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SPNEC starts building 50-MW solar farm

LEVISTE-LED Solar Philippines Nueva Ecija Corp. (SPNEC) announced on Sunday the start of the construction of the initial 50 megawatts (MW) of its 500-MW solar power farm in Nueva Ecija.

The solar company disclosed earlier that the P2.7-billion proceeds from its initial public offering (IPO) will be used for the construction of the initial solar capacity and for land acquisition in Nueva Ecija, which it targets to be the largest solar project in the Southeast Asia region.

“The project is designed for the full 500 MW, using land that SPNEC has been developing since 2016. Once the first 50 MW begins delivering power to the grid, SPNEC plans to install solar panels for the next 175 MW over half a year, and be ready to install solar panels for the rest of the 500 MW over a year, given the relative ease of adding capacity to an already operating solar farm,” the company said in a statement sent via e-mail.

The project is being built in Peñaranda, a municipality in Nueva Ecija, and is seen to open 5,000 jobs during its construction and more than 500 jobs during its commercial operations.

“We are investing in training locals in solar panel installation, given the expected scale of projects in this area over the coming years,” the company said.

On Thursday, SPNEC said it was preparing a 1,000-hectare land as it gears up for a joint venture with an unnamed company to expand the capacity of its solar farm beyond 500 MW to accelerate the country’s transition to renewable energy.

“The co-location of the first 500 MW and the 1,000-hectare expansion in the same area will support the development of new transmission and bring economies of scale to solar in the Philippines, with these two projects being larger than all the solar projects to date in the Philippines combined,” SPNEC said.

The Department of Energy has committed renewable energy to account for 35% of the country’s total energy generation by 2030, and 50% by 2040. — Marielle C. Lucenio

Digital tools help in transition to hybrid work setup

THE hybrid work setup can be maximized by business leaders through using the right tools for their employees and for their businesses, Zoho Corp. said.

“In cases like in the Philippines, where transportation is a challenge for employees during the pandemic, business leaders should allow employees to work from home and onsite under terms that are convenient for both parties with flexibility and balance,” Zoho Asia Pacific Vice-President and General Manager Gibu Mathew said in an e-mail on Dec. 14. 

“Apart from accelerating digital transformation, organizations need to rethink their approach to the emerging business tools,” he added.

Mr. Mathew emphasized that “in-person collaboration is no longer a requisite” in the digital age.

Cloud-based application systems may be used to help with accessing company data and helping with collaboration between employees when implementing hybrid work systems.

“They should also begin to develop hybrid meeting rooms, which are equipped with video conferencing solutions that would allow participants to meet virtually or physically,” Mr. Mathew said. 

Transitioning and implementing a hybrid work model can take a while as organizations figure out what works and what does not.

Some companies “took months of trial and error to determine which practices and technologies are sustainable for them in the long term.” Each set-up is particular to the needs of every organization and its employees.

Mr. Mathew said, “planning is a crucial element in establishing a hybrid set-up.”

“Effective hybrid workplaces integrate people, processes, data, insights, and infrastructure while focusing on connectedness, collaboration, and personal productivity to achieve common goals and business outcomes,” Mr. Mathew said.

Employees need the right communication tools and channels. Mr. Mathew said organizations that opted for applications that are designed for a “mobile-first lifestyle” will have an edge and it will also help boost productivity.

The tools should allow employees to have access to company files and data such as notes, e-mails, calendars, along with other documents on the go.

“With the flexibility and connectivity offered by mobile-optimized applications, employees increase productivity while remaining connected, getting work done, anytime, anywhere,” Mr. Mathew said.

Meanwhile, effective communication tools will also allow employees to collaborate effectively, using the online space to share and discuss ideas and align with each other.

“What business leaders can do is to host activities virtually, like online multiplayer games or unwind sessions through video conferencing tools,” Mr. Mathew said.

“Through virtual activities like coffee sessions and surveys, managers will gather feedback, recognize and appreciate exceptional work, and keep their employees motivated and engaged,” he added.

Mr. Mathew also said organizations should learn to maximize communication tools to help foster a sense of community among employees, despite not always being physically together.

“Beyond tools and digital solutions, there is a call for companies and business leaders to ensure that organizations recognize the emotional impact of the changes and invest in building a culture centered on people,” Mr. Mathew said.

Organizations that maximize the digital space and its technologies not only help boost business productivity but may also aid in building and creating a culture among employees.

“Technology cannot define or dictate a company’s culture but most certainly aids and enhances the experience for many employees,” Mr. Mathew said. “Deployed intelligently, technology can shape positive outcomes and help build a strong culture in our digital future.” — Keren Concepcion G. Valmonte

Espejo starts for Team Kota in V.League All-Star Game

MARCK ESPEJO — PNVF

FILIPINO volleyball star Marck Espejo is making the most out of his time playing in the V.League All-Star Game in Japan.

The 6-3 Mr. Espejo, a vital cog in the national team’s silver medal finish in the 2019 Southeast Asian (SEA) Games, had a historic appearance in the V.League and even played as a starter for Team Kota, which eventually bested Team Shirasawa, 25-22, 25-22, 26-24, at the Tokorozawa Municipal Gymnasium on Christmas Day.

Mr. Espejo said he’s making the rest of his Japan stay count as his mother club, FC Tokyo, that it will close shop after the season.

Mr. Espejo made the historic start after original stalwarts Takahiko Imamura of Panasonic was injured and Takahiro Tozaki of VC Nagano did not play.

After his Japan stint, Mr. Espejo is expected to rejoin the national squad with hopes of helping steer the country to duplicating, if not surpassing, its silver medal in the Hanoi SEA Games in May next year.

The former Ateneo standout was one of the three Filipinos currently plying their trade in the Japanese league with the other two being Bryan Bagunas for Oita Miyoshi and Jaja Santiago for Saitama Ageo Medics.

Mylene Paat, who plays for Premier Volleyball League (PVL) champion Chery Tiggo, is suiting up with Nakhon Ratchasima in the Thailand league. — Joey Villar

Suzuki-Caltex SavePlus Card offers fuel discounts for new Suzuki owners

PHOTO FROM SUZUKI PHILIPPINES

SUZUKI PHILIPPINES, Inc. has partnered with Caltex — locally marketed and distributed by Chevron Philippines, Inc. (Chevron) — to offer a free Suzuki-Caltex SavePlus Card for buyers of any new Suzuki vehicle from December 2021 until Nov. 10, 2022.

The card lets customers enjoy a fuel discount of P2 per liter of Silver/Platinum with Techron and P1 per liter of Caltex Diesel with Techron. Caltex is known as one of the world’s largest and globally integrated oil and energy companies, with more than 500 service stations across the Philippines.

Said Chevron Country Chair Billy Liu, “Chevron is grateful for this opportunity to join forces with a brand we have always been avid supporters of. We are looking forward to this joint venture which I believe will be beneficial for all parties involved.”

Joined Suzuki Philippines Vice-President and General Manager Keiichi Suzuki, “For us in Suzuki Philippines, it has always been about improving the customer experience. This is a great way for us to give back and support our customers as we show our resiliency and determination to bounce back for greater things ahead. Our customers deserve to enjoy and create more memories with their Suzuki cars.”

For more information, visit any of the 73 authorized Suzuki Auto dealerships nationwide or http://suzuki.com.ph/auto/. For daily updates on Suzuki, like the Suzuki Auto Philippines Facebook page at https://www.facebook.com/SuzukiAutoPh, or follow https://twitter.com/SuzukiAutoPh and Instagram at @suzukiautoph.

Japanese officials beg public to drink more milk as glut worsens

REUTERS

JAPANESE POLITICIANS are imploring people to drink more milk this winter to prevent tons of excess raw milk from being thrown away.

“We’d like the population to cooperate in drinking an extra cup of milk than you’d normally do and make use of milk products when cooking,” Prime Minister Fumio Kishida said at a news conference on Tuesday that marked the end of a parliamentary session. 

Japanese farm minister Genjiro Kaneko and Tokyo Governor Yuriko Koike both also drank a cup of milk at news conferences on Dec. 17.

The government estimates that 5,000 tons of raw milk could be wasted this winter, which traditionally sees weaker demand for dairy products anyway as schools — where children are given boxes of milk — break for holidays and major retailers close for the new year. The ongoing coronavirus disease 2019 (COVID-19) pandemic is further hitting demand in the hospitality industry, according to the Japan Dairy Association. 

Japanese dairy farmers have pledged to buy a liter of milk every day from Dec. 25 to Jan. 3 and are drawing attention to their efforts on social media using the hashtag #1L per day. Meanwhile, Lawson, Inc.’s chain of convenience stores is offering a 50% discount on cups of hot milk on Dec. 31 and New Year’s Day, while dairy giant Meiji Holdings Co. hired three-time Olympic wrestling champion Saori Yoshida as part of its newest campaign to boost milk consumption. — Bloomberg

An incomplete review

A SCENE from the film The Exorsis — YOUTUBE/VIVAFILMS

MMFF Movie Review
The Exorsis
Directed by Fifth Solomon

TO SPEND a few more minutes with my family this Christmas, I skipped the first hour of The Exorsis, a horror-comedy vehicle for the Gonzaga showbiz sisters. I arrived at the scene where a possessed Dani (played by younger Gonzaga, Alex) was concluding a dance (or rap) battle wearing the nightgown and scar makeup from The Exorcist, while Gina (played by the senior Gonzaga, Toni) looks on with horror. Trust me, I didn’t miss anything.

The story was easy to piece together from the next hour that I, unfortunately, did not miss. The girls had lost their parents, and as a result, the older sister had become more distant. The older sister has dreams of studying abroad in Australia, but has doubts about leaving her sister behind. The problem becomes more acutely felt when the younger sister is possessed by the spirit of a person who had died near their small grocery store. To exorcise the specter from the younger sister, they must solve the unfinished business left behind by the unholy spirit.

I could end it there, because it really doesn’t have much to go on with. I found myself laughing against my will at jokes about pussies, penises, and Piolo Pascual (screaming his name in a commercial was a step towards Toni’s initial stardom), but at not much else. The movie is styled as a parody of the memorable horror film The Exorcist (hence the makeup and the vomit), and the set and the costumes are understandably, blah. The one bit of brilliance was an observation by the local faith healer about how the older sister’s anger is akin to her sister’s possession, but how many possessed people do you actually know to make that maxim universal? As it is a film that stars real-life sisters, some scenes of sisterly love were shoehorned into the movie.

In their other ventures, the Gonzaga sisters work together when they dance to the same beat. When one sister spends a good part of two hours howling and being not quite herself while the other sister is doing something else, what’s the point? — Joseph L. Garcia

MTRCB Rating: PG

Japan plans law to keep sensitive patents secret

JAPAN will introduce legislation that keeps sensitive patents secret while compensating applicants who have forgone licensing fees, as the country ramps up efforts to protect key industries, Nikkei reported on Sunday, without saying where it got the information.

Under the bill, the government will review patent filings for technology that have potential military use, such as developing nuclear weapons and quantum technology. Patents that may pose a national security risk won’t be disclosed. Applicants will not be able to file the patents in other countries, according to the newspaper.

The government will announce the framework as early as next January and plans to make it effective in fiscal 2023.

Japan is rushing to boost supply-chain resilience and diversify risks as industries from automobiles to electronics feel the effects of a global parts shortage. Prime Minister Fumio Kishida has said national economic security is a key pillar in Japan’s growth strategy.

Japan will screen equipment purchases by key infrastructure operators of telecommunication networks and power grids, as well as financial companies, Nikkei said.

The government will compensate up to about 20 years worth of licensing income, based on comparable patents, according to the report. It will set up a team with members from the Defense Ministry, National Security Secretariat and other agencies to review the patent applications. — Bloomberg

China to restrict foreign IPOs, may ban on national security

CHINA plans to tighten scrutiny of domestic firms’ overseas share sales and ban those whose listing could pose a national security threat.

All Chinese companies seeking initial public offerings (IPOs) and additional share sales abroad would have to register with the China Securities Regulatory Commission (CSRC), according to a consultation paper it released late Friday.

Under the proposals, firms whose overseas listings could threaten national security are barred from share sales, and companies whose activities raise cybersecurity concerns would go through security reviews.

“Improving the oversight of firms listing abroad comes against the backdrop of opening capital markets, and the regulations are to facilitate more healthy, sustainable and longer-term development,” the CSRC said. “The direction of opening up remains intact.”

The changes would be the latest step by the government of President Xi Jinping to crack down on overseas listings following the New York IPO of ride-hailing giant Didi Global, Inc., which proceeded despite regulatory concerns. Since then, authorities have moved to halt the flood of firms seeking to go public in the US, shuttering a path that’s generated billions of dollars for technology firms and their Wall Street backers.

Didi’s listing in the US came just as Xi was looking for ways to control the vast reams of data held by China’s tech giants, in part to ensure the ruling Communist Party spreads the wealth beyond a small circle of billionaires — a campaign aimed at creating “common prosperity.”

China’s heightened regulatory scrutiny has been echoed by moves in the US. The Securities and Exchange Commission has halted pending IPOs by Chinese companies until full disclosures of political and regulatory risks are made, warning investors may not be aware they are actually buying shares of shell companies instead of direct stakes in businesses.

Firms that are involved in major disputes back home over assets or core technology will also be banned from overseas listings, the regulator said. The CSRC would also require firms in certain sectors to obtain approval from industry watchdogs before registering with the securities regulator.

Companies using the so-called variable interest entities (VIE) structure would be allowed to pursue IPOs overseas after meeting compliance requirements, according to the CSRC.

The CSRC is seeking public opinion on the draft rules until Jan. 23.

Other key points in the consultation paper included:

– Authorities may order firms to divest domestic assets to prevent their overseas IPO from harming national security

– Firms that provide key data and personal information in offshore markets shall comply with related regulations

– Companies that don’t comply with registration rules could face fines of up to 10 million yuan or suspension of business and license

– The CSRC will grant an unspecified grace period to firms already listed overseas in terms of complying with new requirements. — Bloomberg

Mitsubishi PHL is first car maker to get ‘safety seal’ from DoLE

IMAGE FROM MITSUBISHI MOTORS PHL

MITSUBISHI MOTORS Philippines Corp. (MMPC) became the first car manufacturer in the country to receive a so-called “Safety Seal” from the Department of Labor and Employment (DoLE). The certification confirms that “an establishment or institution strictly observes the minimum public health standards set by the government and/or has successfully integrated with StaySafe.ph, the country’s centralized contact tracing databank,” MMPC reported in a release. The company complies with both requirements.

MMPC President and CEO Takeshi Hara said, “Mitsubishi has always put a premium on safety, not just in the engineering of our cars but also in the way we conduct business. That is why MMPC, being the longest staying automotive company in the country, wants to do its part to be alongside Filipinos transitioning into the new normal.”

He added, “We make it a point to maintain only the highest standards when it comes to health and safety at the workplace. Through it we create a space with minimal hazards that enable positivity and productivity among our employees.”

The national Safety Seal program is envisioned to restore confidence as the economy slowly and safely reopens. This is supported by other sectoral offices like the Department of Health, Department of Interior and Local Government, Department of Tourism, and the Department of Trade and Industry.

The Safety Seal granted to MMPC covers its Sta. Rosa Plant and Parts Warehouse in the Greenfield Automotive Park-Special Economic Zone (GAP-SEZ) and will be valid for six months. All holders of the badge are required to file for renewal and undergo DoLE’s rigorous inspection process all over again after the aforementioned period.

“COVID-19 has taught us many important lessons, one in particular is the importance of emotional well-being. Through our newly issued DoLE certification, we want to offer peace of mind and assure our customers, partners and the general public that Mitsubishi Motors takes safety very seriously,” Mr. Hara added.

MMPC said that this is one of the components of the new local corporate slogan “Life Made Better.” The brand is adopting a more holistic approach to deliver value in every step of a Filipino’s vehicle ownership journey and fulfill its commitment to the betterment of the economy. For more information, go to https://www.mitsubishi-motors.com.ph/articles/mmpc-commits-to-making-life-better-for-everyone or visit @mitsubishimotorsph page on Facebook.

Tolentino to attend SEA Games chef de mission meet next month

PHILIPPINE Olympic Committee (POC) president Abraham Tolentino will attend the chef de mission meeting in Hanoi, Vietnam next month with an intention of submitting the same number athletes — 626 — it has passed during the last deadline before the 31st Southeast Asian (SEA) Games was reset from this year to May next year.

The number, which was spread through 39 of the 40 sports calendared in the Hanoi Games, is more than half of the 1,115 the country fielded in the last edition of the biennial meet where the Filipinos ran away with the overall title after raking in 149 golds, 117 silvers and 121 bronzes.

“Although the SEA Games are just months away, we believe the hosts are doing everything for a successful hosting,” said Mr. Tolentino. “They’re prepared, because if not for the pandemic, the Games should have been done and over with this time.”

The congressman from Tagaytay City said their target of at least a podium finish in the Hanoi tilt remains the same.

“This has been prepared with the end mind of victory for our beloved country, to be able to do our best and continue to defend our title as overall champion,” said Mr. Tolentino.

Joining Mr. Tolentino in the face-to-face meeting are Philippine Sports Commission (PSC) board member and Hanoi SEA Games chef de mission Ramon Fernandez, obstacle course’s Atty. Alberto Agra and Muay Thai’s Pearl Managuelod among others.

The second Chefs de Mission and Technical Delegates Meeting are set on March 13.

The POC will also discuss this week the submission of entry by numbers to the Huangzhou 19th Asian Games, which is slated in September also next year, on or before December 31. — Joey Villar

Withering crops highlight La Niña fears for Brazil soy farmers

REUTERS

THE IMPACT of the La Niña weather pattern that’s expected to roil global food markets in coming months is already showing up in parts of Brazil, the world’s biggest soybean exporter.

In 20 years as a soybean farmer, Adriano Marco Vivian has never seen his fields so dry, with leaves burnt by excessive heat and lack of rain. La Niña can mean drought in many growing areas, including southern Brazil.

“I believe around 70% of the yield potential has been lost,” Mr. Vivian, who is based in Paraná, one of the top-producing states in the nation’s south, said in a telephone interview. “We haven’t seen widespread rains for more than 60 days,” said the farmer, who planted 700 hectares of soybeans in the state’s west. The picture is similar for all producers in the region, he said.

Parched conditions and heat led Paraná’s agriculture agency Deral to cut its estimate for output in the state by 12% on Wednesday, and more may be coming if adverse weather continues, said Marcelo Garrido, an economist at Deral. The prospect of a second straight La Niña trimming what’s otherwise expected to be a bountiful harvest is helping boost soybean prices and adding to worries over global food inflation.

Some local consultancies have already lowered Brazil’s soybean output estimate due to yield losses in the south. That’s the case for Paraná-based AgRural, which reduced its production estimate by to 144.7 million tons from 145.4 million in the previous forecast.

For now, farmers in Paraná are an exception in Brazil, where beneficial weather has allowed a good crop development in central and northern areas.

“Brazil is still expected to harvest a record crop,” Daniele Siqueira, an analyst at AgRural, said by telephone. “Paraná is the only region with consolidated losses so far.”

All eyes will remain on Brazil’s south. Rio Grande do Sul, a top-growing state at the border with Argentina, reported below-average rain during seeding, which is now almost finished. Some farms needed replanting, but yields won’t be known until next year. If good rains fell from now on, the state can still reap a good crop. 

While some isolated and weak precipitation may be seen in the south in the coming days, it won’t be enough to restore soil-moisture in time to allow soybeans to recover in Paraná, according to Celso Oliveira, a meteorologist at Climatempo in Sao Paulo. Rain should be in line with historical averages starting in the second half of January, benefiting crops in Rio Grande do Sul. But it will be too late for Paraná’s, including Mr. Vivian’s crop. — Bloomberg

Investors load up on SPNEC shares

By Abigail Marie P. Yraola, Researcher

SOLAR PHILIPPINES Nueva Ecija Corp. (SPNEC) ended up as the second most actively traded stock in the Philippine Stock Exchange (PSE) from the trading week of Dec. 20-24 following its market debut on Friday the week before.

PSE data showed a total of 1.25 billion SPNEC shares worth P1.40 billion were traded last week.

The local bourse had a half-day trading session last Friday in observance of Christmas Eve. 

The stock closed at P1.15 per share on Friday, up 15% from its initial public offering (IPO) price of P1 per share.

“Ultimately, SPNEC performed well upon listing, closing higher for several consecutive sessions. This could mean that the public debut was well-received by investors and sentiment for these smaller types of issues is relatively bullish,” said Regina Capital Development Corp. Head of Sales Luis A. Limlingan in an e-mail.

“With the increased index volatility [last] week, there could have been a rotation out of blue chips and into smaller issues like SPNEC,” he added.

Mercantile Securities Corp. Analyst Jeff Radley C. See sees this as a “pure renewable energy play.”

“In addition, we are seeing a lot of big names partnering with the company which will speed up its goal,” Mr. See said in a separate e-mail.

SPNEC is the first company to be listed in the exchange without operations. It generates solar energy from its own solar plant and sells it through bilateral contract to its consumers or to the spot market.

The company sold 2.7 billion shares in its IPO for P1 apiece. Its offer was oversubscribed, reaching a total of P5.3 billion in orders. 

Net proceeds from IPO will finance a 500-megawatt (MW) solar power plant and will be used to acquire a lot in Nueva Ecija for the project.

The Nueva Ecija project is said to be the largest among the first 1-gigawatt projects of Solar Philippines, which is targeted to be operating by 2022.

SPNEC is the first company to receive approval to list under the PSE’s Supplemental Listing and Disclosure Requirements for Renewable Energy (RE) Companies that was approved in 2011, which allows development-stage project companies to list, subject to certain requirements.

Its other projects include an operational 63-MW plant in Batangas in partnership with Korea Electric Power Corp., one in Tarlac with Razon-led Prime Infrastructure Holdings Corp. that is being expanded up to 200 MW, and two more in Batangas and Cavite with a combined capacity of 140 MW expected to be fully operational by 2022.

Last Wednesday, the company said it is preparing a 1,000-hectare land as it gears up for a joint venture with an unnamed company to expand the capacity of its solar farm beyond 500 MW.

“Traders are very bullish when it comes to renewable energy ventures as these are fundamentally sound in relation to the transition to cleaner energy in the future. The news of SPNEC’s 1000-hectare expansion likely helped buoy the stock’s share price and remain elevated relative to its IPO price,” Regina Capital’s Mr. Limlingan said. 

“Generally, more updates about its planned solar plant and possible deals in the future would attract the interest of the investing public,” he further noted.

Mr. Limlingan placed the stock’s primary support at P1.10 per share, secondary support at P1 per share, and resistance at P1.20 per share.

For Mercantile Securities’ Mr. See: “The company’s price might move sideways for now between P1.10 to P1.20.”

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