TOKYO – The Japanese government on Tuesday issued its first–ever power supply warning amid a power shortage after an earthquake last week shut several plants, with the deficit compounded by technical troubles affecting Tokyo Electric Power Co.
Japan‘s Ministry of Economy, Trade and Industry issued the warning for areas supplied by Tokyo Electric (Tepco) and Tohoku Electric Power Co in anticipation of a demand spike to meet heating needs as temperatures dropped. The government also called on citizens to reduce their energy consumption.
“We request your cooperation to save electricity as much as possible, such as by setting your thermostats at around 20 degrees Celsius and switching off any unnecessary lights,” Chief Cabinet Secretary Hirokazu Matsuno told a news conference.
Matsuno added that the request for power savings was unlikely to extend beyond Tuesday given the expected rise in temperatures and the addition of more solar power generation as the weather improves.
A magnitude 7.4 earthquake that struck northeast Japan last Wednesday destroyed equipment and forced six thermal power plants in regions serviced by Tepco 9501.T and Tohoku Electric 9506.T to shut. Industry Minister Koichi Hagiuda earlier told parliament that some of those plants could take weeks or months to return to operation.
In Tokyo, snow fell on Tuesday with temperatures forecast to peak at just 4 degrees Celsius (39.2 degrees Fahrenheit), compared with a high of 14 degrees on Monday.
Coinciding with the supply warning, Tepco said on Tuesday that technical troubles caused a power outage for about 2,120 households in three prefectures near Tokyo as of 11:34 a.m. (0234 GMT).
Hiroshi Okamoto, a senior executive for TEPCO Power Grid, told reporters at a government news conference those outages were unrelated to the power shortage.
Tepco said it had no plans to conduct any planned outages but warned that blackouts could occur in the evening. The company has requested seven regional utilities to provide electricity supply of up to 1.42 million kilowatts. – Reuters
H.E. Shambhu S. Kumaran, Ambassador of India to the Philippines
India is a global IT powerhouse and has emerged as a leading country for technology startups. The country now ranks third globally in terms of unicorns. Of the 90-plus unicorns in India, a remarkable 46 were added in 2021 alone, testifying to the dramatic spike in global interest in India’s tech-ecosystem.
While fintech and e-commerce are leading the boom, the health sector is emerging as a key area of focus. There are nearly 4,000 health-tech startups operating in India, undertaking multiple innovations, which are helping boost the health-tech market.
Indeed, especially after the wide-ranging impact of COVID-19, health-tech companies are bringing in record levels of funding globally. Health-tech startups raised about $15.3 billion in 2020 worldwide, a 44% spike from 2019’s $10.6 billion. In India, health-tech startups raised $455 million across 77 deals.
These companies are developing capabilities for design and manufacturing of high-tech products and leveraging technologies such as 3D printing, artificial intelligence, smart sensors and others to manufacture medical devices and provide digital healthcare solutions for the future.
India is also the fourth largest medical device market in Asia, valued roughly around US$11 billion. This includes implants, consumables, diagnostics and medical electronics. Innovations happening across MedTech startups is giving a new dimension to this sector, as they combine medical devices with the Artificial Intelligence (AI) or cloud capabilities.
Some of these market-defining innovations include ‘VAPCare’, a device developed by a Bengaluru-based startup Coeo Labs. The device treats Ventilator-associated Pneumonia (VAP), an infection of the lungs resulting from the bacteria in the fluids that collect in the lungs of a patient who has been on a ventilator for more than 48 hours. The device removes saliva and also pushes anti-microbial liquid into oral cavities just in case some of the saliva trickles into the lungs. The device was developed by the company with grant funding from the Department of Biotechnology (DBT) of the Government of India.
Sattva MedTech developed an alternative ‘ECG-based fetal distress monitor,’ as it was working out on a solution to the issue that the traditional fetal monitor used to measure fetal heart rate was very ambiguous, as it could not differentiate between sounds from the mother’s heart from the one from the baby’s heart, thus making the whole interpretation quite subjective. It was able to find out a solution, which worked on electrical signals rather than sound, making it much more accurate. Interestingly, the price of its innovative product was almost three times less than the traditional fetal monitor devices available in the market. Another Bengaluru-based startup, Remidio offers a portable eye screening tool with telemedicine and AI triage capabilities.
Other interesting innovative solutions, to name a few, include radiation-free, non-touch, accurate, breast cancer screening solution (Niramai); A-powered microscope imaging solutions for diagnostic purposes (SigTuple); retinal imaging devices (Forus Health); triangular patch that can be stuck on a patient’s chest for medical-grade data on pulse, respiration and blood oxygen, and also for a spot ECG (ten3T Healthcare) and others.
Besides these MedTech startups, there are larger health-tech and life science platforms such as doctor appointment platform like Practo; MedGenome; and others. Overall, this sector is expected to record a five-fold rise at a CAGR of 37% to reach US$ 50 billion in 2025, from US$10.36 billion in 2020.
The MedTech sector has helped in enhancing the quality of healthcare products in the Indian market, providing real-time diagnosis, reducing healthcare costs and giving accurate data for further analysis. Given its immense potential, plenty of opportunities exist ranging from online platforms and marketplaces to medical devices and applications of deep tech such as AI, internet of things, and genomics for analytics. Investors, both domestic as well as foreign, are riding on this latest wave of medical innovations in India, as Indian healthcare sector moves towards reaching $372 billion by end of this year.
With concerns on persisting unequal access to medical care, limited access to health facilities, medical professionals and devices, adaptation of similar technological innovations is an important dimension of the way forward for solution providers and decision makers in the Philippines. This opens up immense opportunity for bilateral cooperation between India and the Philippines.
Many of these Indian MedTech companies have already started exploring new geographies, including countries in ASEAN. The Philippines with its usage of English language, large professional workforce and need for affordable quality healthcare, is relatively well-placed to take advantage by exploring linkages and partnerships with these Indian companies. Early adoption of such partnerships can enable the Philippines to emerge as a leader in this sector within ASEAN.
As democracies, India and the Philippines recognize the importance of putting people first. Thus people-centric as well as business-driven, knowledge-based and technology-led initiatives are at the heart of our emerging partnership. India and the Philippines can mutually support each other’s efforts to develop an accessible and affordable healthcare sector.
For a structured discussion on the pathways and prospects for India-Philippines engagement, the Embassy of India to the Philippines, in partnership with BusinessWorld, is organizing the first-ever bilateral business conference on healthcare and medical cooperation on March 23, 2022 (Wednesday) at Shangri-La, The Fort, BGC. The Conference will be in hybrid format, with open participation in online mode. Please register at https://www.virnew.com/bworld-india-philippines-conference/.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
THE PHILIPPINE government is looking to raise funds via a benchmark-sized US dollar-denominated bond issue with tenures of five, 10.5 and 25 years, according to a government document seen by reporters on Monday.
The borrower has opened orders for a five-year bond at the 125 basis points (bps) over Treasuries area, a 10.5-year note at the 165 bps over Treasuries area and a 25-year bond at the 4.7% area, the document showed.
Proceeds from the two shorter-term issues will be used for budget financing, while the 25-year bond offer was specifically intended to raise money for the government’s “sustainable finance framework” program.
The settlement date is March 29. The size of the offering is set at the US dollar benchmark.
National Treasurer Rosalia V. de Leon declined to comment on the issuance.
Finance Secretary Carlos G. Dominguez III last month said the Finance department had been in talks with banks on a $500-million green bond offering.
Funds raised from green bonds are used for climate change mitigation and environmental projects. The country’s sustainable finance framework seeks to harness public and private investments to support the transition to a clean, sustainable and climate-resilient economy, Mr. Dominguez said.
The maturity dates for the five-, 10.5-, and 25-year bonds are March 29, 2027; Sept. 29, 2032; and March 29, 2047, respectively.
For this three-tranche offering, the Bank of China, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Mizuho Securities, Morgan Stanley, Standard Chartered and UBS are joint lead managers and bookrunners.
Moody’s Investors Service assigned senior unsecured ratings of “Baa2” to the Philippines’ dollar-denominated global bond offerings. This mirrors the “Baa2” credit rating with a stable outlook for the Philippines given by Moody’s in July 2020.
Fitch Ratings last month kept the Philippines’ investment grade “BBB” rating, but maintained the “negative” outlook. S&P Global Ratings kept the country’s “BBB+” rating with a stable outlook in May last year.
“The government still needs to fund the relatively wider budget deficit since the pandemic started in 2020,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said via Viber.
“(The pandemic) reduced the government’s tax revenue collections especially since the lockdowns and the relatively slower recovery thereafter.”
The Philippines, one of Asia’s most-active sovereign debt issuers, is looking to raise P2.2 trillion ($42 billion) to plug its budget deficit this year, about 75% of which is to be sourced from the domestic market.
As of the end of last year, the government recorded P11.73 trillion in outstanding debt, up by 19.7% year on year. Foreign borrowings represented just over 30% of the total.
This meant the debt-to-GDP ratio is now at 60.5%, higher than the 54.6% a year earlier and slightly above the 60% threshold considered as manageable by multilateral lenders for developing economies.
Mr. Dominguez previously said he expects the debt-to-GDP ratio to moderate by the end of 2022 or in 2023 as the economy expands and tax collections grow. — ReuterswithJenina P. Ibañez
PRESIDENT Rodrigo R. Duterte on Monday signed a law that allows full foreign ownership in more public services such as telecommunications and domestic shipping, a move that would further liberalize the Philippine economy.
Republic Act No. 11647, which amends the 85-year-old Public Service Act, excludes telecommunications, domestic shipping, railways and subways, airlines, expressways and tollways, and airports from the definition of a public utility. This means they will no longer be subject to the 40% foreign ownership cap for public utilities under the Constitution.
The law also bars foreign nationals from owning more than 50% of capital in public services engaged in the operation and management of critical infrastructure, unless their country accords reciprocity to Filipino nationals.
Foreign state-owned enterprises are also prohibited from owning capital in any public service classified as a public utility or critical infrastructure.
The President is also given the authority to suspend or prohibit any proposed merger or acquisition, or investment in a public service that results in giving control to a foreigner or foreign corporation.
The government is hoping the measure will help the Philippine economy recover from the pandemic by creating much-needed jobs.
“I believe that the easing of foreign equity restrictions would attract more investors, modernize several sectors of public service, and improve the delivery of essential services,” Mr. Duterte said in a speech at the signing ceremony.
He also said that the law would generate more jobs for Filipinos and improve services for Filipino consumers.
“By easing foreign equity restrictions in key industries, the law will spur critical investments to fast-track inclusive recovery and development that will leave no Filipino behind,” Senate Committee on Public Services Chair Mary Grace S. Poe-Llamanzares said in a statement.
Critics, however, have raised concerns over national security risks.
Last year, Senator Ralph G. Recto said allowing total foreign ownership of telecommunications companies would pose risks to national security.
Increasing foreign ownership in key industries will make it even more difficult for Filipino enterprises to develop, according to think tank Ibon Foundation. — Kyle Aristophere T. Atienza
A broken ethernet cable is seen in front of binary code and words “cyber security” in this illustration taken on March 8, 2022. — REUTERS
A broken ethernet cable is seen in front of binary code and words “cyber security” in this illustration taken on March 8. — REUTERS
By Arjay L. Balinbin, Senior Reporter
AS CYBERATTACKS surge around the world, the Philippines is still at the “infancy” stage in terms of cybersecurity, raising worries over the government and private sector’s ability to handle present and future cyberthreats.
Six years after the country’s cybersecurity framework was launched, Department of Information and Communications and Technology (DICT) Acting Secretary Emmanuel Rey R. Caintic said that based on observations, there is still much work to be done to strengthen the country’s defenses against cyberthreats and attacks.
“Well, Rome wasn’t built in a day,” he said in a virtual interview.
Of the five levels of maturity in terms of cybersecurity, Mr. Caintic noted the Philippines is still at level 1 (initial or ad hoc) in terms of awareness and communication; and cybersecurity skills and expertise. According to the Cobit (control objectives for information and related technology) maturity model, level 1 means “no standardized processes are in place.”
The Philippines fared better in terms of policies, plans, tools and responsibility, but procedures are not sophisticated enough.
Mr. Caintic said the DICT is aiming to reach the maturity level 5, or the “resilient enterprise” level in around five years.
The Philippines ranked fourth in Kaspersky’s 2021 global ranking of countries most targeted by web threats.
“This means Filipinos who have been mostly stuck at home surfing, working, banking, or studying via the web during the entire second year of the pandemic have had a heightened exposure to further dangers of the internet,” the Russian cybersecurity firm said in its report released in February.
This year, the DICT has a budget of up to P600 million intended for cybersecurity, significantly bigger than the previous budget of P300 million, according to Mr. Caintic.
He said the government is looking to upgrade the Security Operations Center (SOC), which was acquired in 2019. At least 10 government agencies are connected to the SOC, which is involved in cyber defense and closely monitors the agencies’ networks for unusual activities or cyberattack.
The DICT also plans to conduct this year a “cyber range,” or simulation training, with the Armed Forces of the Philippines, the Department of National Defense, and the National Intelligence Coordinating Agency. Mr. Caintic said the cyber range platform is being set up for drills in April.
The country’s Cybersecurity Plan 2022 was updated in 2021 to strengthen the cybersecurity capabilities of both government and private organizations.
“The DICT is mandated to ensure the security of critical ICT infrastructures including information assets of the government, individuals, and businesses,” Mr. Caintic said.
The DICT is also pushing for the creation of a cybersecurity agency, which is aimed at boosting the Philippines’ cybersecurity capabilities.
Mr. Caintic said a bill is being prepared for the next Congress. The bill would also require organizations to hold cyberattack drills and comply with minimum security standards.
GLOBAL CYBERATTACKS Russian cyberattacks against Ukraine, including its critical national infrastructure, have worried governments around the world.
The governments of the United States, United Kingdom and Australia publicly attributed the cyberattacks against the Ukrainian banking and government websites in February to the Russian Main Intelligence Directorate. Russia has rejected these allegations.
The Philippines, given the status of its cybersecurity capabilities, may not be able to survive a similar attack, ethical hacker Allan Jay “AJ” Dumanhug said in a virtual interview.
“Unfortunately, we can’t even prevent cyberattacks from local cybercriminal groups, so why are we even talking about international cyberattacks or state-sponsored attacks if we can’t prevent our local cybercriminal groups?” said Mr. Dumanhug, the chief executive officer of cybersecurity testing platform Secuna.
“So, imagine China attacking the Philippines. We can’t even keep up with them. We don’t have the right capability in terms of resources, in terms of leadership, especially in our government,” he added.
The government and the private sector should also ramp up efforts to increase the number of cybersecurity professionals in the country, said Angel T. Redoble, chairman and founding president of the Philippine Institute of Cyber Security Professionals.
“We need more skilled professionals… Cyberattackers are innovating and evolving on a daily basis, so we, on the defender side, should do the same,” he said in a virtual interview.
Secuna’s Mr. Dumanhug said the National Government should require all agencies to perform a “thorough security assessments of all their applications that store, process, and transmit sensitive and critical information of our government and fellow citizens.”
“As we all know, we have around 100 million Filipinos in the country right now, and we hold a lot of pieces of data, and cybercriminals will target any kind of organization. As long as you hold thousands of data, you will be targeted, because per data it can be sold for $5 to $10, I guess, in the black market,” he noted.
The implementing rules of the Data Privacy Act of 2022 already require the National Privacy Commission to manage the registration of personal data processing systems in the country. Mr. Dumanhug said most startups appear to be unaware of the law, which is why the government should slap fines on those that violate it or else these lapses will continue.
CYBERSECURITY AWARENESS As the pandemic drove a shift to digital services, there was also an increase in cybercrimes against consumers.
Losses from bank fraud, such as unauthorized withdrawals or illegal transfers, during the pandemic reached P1 billion, the Bankers Association of the Philippines (BAP) said.
“However, as more Filipinos are shifting towards online banking, cybercriminals have found an opportunity to exploit victims on a wider scale,” the group told BusinessWorld in a statement.
The rise in cybercrimes highlighted the need for banks to continually upgrade their systems to deter cryberattacks, as well as for the government to hold cybercriminals accountable, the BAP said, adding the industry launched a CyberSafe campaign to raise cybersecurity awareness among the public.
Yeo Siang Tiong, Kaspersky’s general manager for Southeast Asia, said the government and the private sector should start working on cybersecurity awareness.
“Regulations, policies, and private-public partnership must be there… There must be general awareness that they need to beef up their defenses,” he said during a virtual interview. “The reality today is that it is all pretty random.”
Mr. Yeo said people should be aware that cyberattacks can occur via social media and messaging apps, and should know how to respond.
For Mr. Redoble, there are already a lot of intelligent devices that can protect one from cyberthreats and attacks, but are very expensive especially for these micro, small and medium enterprises (MSMEs).
“Only the large enterprises can afford new technologies and hire the right people,” he said. “The MSMEs are unable to put up a team and unable to buy new technologies. That is a big problem for us, because we have 99% of the business sector vulnerable to cyberattacks.”
Mr. Redoble said a culture of cybersecurity starts by changing the mindset of people, from the top management to the users.
Kaspersky’s Mr. Yeo pointed out that a study done by his company last year showed that only 48% of Filipinos who use digital payment methods believe they need an antivirus software to protect their money and data online, even if they’re aware of phishing scams and bank and credit card fraud.
Mr. Dumanhug warned cyberattacks are expected to become “more complex” in a few years.
“We have to keep up with them by implementing whatever they are doing or they will perform. Probably, cyberattackers will also use new technologies like artificial intelligence, so the organizations and the National Government should also use this stuff to keep up with the attackers,” he noted.
FUEL RETAILERS on Tuesday implemented a rollback in the prices of gasoline, diesel and kerosene, ending 11 straight weeks of steadily rising pump prices.
The price of gasoline, diesel, and kerosene products were slashed by P5.45, P11.45, and P8.55 per liter, respectively, as Dubai crude oil prices dropped last week.
This is the first reduction in pump prices this year, but it was not enough to offset the accumulated increase of P20.35 per liter for gasoline, P30.65 for diesel, and P24.90 for kerosene as of last week.
Energy Secretary Alfonso G. Cusi said the rollback is due to the drop in average prices of petroleum products based on the Mean of Platts Singapore (MOPS), the pricing yardstick for many refined products in Southeast Asia, last week.
In a text message, Mr. Cusi said the average price of gasoline was $120 per barrel last week, down from $138 per barrel the previous week. The average price of diesel slipped to $125 per barrel from $157 per barrel previously.
During the Laging Handa press briefing on Monday, Energy Undersecretary Gerardo D. Erguiza, Jr. said crude oil prices fell due to concerns the lockdowns in China would lower demand and the progress in Russia-Ukraine talks.
Despite the decline in fuel prices, Mr. Cusi said the government will increase the P3-billion budget for fuel subsidies to P6.1 billion. — Marielle C. Lucenio
Some shipping companies have started hiking their freight fees, the Philippine Liner Shipping Association (PLSA) said, noting that the industry is currently in survival mode due to the rising fuel prices.
“As far as I know, rates of the ROROs (roll-on, roll-off vessels) in Batangas have gone up. In other provinces, I know that they are putting increases also,” PLSA President Mark Matthew F. Parco told BusinessWorld in a phone interview on Monday.
The average increase in freight fees, according to Mr. Parco, is 25%.
“That’s the average based on the increase in their operating costs… There is no single rate that applies to all. They have different rate levels and structures,” he added.
Chelsea Logistics and Infrastructure Holdings Corp. President and Chief Executive Officer Chryss Alfonsus V. Damuy said in a phone message that they are “sending notices” to their clients.
Maritime Industry Authority (Marina) Administrator Robert A. Empedrad said the industry is deregulated.
Under Republic Act No. 9295, domestic ship operators are authorized to set their own domestic shipping rates, provided that “effective competition is fostered and public interest is served.”
The agency monitors all shipping operations and exercise regulatory intervention where it is established that “public interest needs to be protected and safeguarded.”
Mr. Empedrad said that Marina will “evaluate the validity” of the increases.
“But eventually, we cannot control them,” he added.
Mr. Parco said the domestic shipping companies have been losing money and that it is “a matter of survival” now.
“Cumulatively, it was a P600-million loss for all the lines in 2019, which should reflect the state of the industry. In 2020, it was a P1.5-billion loss. For 2021, I expect it will still be negative,” he noted.
“But they were not increasing rates because of Marina’s request” in consideration of the coronavirus pandemic.
The cost of operations has increased by around 25%. “I’m just talking about the increase in fuel prices. I’m not even talking about the increase in trucking, spare parts, and dry-docking costs,” Mr. Parco said.
The prices of gasoline, diesel, and kerosene are expected to fall by P5.45, P11.45, and P8.55 per liter on Tuesday, after 11 straight weeks of increases. Last week, fuel retailers raised gasoline and diesel prices by P7.10 and P13.15 per liter, respectively.
Fuel accounts for around 40 to 50% of shipping companies’ operating costs, Mr. Parco said. “But then again, shipping lines have different cost structures.”
On whether the higher freight rates will be passed on to end consumers, he said: “There will be a pass-on; but again, because shipping [rates] went up doesn’t mean that all the increases are due to shipping.”
“Shipping is just from the port to the port. It’s just part of the total logistics. From the farm to the port, there are a lot of things that happen there: there’s trucking, there’s consolidation, distributors — they put their markups,” he added.
“So when we look at that portion — just from port to port, which we are responsible for, it’s just around 5% of the total price of a [product].” The industry has been seeking fuel subsidies, removal of excise tax on oil, and reduction in charges imposed by regulating agencies to soften the impact of the fuel prices on shipping costs Philippine Interisland Shipping Association Executive Director Pedro G. Aguilar said during a recent House committee hearing on fuel crisis that the impact of the excise tax on cargo ships is an increase of P400 to P500 per 20-foot container depending on the fuel consumption of a vessel and the port of destination.
THE CHARACTER, named Manager Noët All, will become the manager of KINGSHIP, a group consisting of Bored Ape & Mutant Ape NFTs. — UNIVERSALMUSIC.COM
THE UNIVERSAL Music Group is capitalizing on the popularity of non-fungible tokens by acquiring one of the cartoon apes that have taken the world of digital collectibles by storm to lead an entirely virtual music group.
On Friday, Universal’s 10:22PM label said it paid $360,817 to purchase Bored Ape #5537 —a female character now known as Manager Noët All, to lead the group it founded in November called Kingship.
Kingship, which exists solely in digital form, will have its own website and presence on messaging platform Discord, and will eventually produce new music and give virtual performances in the metaverse, a loose term commonly used to describe a place where the physical and digital worlds meet. Like Manager Noët All, all the band members are non-fungible tokens (NFTs) — three Bored Apes and a Mutant Ape, on loan from collector Jim McNelis.
“For it to become part of culture, I think that would be an amazing thing,” said Mr. McNelis.
The idea of creating virtual bands from digital characters is not a new one. Gorillaz, a virtual band formed in 1998 by musician Damon Albarn and comic artist Jamie Hewlett, released seven albums on Warner Music Group’s Parlophone label. One of Japan’s pop stars, Hatsune Miku, is a hologram.
For Kingship, Universal’s 10:22PM label sought out one of the best-known NFT collections on the blockchain, the Bored Ape Yacht Club, comprised of 10,000 anthropomorphic apes, each with distinct clothing, fur, and expressions.
Bored Apes have become a status symbol for celebrities, with investors including The Tonight Show host Jimmy Fallon, pop star Justin Bieber, NBA superstar Steph Curry and billionaire investor Mark Cuban.
For Universal Music, Kingship presents an opportunity to learn how to create characters and stories that generate excitement in the metaverse.
“It’s about understanding the ethos of the space,” said 10:22PM founder Celine Joshua, whose label serves as a laboratory for experimenting with new forms of entertainment. — Reuters
VARIOUS business groups and company executives have called on employees to return to the workplace, saying that doing so will help the country’s economic recovery.
In a joint statement released on Monday, the groups along with business heads said the economy’s recovery starts with the presence of employees in business centers as more relaxed restrictions are implemented and coronavirus disease 2019 (COVID-19) cases continue to drop.
“We now look forward to heightened business activity which will benefit the entire nation and spur its return to economic wellness. The path to recovery, we aver, begins with the presence in the business and commercial centers of our country’s workers,” they said.
“As employees return to the business centers, it is also hoped that confidence nationwide will improve and help restore industries displaced by the pandemic,” they added.
Signatories to the joint statement include Ayala Land, Inc. President and Chief Executive Officer Bernard Vincent O. Dy; Chamber of Real Estate and Builders’ Association, Inc. National President Noel M. Cariño; Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. President Henry Lim Bon Liong; Financial Executives Institute of the Philippines President Michael Arcatomy H. Guarin; Presidential Adviser for Entrepreneurship Jose Ma. A. Concepcion III; Management Association of the Philippines President Alfredo E. Pascual; Megaworld Corp. Chief Strategy Officer Kevin L. Tan; Philippine Constructors Association President Wilfredo L. Decena; Philippine Retailers Association President Rosemarie B. Ong; Philippine Chamber of Commerce and Industry President George T. Barcelon; Resto PH President Eric Teng; Robinsons Land Corp. President Frederick D. Go; and SM Prime Holdings, Inc. President Jeffrey C. Lim.
The business groups and executives also highlighted that all establishments can already operate on-site at 100% capacity in areas covered by Alert Level 1. Recently, Malacañang announced that Metro Manila and 47 other areas will be placed under Alert Level 1 from March 16 to 31.
“We are pleased and relieved that with the vaccination rate in Metro Manila now at 70.4% and nationwide at 57.1% and with new COVID-19 cases at a very low 598 cases nationwide as of March 17, we now enjoy our current Alert Level 1. This allows free interzonal and intrazonal travel regardless of age and comorbidities,” they said.
“Two years of the COVID-19 pandemic have drastically curtailed economic activity in our country’s business districts and other commercial centers leading to a -9.6% gross domestic product (GDP) contraction in 2020. Consequently, the revival of business activity in general, and key economic centers in particular, are now viewed as a key milestone towards recovery,” they said.
The business groups and executives also urged the public to go out of their homes while still following minimum public health standards.
“Following the boost in vaccination rates in November last year, we saw the increase of mall foot traffic to as high as 63% of its pre-COVID figure and fast-food traffic count at 78% of its 2019 numbers. Metro Rail Transit (MRT) ridership today is at 243,845 or 69% of its 2019 figure over the same period,” they said.
“Economic momentum has been established and we are now within easier reach of the prosperity we all enjoyed in 2019. Fully occupied business districts and commercial centers indeed represent a welcome and collective milestone for the country,” they added.
One of the sectors that will be affected by the push for on-site work is registered information technology and business process outsourcing (IT-BPO) companies.
Under Fiscal Incentives Review Board (FIRB) Resolution 19-21, IT-BPO firms located inside economic zones are permitted to have a work-from-home (WFH) arrangement of up to 90% of its total workforce until the end of March while still enjoying tax incentives.
However, the FIRB denied the proposal of the Philippine Economic Zone Authority (PEZA) to extend the WFH arrangement of IT-BPO firms without losing fiscal incentives until Sept. 12, citing the country’s high vaccination rates. PEZA has been pushing for the extension of the WFH arrangement for registered IT-BPO firms due to high fuel prices. — Revin Mikhael D. Ochave
A STORY about a young woman who cooks her way into acceptance, self-love, and romance premieres on iWantTFC on March 26.
The six-episode series Bola Bola is based on a romance novel by Anna Geronga of the same title. It follows Thea, a 220-pound high school student who loves food and cooking. Over the course of the series, Thea will experience the joys and pains of first love as she learns the importance of self-love.
Francine Diaz, who played Cassandra Mondragon in Kadenang Ginto (2018), takes on the lead role of Thea.
Ms. Diaz said that what she learned from working on the series is to give attention to those who love and appreciate you. “Huwag mong ipilit yung sarili mo sa taong hindi ka mahal…Doon mo makikita na hindi mo mahal yung sarili mo (Do not force yourself on someone who does not love you… That’s how you’ll know that you do not love yourself),” Ms. Diaz said at an online of press conference on March 17.
In the series Thea asks her crush Lucas (played by Akira Morishita of boy group BGYO) to be her date for the ball. She decides to put her cooking skills to use by making it her mission to cook delicious meals for him. Disappointed when Lucas tells her that he doesn’t date “big girls,” Thea decides to lose weight. On her grueling road to a healthier lifestyle, she seeks the help of her best friend Julian (KD Estrada) and fitness trainer Josh (Ashton Salvador).
“While writing, I was reminiscing not only my friends, but also the way high school was for me and the way my childhood went,” the novel’s writer Ms. Geronga said during an online press conference on March 20.
The series is directed by JP Habac (I’m Drunk, I Love You) and produced by iWantTFC, Dreamscape Entertainment, and KreativDen.
The series also stars Analain Salvador, Danica Ontengco, Vance Larena, J-Mee Katanyag, and Arlene Muhlach.
“Insecurities will always be there. The biggest lesson I want to impart is to learn to love yourself and learn also to not deprive yourself,” Ms. Geronga said, adding that a person must not deprive themselves of things they enjoy and deserve such as food, experiences, and love.
Bola Bola will start streaming on the iWantTFC app (iOS and Android) and website (iwanttfc.com)on March 26. New episodes will premiere on March 27, April 2, 3, 9, and 10. —Michelle Anne P. Soliman
FIRST GEN Corp. ended last year with “flat earnings” of P12.4 billion attributable to equity holders, with more expensive fuel prices offsetting higher electricity sales as power demand recovered to pre-pandemic levels, the company said on Monday.
“First Gen generated higher revenues in 2021 as we saw power demand recover to pre-pandemic levels. Unfortunately, revenue growth was also an effect of higher fuel prices experienced all over the world and the supply restrictions in the grid that reflected in high spot market prices,” First Gen President and Chief Operating Officer Francis Giles B. Puno said in a statement.
“Our gas-fired plants necessarily ran on liquid fuel to ensure adequate supply for the grid. We are working to address gas supply uncertainty and are confident this will be addressed once our LNG (liquefied natural gas) import terminal operates this year,” he added.
The company’s natural gas platform registered 8% more in recurring earnings last year to P9.7 billion from P9.2 billion in 2020.
“The older natural gas-fired plants, the 1,000-megawatt (MW) Santa Rita and the 500-MW San Lorenzo [power plants], reaped the benefits of lower income tax rates under the CREATE Law and lower interest expenses from regular debt service payments,” the company said, referring to Republic Act No. 11534.
The benefits, however, were partially offset by lower operating income from the 420-MW San Gabriel power plant caused by outages and higher replacement power, the company said.
First Gen said that while its 97-megawatt Avion power plant “had its share of plant damage issues in 2021, it still benefitted from high electricity sales in the early part of the year as it supplied the grid with supplemental power during constraint periods.”
Meanwhile, Avion plant’s Unit 2 “was discovered to have incurred a damage in its gas compressor last August after a routine inspection. The unit was quickly replaced and restored to full commercial operation by late October.”
In December, Avion’s Unit 1 was found to have incurred damage. It was brought back to operations by February 2022.
“From an attributable net income to parent of P9.3 billion in 2020, the natural gas platform increased to P9.8 billion (US$199 million) for 2021,” it detailed.
Energy Development Corp. (EDC), meanwhile, shared a P4 billion recurring attributable earnings generated from its geothermal, wind, and solar assets. This is 8% lower than 2020’s recurring income of P4.5 billion.
Although EDC had generating higher revenues, it incurred higher power plant and steam field maintenance expenses last year as it made up for deferred activities from 2020.
“These were partly offset by lower interest expenses and income taxes. The renewable energy company’s attributable net income to parent of P4.3 billion for 2021 was also 18% lower due to extraordinary income from the collection of insurance claims in 2020,” it said.
First Gen’s hydro platform’s recurring earnings contribution climbed to P180 million in 2021 from P70 million in the previous year.
“The 132.8-MW Pantabangan-Masiway power plants generated higher revenues as the commencement of its contract with Meralco (Manila Electric Co.) were augmented by merchant sales. The increase was slightly offset by higher expenses due to replacement power costs,” the company said.
The Lopez-led company recorded consolidated revenues of P106 billion from electricity sales, 18% higher than the P91 billion in the previous year. This consists of 60% natural gas revenues; 35% EDC’s geothermal, wind, and solar revenues; and 5% hydro plant revenues.
First Gen shares at the local bourse dropped a peso or 3.85% to close at P25 apiece on Monday. — Marielle C. Lucenio
We think so (and this is what it might sound like)
WITH the return to office work — and no longer being able to roll out of bed and straight into a Zoom meeting — many of us will be waking up earlier to beat the morning rush. So it’s important to ensure we’re on top of our alarm game.
But what type of alarm provides peak alertness upon waking? Pythagoras posited this same question in around 500 BCE. He believed specific songs — melodies that roused the energies — had the ability to counteract the drowsiness waking may bring.
And he appears to have had a point. Research has now shown certain alarm sounds can indeed enhance our alertness upon waking.
In particular, alarms that have the qualities of “tunefulness” (think of the song “ABC” by The Jackson 5) have melodies that energize the listener, and are great for effective waking.
But to understand why this is the case, we first need to understand how our brains respond to complex stimuli when moving out of the sleep state.
Waking up groggy never feels right. And how we wake up can not only affect our mood and the day’s outlook, but also our cognition and mental performance.
In some instances, grogginess after waking has the potential to be dangerous several hours later, by reducing our performance in critical decision-making (such as in health settings, emergency responses, security, or while driving).
This cognitive state of reduced alertness is referred to as “sleep inertia.” It’s a growing concern as it can have serious consequences while performing high-risk tasks, including driving.
Transitioning from sleep to alertness does not follow an on/off switch-like system, as brain imaging techniques have revealed.
Waking relies on complex biological processes, including increased blood flow allocation to the brain. Studies show the brain regions important for alert performance (the prefrontal cortical regions) take longer to “start-up” than other areas (such as the basal ganglia) which are important for arousal. This means you can be awake, but not quite with it.
Research has also shown blood flow activity within the brain to be diminished after waking, in comparison to the pre-sleep state. Thus, alert wakefulness may in part require mechanisms that encourage a redistribution of blood flow to the brain — something certain types of sound and music can do.
Another factor that influences alertness upon waking is the stage of sleep at the time. You’re less likely to feel groggy if you wake up from a light sleep, compared to a deeper slow-wave or REM sleep.
A light sleep stage is characterized by Theta wave frequencies (as measured from the brain’s electrical activity) and can be associated with feeling drowsy. In this sleep stage, arousal from external stimuli such as an alarm can quickly draw a person out of sleep.
Conversely, deep sleep or slow-wave sleep consists of Delta wave frequencies, which are associated with unconsciousness. This is the more challenging sleep stage to fully wake up from.
Alarm effectiveness also depends on age. Young adults aged 18 to 25 need louder alarms than older people, and preteens need an even greater threshold than young adults. You may require an alarm as much as 20 decibels louder at 18 than you would at 80.
But when it comes to choosing an alarm, what exactly is the best choice? A growing body of evidence suggests different alarm sounds can positively influence human performance after waking.
Our systematic review published in 2020 showed temporal frequencies (the pitch of the sound as measured in Hertz) around 500 Hz are better at arousing young children than 2000+ Hz varieties.
We lack research to say whether this also applies to adults, but it’s assumed the same alarm types would be beneficial.
Voice notifications such as a person yelling “wake up!” work better than higher frequencies. However, they are not as effective as 500 Hz tonal beeping alarms — similar to those preinstalled in most mobile phones.
Our research also explores how qualities of music, and specifically melody, play a role in encouraging alert wakefulness. We found that the way in which people interpret their alarms “tunefulness” also reflects how groggy they feel after waking.
Here, people who use alarms that carry a tune they will readily hum along to will experience less grogginess than those with a standard “beeping” alarm.
With this in mind, we developed a custom rhythmic melody that led to significantly better performance upon and after waking, when compared to standard beeping alarms.
Other studies have also found popular music (which can be interpreted as being melodic) is good to counteract sleep inertia after a short nap, and even more yet if it is music the listener personally enjoys.
What does all this mean for the day-to-day? Well, given all of the above, we believe the perfect alarm must sound something like this:
it has a melody you can easily sing or hum along to;
it has a dominant frequency around 500 Hz, or in the key of C5; and,
it is not too fast or too slow (100 – 120 beats per minute is ideal).
Also remember the alarm must be louder for younger people (or for particularly deep sleepers).
If we consider the default alarms available on our devices, much more work is needed — especially since research in this area is relatively new. Hence, we suspect the availability of custom alarm downloads will increase with time.
Most pre-loaded alarms at the appropriate loudness will wake you, but specific designs (such as the one above) have been modelled on the latest research to not only encourage arousal, but also provide increased alertness.
Stuart McFarlane is a researcher of Auditory Perception and Cognition at RMIT University. He has received funding from the Australian Government Research Training Program Scholarship. Adrian Dyer is an Associate Professor at RMIT University. He receives funding from the Australian Research Council.
