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Cryptocurrency traders form group to address scams and promote investor education

TOP cryptocurrency traders in the Philippines have created an association that will address scams and boost financial literacy amid increasing crypto adoption in the country.

In a statement on Tuesday, the Innovative Movement of the Philippine Association of Crypto Traders (IMPACT) announced its formation as it sought to educate Filipinos on the evolving crypto landscape and to build an informed community against crypto-related scams. 

The group claims that it is the first local crypto traders association.

IMPACT Executive Director and Founding Chair Arlone Abello said the group was created to help individuals navigate the complexities of the digital economy.

“IMPACT is formed to equip individuals with the knowledge and understanding of cryptocurrencies and their vast potential. We strive to be the leading authority in the Philippines, providing reliable and unbiased information on crypto trading, use cases, and emerging trends,” Mr. Abello said. 

In September, the Securities and Exchange Commission (SEC) said that it was close to releasing a set of guidelines to regulate crypto trading to protect the investing public.

SEC Chairperson Emilio B. Aquino said the corporate regulator was scheduled to issue the crypto trading guidelines but had faced delays.

“We have to make sure all the necessary safeguards are there. But we are still working on that,” Mr. Aquino said.

Meanwhile, IMPACT is conducting its “Cryptalk: University Caravan” initiative that visits higher education institutions across the country to teach finance students about cryptocurrency, blockchain, and Web3. The initiative also promotes ethical behavior and responsible participation in the decentralized web and cryptocurrency ecosystem.

In line with this, the group partnered with the Junior Confederation of Finance Associations Philippines, which is the national umbrella organization of college students in finance and financial management. 

IMPACT is scheduled to visit 11 more schools starting with De La Salle University on Nov. 14 under the initiative.

“Generation Z can get easily hyped when it comes to investing. They have so much risk appetite that they lose focus on the potential risk of losing their money altogether,” Mr. Abello said.

Aside from Mr. Abello, IMPACT’s other founding members are Bitskwela Chief Executive Officer Jiro Reyes, corporate lawyer Clarizel King, decentralized multi-chain order book exchange ZKEX.com community manager Steve Jimenez, blockchain tech investor Riki Dacanay, and stock and crypto market analyst Gilbert Lazaro.

“IMPACT is open to collaborations to create internships and job placement opportunities for aspiring students,” the group said. “Organizations and universities looking to partner with the group can send their inquiry to www.impactph.io.” — Revin Mikhael D. Ochave

Chinese billionaire Liu’s auction flops at Sotheby’s Fall Sale

AMEDEO MODIGLIANI’s Paulette Jourdain sold for $34.8 million. While no public estimate was provided prior to the sale, Liu had bought the work for $42.8 million in 2015 — down more than 18% in eight years. — SOTHEBYS.COM

PROMINENT Chinese billionaire Liu Yiqian sold only 29 of 39 artworks in a Hong Kong auction with results far behind estimated values, a sign of a softening in the Chinese art market.

Sotheby’s conducted the much-hyped sale of modern and contemporary works from prominent Western and Asian artists over approximately two hours at the Hong Kong Convention and Exhibition Center on Oct. 5. The grand total, including the buyer’s premium and overhead premium was HK$544.5 million ($69.5 million); initial estimates pegged auction totals between HK$745 million and HK$1.06 billion.

The star lot proved the biggest disappointment: Amedeo Modigliani’s Paulette Jourdain painting, which sold for $34.8 million. No public estimate was provided prior to the sale but Mr. Liu had bought the work, which some believe to be Modigliani’s last portrait painted, for $42.8 million in 2015 — down more than 18% in eight years.

Among the top 10 lots, four missed estimates and only one exceeded them. Most artworks went to Asian collectors.

The sale comes as private museums in China have downsized or shut amidst a troubled economy. Independent, nonprofit art organization OCAT closed its chapters in several cities including Shanghai in March. The Guangdong Times Museum — a privately funded nonprofit — closed October last year after more than 20 years of running. Other private museums, such as Shanghai’s landmark Yuz Museum, were forced to relocate to smaller spaces when the government-owned landlord did not renew its lease.

Mr. Liu is the chairman of Sunline Group Co. Ltd., a Chinese conglomerate that invests in various sectors including finance, pharmaceutical and real estate industries. Mr. Liu and his wife, Wang Wei, are also the owners of the private Long Museum with two outposts in Shanghai and one in Chongqing.

“Despite the somewhat softer markets due to the post COVID economic environment in China, the best works are still sought after albeit with a natural adjustment in pricing,” said Philip Hoffman, founder and chief executive of the Fine Art Group, highlighting that there were three bidders for the Modigliani work. The $70-million haul still represents the highest total for any single-owner sale in Asia, despite the overall performance.

“For great material that has been in major collections for a period of time we still expect strong bidding — there is plenty of interest at all levels, but higher interest rates have affected some parts of the art market,” said Mr. Hoffman.

Among other results, Matthew Wong’s The Golden Age went for HK$12.6 million, under its HK$14 million low estimate. Alex Katz’s On Time sold for HK$11.3 million; it had been estimated for HK$12 million to HK$18 million.

René Magritte’s Le miroir universel yielded HK$77.6 million, compared with its estimate of between HK$70 million to HK$95 million. Lot 8539, Sea of Flowers No.1 by Wang Xingwei, was withdrawn prior to the sale with no reason given by Sotheby’s.

“Whatever the asset, it’s common knowledge that one doesn’t sell when the market is low,’’ said Nixi Cura, research fellow at the University of Glasgow and former program director at Christie’s Education London, prior to the auction. “The sale makes people curious about what is happening on the macro economy level in China, but also at the micro level, on Liu’s companies and museums.’’

The world’s second-largest economy is trying to regain traction amid challenges from weak consumer and business confidence along with the ongoing property crisis. Profit of Hubei Biocause Group, one of Sunlife’s main listed units, has plunged since the pandemic. It reported 275.9 million yuan ($41 million) for net income last year, only 17% of its 2019 level. Face recognition tech firm  Couldwalk Technology Co., another Sunlife investment, is sanctioned by the US.

Attempts to reach Mr. Liu through the Long Museum and Sotheby’s were unsuccessful.

Prior to the sale, the auction house issued a generic media statement: “Wang Wei and Liu Yiqian feel like it is now time to offer a small fraction of their holdings to collectors who will continue to treasure them, just as they have, in order to fund further acquisitions and support various programs at their Long Museum,’’ said Sotheby’s Asia Chairman Nicolas Chow.

In response to queries about reports that Mr. Liu will auction about 50 more pieces in New York in the future, Sotheby’s demurred, stating that only a handful of significant works will be offered as part of the marquee season series in London and New York.

Mr. Liu, a former taxi driver burst onto the art scene more than a decade ago when he embarked on a buying spree, bidding up artworks to then-shocking levels. In 2015, he spent $170 million on a Modigliani nude, setting a record for the Italian artist at auction at the time. He has a fortune of at least $1.5 billion, according to the Bloomberg Billionaires Index.

The 59-year-old, who made his fortune from China’s nascent stock trading of the 1980s and ’90s, is also known for his colorful antics that set him apart from the typical, low-profile art collector.

In the so-called “Chicken Cup” incident that made international headlines, Mr. Liu bought a Ming dynasty ceramic bowl for $36 million and drank tea from it. He also used his American Express Centurion card to pay the $45-million bill for a 15th century Tibetan embroidered silk thangka, then cashed in some of his new horde of points for free travel after. — Bloomberg

Smart posts fastest median download speed in PHL

GLOBAL network testing firm Ookla said Smart Communications, Inc., the wireless subsidiary of PLDT Inc., recorded the fastest median download speed among the country’s mobile operators.

In a report, Ookla said Smart delivered 35.56 megabits per second (Mbps) for the third quarter, while Globe Telecom, Inc. had a median download speed of 22.42 Mbps and DITO Telecommunity Corp. recorded 19.53 Mbps.

Among phone manufacturers, Ookla said that devices from Apple had the fastest median download speed in the Philippines for the third quarter at 47.10 Mbps, followed by Samsung at 33.77 Mbps, Xiaomi at 29.18 Mbps, Huawei at 18.99 Mbps, and Infinix at 18.14 Mbps.

Ookla said, however, that in terms of media upload speed, Infinix, delivered a median upload speed of 7.25 Mbps, followed by Samsung at 6.73 Mbps, Apple at 6.35 Mbps, Xiaomi at 6.58 Mbps, and Huawei at 5.77 Mbps.

In its previous report, which covered the first and second quarters, it said that Globe had the highest consistency score of 83.64%. It also had the highest score in terms of most available all-technology mobile networks at 92.63%. — Ashley Erika O. Jose

Arts&Culture (10/18/23)

Ryan Cayabyab holds first solo painting exhibit

National Artist for Music Ryan Cayabyab will unveil over 50 paintings at his first solo exhibition titled “Tunay na Ligaya,” which will run from Oct. 21 to Nov. 5 at the Power Plant Mall, Rockwell in Makati. During the prolonged lull in live performances during the pandemic, Cayabyab revisited an old love in painting when he grew curious about acrylic as a medium. While his last major brush with the visual arts pre-pandemic was when he won the YMCA National Art Competition in 1968 at 14 years old, he continued to doodle and draw constantly in the years that followed. In 2022, the pandemic gave him an opportunity to rediscover his passion with more gusto, both as a means to cope with the challenges of the time and as a way to reinvent himself as an artist. “Tunay na Ligaya” showcases seven collections of Cayabyab’s various visual experiments: “Red” in bold sunset hues; “Estilo” in geometric neoplasticism; “Riprap” in the use of model paste; “Hardin” in vivid, bursting florals; “Dreams” in fluid color play; “Explorations” in modernist lines and strokes; and the headline “Eyefie” series, a 16-part collection drawing inspiration from the 16 voices of Cayabyab’s first, iconic record, One (1981). A second show for “Tunay na Ligaya” is slated for Nov. 10 to 26, at the East Wing of Estancia Mall, Pasig. Inquiries regarding the art pieces may be directed to Ma. Dinah Remolacio (dinah.remolacio@gmail.com, 0998-556-1158).

NCCA celebrates National Indigenous People’s Month

THE National Indigenous People’s (IP) Month will officially be celebrated on Oct. 20 to 21 at the Metropolitan Theater and Aroceros Park, both in Manila, as per Presidential Proclamation No. 1906 from 2009, which mandates the “recognition and protection of the rights of Indigenous Cultural Communities (ICCs)/IPs.” The National Commission for Culture and the Arts will mark the occasion by opening an arts and crafts fair, with demonstrations and workshops, at the Arroceros Park. They will also launch an IP exhibit at the Metropolitan Theater’s Gallery of Stars. Selected universities will be taking part in a cultural outreach with the IPs. This year’s theme is “Buháy na Dunong: Pagkamalikhain at Kalikasan” (Living Heritage: Creativity and Nature), which highlights how both the creativity of the IP and the richness of nature sustain intangible cultural heritage, according to the NCCA. Admission is free for the two-day event.

Vic Balanon solo exhibition at MO_Space

VICTOR Balanon’s latest solo exhibition, “ad nauseam ad infinitum,” asks some important questions about art-making and creativity. Throughout the years, working as artist, animator, and video maker, Mr. Balanon has put under scrutiny the painstaking process that artists must go through in keeping themselves “creative,” as once creativity becomes constant, it becomes routine. The show demonstrates the artist’s own take on art’s renewal, using his signature monochromatic compositions that involve both object and animation. “ad nauseam ad infinitum” is open for public viewing at MO_Space in B2, Bonifacio High Street, Bonifacio Global City, from Oct. 21 to Nov. 19.

Miss Saigon coming to Manila in 2024

THE heat is on in Manila as GMG Productions, in association with GWB Entertainment, has announced that Cameron Mackintosh’s globally acclaimed production of Boublil and Schönberg’s Miss Saigon is heading to The Theatre at Solaire. The internationally acclaimed show has just completed a successful run at the Sydney Opera House and, following limited seasons in Melbourne and Adelaide, will land in Manila, a city that has a deep connection with this musical, in March 2024. Following the success of Hamilton in Manila, Carlos Candal, GMG Productions’ CEO, said that Miss Saigon has been “the stage where countless Filipino artists have had their moment to shine,” including Lea Salonga, Jon Jon Briones, Joanna Ampil, Rachelle Ann Go, and countless others. “We’re excited to welcome a new company of world-class performers to share the new staging of this phenomenal production,” he added. Miss Saigon, a retelling of Giacomo Puccini’s classic opera Madame Butterfly set in 1970s Vietnam, first premiered in London’s West End in 1989. The award-winning musical has since been seen by 38 million people worldwide, staged in 32 countries, in over 350 cities, and in 15 different languages over the years. Tickets will be on sale for the Manila staging on Nov. 6 via TicketWorld. Theatre fans can also enjoy exclusive first access to the show with UnionBank of the Philippines as the show’s official sponsor and pre-sale partner or through the GMG Miss Saigon waitlist at www.gmg-productions.com. The pre-sale period will run from Oct. 23 to Nov. 3.

Eight Virgin Labfest writing fellows will go to Visayas

THE Cultural Center of the Philippines (CCP) takes its two-week mentorship program on the study and practice of dramatic writing for the stage, dubbed the Virgin Labfest (VLF) Writing Fellowship Program, to the Visayas region this November. The program follows the basic curriculum observed by the VLF Writing Fellowship Program in Manila, but caters to the cultural geography of the regions to better represent the voices and experiences of its fellows. The regional leg, in partnership with The Performance Laboratory, Inc., will take place online and onsite from Nov. 7 to 18 at the Negros Museum in Bacolod City. The eight new fellows are Andy Moleño Abellar, Ursula P. David, Jalene Isabel J. Dumancas, Kym Lance G. Gelvero, Alessandro Kennz Nioda, Crystal Puying, Yehudi Sumalinog Santillan III, and Richard Bermejo Tolosa, Jr. They will be mentored by award-winning playwright Glenn Sevilla Mas, and will be given the opportunity to immerse themselves in Virgin Labfest Visayas’s Lab-as, the regional counterpart of CCP’s largest theater festival of untried, untested, and unstaged one-act plays as part of their mentorship. It will conclude with a staged reading of the fellows’ works on Nov. 18, also at the Negros Museum.

The M exhibit looks at PH-UK parallel histories

A COLLECTION of works by experimental filmmakers working in the Philippines and the United Kingdom from 1990 onwards will be on display at the Metropolitan Museum of Manila in Bonifacio Global City starting Oct. 26. The exhibit, “Parallel Histories: Moving Image from the Philippines and the United Kingdom,” focuses on works that illustrate the historical parallels between the two countries. It is curated by Erwin Romulo and presented in partnership with the British Council in the Philippines. The exhibition portrays experiences and artistic visions influenced by cultural, social, and political conflicts of their respective eras and milieu. It pairs Filipino and British moving image works that respond — and even protest — to these sweeping changes. The collection will be on view at The M in BGC, Taguig, until Dec. 31.

Woodwinds concert with Lara Maigue, Gian Magdangal

THE unique timbres of woodwind instruments will be showcased in the third installment of the CCP Out-of-the-Box Series (OOTB) of concerts, featuring the Philippine Philharmonic Orchestra (PPO) Woodwind Quintet, along with singers Lara Maigue and Gian Magdangal, on Oct. 27 and 28 at the Tanghalang Ignacio B. Gimenez (CCP Blackbox Theater), CCP Complex, Pasay City. Here, the spotlight is on the woodwind quintet, which doesn’t get as much exposure compared to the string section. The ensemble concert will feature familiar selections of classical music and beloved Filipino tunes. The Woodwind Quintet is composed of bassoonist Frenvee Andra, oboe player John Peter Bautista, French horn player Ernani Pascual, flautist Marie Poblete, and clarinetist Ariel Sta. Ana. Soprano Lara Maigue will perform Giulio Caccini’s “Ave Maria,” while musical theater artist Gian Magdangal will cover National Artist Ryan Cayabyab’s Hibang sa Awit. The real-life couple will then perform a Swift Duet. Tickets for the concert are available at the CCP Box Office and at TicketWorld.

Raslag in talks with Hong Kong firm for potential energy tie-up

RASLAG CORP. is in talks with a Hong Kong-based company for a potential partnership, the Nepomuceno-led renewable energy firm said on Tuesday.

In a disclosure to the stock exchange, the listed solar energy developer said it is in a preliminary discussion with the foreign company to explore a partnership in the energy sector.

Raslag did not provide more details on the partnership and the venture they are planning to enter into.

“Appropriate disclosures shall be made as soon as the details thereof are firmed up and/or definitive agreements are entered into,” the company said.

Asked to comment, Mark V. Santarina, a senior trader at Globalinks Securities and Stocks, Inc., said that the shares in the company have been trading with a low volume.

“Raslag’s stock has experienced a prolonged period of thin trading volume. Despite today’s increase in stock’s value, the accompanying trading volume has remained relatively subdued,” Mr. Santarina said in a Viber message.

He said that despite the “undoubtedly” positive development of the potential partnership, the discussion is still in the early stages.

In April, the company’s board approved plans to obtain a loan from the Bank of the Philippine Islands amounting to P1.2 billion to fund the construction and development of the 35.159-megawatt Raslag-4 solar plant in Magalang, Pampanga.

The company was also given a go-signal to borrow P250 million from the bank to bridge the partial financing of the land and acquisition for the Raslag 6 solar farm.

“While Raslag’s focus on renewable energy holds potential, investors may be awaiting more substantial progress or milestones before fully committing to the stock, given the evolving dynamics in the market,” Mr. Santarina said.

To date, the company has installed 41.198 megawatt-peak (MWp) of commercially operating plants. About 36.646 MWp are under construction, apart from proposed projects with a capacity of around 103 MWp.

At the local bourse on Tuesday, shares in the company went up by 10 centavos or 7.75% to close at P1.39 apiece. — Sheldeen Joy Talavera 

Taylor Swift film’s box-office haul slips in final tally

TAYLOR SWIFT

LOS ANGELES — Taylor Swift’s concert film sold $123.5 million worth of tickets around the world over the weekend, slightly less than early box office estimates, distributor AMC Theatres said on Monday.

AMC had projected on Sunday that the global total for Taylor Swift: The Eras Tour would reach $126 million to $130 million in sales for shows from Thursday through Sunday.

Roughly $92.8 million of the worldwide total came from the United States and Canada, AMC said, below the $95 million-plus predicted on Sunday.

The Eras Tour still holds the record for the highest-grossing concert film in history. The previous record-holder, Justin Bieber’s 2011 film Never Say Never, collected $99 million worldwide over its entire run.

The turnout for Ms. Swift’s movie provided a welcome boost to cinemas facing a lackluster autumn slate after a strike by Hollywood actors prompted studios to delay titles such as Dune: Part Two. — Reuters

Docquity launches job portal for region’s healthcare professionals

DOCQUITY HOLDINGS Pte. Ltd. has launched a healthcare professionals (HCPs) job portal for Southeast Asia that extends its reach in the Philippines.

“Responding to the career progression requirements of HCPs on our platform, we launched Docquity Jobs as a critical extension of our purpose and business, offering HCPs a dedicated space to connect with potential employers seamlessly,” Indranil Roychowdhury, Docquity chief executive officer and co-founder, said in a media release on Tuesday.

Through the platform, the company said it is expanding its reach in the Philippines and Indonesia ahead of an eventual launch in Singapore.

This platform called Docquity Jobs will enable healthcare organizations to access databases of medical talents, Docquity said, citing the need to build a database as the industry continues to grow.

The company claimed that it is also the first regional job portal solely for HCPs in Southeast Asia.

“Since launching in Malaysia in 2022, Docquity Jobs has expanded to the Philippines and Indonesia, and is now piloting in Singapore,” it said, adding that it has seen about a 30% increase per month with about 6,000 HCPs visiting the platform monthly.

“Docquity was founded with a vision to connect and empower HCPs to improve healthcare outcomes at scale. Through the years, we have continued to evolve our products and services based on our deep insights into HCP needs and challenges,” Mr. Roychowdhury said.

In its study, Docquity said that 88% of HCPs in the region are willing to explore new job opportunities.

“As traditional job platforms are not optimized for Southeast Asia’s medical professionals, Docquity created a regional portal advertising only the most relevant healthcare jobs from top employers within the industry,” it said.

Through Docquity’s platform, HCPs can search for job openings based on their location, desired job title and company type while also allowing healthcare organizations to use the platform to look for target candidates. — Ashley Erika O. Jose

Demographics is destiny: Italy looks to empower women

FREEPIK

(Part 2)

Expectedly, some demographers who are still influenced by the anti-natalist mindset of the last century that led to authoritarian leaders like Lee Kuan Yew of Singapore and Mao Zedong of China to implement population control programs don’t agree with Elon Musk’s dire predictions about “population collapse.”

Patrick Gerland of the United Nations’ Population Estimates and Projections Section commented that the world’s population is going to peak at some point in the second half of the 21st century and then plateau or gradually drop. According to Gerland, “framing this as a collapse is probably too dramatic.” He points out that the only region that will see an overall decline between 2022 and 2050 is eastern and southeastern Asia. In contrast, the population in sub-Saharan Africa will almost double, from 1.2 billion in 2022 to just under 2.1 billion in 2050. During the same period, India’s population will grow by over 250 million, increasing its lead over China as the largest nation in the world.

It is true that the word “collapse” does not refer to populations dropping precipitously over the foreseeable future. Even assuming that China’s population will drop from 1.4 billion today to 1 billion in the foreseeable future, 1 billion people are still a huge human resource and a rich source of domestic market demand. What Elon Musk is saying is that the crisis has nothing to do with the number of people itself. The problem is that if 40% of your 1 billion people are over 65, as we noted in the first article in this series, China would face a serious economic crisis with pension costs rising to untenable levels and healthcare becoming unaffordable to millions of ageing people, not to mention the absence of young workers to contribute to the pension system and to actually physically take care of their ageing parents and grandparents.

I repeat: what Elon Musk is warning the world’s leaders about is not population decline in itself but the ageing crisis that brings with it intractable economic and financial problems.

In this regard, I remember what my late sister Maria Victoria (Marvy) used to narrate about her experiences in a home for the aged put up by well-to-do Jewish families in Toronto where my sister migrated to in the 1970s. She worked as a pharmacist in that nursing home. She could never forget the image of an ageing mother who would be visited by her only child once a year — during the Christmas period. Then for the rest of the year, that poor lady — who was not wanting in terms of material comfort — would just keep on repeating mindlessly to the people around her that next Christmas she would be visited by her “loving child.”

The ageing crisis has human costs much beyond the problem of pension or social security issues. Just think of the incalculable suffering of old people feeling abandoned by their loved ones. Just imagine the moral and psychological depression of the majority of ageing people who are not lucky enough to enjoy the material comforts of that institution in which my late sister worked, in the country that today has 80,000 Filipinos supplementing its dwindling work force because of very low fertility rates.

Let us consider another case, this time in the European Union. In an article by Amy Kazmin entitled “Italy faces a ‘demographic winter,’” Italy’s demographic crisis is described as among the most acute in Europe — the result of decades of economic stagnation and political indifference to women’s aspirations. Fortunately, Italians are still generally pro-children. Surveys by Istat, the national statistics agency, found that 46% of Italians ideally want two children, while a quarter would like three or more. Yet, the country’s fertility rate — at just 1.24 babies per fertile woman — is one of the lowest in Europe. Istat is now warning of a “crisis scenario” with Italy’s population of 59 million projected to drop to 48 million — with an average age of 50 — by 2070, further straining an economy that is already struggling with one of Europe’s heaviest debt burdens.

The present Italian government is trying to make up for past lack of assistance to women who want to have babies. Prime Minister Giorgia Meloni — whose Brothers of Italy party campaigned under the motto of “God, Fatherland and Family” — is sounding the alarm. Under her leadership, she wants to reverse the trend and convince Italian women to have more babies, offering tax cuts and other incentives. Prime Minister Meloni, the first female prime minister of Italy, told a conference held in Rome recently about the demographic crisis:

“Children are the first building block for any kind of future. We have made the birth rate and the family a top priority… for the simple reason that we want Italy to have a future again.”

The Government created a Ministry for family, birth rates, and equal opportunities. It is presently headed by Eugenia Maria Roccella, a former feminist and abortion rights activist who has been recently converted to the pro-life cause. She says that women in Italy should see child rearing as a valid choice. “Maternity has been largely devalued. If I say, ‘I am a career woman,’ it’s different. There must be social gratification for those who say, ‘I am a mother.’”

Fortunately, Italy does not have a history of government population control programs. The dropping fertility rate had nothing to do with a government’s oftentimes coercive efforts to “stop at two” as in the case of Singapore during the time of Lee Kuan Yew, or the more notorious one-child policy in China during the time of Mao Zedong. As some economists and demographers observed, raising children in Italy is often seen as incompatible with being employed in paid jobs. After the baby boom that followed the end of the Second World War, deliveries declined steadily since the 1970s, as more educated women delayed motherhood to join the labor force. As described in the Financial Times article, other European countries, such as Sweden, Germany, and France, responded to the increasing desire of women to be part of the labor force by increasing state childcare, promoting flexible work and encouraging gender equality. This positive state response paid off in what the Italian economist Rinaldi called a “virtuous cycle” of more women working and raising children.

The good news is that a large percentage of Italians do aspire to have more children. It will now be a matter for the leadership shown by Prime Minister Meloni and Family Minister Roccella. With the pro-life cause being espoused by its current leaders, the Government of Italy may be able to discover ways of increasing female employment and thus follow the example of other European countries where higher female employment rates are correlated with higher fertility — which may appear counterintuitive but makes sense when one considers the difficulty of raising children on the single income of only one spouse. In fact, the Government may get some strong support from business and civil society that can also come out with more products and services that make it easier for mothers to simultaneously keep a job while attending to the needs of their children, especially during the years of infancy.

Because the desire to have children is deeply ingrained in the nature of women, as indicated by the data from Instat that a very large percentage of Italian women still desire to have two to three children, all efforts must be exerted by the entire society to make being employed compatible with having the number of children that will keep the population growing, which is an average of 2.1 children per fertile woman, very much within the aspirations of Italian women.

(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

US appeals court weighs NFT ‘counterfeiting’ in Bored Ape case

IN 2021, Bored Ape Yacht Club #8746 was one of four NFTs from Yuga Labs which were auctioned off by Christie’s. — CHRISTIES.COM

A US appeals court on Monday struggled with where to draw the line between art and counterfeiting in a trademark lawsuit against conceptual artist Ryder Ripps over his copies of Yuga Labs’ popular Bored Ape Yacht Club non-fungible tokens (NFT).

Mr. Ripps’ attorney urged a skeptical panel of judges on the 9th US Circuit Court of Appeals to rule that Yuga’s case against him should have been thrown out under California’s anti-SLAPP statute, which protects conduct “in furtherance of” free speech from frivolous lawsuits.

Yuga’s lawsuit accuses Mr. Ripps of making millions of dollars from counterfeiting its Bored Ape tokens under the pretense of satire. Mr. Ripps has defended his copies as works of appropriation art that criticize supposedly racist and anti-Semitic imagery in Yuga’s NFTs and branding.

US District Judge John Walter ruled for Yuga at a later stage of the case in April, finding that Ripps’ NFTs were “no more artistic than the sale of a counterfeit handbag.”

Mr. Ripps’ attorney Thomas Sprankling told the appeals court on Monday that the NFTs were “expressive both in and of themselves” and as “part of a broader artistic project” for Mr. Ripps, a vocal critic of Yuga.

Mr. Sprankling also cited PETA Chicken McNuggets, which “would have a very different meaning because PETA is critical of factory farming,” and a Greenpeace-branded SeaWorld as examples of similar conduct that he said would be protected by the California statute.

“Those seem to be on the other side of whatever line we’re trying to get at” than selling a “virtually indistinguishable NFT through the same marketplace,” US Circuit Judge Anthony Johnstone said.

Mr. Johnstone also questioned whether “punching Yuga Labs’ founders in the face on a TikTok video” would be protected based on Ripps’ argument.

Circuit Judge Morgan Christen also said that she was “looking for a limiting principle,” and Circuit Judge Carlos Bea questioned whether Ripps’ works communicated any criticism.

Mr. Johnstone also told Yuga’s attorney Todd Gregorian of Fenwick & West that some of the company’s allegations against Mr. Ripps, like those based on his alterations to a company logo that he accused of resembling a Nazi symbol, “seem to be a little troubling on the anti-SLAPP side.”

The case is Yuga Labs Inc v. Ripps, 9th US Circuit Court of Appeals, No. 22-56199. — Reuters

Skyrocket Studios’ unit offers customized marketing

OMNICHANNEL digital agency Skyrocket Studios PH, Inc. recently launched a subsidiary that focuses on providing customized marketing and e-commerce solutions for mid-sized and large-scale businesses. 

In a statement on Tuesday, Skyrocket Studios said its new unit TechStack.ph will cater to various business needs such as mobile measurement, marketing automation, customer data management, customer engagement, and comprehensive e-commerce solutions. 

According to Skyrocket Studios, the subsidiary was a result of partnerships with leading software as a service platforms in the marketing and e-commerce industry. Some of Skyrocket Studios’ partners are global commerce firm Shopify, payments provider Paynamics, marketing analytics platform AppsFlyer, and customer engagement platform MoEngage.

“TechStack is more than just the solutions and platforms we’ve partnered with. We share a mission to create value and growth for organizations that need marketing and e-commerce support,” Skyrocket Studios Business Development and Partnerships Head Khalil Cala said.

According to Skyrocket Studios, TechStack pioneers the marketing technology and e-commerce ecosystem in the country. It offers businesses the opportunity to “experience substantial digital growth.” 

Skyrocket Studios added that TechStack helps mid-sized and large-scale businesses to “optimize their marketing and e-commerce capabilities.”

“Utilizing the latest marketing technology and the business consultancy caliber of Skyrocket Studios, various companies can confidently expand their digital presence, forge deeper connections with their customers, achieve their business goals, and successfully elevate their brands,” Skyrocket Studios said.

“By offering a diverse range of scalable solutions, TechStack.ph caters to the unique needs of brands, companies, and industries, enabling all to harness the full potential of marketing technology and e-commerce,” it added.

Skyrocket Studios is a regional marketing agency based in Manila and Singapore. It has served over 300 clients and more than 2,000 projects. The company, which specializes in omnichannel advertising, offers solutions ranging from brand-building creative to marketing technology.

The company aims for further regional expansion by the end of the year amid a growing multinational clientele. — Revin Mikhael D. Ochave 

Gov’t fully awards reissued seven-year bonds

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it auctioned off on Tuesday as its average rate rose following an increase in US yields as consumer and producer inflation in the world’s largest economy picked up last month.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued seven-year bonds it auctioned off on Tuesday as the offer was oversubscribed, with total bids reaching P46.058 billion.

The bonds, which have a remaining life of six years and nine months, were awarded at an average rate of 6.675%, with accepted yields ranging from 6.5% to 6.74%.

The average rate of the reissued bonds was 30.5 basis points (bps) higher than the 6.37% quoted for the papers when they were last offered on Sept. 12 and 30 bps above the 6.375% coupon for the series.

The average yield was also 13.2 bps above the 6.52% quoted for the five-year paper and 15.5 bps higher than 6.543% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

“The Auction Committee fully awarded the reissued seven-year Treasury bonds at today’s auction. With a remaining term of six years and nine months, the reissued bond series 07-70 fetched an average rate of 6.675%,” the BTr said in a statement on Tuesday.

“The auction attracted P46.1 billion in total tenders, 1.5 times the P30-billion offer. With its decision, the Committee raised the full program of P30 billion, bringing the total outstanding volume for the series to P64.7 billion,” it added.

T-bond yields rose following an increase in US rates, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The higher awarded rates reflect the lingering impact of renewed inflation expectations following the uptick in US consumer and producer inflation reports last week,” a trader said in an e-mail.

On Thursday, a US Treasury auction sent bond yields higher while investors were already digesting data that showed consumer prices rose more than anticipated in September, Reuters reported.

The consumer price index rose 0.4% in September, keeping the annual rate at 3.7%, the same as in August, while economists polled by Reuters had forecast it would gain 0.3% on the month and 3.6% year on year.

Data on Wednesday had shown US producer prices increased more than expected in September amid higher costs for energy products and food.

US benchmark 10-year yields rose after the inflation data and climbed further to hit a session high after the auction.

On Tuesday, the benchmark 10-year US Treasury yields edged up to 4.6872%, following a more than 8-basis-point decline on Friday amid demand for the safety of bonds.

Hawkish signals from the Bangko Sentral ng Pilipinas (BSP) continued to push local yields up, Mr. Ricafort added.

The central bank is open to raising its policy rate by 25 bps during their meeting next month after inflation picked up for a second month in a row in September, BSP Governor Eli M. Remolona, Jr. said last week.

Mr. Remolona said he “would not rule out” a 25-bp increase at the Monetary Board’s Nov. 16 meeting, adding there is still room for monetary tightening as the economy remains strong.

The Monetary Board has kept the policy rate at a near 16-year high of 6.25% at its last four meetings. It raised borrowing costs by 425 bps from May 2022 to March 2023 to help bring down inflation.

Headline inflation quickened for a second straight month to 6.1% in September from 5.3% in August. This brought the nine-month inflation average to 6.6%, still higher than the BSP’s 5.8% forecast and 2-4% target for the year.

The BTr wants to raise P150 billion from the domestic market this month or P60 billion via Treasury bills and P90 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — AMCS with Reuters

Logistics startup adapts to EV wave in Philippines

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By Miguel Hanz L. Antivola, Reporter

THE logistics landscape is rapidly evolving, with sustainability and eco-friendly solutions becoming paramount, according to an industry player.

Amid this shift, entrepreneur Dennis O. Ng, who had already marked his presence by establishing an on-demand delivery and logistics services business, sought further avenues for growth.

Late 2021 marked a shift for Mober Technology Pte., Inc., Mr. Ng’s six-year-strong startup at that time, when he was tapped and challenged to provide electric vehicles (EVs) for a foreign client’s delivery.

It became inevitable for the company to pioneer a new submarket and re-fleet toward EVs as the demand for green logistics among multinational companies also started to grow, Mr. Ng, founder and chief executive officer of Mober, said in an interview with BusinessWorld.

“I was able to find two EVs at that time. That’s where we all started,” Mr. Ng said on IKEA Philippines contacting Mober to start the Scandinavian furniture chain’s EV delivery.

Georg Platzer, IKEA Philippines store manager, reached out to Mober in May 2017 after seeing the company at an event by the Philippine Retailers Association, Mr. Ng said.

Starting with just two, Mober later doubled down on EV operations by continuously expanding its fleet, which now consists of 60 EV vans and trucks, Mr. Ng noted.

“Multinational companies are really gearing toward transitioning to EVs because they have a corporate mandate that they need to be net zero by 2030, 2040, or 2050,” he said on servicing Nestlé, Unilever, SM Appliance, Nespresso, and IKEA Philippines.

Chinese automotive group Dongfeng Motors launched in the Philippines on Monday, following a partnership with Legado Motors, Inc. to distribute EVs in the country.

The country needs to reduce its greenhouse gas emissions by 75% by 2030, Philippine President Ferdinand R. Marcos, Jr. said during the launch event.

Mr. Marcos in January issued an order temporarily lifting tariff rates on certain electric vehicles such as passenger cars, buses, minibuses, vans, trucks, motorcycles, tricycles, scooters and bicycles for a five-year period.

He also cut tariffs on certain EV parts and components to 1% from 3%.

Terry L. Ridon, convenor of InfrawatchPH, said the main challenge now of lobbying for EV is encouraging US, European, and Chinese EV manufacturers to set up manufacturing hubs in the Philippines to serve the Asia-Pacific market, BusinessWorld reported in May.

According to the Energy department’s roadmap for the EV industry, the Philippines aims to electrify 10% of its total fleet across all sectors by 2040.

ACQUISITION, OPERATION
Mr. Ng noted that customer benefits gained from a shift to EV delivery include zero carbon emissions.

“The current EV now is still two times more expensive than a vehicle with an internal combustion engine that uses gas or diesel,” he said on a diesel-run delivery van worth P800,000 being equivalent to P1.9M if electric.

“There’s a big difference in acquisition cost. There’s an upfront cost,” he said. “However, on the operations and maintenance, it’s very cheap.”

Mr. Ng said that the company only spent P3,000 for the maintenance of one EV.

“Hopefully, enterprises will realize sustainability has a cost also,” he added on contributing to the decrease of carbon emissions.

CHALLENGES
Mr. Ng noted that the biggest challenge he encounters now in terms of pushing the EV logistics market is the lack of commercial banks willing to finance commercial EVs.

“We’re talking to the Development Bank of the Philippines and the Land Bank of the Philippines now. We have an application with them,” Mr. Ng said.

While Mr. Ng is thankful for government regulations granting traffic leniency for Mober’s EV vans and trucks, he said that the biggest support the company gets is coding exemption.

“We can travel seven days a week. That one day extra revenue for us is quite significant,” he said.

“I’m still lobbying with the government if they can also remove the truck ban,” he added, citing that traffic enforcement of local government units fine the company’s six-wheeler EVs a one-day pass worth P600.

“The load of our EV is a lot lighter than a diesel six-wheeler,” he said. “There is also no noise and air pollution.”

“I hope LGUs and their special operating units can understand and help us be exempted.”

OUTLOOK
Mr. Ng has plans on building charging points in Cavite and Bulacan, aiming to electrify the 1,000-kilometer logistic route from Manila to Tacloban and further overcome range anxiety, he said.

“Logistics or commercial EV will come first before personal,” he noted on the future of EV in the country.

“I hope that our government also has the same mindset as China, US, and Europe, whose governments started funding and building charging stations first before they encourage us Filipinos to buy an EV.”

In terms of increased adoption of green logistics, he said that the Philippines is catching up, amid faster strides from countries in the region.

“I think Thailand is a little bit faster than us, but we’re there,” he said. “Thailand has the supply chain for the automotive industry since most of the Chinese manufacturers are going there.”

“I am hoping that the government can give us more concessions and exemptions.”

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