Taiwan is not just Taipei (though it is not a bad place to start a visit)

March 6, 2025 | 12:03 am

For the record, there is more to Taiwan than Taipei.

The Taiwan Tourism Administration (TTA) wants international visitors, including Filipinos, to explore cities beyond Taipei to experience the country’s culture, history, nature, and cuisine in a showcase of Taiwan’s charm.

“We want to see more Filipino visitors to Taiwan in addition to a higher percentage of repeat visitors,” the TTA said in an email interview.

Taiwan’s tourism brand, Waves of Wonder, was launched in May 2024 to promote the scenic spots around the country. Its logo mimics the contours of mountains, ocean waves, winding roads, and historical railways, highlighting that the self-ruled island has plenty to offer aside from the bustling city of Taipei.

With this branding, the TTA aims to invite visitors to their country to “enjoy the mountains, embrace the sea, and explore the island.”

BusinessWorld, together with six representatives of the Philippine media, visited Taiwan from February 11 to 16 at the behest of the TTA for a familiarization trip around Taoyuan City, Miaoli County, and Hsinchu County to see and experience the “Waves of Wonder” the country has to offer.

Historical and cultural spots

The Lost Army Story House | Photo by Almira Louise S. Martinez, BusinessWorld

The Filipino press group went to the “Lost Army” museum in Zhongzheng New Village, Taoyuan City, opened in 2022 by Simon Wang, one of the soldiers who fought in the Chinese Civil War.

“They don’t know about these people, these soldiers that died in the battle, they sacrificed their lives, and no one [remembers],” Mr. Wang told reporters.

Historical materials such as old documents, fake guns, uniforms, grenades, and even “mission cards” that reveal a message once heated are displayed inside.

Along with the war memorabilia, the museum has different areas narrating the trauma experienced by soldiers, how soldiers used opium during the war, and other traditional clothing.

Mr. Wang said that he wanted to establish a story house to commemorate, remember, and let the people know about his fellow soldiers in the Lost Army.

Almost an hour from Taoyuan City lies Jinliangxing Brick Factory, another valuable place in Miaoli County that holds a significant part in the history and culture of Taiwan, particularly in its architecture and construction.

Jinliangxing Brick Factory | Photo by Almira Louise S. Martinez

Before concrete became widely used globally, Taiwan built houses and structures with red bricks. The bricks manufactured by Jinliangxing have made 100-year-old churches and other establishments, Sem Yie, owner of the brick factory, said.

With the lowering demands as time passed, the factory opened a small museum showcasing the history of bricks and carved artworks. Mr. Yie said by doing so, he hopes to preserve the history and culture of traditional Taiwanese architecture.

Tours exploring the interior and exterior of an old kiln are also open to visitors.

“I am trying to introduce this bricks culture to the new generation,” Mr. Yie said.

Longteng Bridge is one of the notable structures made from Jinliangxing bricks. Although it got damaged by the deadly 1935 Shinchiku-Taichū earthquake, its foundation stood still and is now a tourist spot in Miaoli County.

Old Mountain Rail Bike | Photo by Almira Louise S. Martinez

Through Taiwan’s first mountain-town rail biking system, the Old Mountain Line Rail Bike, tourists can see the remains of the historical bridge while driving an electric bike on a century-old railway.

Visual displays and colorful lights lit up the tunnels the electric bike will pass through, making the experience more unique.

Connecting with nature

For vacationers seeking nature trips, Taiwan is one of the best places to visit. Surrounded by waters and mountainous terrain, breathtaking nature-filled spots are endless.

Located in Fuxing District in Taoyuan City, Xiaowulai Skywalk offers fresh air and scenic views of the mountains, forest, and falls.

Xiaowulai Skywalk | Photo by Almira Louise S. Martinez

Although it was raining when the media group visited the area, the beauty and serenity of the place still shined through. A glass platform view deck overlooking Xiao Wulai waterfall allows visitors to feel like they are “walking on clouds”, hence the name skywalk.

Apart from the skywalk, vibrant cherry blossom trees can be spotted around the area from late January to mid-April. This enhances its visual appeal, making it look like a mini-Japan.

Leofoo Resort | photo by Almira Louise S. Martinez

Animals are also well-loved in Taiwan. In fact, Leofoo Resort Guanshi in Hsinchu County is Asia’s first resort with herbivorous animals and natural ecology incorporated into its design inspirations.

Capybaras, flamingos, and meerkats can be seen through the big windows inside the 161 rooms available in the hotel, allowing vacationers to have a close-up look at the adorable animals.

If this is not enough, Leofoo Village Theme Park also offers an African safari experience where visitors can ride a bus driving around different habitats of wild animals such as white tigers and lions.

Flavors of Taiwan

Visiting places is not the only way to learn more about a country. A traveler’s stomach must be full, together with his eyes and mind.

After exploring the countryside, the media group had the opportunity to indulge in one of the staples in Taiwanese cuisine – authentic beef rice noodles, from different local restaurants like Jin Bang Noodles Shop in Sanyi Township, Bebu Chun Jiao Noodles near Beipu Old Street, and Duan Chunzhen Beef Noodles in Hsinchu County.

A distinct flavor evident in their staples, like beef noodle soup, is the five-spice powder. The five-spice powder is composed of star anise, cloves, Chinese cinnamon, Sichuan pepper, and fennel seeds.

Unlike the typical Filipino cuisine bursting with bold and rich flavors, beef rice noodles in Taiwan tasted light yet filling. The thick rice noodles complement the subtle flavors of the soup paired with the tender beef.

If one wants to be more adventurous, exploring Beipu Old Street is an easy fix for anyone who likes to expand their taste palette. Ranging from dried fruits to the popular stinky tofu, this street in Hsinchu County is the answer to all the foodie travelers.

While exploring the island, it further highlighted a few similarities with the Filipino culture and history – from closely knit families and being colonized to ‘Popiah’ or Lumpia, it is like a “home” away from home.

Last year, the Philippines became Taiwan’s fifth largest source of inbound tourists. The once-known ‘Heart of Asia’ has exceeded far beyond just a neighbor; it has captured and found a place close to the hearts of Filipinos.

Banks likely to continue posting record incomes

March 6, 2025 | 12:03 am

PHILIPPINE BANKS may continue to post record-high net incomes this year as robust economic growth is expected to spur lending.

“We expect another record year for banks given the accelerating domestic economy, loan growth pickup and robust expansive balance sheets of the corporate sector,” First Metro Investment Corp. Head of Research Cristina S. Ulang said.

“Banks’ earnings in 2024-2025 are likely to remain robust and could approach or surpass record levels… With consumer and business confidence improving post-pandemic, loan growth has accelerated, particularly in key seg-ments like retail and corporate lending,” Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said.

Borrowing costs will remain elevated compared to pre-pandemic levels even with the Bangko Sentral ng Pilipinas (BSP) expected to continue its easing cycle, he said. “This, combined with prudent cost-of-funding strategies, supports higher net income margins.”

“Meanwhile, fee-based income streams, such as credit card fees, transaction fees, and income from wealth management, continue to grow due to increased economic activity and digital banking adoption,” Mr. Rivera added.

“Banks are poised for another solid year in 2024 and moving forward to 2025, with a high likelihood of record net incomes if the economy maintains its growth momentum and external risks remain manageable. However, sus-tained performance will depend on effective credit risk management and adaptation to a dynamic macroeconomic environment.”

The Philippine banking system’s combined net profit increased by 9.76% to P391.28 billion in 2024 from P356.49 billion in 2023, latest BSP data showed.

Several listed banks have reported that they booked all-time high net incomes in 2024, including Metropolitan Bank & Trust Co., Bank of the Philippine Islands, China Banking Corp., Security Bank Corp., and East West Banking Corp., driven by higher net interest earnings amid the elevated rate environment.

The BSP last year cut benchmark interest rates by a total of 75 basis points (bps) via three consecutive 25-bp reductions since it began its easing cycle in August, bringing the policy rate to 5.75%.

The Monetary Board, in its first meeting for 2025 held on Feb. 13, kept borrowing costs unchanged in a “prudent” move.

BSP Governor Eli M. Remolona, Jr. said uncertainty over the trade policy of US President Donald J. Trump and its potential impact on the Philippines led to the decision to keep rates unchanged for now.

Still, the BSP continues to be in an easing cycle, with the pause letting the central bank hedge itself against the risk of policy reversal, he said.

Mr. Remolona added that the central bank will likely continue reducing interest rates by 25 bps at a time, with 50 bps in cuts still on the table this year.

MARGINS
Mr. Rivera said the expected rate cuts could have mixed effects on Philippine banks, depending on their impact on loan demand, asset quality, and funding costs.

“A 50-bp rate cut will likely be neutral to slightly negative for banks’ margins but supportive of loan demand in consumer and corporate segments. The impact on nonperforming loans (NPL) will depend on how the broader economy responds. If rate cuts successfully spur growth, credit risks could remain manageable,” he said.

“Large firms may take advantage of lower borrowing costs for expansion or refinancing, but their appetite will also depend on business confidence and economic conditions. If uncertainty remains high, demand may be lukewarm,” Mr. Rivera added. “Rate cuts generally support retail loans (auto, housing, personal loans), but household debt levels and inflation will determine how much of this demand materializes.”

Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said that while further monetary easing may compress banks’ margins, it could also boost loan demand, especially from consumers and small and me-dium enterprises.

“Large banks with strong CASA (current and savings account) ratios can better defend margins, while smaller banks may face pressure. NPL risks remain, especially in unsecured consumer credit,” he said.

Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas said lower interest rates may help stabilize banks’ NPLs as it could ease the cost of doing business.

“Hopefully, with the cost of doing business improving and inflation stabilizing, consumption recovery will materialize, thus improving consumer and business sentiment and loan uptake,” Mr. Ravelas added.

Ms. Ulang added that lower interest rates will be positive for banks’ funding costs and can boost their profitability.

“Rates are not going to stay higher for longer… The cost of borrowing will ease and borrowers’ ability to pay will even be better as economic growth accelerates this year.” — Aaron Michael C. Sy

Megawide Construction Corp. to conduct Special Stockholders’ Meeting via remote communication on March 27

March 6, 2025 | 12:03 am

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John Paul Ang named director of Ginebra San Miguel

March 6, 2025 | 12:02 am

John-Paul-Ang-[philippine-star-file-photo] — Philippine star file photo

LISTED LIQUOR MANUFACTURER Ginebra San Miguel, Inc. (GSMI) has appointed John Paul L. Ang as director.

Mr. Ang, the eldest son of tycoon Ramon S. Ang, was elected to fill the vacancy left by Francisco S. Alejo III, whose resignation took effect on Jan. 31, GSMI said in a regulatory filing on Wednesday.

Mr. Ang is the president, chief operating officer, and director of diversified conglomerate San Miguel Corp. (SMC).

He holds directorships in other listed companies, namely Petron Corp., San Miguel Food and Beverage, Inc., and Top Frontier Investment Holdings, Inc.

Mr. Ang is the president and chief executive officer of Eagle Cement Corp., San Miguel Food and Beverage, Inc., Southern Concrete Industries, Inc., and South Western Cement Corp.

He is also the president of San Miguel Equity Investments, Inc. and the vice chairman of San Miguel Global Power Holdings Corp.

Additionally, he serves as a director in several companies, including SMC SLEX Inc., Aerofuel Storage Management Inc., Argonbay Construction Co., Inc., San Miguel Aerocity Inc., and KB Space Holdings, Inc., among others.

Mr. Ang holds a Bachelor of Arts degree in interdisciplinary studies from Ateneo de Manila University.

On Wednesday, GSMI shares fell by 0.20% or 60 centavos to P299 apiece, while SMC shares were unchanged at P83.50 each. — Revin Mikhael D. Ochave

Controlling the narrative

March 6, 2025 | 12:02 am

he Presidential Communications Office (PCO) has proposed the creation of a regulatory body to monitor fake news and identify troll farms. Meanwhile, in the House of Representatives, House Bill No. 1177 seeks to impose a 12-year jail term and a P2-million fine for operators of online troll farms. At the same time, a House committee is pushing for the registration of all social media accounts.

The House also wants to establish a regulatory body — a task force — to investigate and prosecute troll farms. Additionally, social media companies that fail to remove deceptive content would face fines, while whis-tleblowers exposing troll farm activities would receive protection. These measures aim to curb disinformation, particularly online.

The spread of misinformation is a legitimate concern that needs to be addressed both locally and globally. However, measures to combat disinformation proposed thus far risk government overreach and raise serious concerns about their implications on constitutional freedoms, free speech, and democracy.

History has shown that when governments attempt to regulate the flow of information, the line between moderation and censorship often becomes dangerously thin. Even well-intentioned policies can quickly transform into tools for suppressing dissent and controlling narratives. If given a choice, I would rather risk disinformation than institutionalize censorship.

In a democratic society, free speech must be protected, even when it includes criticism of the government and other powerful sectors. The challenge lies in distinguishing between disinformation and legitimate discourse. Frankly, a government regulatory body may not be the best entity to make that distinction.

There are no guarantees that a regulatory body tasked with monitoring social media — or traditional media, for that matter — could or would remain impartial. The subjectivity of defining “fake news” opens the door to potential abuse, particularly in a political climate where disinformation laws can be weaponized to silence opposition.

A look back at Martial Law (1972-1986) reveals troubling similarities to modern regulatory proposals. During that period, government agencies were used to control media, suppress dissent, and manipulate public discourse. The Media Advisory Council (MAC), created through Presidential Decree No. 191, required mass media entities to obtain a Certificate of Authority to Operate. In effect, it also functioned as a censorship board in the early years of Martial Law, determining what media could be published.

The proposed social media regulatory body could serve a similar function today. Moreover, what would stop the government from extending its power to traditional media as well?

Disinformation is not limited to social media, and a few high-profile cases involving print or broadcast media could justify further regulation.

During the Martial Law years, journalists were also required to register as media practitioners and obtain Press and Media IDs from a government office. This is reminiscent of today’s proposal for mandatory social media account registration, which raises concerns about mass surveillance.

It is thus alarming that a House committee is proposing a law on mandatory social media registration, akin to the SIM Registration Act. While the goal may be to hold users accountable and curb anonymous trolling, such measures pose serious privacy risks.

Requiring users to disclose their identities could lead to increased government surveillance, data breaches, and potential harassment of individuals engaging in critical discourse. Furthermore, anonymity is sometimes necessary for whistleblowers, journalists, and activists who expose corruption and human rights abuses. Stripping online anonymity under the guise of combating disinformation could have chilling effects on press freedom and civic engagement.

Moreover, the Philippines already has existing legal mechanisms to combat disinformation and hold malicious actors accountable. The Revised Penal Code covers libel and slander, while the Cybercrime Prevention Act of 2012 includes provisions on cyber libel. These laws allow individuals, including government officials, to seek legal remedies if they are defamed or harmed by false information online.

Additionally, the Data Privacy Act protects citizens from data breaches and unauthorized access to personal information, which are often tools used in disinformation campaigns. Furthermore, social media platforms have their own community standards and mechanisms for flagging, reporting, and removing harmful content. Strengthening the enforcement of these existing laws, rather than creating a new regulatory body, would be a more effective and less intrusive solution.

Malaysia’s experience with its Anti-Fake News Act, enacted in 2018 and repealed in 2019, serves as a cautionary tale. The law criminalized the creation or dissemination of “fake news,” imposing penalties of up to six years in prison and hefty fines. However, its broad definition allowed the government to target political opponents and suppress unfavorable reporting.

Similarly, Singapore’s Protection from Online Falsehoods and Manipulation Act (POFMA) granted government ministers the authority to determine falsehoods and order corrections or removals of online content. Critics ar-gue that the law has been used to suppress dissent and target government critics.

Germany’s Network Enforcement Act (NetzDG) requires social media companies to remove illegal content swiftly or face substantial fines. While the law has reduced hate speech, critics say it encourages over-censorship, as companies remove content preemptively to avoid penalties.

In Russia, recent laws impose severe penalties for spreading “false information” about the military, including fines and imprisonment of up to 15 years. These laws have reportedly been used to crack down on independent journalism and silence critics of Russia’s actions in Ukraine.

Tunisia’s Decree 54 criminalizes the spread of “fake news” deemed harmful to public safety or national defense, carrying penalties of up to five years in prison. Critics argue that the decree is being used to suppress free expression and target political opponents.

These examples highlight the fine line between combating misinformation and infringing on fundamental freedoms. While governments justify such regulations as necessary for public order and national security, they can become tools for suppressing dissent and controlling political narratives. I believe that any regulatory body here for social or traditional media could be weaponized in similar ways.

Instead of heavy-handed regulation, I think a more sustainable approach to countering fake news is education. The government should invest in nationwide media literacy programs to equip citizens with critical thinking skills to dis-cern credible information from falsehoods. While this is easier said than done, it is not impossible.

Finland, often cited as a model for countering disinformation, has integrated media literacy into its school curriculum, teaching students how to fact-check and analyze sources. The Philippines can follow suit by introducing similar programs in schools and promoting responsible digital citizenship in every way possible.

Instead of creating a regulatory body for social media, the government should instead work closer with platforms to improve content moderation policies, enhance transparency in political advertising, and encourage self-regulation. Collaborative approaches, such as independent fact-checking partnerships, algorithmic transparency, and user empowerment tools, are more effective in tackling disinformation while preserving free speech.

The dangers of government overreach, coupled with existing legal remedies and the proven effectiveness of media literacy, make compelling the case against a regulatory body for social media. While combating disinformation is crucial, the proposed measures risk infringing on fundamental freedoms and setting a dangerous precedent for state control over online discourse.

Rather than hastily implementing proposed measures, the government must conduct thorough studies, consult stakeholders — including journalists, legal experts, and civil society groups — and explore less invasive alternatives. The fight against fake news should not compromise the very democratic values it seeks to protect.

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

PHL nonlife insurers’ premiums may rise 10-15% this year as catastrophes push up firms’ reinsurance costs

March 6, 2025 | 12:02 am

PHILIPPINE NONLIFE insurers could increase their general minimum premium rates by 10% to 15% this year as natural catastrophes have affected the reinsurance market, resulting in losses, an industry group said.

“Sometimes, we really have to adjust because as it is, it’s hard to write losses. It’s not sustainable if insurers will continue to price at the same level even though your cost of reinsurance is already very high,” Malayan Insurance Co., Inc. Chief Operating Officer and Philippine Insurers and Reinsurers Association (PIRA) Trustee Eden R. Tesoro said at a press briefing on Wednesday.

PIRA Executive Director Michael L. Rellosa said the group has to inform the Insurance Commission (IC) that premiums will increase.

“We can’t just increase our prices. It has to be approved by the regulators. And even if you can, of course, you have to balance with the market conditions,” he said.

Based on seasonal renewals of reinsurance programs, which are usually in December, April, and July, PIRA could notify the IC about a rise in premium prices by next month, Mr. Rellosa added.

Ms. Tesoro said premiums will likely continue to increase in the next few years but with “little dips,” depending on each company’s portfolio and risks.

“Some companies are motor heavy, some companies are fire heavy, and some companies are the same. But what I can see is that perhaps the pricing will stay with small dips, generally speaking. Again, that may or may not be true for specific clients,” she said.

“One of the reasons why we have to be cautiously hopeful is because of climate change, and while we say that even if globally the prices of reinsurance seem to plateau, ultimately it comes down to each particular company’s portfolio and how exposed you are. So, reinsurers will look at that,” Ms. Tesoro added.

Meanwhile, investments of nonlife insurers could also be affected by US President Donald J. Trump’s administration’s trade policies, she said.

Mr. Rellosa said this could also contribute to higher premium rates.

“It’s going to affect trade, and if it affects trade, obviously, it’s going to affect the economy. Anything that affects the economy, we feel in the insurance industry. Either we insure less goods or [increase] the cost. For example, prepar-ing stuff locally would be more expensive because we import all this stuff. So, an increase in tariffs should also increase prices,” he said.

The combined net premiums written of nonlife insurers grew by 10.49% year on year to P71.84 billion in 2024, latest IC data based on submissions of 55 out of 59 licensed firms showed. — Aaron Michael C. Sy

Mobile app users in PHL more vulnerable to malware

March 6, 2025 | 12:02 am

By Beatriz Marie D. Cruz, Reporter

FILIPINO mobile application users experience malware attacks more often than the global average, with brands needing to work double time to increase their safeguards against fraud as attacks become more advanced, according to mobile app security company Appdome.

The average infection rate of malware on Philippine mobile devices is at 16%, higher than the global average of 9%, Appdome Co-Creator and CEO Tom Tovar said in an interview with BusinessWorld.

“I think that’s in part due to the mobile-first nature of the Filipino market. Filipinos tend to lean into technology very quickly,” Mr. Tovar said.

Filipinos use an average of 11 mobile applications per day, higher than the global average of six apps and the US average of five, he said. A recent report by consumer intelligence firm Meltwater and creative agency We Are So-cial also showed that Filipinos spend an average of eight hours and 52 minutes daily on the internet, ranking third worldwide.

“You’re more likely to [attract] more opportunities for a malware maker to get something on your device if you’re downloading more apps.”

Mr. Tovar said 60% of the malware that infected Philippine mobile devices were spyware attacks, or those that log users’ keystrokes, clicks, and logins. Around 30% were harvesters, or attacks that steal usernames, passwords, and credit card information, while the remaining 10% were banking and payment trojans, which compromise transactions.

Filipino mobile users are now more concerned about attackers stealing their personal information, money, and other sensitive data, he said.

“If you look at the consumer sentiment, Filipino consumers care very much about data security and data privacy, but they care a lot more about protection from frauds, scams, account takeovers, and things that would take their money and identity.”

Around 88% of Filipinos said they favor preemptive anti-fraud measures when transacting through apps over reimbursement, Appdome data showed.

However, firms are “too slow” to keep up with the increasing sophistication of malware attacks, Mr. Tovar said.

“I think they’re outgunned and outclassed. They’re focused on data protection and compliance, which is great, but it’s not where the main attack surface is. The main attack surface is in fraud, scams, in malware, and in AI (artificial intelligence) deepfakes.”

AI has also increased the proliferation of polymorphic attacks, or those that can dynamically adjust to evade detection, he said.

“In the old world, you’ll get a trojan or malware installed on a device, and whatever it does, it does,” Mr. Tovar said. “But these days, with AI agents, they have the ability to shape shift in the middle of the process.”

New mobile app launches are expected to nearly double every year due to AI and cybersecurity teams will need to keep up to ensure the safety of their users, he said.

“They need to put AI at every single step in the defense lifecycle or they’re just going to be outrun by everybody else.”

Restaurant Review

March 6, 2025 | 12:02 am

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Bistrot Le Coucou: begrudgingly delicious

By Joseph L. Garcia, Senior Reporter

WE’RE NOT placed so high up in the world to immediately take expensive things at face value: we’re not too shy to dunk on an expensive restaurant now and then. We were very, very prepared to dunk on Bistrot Le Coucou, the latest offering from the Nikkei Group, but as we sipped on their excellent martini and munched on their steak during their Feb. 12 opening, we were begrudgingly sold.

A popular legend since dismissed by linguists was that during the Battle of Paris in 1814, Russian occupiers shouted “Bistro!” (“quickly,” in a Russian transliteration) to their waiters. Other linguists say it derives from an old term for “innkeeper.” “Coucou,” meanwhile, is an informal greeting in French. All these elements together might translate to an informal experience, but Bistrot Le Coucou had waiters waiting behind us, white tablecloths, and very chic interiors with stone, wood, and white brick.

The Pomme Frites (fries) cost P350, and when it arrived at our table, it was about a handful of thick fries with a sprinkling of cheese and caviar. It looked like a caricature of rich-people food, but as we chewed, we be-grudgingly admitted that the high-low mix of caviar and fries should be a norm in the restaurant world. We liked it a lot.

The next course, a Melted Cheese (Beillevaire, according to the menu) was served with figs, caramelized shallots, and roasted cashews, cost P1,450. With some satisfaction, we noted that it could be done better. We found the Steak Tartare tangy, and ate it atop fried spinach leaves. Our reverse snobbery failed when we tried the melted cheese on top of the fried spinach leaves. Foiled again! The sweetish, creamy cheese was a great contrast to the crispy spinach.

The Escargot (snails) was irritatingly affordable at P550, and good, too. It was awake in its freshness, with a bit of a grassy note from the excellent butter sauce. We’re also quite impressed that the bread they served al-most matched the bread we had in Paris.

We were excited for the steak: The one-kilogram Entrecôte and Frites, a ribeye caramelized in butter and topped with roasted garlic and their version of the butter-based Café de Paris sauce. The ribeye was not as yielding to our knife (it’s not supposed to be; and look at us, suddenly too fancy to cut more than once). Otherwise, it was begrudgingly good and excellently rich. Will it beat the steak from other Manila steakhouses? Probably not — but it can look them in the face.

The Nikkei Group, with restaurants like Nikkei (Japanese-Peruvian), Alma, Big Belly (burgers), and Sala and Terraza Martinez (these Spanish restaurants are fast gaining a reputation as some of the city’s best), have an anointment of cool upon them, thanks to the chic crowd going in and out of them, not to mention their stamp on some of the country’s prime real estate. Chief Executive Officer and co-founder Carlo Lorenzana saw a gap in the number of French restaurants in the country, and decided to do one with classic Parisian dishes after vetoing a New York-style one. He said, “We want a good, cool dining experience, but not lose ourselves too much in trying too hard to be cool.”

We left the restaurant thinking we were a bit cooler: the food was great (albeit expensive — but one pays the price for cool, besides, a ticket to Paris is still more expensive), and the table of famous people near ours didn’t hurt either.

Bistrot Le Coucou is at the 2/F View Deck, One Bonifacio High Street Mall, PSE Tower, BGC, Taguig. Currently on soft opening, it is open for lunch from 11:30 a.m. until 3 p.m.; then for dinner from 5 to 10 p.m. from Sunday to Thursday, and until 11 p.m. on Fridays and Saturdays.

SLI says Sta. Monica Lake Residences to reflect Manaoag’s religious heritage

March 6, 2025 | 12:01 am

LISTED PROPERTY DEVELOPER Sta. Lucia Land, Inc. (SLI) said its Sta. Monica Lake Residences project in Pangasinan will have a Spanish-Mediterranean design reflecting Manaoag’s religious heritage.

“Set to be the first lake community in Manaoag, Pangasinan, Sta. Monica Lake Residences is one of the latest flagship projects of Sta. Lucia Land in North Luzon,” SLI said in an e-mail statement on March 3.

Manaoag is known as the Pilgrimage Center of the North and has a rich religious heritage and historical background.

The project will feature a man-made lake with a lighthouse.

The lake property will include a clubhouse with a swimming pool and open spaces for recreational activities.

“Our lineup of lake properties is a prominent highlight of our portfolio. With Sta. Monica, our aim is to offer an innovative neighborhood that harnesses the wellness of nature, provides the opportunities of a superior invest-ment, and embraces the identity of Manaoag as a vibrant municipality,” SLI President and Chief Executive Officer Exequiel D. Robles said.

Sta. Lucia Land has developed several projects in Pangasinan, including Centro Verde Bayambang in Bayambang and Almeria Verde in Dagupan City. The company has over seven projects in the province.

“We have projects in the cities of Dagupan and Urdaneta and, more recently, in Bayambang and Binmaley. As we enter the Manaoag market, we look forward to engaging a wider audience to address their ideals and bring them closer to their dream home,” Mr. Robles said. — Beatriz Marie D. Cruz

Kenneth Cobonpue goes into the restaurant biz with Fable

March 6, 2025 | 12:01 am

Fable Cafe + Lounge (1) — Fable Cafe + Lounge

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KENNETH COBONPUE has an enviable client list, with celebrities both local and international, a sprinkling of businesspeople, and royalty. Now you can join that list, not with his furniture, but with a meal.

On Feb. 19, Mr. Cobonpue opened his new space at the Grand Hyatt in BGC, Taguig, moving his showroom there from Greenbelt, Makati. The new space holds three ventures: his furniture showroom, artist Ronald Ventura’s CloudGrey Gallery, and Mr. Cobonpue’s latest offering, the Fable Café + Lounge.

The restaurant is a treat for the eyes: every bit you see is a Kenneth Cobonpue original (which you can buy down the hall).

We’d be inclined to say more about the food, but the Feb. 19 grand opening had a limited menu — but we’re all praises for the meaty and forward Lamb Tacos (P550 for three), the filling and interesting Smoked Salmon Black Arancini (P650 for five), and the delightfully tangy and shocking pink Shrimp Dumplings with Ponzu Sauce (P540). Other items include pasta, sandwiches (Mr. Cobonpue stands by their turkey club, P770), cocktails, and a dinner menu with seabass, porchetta, and short ribs (between P1,240 for the Porchetta and P2,280 for the Seabass).

“Fable was just originally a café for our customers. It was supposed to be a simple space where we serve you coffee, and hopefully, you buy something. It gradually took a life of its own,” he said in a speech at the opening.

The restaurant takes its look from the fairy tales his mother, Betty Cobonpue (herself a formidable designer in her own right), read to him at night, which he would then sketch in the morning. “I had to imagine all the creatures, fairy tales, and faraway lands that she was describing.

“Everything you see here is really my childhood,” he said. “That’s why it’s called Fable.”

“This is part of my world,” he said, pointing to one of his flower lanterns. “It’s like Alice in Wonderland. It’s like going into that rabbit hole.”

This isn’t his first foray into the restaurant world: about 15 years ago, he had Morels & Malice in Cebu, for which he did the interiors. Asked about possibly opening more restaurants, he said in an interview, “I think so,” though: “It’s something I don’t necessarily enjoy.”

Apparently, designing restaurants is tricky: “You have to manage how people flow in a space; how people move. It’s a lot to do about psychology: it’s not all about form and function.”

Still, for him, there’s a thread running through the disciplines of food and design — and the act of creation itself. “All disciplines, whether music, design, art – it’s all the same. The process of creation is not a formula, and it’s not a burst of inspiration. It’s really hard work,” he said.

“You have to take time every day to just come up with something, and force yourself to do it.” — Joseph L. Garcia

On Meralco rates and NGCP’s cost of capital

March 6, 2025 | 12:01 am

former Energy Undersecretary and now “consumer advocate” recently attacked the Manila Electric Co. (Meralco) as being “unjust and unfair… charging households more than businesses,” referring to the lower rates for commercial and industrial customers compared to those of residential customers.

Petronilo Ilagan alleged that residential customers are subsidizing businesses. He used old numbers to make his argument, saying that residential customers pay “P1.8082 per kilowatt-hour (kWh) for 1-200 kWh users, P2.1187 per kWh for 201-300 kWh, P2.4116 per kWh for 301-400 kWh, and P2.9220 per kWh for those consuming over 401 kWh.” These were June 2022 numbers.

The most recent numbers are: P1.29/kWh for those consuming 201-300 kWh per month, and P2.09/kWh for those consuming over 401 kWh. In contrast, General service B and General Power (GP) Secondary customers pay only P0.134/kWh. The GP 13.8 KV pay even lower at 5 centavos/kWh. The supply charge and metering charge are up to P12,461 per large customer per month (see table).

Mr. Ilagan, who serves as president of the National Association of Electricity Consumers for Reforms, Inc. (Nasecore) is confused. Here are four reasons why.

1. The main concern of average residential or household customers like me is not “cheap at all costs” electricity but no blackouts. Electricity should be there when I need it, when I turn on the lights or the aircon. If electricity prices go up, then I can adjust by using an electric fan instead of an aircon, or turning off one or two of the many bulbs in the house. But when there is a blackout, my choices are horrible — either endure the darkness and inconvenience or light a candle. The latter is dangerous when a fire can accidentally happen, the price is damaged properties if not death to people.

2. The rates charged by private distribution utilities (DU) like Meralco are all regulated by the Energy Regulatory Commission (ERC) and not arbitrarily set by the DU. The current distribution charge rate has been there since 2003 and was not questioned for the last 22 years.

3. Setting up electric cables, meters, monitoring, and collection is more complicated and more costly with numerous small customers like households, compared with a single big hotel or mall or university.

4. The Electric Power Industry Reform Act of 2001 (EPIRA) Section 36 prohibits big customers from subsidizing residential customers, and businesses would be discouraged from coming into an area and creating more jobs if their cost of electricity gets even higher.

This attack on big DUs, the big generation companies, to force “cheap at all costs” electricity is only political noise and optics. The result would be “cheap but not available” electricity because the necessary cost and returns to entrepreneurship would not be met, so potential power businesses will not come into an area.

NGCP’S WACC
Recently the ERC set the weighted average cost of capital (WACC) for the National Grid Corp. of the Philippines (NGCP) for the 4th regulatory period (RP, 2016-2020) at 10.71%. This is lower than the 15.07% under the 3rd RP (2011-2015, under NGCP), and 15.88% under the 2nd RP (2006-2010, when the grid was under TransCo’s management).

This low level of WACC — meaning a low transmission charge to be allowed — can be problematic in terms of infusing more capital for more big transmission projects as more power generation capacities are added, espe-cially for geographically scattered, small renewable energy projects like solar.

The NGCP shoulders the Concession Fee Payment, then the 3% franchise tax, which are now considered as not being part of the revenue building blocks, or not an expenditure item for recovery. Then there are nearly a doz-en recoveries as adjustments to the annual revenue requirement (ARR) — some dating back to the 2nd RP — which are now facing uncertainty of recovery.

The regulated sub-sectors of power transmission and distribution are problematic because each costing is subject to approval or disapproval by the ERC. As an economics writer and researcher, my approach is always to have a high but realistic growth target — like 7-8% annual GDP growth — and seeing what the inputs are — like power generation-transmission-distribution levels — that can support such high growth targets. Working backwards to identify bottlenecks, regulation should adjust, not prevail. Growth targets should prevail over regulation and bureaucratic requirements.

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Qualcomm banks on Southeast Asia’s AI boom to drive PC chip demand

March 6, 2025 | 12:01 am

PC1 — LAPTOPS powered by Qualcomm Technologies, Inc.’s AI PC chips on display at the Snapdragon X Series Southeast Asia Media Summit held in Singapore on Feb. 26, 2025 -- Photo Cdredits: Bettina V. Roc

SINGAPORE — Qualcomm Technologies, Inc. expects the rapid adoption of artificial intelligence (AI) technologies in Southeast Asia to boost demand for laptops powered by its Snapdragon X Series chips.

Qualcomm on Feb. 26 held its first-ever Snapdragon X Series Southeast Asia Media Summit here at Sentosa island to highlight their belief in the region’s potential to become a growth driver for the AI PC market.

“When you think about AI PCs and what’s happening with the overall demand, the overall demand for AI PCs is just skyrocketing. When you look at 2024, just in one year, there were more than 8 million PCs that were shipped in just the Southeast Asia region,” Qualcomm Senior Vice-President of Product Management and General Manager for Compute and Gaming Kedar Kondap said at the summit.

Mr. Kondap said they expect AI to add more than $1 trillion in value to the Southeast Asian economy by 2030, with the region’s spending on AI seen to reach $650 million by 2026, driven by the adoption of generative AI (GenAI) technologies.

“That’s a staggering number in terms of how we see disruption in the marketplace, the way we see AI PCs fueling the economy and driving use cases across every industry like we’ve never seen before… Consumers here in Southeast Asia are leading the way when it comes to adopting GenAI.”

Kedar Kondap – Qualcomm Technologies, Inc. Senior Vice President of Product Management and General Manager for Compute and Gaming Kedar Kondap speaks at the Snapdragon X Series Southeast Asia Media Summit held in Singapore on Feb. 26, 2025. — Photo Cdredits: Bettina V. Roc

Deploying AI solutions can have a positive impact on every single industry and is expected to transform the workplace, Mr. Kondap said, driving demand for on-device AI.

The Snapdragon X Series marked Qualcomm’s return to the PC chip space. It first launched the Snapdragon X Elite processor in 2023, which is for high-end machines priced at the $1,000 range. This was followed by the X Plus chip launched in 2024 that powers laptops at the $800 range.

Completing the Snapdragon X Series chips is the Snapdragon X launched in January, which is targeted for PCs priced at around $600.

“What we’d like to do with all of this is make sure unparalleled performance, incredible battery life and the exact same GenAI experiences can run across all of these platforms. We want to make sure that these platforms support every con-sumer’s needs, more so here in Southeast Asia,” Mr. Kondap said.

DEMOCRATIZING AI ACCESS

The launch of the midrange Snapdragon X chip forms part of Qualcomm’s goal to democratize AI access, especially in Southeast Asia where economies are at different stages of development and adoption of technologies, with var-ying levels of internet infrastructure, said Nitin Kumar, Qualcomm senior director for product management.

The processor delivers up to 163% faster CPU performance versus its competition at the same power and better battery efficiency for users’ on-device AI needs, he said.

Mr. Kumar said in a roundtable with Philippine tech media and influencers on the sidelines of the summit that he expects both consumers and commercial users to find use cases for AI PCs, with the entire Snapdragon X Series line of PC chips giving them options to find their “sweet spot” in terms of cost.

“Our mission is to provide that AI capability to everyone, democratize the on-device AI capability… Qualcomm has always advocated that the good AI performance should be a hybrid AI — so, things happening in the cloud and things happening on the mobile itself,” he said.

“We want to invest in the market. This event being hosted here is the key example for that. We’re launching Snapdragon X in Southeast Asia market for you, for the Philippine market as an example, to drive that message… that there is a better ex-perience out there in the PC ecosystem. We’re going to drive that performance, drive that battery life, drive that on-device AI, and we will continue to make investment in the region to make sure that there is that adoption of that message across broader set of countries, of course, including Philippines as well. So, we understand the market and we are not going to stop here.”

ST Liew, vice-president at Qualcomm and president of its business in Taiwan and Southeast Asia, likewise said at the same roundtable that they are bullish that both personal and business PC users can find the perfect fit among devices powered by their Snapdragon X Series chips.

“I’m very confident that the platforms we have introduced will address the needed interest and the needed spots in Philippines, because very soon, the different professions and the industries are going to realize that … [they] will solve a lot of problems,” Mr. Liew said.

MANUFACTURERS

At the summit, Mr. Liew moderated a fireside chat with top executives from leading Arm-based Copilot+ PC manufacturers, namely Jimmy Lin, regional director for Southeast Asia at ASUS; Paul Carter, Dell Technologies, Inc. vice-president for Client Solutions in the Asia Pacific, Japan and Greater China region; Tarun Relhan, HP, Inc. head of Advanced Computing Systems for the Greater Asia region; and Sachin Bhatia, chief marketing officer for the Greater Asia Pacific region at Lenovo Personal Computing & Smart Devices.

The panel discussion touched on how Arm-based PCs powered by Snapdragon X Series chips are driving the on-device AI boom in Southeast Asia and how they are working to accelerate user adoption in the region.

ASUS’ Mr. Lin said Southeast Asia is made up of diverse and complicated markets at different levels of economic progress, which highlights the need for user education about the benefits of on-device AI.

“I think the first thing for us is to do the education and awareness. Because in Southeast Asia, we see that we are very different countries, like in Singapore is a high income, developed country. But we also have emerging coun-tries like Indonesia and the Philippines. For the people who live there, maybe they need to spend some amount of their salaries to afford one device. So, we have to prove to them that it is worth it to buy,” he said.

“In Southeast Asia, I would say 80% of the people will buy the stuff in the stores. People love to have a touch and feel feeling inside real stores. So, channel development is also very important.”

For their part, Lenovo’s Mr. Bhatia said to serve a diversified region like Southeast Asia, technology needs to be smart, accessible, and affordable.

“When I say smart, today the users are not looking just a device experience. They are looking at the entire ecosystem experience, whether they are using mobile, whether they are using tablet… it has to be a seamless connectiv-ity and seamless ecosystem. And second, there has to be a device for every user,” he said.

HP’s Mr. Relhan said governments in the region also play a huge role in driving AI adoption. “If you really look at it, it is not a decision which the consumer is driving… I think the drive needs to come in from the government, from big enterprises, to really adopt it, let the consumer feel it, use it, and then the drive automatically comes.”

“Southeast Asia is a leading region when it comes to the adoption of new technologies. Singapore was third on the AI index globally, but we also see it in other countries — Malaysia, Thailand, the Philippines — there tends to be a leap forward in technology, from nothing to the latest right away. And we’re starting to see that with the adoption of Qualcomm architecture,” Dell’s Mr. Carter said.

“Everybody’s waiting for that one killer app. There isn’t one killer app. It’s going to be a cumulative effect of all apps. And that is what we’re seeing in both the consumer space and in the business space. It’s actually going to be the utilization of native apps. So, this region, I do believe, is going to be at the forefront of the adoption of AI PCs.” — Bettina V. Roc