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ACEN eyes long-term deals for project in Australia

ACEN Corp. is aiming to bid for long-term energy service agreements in Australia for a pumped hydro project that was chosen to receive funding to undergo feasibility studies.

In a media release on Thursday, the Ayala-led company said studies for its proposed large-scale, long-duration renewable energy storage facility have been progressing with the support of the New South Wales (NSW) government.

“This project has the potential to facilitate more renewable projects in the Central West Orana region and provide valuable firming services in NSW,” said Anton Rohner, chief executive officer of ACEN’s Australia unit.

The project — Phoenix Pumped Hydro — is an 800-megawatt (MW), 12-hour pumped hydro project. It will enable dispatchable energy generators to complement renewable energy projects, “providing energy when the sun isn’t shining and when the wind isn’t blowing,” ACEN said.

If found feasible and constructed, it will offer energy storage solutions to support nearby wind and solar assets, the company added.

Mr. Rohner said Phoenix Pumped Hydro will be bidding for long-term contracts for long-duration storage under Australia’s Electricity Infrastructure Investment Safeguard.

“Our focus is on ensuring that we develop a project that offers the right mix of benefits and opportunities for the region and the State of NSW. We’ll be calling for inputs from community and stakeholders soon to help shape the project,” he said.

ACEN said that should Phoenix Pumped Hydro be found viable, it is expected to start construction in 2025 and be operational before 2030. It added that the project is aligned with the NSW government’s target of at least 2 gigawatts (GW) of new long-duration storage by 2030.

The project has been chosen via a competitive selection process to receive feasibility funding to determine “if it can support NSW energy security, help replace retiring coal-fired generation capacity, and support the achievement” of the NSW government’s renewable energy objectives outlined in its electricity strategy, ACEN said.

The project is being supported through a 7-million Australian dollars in feasibility study funding by EnergyCo under its pumped hydro recoverable grants program, it added.

“These funds will help deliver the valuable renewable energy firming capacity needed and we commend the NSW government for supporting such exceptional technologies,” said Patrice R. Clausse, chief executive officer of ACEN International, adding that the project is part of ACEN’s target to deliver 20 GW of renewables by 2030.

ACEN Australia is said to have more than 1.5 GW of projects in the pipeline, under construction, or at an advanced stage of development.

In a separate disclosure on Thursday, ACEN said that its directors approved at a special board meeting held on Wednesday the memorandum of agreement with its unit North Luzon Renewable Energy Corp. for a conservation estate program.

According to ACEN’s website, the North Luzon wind farm is its largest wind farm in the Philippines with an installed capacity of 81 MW.

The energy firm’s board also approved the investment for and construction of an access road and transmission line for subsidiaries Gigasol1, Inc. and SolarAce2 Energy Corp. for a solar power plant project to be developed in Botolan, Zambales.

At the local bourse, shares in the company rose by 21 centavos or 3.04% to end at P7.11 apiece. — Ashley Erika O. Jose

Entertainment News (01/20/23)

(FROM left) Jarlo Bâse, Barbie Almalbis, Pochoy Labog and Mark Escueta

Parokya ni Edgar’s Gab Chee Kee ill

PAROKYA ni Edgar’s Chito Miranda released an update on his fellow bandmate, Gabriel Chee Kee’s health, saying in a public Facebook post that he had been diagnosed with lymphoma late last year and has been undergoing chemotherapy. Complications have led to pneumonia, and the singer has been intubated in the ICU for the past week. “He was financially prepared naman for the chemotherapy,” said Mr. Miranda in the post, “but now, his family needs help with the overwhelming hospital bills.” He announced that Parokya ni Edgar “and our friends in the music scene will be doing a series of fundraising gigs to help Gab out… most of which won’t even be announced as fundraisers,” and went on to thank Ebe Dancel, Kamikazee, Gloc9, Shanti Dope, Flow G, Gracenote, December Avenue, POT, Moonstar, and Moira. Chee Kee, he said, had been performing even while undergoing chemotherapy until his doctors told him to stop. “Gab is the heart of the band, and it doesn’t feel like Parokya kung wala siya (if he is not there),” wrote Mr. Miranda. Mr. Miranda provided bank account numbers, Paypal, and Gcash information for donations in the post.

Stars team up on powerhouse track

ALT-ROCK icon Barbie Almalbis, Rivermaya lead singer/drummer Mark Escueta, Dicta License vocalist Pochoy Labog, and singer-songwriter/producer Jarlo Bâse have collaborated on a soulful track released under Waterwalk Records, “Piraso.” The song tackles a journey that all four artists have personally experienced in recent years. The song not only articulates the collective frustrations and sacrifices that people have to go through in order to cope with depression caused by the pandemic, but also reveals how faith has become a source of comfort and strength during trying times.

UP Concert Chorus marks 60 years with a concert 

THE UNIVERSITY of the Philippines Concert Chorus (UPCC), one of the university’s official performing groups, celebrates its 60th anniversary with a concert titled Sama-Sama Together, to be held on Feb. 4, 5 p.m., at the UP Theater in Diliman, Quezon City. The concert will feature different UPCC batches from the 1960s to the present performing songs and choreography of various musical genres including liturgical music, classical, opera, Filipino folk, Broadway, and pop. “From Thompson to Fettke, from Abelardo to Lucio San Pedro to John Lennon, from VST to APO Hiking Society, from Gary Valenciano to Itchyworms, from Nonong Pedero to Willy Cruz to Ryan Cayabyab… we are going sing these songs. The concert is going to be a musical extravaganza to remember 60 years by,” said Noriz D. Castillo, chairperson of the UPCC 60th Anniversary Concert Committee, in a statement. Three conductors who all UPCC alumni, will be leading the grand Anniversary Chorus: Joel Navarro, Ed Manguiat, and current UPCC artistic director Jai Sabas-Aracama. Whitelight Events Agency CEO and Creative Director Rico Mortel, also a UPCC alumnus, will be directing the show. Concert proceeds will go to the Dean Rey T. Paguio Scholarship Fund. For ticket details and inquires, contact Lowell Reyes at 0922-805-0471.

Netflix confirms part 2 of The Glory

NETFLIX has confirmed that the second part of its Korean series, The Glory, which follows a woman with a broken soul who dedicates her life to a meticulous web of vengeance for her childhood nightmare, is set for release on March 10. Following its release on Dec. 30, 2022, Part 1 of The Glory recorded 148 million hours watched, ranking within the Netflix top 10 charts three weeks in a row, and staying in the top 10 list of 34 countries on Netflix’s Top 10 Non-English TV list. In a statement, series director An Gil-ho said of Part 2: “The fight between Dong-eun and Yeon-jin really takes off and the perpetrators dynamically meet their end. You won’t be able to take your eyes off of the screen. All elements of the story will now come full circle.” The Glory Part 1 is currently available on Netflix. 

Universal Records PH launching online mini-series

UNIVERSAL Records PH recently produced its first online mini-series which is set to launch in February. It is a love story, Pag-ibig Na Kaya, led by the real-life couple Julie Anne San Jose and Rayver Cruz, written by JP Lopez and directed by Niq Ablao. Korean actor Kim Won-Shik is set to guest star in the miniseries. The actor is known for his roles in hit K-Drama series True Beauty, and the Netflix fantasy-romance Netflix series Alchemy of Souls. Won-Shik is the latest addition to the growing Universal Records Philippines’ managed artists. Mr. Kim speaks Filipino since he studied in the country for six and a half years. For updates visit the Universal Records Philippines’ official YouTube channel.

Darna cast attends Dinagyang Festival

THE CAST of the latest version of Darna is set to join Iloilo’s Dinagyang Festival on Jan. 22, 4 p.m. at Vista Mall Iloilo. The hit primetime series, Mars Ravelo’s Darna, stars Jane De Leon in the dual role of the mortal Narda and the superhero Darna. Darna, which airs weeknights on the Kapamilya Channel, Kapamilya Online Live, CineMo, A2Z, and TV5, has also generated content on TikTok, with 2.3 billion combined views in 2022. The ABS-CBN series is also available on iWantTFC, and TFC.

Mimi Webb releases new single

BRITISH singer and songwriter Mimi Webb has released her latest pop song, “Red Flags,” from her forthcoming debut album Amelia, set for release on March 3 via EPIC Records.  Amelia, will feature 12 tracks including her hit “House On Fire,” and latest single, “Ghost of You.” The album is titled after her full first name, Amelia. Amelia is available for pre-order now. In just two years the breakout artist has racked up over 852 million global streams, and multiple hit tracks including “House on Fire” and “Good Without.” She has performed at the Queen’s Platinum Jubilee in London, festivals such as Capital FM’s Summertime Ball, Isle of Wight Festival, and Montreux Jazz Festival, and on The Tonight Show Starring Jimmy Fallon and Ellen.

Coachella live stream returns on YouTube

THE 2023 COACHELLA Valley Music and Arts Festival will stream live exclusively on YouTube with the renewal of the partnership between YouTube and producer Goldenvoice. The festival will be held on April 14-16, and 21-23 at the Empire Polo Club in Indio, California, USA. “It’s an absolute honor to continue our partnership with Goldenvoice to bring the magic of Coachella to music fans around the world,” said Lyor Cohen, Global Head of Music at YouTube. “Our shared passion for innovation and connecting artists with their fans through multiple formats is the foundation of this decade-plus partnership. Coachella reminds us of what’s fun and special about YouTube and every year leaves us more inspired for the next.” YouTube has been the livestream partner of Coachella for the last 11 years. The latest partnership gives YouTube exclusive live streaming rights until 2026. The 11th edition of the music festival will see performances from K-Pop group BLACKPINK, Bad Bunny, and Frank Ocean among other headliners the two-week festival. Paul Tollett, Goldenvoice President said, “The 2023 lineup sees performers from Brazil, France, Iceland, India, Jamaica, Nigeria, Puerto Rico, South Korea, Spain, and beyond, and bringing international fans closer to their hometown artists is important to our team.” Beyond the livestream, Coachella taps into YouTube’s suite of multi-format features, giving fans a closer look at what’s happening on the ground through YouTube Shorts, and making it possible to relive the experience with on-demand performance videos after the show.

Income of listed universities grows as enrollment rises

CENTRO Escolar University (CEU) and Far Eastern University, Inc. (FEU) posted higher attributable net income in the second quarter after booking higher enrollment numbers, boosting revenues from tuition fees.

The fiscal year of both universities starts in June and ends in May of the following year.

In the three months that ended in November, CEU’s attributable net income grew by 43.43% to P152.01 million from P105.98 million in the same quarter a year earlier.

The company’s topline grew by 36.03% to P568.56 million in the second quarter from P417.95 million previously. The increase was on the back of a 35.14% growth in its revenues from tuition and other school fees to P563.2 million.

Along with the increase in its revenue, CEU also posted higher expenses in the quarter to P416.55 million, up by 33.52% from P311.97 million in 2021.

For the first semester, CEU’s net income grew by almost nine times to P224.46 million from P25.08 million last year. Its topline also went up by 49.7% to P981 million from P655.22 million.

Meanwhile, FEU’s second-quarter attributable income grew by 15.07% to P707.35 million from P614.72 million in the same quarter in 2021.

The university’s topline rose to P1.46 billion, up by 24.12% from P1.18 billion previously, after booking 25.9% higher revenues from tuition fees to P1.43 billion during the quarter.

FEU’s operating expenses likewise rose to P847.21 million, 34.59% higher than the P629.46 million it booked a year earlier.

For the six months ending in November, FEU’s attributable income reached P613.36 million, 6.79% higher than the P574.36 million it posted in the same semester in 2021.

FEU’s revenues rose by 19.02% to P1.87 billion in the first six months of its fiscal year from P1.57 billion in the prior year.

On the stock market on Thursday, shares in CEU climbed by 25 centavos or 3.87% to P6.54, while shares in FEU closed unchanged at P530.50 each. — Justine Irish D. Tabile

Stuff to do (01/20/23)

Shanghai Nights at The Pen

SHANGHAI NIGHTS: From Madame Ning with Love (A Chinese New Year Celebration with Desire, Danger, and Dance) will be held on Jan. 20, 8 p.m., at The Peninsula Manila’s Salon de Ning. The evening will feature the improv group SPIT in an immersive two-hour melodrama featuring a love triangle, set in 1920s Shanghai on the eve of Chinese New Year. The audience will help decide the fate of lovers to the tune of the music of the Jazz Age, as they sip on cocktails and have their fortunes told. The evening’s festivities cost P888 (inclusive of taxes and one drink). For inquiries and reservations call 8887-2888 local 6694.

Art conversations at The M

THE M presents “M Conversations with Phantasmapolis x Manila: Select Works from the 2021 Asian Art Biennial,” an on-site conversation between Filipino artists Catalina Africa, Mark Salvatus, Alvin Zafra, and curator Tessa Maria Guazon on Jan. 21, 2:30 p.m. at the Metropolitan Museum of Manila in Bonifacio Global City. The active practitioners in the local arts scene will explore the possibilities of working together on the shared theme of the future “by articulating spaces and temporalities through the language and methodologies of contemporary art.” To attend, register at https://www.facebook.com/events/666843771902942/?acontext=%7B%22ref%22%3A%2252%22%2C%22action_history%22%3A%22[%7B%5C%22surface%5C%22%3A%5C%22share_link%5C%22%2C%5C%22mechanism%5C%22%3A%5C%22share_link%5C%22%2C%5C%22extra_data%5C%22%3A%7B%5C%22invite_link_id%5C%22%3A1169425693693946%7D%7D]%22%7D. The M is located at the MK Tan Centre, 30th St., Bonifacio Global City in Taguig.

Lunar New Year 2023 with Google

GOOGLE celebrates the Year of the Rabbit with doodles, augmented reality, and more. One can snap a photo with this year’s zodiac animal when searching “Lunar New Year” or other related keywords on a mobile device, and the results page will also show a 3D model of a rabbit. Through the power of augmented reality, the user can also take a photo with the rabbit in their actual surroundings. Throw a Puzzle Party using Google Arts & Culture and have activities and games that everyone can do together. Up to 50 people at once can try the Puzzle Party: Lunar New Year Edition on Google Arts & Culture. Players can complete digital puzzles that feature Lunar New Year artworks made by a wide roster of Asian artists. Notable Lunar New Year artworks include Lunar New Year in Chinatown by Alan Ohashi, Together Apart Together: A Tray of the Asian Diaspora by Emily B. Yang, Still Life with Cut Apple and Orange by Georgette Chen, Art (APAHM 2022) by Loe Lee, and New Year’s Market in a Time of Peace-6 of 9 by Ding Guanpeng. Thirdly, Google users learn how to cook staple Lunar New Year dishes. Search for the recipes of Lunar New Year favorites such as pancit and lumpiang shanghai, just to name a few, and cook a feast for friends and family.

Century City Mall celebrates Chinese New Year

CENTURY City Mall welcomes the Year of the Rabbit with special events and promos. Witness Philippine Tong Sun’s traditional Lion & Dragon Dance performance on Jan. 22, 4 p.m., and get new duds for the new year as mall brands go on sale from Jan. 22-31. The Lunar Fortunes and Flavors Festival, a special bazaar filled with snacks, delicacies, and trinkets, is ongoing until Jan. 25. Century City Mall is filled with restaurants to mark the occasion. Ho-Land, an established name in the world of hopia, offers Chinese pastries and snacks. Vina Trang’s spring rolls are at 10% off from Jan. 22 to 31, and Saigon Bistro customers get to enjoy a free Café Sua Da when they dine in on Jan. 21. Mann Hann wishes diners long life with their signature pancit, a staple in celebrations in Filipino and Chinese households alike. Test your luck with the Century City Mall Lucky Draw. Mallgoers just need to present their receipts dated Jan. 22-31 from any store in the mall and they automatically get the chance to win. Two shoppers will win a P2,000 pass from Anytime Fitness. The raffle draw will be held on Jan. 31, 5 p.m., at the Century City Mall Level 1 Concierge. No minimum purchase is required. Century City Mall is located at Century City, Kalayaan Ave. corner Salamanca St., Makati City.

Globe: Subsea cable project set for April completion

GLOBE Telecom, Inc. said its $150-million domestic submarine cable network project is on track for completion in April this year.

The project, which is being undertaken by Globe, Eastern Communications Philippines, Inc., and InfiniVAN, Inc., is seen to provide equitable and reliable connectivity across the country, including unserved and underserved areas.

The project has a total cable distance of 2,500 kilometers, and it will soon kick off landing cables in nine remaining segments that cover 13 sites, Globe said in an e-mailed statement on Thursday.

The sites include Calatrava, Romblon; Pasacao, Camarines Sur; Bulan, Sorsogon; Calbayog City, Samar; Palanas, Masbate; Mactan, Cebu; Maasin City, Leyte; Claver, Surigao del Norte; Kinoguitan, Misamis Oriental; Camiguin; Dipolog, Zamboanga del Norte; Liloy, Zamboanga del Norte; and Zamboanga City, Zamboanga del Sur.

Globe said the project kicked off in Subic Bay, Zambales in July last year, and it recently completed 15 segments across the country.

“We are committed to supporting the government’s initiatives towards innovation, e-governance, and greater digital adoption among Filipinos through our investments in [the submarine cable network project] and other network infrastructure,” said Globe President and Chief Executive Officer Ernest L. Cu.

According to Globe, the submarine cable network project is part of its network expansion efforts.

It aligns with the company’s “commitment to improving infrastructure and fostering innovation towards development under the United Nations Sustainable Development Goals,” Globe said.

“As the project nears completion, Globe is shifting its focus towards capital efficiency and optimization, with plans to reduce its capital expenditures budget to $1.3 billion in 2023 and $1 billion in 2024 from approximately $1.9 billion in 2022,” the company added.

The telco also said that its move aims to optimize spending in the next few years by maximizing the utilization of fiber assets and taking advantage of arrangements with tower companies to boost tower construction. — Arjay L. Balinbin

What To See This Week (01/20/23)

Nocebo 

FASHION designer Christine suffers from a mysterious illness that confounds her doctors and frustrates her husband, Felix. Help arrives from Diana, a Filipino nanny who uses traditional folk healing — and in the process reveals a horrifying truth. Directed by Lorcan Finnegan and written by Garret Shanley, the Filipino-Irish suspense thriller stars Eva Green, Mark Strong, and Filipino actress Chai Fonacier. Nocebo was the opening film at the Brooklyn Horror Film Festival and had runs at the Sitges Film Festival, the Cork International Film Festival, the Singapore International Film Festival, and the QCinema International Film Festival. It was the first recipient of the Film Development Council of the Philippines’s International Co-production Fund in 2020. Simon Abrams of www.rogerebert.com  writes, “Despite its creators’ endlessly restated intentions and concerns, Nocebo sometimes casts a spell. Green is typically commanding as Christine, but she’s usually overshadowed by Fonacier, whose measured performance is well-realized and deeply felt in ways that Green is never allowed to be, beyond over-edited fits of actorly desperation. With Nocebo, Finnegan and his collaborators have put their finger on something dark and disturbing. Too bad it’s never as upsetting as it is suggestive.” Review aggregate site Rotten Tomatoes gives it a Tomatometer score of 69%, and an audience score of 69%.

MTRCB Rating: R-13

The Fabelmans

THE FABELMANS, Steven Spielberg semi-autobiographical film, was this year’s winner at the Golden Globe Awards for Best Motion Picture and Best Director (Speilberg). It tells of a young boy, Sammy Fabelman (Gabriel LaBelle) who is devoted to filmmaking, an interest that is celebrated and championed by his artistic mother, Mitzi (Michelle Williams). Sammy’s successful scientific father Burt (Paul Dano), supports Sammy’s work, but views it as an unserious hobby. By 16, Sammy is both the primary observer and archivist of his family story. When his family moves west, Sammy discovers a heartbreaking truth about his mother that will redefine their relationship and alter the future for himself and his entire family. It is co-written with Pulitzer Prize-winning playwright Tony Kushner. New York Post’s Johnny Oleksinski writes, “It’s gripping, visually mesmeric, boasts an exceptional, grounded script by Spielberg and Tony Kushner and is acted to the hilt. A no-holds-barred Michelle Williams skyrockets to the front of the Oscar race with an unforgettable performance.” Review aggregate site Rotten Tomatoes gives it a Tomatometer score of 92%, and an audience score at 82%. The film is showing exclusively at Ayala Malls cinemas.

MTRCB Rating: PG

Shotgun Wedding

DARCY and Tom gather their families for a destination wedding, but the ceremony is held up when gunmen take everyone hostage. The couple is challenged to save their loved ones — if they don’t wind up killing each other first. Directed by Jason Moore, the film stars Jennifer Lopez, Josh Duhamel, and Jennifer Coolidge. There are no reviews for this film yet.

MTRCB Rating: PG

Girlfriend Na Pwede Na

PAM has been longing to marry her longtime boyfriend Jiggs, but he has given no hint of proposing despite their seven-year relationship. Since Jiggs is not so sure that Pam is the one for him, they break up. Instead of moving on, Pam formulates a plan to make Jiggs want her back by getting involved with Isko, a vendor who Pam pays to pretend to be her new boyfriend. Directed by Benedict Mique, the film stars Jerald Napoles, Kim Molina, Gab Lagman, and Tomas Rodriguez.  Runner Rocky of TV Series Craze writes: “Girlfriend Na Pwede Na is truly a feel-good movie… Kim and Jerald’s chemistry is truly undeniable!”

MTRCB Rating: R-13

I Love Lizzy

THE MOVIE follows Jeff, a seminarian who visits Albay for a vacation. There, he meets Lizzy who serves as his tour guide. A romantic relationship develops between them which complicates his impending commitment to priesthood. The film is produced through a collaboration between Star Magic and Mavx Productions. Directed by RC delos Reyes, it stars Carlo Aquino and Barbie Imperial.

MTRCB Rating: PG

How the Philippines compares in government AI readiness

The Philippines ranked 54th out of 181 countries in the 2022 Government AI Readiness Index by Oxford Insights. It scored 55.42 out of possible 100, above the 44.61 global average score. Among its 17 peers in the East Asia, the Philippines placed ninth.

How the Philippines compares in government ai readiness

PHL wage growth outstripped food prices in 2022

PHILSTAR FILE PHOTO

MINIMUM WAGES in the Philippines increased faster than the prices of basic food products, according to research firm Picodi.com.

In its study on global minimum wages, the firm ranked the Philippines 35th  out of the 67 countries that raised their standard monthly pay last year.

“In Asia-Pacific countries such as India, Indonesia, the Philippines, Thailand, and Vietnam, basic food costs over half of the minimum income,” the research firm said. “Compared to the previous year, this year the minimum wage grew faster than the prices of products.”

Filipinos’ food costs’ share to net minimum wage narrows minimum pay increasesIt said the Philippines’ net monthly minimum pay in January was P8,066, up 9.2% from a year earlier.

Argentina topped the list with the largest year-to-year minimum wage increase of 104.5%, bringing its current standard pay to the equivalent of $336.

A basket of basic food items that sustains an average adult in the Philippines is worth about P5,304 and took up about 65.8% of a Filipino worker’s net monthly wages in January, lower than the year-earlier share of 68%, Picodi said.

“This means that the wages of those paid the least increased faster than food prices,” Picodi said.

The Philippines placed 64th among the 67 countries in terms of the ratio of basic food prices to the net minimum wage. In the UK, food products only accounted for 6.5% of a worker’s monthly pay.

In the first half of 2022, global wages fell in real terms for the first time in the 21st century, the International Labor Organization said in December.

Headline inflation hit a 14-year high in December of 8.1%, against the 8% posted a month earlier.

Philippine labor groups have said workers continue to struggle with low wages despite the recovery from the pandemic.

The National Wages Productivity Commission and tripartite wage boards are studying the need for more wage hikes amid increasing prices of basic commodities, Labor Secretary Bienvenido E. Laguesma earlier said.

The Metro Manila board last year imposed a P33 minimum wage increase. Wage boards can only act on wage petitions a year after a region’s last wage order. — John Victor D. Ordoñez

DTI, P.J. Lhuillier to boost digital transformation of MSMEs 

FREEPIK

THE Department of Trade and Industry (DTI) has linked with P.J. Lhuillier Inc. (PJLI) to assist the digital transition of micro, small, and medium enterprises (MSMEs) across the country.

In a statement on Thursday, the DTI said that the Negosyo Center Program Management Unit under its Regional Operations Group has partnered with the PJLI to further promote ease of doing business amid surging digitalization. PJLI is the parent firm of micro-financial services provider Cebuana Lhuillier, which offers pawning, remittance, micro-insurance, and micro savings.

Under the partnership, the DTI will feature a website called “MSME Business and Shared Services Center” that will assist MSMEs with their financial requirements such as financing, micro-insurance, micro-investments, business advisory, and payment and settlement options. The partnership between DTI and PJLI was finalized via the signing of a memorandum of understanding.

The website will be accessible in any web browser and across kiosks in selected Cebuana Lhuillier branches.

The project will complement the DTI’s Negosyo Centers across the country, which provide access to government services such as business registration.

As of Dec. 31 last year, the DTI has established 1,355 Negosyo Centers across the country.

“The collaboration stipulates commitments towards the development of a digital platform to strengthen business information and advocacy,” the DTI said. — Revin Mikhael D. Ochave

More Philippine banks using fintech solutions

GLENN CARSTENS PETERS-UNSPLASH

MORE TRADITIONAL Philippine banks are acquiring financial technology (fintech) solutions as the coronavirus pandemic and increased competition from digital banks helped accelerate customers’ online shift.

“I think that (digital shift) is driving them to look at fintech solutions in a much more positive manner. With the kind of prospect list that we have, and I’m sure our peers have, I think 2023 will be a good year from that perspective as we come out of the pandemic,” Intellect Design Arena Fz LLC Chief Executive Officer Rajesh Saxena told BusinessWorld in an interview on Wednesday.

Intellect Design Arena is an Indian multinational fintech solutions company and is the parent of Intellect Design Arena Philippines, Inc., which has been operating here for 10 years.

Traditional banks have also seen increased competition from digital banks like Maya Bank Inc., Tonik Digital Bank, Inc., and UNO Digital Bank, as well as platforms with embedded finance functions like Grab Philippines.

“I think what banks are also seeing is, is there a way for them to also acquire some of the capabilities that are in a digital ecosystem?… So, I think those are some of the reasons banks at all are reviewing what their footprint on the digital would be, keeping in mind neobank competition,” Intellect Design Arena Executive Vice-President and Asia-Pacific Head Paramdeep Singh said.

Mr. Saxena said Philippine banks are aware and are looking at fintech solutions, adding that the market has seen a lot of traction over the last two years.

“[Digitization] is becoming so important for banks here, and maybe Philippine banks have not in the past invested as much on the digital side as many other markets outside Philippines has,” he said.

“It’s a catch-up phase.”

Intellect Design Arena Philippines Strategic Advisor Herminio M. Famatigan, Jr. added that he sees banks working to digitalize to become more accessible to customers.

Mr. Saxena added that like other countries in the world, the Philippines has moved towards digitizing payments, with the central bank leading the charge.

The Bangko Sentral ng Pilipinas wants to digitize 50% of all retail payments by the end of this year.

ROADBLOCKS
Mr. Saxena said there are still several roadblocks to digitalizing payments in the Philippines.

“I’m told that we still use cheques here. We were talking to one of the banks and they were saying, do you have cheque printing capabilities? In some of the markets where we are doing our solutions, nobody likes cheques,” Mr. Saxena said.

Banks are also looking at solutions to improve their know-your-customer (KYC) processes and loan origination, he said.

Banks are also seeing higher costs, with their revenues “being squeezed out because of competition,” Mr. Saxena said.

Mr. Singh added that banks are also struggling to change their old IT platforms as updating can be costly.

Mr. Famatigan said another issue is legacy costs, which can be addressed by modern technology and solutions. — Aaron Michael C. Sy

Madonna announces music tour celebrating 40 years of hits

MADONNA announced her 40th anniversary tour via a video she posted on her Instagram, which was turned into a trailer on YouTube. — YOUTUBE/@MADONNA

LONDON — Music superstar Madonna will kick off a new tour this summer celebrating her more than 40 years of hits.

Organizers said Madonna: The Celebration Tour will take fans on her “artistic journey through four decades and pays respect to the city of New York where her career in music began.”

It will travel to 35 cities starting with Vancouver on July 15. After a spate of North America dates, it will then move to Europe, wrapping in Amsterdam on Dec. 1.

“I am excited to explore as many songs as possible in hopes to give my fans the show they have been waiting for,” the chart-topper said in a statement.

Madonna, the best-selling female music artist of all time, shared a video on her Instagram page of sitting at a table with celebrities including DJ Diplo, director Judd Apatow, and actor and comedian Amy Schumer playing truth or dare. (https://www.youtube.com/watch?v=QLC4FM0edqY)

Ms. Schumer dares Madonna to go on tour to perform her famous tracks and the “Material Girl” and “Like a Prayer” singer accepts the challenge.

Tickets for the tour, which will also feature special guest Bob the Drag Queen, go on sale on Friday. — Reuters

Philippines: Balance of payments position

THE PHILIPPINES posted a $612-million balance of payment (BoP) surplus in December, bringing the full-year level to a record deficit of $7.3 billion. Read the full story.

Philippines: Balance of payments position

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