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PGA Tour reaches surprise merger deal with Saudis, LIV Golf

THE PGA Tour, DP World Tour and LIV Golf agreed to merge into a single, for-profit entity, the golf conglomerate announced Tuesday.

The decision is likely to transform the world of professional golf given the stakes and personalities involved.

The agreement puts an end to the pending litigation between the legacy tours and the Saudi-backed LIV league that would have gone to court in California next year, and it caps off a saga that caused turmoil in the sport for close to two years.

Saudi Arabia’s Public Investment Fund (PIF) — which provided LIV with enough money to make star players massive guaranteed offers and pay record tournament purses to lure them away from the PGA Tour — will make a capital investment into the combined entity as part of the agreement.

PIF governor Yasir Al-Rumayyan will be the chairman of the new entity, and PGA Tour commissioner Jay Monahan will be its chief executive officer. The PGA Tour will appoint a majority of a new board of directors and hold the majority voting interest. PIF, meanwhile, will have exclusive rights for further investments and a right of first refusal on any new capital injected into the entity.

While the new entity will be a for-profit organization, PGA Tour, Inc. will remain as a 501(c)(6) tax-exempt organization.

The tours also said in their joint announcement that players who were indefinitely suspended by the PGA Tour or the DP World Tour for playing in LIV events could have a path to return, as the organizations “will work cooperatively and in good faith to establish a fair and objective process for any players who desire to re-apply for membership” to the legacy tours.

“After two years of disruption and distraction, this is a historic day for the game we all know and love,” Mr. Monahan said in a statement. “This transformational partnership recognizes the immeasurable strength of the PGA Tour’s history, legacy and pro-competitive model and combines with it the DP World Tour and LIV — including the team golf concept — to create an organization that will benefit golf’s players, commercial and charitable partners and fans.

“Going forward, fans can be confident that we will, collectively, deliver on the promise we’ve always made — to promote competition of the best in professional golf and that we are committed to securing and driving the game’s future.”

While Mr. Monahan’s official statement mentioned LIV’s team format, the commissioner had few answers when meeting with players and press later in the day, saying only a “framework agreement” was in place and most details were not ironed out. He said he believes LIV Golf in its current state would not continue after it finishes its current season.

Mr. Monahan sat side by side with Al-Rumayyan for an interview with CNBC on Tuesday morning. Though Mr. Monahan had been critical of LIV’s Saudi ties in the past, he said Tuesday that the capital PIF can provide is “an opportunity we’ve never had before.”

But PGA Tour players expressed surprise and disgust on social media, saying they were not informed the news was coming ahead of time. A memo was sent to membership later Tuesday morning, and Mr. Monahan met with players at 4 p.m. at the RBC Canadian Open in Toronto.

“Any time you’re taking money from the Saudi Public Investment Fund, that’s probably a difficult decision to make, and it’s one that Jay and the team definitely struggled with for a long time and ultimately came to the decision that they’re gonna take the investment and try to get some of the disruption out of the game,” PGA Tour winner Brendon Todd told Golf Channel.

PGA Tour defenders like Tiger Woods and Northern Ireland’s Rory McIlroy, the latter of whom sits on the tour’s policy board, were only informed of the decision at the last minute. Mr. Monahan said he would still seek those players’ input going forward.

The decision to merge comes less than two weeks before the third major championship of the men’s golf season, the US Open. For parts of 2022 and 2023, the majors were the only times that LIV Golf players commingled with the PGA and DP World Tour players.

Animosity grew between the factions, with Phil Mickelson often speaking as the de facto player leader for LIV and directing accusations of collusion at the PGA Tour and other governing bodies, and Mr. McIlroy fiercely defending the PGA Tour and criticizing LIV frequently.

Mr. McIlroy had not yet commented on the merger but was scheduled to meet with the press on Wednesday as the defending champion of the Canadian Open.

Mickelson, for his part, tweeted “Awesome day today” with a smiling emoji. — Reuters

Saudi champions Al Ittihad sign ‘global football icon’ Benzema

BALLON d’Or winner Karim Benzema became the latest big-name player to head to Saudi Arabia as he joined Al Ittihad as a free agent, the club said on Tuesday, after the French striker’s departure from Real Madrid.

Mr. Benzema, who ended a trophy-laden 14 years at Real this week, joins the Saudi Arabian champions on a three-year deal and will wear the number nine shirt.

Mr. Benzema follows his former Real team mate Cristiano Ronaldo to the Gulf country after the Portugal forward signed a 2-1/2 year contract estimated by media to be worth more than €200 million ($213.78 million) with Al Nassr in December.

Having joined Real in 2009 from Olympique Lyonnais, Mr. Benzema became the spearhead of the club’s attack after Ronaldo left to Juventus in 2018, winning the Champions League five times and the LaLiga title four times.

He had his best season with Real in the 2021-22 campaign when he scored 44 goals in all competitions to lead the club to a record-extending 14th European title as well as the LaLiga crown.

Early in 2021 he earned a recall from France manager Didier Deschamps to the national team for the first time in six years, after falling out of favor due to his alleged involvement in the Mathieu Valbuena sex tape scandal.

The 35-year-old won the Ballon d’Or award for the best men’s player in the world last year and he looked set to stay at the Spanish club for one more year, after a 2022-23 season in which he struggled with injuries and missed out on France’s World Cup squad in Qatar.

However, an offer estimated by media to be worth more than €100 million from Saudi Arabia made him rethink his decision to stay in Spain for a final season, with the striker deciding to void the one-year extension clause he had in his contract.

Al-Ittihad last month clinched the Saudi Pro League title for the first time since 2009. — Reuters

Tens of thousands at risk from floods after Ukraine dam slumps

KHERSON, Ukraine — About 42,000 people were at risk from flooding in Russian- and Ukrainian-controlled areas along the Dnipro River after a dam collapsed, as the United Nations aid chief warned of “grave and far-reaching consequences.”

Ukraine and Russia blame each other for the collapse of the massive dam on Tuesday, which sent floodwaters across a swathe of the war zone and forced thousands to flee.

Ukraine said Russia committed a deliberate war crime in blowing up the Soviet-era Nova Kakhovka dam, which powered a hydroelectric station. The Kremlin blamed Ukraine, saying it was trying to distract from the launch of a major counteroffensive Moscow says is faltering.

United Nations (UN) aid chief Martin Griffiths told the Security Council that the dam breach “will have grave and far-reaching consequences for thousands of people in southern Ukraine on both sides of the front line through the loss of homes, food, safe water and livelihoods.”

“The sheer magnitude of the catastrophe will only become fully realized in the coming days,” he said.

No deaths were initially reported, but US spokesman John Kirby said the flooding had probably caused “many deaths”.

Ukrainian officials estimated about 42,000 people were at risk from the flooding, which is expected to peak on Wednesday.

In Kherson city, about 60 kms (37 miles) downstream from the dam, water levels rose by 3.5 meters (11-1/2 feet) on Tuesday, forcing residents to slog through water up to their knees to evacuate, carrying plastic bags full of possessions and small pets in carriers.

“Everything is submerged in water, all the furniture, the fridge, food, all flowers, everything is floating. I do not know what to do,” Oskana, 53, said when asked about her house.

Buses, trains and private vehicles were marshalled to carry people to safety in about 80 communities threatened by flooding.

In Kherson, cracks of incoming artillery sent people trying to flee running for cover on Tuesday. In the evening, Reuters reporters heard four incoming artillery blasts near a residential neighborhood where civilians were evacuating.

Residents in flooded Nova Kakhovka on the Russian-controlled bank of the Dnipro told Reuters that some had decided to stay despite being ordered out.

“They say they are ready to shoot without warning,” said one man, Hlib, describing encounters with Russian troops.

The Kazkova Dibrova zoo on the Russian-held riverbank was completely flooded and all 300 animals were dead, a representative said via the zoo’s Facebook account.

“More and more water is coming every hour. It’s very dirty,” Yevheniya, a woman in Nova Kakhovka , said by telephone.

Washington said it was uncertain who was responsible, but Deputy US Ambassador to the UN Robert Wood told reporters it would not make sense for Ukraine to destroy the dam and harm its own people.

The Geneva Conventions ban targeting dams in war because of the danger to civilians.

Ukrainian President Volodymyr Zelensky said in a video address that his prosecutors had already approached the International Criminal Court about the dam. Earlier, he claimed on Telegram that Russian forces blew up the power plant from inside.

“Residents are sitting on the roofs of their homes waiting to be rescued…. This is a Russian crime against people, nature and life itself,” Oleksiy Kuleba, a senior official on Zelensky’s staff, said on Telegram.

The dam supplies water to a wide area of southern Ukrainian farmland, including the Russian-occupied Crimean Peninsula, as well as cooling the Russian-held Zaporizhzhia nuclear plant.

The UN nuclear watchdog said Zaporizhzhia, upriver on the reservoir, should have enough water to cool its reactors for “some months” from a separate pond.

As Kyiv prepares for a long-awaited counteroffensive, some military analysts said the flooding could benefit Russia by slowing or limiting any potential Ukrainian advance along that part of the front line. — Reuters

About 83 bodies remain unidentified four days after Indian rail crash

BALASORE, India — Indian authorities made fervent appeals to families on Tuesday to help identify 83 unclaimed bodies kept in hospitals and mortuaries after the death toll in the country’s deadliest rail crash in over two decades rose to 288.

The disaster struck on Friday, when a passenger train hit a stationary freight train, jumped the tracks and hit another passenger train passing in the opposite direction near the district of Balasore in the eastern state of Odisha.

Bijay Kumar Mohapatra, health director of Odisha, told Reuters that authorities were trying to source iced containers to help preserve the unclaimed bodies.

“Unless they are identified, a postmortem cannot be done,” Mohapatra said, explaining that under Odisha state regulations, no autopsy can be conducted on an unclaimed body until 96 hours have passed.

The state government revised the death toll upwards to 288, from 275 earlier, and said that 205 dead bodies have been identified and handed over. The remaining 83 will be preserved, Odisha Chief Secretary Pradeep Jena said.

At state capital Bhubaneswar’s biggest hospital, the All India Institute of Medical Sciences (AIIMS), large television screens displayed pictures of the dead to help desperate families who are scouring hospitals and mortuaries for friends and relatives.

A detailed list was made of distinguishing features for each body, but relatives could first view photographs, however gruesome, to identify missing loved ones, a senior police official told Reuters.

The trains had passengers from several states and officials from seven states were in Balasore to help people claim the bodies and take the dead home, the police official added.

MISSING BODIES
However, all the help proved inadequate for some families.

Niranjan Patra was shocked when authorities informed him that the body of his aunt, Manju Mani Patra, who had traveled on the Coromandel Express, seemed to have been handed over to someone else.

Mr. Patra said his family identified her through the photographs of the deceased released by the government, but they were unable to find her body in any of the hospitals in Bhubaneswar.

“We don’t want the compensation, we want to perform her last rites. No one is able to tell us where her body is,” Mr. Patra said, standing at the help desk at Balasore railway station.

A forlorn Parbati Hembrum, from West Bengal’s Hooghly district, also stood near the help desk, looking for information on her son Gopal.

The 20-year-old had traveled in the Coromandel Express with three others from their village, but while the other three returned home, Gopal has not.

Tarapada Tudu, standing next to his relative Ms. Hembrum, said Gopal was admitted to Balasore hospital after the accident but when they looked for him there, the hospital said he was released the same day after being treated for minor injuries.

But, filled with dread over the lack of contact with Gopal, Mr. Tudu said he and Ms. Hembrum will travel to Bhubaneswar to look for him among the dead.

There were also incidents of double claims for dead bodies.

“In those cases we are going for DNA sampling and matching. We have already preserved the DNA of the dead bodies,” senior police official Prateek Singh told reporters.

A team from the federal Central Bureau of Investigation reached the site on Tuesday to start a probe into the cause of the disaster. A separate inquiry by the railway’s safety commission started on Monday.

A signal failure was the likely cause of the disaster, according to preliminary findings, which indicated the Coromandel Express, heading southbound to Chennai from Kolkata, moved off the main line and entered a loop track — a sidetrack used to park trains — at 128 kph (80 mph), crashing into the stationary freight train.

That crash caused the engine and first four or five coaches of the Coromandel Express to jump the tracks, topple and hit the last two coaches of the Yeshwantpur-Howrah train heading in the opposite direction at 126 kph on the second main track. — Reuters

Gunman shoots 2 dead, wounds 5 others at Virginia High School graduation

JANNOON028 — FREEPIK

A MAN armed with four handguns killed two people and wounded five others when he fired into a crowd outside a high school graduation ceremony in Richmond, Virginia, on Tuesday, police said.

Police said they arrested one suspect, a 19-year-old man who knew one of the victims and shot at him amid the crowd that had just emerged from the Huguenot High School’s commencement ceremony inside a theater on the campus of Virginia Commonwealth University.

The suspect was likely to be charged with two counts of second-degree murder in addition to other offenses, interim Richmond Police Chief Rick Edwards told a press conference.

Mr. Edwards called the shooter’s behavior “disgusting and cowardly,” since his dispute appeared to be with just one person.

“When you have a crowd like this, innocent people are going to be caught up in the mayhem, and that’s what happened today. “ Mr. Edwards said. “Obviously, this should have been a safe space… It’s just incredibly tragic that someone decided to bring a gun to this incident and rain terror on our community.”

The United States has grown accustomed to mass shootings in public places such as schools, shopping centers and churches.

The mass shooting was the country’s 279th in the first 157 days of 2023, according to the Gun Violence Archive, using the definition of four or more people are shot or killed in a single incident, not including the shooter.

The deceased were men aged 18 and 36, Mr. Edwards said. He did not confirm a WWBT television news report that the victims were father and son. Among the wounded, a 31-year-old man suffered life-threatening injuries and four other males aged 14, 32, 55 and 58 were expected to survive, Edwards said.

In addition, a 9-year-old girl was struck by a car in the chaos that ensued, and multiple other people were injured in falls or suffered from anxiety, Mr. Edwards said.

The suspect fled the scene on foot and was captured in possession of four handguns, three of which may have been fired, he said, stressing that it was too early in the investigation to be certain. — Reuters

For Musk and other foreign CEOs visiting China, silence is golden

SHANGHAI/BEIJING — A veritable parade of overseas CEOs including Tesla’s Elon Musk and Goldman Sachs’ David Solomon have made their way to a reopened China in the last few months.

One notable common strand: they’ve not talked much in public about their trips, which have mostly consisted of meetings with government officials, local staff and business partners. Media events and other public engagements, once frequent before the pandemic, are now rare.

Even Mr. Musk, known for his unreserved banter on Twitter, was uncharacteristically silent on a whirlwind trip last week.

In 2020, the billionaire celebrated the delivery of the first cars made at Tesla’s Shanghai plant with a dance on stage that was open to the press. This time around, the media were not invited to cover his plant visit.

And while Mr. Musk has mentioned the trip in two posts since leaving, he didn’t tweet once while in China.

Goldman’s Mr. Solomon has similarly been more low-key. In 2019, he gave media interviews and participated in several forums. But during his trip in March this year, his only known engagements were closed-door meetings with regulators, China’s sovereign wealth fund and at a university.

The lack of information from Western CEOs and their companies about the trips to China can be attributed to wariness given that US-Sino political and trade tensions have worsened to their lowest point in decades, said senior staff at chambers of commerce and trade associations.

President Xi Jinping’s increasing focus on national security — in particular a recent crackdown on consultancies and due diligence firms — has also left many foreign companies uncertain where they might step over the line of the law, they said.

Noah Fraser, managing director of the Canada China Business Council, said visiting executives are no longer chasing new business opportunities but are concentrating on maintaining existing relationships and will often stipulate no press, big dinners or speaking opportunities.

They appear to be keeping “their heads down and will have private lunches where they can learn from people on the ground what’s happening,” he said.

Before traveling to China, US chief executive officers (CEOs) have been seeking advice about how Beijing’s expansion of its counter-espionage law could affect them, according to the head of a US trade association who declined to be identified, citing the sensitive nature of doing business in China now.

The CEOs also want to know how to deal with Chinese government officials and with questions once the trip becomes public, the association head said, adding it was not in their interest to speak to media and run the risk of being asked to comment on stances taken by Washington and Beijing.

The EU Chamber of Commerce said in a statement that companies operating in China have always exercised a certain level of caution and were now adapting to changes in areas that might be deemed sensitive.

Tesla did not respond to a request for comment while Goldman declined to comment.

China’s foreign ministry said in a statement the numerous visits from US CEOs were a “vote of confidence” in the Chinese economy. That their trips were relatively low-key stemmed from what it called the US government’s “wrong policy” of containing China, it said.

With respect to concerns about its counter-espionage law, it was China’s right to safeguard national security through domestic legislation, it added.

The US Department of Commerce declined to comment.

SHOWING COMMITMENT
While US President Joseph R. Biden said last month he expected a thaw in frosty relations with Beijing “very shortly,” there is no denying that tensions have soared this year with flashpoints including US export curbs on semiconductors and data security concerns.

That said, after three years of harsh COVID curbs that hampered entry into China, foreign CEOs appear eager to get the lay of the land.

Those traveling here in recent months have included Apple’s Tim Cook, Intel’s Patrick Gelsinger, General Motors’ Mary Barra, Blackstone’s Stephen Schwarzman and JPMorgan’s Jamie Dimon.

Sixty-seven foreign business leaders attended the high-profile China Development Forum this year, although that is still 20 fewer than in 2019.

“The idea is that you have to show sufficient commitment to the China market if you’re playing there,” said Christopher Johnson, president of China Strategies Group, a political risk consultancy.

At the same time, the CEOs need to do that “without setting off alarm bells with the US government, and it’s a very difficult task,” he added.

JPMorgan and Blackstone declined to comment. Apple, General Motors and Intel did not respond to requests for comment.

The few known comments by foreign CEOs whilst they were in China have been in line with Mr. Biden’s stance that he is not seeking to decouple the world’s two largest economies.

The Foreign Ministry quoted Mr. Musk as saying he was opposed to a decoupling of the US and China economies which he described as “conjoined twins.”

JPMorgan’s Jamie Dimon told the JPMorgan Global China Summit last week he favored East-West “de-risking” rather than decoupling, according to a source from the event.

Daniel Russel, vice president for international security and diplomacy at the Asia Society Policy Institute, said the difference between de-risking and decoupling was a subtle but important one.

It “makes clear that the issue is managing the risk of dependency on China rather than a determination to separate the world into two competing spheres,” he said. — Reuters

US tightens crackdown on crypto with lawsuits against Coinbase, Binance

ANDRÉ FRANÇOIS MCKENZIE-UNSPLASH

NEW YORK — The top US securities regulator sued cryptocurrency platform Coinbase on Tuesday, the second lawsuit in two days against a major crypto exchange, in a dramatic escalation of a crackdown on the industry and one that could dramatically transform a market that has largely operated outside regulation.

The US Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world’s largest cryptocurrency exchange. The SEC accuses Binance and its chief executive officer Changpeng Zhao of operating a “web of deception”.

If successful, the lawsuits could transform the crypto market by successfully asserting the SEC’s jurisdiction over the industry which for years has argued that tokens do not constitute securities and should not be regulated by the SEC.

“The two cases are different, but overlap and point in the same direction: the SEC’s increasingly aggressive campaign to bring cryptocurrencies under the jurisdiction of the federal securities laws,” said Kevin O’Brien, a partner at Ford O’Brien Landy and a former federal prosecutor, adding, however, that the SEC has not previously taken on such major crypto players.

“If the SEC prevails in either case, the cryptocurrency industry will be transformed.”

In its complaint filed in Manhattan federal court, the SEC said Coinbase has since at least 2019 made billions of dollars by operating as a middleman on crypto transactions, while evading disclosure requirements meant to protect investors.

The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon.

Coinbase suffered about $1.28 billion of net customer outflows following the lawsuit, according to initial estimates from data firm Nansen. Shares of Coinbase’s parent Coinbase Global, Inc. closed down $7.10, or 12.1%, at $51.61 after earlier falling as much as 20.9%. They are up 46% this year.

Paul Grewal, Coinbase’s general counsel, in a statement said the company will continue operating as usual and has “demonstrated commitment to compliance.”

Oanda senior market analyst Ed Moya said the SEC “looks like it’s playing Whac-A-Mole with crypto exchanges,” and because most exchanges offer a range of tokens that operate on blockchain protocols targeted by regulators, “it seems like this is just the beginning.”

Leading cryptocurrency bitcoin BTC=BTSP has been a paradoxical beneficiary of the crackdown.

After an initial plunge to a nearly three-month low of $25,350 following the Binance suit, bitcoin rebounded by more than $2,000, exceeding the previous day’s high. It was trading just below $27,000 at 0410 GMT.

“The SEC is making life nearly impossible for several altcoins and that is actually driving some crypto traders back into bitcoin,” explained Oanda’s Mr. Moya.

BROKER, EXCHANGE CRACKDOWN
Securities, as opposed to other assets such as commodities, are strictly regulated and require detailed disclosures to inform investors of potential risks. The Securities Act of 1933 outlined a definition of the term “security,” yet many experts rely on two US Supreme Court cases to determine if an investment product constitutes a security.

SEC Chair Gary Gensler has long said tokens constitute securities and has steadily asserted its authority over the crypto market, focusing initially on the sale of tokens and interest-bearing crypto products. More recently, it has taken aim at unregistered crypto broker dealer, exchange trading and clearing activity.

While a few crypto companies are licensed as alternative system trading systems, a type of trading platform used by brokers to trade listed securities, no crypto platform operates as a full-blown stock exchange. The SEC also this year sued Beaxy Digital and Bittrex Global for failing to register as an exchange, clearing house and broker.

“The whole business model is built on a noncompliance with the U.S. securities laws and we’re asking them to come into compliance,” Mr. Gensler told CNBC.

Crypto companies refute that tokens meet the definition of a security, say the SEC’s rules are ambiguous, and that the SEC is overstepping its authority in trying to regulate them. Still, many companies have boosted compliance, shelved products and expanded outside the country in response to the crackdown.

Kristin Smith, CEO of the Blockchain Association trade group, rejected Mr. Gensler’s efforts to oversee the industry.

“We’re confident the courts will prove Chair Gensler wrong in due time,” she said.

Founded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Transactions generated 75% of its $3.15 billion of net revenue last year.

Tuesday’s SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.

On Monday, the SEC accused Binance of inflating trading volumes, diverting customer funds, improperly commingling assets, failing to restrict US customers from its platform, and misleading customers about its controls.

Binance pledged to vigorously defend itself against the lawsuit, which it said reflected the SEC’s “misguided and conscious refusal” to provide clarity to the crypto industry.

Customers pulled around $790 million from Binance and its US affiliate following the lawsuit, Nansen said.

On Tuesday, the SEC filed a motion to freeze assets belonging to Binance.US, Binance’s US affiliate. The holding company of Binance is based in the Cayman Islands.

“It’s important to note that recent regulatory actions are aimed at ensuring that companies operating in the cryptocurrency industry are complying with securities laws and protecting investors — this will always be their goal,” said Joshua Chu, group chief risk officer at blockchain technology firms XBE, Coinllectibles and Marvion.

“These events will ultimately lead to a more stable and trustworthy industry, which could help to attract more institutional investors and mainstream adoption.” — Reuters

VSTECS celebrates 25th year anniversary with a gala event

VSTECS Phils., Inc., the leading distributor of innovative ICT solutions in the country, commemorates its 25th Year Anniversary with an extravagant gala event marked by a lavish gourmet sit-down dinner, breathtaking production numbers, and grandiose setup. Held on May 10 at the luxurious Shangri-La The Fort Hotel in Taguig City, the evening brought together the who’s who in the ICT industry, including top executives from VSTECS Holdings Headquarters, influential principals representing the largest ICT brands, leading figures from the banking community, valuable channel partners, respected reporters, select VSTECS employees, and an exceptional lineup of world-class talents.

Attended by over 1,000 guests, the gala event was a grand celebration of partnerships. As VSTECS reached this significant milestone, it was an opportunity to express gratitude to all the stakeholders who have contributed to its success over the past 25 years and an occasion to strengthen alliances.

In his welcome address, Jimmy D. Go, VSTECS Phils., Inc. president and CEO, reiterated the important role of IT to allow organizations to stay agile and resilient.

“As we move forward, we are fully aware of the rapidly evolving IT landscape and the constant disruptions that lie ahead. The future will require us to be agile, innovative, and strategic in our approach. We must continue to stay ahead of the curve and leverage the latest technologies to help our customers stay competitive.”

“To achieve this, partnership is essential. We need to work together to achieve the synergy of powers. We must collaborate and share our expertise and resources to deliver the best solutions and services to our customers. In our quest to be the best and most admired technology partner, VSTECS will continue to partner with the best brands in the industry to ensure that our channel partners can address diverse needs and grow their business,” he added.

The event was also graced by valuable channel partners who have played an integral role in VSTECS’ extensive distribution network representing the consumer/retail, corporate, commercial, enterprise, and mobility segments. They have been vital in expanding VSTECS’ reach, enabling the company to hasten technology transfer and provide innovative ICT solutions to a wider audience.

Top channel partners from Retail, Corporate/Commercial, Enterprise, Mobility, and Provincial segments were also awarded in recognition of their unwavering support and collaboration leading to mutual success.

The evening was made even more extraordinary with spectacular production numbers from Regine Tolentino, Jed Madela, and Jessica Sanchez. These world-class talents added an extra excitement and left the audience in awe with their breathtaking performances.

The gala event also provided a platform for networking and fostering new connections.

Attendees had the opportunity to engage with industry leaders, forge new partnerships, and rekindle old ties.

Cognizant to this age of never-ending shifts, VSTECS recommits itself to partner with the best brands in the industry to stay ahead of the curve.

“We cannot predict the future with certainty, but we can equip ourselves with the skills and mindset to navigate uncertainty and thrive in the face of challenges. At VSTECS, we will be relentless to explore all possibilities to enable our partners, transform business, and drive technology,” added Mr. Go.

VSTECS looks forward to the next chapter of its success story in the ICT industry. To learn more about the celebration, visit https://bit.ly/43AAA0i.

 

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Experience bliss, live in style at Bern Baguio

Escape to the tranquility and elegance of Bern, an exquisite vertical village by Brittany Corporation that will soon be rising on the idyllic side of Baguio, just four hours north of the metro.

A distinct kind of bliss and mystic charm will embrace you as soon as you set foot in beautiful Baguio City.

Set amid the cascading lush pine forests and the cool, refreshing mountain clime, the country’s “Summer Capital” easily brings you to a heavenly escape that is both idyllic and modern, quaint yet exciting. Whether you want a respite from the metro’s heat or a break from your usual grind, Baguio City will always be worth that drive up north, over and over.

How so? Besides the cold weather and the scenic views as you go up the winding roads of the Cordillera Mountain Range, Baguio City has so much more to offer. Its vibrant culture continues to draw local and foreign tourists to the City of Pines.

Residents can enjoy the magnificent panoramic views with Bern’s tranquil spaces specially designed for quiet escapes, such as jogging paths, serenity walk, pocket gardens, and dedicated areas for children’s play.

New and unique experiences year-round

Expect to revel in new and unique experiences every time you go to Baguio.

Its thriving homegrown restaurant scene will satisfy any craving you might have—whether you’re in the mood for Italian, American, Japanese, Chinese, Vietnamese, or Filipino cuisine or for some locally crafted beers and a piping hot chocolate drink. Brave the night market to score for yourself amazing pre-loved clothing, bags, and shoes or to simply enjoy street food.

Immerse yourself in the local art scene by visiting museums and art galleries here and in surrounding towns. You can also unwind and let loose at Baguio’s most famed attractions, like Burnham Park, or indulge in the revelries of the festivals here as well.

It’s thus easy to understand why Baguio City never fails to amaze anyone who comes its way.

Families and friends can spend quality time here, having relaxed, intimate conversations without needing to leave the building.

Swiss-inspired oasis

Soon, Baguio City will no longer just be a weekend getaway.

A quaint community is rising on the idyllic side of Baguio, offering a beautiful escape inspired by the picturesque capital city of Switzerland. It will undoubtedly prompt many discerning homebuyers and investors to get their hands on this Swiss-inspired oasis.

Bern, a four-tower high-end condominium development by Brittany Corp., will let you enjoy all the niceties and peculiarities of Baguio City while enabling you to enjoy the luxury and sophistication of a Swiss mountain lifestyle. This aspirational address will soon offer the same kind of Alpine paradise that the luxury residential arm of the country’s largest homebuilder Vista Land & Lifescapes Inc. has done for Tagaytay with the 100-ha Crosswinds, where you can find beautiful themed neighborhoods set amid over 35,000 towering pine trees.

Brittany’s first high-end condominium project in the City of Pines will undoubtedly emerge as a gem for many looking to revel in Baguio’s City’s tranquil, relaxing vibe all year.

Unique peak experiences

At Bern, one can relax, appreciate nature, and have a picturesque view of the city while enjoying coffee or bonding with family and friends.

Beyond that, however, Bern is bringing to Baguio exclusive, unrivaled experiences thanks to a host of curated lifestyle features, world-class facilities, and amenities at the peak of the four towers.

Time with family and friends becomes extra meaningful at the Eiger Tower, where you can find an imaginative, dedicated space featuring Jacuzzis and family lounges. It’s a perfect spot to relax and enjoy quality time with your loved ones. Those aspiring to keep their health in check and lead an active lifestyle will find their favorite amenities—including a gym, sauna, yoga, and pilates studio—at the Alpstein Tower.

Appenzell Tower gives you access to expansive mountain views and an entertainment space with a game room, view decks, lounges, and a fire pit that can be used exclusively by residents of Bern. Function rooms here can accommodate the residents’ private events and intimate celebrations.

Relax and appreciate nature at Via Nassa Tower, where you can find an indoor-outdoor bar, view deck, Jacuzzi, lounges, and fire pits. Get on the view deck to have a picturesque view of the city while enjoying the company of family and friends.

Spacious units

Bern offers generous and flexible spaces that let owners personalize their units to accommodate their lifestyles while they get to soak in the beautiful views of Baguio City from every angle.

Those looking to find a second home in Bern can choose from any of its spacious, flexible units. Whether you go for the 46-sqm one-bedroom suite, the 51-sqm one-bedroom corner suite, or the 101-sqm two-bedroom suite, you will enjoy Baguio’s sweeping mountain views or city skyline from every angle of your room.

What makes Bern more exclusive and private is the fact that there will only be four to eight units per floor, making it one of the most premium, low-density developments in Baguio.

Bern Baguio will undoubtedly be a luxurious indulgence, a great, sweet escape you can enjoy all year.

For more information on Brittany Corporation’s collection of luxury properties, visit www.brittany.com.ph. You may also follow them on Facebook, Instagram, and YouTube.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. For more information, send an email to online@bworldonline.com.

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Digitally empowered solutions for improved transportation

By Angela Kiara S. Brillantes, Special Features and Content Writer

Transportation, as it intends to bring people and goods from one point to another, is crucial for making individual lives easier and helping businesses become more efficient in their operations. However, the Philippines’ transportation infrastructure can become more of a barrier rather than an enabler of economic development if its lacks and inconveniences are not completely addressed.

Given how much transportation affects many people’s lifestyles and economic activities, there has been a lot of discussion on how infrastructure and urban mobility can improve the Philippine transport system and prevent it from getting worse as days pass by.

This year’s BusinessWorld Economic Forum, themed “The Digital Future: Accelerating Business and Sustainability,” gathered Aileen Anunciacion R. Zosa, president and chief executive officer of Bases Conversion and Development Authority (BCDA); EJ dela Vega, head of mobility at Grab Philippines, and Angeline Tham, founder of Angkas, to tackle how the country can further improve transport and mobility, and gear it further towards sustainability with the help of digitalization in the panel discussion themed “Redefining Transport and Mobility in the Digital World.”

As digitalization has accelerated across businesses, many sectors in the Philippines took advantage of digital technology as they recognized how it can positively impact business operations. In the transportation sector, both the public and private sector are seen to have been starting efforts, such as utilizing electric vehicles and shared mobility, to help improve the country’s transportation system and infrastructure.

Yet, as the panel agreed throughout the discussion, more than making operations more efficient, digitalization can also creat-e more job opportunities and expand customer options within transport.

For companies like Grab Philippines and Angkas, as Mr. dela Vega and Ms. Tham noted, they believe that technology is a tool in creating a transport system that will both serve consumers while also creating opportunities for service providers.

Mobility in a digital world has to be a whole-of-nation approach.

— EJ dela Vega, Director, Head of Mobility, Grab Philippines

Grab, Mr. dela Vega shared, has used digitalization to employ navigation solutions where customers can share their locations with family members, providing an alert to partner riders to their speed and work duration, and advising them to take a break when needed. In addition, Grab has also developed safety reports which are vital for preventing accidents in the future.

For Grab Philippines’ head of mobility, when Grab started going digital the company provided a more efficient transport system for both commuters and drivers in real-time.

“So, these changes where technology was able to come in, particularly with safety, that’s one thing. Now, even the simple ability to say ‘I’d like to share my ride with my family,’ we’ve kind of taken that with a press of a button. Everybody knows where you are, your friends or family know where you are, [and they] can trace the rides. So, I think those very small examples are the daily changes to the way you move around; those were all because we were able to employ technology,” Mr. dela Vega explained.

“We have built our own map solutions and navigation solutions. By doing that, we’ve improved the number of trips a driver can do by 7% in an hour. 7% seems small, but in the larger scheme of things that’s tens [to] hundreds of thousands of people served, just by having better maps,” he added.

He added, “We use telemetry data, for example in the car, using their smartphones to make it safer. Hopefully, we [will start] building safety reports. We understand driver behavior, but more than that we are trying to prevent accidents before they happen. 10%-20% of crashes are somehow related to fatigue, so something we’ve recently done is prompt drivers who have been online for too long, we say ‘Hey, maybe you need to take a break.’”

Our aim [at Angkas] is not to serve as many customers as possible but to support our [riders] to stand on their own two feet.

— ANGELINE THAM, Founder, ANGKAS

Ms. Tham of Angkas noted how the transport sector has used digitalization to provide customers another choice of how to get from one location to another.

“Digitalization is giving the customers the power to make more decisions for themselves. Before, if I wanted to go from point A to point B, I would’ve known how long it would take me to get a taxi or whether there’s going to be a long line for UV Express. So, [now, digitalization allows them to conveniently] use services that may be, in the past, something they have to do a lot of things to find. So, I think this helps them with efficiency; it really helps people to be more productive,” Ms. Tham said.

“Using digitalization, transportation is more convenient, customers can plan and use other services, and this helps them with efficiency and more productivity,” she also said.

The Angkas founder also notes that digitalization is giving companies the ability “to give the customers the power to make more decisions for themselves,” and as far as the motorcycle ride-hailing app is concerned, digitalization helps them fulfill an aim that goes beyond attracting customers.

“Our aim is not to serve as many customers as possible but to support our [riders] to stand on their own two feet,” she said.

As far as transport systems are concerned, the government needs to adapt a regulatory framework to make infrastructure more available to users.

— AILEEN ANUNCIACION
R. ZOSA, President and Chief Executive Officer, BASES CONVERSION AND DEVELOPMENT AUTHORITY

Meanwhile, BCDA’s Ms. Zosa stressed during the discussion that integrating technologies into transport is the way to a more efficient transportation system in the Philippines.

“Our objective on combining ICT (information and communications technology) on transport systems is to make our lives, our businesses more efficient. So, ICT and transport systems would mean accessibility, connectivity, and transforming our lives, improving the quality of our lives, whether you are a service provider or a customer,” Ms. Zosa explained.

According to Ms. Zosa, BCDA is focused on providing efficient infrastructure to the developments it covers. She shared BCDA’s recent projects regarding these efforts which include an integrated operations center, transit-oriented developments (TODs), and a subway system in Bonifacio Global City (BGC) in Taguig.

Ms. Zosa added that BCDA’s integrated operations center project is expected to be developed within the year. She added that the “cloud-based transport system” will include e-vehicles and electric-assisted bikes, as well as functions that will provide convenience for riders in using their phones to pay for rides, checking available vehicles, and scheduling for drivers.

BCDA’s TOD project, meanwhile, is expected to launch next year in BGC. Ms. Zosa said that this project will help in enhancing the area’s transportation system so that it will provide more “convenience, accessibility, and connectivity to a livable and more workable BGC.”

As BusinessWorld reported earlier in March, BCDA said in a statement that it signed a technical cooperation agreement with the Japan International Cooperation Agency for developing TODs in the Bonifacio area.

The said project is said to serve as a prototype for sustainable mixed-use communities with train access, and so it raises the potential of the two railway projects, namely the Metro Manila Subway and the North-South Commuter Railway, crossing the BCDA property in Metro Manila.

As much as it is being recognized as the key in shaping an inclusive and sustainable future, digitalization is also seen to have an immense capability of improving transport systems and infrastructure. But to fully realize such a goal, both private and public sectors should work hand-in-hand.

“Mobility in the digital world has to be a whole-nation approach, with us, other players of the industry, government stakeholders, Grab is always a committed partner to that,” Grab’s Mr. dela Vega said.

Transport players should also better understand the commuters they serve and aim to serve them better.

“It is important to pinpoint what are the outcomes we want for our stakeholders. It is important to look deeply into who you serve to be able to find out what would be really beneficial for them to make sure we can build a thriving ecosystem… and to build a stronger Philippines,” Ms. Tham of Angkas added.

What sustainability means in digital finance

Panel Discussion 3 (from L-R): BDO Unibank SVP & Chief Compliance Officer Federico P. Tancongco, Binance Philippines General Manager Kenneth Stern, Sun Life Philippines Chief Operations & Digital Enterprise Officer Gaurav Mishra, and Bank of the Philippine Islands CFO & Chief Sustainability Officer Eric Roberto M. Luchangco

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor

In an increasingly digital world, it becomes ever more apparent how large a role the financial sector must play in building a more resilient future. The financial sector, as one of the world’s largest and most prominent industries, has the ability to direct resources toward environmentally and socially responsible investments.

In the panel on “Building and Expanding a Sustainable Digital Finance Ecosystem,” experts and financial industry leaders at the 2023 BusinessWorld Economic Forum held last May 25 attempted to reimagine the sector in a world where the barriers of the physical and the digital have begun to blur.

Eric Roberto M. Luchangco, chief finance officer and chief sustainability officer of the Bank of the Philippine Islands (BPI), enumerated the obvious benefits of the sweeping digitalization of banks all over the country.

It’s critical for us in the finance industry, not only to help finance, but to understand what are the kinds of projects that we should be encouraging our customers to support.

— ERIC ROBERTO M. LUCHANGCO, Chief Finance Officer and Chief Sustainability Officer, BANK OF THE PHILIPPINE ISLANDS

“For us, this was really an opportunity for us to make things more convenient for customers; and that has a lot of savings for them. There’s no need to travel to the branches. They can transact whenever they want to,” he said.

“We’re very close to 3,000,000 customers now that are digital customers, meaning they transact with us more digitally than they do non-digitally; and those are financial transactions where there’s actual movement of money. As a result, we’re seeing much better engagement with them.”

Mr. Luchangco said that this serves as an illustration of how the banking industry’s revenues are starting to move in favor of the digital customers and of how banks like BPI have been quite successful in migrating their existing customers to the digital space.

It follows then that the financial sector’s growth and stability depend on the development of a sustainable digital finance ecosystem. But, how does the Philippine financial industry achieve that goal?

In a global context, investors are increasingly valuing sustainability and demanding transparency and responsibility from corporations driving growth in the field of sustainable finance. Environmental, social, and governance (ESG) considerations are becoming requirements in making investment decisions.

Having been in business for over a century in the Philippines and given the long-term nature of the insurance business, Sun Life holds sustainability as a high priority, according to Gaurav Mishra, chief operations and digital enterprise officer at Sun Life Philippines.

The financial industry plays a huge role in sustainability… Digital is a key enabler to this because it makes products more accessible, and it allows us to provide a better end-to-end experience.

— GAURAV MISHRA, Chief Operations & Digital Enterprise Officer, SUN LIFE PHILIPPINES

“The concept is very familiar with us; and we understand the importance of staying in committed to our cause and seeing it through amid various challenges,” he said.

Mr. Mishra shared Sun Life’s five focus areas for pursuing for sustainability in its business: increasing financial security; fostering healthier lives; advancing sustainable investing; operating as a trusted and responsible business; and uplifting the communities in which they operate. He added that each of these focus areas supports at least one of the United Nations’ Sustainable Development Goals.

“In this journey, collaboration has been key for us. Internally, we work with our employees to create relevant solutions and redesign processes; while our advisors operate at the front end, engaging with our clients,” he said.

“At the same time, we also align with our initiatives and the sustainability vision which complements these initiatives. And as we work through, we bring more value to the people we serve and at the same time strengthen the country’s financial ecosystem.”

Digital technology, particularly emerging technologies like blockchain, can become the catalyst of change in the financial landscape. Kenneth Stern, general manager of Binance Philippines, said that a country like the Philippines that has a very young demographic, high internet usage, high mobile phone understanding and a burgeoning digital economy that is looking for investments has a lot of potential to uplift the lives of its citizens through technology.

Web3 opens up opportunities in the Philippines for more financial inclusion and for skilled Filipinos to work remotely for global companies without having to leave their families.

— KENNETH STERN, General Manager, BINANCE PHILIPPINES

There are three specific areas, Mr. Stern said, in which digital technology can propel the country towards a more sustainable future: financial inclusion, remittances, and job creation.

“Financial inclusion is very important here because it’s still 34 million people in the Philippines who are not financially included, and there’s a lot of technology out there that can help people get financially included. But there is trouble with education, with logistics, and with how we can actually give access to these people,” he said.

Technologies like cryptocurrency and other forms of digital money can also help Overseas Filipino Workers (OFWs) send remittances more cheaply, which can mean a lot for Filipino families struggling with poverty.

“More OFWs can invest back to the Philippine market. It’s roughly 10% of [gross domestic product], but I feel like if we can use cryptocurrency and digital technology, we can increase that number up to 20% to 30%,” Mr. Stern said.

Finally, Mr. Stern said that digital technology can help eliminate the “brain drain” that has happened in the country, “where our best talent do not need to leave the Philippines to go to the US or Canada or Europe to make international salaries.”

A mosaic of solutions

“Sustainability is a huge subject, and there are many facets of it,” Federico P. Tancongco, senior vice-president and chief compliance officer of BDO Unibank, pointed out.

Mr. Tancongco said that at BDO, they impose three disciplines on themselves when creating new products for their customers.

Financial inclusion for us is phygital — both physical and digital… To really serve the underserved, we believe it is still a physical world. We are at a transition. We are still learning.

— FEDERICO P. TANCONGCO, Senior Vice-President & Chief Compliance Officer, BDO

“One, you do not develop products in an ivory tower. While you can see in articles emerging theories and trends, we also leverage heavily on our experience with our clients and our understanding of their context, the clients that we serve and the clients we want to serve,” he said.

“The second discipline is that we cannot be everything to everybody. We have to focus on what we are good at, and then we leverage on what we understand. Third, we have to respect and leverage the insight of the other players, because in sustainability, no one institution, no one industry can solve all of the problems. We will contribute to a mosaic of the solutions, and we have to understand and respect the solutions that are coming out in the market.”

The panel also noted that collaboration and the leveraging of new technologies like blockchain can enhance transparency, reduce costs, and improve efficiency in the financial industry of tomorrow. Furthermore, digital technology can facilitate sustainable investments, promote financial inclusion, and build a more resilient and equitable financial system that works for everyone.

Mr. Stern of Binance Philippines pointed out that technology can create possible solutions to many problems, from decreasing friction, to increasing efficiencies, to creating cross-border transactions real time.

“These are all real solutions that are being made right now. It’s all about getting the buy-in from these companies and large institutions to actually invest in the product, invest in the technology and actually put some initiatives behind these present projects and try it out,” he said.

Mr. Tancongco agrees. “Business moves where money is. If you put rules into lending and you use ESG criteria when you lend, when you issue bonds, or use ESG criteria whenever you make your investments,” he said.

“The principle is biblical, ‘Where your treasure is, there will your heart be also.’ Put the money there, and everybody else flocks to where the money is. In other words, actually like during the pandemic, the role of financial institution is mission-critical.”

BPI’s Mr. Luchangco echoed the sentiment, adding that the financial industry has the responsibility of keeping updated with the latest sustainability trends so that it can make better investment decisions.

“This is really driven by money, right? And a lot of the sustainability initiatives, they do require financing. That’s a critical way in which the financial sector can really help. I think it’s critical for us in the finance industry, not only to help finance, but to be on the cutting edge and understand what kinds of projects we should be encouraging our customers to support.”

“It’s our belief that every individual, every company and every country in fact needs to play its part in driving the transition to a more carbon-neutral economy,” Mr. Mishra of Sun Life concluded.

“Digital is a key enabler to this because it makes products and services easily accessible to our clients. It allows our employees and our advisors to engage with the clients and support their requirements remotely; and it also allows us to offer a very seamless end-to-end experience. I think we do have a big role to play in ensuring sustainability.”

Food innovation for nutrition and sustainability

Image by DCStudio on Freepik

By Chelsey Keith P. Ignacio, Special Features and Content Senior Writer

Everyone deserves a food on their plate, and a nutritious and sufficient one at that. But for many people, having the recommended amount of food and nutrients per day can be a challenge.

Apart from the lingering issue concerning nutrition, there are also problems with unsustainability in food production and processing, which not only affect the availability of food but also impact the planet. Innovations, however, can play a part to make food and its processing nutritious and sustainable.

Tackling these issues concerning food and the technologies serving as solutions are the focus of Kristine Go, general manager for nutrition at Unilever Southeast Asia, in her presentation on “Reinventing Food for Humanity” during the BusinessWorld Economic Forum last May 25.

“By 2050, there will be 10 billion people on the planet,” stressed Ms. Go, “and the reality is, our planet cannot feed that 10 billion people.”

This potential concern for the future is rooted in the limited type of plants and animals being consumed today. According to Ms. Go, only 12 plants and five animals made up 75% of the food that people intake, despite having a lot of types of produce and crops in the world.

“The problem with this is that it actually affects the soil. When people produce the same amount of vegetables and meat because that’s what we consume, it actually depletes our resources. That’s why there’s not enough food to feed the 10 billion people that will be inhabiting this Earth by 2050. So 50% of our soil has actually been lost. It’s been lost because it uses the same amount of nutrients,” Ms. Go explained.

“So, unless we actually rotate and unless we eat more or we diversify our diet, we actually end up destroying the soil. We end up using more water, we end up destroying the climate,” she said.

The food being produced at present is responsible for 30% of the greenhouse gas emissions, added Ms. Go.

For Unilever’s part in responding to the aforementioned situation, Ms. Go shared some of the company’s commitments for 2025, which involved investing €1.5 billion of its business to be made out of plant-based food. The company is also putting importance on providing positive nutrition; halving the food waste from its manufacturing until it reaches homes; and cutting down salt, sugar, and fat.

“At the center of all of these is regenerative agriculture,” she said.

“While we are in the business of nutrition, there is such a strong link between nutrition, innovation, and technology, and the way it actually affects the diets that we have,” she highlighted.

Technologies for food

Several technologies are being utilized nowadays to bring nutritious food for the people, as well as bring sustainability in the process and protect the environment.

People talk about sustainable agriculture, but it’s now evolved to regenerative agriculture.

— KRISTINE GO, General Manager – Nutrition, UNILEVER SOUTHEAST ASIA

Food manufacturers have been adding nutrients to food products through fortification.

“Because oftentimes it’s a lot harder to change people’s diets and habits, we try to change our products. Fortification exists already in a lot of products today,” Ms. Go said.

Among Unilever’s products that underwent fortification, according to the general manager, are Knorr cubes, which are fortified with iron as the Philippines deals with iron deficiency.

“And you may not know it — and we don’t talk about it because we all know that when it comes to food — we just want to talk about how delicious it is. And that’s why the onus is on us as companies to actually change the products that we give because our people need it,” said Ms. Go.

Technology is also used to produce plant-based meat products and make their texture and taste like that of actual meat.

“I know that we all want to eat healthy. But oftentimes, it’s very hard to say no to a beef burger or steak. And that’s why there are new protein solutions that actually, in a way, mimic and create texture that is similar to meat not only the taste, but also the texture,” shared Ms. Go.

Pancake House and Burger King are among the restaurant and fast-food companies that have begun to offer plant-based meat.

Meat products are being improved by technology as well in terms of producing more by imitating the fibrous texture of meat with the help of high moisture extrusion.

“It’s a concentrated solution towards giving you more meat… Even if normally, let’s say, a kilo of beef or pork creates eight patties, with this product, a concentrated meat powder, it actually increases it (patties created) by 50%. So, your ordinary one kilo of pork, which produces eight patties of meat, can now make 12,” Ms. Go explained.

Meanwhile, in terms of processing, digitalization helps provide transparency and efficiency in manufacturing. A manufacturing site that digitalizes everything end-to-end is what the World Economic Forum (WEF) call as lighthouse factories, said Ms. Go.

“Everything from dispensing to manufacturing to the movement of raw materials from one end to the production side is now digitized. And it helps all of us because it actually creates less waste. It also makes our production systems more efficient,” she said.

“Having a digitized factory allows you for better traceability, better efficiency, and to be more cost-effective,” she added.

Unilever currently has around six factories across the world that have been recognized as lighthouse factories by the WEF, according to Ms. Go.

Packaging should also be paid attention to when it comes to sustainability in food processing.

Hellmann’s, a Unilever mayonnaise brand, is also creating a bottle that would be able to denote the temperature of the refrigerator.

“This bottle tells you the right amount of temperature that’s required for your refrigerator,” Ms. Go explained. “So, this is quite a cool technology because the label that you have on pack changes color. It changes color when the temperature is too low or too high. It just gives you an optimal amount of temperature that obviously helps our planet as well.”

Meanwhile, on the side of agriculture, there is a system called regenerative agriculture, which seeks to rehabilitate the soil and protect the environment.

“People talk about sustainable agriculture, but it’s now evolved to regenerative agriculture,” said Ms. Go. “Regenerative agriculture is five things. It helps our soil; it’s less water; it’s better for the climate, so less greenhouse gases, so more net zero. It’s also good for biodiversity, the animals, the insects, that are around the farm. And finally, it’s better for livelihoods.”

An example of this is the creation of dwarf coconut trees in Indonesia and dwarf tamarind trees in the Philippines, shared Ms. Go, which makes it easier to harvest the yields than climbing the trees at their usual height.

She also shared that Unilever’s plantation in Pampanga has five to six feet of dwarf tamarind trees, along with life-size tamarind trees that could grow up to 30 feet.

Capping off the presentation, Ms. Go also showed Unilever’s Hive, the company’s foods innovation center at the Wageningen University & Research in the Netherlands. The campus is dubbed as the “Silicon Valley of Food.”

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