Home Blog Page 4708

Bioplastic records could help decarbonize music business, says developer

PHOTO FROM FACEBOOK.COM/EVOLUTIONMUSICLP

LONDON — A sugar-based alternative to vinyl could help to decarbonize the music industry, according to its developer.

UK-based Evolution Music says its bioplastic can be used to create records and is aimed at making it easy for labels and artists to stop using plastic without altering record pressing plants’ existing machinery or production processes.

Acting CEO of Evolution Music Marc Carey said sonically and in terms of equalization the music recorded on the bioplastic records is “absolutely spot on.”

“[In] the little bit of lead-in and in between the tracks there’s some surface noise. If you like that, if you’re a ‘70s fan, you like that little crackling, great,” he said, adding they are — to develop the product.

“We’ve got a unique recipe, but we are a (research and development) company — we’ll carry on with iterations of R&D to improve it,” he said.

Recording artists will be keen to change to bioplastic for their physical products, according to a co-founder of Music Declares Emergency (MDE), a music industry climate action campaign group that started as a declaration by nearly 3,000 artists ranging from Napalm Death to Julian Lloyd Webber.

“The production of vinyl is toxic in very many ways and there are all kinds of processes in it that are damaging to the environment, but we like vinyl. What’s the solution? Find a non-toxic way of doing it. Hey, presto, here we have it,” said Lewis Jamieson, a co-founder of MDE.

Sales of vinyl records have been growing over the past decade despite the popularity and instant access of digital media, and easy-to-use streaming sites such as Google and Spotify.

A richer sound, cover art, and the ability to cradle a vinyl record in the hands contribute to the growing emotional appeal for LPs.

“The music industry, the creative arts, should be at the forefront of innovation … and typically, cultural change is what affects political and social change,” Mr. Carey said.

The first record made using Evolution’s bioplastic was pressed at Press On Vinyl, a record manufacturer in Middlesbrough. It features “Atlas” by electronic duo Bicep, “Big Time” by Angel Olsen, “Bread Song” by Black Country, and “Back To The Radio” by Porridge Radio.

Mr. Carey said he believes as soon as one major recording artist or band opts to use bioplastic instead of vinyl, the industry will never be the same. — Reuters

MPTC’s innovations arm to expand services portfolio

MPT Mobility, the innovations arm of Metro Pacific Tollways Corp. (MPTC), said it is expanding its portfolio of services with new mobility solutions.

The company now has eight active business units. These are Dibz, On-Us Solutions, Inc. (Byahe), Spot On, Easytrip Services Corp., MPT DriveHub, Savvice Corp., NLEX Drive and Dine, and Onehub.

This is “a union of strategic partnerships, plans, and projects that embody innovative solutions,” Rodrigo E. Franco, MPTC president and chief executive officer, said in an e-mailed statement on Thursday.

The company said its goal is to provide motorists with modern mobility solutions to improve their travel experience.

MPT Mobility’s Dibz is a parking solution app aimed at addressing parking difficulties in the capital region.

“Dibz will set its footprint soon in Makati, particularly in the Dela Rosa 1, Dela Rosa 2, and Valero parking lots, as a city with a surplus of vehicles and outnumbered parking slots,” the company said.

The company recently acquired the biggest stake in Byahe, a modern jeepney operator that manages 30 units across seven routes within Metro Manila, Pampanga, and Nueva Ecija.

Meanwhile, Spot On is MPT Mobility’s out-of-home advertising arm, which provides bridge and median billboards along MPTC expressways.

Easytrip is the exclusive electronic toll collection system integrator and provider of MPTC expressways.

The group’s MPT DriveHub is a travel companion app that houses its mobility solutions for customers.

“In the future, users can look forward to expressway support (for trip planning and navigations),” the company said.

Moreover, Savvice, formerly Southbend Express Services, Inc., is transitioning from an outsource manpower solution to a full-service solutions provider.

MPT Mobility said Savvice currently offers fleet services (with the newly launched towing service and roadside assistance), maintenance facilities, traffic auxiliary, roadway system, and general services.

“Savvice is also gearing up for future partnerships and exclusive distributorships for a wide variety of products and services,” it added.

MPT Mobility is also expanding a rest stop along North Luzon Expressway (NLEX).

NLEX Drive and Dine expansion includes the planned construction of five new buildings and a multi-level parking.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Chismis: Historical storytelling on film

A STILL from the film Goyo: Ang Batang Heneral

WE learn most of our history in the classroom, through books, documentaries, and lectures by historians. While historical films can supplement our knowledge, it is important to distinguish fact from fiction, and to not take the accounts on feature film as definitive truths.

In line with Philippine Film Industry Month, Gateway Gallery’s KulturaSerye, a webinar on issues revolving around the arts, culture, and heritage, presented “Thoughts on Making Historical Films” with award winning film director Jerrold Tarog.

Tarog, a Filipino filmmaker, composer, writer, and editor, has worked in a variety of genres, from horror and mockumentaries to drama, and is best known for the film Heneral Luna (2015), the highest-grossing historical film in the history of Philippine cinema. The film about one of the heroes of the Philippine Revolution earned around P250 million from its nationwide theatrical run alone. Its success led to the production of a sequel in 2018, Goyo: Ang Batang Heneral, about Gregorio “Goyo” del Pilar, one of the youngest generals of the Philippine-American War.

During the online webinar on Sept. 17, which was streamed on the Gateway Gallery Facebook page and moderated by UP Los Baños history instructor John Carlo Santos, Mr. Tarog shared his thoughts on the storyteller’s responsibility when creating historical films, biases, and creative license.

ON ENTERTAINMENT, PERSONAL BIAS, RESPONSIBILITY
During the talk, Mr. Tarog first stressed that historical films should not be considered primary sources of historical facts.

“Historical films are an interpretation of historical data that’s filtered through the personal biases, the worldview and the ideology of the storyteller,” he said, adding, “Films do not have standards that apply to actual scientific or academic research [since] storytellers are not subject to the review over other standards of research.”

Most films are made to entertain the audience.

“When [you] connect to the material, the story starts to have a semblance of truth, but it is not objective reality. You are only reacting to the world that exists inside the movie, and its connections to your own personal experience,” he said.

Mr. Tarog also noted that everyone has their own biases — whether one is for or against something.

However, cognitive bias is different, with Mr. Tarog noting that it “is a flaw in one’s thinking that allows one to misinterpret data or make irrational decisions.”

MAKING A HISTORICAL FILM TRILOGY
Heneral Luna and Goyo are meant to be part of a historical film trilogy, which Mr. Tarog was inspired to do after reading Nick Joaquin’s A Question of Heroes.

In the book, historical figures such as Antonio Luna and Gregorio del Pilar “were demystified, their legacies were questioned, and their contributions to the historical narrative were dissected,” Mr. Tarog said. “For some traditionalists, it may come off as sacrilege.”

“I thought it would be interesting to create a cinematic universe centered on actual history with protagonists who are fallible and probably problematic,” he said on the choice of Luna and Del Pilar as central characters.

The director was also motivated to illustrate how much and how little we have changed.

Hindi ito (this is not a) pessimistic na worldview. It may be skeptical, but it’s it is certainly not hopeless,” he said.

Heneral Luna’s gestation actually started in the early 1990s when Eddie A. Rocha and Henry Francia wrote a script about Antonio Luna. In 2011, the director read about the life of Antonio Luna and wrote a script himself. When he learned about the existing script, he met with Mr. Rocha, read it and asked permission to re-write it to update it, add humor, and change the tone. Both Rocha and Francia eventually became producers of Heneral Luna. Film producer Fernando Ortigas came onboard to finance its production.

“All historical films are historical fiction based on facts. Some people want to stick closer to the facts. Other filmmakers prefer to go a little farther, whether for entertainment or artistic purposes or for propaganda [which] happens on all sides,” Mr. Tarog said. “Problems only arise when you fill in claims to present historical truths.”

Heneral Luna and Goyo do not make those claims about historical truths, only that they are works of fiction based on facts and it’s because it is trying to suggest truths about society,” he continued, adding that the dialogue in the films and elements such as humor are made up.

Through its storytelling, Heneral Luna tackled questions about Philippine society such as regionalism, and kinship trumping nationhood, while Goyo question ideas of idolatry, loyalty to a leader and loyalty to the idea of a nation, and how a hero becomes a man.

MARKETPLACE OF IDEAS
If given the opportunity to be produced, the third movie will center on President Manuel Quezon. Mr. Tarog and his team read through 50 books on presidents Manuel Quezon, Sergio Osmeña, and Manuel Roxas while working on the script.

“The thing is, whether Quezon will be made, when, and how — it’s still a question that has no answer, unfortunately,” Mr. Tarog said. “Kumpleto na ’yung script pero baka magbago pa siya. Hindi ko alam kung kailan siya mangyayari (The script is complete, but changes can still be made. I do not know when it will materialize).”

“We need more of those people willing to risk and to invest in historical films,” he said.

Producers still have to consider if the content is marketable since historical films are expensive to produce. 

It took P240 million to produce Goyo, Mr. Tarog said.

“I cannot imagine a producer who’s willing to shell out 100 to 200 million pesos and then not expect it to come back to him,” Mr. Tarog said.

While historical films are fiction based on facts and have creative license, storytellers also have a responsibility when it comes to accuracy.

“In the fight against historical revisionism, cinema, unfortunately, is not the first line of defense, because its nature is all about making things up. It can be used for offense, but it’s kind of futile to fight against it using the same medium,” Mr. Tarog said.

“In a free society, when someone comes up with a historical film that claims it is the truth, the only thing that another filmmaker can do is to make a film that opposes it,” which, he said becomes a “he said-she said” scenario.

“From the audience’s side, the only thing that they can do is weigh both works in the marketplace of ideas,” Mr. Tarog said. — Michelle Anne P. Soliman

SC rules in favor of firm linked to Imelda Marcos’ deceased brother

PHOTO BY MIKE GONZALEZ

THE SUPREME Court (SC) has ordered the country’s anti-graft court and the Presidential Commission on Good Government (PCGG) to release the shares of a company linked to the late dictator Ferdinand E. Marcos’ brother-in-law.

In a 17-page decision on July 6 and made public on Sept. 21, the SC First Division ruled that the Sandiganbayan can no longer hold Trans Middle East Equities, Inc. Philippines (TMEE) shares without valid cause, citing previous rulings that favored the TMEE.

“As the registered owner of the shares, TMEE cannot be deprived of its property without due process of law,” according to the ruling penned by Associate Justice Rodil V. Zalameda.

“In this case, there is no clear determination from appropriate judicial proceedings declaring the shares of stock as ill-gotten.”

In 1986, the PCGG sequestered 6,119,067 shares registered in the name of TMEE, which the agency said was owned by the late former Leyte Governor Benjamin T. Romualdez.

Sequestration places properties under an entity’s control to prevent destruction and concealment during pending judicial proceedings of determining ill-gotten wealth, the court noted.

The High Court said that the PCGG failed to prove that TMEE along with its shares of stock, was part of the ill-gotten wealth of Mr. Romualdez.

The agency argued that shares of common stock in Equitable-PCI Bank were illegally amassed by Mr. Romualdez during the 20-year reign of the late dictator.

The late governor is the brother of former First Lady Imelda R. Marcos.

The Philippine government and the First Philippine Holdings Corp. (FPHC) filed separate complaints to the Court of Appeals that sought to recover the shares obtained through ill-gotten wealth.

FPHC had previously owned the shares of stock in PCI Bank, which became Equitable PCI Bank and is now under BDO Unibank, Inc.

In 1984, the FPHC sold the shares of stock in PCI Bank to TMEE.

The Sandiganbayan had dismissed a complaint that alleged that the firm’s shares were part of the supposed ill-gotten wealth of the late governor.

The PCGG filed an ill-gotten wealth case against Mr. Romualdez the following year; however, TMEE was not named as a party to the case.

More than a decade later, the PCGG impleaded the firm as one of the defendants.

The anti-graft court Sandiganbayan previously ordered that the shares of stock and its proceeds be deposited in escrow at the Land Bank of the Philippines.

The late former President Corazon C. Aquino created the PCGG in 1986 to go after the ill-gotten assets of Mr. Marcos.

A popular street uprising toppled the dictator’s regime in February 1986, forcing him and his family to flee into exile in the United States.

“In resolving issues pertaining to sequestration, we must always bear in mind the constitutional right to due process of law,” the High Court said. — John Victor D. Ordoñez

Star-studded Amsterdam merges facts, fiction and teamwork

Christian Bale, John David Washington, and Margot Robbie on the set of Amsterdam

LONDON —  Director David O. Russell got his starry cast involved in the creation of his new crime drama Amsterdam.

The five-time Oscar nominee reunited with his The Fighter and American Hustle star Christian Bale to develop the movie, with the duo getting together in diners over several years to bounce ideas off each other.

“He had no script. He just had a couple of ideas. We started trading music that we would listen to, bits of history that we would learn about. David would scribble all this down. And then, over years and years, came up with this story,” Mr. Bale told Reuters at the film’s European premiere in London on Wednesday.

Similarly, Mr. Bale’s co-star Margot Robbie was invited to help bring her character to life.

“I was talking to David about Valerie for years before we actually got around to making the film. It was kind of like a creative process that kept evolving,” said Ms. Robbie.

Amsterdam is set in 1918 and the early 1930s and centers around three friends, Burt Berendsen (Bale), Harold Woodman (John David Washington) and Valerie (Robbie), whose paths cross in war-torn Europe and who make a pact to always protect each other.

Returning to New York from World War I, scarred inside and out, Burt starts practicing experimental medicine and Harold becomes a lawyer, championing the vulnerable. When the daughter of their wartime battalion leader turns to them for help following his sudden, suspicious death, the trio becomes entangled in a dangerous political conspiracy plot.

Elements of the film are inspired by real historical events and people, including a fascist coup attempt against US President Franklin D. Roosevelt.

“We wanted to see a friendship that we wanted to have, a triangle of people that would do absolutely anything for each other no matter what,” said Mr. Bale.

“They’ve been kind of forged in the crucible of the Great War, and they’ve declared they will do anything for each other, and they stick to that no matter what, even when they’re dragged into this big murder rap and then into this huge global conspiracy, which is crazy but is actually based on fact,” said Mr. Bale.

In addition to its top-billing trio, the movie features a star-studded cast including Taylor Swift, Robert De Niro, Chris Rock, Anya Taylor-Joy, Rami Malek and Mike Myers.

Amsterdam begins its global theatrical rollout on Oct. 6. — Reuters

ACEN lists P10-B ASEAN green bonds  

ACEN Corp. announced on Thursday that it had successfully issued and listed its maiden peso-denominated ASEAN green bonds with a principal amount of P10 billion.

“We are grateful for the strong support of Philippine institutional and retail investors for the company’s maiden peso green bond issuance,” ACEN President and Chief Executive Officer Eric T. Francia said in a statement.

ACEN, the listed energy arm of the Ayala group, said the green bonds are the first tranche under its P30-billion debt securities program registered with the Securities and Exchange Commission. The bonds have a fixed interest rate of 6.05% annually for a five-year tenor maturing in 2027.

ACEN noted that the green bonds were eight times oversubscribed, signaling robust demand and strong participation from institutional investors.

ASEAN green bonds comply with the ASEAN green bonds standards and proceeds are used exclusively to finance or refinance eligible green projects.

Maria Corazon G. Dizon, ACEN’s chief financial officer and treasurer, said amid the “challenging macroeconomic environment, we are encouraged by the enthusiastic take-up of our bonds by the investing community.”

“Our group is one of the country’s largest issuers of green bonds, and we are happy to contribute to the development of our nation’s debt capital market with our maiden peso green bond issuance,” she added.

ACEN will use the proceeds to fund its various renewable projects in the Philippines.

These projects are the 283-megawatts of direct current (MWdc) San Marcelino Solar I farm in Zambales, 42-MWdc expansion of the 72-MWdc Arayat-Mexico solar farm in Pampanga, and the construction of the 133-MWdc solar farm in Lal-lo, Cagayan.

To date, ACEN and its majority shareholder AC Energy and Infrastructure Corp. have raised an aggregate of $1.6 billion through green bonds since 2019 to fund renewable energy projects.

On Thursday, shares in ACEN closed 2.64% lower at P6.28 apiece. — Ashley Erika O. Jose

V&A celebrates Korean Wave of popular culture with new exhibition

VAM.AC.UK/EXHIBITIONS/NETFLIX

LONDON —  From the bright pink guard costumes in hit Netflix series Squid Game to a large sculpture of rapper G-Dragon, London’s V&A museum is celebrating South Korean popular culture and its rise to global prominence in a new exhibition opening this week.

Among the items on display at Hallyu! The Korean Wave are K-Pop costumes, K-drama props as well as a replica of the bathroom set in Oscar-winning film Parasite.

“This exhibition is actually celebrating the vibrant and colorful popular culture from South Korea from its inception to its place on the global stage,” curator Rosalie Kim told Reuters at a preview on Wednesday.

“‘Hallyu’ actually means Korean wave and it refers to this meteoric rise of popular culture from South Korea that has taken the world by storm in the past few decades.”

The exhibition is split into different sections including K-pop and its fans, television drama and cinema, fashion and beauty.

Greeting visitors is the pink jacket singer Psy wore in the music video for his 2012 mega hit “Gangnam Style.” Other outfits on display include ensembles worn by G-Dragon and K-pop groups ATEEZ and Aespa as well as colorful designer creations.

From the world of television, there are costumes from historical dramas as well as the recognizable pink boiler suits and a green tracksuit from Squid Game.

The Parasite bathroom replica is the first time the set from the protagonist Kim family’s basement flat has been recreated, with the museum working closely with the film’s production designer Lee Ha-jun.

Other items on display include photographs, posters, record covers and K-pop fan banners. Visitors can also take part in an interactive K-pop dance challenge.

Hallyu! The Korean Wave opens on Saturday and runs until June 2023. — Reuters

SMC plans P80-B bonds; CLI downsizes issuance to P5B

SEPARATELY, the board of directors of listed conglomerate San Miguel Corp. (SMC) authorized a plan to issue bonds worth P80 billion in a board meeting on Thursday.

The bonds will be composed of P60-billion fixed-rate peso-denominated bonds with an oversubscription option of P20 billion.

According to SMC’s disclosure to the Philippine Stock Exchange, its board of directors also authorized the company’s filing of its registration statement and prospectus with the SEC.

It also authorized the filing of the listing application of the peso bonds with the Philippine Dealing Exchange Corp.

“The board has authorized the engagement of the services underwriters, advisors, legal counsels, stock and transfer agent, receiving agent or bank, and other agents as may be necessary,” the company said in a disclosure.

Shares in SMC shaved off 35 centavos or 0.36% to P97.65 each.

CEBU LANDMASTERS FINALIZES SIZE OF ISSUANCE
Cebu Landmasters, Inc. (CLI) downsized the initial tranche of its shelf offering to P5 billion from P8 billion, the firm disclosed on Thursday.

As earlier approved by the board of directors of the company, the program was supposed to cover a principal amount of up to P5 billion and an oversubscription option of up to P3 billion.

CLI said that the issue size of its maiden fixed rate bond offering will have an aggregate principal amount of P5 billion across three tenors.

“In a strong show of confidence in CLI, the company’s maiden retail bonds received strong demand from both institutional and retail investors, even as CLI price at the lowest end of the initial spread range,” the company said in a stock exchange disclosure.

The interest rate for the 3.5-year series A is at 6.4222%, 5.5-year series B at 6.9884%, and 7-year series C at 7.3649%.

CLI said that the public offer period will run from Sept. 26 to 30 on the condition of receipt of the permit to sell from the Securities and Exchange Commission.

On Thursday, shares in CLI lost 6 centavos or 2.49% to P2.35 apiece. — Justine Irish D. Tabile

Financial inclusion award named after Espenilla

A GLOBAL AWARD for financial inclusion has been named after the late former Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla, Jr., the central bank said on Thursday.

Malaysia-based Alliance for Financial Inclusion’s (AFI) inaugural “Nestor Espenilla, Jr. Financial Inclusion Innovation Award” is meant to honor Mr. Espenilla’s contributions to improving access to financial services in the Philippines and globally.

AFI has 82 members from 75 countries composed of central banks and regulatory financial institutions. It was established in 2008 with the BSP as one of its founding members.

The award was established with funding support from venture capital firm Flourish Ventures, “recognizes institutions that demonstrate outstanding commitment toward innovation and the use of technology to further financial inclusion,” the BSP said in a statement.

The first recipient of the award is the Central Bank of Egypt. The winner will get support from the AFI to implement that aims to boost financial inclusion through technology and innovation.

Mr. Espenilla served as BSP governor from July 2017 until his passing in February 2019 due to illness. He was with the central bank for nearly 40 years, starting as a debt analyst in 1982.

“Recognized as a global champion for financial innovation and inclusion, former Governor Espenilla played a critical role in advocating financial inclusion in the Philippines. He became a key figure in many of the BSP’s groundbreaking policies, including the use of the “test and learn” approach to promote high-impact innovations in a prudent manner,” the central bank said.

In a message, Maria Teresita F. Espenilla, the late BSP chief’s wife, said: “By serving as the inspiration for the award that will, in turn, inspire the efforts of others, my husband continues to support and contribute to the work of the AFI in harnessing the power of technology and innovation in order to bring about greater inclusion for many more unbanked people.”

The BSP, as part of its financial inclusion goals, wants 70% of Filipino adults to have a formal financial account by 2023 from 56% in 2021. — Keisha B. Ta-asan

Stuff to Do (09/23/22)


Negros Trade Fair returns

THE ASSOCIATION of Negros Producers (ANP) and the provincial government of Negros Occidental bring back the Negros Trade Fair to the Glorietta Activity Center until Sept. 25. The 36th edition of the trade fair showcases a selection of products created with skilled craftsmanship and renowned Negrense heritage. For more information, visit https://www.facebook.com/thenegrostradefair/.


‘Pista ng Kapuluan’ at Alabang Town Center

THE ALABANG Town Center (ATC) will host the “Pista ng Kapuluan” — a film festival curated by the Tayo Change Youth Agency — on Sept. 25 to 30 at the ATC Activity Center. The festival will debut and screen feature films on cultural experiences directed by Filipinos from around the country. The feature films include Kanlungan directed by Louise Isabel Mendoza; Pulangui by Bagane Fiola; Ola by Mijan Jumalon; Consequences of Man by Jeffrie Po; and Si Astri Maka Si Tambulah by Xeph Suarez. The award-winning film K’na the Dreamweaver, directed by Ida Del Mundo, will also be screened. All films will be looped and exhibited within a cube installation at the ATC Activity Center. The festival is also the soft launch of Generation Townie, a movement by Alabang Town Center to celebrate and support the creative, thoughtful, and nation-building projects of the younger set of Townies in the community. Admission is free.


Tanghalang Pilipino stages Anak Datu

TANGHALANG Pilipino stages Anak Datu on Sept. 16 to Oct. 9 as the second offering of its 36th season. It is the maiden production at the newly built Tanghalang Ignacio Gimenez (Blackbox Theatre) at the Cultural Center of the Philippines. A play with music, the story is a multi-story production that banners peace through the intertwining of conflicts in a folk tale, a piece of stark social realism, and an all-too-familiar family drama. It is based on a short story written by National Artist for Visual Arts Abdulmari Imao and adapted for the stage by veteran playwright Rody Vera, it is directed by Chris Millado. Anak Datu follows a man in the Sulu Archipelago during pre-colonial Philippines who was born in captivity and grows up believing his father is a former pirate until he discovers the truth. This short story gave birth to Mr. Vera’s stage adaptation adjacent with other events in the history of Mindanao including the Jabidah Massacre and the personal lives of Abdulmari Imao’s family in the 1970s. The play stars Marco Viaña, Fernando “Nanding” Josef, Antonette Go, Lhorvie Nuevo, Tex Ordoñez-de Leon, Carlos Dala, and Hassanain Magarang. For tickets and show buyer inquiries, contact 0915-607-2275 or e-mail tanghalangpilipinomarketing@gmail.com.


CCP holds outdoor light and sound show

AS THE Cultural Center of the Philippines (CCP) celebrates its 53rd anniversary, it brings back the show SINAG 2022: Lights and Sound Spectacle with onsite performances every 30 minutes at the CCP front lawn on Sept. 23 to 25 from 7 to 9.30 p.m. Admission is free. Health and safety protocols for outdoors must be observed.

BSP, BAP push for banks’ digital transformation

THE BANGKO SENTRAL ng Pilipinas (BSP) and the Bankers Association of the Philippines (BAP) will continue to foster digital transformation in the sector to meet demand for online financial services.

“Our policy agenda on digitalization will not only make the financial system more inclusive but also more efficient,” BSP Governor Felipe M. Medalla said in recorded opening remarks at the Asian Banker’s 2022 Finance Conference on Thursday.

“As you may know, we have welcomed the entry of digital banks into the system. These are new industry players that would further push the digital transformation of finance,” Mr. Medalla said.

The central bank has capped the number of digital banking licenses at six to monitor the development of the sector, ensure competition, and boost its capacity to regulate these kinds of lenders.

The six online lenders that secured licenses to operate in the country are Tonik Digital Bank, Inc.; GOtyme of the Gokongwei Group and Singapore-based Tyme; Maya Bank of Voyager Innovations, Inc.; Overseas Filipino Bank, subsidiary of Land Bank of the Philippines; UNObank of DigibankASIA Pte. Ltd.; and UnionDigital of UnionBank of the Philippines, Inc.

“To ensure that these banks safely operate, the BSP is about to issue the second set of rules that will clarify the prudential requirements applicable to digital banks,” Mr. Medalla said.

“A digital financial marketplace model is being developed, which will set forth, among others, the criteria for the grant of authority to engage in digital marketplace operations and the related supervisory expectations. The model builds on the open finance framework,” he added.

Earlier this week, the central bank said as part of the prudential requirements for digital banks, their reserve requirement ratio will be at 8% and they will likewise be covered by existing Basel III standards for big banks that mandate them to maintain adequate capital and liquidity buffers.

“Regulating banks amid accelerated digital transformation and post-pandemic recovery is very tricky. But with our three pillars guiding our actions, we are ready to face the challenge,” the BSP chief said.

“Rest assured that the BSP will continue to foster an enabling environment that allows the financial institutions under our supervision to contribute to our three pillars of price stability, financial stability, and safe, secure, and efficient payments and settlements system, while supporting economic growth,” Mr. Medalla added.

BAP President and East West Banking Corp. Chief Executive Officer Antonio C. Moncupa, Jr. said in a speech that financial institutions are undergoing “profound changes” towards digitalization.

“New players are coming in and introducing innovation and challenging the banks,” he said, adding that customers now expect better banking experiences.

Mr. Moncupa said government policy initiatives will also continue to usher banks towards digital transformation.

“With all these developments, digital adoption will only accelerate. While there are new players, perhaps more innovative and more agile, I see them more like a bridge than a threat to the banks,” he said.

“On behalf of the BAP member banks, we consider the digital push as good and positive. In the end, digital transformation will make financial transactions more efficient, take out some barriers, expand possibilities, and improve commerce,” he added. — K.B. Ta-asan

SEC warns public against ‘Sophia Francisco’ entities

THE SECURITIES and Exchange Commission (SEC) warned the public against investing in Sophia Francisco Holding OPC, which is also knowns as Financial Consultancy Services Sophia-Francisco or Sophia Francisco Trading, as it is not authorized to sell securities.

The entity is said to be enticing the public to invest money in the company with a minimal amount of P500 per account. Investors were promised to earn 60% in 20 days or 25% in just 10 days.

The commission also found that a 5% referral fee was promised to those who would be able to entice others to invest. Individuals were asked to register on the entity’s website and deposit money through various modes.

The SEC said that Sophia Francisco Holding OPC allegedly earns through crypto trading “by hitting its monthly win rate of 4% daily, 28% weekly, or 112% monthly.”

“The transactions stated above are considered securities in the form of ‘investment contracts’ which must be registered with the commission,” SEC said.

Although the commission’s records show that Sophia Francisco Holding OPC is registered as a one-person corporation and that Financial Consultancy Services Sophia-Francisco or Sophia Francisco Trading was granted a certificate of business name registration by the Department of Trade and Industry, these entities are not authorized to solicit investments from the public.

“Hence, the public is advised not to invest or stop investing in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of and to exercise caution in dealing with any individuals or group of persons soliciting investment for on and behalf of it,” the commission said. — Justine Irish D. Tabile