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FWD Life Philippines appoints new president

FWD LIFE Insurance Corp. (FWD Life Philippines) will have a new chief executive officer (CEO) starting next month, the company said on Monday.

Its parent FWD Group Holdings Ltd. (FWD Group) has appointed Antonio “Jumbing” G. De Rosas as the new president and CEO of FWD Life Philippines effective March 1, subject to the relevant approvals.

“I am honored to continue the work of the FWD team who have been doing a wonderful job of providing protection and community service to the Philippines. The underserved life insurance market is poised for growth, and FWD is well-positioned to capture the opportunities that lie ahead,” Mr. De Rosas was quoted as saying.

Mr. De Rosas has over 35 years of experience in insurance, banking, and public accounting. He was previously president, CEO and chief financial officer at a multinational insurance company in the Philippines for over 14 years.

He will take over the post currently occupied by Zhuang Li Hao, who will be the new Group Chief of Distribution Strategy at FWD Group’s headquarters.

Both Mr. De Rosas and Mr. Hao will report to FWD Group Managing Director, Emerging Markets, and Group Chief Distribution Officer Binayak Dutta, the company added.

“We are incredibly pleased to attract an industry veteran of the caliber of Jumbing to be our next CEO for the Philippines. Jumbing’s guidance has been invaluable since joining the FWD Philippines’s Board of Directors last year. We’re looking forward to leveraging even more of his deep experience in changing the way Filipinos feel about insurance,” Mr. Dutta said.

FWD Life Philippines ranked fifth in the life industry in terms of premium income in 2021 with P18.83 billion, based on Insurance Commission data. It also booked a net income of P493.89 million that year. — A.M.C. Sy

AboitizPower, foreign firms aim to develop RE technologies 

ABOITIZ Power Corp. (AboitizPower) said on Monday that it will lead the Philippine-Japan consortium in exploring the development of technologies for the local renewable energy (RE) sector.

“With this consortium, the Philippines and Japan can make a significant impact on our transition towards a more sustainable future. Our partnerships represent a powerful alliance that will drive technological innovation and harness the power of renewable energy,” said Sabin M. Aboitiz, chairman of AboitizPower, in a media release.

The consortium comprises AboitizPower, Kawasaki Heavy Industries, Ltd., IKS Co. Ltd., and Amber Kinetics. The companies also signed a memorandum of understanding (MoU) last week to advance the development of the RE sector in the country.

AboitizPower said the move might lead to exploration and expansion outside the Philippines, specifically in neighboring countries in the Association of Southeast Asian Nations, Japan, and Australia.

The company said that under the MoU, “the parties will leverage their respective new-generation technologies and expertise to optimize renewable energy development in the Philippines while contributing to energy cost savings and grid stability.”

The listed power company quoted Tatsuya Watanabe, Kawasaki Heavy Industries’ senior managing executive officer and president of energy solution and marine engineering, as saying: “Now, we must be faced with a large amount of renewable energy penetration to a power system and a sharp increase in fossil fuel prices.”

Kawasaki Heavy Industries has interests in energy solutions development including energy equipment to management systems.

Takashi Imai, president of IKS, said the company will help stabilize the energy supply in the country through IKS technology. IKS is a power engineering company that has expertise in planning, designing and implementing various technologies in the RE sector, as well as electrification and natural gas development projects.

Amber Kinetics is a manufacturer of grid-scale kinetic energy systems.

AboitizPower said it hopes to address grid stability issues in the country through its partnership with the consortium that will develop technology-based solutions.

It added that Amber Kinetics plans to engage in flywheel energy storage systems or FESS.

“It will establish an integrated system that will enable ancillary services applications that provide grid stability working in consonance with renewable energies, power generation, and turbines as a distributed energy resource and by cooperating with other parties in micro-grids,” AboitizPower said. — Ashley Erika O. Jose

How minimum wages compared across regions in January

Inflation-adjusted wages in January were 14.5% to 20.8% lower than the current daily minimum wages across the regions in the country. In peso terms, real wages were lower by around P55.64 to P90.23 from the current daily minimum wages set by the Regional Tripartite Wages and Productivity Board.

How minimum wages compared across regions in January

BRIT awards: Harry Styles triumphs with most wins

HARRY STYLES with the Album of the Year award at The 2023 Brit Awards, at the 02 Arena in London, Feb. 12. —MATT CROSSICK/EMPICS ENTERTAINMENT VIA REUTERS

LONDON — Harry Styles was the big winner at the BRIT awards, Britain’s pop music honors, on Saturday, winning all four categories he had been nominated in, a week after his triumph at the Grammys.

Mr. Styles took home the coveted album of the year for Harry’s House, song of the year for his synth pop hit “As It Was,” best pop/R&B act and artist of the year, one of two gender-neutral categories introduced last year after BRIT awards organizers got rid of female and male distinctions.

The contenders for that prize were all men, which had irked many in the industry and on social media.

“I’m really, really grateful for this and I’m very aware of my privilege up here tonight,” Mr. Styles said in his acceptance speech, dedicating the artist of the year award to a list of female singers.

Mr. Styles, who rose to fame on talent show The X Factor as a member of boy band One Direction, last week won two Grammy awards, including album of the year.

“This night has been really special to me … Thank you so much for the welcome home,” Mr. Styles said on Saturday after his final win, for best album.

“I’m so, so proud to be a British artist out there in the world. I’m so proud to be here tonight celebrating British artists and British music.”

A statement on the BRIT Awards’ website said the gender-neutral categories had been introduced so artists were judged “solely on the quality and popularity of their work, rather than on who they are, or how they choose to identify.”

But it added that organizer” “acknowledge and share in the disappointment” of no women making the list. “A key factor is that, unfortunately, there were relatively few commercially successful releases by women in 2022 compared to those by men.”

“Of the 71 eligible artists on the longlist, only 12 (17%) are women. We recognize this points to wider issues around the representation of women in music that must also be addressed.”

Singer Rina Sawayama welcomed the change to gender-neutral categories but said the list of nominees should be longer.

“If you have more nominees then you’re going to see a cross section of what has happened throughout the year and who has made an impact,” she told Reuters on the red carpet.

Indie rockers Wet Leg won group of the year and best new artist. Music star Beyoncé was named international artist of the year and her hit “Break My Soul” won international song of the year. — Reuters

Airbnb offers one-night Paris stay themed after Phantom of the Opera

THROUGH Airbnb, guests can now spend the night in the Palais Garnier, the opera house that inspired the Phantom of the Opera. — AIRBNB

PARIS — Airbnb is offering a night for two in the Palais Garnier opera house in Paris this summer, transforming a box in the theater into a plush bedroom with sweeping views of the famous auditorium.

The Phantom of the Opera-themed stay — a nod to the novel by Gaston Leroux and Andrew Lloyd Webber’s musical — comes as tourism bounces back in Europe after several years of pandemic disruptions, with visitors from the United States arriving in France in droves since last summer.

European capitals are also gearing up for the return of Chinese tourists, following the lifting of travel restrictions.

Before the pandemic, Airbnb had created other unusual overnight stays in the French capital, one of its key markets. These included a shark tank in the city’s aquarium, the skull-lined catacombs, the Moulin Rouge cabaret and the glass pyramid in the Louvre.

The idea is to encourage people “to travel and dream at the same time — and raise a lot of emotions around travel,” Emmanuel Marill, Airbnb director of Europe, the Middle East and Africa told Reuters.

The Palais Garnier stay includes a music recital, dinner in an ornate rehearsal room backstage and a behind-the-scenes tour of the elaborate 19th century building, including its underground pool, the inspiration for the phantom’s lair in the book and musical.

The Palais Garnier stay will be listed on March 1 for €37, also the number on the box, one of the theater’s most prestigious, which will be decked out with antique furniture specially for the night.

It will be offered on a first-come-first-serve basis to an applicant registered on the company’s online rental platform.

“It’s a bit of a fantasy. I think it will be a bit unreal,” said Veronique Dubrulle Leroux, the great-granddaughter of Phantom of the Opera author Leroux, who will host the visitors.

As part of the project, Airbnb will also fund the renovation of the theater’s 19th century boxes and help the Opera de Paris to update its online streaming platform. — Reuters

Regional court convicts owner of money changer

BW FILE PHOTO

THE Regional Trial Court of Batangas City has convicted the owner of a money changer for operating without securing a license from the Bangko Sentral ng Pilipinas (BSP), for which the operator pleaded guilty.

Vility Foreign Exchange Services (Vility) was convicted for violating the Manual of Regulations for Non-Bank Financial Institutions of the BSP as punishable under Republic Act No. 7653 or The New Central Bank Act.

“Based on the charge filed by the BSP, the court found accused Lilian N. Almazan, owner and operator of Vility, guilty beyond reasonable doubt for operating a money-changing service without securing the required Certificate of Registration from the BSP prior to its operations,” the central bank said in a statement.

The owner pleaded guilty as charged and was fined P50,000.

“The BSP protects the interest of the general public by ensuring that its supervised financial institutions are strictly compliant with banking laws and regulations,” the central bank added.

Vility Foreign Exchange Services was earlier barred from registering with the central bank in April 2022. It was based in 111 Evangelista Street corner P. Zamora Street, Poblacion 016, Batangas City.

Money service businesses (MSB) include remittance agents and sub-agents, remittance platform providers, electronic or e-money issuers, as well as money changers or foreign exchange dealers.

Latest BSP data showed there are 7,584 registered MSBs operating in the country.

These firms are seen to serve as financial service access points for unserved and underserved areas.

About 47.8% of MSBs are engaged solely in remittance transfer business, while 38.7% offer remittance, money changing, and foreign exchange dealings. — K.B. Ta-asan

CTA denies condo firm’s P3.19-M VAT refund claim

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) has denied Pacific Plaza Condominium Corp.’s P3.19-million refund claim of alleged wrongly paid value-added tax (VAT) for failing to prove that it paid the said amount.

In a 21-page decision dated Feb. 10, the CTA Special Second Division said the firm did not provide the appropriate invoices for the third and fourth quarters of 2017 that showed its payment of VAT to the Bureau of Internal Revenue (BIR).

“A perusal of the evidence offered by petitioner shows that it did not adduce evidence to prove the allowable input tax declared in its VAT returns,” according to the ruling penned by Associate Justice Lanee S. Cui-David.

“To reiterate, in a claim for tax refund or credit of erroneously or excessively paid tax, the applicant must prove not only entitlement to the claim but also the fact of erroneous payment to the BIR.”

Under the country’s revenue code, a taxpayer must prove taxes it mistakenly paid through official VAT receipts of its domestic transactions.

The tax tribunal noted that the company did not present receipts that proved its entitlement to input tax credits that it allegedly used to pay the VAT to the BIR.

The firm is a non-stock and non-profit corporation registered with the Securities and Exchange Commission that manages and maintains the Pacific Plaza Condominium project in Makati City.

“Since taxes are the lifeblood of the government, tax laws must be faithfully and strictly implemented,” the court said.

“The taxpayer has the burden to show that it has strictly complied with the conditions for the grant of the tax refund.” — John Victor D. Ordoñez

Auto sales

VEHICLE SALES in the Philippines surged by 42% in January, driven by strong demand for passenger cars and commercial vehicles. Read the full story.

Auto sales

Pregnant Rihanna lights up Super Bowl stage with ‘Diamonds’

A SCREENSHOT of Rihanna’s Super Bowl LVII Halftime Show —YOUTUBE/@NFL

Pop and R&B superstar Rihanna made a grand return to the stage on Sunday, floating high above the Super Bowl field, thrilling the crowd with a fast-paced medley of her hits and revealing that she is pregnant with her second child.

Dressed in a hot pink jumpsuit and baggy coat, Rihanna opened the biggest showcase in music by singing “Bitch Better Have My Money” as she stood, with a noticeably rounded belly, on a platform suspended in the air. She was gradually lowered to the ground as she went through well-known songs from “Only Girl (In the World)” to “Rude Boy” and “Work.”

Rihanna was surrounded throughout the 13-minute performance by dozens of dancers in baggy white outfits.

It was the 34-year-old Grammy winner’s first stage performance in five years. Her last album, Anti, was released in 2016.

Rihanna’s appearance led social media users to speculate she was expecting another child. The Hollywood Reporter and other media outlets said a representative for the singer confirmed that Rihanna was indeed pregnant.

The singer gave birth to her first child, a boy, with rapper A$AP Rocky in May 2022.

She concluded her Super Bowl set with “Diamonds” as fireworks lit up the sky around the stadium.

Rihanna joined a list of music luminaries who have performed at the Super Bowl, from Lady Gaga to Beyoncé, Prince, Madonna and the Rolling Stones. The telecast usually draws around 100 million viewers in the United States alone.

In the pre-game ceremony, country star Chris Stapleton sang the US national anthem while Oscar-winning CODA star Troy Kotsur performed the song in American Sign Language.

Emmy-winning Abbott Elementary star Sheryl Lee Ralph sang “Lift Every Voice and Sing,” a hymn that has become known as the Black national anthem, accompanied by a choir. — Reuters

Dublin offices just 10% full on Mondays and Fridays — survey

AUSTIN DISTEL—UNSPLASH

DUBLIN — Offices in Dublin are on average only 10% full on Mondays and Fridays as employees continue to adopt a hybrid working model a year after Ireland’s last COVID-19 lockdown, a survey of 500 companies in the capital showed.

Hybrid arrangements, where employees go in part of the week, are reshaping businesses that serve office workers across the world, with knock-on effects for commercial real estate demand and service firms reliant on city center footfall.

The Irish research published by property agency Savills and the Dublin Chamber commerce body on Wednesday suggested offices in the main business district have an average occupancy rate of 0%-10% on Mondays and Fridays.

Occupancy rises to between 51%-60% on Tuesdays and Thursdays, and to 61%-70% on Wednesdays. Almost half of the firms surveyed said employees must spend at least two or three days in the office each week.

Despite the lower occupancy — which compared to a week-long rate of 91%-100% pre-pandemic — three quarters of the firms said they have not changed their office footprint, while 17% have decreased it and 7% added more space.

Separate research from real estate group CBRE on Tuesday showed that total office space bought or let last year was 2.5% below the 10-year annual average, leaving a vacancy rate of 11% or 14% including so-called “grey space,” where larger tenants are seeking to sublet parts of their offices. — Reuters

How PSEi member stocks performed — February 13, 2023

Here’s a quick glance at how PSEi stocks fared on Monday, February 13, 2023.


Actress Juliette Binoche honored at Spanish Goya film awards

JULIETTE BINOCHE receives the International Honorary Goya award during the Spanish Film Academy’s Goya Awards ceremony in Seville, Spain, Feb. 11. —REUTERS/MARCELO DEL POZO

SEVILLE — The Spanish film academy’s Goya Awards paid tribute on Saturday to the late Spanish filmmaker Carlos Saura, while French actress Juliette Binoche picked up an international honorary award. Mr. Saura, who died on Friday aged 91, had been due to receive the academy’s honorary Goya Award at the annual ceremony.

It was awarded posthumously, and to applause his widow Eulalia Ramón read out Mr. Saura’s own words, written before his death: “I am sorry I cannot be with you.”

The filmmaker was credited with leading the awakening of Spain’s art cinema after decades of fascist dictatorship under Francisco Franco.

As Bestas, which is Galician for The Beasts and is a tense thriller, won nine accolades including for best film, director, actor and music.

Spanish movie star Penelope Cruz was nominated for best supporting actress for her role in En Los Margenes, a film about housing problems. The category was won by Susi Sanchez for her role in Lullaby. Reuters