total investment of P380 million since 2021.

“In addition to being an environmentally forward choice for CNPF, investing in solar unlocks value for the company and enhances our operational resilience,” CNPF President and Chief Executive Officer Teodoro Alexander T. Po said.

The solar facility has generated more than 15 million kilowatt hours since its commissioning in 2021, the company said.

The company is also constructing a biomass broiler as an alternate energy source to power its coconut facility.

“The new boiler will utilize coconut shells as biomass fuel, converting by-products into energy and eliminating coal usage in the process,” it said.

“On a broader scale, the company anticipates a substantial 36% reduction in overall coal consumption across its factory,” it added.

Coconut shells are by-products of the company’s processing of coconut meat products and derivatives.

CNPF Vice-President for Coconut Original Equipment Manufacturer Noel M. Tempongko said that the company will focus on decreasing its environmental impact amid increasing demand for coconut products in local and international markets.

“The expansion of our biomass boilers, utilizing coconut shells from our operations, also serves as an eco-friendly substitute for coal, contributing to substantial reductions in carbon emissions,” Mr. Tempongko added.

Another biomass broiler would be constructed during the second quarter of the year, the company said.

“Our company’s pursuit of growth runs alongside our desire for longevity. This necessitates a commitment to responsible business practices and creating long-lasting, positive impact on both our bottom line and the planet,” Mr. Po added.

Century Pacific’s shares fell by 1.58% or 0.55 centavos, to close at P34.25 per share on Tuesday. — Adrian H. Halili

Treasury fully awards fresh 10-year T-bonds

BW FILE PHOTO

THE GOVERNMENT made a full award of the new 10-year Treasury bonds (T-bonds) it offered on Tuesday amid bets on the next policy moves of the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.

The Bureau of the Treasury (BTr) raised P30 billion as planned from the fresh 10-year bonds it auctioned off on Tuesday as total bids reached P102.233 billion or more than thrice the amount on offer.

The bonds were awarded at a coupon rate of 6.25%. Accepted yields ranged from 6.1% to 6.25% for an average rate of 6.218%.

The coupon fetched for the tenor was 0.2 basis point (bp) higher than the 6.248% quoted for the 10-year bond at the secondary market prior to the auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

To accommodate the strong demand seen for the offering, the BTr held a tap facility auction on Tuesday to raise an additional P5 billion from the papers.

“The higher T-bond rates at today’s auction reflected recent comments from BSP Governor Remolona and from various Fed officials over prospects of delayed policy rate cuts this year,” a trader said in an e-mail on Tuesday.

However, the average rate fetched for the bonds was lower than the 6.224% seen for the reissued 10-year notes awarded on Dec. 5, 2023 as inflation is seen easing towards the BSP’s 2-4% goal this year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted in a Viber message.

BSP Governor Eli M. Remolona, Jr. said over the weekend that the central bank is unlikely to begin easing benchmark interest rates within the first half amid lingering upside risks to inflation.

The Monetary Board raised borrowing costs by 450 bps from May 2022 to October 2023, bringing the policy rate to a 16-year high of 6.5%.

The BSP expects headline inflation to average 3.7% this year, slower than 6% seen in 2023.

The central bank will hold its first policy meeting for this year on Feb. 15.

Meanwhile, a steady stream of Fed officials, starting with Governor Christopher Waller on Tuesday, have pushed back on market expectations the central bank will embark on a path of fast reductions to interest rates. Mr. Waller said the Fed should proceed “methodically and carefully” until it is clear lower inflation will be sustained, Reuters reported.

On Friday, Chicago Fed President Austan Goolsbee said weeks more of inflation data need to be in hand before any decision could be made to cut interest rates.

In addition, Federal Reserve Bank of San Francisco President Mary Daly said there is still a lot of work left to do on inflation and it is premature to think rate cuts are around the corner.

Expectations for a cut from the Fed in March of at least 25 bps have dipped below 50% according to CME’s FedWatch Tool, with traders now targeting May as the likely month for a rate cut announcement.

The US central bank raised borrowing costs by a total of 525 bps from March 2022 to July 2023 to the 5.25-5.5% range.

It will hold its first meeting for the year on Jan. 30-31.

The government wants to raise P195 billion from the domestic market this month, or P75 billion via Treasury bills and P120 billion through T-bonds.

The BTr borrows from local and foreign sources to help fund its budget deficit, which is capped at 5.1% of gross domestic product this year. — AMCS with Reuters

Norman Jewison, 97

CANADIAN film director Norman Jewison, whose eclectic array of masterpieces included the 1967 racial drama In the Heat of the Night, the 1987 tart romantic comedy Moonstruck and the 1971 musical Fiddler on the Roof, has died at the age of 97, his publicist said.

Mr. Jewison, who was nominated three times for the Academy Award for best director and received a lifetime achievement Oscar in 1999, died at his home on Saturday, publicist Jeff Sanderson said on Monday.

The Toronto native, whose films also included the 1966 Cold War satire The Russians Are Coming, the Russians Are Coming and the provocative 1973 rock opera Jesus Christ Superstar, was considered one of the most important directors of the last four decades of the 20th century. He was widely admired for his ability to craft powerful films in many different genres.

His movies received 46 Academy Award nominations and won 12 Oscars. In the Heat of the Night, starring Sidney Poitier and Rod Steiger, won the best picture Oscar for 1967.

Mr. Jewison’s 1987 Moonstruck became one of Hollywood’s most popular romantic comedies. It tells the story of a Brooklyn widow, played by Cher, who agrees to marry a man she does not love and then falls in love with his brother, played by Nicolas Cage.

After Cage passionately tells Cher he loves her, she memorably slaps his face and scolds: “Snap out of it!” Cher won the best actress Oscar for her sassy performance.

Mr. Jewison’s travels as a young man in 1940s America — seeing blatant white racism against Black people in the South — influenced his films, especially his three race dramas: In the Heat of the Night, A Soldier’s Story (1984) and The Hurricane (1999).

In the Heat of the Night focused on the relationship between a Black police officer (Mr. Poitier) and a white sheriff (Mr. Steiger) in a racist Southern town. The sight of Mr. Poitier’s character striking a rich white landowner shocked some moviegoers at that time.

Other important Jewison films included Steve McQueen entries The Cincinnati Kid (1965) and The Thomas Crown Affair (1968), dystopian corporate tyranny nightmare Rollerball (1975) and pregnant nun saga Agnes of God (1985).

Mr. Jewison remembered being taunted as a boy in Toronto by people who thought he was Jewish because of his name. He came from a Christian family, but the misperception persisted.

UNABASHED LIBERAL
Mr. Jewison was an unabashed liberal who took part in 1960s civil rights marches and knew former US attorney general Robert Kennedy and civil rights hero Martin Luther King, Jr.

He drew the ire of some US conservatives. Tough-guy actor John Wayne was infuriated by Mr. Jewison’s 1966 The Russians Are Coming, the Russians Are Coming, a satire that depicts comic chaos in a New England town after a Soviet submarine runs aground.

“The drunker he got, the more he wanted to punch me out,” Mr. Jewison told Canada’s CTV News in 2009 of Mr. Wayne, who referred to him as the “Canadian pinko,” an anti-communist insult.

Mr. Jewison became disenchanted with US society after the assassinations of Mr. Kennedy and Mr. King in 1968 and moved out of the country.

“I lost my political idealism. So I left, took the family back to Canada and ripped up my green cards — something the kids still haven’t forgiven me for,” Mr. Jewison told the Ottawa Citizen in 2004, referring to permanent US residence status.

Jewison directed 12 different actors in Oscar-nominated performances, with Mr. Steiger winning for In the Heat of the Night and Cher and Olympia Dukakis winning for Moonstruck. He produced most of his movies as well as some by other directors.

He was nominated for best director Oscars for In the Heat of the Night, Fiddler on the Roof and Moonstruck, without winning, but in March 1999 was presented with the Irving G. Thalberg Memorial Award, honoring his career body of work.

“My parting thought to all those young filmmakers is this: Just find some good stories,” Mr. Jewison told the audience at that ceremony. “The biggest grossing picture is not necessarily the best picture. … So just tell stories that move us to laughter and tears, and perhaps reveal a little truth about ourselves.”

Norman Frederick Jewison was born in Toronto on July 21, 1926. He served in Canada’s navy during World War II, became a TV director in Canada, then moved to New York in 1958 and made TV shows with stars including Judy Garland, winning three Emmy Awards.

Actor Tony Curtis coaxed Mr. Jewison into directing films, starting with the 1962 Curtis comedy 40 Pounds of Trouble. Three more comedies followed before he got his shot at a meatier film by replacing director Sam Peckinpah on The Cincinnati Kid. He made his last movie, The Statement, in 2003. — Reuters

BSP to prioritize modernization of Philippine banking sector this year

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THE BANGKO SENTRAL ng Pilipinas (BSP) will focus on modernizing the banking industry this year, as well as boosting the regulation and supervision of financial institutions, an official said. 

“In the area of financial supervision, the BSP has identified three priority areas to modernize the Philippine banking system and ensure a sustainable, digital, and inclusive banking future,” BSP Deputy Governor Chuchi G. Fonacier said during a media information session in Tagaytay City over the weekend.

“The BSP upholds our commitment to the implementation of a policy reform agenda that aims to maintain institutional stability and financial sector resilience, ensure a sustainable financial system, and develop analytics and (technological) capabilities,” she added.

According to Ms. Fonacier, the central bank will launch initiatives this year to improve the stability and resilience of BSP-supervised financial institutions (BSFIs).

For one, the central bank is preparing a National Risk Assessment (NRA) report on money laundering terrorism financing for the banking sector, she said. The final report is expected to be released in 2025.

The Philippines has been boosting its efforts to combat dirty money as it seeks to exit out of the Financial Action Task Force’s “gray list” of jurisdictions under increased monitoring for money laundering and terrorism financing risks.

Meanwhile, the BSP will operationalize an enhanced resolution framework for banks as part of its supervisory agenda this year, Ms. Fonacier said.

“(This) will be accompanied by strengthened macro-prudential oversight, and enhanced stress testing, as well as thematic review of key risk areas,” she said.

“As regards to policy issuances, the BSP will work on the adoption of the Basel III capital standards related to credit and operational risks, and issuance of the operational resilience standards for banks,” she said. 

She added that the central bank will continue to collaborate with concerned stakeholders from 2024 to 2029 on the development of a cyber resilience plan for financial services.

SUSTAINABILITY
The BSP will also continue to promote the transparency and comparability of sustainability-related information to help investors in making decisions, Ms. Fonacier said.

“For 2024, the priority is to further strengthen the sustainability-related information architecture to avoid greenwashing risks and protect reputation of the Philippine financial system,” she said.

She said the Philippine Sustainable Finance Taxonomy Guidelines (SFTG) will be rolled out by the Financial Sector Forum late this month or early in February.

“The BSP will also leverage our existing collaborations with financial sector regulators including industry associations, development partners, and other stakeholders, in the advancement of the sustainability agenda,” she said.

A sustainable finance taxonomy serves as a guide for companies, investors, financial institutions, regulators, and consumers to help them make an informed decision on whether to finance, purchase, or monitor an asset, product, project, activity, company or portfolio that is aligned with the sustainability agenda.

In September 2023, the central bank released a consultation paper that assesses the design of the SFTG and proposed three essential criteria that financial institutions and regulators can use to evaluate the environmental sustainability of their economic activity.

The BSP also released its first sustainability report in July last year, which outlines the progress made in advancing the sustainability agenda in the Philippine financial system in 2022.

Meanwhile, the central bank will focus on bolstered analytics and supervisory technology capabilities in 2024 by developing an online supervision platform which can digitalize existing supervisory processes, Ms. Fonacier added.

With this, the Financial Supervision Sector would be more efficient in gathering and assessing data on inherent risks and on the financial system as a whole, she said. 

“We’ll also launch the Fit and Proper system for use of the BSFIs, or FITPRO,” she said, adding that employers from the banks may use this system to conduct background checks with the BSP before hiring personnel or officers.

The BSP will likewise enhance its own data warehouse system, she added. — Keisha B. Ta-asan

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