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Meralco targets its fleet to be 25% EVs by 2030

PHOTO FROM MERALCO

MANILA Electric Co. (Meralco) is targeting to transition at least 25% of its fleet to electric vehicles (EVs) by the end of 2030 to comply with the government’s mandate.

“[Our goal] before the end of this decade is at least 25%, by the end of 2030, at least 25% of our fleet,” Meralco First Vice President and Chief Sustainability Officer Raymond B. Ravelo said on the sidelines of the launch of an EV charging station in Robinsons Galleria.

To make this happen, Meralco has partnered with car companies through its end-to-end EV solutions subsidiary, eSakay, Inc.

“eSakay is an integrator. So as an integrator, we work with suppliers of electric vehicles and charging infrastructure. Basically, we work closely with all of them,” Mr. Ravelo said.

According to the Electric Vehicle Industry Development Act (EVIDA), the government and private companies are required to meet a 5% quota on their vehicle fleets.

In addition to this, buildings constructed from the passage of the law must dedicate 5% of their parking slots to EVs with installed charging stations in parking lots and gasoline stations.

EVIDA also requires the creation of green routes in cities and municipalities and has pushed forward fiscal and non-fiscal incentives for EV manufacturing, importation of charging stations, and the use of EVs.

According to Mr. Ravelo, the law could mandate higher requirements to push the government’s sustainability initiative forward.

“For me, I hope it was [as high as] possible. But obviously, it has to also work not only economically [through securing the affordability of the] vehicles, but at the same time operationally,” Mr. Ravelo said.

“We need to understand the operational requirements of different institutions and if it fits their operations which I think it will, then they can deploy more [EVs],” he added.

At present, the company has reached its 2022 target of 7% to 8% of its fleet transitioning to EVs.

Power distributor Meralco has subsidiaries in engineering and consulting, construction, bills payment, and other electricity-related services.

Its controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Justine Irish D. Tabile

Robinsons Land, Meralco tie up for green initiatives

PROPERTY developer Robinsons Land Corp. (RLC) and Manila Electric Co. (Meralco) have committed to reducing carbon emissions by partnering in putting up charging stations for electric vehicles (EVs).

“Our partnership with Meralco allows us to strengthen our commitment to our sustainability strategy and introduce innovations that will have a lasting impact for our stakeholders including our customers,” RLC Executive Vice-President Faraday D. Go said during the launching event on Wednesday.

RLC launched its first EV charging hub at Robinsons Galleria which was supplied and installed by Meralco subsidiary eSakay, Inc.

The charging hub installed by the EV solutions provider can cater to various EVs including cars, bikes, scooters, and trikes at zero cost.

Three vehicles at a time may occupy the charging hub with one port allotted for four-wheeled EVs and two ports allotted for two- and three-wheeled EVs.

RLC and Meralco are set to open two more EV charging stations before the year ends at Robinsons Magnolia and Robinsons Tagaytay, with the Tagaytay hub as the first mall EV charging station outside Metro Manila.

“They are being built right now. Magnolia should be [up] in a couple of weeks and then Tagaytay will follow soon after,” Mr. Go said on the sidelines of the event.

For the port to work, customers will need to put in a peso coin to start it up, which will be good for 30 minutes of charging.

As part of its green initiatives, RLC has invested P1.6 billion in installing solar photovoltaic technology across its malls through the solar subsidiary of Meralco, MSpectrum, Inc. or Spectrum.

“Today we have 24 malls all across the country with solar power installations and we continue to do more,” RLC Senior Vice-President and General Manager Arlene G. Magtibay said.

At present, RLC has 24 malls in its portfolio that are solar powered and with five malls having Spectrum as the handler of operations and maintenance.

These malls are Robinsons Novaliches, Robinsons Angeles, Robinsons Cybergate Bacolod, Robinsons Galleria Cebu, and Robinsons Palawan Expansion.

“Solar power is both clean and renewable and we have successfully reduced our carbon footprint by going through this route,” Ms. Magtibay said.

RLC is among the country’s largest property developers. Its business segments include residences, hotels and resorts, commercial centers, industrial and integrated developments, and office buildings.

In a press release, Meralco is said to have been proactively supporting RLC such as through contract rightsizing that allowed the property developer to save as much as P2.1 million in energy costs since November last year. — Justine Irish D. Tabile

Japan’s Kyuden moves to acquire 25% PetroGreen stake

PETROENERGY Resources Corp. said on Wednesday that Kyuden International Corp. (KIC) has completed the initial closing requirements for its acquisition of a 25% stake in PetroGreen Energy Corp.

In a stock exchange disclosure, PetroEnergy said that KIC, a subsidiary of Japan’s Kyushu Electric Power Co., Inc., signed a shareholder’s agreement to acquire the PetroGreen stake.

In a separate disclosure on Wednesday, EEI Corp. said its subsidiary EEI Power Corp’s 10% interest in PetroGreen will be reduced to 7.5% upon the completion of KIC and PetroGreen’s transaction.

In September, PetroEnergy said the divestment of shares from its renewable energy arm prescribes the issuance of primary shares “in favor of KIC equal to 25% equity stake in PetroGreen upon completion of the conditions precedent.”

KIC is the overseas investment arm of Kyushu Electric, the power provider and distributor in Kyushu island in Japan. Kyushu Electric operates 18.32 gigawatts of power facilities using thermal, geothermal, hydro, and nuclear with 154,434 kilometers of high and low-voltage transmission systems. — Ashley Erika O. Jose

SEC warns public against Movie Daddy

THE Securities and Exchange Commission (SEC) advised the public not to invest in an entity called Movie Daddy as it is not a registered corporation or partnership.

According to the advisory on Wednesday, Movie Daddy claims to be a novel platform that gives extra income to those who will watch and rate movie trailers on its application.

The entity also claims that it “aims to be one of the most trusted recommendation resources for quality entertainment.”

Movie Daddy collects profiles of movie fans and uses the data to run trailer campaigns for distributors, studios, and video-on-demand services. Fans or viewers of its trailer are promised cash rewards through a model called Revshare whenever they engage with its platform.

On its website, Movie Daddy entices the public to invest in any of its subscription plans from $40 to $2,990.

Subscribers are then promised earnings of $48 up to $3,600, depending on the plan that they availed. Investors can also earn a referral bonus of 5% for every upgrade.

The SEC said that the scheme employed by Movie Daddy shows an indication of a “Ponzi Scheme” where investments from new investors are used in paying “fake profits” to prior investors.

“[It] is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors,” the SEC said.

According to the SEC, the scheme described is fraudulent, unsustainable, and cannot be registrable security with the regulator.

“In view thereof, the public is hereby advised not to invest or to stop investing in the investment scheme being offered by Movie Daddy, and its representatives,” the regulator advised. — Justine Irish D. Tabile

Globe says still country’s largest publicly listed telco

AYALA-LED Globe Telecom, Inc. said it remains the largest telecommunications company in the Philippines, with a market capitalization of P321.25 billion as of Oct. 11.

In an e-mailed statement on Wednesday, Globe said it has managed to “lead competition in terms of market capitalization at the Philippine Stock Exchange (PSE)” despite global headwinds.

“Globe is starting to reap gains as it pivots to becoming a digital solutions platform to address the day-to-day pain points of Filipinos. The way investors are valuing us is very encouraging and that we have taken the right strategy for growth,” Globe President and Chief Executive Officer Ernest L. Cu said.

Financial technology, healthcare, edutech, entertainment, adtech, e-commerce, manpower, information technology services, and investments have all been added to the group’s portfolio.

“This is in line with its enduring commitment to the United Nations Sustainable Development Goals, specifically UN SDG No. 9, which emphasizes the importance of infrastructure and innovation as significant drivers of economic growth and development,” Globe said.

Globe noted that it continues to seek new ideas and businesses ready to scale through its corporate venture company 917Ventures.

Companies under 917Ventures include Mynt, operator of e-wallet giant GCash, as well as telehealth companies KonsultaMD and HealthNow.

It also includes digital marketing solutions firm AdSpark, online grocery platform Rappit, loyalty and e-commerce solutions provider RUSH, coding bootcamp KodeGo, programmatic advertising firm DeepSea, online tutorial platform EdVenture, multi-channel messaging platform m360, and data-driven solutions provider.

The company has booked a 4% year-on-year rise in revenues to P78.9 billion in the first half of 2022, “fueled by the solid contribution of data-related products and services across mobile and corporate data, and supplemented by the performance of non-telco services,” Globe said.

“Globe has already spent P50.5 billion in the first half of this year for network upgrades to meet data requirements of its customers,” it added. — Arjay L. Balinbin

AirAsia’s super app inks deals with hotel groups

AIRASIA.COM

LOW-COST carrier AirAsia Philippines on Wednesday said the “airasia Super App” recently signed partnership deals with over 50 hotel groups from the Philippines, Malaysia, Thailand, and Indonesia.

“The massive boost of room inventories to ‘airasia hotels’ gives app users an extensive array of hotel options to choose from according to their budget via the airasia Super App, adding further convenience and value,” AirAsia said in an e-mailed statement.

The airline said the application has a daily active user database of 1.25 million who are scouring for travel deals.

“This enables airasia Super App to avail more marketing opportunities and visibility for each hotel partner while offering them extremely competitive rates,” it noted.

“As a hotel booking platform, airasia Super App offers consumers a choice of over 700,000 hotels worldwide, as well as the ability to earn and redeem airasia points,” it added.

On the app, the AirAsia group offers various products and services, including food, retail and e-commerce, same-day delivery, and ride-hailing, among others.

Tony Fernandes, chief executive officer of Capital A (AirAsia group), said: “When the travel industry was in full force, we were flying 100 million guests just on the AirAsia network alone, which translates into a valuable customer base.”

“This customer base is something that no other online travel agent (OTA) can offer aside from the airasia Super App because we are the only travel super app that also owns an airline group. With the revival of travel now and the capability of the airasia Super App’s strength as an OTA – reinforcing our hotel booking platform is crucial to capture and fulfill market demand,” he also said.

“It’s all about having a complete travel ecosystem that would create better value for our customers.” — Arjay L. Balinbin

More phishing attacks expected during holidays

PHILSTAR FILE PHOTO

By Arjay L. Balinbin, Senior Reporter

INTERNET security company Kaspersky expects more phishing attacks in the Philippines and its neighbors in Southeast Asia in the upcoming holidays, a company official said.

“Based on our recent report on phishing attacks as a whole, from January to June 2022 (12 million) the attacks exceeded Southeast Asia’s total number last year (11 million),” Jesmond Chang, Kaspersky head of corporate communications for Asia-Pacific, told BusinessWorld in an e-mail interview on Tuesday.

In its report, Kaspersky said the rise in the percentage of phishing detections in the Philippine e-commerce industry puts the country in third place among its Southeast Asian neighbors, next to Malaysia (572.48%) and Indonesia (443.33%).

Among the Philippines’ local bank customers, 8,454 phishing incidents were recorded in the second quarter, up from 4,746 detections in the first quarter, or a 78% increase within the first half of the year.

“The rise in global detections for the same period was only at 28%,” Kaspersky said.

Meanwhile, phishing attacks against payment systems in the Philippines went down by 19%.

“There were 132,125 detected phishing attempts in the first quarter among Kaspersky users in the payment system sector. Three months later, it trickled down to 105,986 incidents,” the company said.

“Hopefully, with the regulations in place and the people’ awareness, we can encourage them to have more proactive action in fighting against phishing or any cyberattacks,” Mr. Chang said. “We can do more collectively. We see this as an opportunity for the Philippines to beef up its collective efforts to achieve cyber-resiliency.”

He added that cross-border coordination, public-private partnerships, building trust partnerships, bridging the cybersecurity skills gap, capacity building, and education, among others, are “so crucial at this point if we want to advance the country’s cybersecurity readiness.”

Cocktails, K-pop and rap in a parking lot: Whisky is shedding its stodgy image

By Joseph L. Garcia, Reporter

WHAT’s a pop-up bar doing in the parking lot of a club complex?

Riding the momentum of the pop-up bar that opened in Bonifacio Global City’s High Street four months ago, Chivas Regal is building a new one over at Uptown Parade, on the parking lot of the Palace nightclub complex.

“After the success of our first pop-up we couldn’t be more excited to be back and in a great new location,” said Chivas Regal Philippines Brand Ambassador Owen Roberts.

Shaped like a Fabergé egg, it’s just as bright. Downstairs, there’s a bar, a booth for mixing your own drinks (which one can capture on video through the accompanying tripod), a DJ, and a tap that dispenses Chivas Regal highballs.

Upstairs, there are chairs where one can sit and relax and maybe pose on the Chivas Regal throne. The brand does have some royal pedigree: they were awarded a Royal Warrant in 1843 to supply whisky to Queen Victoria. In 2001, it was acquired by spirits conglomerate Pernod Ricard.

The pop-up opened on Oct. 21 and will stay there until the end of January. “Really, for me, this is like the perfect pregame spot for anyone who’s partying,” said Mr. Roberts, pointing out the club within sight.

Chivas Regal (and whisky in general) has a reputation for being the drink of choice for older people, but the brand is trying to change that. Earlier this year, the brand announced K-pop star Lisa as the brand ambassador for Asia (her pictures are displayed in the bar) and replaced its ornate metallic bottle with something simpler and red.

Mr. Roberts also noted the rap played by the DJ during the Oct. 21 opening. “It’s probably not conventional for what you would associate with Chivas with that other style in mind.”

The update also saw cocktails at the bar. “There’s a misconception that the only way you can drink a premium Scotch whisky is by drinking it neat or maybe on the rocks — but actually, it’s a very versatile drink,” said Mr. Roberts.

Of course, those who prefer their Chivas neat or on the rocks still have those options.

“Especially when you’re in the heat of Manila, you want something refreshing.”

Visitors to the Chivas pop-up can register via an app to redeem a free whisky highball and a chance to win exclusive Chivas merch. The Chivas pop-up bar will be located at Uptown Parade until the end of January 2023. Operating hours for October are Thursday–Sunday, 6 p.m.–11 p.m.

SMC Global Power sets tender offer for $400-M debt

SAN MIGUEL CORP. (SMC) has authorized its subsidiary to purchase debt amounting to $400 million in a tender offer of securities listed in Singapore.

In its disclosure on Wednesday, SMC said its unit SMC Global Power Holdings Corp. is set to conduct tender offers to its holders of the US-dollar-denominated senior perpetual capital securities.

In October 2020, the power generation arm of SMC tapped the Singapore bond market to raise up to $300 million to fund projects, which include its liquefied natural gas (LNG) terminal in Batangas.

In a press release on Oct. 21, SMC Global Power said that it would weather financial challenges following the decision of the Energy Regulatory Commission (ERC) to deny its petition for temporary relief from its fixed-rate power supply agreements with Manila Electric Co. (Meralco).

“We’re confident that we will be able to manage the company’s maturing obligations in 2023 and beyond. If necessary, there will be SMC parent support,” SMC President Ramon S. Ang said.

He assured bondholders that SMC Global Power “will continue to be fully compliant with its financial covenants at all times.”

Mr. Ang said that SMC has a sound strategy to manage its financial obligations, even if the company pursues its expansion and transition to battery energy storage and cleaner power technologies.

On Wednesday, shares in the company closed 0.46% higher at P98.45 apiece. — Ashley Erika O. Jose

Xiaomi launches entry-level phone Redmi A1 in PHL

MI.COM

XIAOMI is launching its new entry-level phone, the Redmi A1, in the Philippines this month, which will be available at a discounted price for a limited time.

The Redmi A1 will be available for just P3,999, down from its regular price of P4,499, from Oct. 29 to Nov. 13 at Xiaomi authorized stores and resellers nationwide.

After the promo period, the company will give Bluetooth speaker freebies to buyers of the phone until supplies last.

“Power-packed with a quality camera, a huge battery, a large display, and a powerful chipset, the Redmi A1 is not short on specs,” Xiaomi said in a statement.

The dual-sim Redmi A1 comes with a 6.52-inch full screen display and is available in three color options: Black, Light Green and Light Blue.

The phone has an AI dual camera at the rear with an 8-megapixel (MP) main lens and a 5MP front camera.

It is powered by a MediaTek Helio A22 processor and has 3GB of RAM and 64GB ROM, which can be expanded up to 256GB with a MicroSD card.

The Redmi A1 has a 5,000 mAh battery and comes with a 10-watt fast charger.

“On a full charge, the Redmi A1 can last up to 30 call hours, 22 hours of video playback, and 161 hours of music,” Xiaomi said. — BVR

Michelin’s stars for Istanbul are late but welcome

ACCORDING to the Michelin Guide, TURK Fatih Tutak “offers a modern and sophisticated stage for gourmets looking for typically Turkish flavors.” — GUIDE.MICHELIN.COM

By Bobby Ghosh

ANNOUNCING the Michelin Guide’s first list of Istanbul restaurants recently, Gwendal Poullennec, the international director for the guides, said the city’s culinary scene had “simply astounded our team.” Me, I’m astounded that they were astounded — and that it took Michelin this long to bestow its attention on one of the world’s preeminent gastronomic capitals.

Istanbul, the seat of the highly epicurean Byzantine and Ottoman empires, has had fair claim to that title for well-nigh 1,700 years, many centuries longer than most of the cities that Michelin has deemed worthy of its imprimatur. That Washington — no, seriously, Washington — got a guide before Istanbul should make you stop and ponder about Poullennec’s priorities. (And while you’re at it, chew on the irony that the first list for the American capital included, in the “Bib Gourmand” category, a Turkish restaurant.) 

From its earliest days as Constantinople, the city’s cuisine was a fusion of Roman, Greek and Persian influences. The fermented fish sauce known as garum, now extolled as a delicacy by top chefs like Rene Redzepi of Noma, was in common use. After it became Istanbul, Turkish and Arab tastes were grafted onto the gastronomic scene. In her magisterial 2017 biography of the city, historian Bettany Hughes notes that caviar was introduced there in the 12th century.

Thinking back over trips to Istanbul across the best part of two decades, I can recall dozens of world-class meals on both sides of the Bosphorus, ranging from traditional Turkish fare in Ciya Sofrasi to the more inventive indulgences of Changa, alas now closed. High or low, cheap or dear, Istanbul’s culinary scene has always had an abundance of choice. If a visitor had any cause for cavil, it was over the relative scarcity of good non-Turkish options; but an upwelling of fine European and Asian eateries is plugging this gap.

Whether for my money or my expense account, Istanbul is even-steven with Dubai (which got its Michelin guide this past summer) as the two best food cities in the Middle East and its periphery.

All that said, does it even matter whether or not Istanbul has Michelin’s sanction? It does, in three ways.

First, and most obvious, it will boost tourism. Gourmands around the globe take their travel cues from the Michelin guides; in the past week many will have added Istanbul to their itineraries.

Second, the recognition will spur excellence among Istanbul’s chefs: Those who didn’t make the first list of 53 will vie for the honors next year, and the year after that. Many will be especially encouraged by the two stars handed to TURK Fatih Tutak, which has taken the modernizing spirit of Changa to new frontiers. Chef Fatih Tutak’s reimagined mussels “dolma” — in which dried vine leaves are made to appear like the bivalve’s shell — would have pleased the sybarite sultans of old just as much as it would delight Ferran Adria, the godfather of molecular gastronomy. 

Several of the restaurants on the Michelin list have chefs who served an apprenticeship at Changa before it closed in 2013. Most of the others raise the standards of conventional Turkish cooking. My personal favorite in this group is Seraf, on the outskirts of the city, where Chef Sinem Ozler elevates even the humble icli kofte, a kind of meatball, into a thing of beauty. That her restaurant only made the “recommended” category, the lowest on the list, is a miscarriage of gastronomic justice.

The third beneficial impact of the Istanbul guide will be felt far from the city, even the country — in Turkish restaurants around the world. The Michelin stamp confers prestige, not just on a restaurant or city, but on an entire cuisine. Foodies who haven’t yet sampled Turkish fare and can’t get to Istanbul will buy a cookbook to try some dishes at home, or look up Turkish restaurants nearby.

And, here’s the sweetest of ironies: I’m betting more people will be inspired to try that place on the Michelin guide for Washington. — Bloomberg

Bobby Ghosh is a Bloomberg Opinion columnist covering foreign affairs. Previously, he was editor in chief at Hindustan Times, managing editor at Quartz, and international editor at Time.

Yields on term deposits rise on tightening hints

YIELDS on term deposits inched higher after the central bank chief said they may hike interest rates further at their next policy setting.

Demand for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) amounted to P295.251 billion, above the P280-billion offer and the P276.096 billion in tenders for a P280-billion offer recorded last week.

Broken down, bids for the seven-day term deposits amounted to just P146.065 billion, lower than the P170 billion auctioned off by the BSP. It also failed to beat the P169.326 billion in tenders for the P150-billion offering a week earlier.    

Accepted rates ranged from 4.65% to 5%, higher than the 4.58% to 4.8398% margin in the prior auction. With this, the average rate of the one-week papers rose by 10.53 basis points (bps) to 4.8146% from 4.7093% previously.

Meanwhile, the 14-day papers attracted P149.186 billion in bids, more than the P110-billion offering. Demand also rose from the P106.770 billion in tenders for the P130-billion offer seen on Oct. 19.

Banks asked for yields from 4.55% to 5%, narrower than the 4.48% to 5.2125% band a week prior. This caused the average rate of the two-week term deposit to increase by 14.33 bps to 4.9044% from 4.7611%.

The BSP has not auctioned 28-day term deposits for more than a year to give way to its weekly offering of bills with the same tenor.

The TDF and the 28-day bills are used by the BSP to mop up excess liquidity from the financial system and to better guide market rates.

“The results of the TDF auction reflect the market participants’ preference for the longer tenor in the BSP deposit facility ahead of All Souls’ Day holiday amid ample liquidity in the financial system,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement on Wednesday.

“Going forward, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” he added.

Yields on the term deposit were higher again this week as the BSP chief hinted at another big rate hike next month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

BSP Governor Felipe M. Medalla on Tuesday said the central bank could match the Federal Reserve point by point to support the peso and prevent it from further adding to inflation.

Mr. Medalla said the Monetary Board could raise benchmark interest rates by 75 bps at their Nov. 17 meeting if the Fed delivers a hike of the same magnitude at their Nov. 1-2 review.

The BSP has so far raised key rates by 225 bps since May to tame inflation and support the peso to prevent its depreciation from feeding into price pressures. Meanwhile, the Fed has hiked borrowing costs by 300 bps since March.

Philippine headline inflation quickened to 6.9% in September, bringing the nine-month average to 5.1%, above the BSP’s 2-4% target but still below its 5.6% forecast for 2022. — Keisha B. Ta-asan

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