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Retailers back move to legalize ukay-ukay importation

A worker carries a bale of used clothing (ukay-ukay) along Bangbang Street in Sta. Cruz, Manila, Aug. 17, 2022. — PHILIPPINE STAR/EDD GUMBAN

By Revin Mikhael D. Ochave, Reporter

LOCAL RETAILERS are backing a senator’s proposal to legalize the commercial importation of secondhand garments, also known as “ukay-ukay,” as this would mean sellers will now have to pay taxes.

“If they will legalize it, it should be a welcome development because that means they will be paying the same taxes that (legal) retailers also pay,” Philippine Retailers Association (PRA) President Rosemarie B. Ong told BusinessWorld in a mobile phone message.

Ms. Ong said retailers are not worried about the competition from ukay-ukay sellers, once their operations are legalized.

“We are not worried as long as it (ukay-ukay) is legalized,” Ms. Ong said.

Alice T. Liu, chief retail officer of The Penshoppe Group (GOLDEN ABC, Inc.), said in a statement sent to BusinessWorld that they are supportive of the proposal to legalize commercial imports of used clothing.

“Legitimization will benefit the economy because any legitimate business should rightfully pay correct taxes with no exceptions,” Ms. Liu said.   

Aside from used clothing, Ms. Liu said legitimate retailers are also concerned about counterfeit products now flooding the market.

“A concern that is equally pressing for us is the influx of counterfeit goods that have flooded the market along with the secondhand garments,” Ms. Liu said.  “As such, measures to strengthen the protection of intellectual property rights should also be considered in the discussion of this proposal.”

Earlier this week, Senator Rafael T. Tulfo suggested the legalization of commercial importation of ukay-ukay, noting that the Bureau of Customs (BoC) has been unable to stop smuggling of used clothing.

“I think it’s about time, if the BoC can’t control the importation of ukay-ukay, we make them pay taxes so that the government can earn from this in some way,” Mr. Tulfo has said.

Republic Act No. 4653, which was enacted in 1966, prohibits the commercial importation of used clothing to “safeguard the health of the people and maintain the dignity of the nation.”   

ACEN secures AU$100-M loan for RE projects

ACEN Corp., through its subsidiary in Australia, has secured a 100-million Australian dollar green long-term revolving loan from DBS Bank Ltd. through common provisions and facility agreements.

“The initial green loan facility with DBS will help advance our fund-raising capacity of over AU$600 million in Australia to develop and construct existing and additional pipeline of renewable energy (RE) projects in Australia,” said Anton Rohner, chief executive of ACEN Australia Pty. Ltd. in a media release on Thursday.

ACEN said that the loan will provide capital financing for its eligible green assets in Australia as part of the company’s strategic aspiration to grow its renewables capacity to 20 gigawatts by 2030.

Patrice Clausse, chief operating officer of ACEN’s international business, said: “ACEN is leading the charge with the decarbonization opportunities across Asia and the Pacific. We aim to make a significant impact in this space, and create long-term value for our stakeholders.”

DBS is the arranger and sustainability advisor for the revolving loan facility and will also provide capital financing for ACEN’s eligible green assets in Australia.

Kelvin Wong, managing director and deputy head of energy, renewables, and infrastructure at DBS, said that as the leading bank in sustainable financing, the group is “excited to support ACEN’s continued efforts” to expand its renewables infrastructure to accelerate the transition of the energy industry towards a climate-aligned future.

“Having pledged to achieve net zero financed emissions by 2050, DBS is also committed in supporting like-minded clients like ACEN in the long haul to enhance Asia’s renewable energy mix to realize a low-carbon economy,” he added.

Separately on Thursday, ACEN told the stock exchange that it had executed on Aug. 18 a common provisions agreement and a facility agreement with ACEN Australia and the Australian branch of DBS for the revolving loan.

Ayala-led ACEN said it is the guarantor to ACEN Australia for the loan.

ACEN aspires to be the largest listed renewables platform in Southeast Asia by 2030. It announced in 2021 its commitment to achieving net-zero greenhouse gas emissions by 2050.

The company has around 4,000 megawatts of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. Renewables account for 87% of that capacity.

On Thursday, shares in ACEN gained P0.05 to close higher by 0.58% at P8.65 apiece. — Ashley Erika O. Jose

Balai ni Fruitas opens Balai Pandesal store in Cebu

BALAI NI FRUITAS, Inc. has put up its first Balai Pandesal store in Cebu, marking the bakery chain’s initial move to cover the Visayas and Mindanao region as part of its planned expansion across the country.

The Balai Pandesal store in Tisa, Cebu City is the latest addition to the Fruitas group’s seven community stores in Cebu: five Soy & Bean outlets, one House of Fruitas, and one Fruitas House of Desserts.

“Balai Pandesal’s nationwide expansion will be through brick and mortar and digital locations,” the company said in a press release on Thursday.

It added that the Cebu Balai Pandesal store will be the template for counter service bakery’s store expansions outside Metro Manila and surrounding areas.

At present, Balai Pandesal products are available through Balai ni Fruitas Soy & Bean, House of Fruitas, and Fruitas House of Desserts. They can also be accessed through Fruitas Holdings, Inc.’s group-wide e-commerce site, www.babotsmart.com.

The company said that it is also looking at cafés, with baked goods serving as the anchor products for partnerships and that “there will be more locations offering Balai Pandesal on GrabFood and foodpanda.”

To date, Balai Pandesal’s third-party partners are UCC Philippines, Bahay Pastulan, Zesto Philippines, Mondelez Philippines, and Century Pacific Food.

“[Balai ni Fruitas] is eyeing to further expand the list to provide a more convenient buying experience to its customers,” the company added.

By 2023, the company targets to reach P500 million in annual revenues and P1 billion by 2025.

“We see numerous pockets of opportunity within the Philippines’ more than P300-billion baked goods market. The proceeds from the initial public offering in June, our strong internal cash generation and additional lines from our bank partners, will allow us to seize the opportunities to achieve our goal,” Balai ni Fruitas President and Chief Executive Officer Lester C. Yu said.

Balai ni Fruitas is a 75%-owned subsidiary of Fruitas Holdings. As of June 2022, it reported a 38-store network and three brands in its portfolio: Balai Pandesal, Buko ni Fruitas, and Fruitas House of Desserts.

As of July, its store count reached 85 spread among the three brands.

On the stock market on Thursday, shares in Balai ni Fruitas rose by 1.22% or P0.01 to P0.83 apiece. — Justine Irish D. Tabile

Smart partners with US firm Omnispace to explore space-based 5G technologies

PLDT, Inc.’s wireless arm Smart Communications, Inc. is collaborating with US-based global communications provider Omnispace to explore the capabilities of space-based fifth-generation (5G) communications using low-Earth orbit (LEO) satellites for the Philippine market.

“This collaboration with Omnispace will allow our companies to work together to define use cases for the Philippine market,” Arvin L. Siena, head of PLDT’s Technology Strategy and Transformation Office, said in an e-mailed statement on Wednesday.

He said possible use cases include providing 5G connectivity in far-flung areas, adding Internet of Things or IoT and sensors to monitor weather disturbances and natural disasters, and expanding network coverage for disaster relief, maritime, and telematics for vessels and equipment.

“This is also part of PLDT’s broader initiatives to future-proof our services, including Smart 5G. This includes exploring opportunities to team up with companies like Omnispace, to test the interoperability of our network with their 3GPP-compliant 5G non-terrestrial network, which will support the 5G ecosystem of the future,” Mr. Siena added.

According to its website, Omnispace is headquartered in the Washington, DC area. Its mission is to redefine mobile connectivity for the 21st century.

“By leveraging 5G technologies, the company is combining the global footprint of a non-geostationary satellite constellation with the mobile networks of the world’s leading telecom companies to bring an interoperable ‘one network’ connectivity to users and IoT devices anywhere on the globe,” it said.

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

CTA upholds ruling on scrutiny of Smart documents in tax case

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) affirmed its decision allowing the Makati City government to inspect Smart Communication, Inc.’s documents over its alleged P3.25-billion tax deficiencies from 2012 to 2015.

In a 16-page decision on Aug. 15 and made public on Aug. 17, the CTA full court denied Smart’s petition due to lack of merit as it ruled a Makati Regional Trial Court (RTC) did not abuse its discretion in allowing the inspection of the company’s documents.

“In fine, no grave abuse of discretion was committed by Makati Regional Trial Court in granting the motion for production or inspection of documents,” according to the ruling penned by CTA Associate Justice Marian Ivy F. Reyes-Fajardo.

The tax court cited the Local Government Code, which provides that a “court of competent jurisdiction” may require a taxpayer to produce documents necessary for the issues of a disputed assessment.

“Rightly so, the issuance of the resolution granting the production or inspection of documents is well within the power and jurisdiction of RTC-Makati when all the requisites for filing said the motion was satisfied by respondent (Smart),” said the court.

In a separate dissenting opinion, Associate Justice Roman G. del Rosario argued that the Makati RTC abused its discretion in allowing Makati City to inspect Smart’s documents.

“To reiterate, in the proceedings before the RTC, the only evidence that the parties are allowed to present are those which will establish the existence or non-existence of the requisites that justify the action of respondent Makati City in issuing a presumptive assessment,” said Mr. Del Rosario.

He noted that the city treasurer of Makati issued a presumptive assessment of Smart’s alleged deficiency in local franchise taxes for 2012 to 2015.

The documents sought did not pertain to the validity of the treasurer’s assessment, but were only related to the gross receipts of the company during the said period, Mr. Del Rosario added.

Smart earlier asked for a temporary restraining order in its petition to the CTA but was denied due to lack of merit.

The telecommunications company, in its appeal, challenged the “relevancy” of producing documents, particularly the nationwide revenues and from other localities, adding the information was outside Makati City’s jurisdiction.

Makati City claimed the trial court did not commit an error as the documents sought are not confidential in nature.

“Courts, as arbiters and guardians of truth and justice, must not countenance any technical ploy to the detriment of an expeditious settlement of the case or to a fair, full and complete determination on its merits,” the CTA noted. — John Victor D. Ordoñez

The best of Philippine drag celebrated on Drag Race PHL

DRAG RACE Philippines queens with host Paolo Ballesteros, and judges KaladKaren and Jiggly Caliente — PHOTO BY MICHELLE ANNE P. SOLIMAN

A DRAG artist will soon make “herstory” as the first champion of Drag Race Philippines. The reality competition show premieres this week on discovery+, HBO Go, and WOW Presents Plus.

Drag Race Philippines is the Filipino version of the Drag Race franchise which aims to find the next “Drag Superstar.” It is based on the original American competition series RuPaul’s Drag Race. The show is produced by Fullhouse Asia Production Studios, Inc. in conjunction with World of Wonder Productions, Inc. Randy Barbato, Fenton Bailey, Tom Campbell, and RuPaul Charles serve as executive producers on the series.

“We bring some of the world’s most popular brands to our Filipino audiences and Drag Race is the perfect example of this… We are all so excited to finally have a homegrown local version of Drag Race featuring some of the most fabulous Filipino drag artists. They are not just drag performers, they are drag artists from all around the world,” HBO Max Vice-President and marketing for Southeast Asia Daniel Tan said at the viewing party and launch on Aug. 16 at Xylo at the Palace, Bonifacio High Street, in Taguig City.

THE QUEENS
In the first season of Drag Race Philippines, 12 drag queens will race to the finish line for the title of first “Drag Race Superstar” from the Philippines. They are:

Brigiding from Mandaluyong City has been featured in Pride parades and drag events in the Philippines and abroad.

A crowned pageant queen with a list of titles on her sash, makeup artist and a designer Corazon has won pageant titles from both male bikini contests and provincial Miss Gay events and talent shows.

Marikina City’s Eva Le Queen worked as an Overseas Filipino Worker (OFW) in Singapore for eight years before giving up her corporate work to follow her dream of becoming a drag artist —  she won first runner-up in Singapore’s Drag It Out All-Stars competition, only four months after she started doing drag. Eva’s Drag is inspired by literary and cinematic villains. She is a resident queen at Nectar Nightclub and is also one of the founders of Drag Playhouse PH.

Hailing from Melbourne, Gigi Era is popular in the Australian drag scene for her death-defying stunts and real hair wigs. Gigi was a former dancer and airplane cabin crew member based in Dubai. She is now back in the Philippines representing her hometown, Davao.

Doing drag for 15 years, Lady Morgana is known for her comedic and hosting skills. She works as a financial advisor during the day.

Makati City’s Marina Summers’s drag name stems from her love for the beach. She began performing as a drag queen in 2019 and recently released her debut single, “I Have Arrived,” on Spotify and iTunes. She performs regularly at Nectar Nightclub and is another one of the founders of Drag Playhouse PH.

Minty Fresh from Quezon City is a model, designer, pop singer, make-up artist, and performer. A staunch supporter of LGBTQIA+ rights, she slays the stage weekly at Nectar Nightclub.

Camariñes Norte’s Precious Paula Nicole has been performing drag for more than 11 years. A performer at the O Bar, she is a professional dancer and is also known for her comedy shtick and impersonation of singers such as Mariah Carey, Beyonce, and Regine Velasquez.

Prince from Calumpit, Bulacan is known on social media for her make-up transformations. Before joining Drag Race Philippines, Prince, who is relatively new to the Philippine drag scene, was a social media strategist. Prince’s drag is heavily influenced by sci-fi and animé and she believes that “extraterrestrial” looks have a space in Philippine drag. Prince is also one of the co-founders of Drag Playhouse PH. Aside from doing drag, she manages her own make-up and merchandise line.

Turing from Cainta, Rizal has been a professional drag artist for over seven years and performs at the O-Bar. She is also a strong advocate for body positivity.

Viñas DeLuxe from San Jose Del Monte, Bulacan started doing drag while at university. She is a member of the drag group the Divine Divas, who gained popularity during the pandemic by mounting digital performances and live streams worldwide. She also owns a wig business.

Xilhouete from Cabanatuan, Nueva Ecija is the Creative Director and one of the owners of Nectar Nightclub. She is an advocate for the legacy of the drag queens who have paved the way for the drag community in the Philippines.

In the competition, the 12 drag queens have to channel their creativity and confidence at photoshoots, talent shows, lip-sync showdowns, and other segment challenges. The contestants work on mini challenges and go through a main competition every week. Their weekly performance will be evaluated per episode.

THE JUDGES
The show is hosted by actor Paolo Ballesteros who is currently a co-host of the Philippines’ longest running noontime show, Eat Bulaga! He has also starred in films such as Die Beautiful where he played Trisha, a trans pageant queen whose last wish was to have different celebrity transformations at his wake. The role earned him the Best Actor award at the 29th Tokyo International Film Festival.

One of the show’s resident judges is American singer, actress, and drag performer Jiggly Caliente who competed in RuPaul’s Drag Race Season 4 and RuPaul’s Drag Race All Stars Season 6. She is joined by writer, presenter, and producer, and impersonator of newscaster Karen Davila, KaladKaren. Guest judges in the first season include photographer BJ Pascual, comedian John Santos, and fashion designer Rajo Laurel.

“To be a good drag queen, you have to be original, have conviction, and have a strong point of view,” Jiggly Caliente said at the launch.

“I am so proud of them… We are also the first franchise to have two transwomen at the helm of the judges’ table…,” Ms. Caliente said of her experience as a judge on the show. “But the fact is these girls are so talented, they are so amazing, they are so beautiful human beings… I’m so glad that the World of Wonder decided to put their eyes on the Philippines and showcase the amazing Philippine drag.”

A drag queen should have a purpose where she draws her creativity and talent from, KaladKaren said, “Yung pagkakaroon ng purpose ang makakatulong sa kanya to find her true self (Having a purpose will help her find her true self).”

The winner of Drag Race Philippines will receive a one-year supply of cosmetics from One Size Beauty by Patrick Starrr and P1 million.

Why should we watch the show? Drag Race Philippines host, Mr. Ballesteros —  whom the drag queens call “Mama Pao” —  answered, “Because, why not?”

New episodes of Drag Race Philippines are released every Wednesday, and the spin-off and after-show, Drag Race Philippines: Untucked, premieres on Aug. 19, with new episodes released every Friday. The shows stream on discovery+, HBO GO, and WOW Presents Plus.  — Michelle Anne P. Soliman

Globe-backed Expedock raises $17.5-M funding to modernize freight forwarding

GLOBE Telecom, Inc. announced on Thursday that Expedock, one of the portfolio companies under its wholly owned corporate venture capital firm Kickstart Ventures, Inc., has raised $17.5 million for the modernization of its freight forwarding process.

The amount consists of $13.5 million in Series A funding and $4-million seed money, according to an e-mailed statement from Globe.

This is intended for the “expansion of Expedock’s team so that supply chain businesses could further understand their data more efficiently at scale,” the company added.

“Having the right automation partner will drive efficiency and profitability, reduce labor costs and help the industry keep up with today’s global shipper,” it noted.

Expedock is an “innovator” in the international freight software industry. It uses artificial intelligence to digitize paper documents, classify them, and import them into existing freight forwarder tools.

For the company, automating bills and statements of account ensures on-time payment and accurate visibility to margins, allowing supply chain professionals to focus on moving items.

“The funding round was led by global software investor Insight Partners, with participation from existing investors Neo and Pear and executives from Salesforce, Meta, eBay, Clearmetal, and Project44, among others,” Globe noted.

Kickstart President Minette Navarrete said that the global health crisis and ongoing geopolitical conflict are causing problems in the global supply chain.

“Expedock helps alleviate the problem by transforming paper forms into usable digital data, reducing the risk of error, and improving performance across the supply chain ecosystem,” she said. — Arjay L. Balinbin

Marvel’s She-Hulk hopes Disney+ fans like her when she’s angry

WEST HOLLYWOOD, Calif. —  She-Hulk: Attorney at Law is the latest Marvel Comics superhero to get the TV series treatment.

Tatiana Maslany stars as Jen Walters, who struggles to embrace her Hulk-like superpowers and instead wants to continue her life as a high-powered attorney.

Ms. Maslany, though, wishes Marvel fans don’t see it as “the female superhero show” when it begins streaming on Walt Disney Co.’s Disney+ on Thursday.

“Why do we like hit it over the head that it’s like a female series or whatever?” she told Reuters in a virtual interview. “The whole idea of her existence is threatening, not even when she’s in a fighting mode,” she added.

The show features several scenes with either media or male online trolls criticizing She-Hulk for her very existence.

Ms. Maslany’s character gains Hulk powers from cousin Bruce Banner (the original Hulk and an Avenger, played by Mark Ruffalo), who mentors her on being a superhero. She is also put in charge of her law firm’s superpower division, allowing the show to bring in a slew of Marvel Universe cameos.

However, it’s not all about law, cameos, and superpowers.

“To me, it’s the like really kind of mundane, human moments that we get to experience with somebody who has superpowers that make it so special and the thing I found funniest and kind of most engaging and like compelling about the show was like just seeing Jen at a family dinner or like trying to learn to swipe-date,” Ms. Maslany said. — Reuters

Peso weakens on hawkish signals from US Fed

BW FILE PHOTO

DESPITE the Bangko Sentral ng Pilipinas (BSP) delivering a rate increase on Thursday, the peso continued to weaken against the dollar after the US Federal Reserve’s hawkish signals to tame inflation.

The local unit closed at P55.888 per dollar on Thursday, shedding 2.80 centavos from its P55.86 finish on Wednesday, based on Bankers Association of the Philippines data.

The peso opened Thursday’s session at P55.85 per dollar. Its weakest showing was at P55.975, while its intraday best was at P55.755 against the greenback.

Dollars exchanged slightly increased to $939.3 million on Thursday from $918.65 million on Wednesday.

In a Viber message, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso depreciated after hawkish signals from the US Federal Reserve.

Minutes released on Wednesday from the Federal Reserve’s July 26-27 meeting, bank policy makers committed to raising rates as high as necessary to tame inflation.

Federal Reserve officials saw “little evidence” late last month that US inflation pressures were easing, even as they began to acknowledge more explicitly the risk if they might go too far and curb economic activity too much.

The headline inflation rate in the US slowed more than expected to 8.5% in July from an over 40-year high of 9.1% hit in June.

“The peso slightly weakened after the BSP increased its inflation outlook for 2022,” a trader said in an e-mail.

The BSP raised its key interest rate by 50 basis points (bps) on Thursday to cool stubborn inflation, which is now expected to quicken to 5.4% this year.

The central bank also raised its average inflation forecast for this year to 5.4%, from 5% previously, exceeding its 2-4% target band.

For 2023, the BSP’s inflation forecast was revised downward to 4% from 4.2% previously. Average inflation is expected to decline to 3.2% in 2024.

Inflation rose by 6.4% year on year in July, the fastest in nearly four years, and exceeded the central bank’s 2-4% target band for a fourth straight month.

“The local currency might appreciate as various Federal Reserve officials are highly expected to echo the relatively dovish signal from the latest policy meeting minutes released this week,” the trader added.

The pace of rate increases by the Fed could ease as soon as next month, with the minutes stating that, given the need for time to evaluate how tighter policy is affecting the economy.

At some point, the large 75-bp increases approved at the Fed’s June and July meetings may come to half-percentage-point and eventually quarter-percentage-point hikes in its next meetings this year, Reuters reported.

For Friday, the trader sees the peso moving between P55.80 and P56.00, while Mr. Ricafort gave a forecast range of P55.75 to P55.95 per dollar. — Keisha B. Ta-asan with Reuters

Coca-Cola teams up with Grab to boost growth, digitalization in Southeast Asia 

BEVERAGE manufacturer Coca-Cola Co. has partnered with superapp Grab to drive growth and digitalization in Southeast Asia.

In a statement on Thursday, Coca-Cola said that its regional partnership with Grab will allow for collaboration on impact initiatives to boost digital skilling for merchants and promote convenience and various beverage choices for consumers.

The partnership will improve Coca-Cola’s extensive offline retail presence and Grab’s online network. It will cover six Southeast Asian countries: Singapore, Indonesia, Malaysia, Thailand, Philippines, and Vietnam.

“At Coca-Cola, we are transforming our business model for the digital age. This new multi-market partnership extends our online reach and enables us to stay ahead of changing shopper trends as we drive customer value and growth through digital enablement,” Coca-Cola ASEAN and South Pacific Head of Offline to Online Sam Way said.

Under the partnership, Coca-Cola will help retailers within its distribution network to set up digital storefronts on GrabFood and GrabMart to expand their consumer base.

“Grab also plans to support interested merchants on its platform to become distributors of Coca-Cola, expanding their product offerings and increasing their sales opportunities. Both companies will also offer digital literacy and e-commerce training to enable merchants to upskill and further optimize their business for growth,” Coca-Cola said.

Further, the partnership will utilize Grab’s superapp advertising capabilities to offer new ways for Coca-Cola to connect with customers.

Coca-Cola will also use Grab’s platform solutions such as GrabExpress to address supply chain inefficiencies and GrabPay cashless payment.

“Coca-Cola will also tap into Grab’s merchant-partner network and scale to drive trials of zero-sugar beverages to make it easier for consumers in the region to choose the beverages that fit their needs,” the company said.

“This partnership also reflects our shared commitment to support merchants to further grow their business through digitalization and financial services. By enabling them to capture new and unmet consumer demand, we enable them to provide better services to our users. This in turn strengthens brand love for Grab and Coca-Cola,” Grab Regional Head of Merchant Saad Ahmed said. — Revin Mikhael D. Ochave

Meet the woman shaping post-pandemic cybersex

THE FOUNDER of Raspberry Dream Labs, Angelina Aleksandrovich, poses for a photograph with a VR headset she gives volunteers for her cybersex experience using XR, a combination of virtual and augmented reality, haptic stimulators, sounds and scent, amid the coronavirus disease 2109 (COVID-19) pandemic in London, Britain, February 24, 2021. — REUTERS/STUART MCDILL

LONDON — Interest in cybersex is soaring as the pandemic has left people subject to lockdowns and travel bans and unable to seek intimacy in the usual ways, according to experience designer Angelina Aleksandrovich.

At the same time, the pandemic has also pushed people’s willingness to use a tech solution to an all-time high.

Ms. Aleksandrovich runs a collective called Raspberry Dream Labs which creates multi-sensory cybersex experiences which allow people to enjoy intimate moments together even when they are not in same place.

“Because of COVID a lot of people understood how we can use technology and virtual reality in exciting and expanded ways,” Ms. Aleksandrovich told Reuters.

Whereas VR used to be dismissed as something just for gamers it has gone mainstream and is being used in intimacy and dating, she added.

In an industrial unit in North London two volunteers demonstrate her prototype experience combining virtual reality (VR), augmented reality and even smell, delivered through a collar worn around the neck, a head set, and hand-held sensors.

The volunteers see each other as outline human forms through their headsets and can caress each other without ever actually touching.

The experience involves haptic stimulators positioned over erogenous zones, something that could eventually be incorporated into soft robotic “underwearables,” said Ms. Aleksandrovich.

She argues that as we are happy to allow technology into many aspects of daily life, such as health or finance, we should include the bedroom.

A report in 2019 by US market research firm Arizton said the global market for sexual wellness products is expected to reach around $39 billion by 2024.

Asked what she made of her cyber sex experience, volunteer Victoria Gillett said, “I love it — it is definitely an experience.”

“There is so much going on and it takes a while to take it all in. When it finished I kind of wasn’t ready,” said fellow volunteer Aaron Vandeyar. — Reuters

BSP, PhilSA, DoST install satellite internet services for two rural banks

THE Bangko Sentral ng Pilipinas (BSP) and other agencies have test deployed satellite internet services for two rural banks to help boost their operations and give their clients better access to financial services in remote areas.

The central bank, the Philippine Space Agency (PhilSA), and the Department of Science and Technology-Advanced Science and Technology Institute (DoST-ASTI) started the test deployment of satellite internet service provider iOne Resources, Inc. at the Progressive Bank of Malvar and Rural Bank of Cuenca.

In a statement on Thursday, the central bank said the test deployment intends to assess the performance and reliability of satellite internet services under local weather conditions.

The BSP through Circular 1128 last year told banks to do a yearly assessment of the impact of environmental and social risks on their operations. This would include an assessment of a bank’s capability to withstand disruptions, resume operations and continue to provide services.

As the country is struck by around 20 tropical cyclones annually, the Department of Finance earlier said the country loses an average of P48.9 billion due to climate events.

“We believe in the capability of satellite technology to enhance connectivity in rural areas, thereby expanding the capacity of banks to provide digital financial services and promote greater financial inclusion in unserved and underserved areas,” BSP Governor Felipe M. Medalla said.

According to the central bank, about 33% or 533 of 1,634 municipalities still do not have bank branches operating within their areas.

Based on the BSP’s 2019 Financial Inclusion Survey, internet penetration in the country is also uneven across Luzon (60%), Visayas (40%), and Mindanao (30%).

The BSP earlier expressed its support for Executive Order (EO) 127 signed last year by President Rodrigo R. Duterte which gave telco players and other businesses wider access to all satellite systems to boost internet access and connectivity, especially in rural communities.

EO 127 was supported by the Financial Inclusion Steering Committee, which is headed by the BSP, the National Economic and Development Authority, the National Telecommunications Commission, and the government’s task force for pandemic response.

“The BSP is optimistic that with EO No. 127 and other market-enhancing policy reforms being introduced, satellite broadband services will become more accessible and affordable, which will further boost digital financial inclusion in the country,” the central bank earlier said.

Digital payments made up 30.3% of all transactions in 2021, based on the latest central bank data.

By 2023, the BSP hopes that 70% of adult Filipinos will have an account with a financial institution.

It also targets a cash-lite economy in 2023 where digital payments make up 50% of total transactions both in terms of volume and value. — Keisha B. Ta-asan

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