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Boulevard Holdings incurs net loss in latest fiscal year

LISTED hotel and resort developer Boulevard Holdings, Inc. (BHI) recorded a P155.51-million net loss during its fiscal year that ended on May 31 amid higher revenues.

“[The company logged a] net loss of P155.51 million for the current period as compared to net income of P539.7 million in 2022 mainly due to higher sales received but no sale of a portion of land for the current year,” BHI said in a regulatory filing on Wednesday.

Despite the net loss, BHI said its full-year total revenues rose 36% to P21.69 million from P15.98 million last year led by a 27% increase in room revenues, a 13% increase in food and beverage revenues, and a 357% increase in other revenues.

The company’s cost and expenses during its fiscal year fell 26% to P254.29 million from P344.34 million a year ago.

BHI’s main segment is hotels, leisure, and tourism via its subsidiaries Friday’s Holdings, Inc., owner and operator of Friday’s Boracay Island Beach Resort, and Friday’s Puerto Galera, Inc., owner and operator of Friday’s Puerto Galera Beach Resort.

According to the company, its management has continued to take action that would further develop its main segment such as the impending business development of Friday’s Puerto Galera at Boquete Island, Puerto Galera, Mindoro and of Friday’s Boracay Island Beach Resort.

It added that other efforts to reinforce its main segment include the re-possession of the property at Boracay, Aklan, and the latest acquisition of a parcel of land, building, and furniture and fixtures at Boracay Island and Siargao Island for further development that would further enhance future sales growth.

Shares of BHI at the local bourse were last traded on Oct. 13 at P0.054 apiece. The Philippine Stock Exchange imposed a trading suspension on BHI’s shares effective Oct. 16 after the latter failed to submit its annual report on or before the extended deadline of Sept. 28. — Revin Mikhael D. Ochave

Allies and adversaries

CHRISTIAN LUE-UNSPLASH

PERSONAL BIAS guides what we focus on and pay attention to in scanning the news. It is the overflow of data along with fake news that forces us to narrow down the selection process. This categorical approach simplifies the scan into two boxes — relevant and irrelevant. It’s different contents for different people.

Media outlets themselves select personalities, events, and issues to cover according to their declared editorial policy (or bias) and target audience. Thus, an administration network is more than likely to interview supporters of the political establishment. This rule applies to government stations who choose their interviewees with care. Boredom does not figure as a consideration. Neither do ratings.

The mind has its own algorithm, much like online stores tracking patterns of purchases and browses. People one meets are categorized as allies or adversaries, likable or hateful, interesting, or dull. This allocates the time available for spending time with them. Still, a hateful object needed for a favor can be allocated more time and a stronger stomach.

Without the proper classification defined, it would be difficult to narrow down an online search. And the groupings are becoming more specific, as in a restaurant guide (Pub with roasted pork) or job openings (with work from home option).

Categories can lead to stereotypes when it comes to evaluating people. It can also be the basis for extreme prejudice like homophobia or racism. When one categorizes a person, he is no longer an individual with his own set of beliefs and convictions. He becomes a part of a stereotype. He is marked for undeserved hostile (or friendly) treatment.

Colleagues at work are no longer individuals. They are classified as either allies or adversaries, or merely part of the scenery. A presentation differs in tone and detail depending on which group is being addressed. For identified adversaries, objections are addressed before they are raised — I’m sure Mr. X raising his hand over there has his usual objections. (Are you ready for his diatribe?)

A colleague tagged as an adversary will seem to offer neither useful insights nor support. Any proposal coming from this person is dismissed without further thought. The classification trap makes us focus on the person making a proposal rather than the proposal itself.

The way to avoid automatic bias is to withhold preconceived ideas about people. This is not as easy as it sounds. With a pattern of behavior and a track record of opinions, a person can easily fall into a category — One whose views are worth listening to, and another whose thoughts are always considered loopy.

Political allies and adversaries are even more complicated. They shift with elections and the emergence of new leadership. And they can split and fuse again depending on political expedience and hidden agendas. Previous allies within a party can turn into adversaries after a budget hearing and televised death threats from past leaders. Declarations of loyalty can come from the unlikely allies — “I will support him even if I’m the only one left.” And these may be prophetic words.

To add to the confusion on categories, there is the emergence of social media with trolls and influencers selling opinions, alliances, and specific stands on issues to the highest bidder. This is much like hiring contractors that can build, renovate, and even demolish physical structures.

Categories raise obstacles to true understanding, dividing people into groups — allies, adversaries, and those who don’t matter. In life, there are surely more categories. Oversimplification deprives us of the complexities of an individual when we reduce him to a neat category.

Can we dispense with mental categories, accepting people without rushing to judgment? This is a step towards objectivity. It is one way to move a person from “unacceptable” to “sometimes-he-makes-sense.”

Classifications blurs context. Not all the ideas of those considered as friends and supporters can be accepted at face value. “Yes men” can be dangerous in creating the illusion of consensus. The echo chambers from cheerleaders and supporters do not always offer the best options.

It is sometimes best to remove categories altogether. True insight can come from the most unlikely sources like adversaries who turn into allies… or the other way around.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

UnionBank gets SEC nod to hike capital to P60.31B

BW FILE PHOTO

UNION BANK of the Philippines, Inc. (UnionBank) is set to hike its authorized capital stock to P60.31 billion after it received regulatory approval from the Securities and Exchange Commission (SEC).

The 70% increase in its capital from P35.31 billion previously was approved by the SEC on Dec. 5, the Aboitiz-led bank said in a disclosure to the local bourse on Wednesday.

UnionBank’s board of directors had approved the capital increase in February to support an increase in loan disbursements, it said previously.

“The increase in the authorized capital stock will be used to support growth and for general corporate purposes,” the lender said.

The Bangko Sentral ng Pilipinas had okayed the listed lender’s planned capital hike in August.

As of Dec. 31, 2022, UnionBank had 385 branches, and 585 automated teller machines nationwide.

The lender saw its net income drop by 58.99% year on year to P1.65 billion in the third quarter as the bank set aside more loan loss provisions in the period versus the prior year.

This brought its net income for the first nine months to P8.1 billion, down from the P10.13 billion recorded in the same period in 2022.

UnionBank’s shares rose by 80 centavos or 1.42% to close at P57.05 apiece on Wednesday.

Rapper Bad Bunny lashes out over viral AI copycat hits

ALBUM cover of Bad Bunny’s Un Verano Sin Ti

SANTIAGO — Puerto Rican rapper and singer Bad Bunny’s voice quickly went viral last month. However, the songs circulating did not belong to him.

Chilean artist Maurico Bustos launched the trend with the song “NostalgIA” — a play on the Spanish abbreviation for AI. It was written and recorded by Bustos using artificial intelligence (AI) to modify Bad Bunny’s vocals, producing a viral track that prompted parodies and copycat versions on TikTok.

Bad Bunny told his 20 million WhatsApp followers to leave if they liked “this shitty song that is viral on TikTok … I don’t want you on tour either.”

The 30-year-old Mr. Bustos, known as FlowGPT, sent a response as the AI entity saying he was a fan of Bad Bunny’s work and noting that his success was partly thanks to the artists he has learned from.

“I was built to be the best artist in the world and I will carry on experimenting until I achieve it,” he said. “Don’t worry, you’ll still be the No. 1 human.”

Mr. Bustos, who has already released FlowGPT tracks based on Colombian reggaeton artist Feid and Puerto Rican rapper Anuel, told Reuters he wants to create a fictional virtual character like British band Gorillaz, but using AI.

Claudia Gutierrez, a consultant on AI issues, said due to a legal void, this trending type of generative AI will be difficult to clamp down on.

“FlowGPT isn’t worried because even though Bad Bunny got angry because his voice tone was used, he knows there is a legal void and so he cannot be sued,” Gutierrez said.

Bad Bunny’s management did not immediately reply to a request for comment. — Reuters

OECD: Filipino students still struggle in math, reading, and science

THE PHILIPPINES’ weak basic education system as shown in a 2022 global ranking of student performance in math, reading, and science would eventually lead to a weak workforce and affect economic growth and global competitiveness, according to an advocacy group founded by the country’s top business leaders. Read the full story.

OECD: Filipino students still struggle in math, reading, and science

How PSEi member stocks performed — December 6, 2023

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 6, 2023.


Manila to continue anti-insurgency operations pending peace deal

By Kyle Aristophere T. Atienza, Reporter

THE Marcos government’s anti-insurgency operations will continue pending formal peace negotiations with Maoist leaders, according to a peace official.

“No preconditions and no ceasefire” have been agreed in the talks between the government and the National Democratic Front of the Philippines (NDFP), the President’s assistant peace adviser Wilben M. Mayor told a televised news briefing on Wednesday.

The peace talks are exploratory and not a continuation of previous negotiations, he added.

“This is a new discussion, a new dialogue. There are no preconditions,” he said in mixed English and Filipino. “We are starting new talks.”

In their joint statement in Oslo, Norway last month, the NDFP and Philippine government cited “serious socioeconomic and environment issues” and “foreign security threats” for agreeing to an end to their armed conflict.

The NDFP is a coalition of revolutionary groups that represents the Communist Party of the Philippines and its armed wing New People’s Army in negotiations with the government.

National Security Council Assistant Director Jonathan E. Malaya said public calls for the lifting of Philippine resolutions that designated the CPP-NPA-NDF as terrorists are premature.

“Lifting the terrorist designation, in our opinion, undergoes a process under the Anti-Terrorism Act and should be the result of a final peace agreement,” he told a separate news briefing by the state’s anti-communist task force.

“Therefore, if a final peace agreement is signed by both parties, the natural consequence of that is the lifting of the terrorist designation and amnesty to be granted to former rebels,” he added.

Vice-President Sara Duterte-Carpio, co-vice chairwoman of the anti-communist task force, on Monday called the peace talks an “agreement with the Devil.”

Her father, ex-President Rodrigo R. Duterte, and the Maoist movement were in the middle of discussing a comprehensive agreement on socioeconomic reforms when he unilaterally halted the peace talks in 2017.

The Comprehensive Agreement on Socioeconomic Reforms, which sought to establish a framework for policies on agrarian reform, rural modernization and national industrialization, has been the main agenda of the NDFP in its peace negotiations with the government.

Also included in the agenda of previous peace were respect for human rights and international humanitarian law, political and constitutional reforms and cessation of hostilities and disposition of forces.

At the time the peace talks were scuttled in 2017, the draft comprehensive agreement was close to being completed and approved by both parties, human rights group Karapatan said in a statement. “There were prospects for social justice and lasting peace.”

The New People’s Army has been waging one of the world’s longest-running insurgencies. It expanded under the dictatorial rule of the late Ferdinand E. Marcos, whose son and namesake is now the Philippine president.

Karapatan said efforts to resume formal peace talks between the parties should address issues that led to the “current dismal human rights situation in the Philippines.”

The government should pave the way for the release of all political prisoners, including detained NDFP consultants and staff, and address the weaponization of the law that suppresses political dissent, it said in a statement.

Karapatan said the government should abolish the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC), which Mr. Duterte created through a 2019 presidential order.

Mr. Duterte had tagged critics and activists as communists. He launched a deadly war on drugs and insurgents, which domestic and international watchdogs said resulted in rampant human rights violations.

Meanwhile, NTF-ELCAC spokesman Joel Egco announced the end of their regular press briefing named “Tagged” due to positive developments in the peace negotiations with the NDFP. “This is going to be an exciting and valedictory episode of Tagged,” he said.

Decriminalize libel, abortion to help decongest Philippine prisons, DoJ tells lawmakers

PHILIPPINE STAR/ MICHAEL VARCAS

By Jomel R. Paguian

PHILIPPINE government prosecutors have asked lawmakers to decriminalize libel and abortion as part of state efforts to ease jail congestion.

“[This] is one of the things we are advocating for, but it is not our primary solution,” Department of Justice (DoJ) spokesman Jose Dominic F. Clavano IV told reporters on the sidelines of a jail decongestion summit in Manila on Wednesday.  “It is one of many.”

Decreasing jail admissions, reducing bail and expanding jail capacity have also been considered, he added.

Mr. Clavano said it is still up to Congress what to do. “It’s not up to us to decide. We will leave it up to them because they have a more holistic perspective.”

Speaker Ferdinand Martin G. Romualdez told the summit the House of Representatives is considering the decriminalization of libel and abortion as part of a plan to review the Revised Penal Code. “The Revised Penal Code’s classification system, almost a century old, needs an overhaul,” he said in a speech.

Senate President Juan Miguel F. Zubiri told reporters the Senate would thoroughly study the merits of the proposal. About abortion, he said: “For me, all life is sacred at any moment of conception.”

The National Union of People’s Lawyers (NUPL) said jail decongestion should not focus on the crimes of libel and abortion as a solution. Arrests and detentions have increased significantly due to the government’s deadly war on drugs and anti-insurgency program, it added.

“Perhaps the government could look into their cases, because many of these have been exposed as trumped-up and false,” NUPL-National Capital Region Secretary-General Kristina Conti said in a text message.

About 350,000 suspects were arrested in anti-illegal drugs operations under ex-President Rodrigo R. Duterte and 24,000 under President Ferdinand R. Marcos, Jr., she added.

Lawmakers should consult the public about the decriminalization proposal, lawyer and policy analyst Michael Henry Ll. Yusingco said in a Facebook Messenger chat. “Enacting such measures will change our society for sure, so we must be sure that this is the direction we want to take.”

Seven of 10 Philippine detention facilities are overcrowded, with an average congestion rate of 386%, according to the Justice Sector Coordinating Council, which is made up of DoJ, the Supreme Court and Department of Interior and Local Government.

Increasing the evidence threshold for preliminary investigations, reducing bail and enacting a bill for the rehabilitation of drug offenders were all discussed at Wednesday’s jail summit.

Also among the proposed measures is the creation of a Department of Corrections and Penology that will unify the state’s corrections, jail and probation management systems.

“The Supreme Court is looking at revising the rules on criminal procedures to ensure that criminal cases are processed expeditiously from the beginning of the case to the end,” Chief Justice Alexander G. Gesmundo told reporters. The overcrowding of prisoners in detention facilities is neither humane nor reformative, he added.

Treating prisoners humanely and appropriate developmental rehabilitation programs would reduce recidivism and promote good conduct inside jails, “giving them a chance for genuine reformation and a possible re-entry into society,” Interior Secretary Benjamin C. Abalos, Jr. said in a statement.

Philippine security council seeks funds to boost South China Sea presence

SCREENGRAB FROM PHILIPPINE COAST GUARD FACEBOOK PAGE

THE PHILIPPINES needs more funds to boost its defense capacity in the South China Sea, the National Security Council (NSC) told a House of Representatives committee on Wednesday amid the increasing presence of Chinese militia ships at Whitsun Reef.

“A big way forward actually is developing [our] capacity so that we develop a credible defense posture and our support to the government in the area,” NSC Assistant Director-General Francis Jude S. Lauchengco told the House special committee on the West Philippine Sea.

The committee asked the military to submit a “written concrete proposal” on the funding needed by the task force.

About 111 Chinese militia vessels were spotted at Whitsun Reef, which the Philippines calls Julian Felipe Reef, last month, according to Coast Guard spokesman Jay Tarriela.

The number of Chinese ships increased to 135 at the weekend, the Philippine Coast Guard (PCG) said on Dec. 3.

Whitsun Reef is about 175 nautical miles (324 kilometers) west of Bataraza town on the island of Palawan. It is the largest reef among the Union Banks in the Spratly Islands, which the Philippines claims.

Deputy Minority Leader and Party-list Rep. France L. Castro said that Philippine vessels were delayed in reacting to the presence of Chinese ships in the area.

“It took a month before we reacted,” she said in Filipino. “Whether there are Chinese vessels there or not, let us be proactive, not reactive.”

China claims more than 80% of the South China Sea based on a 1940s map, which a United Nations-backed arbitration court voided in 2016.

The Philippines has been unable to enforce the ruling and has since filed hundreds of protests over what it calls encroachment and harassment by China’s coast guard and its vast fishing fleet.

Girard Mariano L. Lopez, a Filipino member of the Asian pro-democracy group Milk Tea Alliance, said Philippine strategies in handling disputes with China are ineffective.

“We have been very firm in our stance that the government has never actually done enough,” he told BusinessWorld in an interview in Taipei last week.

The Philippines has filed 129 diplomatic protests against China from July 2022 to Nov. 28. Sixty-two of these were filed this year, according to Foreign Affairs spokesperson Ma. Teresita C. Daza.

“Aside from just words and statements, it’s time that the Philippines actually invest, perhaps, some of their confidential funds and misplaced resources into things that actually matter,” said Mr. Lopez, who is a humanities student at the National Chengchi University in Taipei.

Vice-President and Education Secretary Sara Duterte-Carpio in October said people who oppose confidential funds oppose peace. “Whoever opposes peace is an enemy of the nation,” she added.

“Such resources would be better used to fortify our defenses of our seas, of our beautiful environment and corals within the West Philippine Sea, and helping our fisherfolk not get harassed everyday by the Chinese Coast Guard,” Mr. Lopez said, referring to areas of the South China Sea within the country’s exclusive economic zone.

He said there have been calls to “expel the Chinese ambassador in Manila for his heinous remarks indirectly threatening the 150,000 overseas Filipino workers in Taiwan. That was actually a very hot issue among Filipinos here.”

Chinese Ambassador to Manila Huang Xilian in April asked Manila to oppose Taiwan’s independence if the country “cares genuinely” about the OFWs living there. — Beatriz Marie D. Cruz

Gov’t to refill climate fund with help of financing institutions

FLOODED communities and farmlands when the Ilog-Hilabangan River in Negros Occidental and Negros Oriental overflows. — DPWH

THE GOVERNMENT of Philippine President Ferdinand R. Marcos, Jr. wants to replenish the climate fund for local governments with the help of multilateral financing institutions, including the Asian Development Bank (ADB), Finance Secretary Benjamin E. Diokno said on Tuesday.

“I think the idea is maybe really to replenish that fund from donors,” he told a news briefing on the sidelines of the United Nations climate conference in Dubai, based on a Palace statement. “There are some possible donors that we’ve talked to.”

Mr. Diokno said the P1-billion fund, which was institutionalized through a 2012 law that amended the Climate Change Act of 2009, “has not moved for a long time.”

The People’s Survival Fund Board, which he heads, recently approved P539 million worth of new climate adaptation projects. Projects that are typically supported by the fund include irrigation infrastructure, early warning and drainage systems and reforestation programs.

Mr. Diokno is in Dubai for the global climate conference or COP28, which started on Nov. 30 and will run until Dec. 12.

Delegates at the climate conference last week adopted a loss and damage fund, as several countries pledged millions of dollars to help developing nations cope with the climate crisis.

The World Bank will only have a temporary oversight over the fund, amid questions of its connections to the United States, which is among the world’s largest climate polluters.

The US has faced a backlash for contributing only $17.5 million to the fund, an amount described by many as “embarrassing” considering the size of its economy. It’s less than a fifth of the United Arab Emirates’ contribution and over a dozen times less than the European Union’s. 

Meanwhile the presidential palace said Canada would support the Philippines’ climate action projects until 2026 through its $5.3-billion international climate finance.

“The Philippine government and the United Nations Development Program are working in collaboration with Canada to reduce the climate finance gap through nature-based solution projects to be funded under a $5.3-billion climate finance commitment,” the Presidential Communications Office said in a separate statement.

It said Canada would boost its support for the Philippines in biodiversity conservation, climate change mitigation, adaptation and resilience with consideration for gender equality, citing Global Affairs Canada Climate Finance Executive Director Andrew Hurst.

Canada would continue to engage the Philippines both in climate finance and bilateral assistance program, it added. — Kyle Aristophere T. Atienza

Israel-Hamas ceasefire sought

Toy soldiers, Hamas and Israel flags are seen in this illustration taken, Oct. 15, 2023. — REUTERS

SENATOR Robin Ferdinand C. Padilla has filed a resolution calling for a sustained ceasefire in war between Israel and Hamas militants and unhindered delivery of humanitarian aid to Gaza.

A ceasefire would be the best measure to ensure civilians in Israel and Palestinian territories are protected, he said in Resolution 880, citing Amnesty International.

Israel launched a barrage of airstrikes in Gaza after Hamas militants backed by waves of rockets stormed from the blockaded Gaza Strip into nearby Israeli towns on Oct. 7, killing about 1,200 Israelis.

It has deployed tens of thousands of its troops for a ground assault on the Palestinian enclave.

More than 15,000 people have died in the war, according to the Hamas-run Gaza Health Ministry.

Last month, the Philippines joined 144 nations in favoring a United Nations General Assembly resolution condemning Israeli settlements in Occupied Palestinian Territory including East Jerusalem and Syrian Golan. — John Victor D. Ordoñez

Agri damage from quake hits P2.5M

AGRICULTURAL damage from the magnitude 7.6 earthquake that jolted Surigao del Sur in southern Philippines has reached P2.5 million, according to a Department of Agriculture bulletin.

It said 72.4% of damage and loss mainly affected the fishery sector of the Caraga Region. They include damaged equipment of the agency’s laboratories, production facilities and stock lines from seaweed farms.

Farm structures accounted for 23.9% of the reported damage, followed by agricultural machinery and equipment at 3.7%.

The Agriculture department said its regional offices were coordinating with local governments and disaster offices to monitor the impact of the quake and help farmers and fishermen.

The earthquake occurred on Saturday, with a depth of 26 kilometers off the coast of Hinatuan, Surigao del Sur. The Philippine Institute of Volcanology and Seismology earlier recorded 2,491 aftershocks. — Adrian H. Halili

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