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MIC identifies possible areas for investments

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE MAHARLIKA Investment Corp. (MIC), which is tasked to oversee the Philippines’ first sovereign wealth fund, is looking at potential investments in key sectors such as infrastructure, energy and transportation.

The MIC held its first board meeting on Wednesday, as it seeks to fully operationalize the Maharlika Investment Fund (MIF), according to a statement from the Department of Finance (DoF).

MIC President and Chief Executive Officer (CEO) Rafael Jose D. Consing, Jr. said that the wealth fund could potentially invest in the power, agroforestry industrial urbanization, mineral processing, tourism, transportation, and aviation sectors.

The MIC, which was established under Republic Act (RA) No. 11954, is responsible for mobilizing and utilizing the country’s first sovereign wealth fund for investments in transactions that would generate optimal returns.

“I look forward to your cooperation and support as we work together in mobilizing greater investments in the country’s growth-enhancing sectors, while upholding the highest standards of accountability, fiscal responsibility, and good governance,” Finance Secretary Benjamin E. Diokno told the MIC board during the meeting. He sits as the board’s chairperson in an ex-officio capacity.

“The enactment of the Maharlika Investment Fund complements recent policy initiatives, such as the new public-private partnership policy framework, the approval of 197 high-impact infrastructure flagship projects, and liberalization policies that have further opened the Philippines to foreign investments in key sectors,” Mr. Diokno added.

During the meeting, the board approved the presented MIC’s capitalization scheme amounting to P125 billion.

Under the law, state banks Land Bank of the Philippines (LANDBANK) and Development Bank of the Philippines (DBP) are required to contribute P50 billion and P25 billion, respectively, to the initial capital of the fund.

The National Government is also being counted on to contribute P50 billion. The MIC has an authorized capital stock of P500 billion.

President Ferdinand R. Marcos, Jr. signed the Maharlika fund bill into law in July despite concerns raised by economists, including questions on the possible negative impact on the operations of state banks.

Mr. Marcos had said last year that the fund would be fully operational by the end of 2023.

“Usually, a day or two does not really matter. However, given the enormous opportunity cost of this fund, every second counts,” Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said in a Facebook Messenger chat.

“So, the three to four days of delay is already weighing heavily on people,” he added.

During the meeting, Mr. Consing was quoted by a Palace statement as saying the investment body will operate with “utmost” openness and “rigorous” accountability.

Mr. Lanzona said these statements are “not enough to convince people about the need” of the wealth fund.

“For one thing, there has been no accounting done as to the negative effects of this fund on the operations of the LANDBANK and DBP,” he added, noting that the fund has significant effects on farmers and small-scale entrepreneurs who rely on the two state banks.

Last year the two banks sought regulatory relief from the Bangko Sentral ng Pilipinas for their contributions to the Maharlika fund.

Also during the meeting, Mr. Consing updated the board on the MIC’s startup activities such as staffing and recruitment and the hiring of its management team.

Aside from Mr. Diokno and Mr. Consing, the MIC board members include LANDBANK President and CEO Ma. Lynette V. Ortiz, DBP President and CEO Michael O. de Jesus, and MIC directors Vicky Castillo L. Tan, Andrew Jerome T. Gan, German Q. Lichauco II, and Roman Felipe S. Reyes.

The board also appointed the Bureau of the Treasury as the interim fund manager of the MIC. 

“I am confident that we have a formidable team to steer the fund effectively towards transformative investments for the Philippine economy,” Mr. Diokno said.

The MIC’s next board meeting is scheduled in the fourth week of January. — Keisha B. Ta-asan and Kyle Aristophere T. Atienza

DoF says CREATE incentives benefited P1T worth of projects

REUTERS

PROJECTS BENEFITING from incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law have reached P1.02 trillion in investment capital as of October, the Department of Finance (DoF) said. 

In a social media post, the DoF said this reflects the efforts of the Marcos administration to promote the Philippines as a good investment destination. 

“This landmark milestone also gained P572.98 billion worth of foreign direct investment (FDI) pledges, with 910 CREATE-approved projects varying across priority sectors listed in the Strategic Investment Priority Plan,” it said.

Of the 910 CREATE-approved projects, around 49 big-ticket tax incentive applications with a total investment capital of P817 billion were approved by the Fiscal Incentives Review Board.

The remaining 861 projects — with a combined investment capital of P203 billion — were from investment promotion agencies (IPAs).

“These projects are expected to accumulate a committed employment count of around 99,400 jobs within its incentivized period, with the labor-intensive manufacturing sector having the highest number of approved projects among the priority sectors,” the DoF said.

“This underscores the employability of the country’s workforce in high-quality jobs that will contribute to long-term economic growth,” it added.

CREATE was signed into law in 2021 to aid enterprises that have yet to recover from the coronavirus pandemic. It reduced corporate income tax rates, provided tax relief measures, and rationalized fiscal incentives.

“As CREATE establishes a performance-based, time-bound, targeted, and transparent tax incentives regime in the country, incentivized projects or activities under the key structural tax reform are to achieve performance metrics to ensure that the grant of fiscal support to registered business enterprises leads to higher economic returns,” the DoF said. 

In August, Albay Rep. Jose Ma. Clemente S. Salceda filed the CREATE to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill, which seeks to reconcile disparities between the CREATE Act and its implementing rules, primarily on value-added tax (VAT)-related transactions. 

Under CREATE MORE, local and export companies, even those inside ecozones and freeports, would continue to enjoy duty exemptions, VAT exemption on importation, and the VAT zero-rating of local purchases as provided in their respective IPA registrations.

Registered export enterprises would also enjoy non-income tax incentives, VAT exemption on importation and VAT zero-rating on local purchases, as long as the registered firm maintains 70% of the total annual production as export sale and continues to be registered in good standing with the IPA.

The measure also proposes to lower corporate income tax to 20% for those under the enhanced deduction regime from 20-25%.

The bill is currently being taken up in the House of Representatives. — Keisha B. Ta-asan

Meralco eyes bids for 660-MW power capacity

EVENING_TAO-FREEPIK

MANILA Electric Co. (Meralco) has started seeking bidders for 660 megawatts (MW) of capacity as it expects power demand to increase in the summer months.

In a statement on Thursday, the power distributor said the capacities up for bidding will cover its 260-MW peaking requirement and 400-MW baseload requirement this year.

Meralco’s share price rose by 0.76% or P3 to close at P397 each.

The Department of Energy has issued a certificate of conformity for the interim power supply deals.

Meralco said the competitive selection process “considers the need for additional available capacities to augment supply to customers.”

Under the setup, distribution utilities must choose the cheapest electricity supply through bidding. Bidders have until Jan. 15 to submit expressions of interest.

A pre-bid conference will be held on Jan. 22, while the deadline to submit bids for the 260-MW and 400-MW capacities was set for Feb. 26 and 27, respectively.

Last year, Meralco started seeking bidders for 1,800-MW and 1,200-MW baseload capacities.  The 1,800-MW competitive selection process aims to find new suppliers for electricity that was supposed to be supplied by the two units of San Miguel Power Global Holdings Corp. — Excellent Energy Resources, Inc. and Masinloc Power Partners Co. Ltd.

Their contracts with Meralco were terminated in March after their power supply agreement  application went past the deadline.

Excellent Energy and Masinloc Power were supposed to start delivering electricity by 2024 and 2025 after securing the supply contracts in 2021.

Six entities expressed interest in the bidding for the 1,800-MW capacity — GNPower Dinginin Ltd. Co., First NatGas Power Corp., SP New Energy Corp., Mariveles Power Generation Corp., Excellent Energy, and Masinloc Power.

Meanwhile, the 1,200-MW capacity is meant to replace the terminated power supply deals with South Premiere Power Corp., Solar Philippines Batangas Baseload Corp., and Sual Power, Inc., used to be called San Miguel Energy Corp.

The bid deadline for the 1,800-MW capacity was on Dec. 26, and Jan. 23 for the 1,200-MW supply.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

A Brown unit to start P700-M e-beam facility in March

A UNIT of listed A Brown Co. is expected to finish the construction of the country’s first electron beam (e-beam) cold storage facility in Tanay, Rizal in March.   

In a statement on Thursday, the company said unit Irradiation Solutions, Inc. would start commercial operations in March with the launch of the P700-million e-beam cold storage facility.

The facility is in the equipment installation and commission phase. Once completed, it has the capacity to decontaminate and sterilize 20,000 tons of food products and medical devices annually.   

E-beam technology offers a cost-effective and safe method for treating goods, according to A Brown.

“E-beam technology is recognized for its environmental friendliness, leaving no chemical residues, and is scientifically proven effective in decontaminating food and sterilizing medical equipment,” it said.

“The technology ensures high product throughput and stands as a sustainable alternative to traditional heat and chemical treatments,” it added.

The construction of the facility is in line with Irradiation Solutions’ vision of becoming a cornerstone for the Philippine economy, A Brown said. “It is designed to enhance the operations of local businesses and ensure product compliance with international export requirements.”

Irradiation Solutions President Paul B. Juat remains optimistic despite delays in the facility’s completion due to weather and supply chain disruptions, it said.

The facility started construction in April 2022, with commercial operations initially expected to begin by the third quarter of last year.   

“Our team’s resilience has kept us on track,” Mr. Juat said. “We are confident that the completion of this project will significantly improve the Philippines’ export capabilities. This is significant for the Philippine fruit and fisheries sector, which faces challenges in adhering to stringent international standards of product quality and safety.”

A Brown Chairman Walter Brown said the facility would empower local businesses and help them tap foreign markets.   

“We’re looking forward to the operational phase of our facility,” he said. “Our goal is to empower local businesses, helping them reach international markets more effectively. This facility is not just an investment in technology; it’s an investment in the Philippine economy and its people.”

Shares of A Brown, a real estate company with mixed-use, nature-themed developments in Mindanao and Luzon, gained 4.62% or three centavos to 68 centavos each. — Revin Mikhael D. Ochave

SEC warns public vs investing in OKPB and Goldia

SEC.GOV.PH

THE Securities and Exchange Commission (SEC) has warned the public against investing in two entities that it said are not authorized to issue and sell securities in the Philippines.

In separate advisories posted on its website, the corporate regulator flagged One 1Key Progress Booster, Inc. (OKPB) and Goldia by Shine, which are both registered with the commission.   

The certificates of registration of the two entities only grant juridical personality but do not empower them to sell securities without an approved registration statement, the SEC said.

It added that people or groups claiming to represent Power Apps under the registration of OKPB were urging the public to invest by paying a P1,000 membership fee.   

“Once registered, the member becomes part of the second business of OKPB which they refer to as ‘quest,’ whereby an investment of P5,000 will guarantee a return of 50% in just 15 days,” it said. “There is no proof of the invested money. However, the names are written on the logbook with the corresponding amount invested.”

The SEC said OKPB uses a scheme where investors could also invest P100,000 and earn 300% to 400% interest after five to 10 days.   

“Investors were advised that the operation will only last until the end of this year, but assured the members that their shares will be transferred to a new company and that it will still earn but not as much as 50% of the investment made,” the regulator said.

“Allegedly, this is to get away from paying big taxes to the Bureau of Internal Revenue,” it added.

Meanwhile, the SEC said Goldia by Shine, which is under the registered license of Fujesan Distribution Corp., claims to be selling jewelry from Hong Kong and Bangkok at low prices.   

The entity allegedly offers compensation plans with investments ranging from P20,000 to P300,000 with a promise of return of 5-8% monthly interest.    

“The public is made aware that an investment contract, which is a kind of security, exists when there is an investment or placement of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others, which is prominent in the scheme of Goldia by Shine,” the SEC said. — Revin Mikhael D. Ochave

Perfetti Van Melle inks partnership with PCX to exceed plastic goals

US.CHUPACHUPS.COM

CONFECTIONERY maker Perfetti Van Melle Philippines has partnered with PCX Markets for an initiative that seeks to exceed the required plastic reduction goals of large companies under the Extended Producer Responsibility Act.

Perfetti Van Melle Philippines Managing Director David Roos on Thursday said the company, which produces brands like Mentos, Chupa Chups, and Fruit-tella, is on track to hit 50% more than the required target under the law.

“We want to continue exceeding these targets in the coming years,” he said in a statement.

Under the law, big companies must recover or divert at least 20% of their plastic packaging footprint by end-2023, 40% by 2024 and increasing by 10% yearly until at least 80% is recovered by 2028.   

“At Perfetti Van Melle Philippines, we believe that small moments and actions, when added up, can create a big, positive impact on people’s lives,” Mr. Roos said. “This goes beyond the sweet treats we are known and loved for and includes taking action to help tackle large societal challenges like plastic pollution.”

Perfetti Van Melle Philippines has a plastic diversion program consisting of community impact, co-processing, recycling, upcycling, and other projects. It also seeks to help build a circular economy through social impact.

“Together with these plastic diversion initiatives, the company is focused on innovating its packaging materials to reduce plastic usage and find proper alternatives, creating even more value for Filipinos and safeguarding a better future,” Mr. Roos said.   

PCX Markets is a global marketplace for audited and traceable plastic waste recovery and responsible processing.

It activates an ecosystem of partners who collect, transport and responsibly process plastic waste, tracked and verified through the power of blockchain technology, while supporting communities on the ground with programs that improve livelihoods and scale up social impact.

PCX is working to clean up 80 years’ worth of plastic waste, according to its website. “We encourage the elimination of unnecessary plastic and enable responsible production and waste management for any plastic that remains, so that it doesn’t wind up in nature.” — Revin Mikhael D. Ochave

2024 concerts: A full calendar of live shows

A STAR-STUDDED lineup awaits music lovers as both local and international acts are gearing up to perform on stage throughout the year. Whether it’s pop favorites, balladeers, rock bands, rap trailblazers, or indie darlings, there will be something for everyone up ahead.

Here is a rundown of live music this year — so far.

Yesung’s Unfading Sense
Jan. 6

The Korean singer and member of veteran K-pop group Super Junior, Yesung will stage his solo show, Unfading Sense, following the release of his solo album of the same name in October 2023. He will be performing at the New Frontier Theater in Cubao, Quezon City.

Circus Music Festival 3
Jan. 6 – 7

Over at the Circuit Makati Events Grounds, the third part in the Circus Music Festival series kicks off on Jan. 6 and 7. It has Ely Buendia headlining on the first day, along with acts like Juan Karlos, Silent Sanctuary, Armi Millare, Mayonnaise, 6Cyclemind, and many more. On the second day, the headliners are Parokya ni Edgar and Kamikazee, with musicians like Zack Tabudlo, Al James, Unique Salonga, Sponge Cola, and more keeping the ball rolling.

Seventeen’s FOLLOW
Jan. 13 – 14

K-pop boy group Seventeen is returning to the country for a two-night concert this January at the Philippine Sports Stadium at Ciudad de Victoria in Bocaue, Bulacan, as part of their FOLLOW concert tour. However, members Jeonghan and S. COUPS will be absent due to “rehabilitation treatment and recovery” from injuries.

Mark Tuan’s The Other Side
Jan. 14

Rapper and GOT7 member Mark Tuan will be performing at the SM North EDSA Skydome on Jan. 14 for the Asian leg of his The Other Side tour. His show is organized by concert promoter PULP Live World.

Nyoy Volante and Klarisee de Guzman
Jan. 19

Star Magic Music Room presents Nyoy Volante, considered by some to be the “King of Philippine Acoustic Pop,” and Soul singer Klarisse de Guzman collaborating for a show this January. It will take place at the Vue Bar of the Bellevue Manila Hotel in Muntinlupa.

Coldplay’s Music of the Spheres
Jan. 19 – 20

British rock band Coldplay’s Music of the Spheres world tour will be making a stop in the Philippines — their second-ever visit — this time performing at the Philippine Arena at Ciudad de Victoria in Bocaue, Bulacan, for two nights. OPM singer Jikamarie will be the opening act for both nights.

NCT 127’s The Unity
Jan. 21

K-pop group NCT 127 will be flying in this month for their third tour, The Unity. The nine-member boy group will be performing at Bulacan’s Philippines Sports Stadium, brought to the country by PULP Live World.

Melanie Martinez’s PORTALS
Jan. 23

Alternative-pop singer-songwriter Melanie Martinez will stage a show at the World Trade Center in Pasay City. Her tour, Portals, is named after her newest album which she is promoting. It will be a standing-room only concert.

The Rose’s Dawn to Dusk
Jan. 26

South Korean indie-rock band The Rose is returning to the Philippines a year after their first visit, this time taking the stage of Araneta Coliseum in Cubao, Quezon City. In addition to concert tickets, they are allowing meet-and-greets, soundcheck access, Q&A sessions, and exclusive merchandise for VIP packages.

The Jets
Jan. 26 and 27

The Jets, the American 1980s family pop band, known for hits like “Crush on You,” “You Got It All,” and many more, is returning to the country for a two-night concert. They will be performing at the Newport Performing Arts Theater at Newport City in Pasay City.

Brent Faiyaz’s It’s A Wasteland
Jan. 28

Live Nation PH is bringing R&B singer-songwriter Brent Faiyaz to the Philippines for a one-night performance at the New Frontier Theater in Cubao, Quezon City. It will be the Manila stop of his It’s A Wasteland tour.

ENHYPEN’s Fate
Feb. 3

The seven-piece K-pop boy group ENHYPEN will be back in the country over a year after their first visit. On Feb. 3, they will make history as the first act to individually headline a show at the New Clark City Stadium in Tarlac which is part of their Fate tour in Asia.

Mr. Streisand
Feb. 10

Some of the country’s best singers — Michael de Mesa, Arman Ferrer, Audie Gemora, Franco Laurel, Jett Pangan, and Michael Williams — will perform in a concert featuring a repertoire of Barbra Streisand songs. With stage direction by Mark Bautista and music direction by Rony Fortich, the concert will be held at the Music Museum at the Greenhills Shopping Center in San Juan.

SCRUBB
Feb. 10

Thai duo Scrubb, composed of Thawatpon Wongboonsiri and Torpong Chantabubpha, will be in the Philippines in February. Their concert will take place at the 123 Block Mandala Park in Mandaluyong.

ILYSM… A Valentine Harana Concert
Feb. 13

This multi-act concert at the Smart Araneta Coliseum features Arthur Nery, Adie, Rob Deniel, MRLD, Janine Tenoso,  and Rhodessa, with special guest, Alamat.

Julia Fordham’s A Valentine Concert
Feb. 16

For the season of love, Julia Fordham will be holding a concert on Feb. 16 with “Asia’s Romantic Balladeer” Christian Bautista as guest. A Valentine Concert will be held at The Theater at Solaire in Parañaque.

Sungha Jung
Feb. 16

Korean acoustic singer and guitar player Sungha Jung will return to the country to serenade Filipino audiences on Feb. 16 at the SM Skydome, SM City North EDSA in Quezon City. The show is organized by KBeam Events.

Rivermaya’s The Reunion
Feb. 17

Filipino alt-rock band Rivermaya is digging deep into their three-decade-long career and bringing back the original lineup to play their biggest hits. Bamboo Mañalac, Rico Blanco, Nathan Azarcon, and Mark Escueta will take the stage and perform together for the first time since the late 1990s at the SMDC Festival Grounds in Parañaque.

Jonas Brothers’ Five Albums. One Night.
Feb. 22

Those who grew up as Disney kids will be thrilled to relive those memories at the Jonas Brothers’ Manila concert on Feb. 22 at the Mall of Asia Arena in Parañaque. Ovation Productions is bringing the Five Albums. One Night world tour to Manila.

Bobapalooza Music and Arts Festival
Feb. 24 – 25

The second edition of the Bobapalooza Music and Arts Festival will be bigger than the inaugural edition last year according to its organizers. International headliners Pale Waves and The Band Camino are coming to play while the local lineup boasts heavy hitters like Juan Karlos, Itchyworms, Urbandub, Sandwich, Chicosci, Syd Hartha, Rico Blanco, and more. It will take place at the Filinvest City Events Grounds in Muntinlupa City.

Eric Moo
March 1

To start off March, the Malaysian-Chinese singer Eric Moo will bring his Mandopop ballads live to the Newport Performing Arts Theater in Pasay City.

Jeff Satur’s Space Shuttle No. 8
March 2

The Manila leg of Thai singer-actor Jeff Satur’s Space Shuttle No. 8 Asia Tour will be held at the New Frontier Theater in Quezon City, care of Live Nation PH.

Ed Sheeran’s +-=÷×
March 9

Irish pop sensation Ed Sheeran will be bringing his +-=÷× tour (pronounced Mathematics tour) to Manila. He will be playing at the SMDC Festival Grounds in Parañaque with special guest Calum Scott.

Wanderland Music and Arts Festival
March 9 – 10

For its 10th edition, Wanderland will be returning to the Filinvest City Events Grounds in Alabang. Beach rock singer Jack Johnson will headline day one, leading performers like Novo Amor, Parcels, Ena Mori, Paolo Sandejas, Jeff Bernat, Beenzino, and more. The day two lineup has yet to be announced.

wave to earth’s The First Era
March 11 and 13

Korean indie band wave to earth is returning to Manila in March. As part of their The First Era tour, they will have a two-day concert on March 11 and 13 at the New Frontier Theater in Quezon City. The act added the second show after tickets for the March 11 concert quickly sold out.

Slash’s The River Is Rising
March 12

Slash of Guns N’ Roses will once again visit Manila, this time with Myles Kennedy and The Conspirators, a group made up of Alter Bridge guitarist Myles Kennedy, Todd Kerns, Brent Fitz, and Frank Sidoris. The guitar-heavy rock concert will be held at the New Frontier Theater in Quezon City.

Rod Stewart’s One Last Time
March 13

Rod Stewart, one of the bestselling pop-rock performers of all time, will be back in the Philippines to perform many of his beloved hits. His one-night only show will be in March at the Mall of Asia Arena in Parañaque.

Janet Jackson’s Together Again World Tour
March 13

Pop-R&B superstar Janet Jackson will be back in Manila for the first time in over a decade. She is bringing her Together Again world tour to the Smart Araneta Coliseum in Cubao, Quezon City.

Malasimbo Music and Arts Festival
March 15 – 17

The Malasimbo Music and Arts Festival will again be held in Puerto Galera, Mindoro, marking the festival’s comeback since it was last held in 2020. It will feature Ichika Nito, Dilaw, the Blue Rats, and other performers.

PULP SUMMER SLAM XX: Worlds Collide
March 23

The first Pulp Summer Slam since the COVID-19 pandemic hit will feature foreign metal bands Parkway Drive, Story of the Year, Fleshgod Apocalypse, Rolling Quartz, Prompts, and more. It will take place at the Amoranto Stadium in Quezon City.

James Taylor
April 8

Singer-songwriter James Taylor is bringing his timeless classics to fans in Manila for the first time in almost three decades. His show is set to take place at the Mall of Asia Arena in Parañaque.

Boys Like Girls
April 20

American rock band Boys Like Girls is bringing their Spring concert tour to the Philippines with a one-night show at the Smart Araneta Coliseum in Quezon City.

Incubus
April 25

The distinct 1990s and early 2000s sound of the American rock band Incubus will again be held live in the Philippines in April. Brandon Boyd and the rest of the band last performed in the country in 2018. This time the Manila leg of their Asia tour will be at the Smart Araneta Coliseum in Quezon City.

Niall Horan’s The Show
May 13

Irish soloist of One Direction fame Niall Horan will be in the country in May for his The Show world tour. Organized by Live Nation PH, his Mall of Asia Arena concert is taking place on May 13.

IVE’s Show What I Have
July 13

Starship Entertainment’s leading girl group IVE is returning to Manila for their first world tour, Show What I Have. The show, care of Live Nation PH, will be held at the Mall of Asia Arena on July 13. — Brontë H. Lacsamana

Philippine energy companies bullish, eye 2024 demand surge

By Sheldeen Joy Talavera, Reporter

SOME listed Philippine energy companies are bent on diversifying their energy portfolio amid an expected surge in demand and a pipeline of projects.

“We are currently diversifying our power portfolio by developing several renewable energy facilities, with numerous others in the pipeline,” Antonio Miguel B. Alcantara, deputy chief executive officer at Alsons Power Group, said in a Viber message last week.

He said the company is optimistic for 2024 year with the operation of its 14.5-megawatt (MW) Siguil hydropower plant in Maasim, Sarangani province.

“We are committed to expanding our footprint and diversifying our power portfolio,” Mr. Alcantara said. “This year signifies a major milestone in our journey as we enter the Visayas market with the groundbreaking of our 95.2-megawatt baseload backup power plant in Ubay, Bohol.”

The project will serve as a dependable source of backup electricity for consumers in Bohol.

The energy company is also working on two additional renewable power facilities — the 37.8-MW Siayan hydropower project in Zamboanga del Norte and the 42-MW Bago hydropower plant in Negros Occidental.

Meanwhile, Emmanuel V. Rubio, president and chief executive officer at Aboitiz Power Corp. (AboitizPower), said the company is confident about this year despite tight market conditions.

“As electricity demand continues to grow, we will strive to generate more megawatt-hours in 2024 through higher plant availability and new capacities, especially as we expect coal prices to decline,” he said.

Power consumption is projected to increase by 6.6% this year, requiring 600-700 MW of power reserves, he said.

“This substantial increase in electricity demand underscores the pivotal role of power generation, transmission and distribution companies in meeting this need,” Mr. Rubio said.

He said the expected increase requires significant infrastructure development, including the construction of new power plants and the expansion of the power grid to ensure that electricity reaches demand centers.

AboitizPower has allotted P50 billion in capital expenditure this year, mostly for the expansion and construction of its renewable energy (RE) projects.

It targets to energize its 17-MW binary geothermal power project in Tiwi, Albay this year, as well as its 173-megawatt peak (MWp) solar power project in Calatrava, Negros Occidental.

It also expects several projects to come online this year and in 2025, including its 44-MWp solar plant in Armenia, Tarlac; the 85-MWp solar plant in San Manuel, Pangasinan; and the 206-MW wind project in San Isidro, Northern Samar in partnership with Singapore-based Vena Energy and Vivant Energy Corp.

The company has set a target net attributable capacity of 9,200 MW and 50:50 balance between RE and thermal portfolios by the end of the decade.

To date, it has renewable energy projects with a combined capacity of close to 1,000 MW that are in the pipeline.

Meanwhile, Manila Electric Co. (Meralco) said it would ensure stable and reliable electricity for its 7.8 million customers.

“We maintain a high level of power reliability because the company has been allocating a substantial amount of capital expenditures every year to ensure service quality,” Meralco spokesman and Vice-President for corporate communications Joe R. Zaldarriaga said in a Viber message. “We put up new substations and replaced facilities that needed to be upgraded.”

The distribution utility has launched its two competitive selection processes for a total of 3,000 MW. Meralco has just announced it is seeking bidders for 660-MW supply for the summer.

“There will be challenges for sure like the El Niño phenomenon, which we are closely monitoring especially during the summer months,” Mr. Zaldarriaga said.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

Cirtek gets PEZA nod to set up e-motorcycle assembly

KUMPAN ELECTRIC-UNSPLASH

CIRTEK Holdings Philippines Corp. on Thursday said the Philippine Economic Zone Authority (PEZA) has approved the application of its unit to set up an electric motorcycle assembly. 

In a stock exchange filing, the company said the PEZA board on Dec. 19 approved unit Cirtek Advanced Technologies and Solutions, Inc.’s (CATSI) application for registration as a domestic market enterprise. 

Cirtek shares gained 1.85% or three centavos to close at P1.65 each.

CATSI will make and assemble two-wheel and three-wheel electric motorcycles and lithium-ion battery packs, the listed company said. “With a steadfast commitment to providing affordable and reliable mobility solutions, CATSI is set to transform the landscape of transportation in the region,” it added.

Cirtek said it is partnering with electric motorcycle and lithium battery manufacturers in China as it aims to bring clean and technology innovation to the electric mobility sector.

“This collaboration brings together the expertise and resources of two industry leaders, guaranteeing that our electric motorcycles meet the highest standards of performance, safety and innovation,” it said. 

The production of its electric motorcycle and lithium-ion battery pack would start this year, the company said, adding that it expects the growing adoption of electric vehicles in the country. 

“Although the Philippines lag behind our neighbors with regard to the adoption of Electric Vehicles, we expect a big turnaround in the industry very soon,” Cirtek said.

The Electric Vehicle Association of the Philippines expects electric vehicles in the country to reach almost seven million by 2030 as the Energy department pushes faster rollout of new units. — Ashley Erika O. Jose

List of 2023

LEONARDO DICAPRIO and Lily Gladstone in a scene from Killers of the Flower Moon. —IMDB.COM

NOT everything I’d seen for the year but everything that I think deserves to be noted, for good or bad. More mainstream than I’d like but — life happens. I do try to note films available but not newly released in 2023, and why I thought them worth talking about.

THE BOY AND THE HERON —IMDB.COM

The Boy and the Heron — perhaps Miyazaki’s final film, done with economy and passion and a surfeit of fabulous imagery.

LEONARDO DICAPRIO and Lily Gladstone in a scene from Killers of the Flower Moon. —IMDB.COM

Killers of the Flower Moon — Less a depiction of the Native American victims (which I suspect Scorsese couldn’t presume to speak up for) than a blackly comic takedown of the thugs that preyed on them. At its emotional heart: the strange strangely moving Judas-Jesus relationship between Ernest Burkhart (a deftly dimwitted Leonardo DiCaprio) and his Osage wife Mollie (an understated Lily Gladstone).

Essential Truths of the Lake — Lav Diaz’s first-ever prequel follows the early adventures of Hermes Papauran, the “Philippines’ greatest investigator” — basically a detective with a philosophical bent and a gift for guilt-wracked obsessive brooding. He never lets go and neither does Diaz, in this latest meditation on the Marcos dictatorship.

May December — Todd Haynes’ unsettling look at tabloid narratives (in this case the Mary Kay Letourneau story) and the secrets they may or may not contain.

Asteroid City — Wes Anderson doesn’t indulge in the usual film bro cliches — guns and assassins and fast cars — but takes off in a trajectory all his own. The immersion in 1950s Space Age paraphernalia makes this a perfect double feature with Richard Linklater’s Apollo 10 ½

Infinity Pool — Brandon Cronenberg eschews his father’s clean pornographic style to do a more baroque version of John Frankenheimer’s Seconds, the true source of horror less the fleshy onscreen mutilations and more Mia Goth’s mesmerizing hold over Alexander Skarsgard.

Past Lives — Celine Song’s debut feature is quiet but graceful; the finale, an extended tracking shot along an East Village sidewalk, is unexpectedly potent.

The Holdovers — Alexander Payne and Paul Giamatti’s latest isn’t visually distinctive but does evoke lowkey emotional magic, and delivers the occasional sting.

The Killer — David Fincher at his more elliptical, more a sterile exercise of style and stylish performances than anything. Not quite Jean-Pierre Melville, master of the genre, but not bad either.

Silent Night — Man loses his son and his voice, takes a year to prepare for payback. Grimmer less stylish John Woo that nevertheless retains his spark.

Anatomy of a Fall — Justine Triet’s legal drama with the help of Sandra Huller slowly carefully compellingly assembles the portrait of a marriage that has slid sideways, throws enough uncertainty into the process that like a juror you’re not sure what verdict to deliver.

Guardians of the Galaxy Vol. 3 — James Gunn’s darkest entry of the franchise, yet still manages to be laugh out loud funny. Gunn has a gift for depicting damaged characters, makes good use of that skill here.

Godzilla Minus One — Back and badder than ever, only the humans swarming at its feet are depicted with more care than usual. Arguably the best since Hideaki Anno’s majestic 2016 incarnation, Gareth Edwards’s coyer 2014 version, and the still unmatched 1954 original. Not a fan, alas, of the have-your-cake-and-eat-it ending.

The Exorcist Believer — David Gordon Green doing to The Exorcist what he did to Halloween, picking up a well-loved horror classic and subverting its assumptions. If you’re not a fan of the William Friedkin original (which I’m not) this is for you. Easily the best of the franchise since Exorcist 2: The Heretic.

The Creator — Derivative (of Neon Genesis Evangelion, Blade Runner, and Platoon) and illogical (Why develop a floating weapons platform so vast anyone can take a potshot? And why build a counter weapon that has to grow gradually into full power?) but the core narrative — of a haunted man’s developing affection for a foundling child — is effective.

Meg 2: The Trench — The first hour is trapped underwater and dimly lit; when the movie surfaces and hits land it morphs into goofy fun, a cross between Jurassic Park and Free Fire.

Napoleon — More sumptuous and expensive looking than elegant, the movie emphasizes Napoleon the lovestruck buffoon over the brilliant strategist and innovative statesman, which leads one to ask: couldn’t they depict the strategist and leader and then demonstrate why he’s still a buffoon? Not as passionate or endlessly creative as Abel Gance’s prodigious classic.

Barbie — The first 20 minutes is a witty parody of Barbie and her neon pink world; the remaining runtime is a satire on male entitlement and corporate mismanagement with the fangs pulled, a neat-as-any demonstration of The Golden Rule: he who makes the gold (in this case Mattel, who financed) makes the rules.

CILLIAN MURPHY in Oppenheimer

Oppenheimer — Historical testimony, biographical study, investigative noir; drop in a blender and hit “puree.” Christopher Nolan is consistent — when it comes to the money shot (a leap across an abyss, a stage trick involving magic cabinets, the detonating of the first-ever nuclear fission device) he cuts away to a different angle. A mess, and not in a good way.

HARRISON FORD in Indiana Jones and the Dial of Destiny

Indiana Jones and the Dial of Destiny — Another I liked more for the what might have been than what is — if you liked Indy, this is a passable capstone; if you like crisp and inventive action sequences, you miss the Spielberg touch.

The Flash — Better than expected, mostly for the melancholic presence of Michael Keaton and his air of What Might Have Been. Otherwise disposable.

Spider-Man: Across the Spider-Verse — everyone talks about how revolutionary it is to digitally animate on 2s (12 drawings or “frames” per second) as opposed to the standard-issue 1s (24 frames per second) — in effect moving away from the smooth and photorealistic — and how difficult this is to do with computers when the Japanese (including Shinkai, warts and all) have been and still do this all the time, largely by hand and in far better films. Miles Morales is a groundbreaking character — at least on the comic book page — but his film incarnation feels too wholesome, like a Disney princess in drag (mind you I’d welcome a Disney princess in drag, just lose the 2% lowfat wholesomeness).

Suzume — Makoto Shinkai continues to ape Miyazaki’s images, characters, and concepts, everything from Spirited Away (protagonist’s beloved cursed into taking another form, if not pigs then a nursery chair) to Howl’s Moving Castle (portals that open into different locations or the past), troweling rough edges smooth with a thick serving of sentimentality. Emotionally stunted work, fixated on fantasy encounters between boy and girl at the expense of all else.

Films I’ve found interesting:

Dust Devil (1992) — Richard Stanley’s hallucinatory film — about a serial killer demon, the woman he’s fated to meet, and the Namibian police officer hunting him — seems less affected by supernatural forces than by heat haze and highway hypnosis. Fascinatingly unhinged.

Experiment Perilous (1944) — Jacques Tourneur’s take on George Cukor’s Gaslight is hobbled by a smaller budget and an ostensibly less-than-stellar cast but does feature Tourneur’s inimitably insinuating visual style and a simmering pas de deux between George Brent and twinkle-eyed Paul Lukas.

The Suspect (1944) — Robert Siodmak’s camera stalks Charles Laughton as he spirals into mayhem and murder in this sumptuously produced Edwardian noir.

 The Furies (1950) — Walter Huston as a carnivorous King Lear and Barbara Stanwyck as his libidinous Cordelia dominate this larger-than-life psychodrama set against the backdrop of Anthony Mann’s West — a landscape of vast plains and craggy heights that reflect the characters’ emotional landscape.

Could not with much regret keep up with the always vital Filipino independent filmmaking scene — that’s my fault — but thanks to a recent project on Filipino-Asian collaborations have been able to catch the following:

Dawn of Freedom (Ano Hata O Ute, 1944) — Yutaka Abe and Gerardo de Leon’s handsomely produced propaganda film employs Manila like a gigantic studio set, yet details the tentative at times mistrustful relationship between Filipinos and their Japanese occupiers with surprising delicacy.

Shiniuma (Dead Horse, 2016) — Brillante Mendoza’s haiku depicting an undocumented Filipino worker’s life in Hokkaido, his capture by immigrant officers, and his eventual Manila homecoming. With an indelible performance by Lou Veloso.

Gensan Punch — Brillante Mendoza’s biopic of “Nao” Tsuchiyama depicts a one-legged boxing champion full of grit and spirit and a startling sweetness.

 A Hard Day — Law Fajardo’s remake of the Kim Seong-hun original, about a corrupt cop trying to fix his fractured life, is a fascinating study on what can translate from Korean to Filipino setting, and what can’t.

Kintsugi — Law Fajardo’s romance between a Filipino immigrant worker and the daughter of his Japanese boss is both a showcase for the charms of Saga prefecture (and its renowned ceramicware) and a quietly poignant romance.

Imbisibol (Invisible) — Arguably Fajardo’s best work, from a one-act play by Herlyn Alegre, an observant and ultimately devastating look at Filipino migrants, documented and undocumented, in bleak wintertime Japan.

Zoho: More Philippine firms to use AI for growth

STOCK PHOTO | Image by Gerd Altmann from Pixabay

ZOHO Corp. expects more companies in the Philippines to use artificial intelligence (AI)-powered customer service to streamline their operations.

“Generative AI can be used to streamline customer journeys via automation,” Gibu Mathew, Zoho vice-president for Asia-Pacific, said in a Viber message. “It can analyze large amounts of customer data, identify patterns and generate insights to improve service quality, identify potential issues and anticipate customer needs.”

The technology company, which is based in India, said Philippine companies could leverage generative AI to drive growth by increasing productivity through task automation and process optimization. 

AI could also be used in so-called hyper-personalization because it could deliver more impactful customer recommendations and purchase history data, allowing businesses to tailor-fit product offerings or services aligned with customers’ preferences, Mr. Mathew said. 

He said micro, small, and medium enterprises (MSME), start-up firms and other low-tech industries could benefit more from the growing adoption of AI in the Philippines.

“We’re seeing it being applied in low-tech sectors, as well as in a diverse range of business functions, from pre-production to post-production,” Mr. Mathew said.

“Generative AI can also identify patterns and generate insights to improve service quality, identify potential issues and anticipate customer needs as a result. MSMEs become more agile and proactive in the face of risks like customer churn,” he added.

Upskilling remains to be the threat in the wider adoption of AI because the lack of basic information and communications technology skills could hinder its growth.

“There are also issues such as data bias, misinformation, intellectual property rights, security concerns, and interpretability,” Mr. Mathew said. “These challenges pose serious risks to brand reputation, and responsible AI practices are imperative.” — Ashley Erika O. Jose

Golden Globes 2024 embark on new era for awards show

GOLDEN GLOBE AWARDS sold, Hollywood Foreign Press group shut down

LOS ANGELES — The 81st Golden Globes, the kickoff to the Hollywood film and TV awards season, will take place on Sunday, Jan. 7, under new ownership, an expanded voting membership, and a new broadcast network and host after years of criticism for ethical lapses and lack of diversity.

WHERE TO WATCH THE SHOW
The Golden Globes will be broadcast live from the Beverly Hilton starting at 8 p.m. ET/5 p.m. PT (0100 GMT on Monday) on CBS, a new network after years airing on NBC. The awards will also be streamed live on Paramount+ for subscribers who pay for the Showtime add-on. Other Paramount+ customers can stream the show the next day.

WHO IS THE HOST?
American stand-up comedian Jo Koy will host the Globes, his first hosting role for a major awards show. Koy, who is of Filipino heritage, has had stand-up specials on Comedy Central and Netflix and recently took his act on the Funny Is Funny World Tour.

WHICH FILMS AND TV SHOWS LEAD NOMINATIONS?Pink-drenched movie phenomenon Barbie topped the list of nominees, outpacing the eight for historical drama Oppenheimer. But the two films — which featured in a summer box office clash dubbed “Barbenheimer” — will compete in different categories at the Globes. Barbie vies for best comedy or musical, while Oppenheimer competes for best drama.

In television categories, media dynasty drama Succession led all series with nine nominations, followed by the restaurant comedy The Bear with five.

WHO IS FAVORED TO WIN?
Oppenheimer, directed by Christopher Nolan, is heavily favored to win best film drama, according to experts on prediction website Gold Derby, edging out Killers of the Flower Moon, directed by Martin Scorsese.

Barbie, directed by Greta Gerwig, is also the clear frontrunner in best film comedy or musical, followed by gothic comedy Poor Things.

In acting awards, Native American star Lily Gladstone is favored to win best drama actress for her role in Killers of the Flower Moon and Bradley Cooper is the frontrunner to win best film drama actor for his role as conductor Leonard Bernstein in Maestro, which he also directed.

Emma Stone is the favorite for best film comedy/musical actress for her role in Poor Things, while Paul Giamatti leads the field for best film comedy/musical actor for The Holdovers.

Christopher Nolan is heavily favored to win best director for Oppenheimer.

In TV series, Succession is expected to win drama series as is The Bear in comedy series.

MORE DIVERSE SLATE OF NOMINEES
After criticism for a lack of diversity in past years, an expanded group of Globe voters nominated two female directors: Gerwig and Past Lives director Celine Song. Acting nominees included Gladstone in Killers of the Flower Moon, gay Black American Rustin actor Colman Domingo, and Black American lead Jeffrey Wright in American Fiction.

Fantasia Barrino and Danielle Brooks were nominated for their roles in The Color Purple, but the story of Black Americans living in the early 1900s was left out of the race for best movie musical or comedy.

There are 27 first-time nominees.

NEW AWARDS CATEGORIES
The Globes introduced two new categories this year: TV stand-up comedy performance and cinematic and box office achievement.

EXPANDED VOTING MEMBERSHIP
After a 2021 Los Angeles Times investigation revealed that the Hollywood Foreign Press Association lacked diversity and some members engaged in ethical lapses, voting membership this year has expanded to 300 journalists from 75 countries around the world and 60% racial and ethnic diversity.

WHO ARE THE NEW OWNERS?
In June 2023, Eldridge Industries purchased the Golden Globe assets with Dick Clark Productions (DCP), which will continue to manage the awards telecast and focus on expanding the Globes’ viewership around the world. DCP is co-owned by Eldridge and Penske Media. The Golden Globes are now a for-profit venture.

The Hollywood Foreign Press Association was shut down as a consequence. — Reuters

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