Smart says drone-aided inspections help cut fuel use

March 7, 2023 | 12:03 am

THE wireless unit of PLDT Inc. said that conducting cellular site inspections digitally by using drones can help in reducing the group’s fuel consumption and make data gathering from each tower more efficient.

Smart Communications, Inc. said it had completed a “proof of concept” for drone-aided digital inspection of its towers in Quezon City, Valenzuela, and Caloocan.

“The use of autonomous drone technology in capturing network tower information is seen to later replace the time-consuming, dangerous, and manual task of climbing each and every tower to gather and record data,” the company said.

Through the drone-captured images, Smart will be able to produce “digital twins” of its network towers. The aid of AI and machine learning will enable faster and data-driven decision-making.

The company said digital inspection will also cut the group’s fuel consumption as less frequent site visits help in reducing its carbon footprint.

During the trial, Smart said the drones required only about 30 minutes for data capturing, and two to three days to release the results.

According to the company, using drones is much faster than the current manual process and would make operations more cost-efficient, which can make services more affordable.

PLDT and Smart First Vice-President and Deputy Network Head Roderick S. Santiago said digital inspection “is a good example of how we are holistically transforming every aspect of our network to a future state through new ways of working and using automation to evolve our operations.”

“This is a step towards Smart’s vision of being the best in customer experience by building a fully automated, intelligent, highly efficient network, and putting in place sustainable network elements and operations,” he added.

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

Rockwell names Padilla its new board chairman

March 7, 2023 | 12:03 am

ROCKWELL Land Corp. appointed its president and chief executive officer Nestor J. Padilla as the chairman of the board.

Mr. Padilla has been with Rockwell Land since it was incorporated in 1995. He succeeds Ambassador Manuel M. Lopez, who passed away on Jan. 12.

“Rockwell Land would not be where it is today without the guidance of the late Ambassador Lopez and Mr. Padilla. As such, it is fitting to have him continue to lead the company to even greater heights. We look forward to further milestones with Mr. Padilla at the helm, while he continues to drive the company as an innovative, trend-setting force in the real estate sector,” the company said.

Rockwell Land is the real estate subsidiary of Lopez-led First Philippine Holdings Corp.

Gov’t partially awards Treasury bill offer

March 7, 2023 | 12:03 am

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it auctioned off on Monday as rates rose on expectations of faster inflation in February, which could prompt the Bangko Sentral ng Pilipinas (BSP) to hike borrowing costs aggressively this month.

The Bureau of the Treasury (BTr) raised just P9.705 billion from its offer of T-bills on Monday, below the P15-billion program, even as bids reached P20.129 billion.

Broken down, the Treasury made a partial P2.455-billion award of the 91-day T-bills versus the P5-billion program, despite tenders reaching P5.172 billion. The average rate of the three-month papers rising by 17.30 basis points (bps) to 4.586% from the 4.413% quoted for the last successful award of the tenor on Feb. 20. Accepted rates ranged from 4.53% to 4.65%.

The government likewise borrowed just P2.25 billion via the 182-day securities, lower than the P5-billion plan, even as demand for the tenor reached P6.8 billion. The six-month T-bill was quoted at an average rate of 5.378%, rising by 20.1 bps from 5.177% the previous week, with the BTr only accepting offers with yields of 5.378%.

Meanwhile, the BTr made a full P5-billion award of the 364-day debt papers as bids for the tenor reached P8.157 billion. The average rate of the one-year paper climbed by 13 bps to 5.707% from the 5.577% fetched last week. Accepted yields were from 5.65% to 5.743%.

“Results were mixed in today’s Treasury bill auction as the Auction Committee decided to fully award bids for the 364-day T-bills while partially awarding the 91- and 182-day securities. The 364-day T-bills fetched an average of 5.707%, while the 91- and 182-day T-bill rates were capped at 4.586% and 5.378%, respectively,” the BTr said in a statement on Monday.

“The auction was 1.3 times oversubscribed, attracting P20.1 billion in total tenders. With its decision, the committee raised P9.7 billion of the P15 billion offering,” it added.

The trader said in a Viber message that investors asked for higher rates ahead of the release of February inflation data, which resulted in the partial award.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message that the government made a partial award of its T-bill offer due to an increase in bid rates due to expectations of elevated inflation and aggressive tightening by the central bank.

A BusinessWorld poll of 17 analysts yielded a median estimate of 8.9% for February headline inflation, within the 8.5% to 9.3% forecast of the BSP for the month.

If realized, this will be faster than the 14-year high of 8.7% seen in January and the 3% in the same month a year earlier. February would also mark the 11^th consecutive month that inflation exceeded the BSP’s 2-4% target for the year.

The Philippine Statistics Authority will release February consumer price index data on March 7, Tuesday.

BSP Governor Felipe M. Medalla on Friday said the central bank may hike rates by another 50 bps this month if February inflation exceeds 9%.

The Monetary Board will hold its second policy meeting for this year on March 23.

At its Feb. 16 review, the BSP raised benchmark interest rates by 50 bps for a second straight meeting, bringing its key rate to 6%, the highest in nearly 16 years.

The Monetary Board has increased borrowing costs by a total of 400 bps since May 2022.

T-bill rates climbed amid recent hawkish signals from US Federal Reserve officials, Mr. Ricafort added.

The US central bank hiked its fed funds rate by 25 bps at its Jan. 31 to Feb. 1 meeting to a range between 4.5% and 4.75%.

The Fed has raised rates by a total of 450 bps since March 2022. Its next policy review is on March 21-22.

On Tuesday, the BTr will offer P25 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and six months.

The Treasury wants to raise P200 billion from the domestic market this month, or P75 billion via T-bills and P125 billion from T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — A.M.C. Sy

Guns N’ Roses and Arctic Monkeys to headline Glastonbury along with Elton John

March 7, 2023 | 12:02 am

LONDON — Guns N’ Roses and Arctic Monkeys will join Elton John as headliners at the Glastonbury Festival in June, organizers said on Friday, drawing attention to the largely male line-up of its biggest performers this year.

The festival’s official poster gave US rapper Lizzo joint headline billing but she was the lone, high-profile female performer among the main acts this year.

Rapper Lil Nas X and British folk singer Yusuf/Cat Stevens will perform at Worthy Farm in southern England, alongside Fatboy Slim, Blondie, Nigerian singer Wizkid, and dozens of other performers, many of whom not yet been announced.

Organizer Emily Eavis, daughter of Michael Eavis who founded the festival on the family farm in 1970, said the music industry should invest in more female musicians to create future headliners.

“We’re trying our best,” she told the Guardian newspaper. “This starts way back with the record companies, radio. I can shout as loud as I like but we need to get everyone on board.”

Among all the performers due to appear at the festival this year, there was a nearly 50/50 split between male and female acts, the newspaper said.

Glastonbury typically sells out before any headliners — who perform in the key time slots on the festival’s main stage — have been announced given the strength of previous line-ups which have featured stars from Beyonce and David Bowie to Dolly Parton, Bruce Springsteen, and the Rolling Stones.

Tickets for the 2023 event were all snapped up in just over an hour.

Paul McCartney, 80, played last year’s Glastonbury, as the festival returned from a three-year absence due to the coronavirus pandemic.

While English rock act Arctic Monkeys will be making their third appearance as headliners at Glastonbury following the release of a new album in October, it will be the first time for American rock legends Guns N’ Roses, who will be touring Europe in June.

Elton John’s appearance was announced in December. — Reuters

AC Health’s cancer care hospital nears completion

March 7, 2023 | 12:02 am

AYALA HEALTHCARE Holdings, Inc. or AC Health has completed building 75% of its cancer care hospital in time for its opening in the third quarter of 2023, it said in a press release on Monday.

“The Healthway Cancer Care Hospital will be the first comprehensive and dedicated cancer hospital in the country offering a complete range of cancer services, from screening, diagnosis, treatment, to post-cancer care,” the Ayala Corp. unit said.

The hospital, which broke ground in 2021, would include 18 chemotherapy infusion units, two linear accelerators, and essential diagnostic and imaging machines.

“The progress of this facility clearly shows the Ayala group’s vision to build the country’s first dedicated cancer specialty hospital,” said Ayala Corp.’s Fernando Zobel de Ayala.

The hospital’s main focus is to improve the overall experience of patients and provide multi-disciplinary cancer care.

According to AC Health, this is the country’s first dedicated cancer hospital, and it continues to partner with various medical corporations in the field to provide care for cancer patients.

“Our goal is to offer the best value private hospital for cancer care,” said AC Health President and Chief Executive Officer Paolo Maximo F. Borromeo.

“We are working with our partners to ensure that our cancer hospital will provide very competitive rates for diagnostics, radiation, chemotherapy, and surgery to a broader base of Filipino patients,” he added. — Adrian H. Halili

SMDC taps Korean star Lee Min-ho as endorser

March 7, 2023 | 12:02 am

SM Development Corp. (SMDC) tapped Korean actor Lee Min-ho, best known for his roles in “Boys Over Flowers” and “Pachinko,” as its newest endorser.

“I’m honored to be part of the SMDC family. It’s very important for a person to have a space to call home,” Mr. Lee said in a statement released by SMDC.

A 2022 international survey conducted by the South Korean government showed Mr. Lee was the “most favorite” actor in 18 countries.

SMDC Vice-President for Marketing Aye Luna said the company is excited to have Mr. Lee as its newest brand ambassador.

“Not only does he embody true luxury and sophistication, he is also a ‘Good Guy’ in every sense of the word. He cares about his family and fans, and positively contributes to society through his donation platform. This makes him the perfect brand ambassador of SMDC,” Ms. Luna said.

SMDC was recently named Best Developer in Southeast Asia by Dot Property Southeast Asia Awards 2022.

E-receipts, online gov’t transactions to boost digital payments in PHL

March 7, 2023 | 12:02 am

THE ADOPTION of electric invoices and receipts and digitizing more government transactions can help the Bangko Sentral ng Pilipinas (BSP) achieve its target to have 50% of all retail payments done online by the end of the year.

“When it comes to digital, I stopped giving predictions because I’ve always been amazed at how it can tip like that overnight. Getting to 30%, sure, but getting to 50%, I don’t know. I think what is critical is if they can do digital invoices and digital receipts. That will really open a large part of payments digitization because companies sometimes still prefer to pay using checks,” Union Bank of the Philippines, Inc. Chief Executive Officer (CEO) Edwin R. Bautista told BusinessWorld at the sidelines of a central bank event late last month.

“When they pay their supplier, the supplier gives them a receipt. And they need the receipt for the VAT (value-added tax). They use that to offset part of their taxes. All of that is paper. But the BIR (Bureau of Internal Revenue) is already working on e-invoicing and e-receipts. So, if they can get e-receipts, they will also pay digitally,” he said.

Mr. Bautista said digitizing receipts and invoices could help online payments’ share in transactions growth by 10% overnight.

“It (the growth in digital payments) will now be driven by the companies. Before, it was driven by individuals,” he added.

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.

The share of online payments in the total volume of retail transactions in the country rose to 30.3% in 2021 from 20.1% in 2020 as consumers and businesses used more online channels amid mobility restrictions due to the coronavirus pandemic.

Meanwhile, the value of payments done digitally made up 44.1% of total retail transactions in 2021, higher than the 26.8% share a year prior.

UNO Digital Bank Co-Founder and Chief Executive Officer Manish Bhai said the growth of the online banking space will also drive digital payments.

“The way things are going, with all the digital banks now getting active, the QR PH code now coming in with full operations and all the existing banks also getting digital, it might be a few months here or there but it’s just a matter of time. It (the 50% target) will be achieved very, very soon… The direction is very positive,” Mr. Bhai said on the sidelines of the same event.

China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message that the BSP is likely to achieve its payment digitalization target by the end of this year as the coronavirus pandemic has helped widen the use of technology for transactions.

“Access to internet, mobile transactions, and the like will encourage consumers and retailers alike to maximize the use of digital technology. InstaPay and PESONet transactions have increased exponentially. Initiatives such as BSP’s QR PH and allowing more digital banks is an important step,” Ms. Velasquez said.

“Reducing or eliminating transaction fees could also convert consumers into moving digital. One important step is for government to lead the way and widen the use of digital transactions in payments of government transactions, fees, and taxes,” she added.

Consumers must also be assured of the safety of their online transactions, Ms. Velasquez said. — A.M.C. Sy

EntertainmentNews (03/07/23)

March 7, 2023 | 12:01 am

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Leonor Will Never Die on Netflix

MARTIKA Ramirez Escobar’s film Leonor Will Never Die premieres on Netflix on March 17. It follows a retired action film writer and director Leonor Reyes who enters the world of her unfinished screenplay after an accident where a TV lands on her head. The film stars Sheila Francisco as Leonor. The film bagged the World Cinema Dramatic Special Jury Award: Innovative Spirit at the Sundance Film Festival in January 2022.

NOBITA releases new single

ROCK band NOBITA has released their new single under Sony Music Entertainment, “Kalangitan.” Written by the band members and co-produced with their frequent collaborator Isagani Palabyab, “Kalangitan” is an inspirational tune about companionship through thick and thin. “Just when you think that you have reached rock bottom, remember that there is always someone with you who will help you reach for the heavens,” the band said in a statement. “With an arrangement that stays true to our sound and a melody that transcends emotions, this is the type of material that we’d love to explore over and over.” “Kalangitan” is available on all digital music platforms worldwide.

Black Night on Netflix

MORE information about the Korean Netflix series Black Knight has begun to emerge with the release of its first teaser poster. The series follows refugee Sa-wol and the legendary deliveryman 5-8 as they take on the all-powerful Cheonmyeong Group in a dystopian version of Korea in which the country is ravaged by extreme air pollution, rendering it uninhabitable without an oxygen mask. The series is directed by Cho Ui-Seok. It stars Kim Woo-bin, Song Seung-heon, Kang You-seok, and Esom. Black Knight is set to premiere in the second quarter of 2023.

GMA releases online dating show

TAKING their onscreen chemistry to online platforms, Mavy Legaspi and Kyline Alcantara are set to make hearts flutter again as they headline Zero Kilometers Away, an original digital series produced by GMA Public Affairs. Set to launch on March 10 on various GMA Network online platforms and GMA Public Affairs’ YouTube channel and Facebook pages, Zero Kilometers Away is a six-part narrative series about a young man and a young woman trying to navigate the harsh, creepy, and more often than not, hilarious realities of the online dating world. The show also features Kara David, Kuya Kim Atienza, Drew Arellano, Iya Arellano, Sparkle artists Caitlyn Stave, Raheel Bhyria, and Kaloy Tingcungco, TikToker Rosmar Tan, Jerome Pamulaklakin, and Gigi Locsin. The digital series is written by Mario Banzon and directed by Maikel Cardoz. It premieres on March 10, 6 p.m., on the GMA Portal, GMA Public Affairs’ YouTube channel and GMA-owned Facebook pages.

Advanced tickets to Shazam! Fury of the Gods

A LITTLE over a week before Shazam! Fury of the Gods opens into Philippine cinemas on March 15, moviegoers may get advance tickets now to the DC superhero film and be among the first in the world to see it. For details, go to the official ticketing site at http://shazamfuryofthegods.com.ph From New Line Cinema, Shazam! Fury of the Gods continues the story of teenage Billy Batson who, upon saying the magic word “Shazam!,” is transformed into his adult super hero alter ego, Shazam. Bestowed with the powers of the gods, Billy Batson and his fellow foster kids are still learning how to juggle teenage life with having adult Super Hero alter-egos. But when the Daughters of Atlas, a vengeful trio of ancient gods, arrive on Earth in search of the magic stolen from them long ago, Billy and his family are thrust into a battle for their superpowers, their lives, and the fate of their world. The movie stars returning cast members Zachary Levi as Shazam, Asher Angel as Billy Batson, Jack Dylan Grazer, Adam Brody, Ross Butler, Meagan Good, D.J. Cotrona, Grace Caroline Curre, Faithe Herman, Ian Chen, Jovan Armand, Marta Milans, Cooper Andrews, and Djimon Hounsou. Joining the cast are Rachel Zegler, Lucy Liu, and Helen Mirren.

BIBI releases remix

SOUTH Korean pop-star BIBI has released the remix of “BIBI Vengeance,” featuring Atlanta-native Baby Tate and Chilean artist Princesa Alba. The reimagined track comes from the artist’s debut full-length album, Lowlife Princess: Noir. The remix is bold, powerful and a statement track, with malice-laced verses in English, Korean, and Spanish. The trio channel their inner femme fatale through lyrics overlaid with a punchy, hypnotic Latin-inspired bea. Baby Tate chides the listener, reminding them of the singers being the epitomé of “a real bad bitch.” “BIBI Vengence,” which was released in November of 2022, is currently averaging over 500,000 streams daily on Spotify and has 49.6 million overall streams since release date.

MORE Power energizes substation in Iloilo

March 7, 2023 | 12:01 am

MORE Electric and Power Co. or MORE Power has fully energized its 30/36 megavolt amperes (MVA) New Megaworld substation in Iloilo City, the power distribution utility announced on Monday.

“The energization of the substation marks a significant milestone for MORE Power, in fulfilling its mandate of providing reliable and cost-efficient electric power distribution service to Iloilo City,” Roel Z. Castro, president and chief executive officer of MORE Power, said in a media release.

The 30/36 MVA substation is the first permanent substation project of MORE Power, which took over as Iloilo City’s electric distribution utility in February 2020.

The newly energized substation is said to be equipped with modern machinery, technology, and a digital interface for easy connection to grid applications and an online dissolved gas analyzer (DGA).

“With the substation now operational, the business park and its surrounding areas will have a more stable and reliable power supply, making it an ideal location for businesses looking to invest in Iloilo City,” MORE Power said.

The substation located in Iloilo Business Park is expected to bring reliable power capacity to the area.

“With the completion of the New Megaworld Substation, MORE Power is confident that it can provide a more stable and reliable power supply to its customers in Iloilo City,” the company said.

The power distribution utility said it worked in partnership with Megaworld Corp. for the development of the substation. — Ashley Erika O. Jose

Federal Land tops off 1^st tower of Ortigas project

March 7, 2023 | 12:01 am

FEDERAL LAND, Inc. recently topped off the first tower of The Grand Midori Ortigas in Pasig City.

“The event marks the structural completion of the first tower of the development — a testament to Federal Land’s commitment to stay on target for the handover and delivery of its projects,” Federal Land said in a statement.

The second tower of The Grand Midori Tower is set to be launched in the second quarter.

Designed by world-renowned Japanese architectural firm Tange Associates, The Grand Midori Ortigas “will feature minimalist interior design and Japanese gardens that will foster relaxation and recreation within a dynamic city.”

Bill proposes tighter rules for physical transfers of foreign currency

March 7, 2023 | 12:01 am

A BILL requiring a written declaration for the cross-border transfer of foreign currencies and monetary instruments higher than $10,000 in value is now being tackled by a House panel.

House Ways and Means Committee Chairman Jose Ma. Clemente S. Salceda, under House Bill No. 374, proposed to require those bringing into and out of the Philippines foreign currency and other foreign currency-denominated bearer monetary instruments worth over $10,000 to submit a written declaration under oath to help address bulk cash smuggling.

The bill defines bulk cash smuggling as physically transporting in and out of the Philippines foreign currency or monetary instruments worth over $200,000, as well as “concealment and transport of or attempt to transport foreign currency and/or foreign currency-denominated bearer monetary instruments in excess of $10,000 or its equivalent in other foreign currency into and out of the Philippines with the intent to escape or make false declarations.”

The proposal seeks to require persons or entities involved in the bulk transfer of foreign currencies exceeding $10,000 to register with the central bank.

A similar bill was passed by the House of Representatives in the 18th Congress, but did not make it to the Senate.

The committee created a technical working group to improve the bill. — B.M.D. Cruz

Philippines improves in prosperity ranking

March 7, 2023 | 12:00 am

The Philippines rose two places to 84th out of 167 countries with a score of 57.53 in the latest edition of the Prosperity Index by London-based think tank Legatum Institute. However, it trailed behind its peers in the region, only ahead of Mongolia (88th overall), Laos (115th), Cambodia (118th), Papua New Guinea (130th), and Myanmar (143rd).