Indian gov’t seeks to mainstream adoption of Ayurvedic medicine in PHL

June 15, 2023 | 4:46 pm

Indian-ambassador-EMBASSY-OF-INDIA-MANILA — EMBASSY OF INDIA MANILA

By Miguel Hanz L. Antivola

THE INDIAN embassy in Manila on Thursday said it will be working with the Philippine government to mainstream the practice of Ayurveda, the ancient Indian system of medicine, in the country.

“We already have it, but in a very low-key and unstructured manner,” said Shambhu S. Kumaran, ambassador of India to the Philippines, during a roundtable discussion on Thursday.

“We are waiting for the Philippine government to [get back to] us; we are ready,” he added, on the pursuit of institutionalizing Ayurveda in the country.

The Philippine Institute of Traditional and Alternative Health Care, a government-owned corporation, and India’s National Institute of Ayurveda signed a memorandum of understanding last year on cooperation in the field of Ayurveda and other traditional systems of medicine.

The Philippines is the first country in Southeast Asia to sign such an agreement, according to the Indian embassy.

Ayurveda, which directly translates to ‘science of life,’ is a natural system of medicine originating from India that promotes well-being through lifestyle interventions and natural therapies.

The treatments primarily focus on an internal purification process achieved through a suitable diet, herbal remedies, yoga, and meditation.

In the Philippines, Ayurveda has been gaining significant momentum, and the goal of its institutionalization is to revitalize and improve access to traditional medicine, according to Mr. Kumaran.

“The objective is to initiate discussions and generate public interest so that all of you can access Ayurveda in a more comprehensive, structured, and legally supported manner,” he said.

Butch Ong, the division chief for research and development at the Philippines’ alternative medicine agency, noted the similarities between herbal remedies in Ayurveda and indigenous herbs found in the country.

Notable examples of such herbs include turmeric, pepper, and lagundi.

Mr. Ong added that the shared cultural and healthcare aspects between the Philippines and India have the potential to expedite the collaboration process, potentially influencing the content of the second edition of the Philippine Pharmacopoeia of Medicinal Plants.

To advance the collaboration outlined in the memorandum of understanding, a delegation comprising Ayurveda professionals and representatives from India visited the country from June 13 to15.

The agreement encompasses the exchange of researchers, capacity building of experts, and sharing of scientific knowledge to promote evidence-based research in the field of Ayurveda.

It also includes capacity building in various areas such as the collection and storage of medicinal plants, quality control measures for these plants, standardization processes, data generation, and regulatory aspects.

“India is willing to provide assistance in infrastructure development, the establishment of collaborative centers, and the modernization of existing laboratories,” said Sanjeev Sharma, vice-chancellor at the National Institute of Ayurveda, Jaipur.

The embassy’s Mr. Kumaran also urged the Department of Health to expedite the licensing process for Ayurveda practitioners and medicines, facilitate the training of Filipino nationals in Ayurveda, and consider allowing Ayurveda doctors to practice in the country.

Australia cancels lease for new Russian embassy citing national security

June 15, 2023 | 11:41 am

STOCK PHOTO | Image by Rebecca Lintz from Pixabay

SYDNEY – Australia said on Thursday it would introduce legislation to parliament to cancel Russia’s lease to build a new embassy in the national capital of Canberra, citing national security.

The move follows the conclusion of a long-running litigation regarding the leased site after the federal court ruled last month that an eviction order made by the National Capital Authority – a government body tasked with the planning of the national capital – was invalid.

“The government has received very clear security advice as to the risk presented by a new Russian presence so close to parliament house,” Prime Minister Anthony Albanese told reporters.

“To be clear, today’s decision is one taken in the national security interests of Australia.”

Albanese said his government acted quickly to ensure the leased site did not become an official diplomatic presence.

The termination of the lease would have no impact on Russia’s existing embassy in Canberra.

Russia bought the lease in 2008 and had plans approved in 2011 but the National Capital Authority blamed the embassy for leaving the site unused, according to Australian media.

Home Affairs Minister Clare O’Neil said the “principal problem” with the proposed second Russian embassy was its location, as the site sits directly adjacent to the parliament house.

The bill has the support of the opposition coalition and is expected to pass both houses.

Albanese said his government has anticipated a response from Russia over the decision and “we will await what response occurs.”

“We don’t expect that Russia’s in a position to talk about international law, given their rejection of it so consistently and so brazenly with their invasion of Ukraine,” he said.

Australia is one of the largest non-NATO contributors to the West’s support for Ukraine and has been supplying aid, ammunition and defence equipment and has banned exports of alumina and aluminium ores, including bauxite, to Russia.

Since the conflict began, Australia has provided millions in military support to Ukraine and has sanctioned more than 1,000 Russian individuals and entities. – Reuters

UK’s Sunak scraps plan for supermarket price cap after backlash -Telegraph

June 15, 2023 | 11:39 am

British Prime Minister Rishi Sunak has abandoned plans to ask supermarkets to impose a voluntary price cap on basic goods after a backlash from retailers, the Telegraph reported on Wednesday.

Last month, a Telegraph report on government plans to restrict food prices drew a sharp reaction from the industry representative, the British Retail Consortium (BRC), which argued such measures would not bring about any significant changes.

“The government has never been considering imposing price caps. We continue to engage with supermarkets about the best way to support consumers,” a British government spokesperson said.

British ministers are pursuing other measures to deal with sky-rocketing food inflation, and officials had reassured retailers there would be no intervention in prices, the Telegraph said on Wednesday, citing sources.

Britain’s competition regulator told supermarkets in late May it was looking at their earnings to identify which supply chains it needed to examine more closely as part of attempts to reduce food price inflation.

Asda, Britain’s third largest supermarket group, this week froze prices of over 500 products until the end of August, adding to signs that a surge in food inflation is set to abate and even reverse in the coming months. – Reuters

Microsoft, Activision ask judge for speedy schedule in FTC challenge

June 15, 2023 | 11:36 am

WASHINGTON – Time is running out on a deadline for Microsoft to complete its $69 billion acquisition of Activision Blizzard, compelling the companies to ask a US judge on Wednesday to quickly get the ball rolling on the Federal Trade Commission’s legal bid to block the deal.

US District Judge Edward Davila on Tuesday had set a June 22-23 evidentiary hearing in San Francisco and temporarily blocked the companies from completing the deal pending a decision by another judge on the same court on whether to grant a preliminary injunction.

The hearing will focus on whether to put the deal on hold while an administrative judge considers the case. But the companies said if a temporary hold is granted they would have to drop the deal altogether because the “glacial” pace of the FTC review would make waiting impractical.

“Time is of the essence,” the companies wrote in a court filing, noting that the agreement has a termination date of July 18 and contains a $3 billion termination fee that Microsoft would have to pay.

“Let there be no doubt, a preliminary injunction ruling is the only decision that matters under these challenging deadlines.”

The FTC declined to comment.

The companies asked the court to schedule a minimum of five days for an evidentiary hearing beginning on June 22 and running through the week of June 26. They also asked for a case management conference to be set for Thursday but emphasized they were not seeking to delay a resolution by asking for a longer evidentiary hearing.

If the court grants the FTC preliminary injunction “it will effectively block the transaction because the FTC’s process is ‘glacial’ and one no substantial business transaction could ever survive,” Microsoft and Activision wrote citing a 1986 case.

The hearing in the FTC administrative proceeding is set to begin Aug. 2.

The FTC has argued the transaction would give Microsoft’s video game console Xbox exclusive access to Activision games, leaving Nintendo 7974.T consoles and Sony Group Corp’s 6758.T PlayStation out in the cold.

Microsoft’s bid to acquire the “Call of Duty” video game maker was approved by the EU in May, but British competition authorities blocked the takeover in April. – Reuters

ECB to raise rates further even as economy stutters

June 15, 2023 | 11:33 am

FRANKFURT – The European Central Bank is all but certain to raise borrowing costs to their highest level in 22 years on Thursday and leave the door open to more hikes, extending its fight against high inflation even as the euro zone economy flags.

Growth across the 20 countries that share the euro is at best stagnating and inflation has been moderating for months, courtesy of lower energy prices and the steepest increase in interest rates in the ECB’s 25-year history.

Furthermore, the US Federal Reserve broke a string of 10 successive rate hikes late on Wednesday, a powerful signal for investors around the world that the current tightening cycle across developed economies is nearing an end, even if more US rate hikes are still likely.

But inflation in the euro zone is still unacceptably high for the ECB at 6.1% – more than three times its 2% target – and underlying price growth, which typically excludes food and energy, is only starting to slow.

That is likely to keep the ECB on the tightening path, particularly after it failed to predict the current bout of high inflation and began raising rates later than many global peers last year.

“They simply cannot afford to mess it up once again,” said Carsten Brzeski, the global head of macro at Dutch bank ING.

The ECB is predicted to increase the deposit rate – the interest rate banks pay to park cash securely at the central bank – for the eighth consecutive time, by 25 basis points to 3.5%, its highest level since 2001.

Economists polled by Reuters expect another move of the same magnitude in July before the ECB pauses for the rest of 2023.

ECB President Christine Lagarde is nevertheless expected to keep a further hike in September in play during her press conference on Thursday, and to push back against traders’ bets that the central bank will cut rates next year.

“We expect the ECB to leave the possibility of a terminal rate above 3.75% on the table and to encourage the market to price out some of the 2024 rate cuts,” economists at Deutsche Bank wrote in a note.

MIXED PICTURE

The ECB will update its economic forecasts, which are likely to put inflation closer to, but still above, 2% next year before it reaches the target in 2025.

While this would normally augur a pause in policy tightening, the ECB has been taking its own projections with a pinch of salt after years in which they missed the mark.

Instead, euro zone rate-setters have focused on actual economic data that has been painting a mixed picture.

Two quarters of contraction in industrial powerhouse Germany dragged the euro zone into a shallow recession last winter and the economy is likely to eke out only modest growth this year.

But unemployment is at record lows and wage growth is picking up, even if it still lags inflation.

Headline price growth has been falling fast after hitting double-digits late last year. But underlying prices, most notably for services, have yet to show the decisive drop ECB policymakers have said they would need to see before taking their foot off the monetary brake.

Higher borrowing costs are curbing demand for credit from households and companies as well as banks’ willingness to lend, but consumption is holding up well in nominal terms.

These opposing factors were likely to provide ammunition to both sides of the ECB’s Governing Council – the hawkish majority that has been pushing for more rate hikes and a minority of doves who have been advocating a pause.

As a result, economists expect the ECB to send out a more balanced message about the outlook than at recent meetings, when it stressed the need to raise rates further to cool demand.

“The ECB will probably emphasise even more strongly than before that its future policy path is data-dependent amid heightened uncertainty,” economists at Berenberg wrote in a note to clients. – Reuters

It’s a SuperDads Weekend at SM this Father’s Day

June 15, 2023 | 10:29 am

Gift your dad a day to remember at your favorite mall

This Father’s Day, making super fun memories is made easier, safer, and more convenient at SM Supermalls. No matter what your SuperDad is like, your favorite SM mall has got you covered with an array of activities that will make his day all the more special.

Start the day with a mass

Our dads are definitely God’s gift to us. On this special weekend date with him, start the day by attending a mass organized by SM Supermalls. Don’t forget to say a little prayer for him!

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Grab the nicest gift for him

Make Father’s Day even more rewarding by giving Dad the trendiest personalized gifts. Plus, you can save more and buy more because lots of SuperDad deals are up for grabs!

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Spend the day with a feast

Famished after all the shopping and strolling? Turn a simple dining experience into a feast with SM Supermalls’ fab dining deals. From June 13 to 18, you can get your hands on exclusive deals and discounts, as well as dining rewards for dads so be sure to get all his fave Filipino food.

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Furdads are also dads

Don’t be sad, SuperFurdads, because this day is also for you. Learn from the best at the special tricks and training classes with SM Supermalls’ featured dog whisperer. Plus, there will be a pet show competition in partnership with PCCI so suit up and make sure you and your pet look dashing.

This weekend deserves a cool ride!

Father’s Day at SM wouldn’t be complete without cool photo spots. Make sure to drop by your fave mall’s SuperDads Ride installations. From interactive retro-futuristic and arcade designs to astounding larger-than-life vintage cars and big bike set ups, delight your car enthusiast dad by giving him the gift of great photos.

Get ideas on where to go with your SuperDad on your #FYP

Scroll through TikTok from June 13 to 18 to check out the best SuperDad dining and shopping promos straight from SM Supermalls’ tenants.

Show how big your love is by taking him to the SuperDads Giant Collections

Pretty sure your SuperDad loves it big — big displays, big feasts, big toys, and even big love. So this weekend, show how big your love is by taking him to the SuperDads Giant Collection featuring collector dads with super-sized collection items.

Give your SuperDad an amazing weekend with these dad-approved activities. Cool deals, sumptuous dining promos, and rewarding treats and experiences await the King of your Home this June! Plan the best weekend treat for him at SM Supermalls.

For more information, visit www.smsupermalls.com. To get the latest updates, follow @smsupermalls on social media.

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Remittance growth likely to slow

June 15, 2023 | 12:34 am

REMITTANCE GROWTH is expected to ease in the Philippines amid expectations of a global slowdown and a downtrend in migration, the World Bank said.

“Remittance inflows to the Philippines, which account for about 48% of the total remittances to East Asia and the Pacific Islands, excluding China, are expected to grow by about 2.5% to reach $39 billion in 2023 and $40 billion in 2024,” it said in its latest Migration and Development brief.

The World Bank’s forecast is lower than the Bangko Sentral ng Pilipinas’ (BSP) projection of a 3% year-on-year growth in remittances for 2023.

In 2022, money sent home by overseas Filipino workers increased by 3.6% year on year to $32.54 billion, short of the BSP’s 4% forecast and slower than the 5.1% annual growth in 2021.

The World Bank said the Philippines’ remittance growth last year was due to recent bilateral arrangements with destination governments.

Remittance flows also benefited from the “lifting of the ban on emigration to Saudi Arabia due to the abusive treatment of workers, and specific deals forged by the Philippine government, especially in new Organisation for Economic Co-operation and Development (OECD) destinations.”

“The Philippines and Cambodia are distinct among the larger East Asian countries, with remittances amounting to more than 9% of gross domestic product,” it added.

The World Bank also noted that remittance fees in the Philippines were among the lowest in East Asia and the Pacific.

“The average cost of sending $200 to the region decreased to under 3% in the top five least expensive corridors, achieving the Sustainable Development Goal target in 2022,” it said.

“Between the fourth quarter of 2021 and the fourth quarter of 2022, the reduction in the cost of remitting to the Philippines was the greatest among the least expensive corridors,” it added.

The World Bank report showed that the Philippines was the fourth-largest recipient of remittances globally last year, ahead of Pakistan ($30 billion) but behind India ($111 billion), Mexico ($61 billion), and China ($51 billion).

Latest data from the BSP showed that cash remittances rose by 3% to $2.67 billion in March. This is the biggest monthly inflow recorded since the $2.76 billion in January.

For the first three months of the year, cash remittances rose by 3% to $8.002 billion, from $7.77 billion in the comparable period last year.

This was mainly driven by higher inflows from the United States, Singapore, Saudi Arabia, and the United Arab Emirates.

Meanwhile, the growth in remittance flows to low- and middle-income countries worldwide is also seen to moderate to 1.4% from 8% this year “due to slowing economic growth in major source countries.”

“Some of the weakness in remittances in the Philippines and Thailand is related to a slowdown in emigration triggered by the revival of tourism, which creates more job opportunities for workers at home, thus demotivating a search for jobs in foreign countries,” the multilateral lender said. — Luisa Maria Jacinta C. Jocson

World Bank approves $750-million loan for PHL

June 15, 2023 | 12:33 am

THE WORLD BANK has approved a $750-million loan for the Philippines meant to help boost investments in sustainable projects.

“The World Bank’s Board of Executive Directors has approved new financing support for the country’s policy reforms aimed at boosting environmental protection and climate resilience, as the country strives to accelerate economic recovery and boost long-term economic growth,” it said in a media release dated June 13.

The country’s first sustainable recovery development policy loan aims to increase private investment in renewable energy, improve plastic waste management, promote green transport, and mitigate climate-related risks in agriculture.

World Bank Country Director for the Philippines Ndiamé Diop said the Philippines has “tremendous potential” in renewable energy.

“Government actions to encourage investments in this sector, such as promoting foreign direct investments and streamlining the permitting process, could unlock this potential,” Mr. Diop said in a statement.

“Renewable energy can help the Philippines mitigate climate change and bring numerous benefits, including enhanced energy security, the creation of green jobs, and improved access to electricity. It is a crucial step towards a more sustainable and resilient future for the country,” he added.

The Philippines is targeting to increase the share of renewable energy to 50% of its total power generation mix by 2040.

“This increased focus on renewable energy is pursued in parallel to slowing the expansion of coal-fired power generation capacity from 2026 onwards. Achieving these targets will require a significant increase in investments in solar and wind technologies and a strong policy environment conducive for investment in renewable energy,” the World Bank said.

The policy loan will also support insurance products for smallholder farms and strengthen the Philippine Crop Insurance Commission’s operations.

“The aim is to help mitigate climate-related disaster risks to the country’s budget and the farming sector. If properly designed and targeted, crop insurance can help stabilize farm income, reduce poverty, and provide a climate safety net for food producers,” it added.

The Philippines, China, Indonesia, Thailand, and Vietnam account for 55-60% of the plastic waste that enter the ocean, according to the World Bank.

In the Philippines, there is an estimated 1.7 million tons of post-consumer plastic waste generated annually.

“To help address this challenge, this financing supports the implementation of the Extended Producer Responsibility (EPR) Act mandating large enterprises to recover up to 80% of plastic packaging waste by 2028,” the multilateral lender said.

“Under the EPR Law, the financial burden of waste management is shifted to business enterprises, which will reduce the need for public money to pay for the collection, segregation, disposal, and cleanup of packaging product waste created by these enterprises,” it added.

The program will also support other reforms, including the amendments to the Public Service Act, which allows full foreign ownership in more public services such as telecommunications, airlines, and railways.

“Advancing economic reforms to transform the economy remains imperative, not only to accelerate, but also to sustain the economic recovery and boost long-term growth,” World Bank Senior Economist Ralph Van Doorn said.

“Reforms aimed at attracting private investments in public service sectors can open up new sources of economic growth and quality jobs,” he added.

As of March 2022, the World Bank was the Philippines’ third-largest official development assistance (ODA) partner, with loans and grants amounting to around 23.38% of total ODA.

This year, the National Government expects to obtain around $19.1 billion in ODA, of which $9.2 billion will come from loans from multilateral development partners. — Luisa Maria Jacinta C. Jocson

Proposed VAT refund program expected to boost economic output

June 15, 2023 | 12:32 am

By Beatriz Marie D. Cruz, Reporter

THE PROPOSED value-added tax (VAT) refund for foreign tourists could contribute up to P12.8 billion to the Philippines’ gross domestic product (GDP) through increased spending and additional jobs, an official of the National Economic and Development Authority (NEDA) said on Wednesday.

“Under the full refund scenario, the additional gross value added, so addition to the GDP, will be P8.6 billion to P12.8 billion annually from 2024 to 2028,” Undersecretary Rosemarie G. Edillon of NEDA’s planning and policy department told a Senate hearing on Wednesday.

She added that “additional spending per annum will be between P6 billion and P9 billion from 2024 to 2028 for the full refund.”

The increase in spending would create 5,000 to 6,000 jobs, Ms. Edillon added.

The proposed measure seeks to establish a VAT refund scheme for non-resident tourists on goods that cost at least P3,000 and are exported from the Philippines within 60 days of purchase.

The Finance secretary, upon the recommendation of the Bureau of Internal Revenue commissioner and the Tourism secretary, may adjust the threshold amount based on inflation and other factors. The two measures on the proposed VAT refund, Senate Bills No. 2023 and 2148, have yet to be consolidated.

The House of Representatives in March approved a similar measure on third and final reading.

In 2021, the share of Tourism Direct Gross Value Added (TDGVA) to GDP, or the contribution of tourism industries to the economy, was at 5.2%, up slightly from 5.1% in 2020 but lower than the 12.9% seen in 2019 or before the coronavirus pandemic, data from the Philippine Statistics Authority (PSA) showed.

The TDGVA amounted to P1.001 trillion in 2021, up by 9.2% from P917.2 billion in 2020 but lower than the P2.51 trillion in 2019.

In 2021, inbound tourists spent 27.6% of their total travel budget on accommodation, 22.6% on food, 36.5% on transport, 6.2% on entertainment and recreation, and 6% on shopping. Less than 1% each went to travel agencies and miscellaneous expenses.

Shereen Gail C. Yu-Pamintuan, undersecretary for administration and finance of the Tourism department, said they expect tourist arrivals to reach around 4.5 million this year and to return to the pre-pandemic or 2019 level of 8.2 million by 2024.

The proposed refund would encourage tourists “to spend the amount that was given back to them through our duty-free sales,” Ms. Yu-Pamintuan said.

However, she noted that shopping the least prioritized tourist activity because the 12% VAT is deemed high, adding that tourists mainly visit the Philippines for its beaches, activities on nature and adventure, as well as heritage and culture.

“If we remove the VAT on the goods that will not be consumed here in the Philippines, then it will continue to go up the rank as a primary purpose of coming,” Ms. Yu-Pamintuan said.

“In other words, we lost on shopping, but we gain VAT in other components,” Senator Sherwin T. Gatchalian, the chairman of the Senate Ways and Means panel, said.

Roberto S. Claudio, vice chairman of the Philippine Retailers Association, cited data from the Global Service Providers showing that 69% of the countries worldwide, including nine in Asia, currently have a tax-free shopping scheme.

Mr. Claudio said the Philippines is the only Southeast Asian country without a VAT refund for tourists.

“A lot of countries are now moving to digital schemes which bring great automation and great services for the merchant and the traveler…encouraging travelers to shop,” Gavin Ingram, general counsel for Asia Pacific and vice-president for strategic planning of Global Blue, a tourist tax shopping refund company based in Nyon, Switzerland, told the committee.

Meanwhile, John Paolo R. Rivera, executive director officer-in-charge of the Dr. Andrew L. Tan Center for Tourism at the Asian Institute of Management, said the Philippines needs to make traveling to the country convenient for tourists.

“While the Philippines indeed has one of the best tourism attractions in the world, getting to those destinations remains to be a challenge because the necessary infrastructure is either not there or not efficient enough,” Mr. Rivera said in a Viber message.

He also cited issues such as flight cancellations, overbooking, airport congestion, transportation, overcharging drivers, among others, that are “not good to boost the Philippine brand.”

A technical working group on the measure will convene next week. Mr. Gatchalian told reporters after the hearing that the bill may be approved in a month and could be signed into law by yearend.

BSP proposes rules for addressing digital fund transfer issues

June 15, 2023 | 12:31 am

By Keisha B. Ta-asan, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) is proposing rules to help protect consumers should they encounter issues in digital transactions amid the increased adoption of electronic payments.

The BSP has come up with proposed guidelines for reconciliation and dispute handling mechanisms for issues encountered in electronic fund transfers (EFTs) under the National Retail Payment System (NRPS) framework, a draft circular posted on the BSP’s website showed.

“With the increased adoption of digital payment services, the Bangko Sentral recognizes the need to ensure that BSP-supervised institutions (BSIs) that offer EFT services… provide appropriate and timely consumer recourse mechanisms on EFT issues lodged by their clients,” the BSP said.

It added that an industry-wide standard for those participating in the BSP’s automated clearing houses (ACH) on how to resolve consumer concerns will build trust and confidence in the use of online payment services.

Stakeholders are given until June 28 to give their feedback on the proposed circular.

If approved, the guidelines will cover domestic payments denominated in peso, including payments of goods and services, and remittances or fund transfers.

According to the draft rules, BSIs are required to adopt a mechanism that will immediately identify any unsuccessful fund transfer, which refers to money not credited to the intended receiver due to EFTs not reaching the clearing switch operator (CSO), unauthorized transactions, restrictions such as “dormant” or “closed” accounts, or timed-out transactions.

CSOs are required to implement a mechanism that will identify system, infrastructure, and other operational concerns that affect the delivery of EFT services. The CSOs must inform all concerned participants if an issue occurs.

“For instant retail payments and corresponding use cases, the corresponding amount debited from the sender’s account in unsuccessful transactions shall be credited back to said sender’s account within one hour from receipt of client instruction. The same timeframe shall also apply to multiple-charged transactions,” the BSP said.

Under the NRPS framework, the timeframe of a successful transaction from a sender to the intended receiver should be within only two to three seconds. For group transactions, the time for money to be transferred should not be more than two hours.

As part of this, a financial institution is required to provide a transaction notification to inform the sender about the status of the EFT.

The sender and the receiver will not pay any fees in the event of an unsuccessful transfer.

Financial institutions should also implement policies and procedures for providing consumer assistance to customers with unauthorized and erroneous transactions, the central bank said.

“These procedures should form part of their Consumer Protection Risk Management System and Consumer Assistance Mechanism, in accordance with existing BSP rules and regulations,” it added.

Erroneous transactions refer to EFTs sent to an incorrect beneficiary due to an error in encoding details by the sender.

The processing of complaints should also be handled in line with existing BSP laws, such as provisions set forth under the Financial Products and Services Consumer Protection Act or Republic Act No. 11765.

“Participants shall adopt a mechanism to timely identify scenarios that may result to disruption of operations and which may affect the availability of electronic payments facilities, including but not limited to operational risk factors such as technology, manpower, alternate site, and service providers,” the BSP said.

These scenarios may include natural disasters such as earthquakes, floods, typhoons, long-term power outages, fire, and technical malfunctions like system downtime and cyberattacks, among others.

Disruptions to operations must be reported to the BSP within an hour of the incident.

BSIs are also required to release statements to the public 15 minutes after an incident occurs.

The financial institutions should regularly update the public until the affected service is restored.

For any scheduled system maintenance activity affecting fund transfers, BSIs should inform the public at least three days prior.

“Participants shall adopt an effective monitoring mechanism to ensure compliance with the provisions stated herein. Respective self-assessment functions must consider review of compliance by concerned business units, and ensure adequate reporting to Board and/or senior management,” the BSP said.

All BSIs will be given one year to comply with the provisions of the circular, if approved.

A violation of any of the requirements set by the circular may lead to suspension of offering new digital financial products and services, revocation of the authority to provide digital services, and/or inability to settle through the real-time gross settlement system operated by the BSP.

Based on BSP data, the combined value of transactions done via the central bank’s automated clearing houses InstaPay and PESONet climbed by 30.1% to P3.8 trillion as of end-April from P2.92 trillion in the same period in 2022.

In terms of volume, total transactions made through the clearing houses grew by 28.5% to 247.77 million in the first four months of the year from 192.83 million in the comparable year-ago period.

PESONet and InstaPay are automated clearing houses launched in December 2015 under the central bank’s NRPS framework.

The BSP wants 50% of total retail transactions done digitally and to bring at least 70% of Filipino adults into the financial system by this year under its Digital Payments Transformation Roadmap.

Rockwell Land maps expansion to provincial areas

June 15, 2023 | 12:11 am

ROCKWELL LAND CORP. is expanding its portfolio with the launch of three projects in key geographic locations, officials of the Lopez-led listed property developer said on Wednesday.

“With the promise of growing touch, we will build more communities this year. We are set to launch almost 200 hectares of development in three different cities,” said Rockwell Land President and Chief Executive Officer Nestor J. Padilla during the company’s annual stockholders’ meeting.

One of the projects to be launched this year is a 2.85-hectare mixed-used community in Cebu, Mr. Padilla said.

“In the heart of Cebu, we will launch IPI Center by Rockwell a joint venture with the Wong and Castillo families of International Pharmaceuticals, Inc.,” he added.

The Cebu development will also offer retail spaces for future residents.

The company aims to diversify its product offerings as it expands to key geographic areas, Rockwell Land Executive Vice-President and Chief Revenue Officer Valerie L. Soliven said.

“[We will be] cutting across all markets in the next few years,” Ms. Soliven said. “We are excited to launch three new projects this year in Cebu, Laguna, and Batangas.”

For next year, the company will expand its horizontal portfolio with the addition of the Rockwell brand in Bulacan and in Lian, Batangas, she said.

The company will be launching a 100-hectare horizontal community in Bulacan, which aims to promote wellness living.

“A thriving location north of Metro Manila, we can expect a hillside escape that promotes wellness living,” said Mr. Padilla.

Additionally, Rockwell Land will introduce its first premium horizontal beach community in Batangas, with the first phase of residential lots to be launched by 2024.

The Batangas property is a beach development of about 100 hectares, with 700 meters of coastline and clear waters, spread across two natural coves.

“We hope to provide a new unique living experience for our core market, in a leisure environment just two hours from Manila,” Mr. Padilla said.

During the first quarter, Rockwell Land reported an attributable net income of P600 million, up 14.5% from P524 million in the same period last year.

The company’s top line for the three months rose by 10.3% to P3.65 billion from P3.31 billion the previous year amid higher sales from residential developments, which contributed 73% to total revenues or P2.65 billion.

Rockwell Land is the real estate subsidiary of Lopez-led First Philippine Holdings Corp. Its shares fell by 3.52% or five centavos to finish at P1.37 each on Wednesday. — Adrian H. Halili

PT&T, Netlinkz tie up to offer Starlink products

June 15, 2023 | 12:10 am

LOCALLY listed Philippine Telegraph and Telephone Corp. (PT&T) has tied up with an Australian technology firm to bring Starlink products to its customers.

“This strategic partnership aims to empower businesses in remote areas with stable, high-speed internet, unlocking endless possibilities in the digital world,” the company said in a stock market disclosure on Wednesday.

PT&T signed the partnership deal with NetLinkz Ltd. to bring Elon Musk’s Space Exploration Technologies Corp.’s satellite-based internet service to Filipinos.

“We are thrilled to bring Starlink to the Philippines and offer our customers with the need for connectivity with a reliable internet solution,” said James G. Velasquez, president and chief executive officer of PT&T.

“Our partnership with Netlinkz allows us to provide high-speed internet access to areas where traditional broadband services are limited or unavailable,” he added.

Through the partnership, customers in the Philippines may obtain the Starlink kit through direct purchase from PT&T.

Customers who are planning to avail are offered monthly plans with data caps ranging from 50 gigabytes to 6 terabytes with peak download speeds of up to 350 megabytes per second (Mbps) and upload speeds of up to 40Mbps.

“We are proud to partner with PT&T to bring Starlink to the Philippines,” NetLinkz Managing Director and Chief Executive Officer James Tsiolis said.

“This collaboration aligns with our mission to provide innovative and secure network solutions. We are excited to contribute to the digital transformation of the country, empowering Filipinos with advanced internet capabilities,” Mr. Tsiolis added.

On Wednesday, shares in the company closed unchanged at 33 centavos each. — Justine Irish D. Tabile