DICT seeks interoperability of systems of gov’t agencies via super app

April 17, 2023 | 2:07 pm

Mobile Phone — PHILIPPINE STAR/EDD GUMBAN

The eGov PH super app will make it easier for the systems of government agencies to be interoperable, according to the Department of Information and Communications Technology (DICT).

The DICT is looking for beta testers for the super app, which aims to aggregate the services of various government agencies.

At present, there are 175 websites that Filipinos need to access to perform transactions with the government and obtain documents like permits, certificates, and identification cards.

“If you go to another agency, you have to again input your first name, middle name, and last name… Why not integrate everything into a single app?” DICT Undersecretary David L. Almirol, Jr. said at the April 12 media launch of the Alliance of Tech Innovators for the Nation (ATIN), a coalition that brings together government, businesses, and communities to create an environment conducive for digital economy innovation.

The app consists of different modules, with each department — such as the tourism department for the tourism module — handling the one relevant to its mandate.

“The once-entry policy will be implemented para mas secure, kasi kung kalat-kalat ang information mo, you don’t even know ano pro-protectahan mo (so it’s more secure, because if your information is disaggregated, you don’t even know which piece of information to protect),” Mr. Almirol said.

The DICT’s role is to enable and facilitate the digital success of all government agencies, he told BusinessWorld.

“We will not interfere with their mandates, but we have to guide them on what to do – and what to do first,” he added. “We have to make sure that, as they innovate, they have to think that what they do is also relevant to other agencies.”

Whatever innovation the Department of Foreign Affairs does, Mr. Almirol added as an example, will also benefit the Bureau of Immigration. “You have to guide them on that perspective.”

The April 12 event likewise tackled the importance of public and private sector collaborations to create an enabling policy and regulatory environment in the country.

“ATIN aims to contribute its expertise in the tech space to shape regulations and legislation for inclusive digital growth and development,” said Monchito B. Ibrahim, lead convenor of ATIN and former DICT undersecretary.

“Following our launch event, the ATIN Digital Economy Summit 2023 will be a crucial next step to sustain multi-stakeholder dialogue to improve our digital infrastructure, assist MSMEs (micro, small, and medium enterprises) in adopting digital technology, and promote ease of doing business through technology, so we can build sustainable growth that will reach our communities.” he added. — Patricia B. Mirasol

[B-SIDE Podcast] Nuclear power plants: Health impact

April 17, 2023 | 1:03 pm

Nuclear power plants are “cancer factories,” and the Philippines is better off growing its renewable energy industry, according to Helen Mary Caldicott, a Nobel Peace Prize nominee and founder of Physicians for Social Responsibility and Women’s Action for Nuclear Disarmament.

In this B-Side episode, she talks to reporter Alyssa Nicole O. Tan about the health risks and financial costs of pursuing nuclear energy.

“As we put (radioactive waste) in the Earth…, the containers that hold radioactive elements will rust, break, and the radiation and elements will leak into the water supply,” thereby affecting the food chain, Ms. Caldicott said.

“It only takes one beta particle, an electron, or gamma radiation to kill you,” she added.

The 621-megawatt Bataan Nuclear Power Plant was constructed by the Marcos, Sr. administration as a response to the 1973 oil crisis. Completed in 1984 at a cost of $1.9 billion, it was never loaded with fuel or operated due to financial issues and safety concerns.

For Ms. Caldicott, the Philippines should prioritize the use of renewable energy.

“You are one of the hottest countries in the world, so why don’t you cover all your buildings with solar panels and make solar farms so that huge areas of the country are covered with solar panels,” she said.

“You don’t want to increase the incidence of cancer in your country…,” she added. “Nuclear power plants are antithetical to the sanctity of life.”

Great shortfall of China: Australia’s biggest tourism market returns with a whimper

April 17, 2023 | 12:35 pm

touris-travel-airport — YOUSEF ALFUHIGI-UNSPLASH

SYDNEY – When China ended a lengthy border closure in January, e-commerce marketer Tianni Ren immediately began planning a team building trip for her 14 staff to Australia, hoping to see its stunning pink salt lakes that had captivated her on social media.

But instead she took her colleagues from the city of Hangzhou to New Zealand after learning Australia was cut from a list of destinations approved by Beijing for group overseas travel, effectively halting a two-decade program that had helped China dominate Australia’s A$45 billion ($30 billion) international tourism market until early 2020.

“We asked our tour agent but were told that Australia was not on the group tour list,” said Ren, 28, referring to the Approved Destination Status (ADS) that China gives some 60 other countries. “It is a pity that we did not get to see the pink lakes.”

After three years of struggle and anticipation, the widely expected wave of returning Chinese tourists Down Under has turned out to be a trickle as the visa rules – coupled with relatively high costs, a lack of flights and an exodus of Mandarin-speaking guides – squeeze Australia’s fourth-largest export industry.

In February, the first full month since China‘s border reopened, Australia recorded 40,430 short-term visitors from China, government data showed. That was one-fifth the number who visited in the same month in the record year of 2019 and well behind visits from New Zealand, the U.K. and the U.S.

Flights from mainland China to Australia, meanwhile were just one-fifth of pre-pandemic capacity in February, according to aviation analytics firm Cirium, as soaring fuel costs jacked up fares and dented demand.

At the same time, total Chinese outbound border crossings had reached two-thirds of pre-pandemic levels, according to the Chinese Outbound Tourism Research Institute, a consulting group based in Germany.

Beijing did not give a reason for ending Australia’s ADS status, but travel industry participants say geopolitics has played a role, with relations at a low ebb amid trade disputes and increasingly strident security rhetoric between the West and China.

Government marketing body Tourism Australia declined to comment.

Trade promotion office Austrade said Tourism Australia’s managing director visited China in March to meet strategic partners such as airlines and the body would “continue to work closely with its key distribution partners in the market to realize tourism opportunities between Australia and China“.

“It’s definitely tied up in geopolitics and trade and other things where we’ve seen a decline. You can’t disentangle that from the current situation,” said Paul Stolk, a lecturer at University of Newcastle business school who is working on a university-government collaboration to diversify the tourism sector.

In addition, Chinese travelers often choose destinations where family members are studying abroad, Mr. Stolk added. China was Australia’s biggest source of foreign students until 2019, but students of other nationalities have filled its foreign student ranks since Australia reopened its border in 2021.

SUPPLY CONSTRAINTS

Australia’s tourism industry is also constrained by lack of foreign language-speaking guides and essential personnel including coach drivers, industry participants said, as the COVID-19 downturn followed by the lowest unemployment level in decades drew workers to other fields.

“We’ve lost a lot of quality staff that know their way around,” said Peter Shelley, managing director at the Australian Tourism Export Council.

“We’re hearing that (Chinese nationals) can’t wait to get out and travel after not being able to travel for so long, and Australia has always been a place that has high aspiration to travel, but our capacity to service has been reduced.”

Some independent Chinese tourists in Australia told Reuters they were visiting because they had relatives in the country who arranged accommodation and tours, meaning they could bypass the language barrier and other issues.

Chien, the ADS-accredited tour agent, said her company has diversified and now caters to solo travelers from elsewhere in Asia.

Travelers from India, for example, returned to 80% of 2019 levels last year and now account for the fourth-largest group of tourists to Australia.

Johnny Nee, Director at Easy Going Travel Services Pty Ltd in Perth, which connects Chinese visitors with hotels and cruises, said his partner organizations had filled the shortfall of Chinese tourists by catering to the domestic market.

“When Chinese tourists return en masse, I’m worried that the supply will not catch up with demand,” he said.

Ren, the marketing director, said her colleagues enjoyed their New Zealand trip where they bought a few Gucci bags, but remained disappointed they missed their first choice of destination.

“I really do hope we can go to Australia next time,” she said. “After all, we cannot stop thinking about the magical pink lakes.” – Reuters

New Bank of Japan head’s message to world: We’re staying the course – for now

April 17, 2023 | 12:33 pm

WASHINGTON – Japan’s new central bank Governor Kazuo Ueda gave a clear message to policymakers gathered for global finance meetings here over the last week: The country will remain a dovish outlier by keeping interest rates ultra-low – at least for now.

Since taking the helm a week ago, Ueda has dropped some hints the massive stimulus of his dovish predecessor Haruhiko Kuroda will eventually be phased out.

But discussions over when and how to shift away from the ultra-loose policy will take time, giving Ueda every reason to reassure the world any change won’t happen quickly.

“In many countries, inflation is very high or not slowing enough. The important thing is that the situation is quite different in Japan, which I explained at the meeting,” Ueda told reporters on Wednesday after attending a finance leaders’ meeting of the Group of Seven advanced economies, held alongside the spring meetings of the International Monetary Fund and World Bank.

Japan’s inflation, now around 3%, will slow back below the BOJ‘s 2% target later this year on falling import costs, Ueda told Thursday’s bigger gathering of ministers from the Group of 20, in explaining his plan to keep monetary policy ultra-loose for now.

The dovish remarks likely underscore the BOJ‘s desire to avoid a repeat of January, when markets anticipating a swifter pivot by the BOJ to tweak to its yield curve control (YCC) policy pushed up long-term interest rates.

Under YCC, the BOJ guides short-term rates at -0.1% and the 10-year Japan government bond yield around zero with an implicit cap of 0.5%. With inflation exceeding the BOJ‘s target and the cost of prolonged easing increasing, markets are rife with speculation that Ueda will move towards tweaking YCC this year.

The 10-year yield is currently a shade below the cap at 0.47%, but on repeated occasions earlier this year traders drove it above 0.5%, pressing the BOJ to defend the mark.

SCOPE TO TWEAK THIS YEAR

Ueda will chair his first BOJ policy meeting on April 27-28, when the board will issue fresh quarterly growth and inflation forecasts that will come under scrutiny for signs on how soon the central bank projects inflation to sustainably hit its 2% target.

Uncertainty over the world economy, highlighted by the International Monetary Fund’s stark warning of global recession risks on Tuesday, adds reasons for Ueda to move slowly and cautiously.

And yet, analysts say Ueda’s remarks leave scope for changes to YCC, which has drawn criticism for distorting the shape of the JGB yield curve and crushing financial institutions’ margin.

While stressing that the BOJ‘s focus now should be to avoid a premature exit, Ueda said on Wednesday he won’t deny the risk of being behind the curve in addressing too-high inflation.

That followed his remarks on April 10 that the BOJ must make “pre-emptive” decisions on the timing of normalizing policy, as waiting too long could make the adjustment disruptive.

“We’ll discuss all options at each of our policy meetings,” Ueda said on Monday, when asked about the chance of adjusting the BOJ‘s guidance committing to keep interest rates ultra-low.

“Ueda and his deputies are taking care not to give any hint on the timing of a policy tweak,” said former BOJ official Nobuyasu Atago, currently an analyst at Ichiyoshi Securities.

“But they also haven’t completely ruled out the chance of a near-term tweak to YCC,” he said.

SUPPLY SHOCKS, TRADE OFFS

Intensifying global debate over the cost of delaying monetary tightening could challenge the BOJ‘s view the recent cost-driven inflation will prove temporary.

IMF First Deputy Managing Director Gita Gopinath said the days when central banks could focus on demand, and assume that supply would be elastic and a given, may be over.

“We’re in an economy where we’re going to be hit more by supply shocks, and monetary policy will face more serious trade-offs,” she said on Friday.

The IMF had a piece of advice to Ueda: relax the BOJ‘s control and allow long-term rates to rise more flexibly – a move that will help ease the strain on the banking sector.

Ranil Salgado, the IMF’s Japan mission chief, sees scope for the BOJ to modify the long-term yield target this year, given heightening prospects of durable wage growth.

As long as the short-term rates remain zero or slightly negative, the BOJ can keep monetary policy accommodative even if it tweaks the yield target, he said.

“We are advising (the BOJ) to pretty much already be thinking about it,” Mr. Salgado said on the idea of tweaking YCC. – Reuters

EU warns against unilateral steps after Poland, Hungary ban Ukrainian grain

April 17, 2023 | 12:29 pm

wheat-1508654_1920 — STOCK PHOTO | Image by Couleur from Pixabay

WARSAW – Unilateral action on trade by European Union member states is unacceptable, the bloc’s executive said on Sunday, after Poland and Hungary announced bans on grain and other food imports from Ukraine to protect their local agricultural sectors.

After Russia’s invasion blocked some Black Sea ports, large quantities of Ukrainian grain, which is cheaper than that produced in the European Union, ended up staying in Central European states due to logistical bottlenecks, hitting prices and sales for local farmers.

The issue has created a political problem for Poland‘s ruling nationalist Law and Justice (PiS) party in an election year as it has angered people in rural areas where support for PiS is usually high.

“We are aware of Poland and Hungary‘s announcements regarding the ban on imports of grain and other agricultural products from Ukraine,” a spokesperson for the European Commission said in an emailed statement.

“In this context, it is important to underline that trade policy is of EU exclusive competence and, therefore, unilateral actions are not acceptable.”

“In such challenging times, it is crucial to coordinate and align all decisions within the EU,” the statement added.

Polish government spokesman Piotr Muller told state-run news agency PAP the government was in constant contact with the European Commission about the issue, and that the ban was possible due to a security clause.

Poland and Hungary have been embroiled in long-running conflicts with Brussels over issues including judicial independence, media freedoms and LGBT rights, and both have had funds withheld due to concerns over the rule of law.

Ukraine’s farm minister Mykola Solsky talked to Hungarian counterpart Istvan Nagy on Sunday and underlined that unilateral decisions were unacceptable, the Ukrainian farm ministry said in a statement. The two agreed to talk again soon, it said.

The ministry said on Saturday that the Polish ban contradicted existing bilateral agreements on exports, and called for talks to settle the issue.

Meanwhile, Bulgaria’s Agriculture Minister Yavor Gechev said the country was also considering a ban on Ukrainian grain imports, local agency BTA reported on Sunday.

TRANSIT

The Polish ban, which came into effect on Saturday evening, will also apply to the transit of these products through the country, the development and technology minister said on Sunday.

“The ban is full, including the ban on transit through Poland,” Waldemar Buda wrote on Twitter, adding that talks would be held with Ukraine to create a system that ensures goods only pass through Poland and do not end up on the local market.

State-run Ukrinform news agency said Ukrainian and Polish ministers are due to meet on Monday in Poland and the transit arrangement would be the focus of the talks.

Poland‘s Agriculture Minister Robert Telus was quoted as saying on Sunday that the ban was necessary to “open the eyes of the EU to the fact that further decisions are needed that will allow products from Ukraine to go deep into Europe, and not stay in Poland.”

The ban is due to last until June 30, the finance ministry said.

Ukraine normally exports most of its agricultural goods, especially grain, via its Black Sea ports, unblocked in July in line with an agreement between Ukraine, Turkey, Russia and the United Nations.

That accord is scheduled to expire on May 18 and Moscow indicated last week that it may not be extended unless the West removes obstacles to the export of Russian grain and fertilizer.

Around 3 million tons of grain left Ukraine every month via the Black Sea grain corridor while only up to 200,000 tons are moving to European ports through Polish territory, according to the Ukrainian ministry.

Mr. Solsky said at the weekend that 500,000 to 700,000 tons of various agricultural products cross the Polish border every month, including grain, vegetable oil, sugar, eggs, meat and other products. – Reuters

Moderna/Merck cancer vaccine plus Keytruda delays skin cancer return

April 17, 2023 | 12:23 pm

An experimental mRNA cancer vaccine developed by Moderna Inc. and Merck & Co. cut the risk of death or recurrence of the most deadly skin cancer by 44% compared with Merck‘s immunotherapy Keytruda alone, US researchers reported at a medical meeting on Sunday.

The findings suggest that adding a personalized cancer vaccine based on mRNA technology to Keytruda, which revs up the immune response, could prolong the time patients have without recurrence or death, said Dr. Jeffrey Weber of the NYU Langone Perlmutter Cancer Center, who presented the findings.

“From a general cancer therapeutic standpoint, this is a potential major breakthrough,” Dr. Ryan Sullivan, a melanoma expert at Mass General Cancer who worked on the study, said in a statement.

The results, presented at American Association for Cancer Research meeting in Orlando, Florida, add data details to partial findings released by the companies in December. Additional data will be presented at an upcoming medical meeting and published in a peer-reviewed journal.

The combination treatment has won U.S. breakthrough therapy and European Medicines Agency PRIME scheme designation, regulatory programs that aim to speed development of innovative treatments.

The Merck/Moderna collaboration is one of several combining powerful drugs that unleash the immune system to target cancers with mRNA vaccine technology. BioNTech and Gritstone Bio Inc. are working on competing cancer vaccines based on mRNA technology.

The vaccine is custom-built based on an analysis of a patient’s tumors after surgical removal. The vaccines are designed to train the immune system to recognize and attack specific mutations in cancer cells.

Merck‘s Keytruda, which is approved to treat melanoma and many other cancers, belongs to a class of widely used immunotherapies known as checkpoint inhibitors designed to disable the PD-1, or programmed death 1, protein that helps cancer evade the immune system.

The midstage trial enrolled men and women at high risk of their melanoma returning.

Among 107 study subjects who received both the experimental vaccine, mRNA-4157/V940, and Keytruda, the cancer returned in 24 subjects (22.4%) within two years of follow-up, compared with 20 out of 50 (40%) who received Keytruda alone.

There was little difference in response rates among people whose tumors had a lot of mutations – a typical predictor of immunotherapy response – and those whose tumors did not.

Severe side effects were similar between the two arms of the study, the scientists reported. Fatigue was the most common side effect reported by patients specifically associated with the vaccine.

Merck said the companies are in talks with US regulators about design of a late-stage trial, which is likely needed for approval of the combination regimen.

It could take three or four years before the results of the larger trials are known, Eliav Barr, Merck‘s head of global clinical development and chief medical officer, said in an interview.

Mr. Barr said it took about eight weeks to design a personalized mRNA vaccine for each patient.

In the past, similar experimental cancer vaccines were developed targeting a single tumor mutation, or neoantigen.

Moderna‘s mRNA technology allowed for the inclusion of as many as 34 neoantigens, which Barr called “astonishing.”

Currently, scientists cannot predict which single mutation is important in generating an anti-tumor response. With mRNA technology in combination with Keytruda, “we can create this shotgun approach … that can create a more potent immune response,” Mr. Barr said. – Reuters

Shell Pilipinas Corp. announces annual stockholders’ meeting to be conducted virtually on May 9

April 17, 2023 | 9:00 am

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IdeaSpace Investments appointed as partner of NDC’s P500-million Startup Venture Fund

April 17, 2023 | 9:00 am

Main-Ideaspace-OL — The NDC team met with representatives from IdeaSpace Investments and other accredited co-investment partners at the Synapse mixer event on March 24.

IdeaSpace Foundation (IdeaSpace), the MVP Group’s startup accelerator, through its venture capital arm, IdeaSpace Investments, recently announced its appointment as a co-investment partner (CIP) of the Startup Venture Fund (SVF), the Philippine government’s most recent initiative to support the continued growth of the Philippines’ startup ecosystem.

Overseen by the National Development Company (NDC), the SVF has been allocated P500 million to be invested in the country’s most promising tech startups, alongside a pool of accredited CIPs.

Following its accreditation, IdeaSpace will work closely with the SVF to co-invest in innovative, high-growth tech ventures from around the country, as part of its mission to scale the Philippine startup ecosystem.

Speaking at Synapse, an event hosted by NDC for SVF partners, IdeaSpace Executive Director Katrina Rausa Chan hailed the SVF as a critical driver for growing the Philippine startup ecosystem.

“Government investment can be a powerful catalyst for the startup sector, as we’ve seen in some of the world’s most successful ecosystems such as Israel, Singapore, China and the US. We believe the SVF will likewise provide highly impactful capital investment and support to startups, that will in turn increase the Philippines’ competitiveness,” Ms. Chan said.

“IdeaSpace has always been a strong believer in public-private partnerships. We worked closely with the government in launching QBO Innovation Hub in 2016 that had a tremendous impact, and we’re honored to have the opportunity to take this collaboration a step further, as a co-investment partner of the SVF,” she added.

IdeaSpace Investments boasts early access to a pipeline of high-potential, early stage startups in the Philippines through its accelerator programs and strong partnerships with key ecosystem stakeholders. Leveraging this unique vantage point and the recent appointment as an SVF CIP, IdeaSpace Investments is positioned to continue providing much-needed capital to startups from pre-seed to Series A stage, spanning a broad range of high-growth sectors; including agritech, edtech, property tech, small and medium enterprises enablement, business-to-business enterprise software-as-a-service, HR and the Future of Work, and infrastructure and logistics, among many others.

Since IdeaSpace’s inception in 2012, it has been scaling, exploring synergies with and investing in tech-enabled startups. At present, its portfolio startups include local tech heroes such as Flowerstore, Mosaic, Mayani, ChatGenie, 1Export, Packworks, Prosperna, Humble Sustainability, Qwikwire, and Wela School Systems.

“This accreditation represents real monetary value to our pipeline of prospective startup investees that are pitching for funding this year and into the future. We’re excited to be joining this pool of exceptional investors in our joint mission to accelerate the takeoff of the Philippines’ startup ecosystem, and discover and develop the next Filipino tech giants,” said Ben Alderson, head of investments at IdeaSpace, of its appointment as a CIP of SVF.

Shaping a new generation of trust investors

April 17, 2023 | 9:00 am

At the heart of the boom in e-commerce are the millennials and Generation Z, who are now estimated to comprise some 70% of the Philippine population. This demographic now accounts for a majority of the market, and is driving the growth of all things online. Yet their financial habits make them a challenging proposition.

The Trust industry, as with most other businesses today, is quickly evolving towards digitization by investing and rolling out digital/online capabilities and creating an easy customer experience, with greater focus given now on the growing number of investors who are millennials and Gen Z.

Yet for all the tech-savviness and preference of this demographic to do personal investments online, the Trust industry would best serve this generation well by also elevating their financial literacy in the process. Their natural grasp of technology and ability to harness its vast potential notwithstanding, it all starts with enabling them to fully understand the potential — and promise — of investing correctly. Shaping this new generation of trust investors means helping them fully understand the risks involved while elevating their knowledge of making their money work for them with products like Unit Investment Trust Funds or UITFs.

In general, there is a growing level of interest on investing in products such as UITF but there are some hesitations. Maricar Lopez, Security Bank trust officer and former Trust Officers Association of the Philippines (TOAP) board member, reveals that “a greater number of Filipinos still prefer to take care of their funds by placing in the traditional time deposit products, taking comfort that their funds have a maturity date. On the other hand, there are those who are searching for much higher return on their investments and instead are weighing the option of participation in corporate bonds and in buying government securities.”

The beauty of today’s investment environment is that there are plenty of products to be had by this new generation of investors. More significantly, they can make their money earn for them even with just a relatively small amount to start off with, particularly in UITF. Investing, for first-timers especially when done on one’s own, can however be daunting if the product, as well as the financial market, investment environment, and even local and global events, are not understood properly. There is also the question of one’s appetite for risk.

So how does it work? UITFs are sold by institutions supervised by the Bangko Sentral ng Pilipinas, such as banks. Investors can buy units of participation in the fund, whose value is called the Net Asset Value per Unit (NAVPU). The NAVPU, which indicates the current market prices of the instruments that make up the UITF, rises or falls depending on the movement of market prices. The UITFs are then invested in different investment outlets: money market funds for example will be put in short-term debt instruments; bond funds will be invested in government or corporate bonds; balanced funds will have a mix of stocks and bonds; and equity funds will be invested in shares of stock. The choice of product will depend on one’s financial goals, whether to aggressively grow their funds or just to secure their investment over time and gain a little earning along the way, as well as one’s risk appetite.

With UITFs, investing can start even with just P10,000. Hazel M. Navarro, Philippine Trust Company trust officer and current TOAP Director for UITF Development, presents more advantages in going for UITFs. “As a retail product, it requires a very small investment outlay that anybody can actually really start investing in it as early as you have a regular cash flow for yourself. It’s also a diversified product, meaning it has a lot of investment outlets already in the funds so you are not just exposed to one outlet at any given time. There’s also an expertise in the management. Yes, you can do your own investing in the stocks, but are you knowledgeable in it well enough to put all your funds in it? At least with the UITF, this is professionally managed by experts.” And because they are liquid, you also enjoy the advantage of being able to withdraw your funds when the need arises, subject to fees in some cases.

In addition, Noel S. Reyes, SBC Trust Asset Management Group chief investment officer, offers that “UITFs are very liquid and readily accessible investments that give you various return opportunities across varying risk appetite choices, time horizons, and objectives.” He emphasizes that education really is key to distinguishing UITFs from other investments and that potential investors need to compare them in detail with these other investment products to properly understand and make the best choice.

By casting its net wider, the Trust industry can include the many other Filipinos who may have the capacity to build up their funds but are sadly lacking the financial literacy to appreciate its value. This annual Trust Consciousness Week is both a challenge and an opportunity to continue advocating for greater involvement among the youth and other sectors in our society that remain unengaged in financial wellness. Shaping the next generation of trust investors will open more opportunities for a greater number of Filipinos to attain financial growth.

Employment data startup’s background check solution aims to help companies make informed hiring decisions

April 17, 2023 | 8:55 am

Smile-API-OL — Photo from https://www.facebook.com/getsmileapi/

Employment verification solution Smile API announced the launch of its automated employee background check solution, Smile Checks, which is designed to help companies make more informed hiring decisions through an automated background check solution.

When done manually, background checking can be time-consuming, resource-intensive, and unreliable. Smile’s background check solution automates the process, providing real-time information, and offering a more comprehensive and accurate picture of a candidate’s employment history. By providing a more accurate picture of a candidate’s background and work history, companies can reduce the risk of bad hires and identify potential red flags or inconsistencies in a candidate’s work history.

Smile Checks include identity/background checks, criminal history checks, employment history, professional credentials, and more. It collects various data about the candidate from authoritative sources, including government systems and employment documents, with the candidate’s consent to provide companies with the most comprehensive information possible.

“Making informed hiring decisions is critical to the success of any company, and we’re excited to offer our automated employee background check solution to help our clients achieve that,” said Jerome Eger, CEO of Smile API. “Our background check solution will provide companies a more efficient and reliable way for companies to verify the employment history of job candidates, and we’re confident that our clients will see significant benefits from using our solution.”

To celebrate the launch of Smile Checks, Smile API is offering one complimentary background check for companies. They can email Smile API at info@getsmileapi.com to get the offer.

Smile API recently won as first runner-up at Impact ’23, an eight-week startup accelerator challenge powered by Sprout Solutions and Kaya Founders.

Venture capital firms bullish about Boracay as ‘bitcoin paradise’

April 17, 2023 | 8:50 am

As the US banking crisis and regulatory scrutiny continue to unfold, bitcoin shows resilience by posting its third positive month in a row. This recent streak of positive gains for bitcoin signals a strong outlook for the cryptocurrency, the lightning network, and the island of Boracay, as expressed by venture capitalists and government leaders during the first Bitcoin Island Retreat, which happened last March 27 to 29 at the Henann Regency Resort and Spa in Boracay Island.

Augie Ilag, HodlCo venture partner and former Sequoia Capital crypto investor, said that Boracay has the potential to revolutionize the remittance market using the Bitcoin Lightning Network.

“With Boracay’s unique position as a popular tourist destination with a significant need for currency conversion, it has the potential to become a bitcoin paradise and a model for other tourist destinations to follow,” Mr. Ilag said.

Boracay has become a beacon for bitcoin adoption and innovation since mid-2022 as bitcoin payments firm Pouch.ph has onboarded more than 250 locations to accept bitcoin as payment. Through the Bitcoin Lightning Network, Pouch.ph makes sending money to the Philippines faster, cheaper, and more accessible for people globally.

Mr. Ilag noted that the remittance market in the Philippines is massive, with over $30 billion being sent through traditional offline channels like Western Union, which often charge predatory rates of up to 7%, making it difficult for people to send money back home.

“Many foreigners come to Boracay and have a unique need to convert their home currency into domestic currency but do not have access to local e-money providers like GCash and PayMaya,” Mr. Ilag said. He believes that lightning payments such as Pouch.ph provide a unique solution to the problem of remittances.

“We are sitting at a unique point in time where we can take advantage of the latest technology to revolutionize the remittance market. Boracay can be at the forefront of this revolution,” Mr. Ilag noted.

Panelists Jack Lee of HCM Capital, Louis Liu of Mimesis Capital, and Mike Jarmuz of Lightning Ventures also hopped onto the stage to show their bullish stance towards bitcoin and the Lightning Network.

For Mr. Liu, the bitcoin infrastructure has significantly evolved since the 2008 crisis, with new exchanges and applications being built, and has the potential to become a hedge amid current global financial challenges.

Meanwhile, Messrs. Lee and Jarmuz advised attendees to focus on learning about bitcoin and expressed confidence in supporting early-stage founders and entrepreneurs in the Philippines’ bitcoin space.

Former Solicitor General Florin Hilbay reechoed this bullish sentiment towards bitcoin in a separate panel discussion.

“I’m very bullish about bitcoin. Every communication system is about speed; it’s about convenience, and it’s about having less friction. I’ve studied monetary systems for two and a half years, and only bitcoin is the real money out there for the 21^st century. Bitcoin is not simply a technology, but it is a language that is changing the way we view value,” said Mr. Hilbay, who also briefly discussed his book that provides a universal outline for studying bitcoin.

As a dean at Siliman University, he aims to make bitcoin a global subject and hopes that the university will become a bitcoin-friendly university and that other universities around the world will follow suit.

“We need to educate as many people as we can about bitcoin because it’s the best lens for understanding what’s happening in the world today. Then, they get to decide what’s best for them,” Mr. Hilbay said.

The Bitcoin Island Retreat was organized by Pouch.ph together with crypto exchange and mobile wallet Coins.ph and edutech platform Bitskwela. Bitcoin maxis and plebs who attended the conference experienced living off of bitcoin and realized the power of instant payment through the Lightning Network.

Pouch.ph also announced during the conference that it has tied up with ZEBEDEE, a global next-generation payments processor headquartered in New Jersey, USA, for a wider borderless transaction. With this, users around the globe can send and receive funds from any other Lightning wallet or service.

For instance, a user in the US may want to buy a coffee for a friend in the Philippines. They can now easily transfer funds from Cash App to their friend on the other side of the world, who can then immediately spend those funds to pay in pesos using Pouch.ph.

Early this year, Pouch.ph partnered with US fintech firm Strike to allow Filipinos in the US to send money to the Philippines using the Lightning Network.

Entrepreneur launches crypto donation drive to impact local grassroots churches

April 17, 2023 | 8:45 am

A visionary entrepreneur is pioneering a crypto donation drive to help grassroots churches across the Philippines to begin accepting donations in the form of cryptocurrencies.

Jon Blaylock was the former head of Marketing and Strategic Planning at Diamond Motor Corp., one of the largest and most established distributors of Mitsubishi vehicles in the Philippines. Over the years, Mr. Blaylock has worn many hats, including being the front man and manager of a UK-based punk rock band, the founder and CEO of a digital marketing agency, and most recently, the founder of a crypto private equity firm.

Prior to heading up marketing and strategic planning for Diamond Motor, Mr. Blaylock was the worship pastor for a church plant at Imperial College, London, collaborating with various nongovernment organizations and youth groups to support the youth and to effect positive change in society.

With a master’s in music business management and digital transformation, and an extensive background in nonprofit fund-raising and operations, Mr. Blaylock set out to establish Ophir, a fully decentralized cryptocurrency that utilizes the world’s first endowment smart contract on the blockchain to resource and educate grassroots churches across the Philippines and other developing countries around the world.

Ophir is named after the biblical land from which Solomon sourced the purest gold in the ancient world to build the Lord’s temple.

Being actively involved in both spaces, Mr. Blaylock saw new fund-raising opportunities emerging from the cryptocurrency landscape.

“There are many crypto communities around the world that are extremely passionate about helping those in need. We live in an abundant world. I firmly believe that the problem we have is not a resource problem, but a gatekeeping problem. By accepting crypto, these churches can have access to that abundance while connecting with the next generation of donors,” he said.

The initiative will involve an international cryptocurrency fund-raising campaign to channel donations to the General Mariano Alvarez Fellowship of Christian Churches (GMAFEC), a nonprofit based in Cavite, consisting of influential leaders who belong to church networks and para-church organizations with inroads to thousands of grassroots churches.

According to Mr. Blaylock, the donations will be used by GMAFEC to support the religious organization’s activities and to facilitate the education of thousands of churches, which will also be receiving Ophir tokens as a free gift.

Ophir’s community, which consists of an international team of experts, will help equip church leaders, members, and communities to raise awareness of crypto’s potential to fuel programs designed to address social and humanitarian causes, and to teach them to leverage other exponential technologies in order to prepare their congregations and communities for the Fourth Industrial Revolution.

Donors can send Tether (USDT), USD Coin (USDC), Ether (ETH), Smooth Love Potion (SLP), Hex (HEX), or Texan (TEXAN) to GMAFEC’s designated crypto wallet. They will also receive zero-value Ophir tokens as donation premiums which the market may ascribe value to once Ophir becomes tradeable.

Global churches and top nonprofits like the United Way Worldwide, Feeding America, and UNICEF are accepting crypto donations to grow their ministries and fund humanitarian aid. Crypto donations to Turkey’s earthquake relief efforts have reached over $9 million.

“Through the power of blockchain technology, galvanized communities can transcend barriers to financial inclusion, enabling access to the abundant resources that exist in our world. Ophir is unwavering in its commitment to unlocking this abundance and channeling it towards those who are most in need. The prospect of churches and other organizations embracing blockchain technology to amplify their impact is truly awe-inspiring, as the possibilities for positive change are literally boundless,” Mr. Blaylock said.

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