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China Evergrande to sell Crystal City Project for $575 mln

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China Evergrande Group 3333.HK said on Wednesday it will sell its Crystal City Project in the eastern city of Hangzhou for 3.66 billion yuan ($575 million) to two state-owned firms as the group’s liquidity issues dampen the progress of its projects.

The firm is selling the land-use and building ownership rights for the project, which is under construction, to Zhejiang Zhejian Real Estate Group and Zhejiang Construction Engineering Group, Evergrande said in a filing.

It will use the proceeds to repay construction fees of 920.7 million yuan owed to Zhejiang Construction Engineering and the rest for its own general working capital. The deal is expected to post a gain of about 216 million yuan.

Saddled with over $300 billion in liabilities, Evergrande has been struggling to repay suppliers, creditors and complete projects. State-owned enterprises have stepped in to help with the debt restructuring process and taken over some of its assets to quell market concerns about a disorderly collapse.

In a separate filing late on Tuesday, Evergrande said it had set up an independent committee to investigate how banks seized 13.4 billion yuan in deposits of its property services arm, Evergrande Property Services Group 6666.HK, that had been pledged as security for third party guarantees.

Preliminary investigation has found the pledge of the relevant deposits and the enforcement by banks took place in 2021, Evergrande said.

Shares of its unit China Evergrande New Energy Vehicle Group 0708.HK resumed trading on Wednesday and plunged up to 14.5%.

They have been suspended since last Monday pending news of the enforcement. But trading will be halted again on Friday per listing rules as the firm will not be able to publish its 2021 financial results by March 31.

Shares of Evergrande and Evergrande Property Services have both been suspended since last Monday. – Reuters

India bets on satellite broadband to bridge rural digital divide

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The day started well for Sayi Gharat. The nine-year-old schoolgirl managed to connect easily to her online science class, as she sat on a daybed in her grandmother’s home in western India.

But Sayi knew she would not be able to stay in the same spot for long due to the shaky mobile internet connection she relied on for her education as classes in Dunge village and across India moved online when COVID-19 struck in March 2020.

“Sometimes the network is good, sometimes it’s not good: she has to move from one room to another, from one corner to another, and even go outside,” Sayi’s grandmother, Chandrakamalkar Gharat, told the Thomson Reuters Foundation.

Two years on, Sayi is back at school, but staying online all day remains a challenge for her and tens of millions of others with poor connectivity in rural India, where the digital divide hampers education, livelihoods and healthcare access.

“It’s very hard for her – we sometimes wonder if it’s worth the trouble,” Gharat said.

There are currently more than 800 million internet subscribers in the nation of 1.3 billion people, according to the telecom regulatory authority (TRAI). Yet in rural India, only about 38% of the population is connected to the internet.

The government has made universal broadband a priority under its Digital India programme to improve governance through technology, with projects such as the Bharat Net rural broadband project aimed at connecting about 650,000 villages nationwide.

But digital inclusion “continues to remain a distant reality for most parts of rural India“, marred by delays in implementation, and a lack of access and digital literacy, according to a report from the Indian Council for Research on International Economic Relations (ICRIER), a policy think-tank.

That might now change due to recent policy moves including easier approvals for satellite broadband network rollouts, and the imminent launch of satellite broadband from India‘s Bharti Airtel and Jio Platforms, Elon Musk’s Starlink, and others.

“With the saturation of urban markets, there is keen interest among service providers to increase rural subscribership,” said Mansi Kedia, a fellow at ICRIER, and a telecoms and internet expert.

“But rural connectivity should look beyond the dominant technology – optical fibre and mobile communications. The use case for satellite broadband is the strongest in rural areas – it can help achieve connectivity at much lower costs,” she said.

 

CHEAP MOBILE DATA

The United Nations stated in 2016 that internet access is a human right, adding a clause to the Universal Declaration of Human Rights on the “promotion, protection and enjoyment of human rights on the internet,” including for women, girls, and those impacted by the digital divide.

India was among several countries that opposed the amendment at the time, and the country has among the most internet shutdowns in the world.

It also has one of the lowest charges for mobile data globally, helping mobile wireless to account for the bulk of the country’s 834 million internet subscribers. Only about 24 million subscribers have fixed internet connections.

Besides government programmes, private-sector and philanthropic initiatives have also helped build last-mile connectivity and increase digital literacy in rural areas.

“The big telcos will only go into rural areas if it makes economic sense, as it’s more expensive to build infrastructure, and it is for a customer base with less ability to pay,” said Michael Ginguld, a director at AirJaldi, which provides affordable networks in rural and semi-urban areas in India.

“The deeper you went into rural areas, the less demand there was – they can watch a show or a film on their phones. But this is changing, and COVID has hastened that shift, with demand for better connectivity to access education or healthcare,” he said.

AirJaldi, which has partnered with Google, Facebook and Microsoft on internet projects, reaches more than 200,000 users in about 1,500 villages in India, including some that had no mobile connectivity previously.

 

CLIMBING TREES

Globally, three-quarters of students who cannot access remote learning come from rural areas or poor households, according to the U.N. children’s agency (UNICEF).

During COVID-19 lockdowns, Indian media carried reports of students and teachers in villages climbing trees or trekking up hills in an attempt to get online.

Such anecdotes may soon be a thing of the past.

Earlier this year, OneWeb and Hughes Communications India – a joint venture with Bharti Airtel – said they had an agreement to bring low Earth orbit (LEO) satellite broadband services, “especially in areas outside the reach of fibre connectivity”.

Last month, Jio Platforms – owned by billionaire Mukesh Ambani – said it would launch satellite-based broadband services in India with Luxembourg-based telecom company SES, using geostationary and medium Earth orbit (MEO) satellites.

Also in the mix is Musk’s Starlink, which is waiting for its licence in India, and has already launched about 2,000 of its intended 42,000 LEO satellites to deliver internet across the globe. Amazon’s Project Kuiper is another potential entrant.

“The fixed costs for satellite broadband are high, but it has a lower cost of implementation for larger geographical coverage and lower population density, as compared to technologies such as optical fibre cable,” said Kedia.

Residents of the southern Indian village of Sittlingi, who once travelled to another village about 20 km (12 miles) away to get online, could not afford to wait for satellite broadband.

Nonprofits the Digital Empowerment Foundation and the Internet Society stepped in during the pandemic, and established a stable internet connection in the village using free, unlicensed spectrum.

That meant students were able to resume classes, farmers could sell their produce online, and an indigenous crafts centre found new buyers, said Lalitha Regi, manager of Porgai, the crafts centre.

“It was like a celebration – getting connectivity,” she said. – Reuters

Philippines wants government workers to report early to ease traffic

The Philippines is considering earlier work hours for government offices to ease traffic congestion in the capital that has worsened as virus restrictions eased.

The Metropolitan Manila Development Authority, which sets policies on traffic in the capital region, asked President Rodrigo Duterte to move government work an hour earlier to a 7 a.m. to 4 p.m. shift.

This will allow state workers to avoid the rush hour, the body’s chairman Romando Artes said at a televised briefing late Tuesday.

A four-day work week of 10 hours each day can also be implemented, Artes said, echoing an earlier proposal from Economic Planning Secretary Karl Chua. Pending a study on overtime pay required by law, an alternative proposal is to allow workers to work from home once a week to help lessen the number of vehicles on the road, Artes said.

Traffic jams have returned in the capital following the easing of movement restrictions as Covid-19 infections subside.

The governing body in charge of the capital region also presented a proposal to build elevated walkways and bicycle lanes to encourage workers to walk or use bikes on their way to work. Duterte whose term ends in June wants the proposals to be studied. — Bloomberg

MPIC partners with BEST, bXTRA for Trash to CashBack Program

Incentivizing Waste Management. MPIC, through its Chief Finance, Risk, and Sustainability Officer Chaye A. Cabal-Revilla (bottom row), signs a Memorandum of Agreement (MOA) with the Basic Environmental Systems & Technologies, Inc. (BEST), represented by its Senior Vice President Dwight Ramos (upper right) and BEEPXTRA Philippines Inc. (bXTRA), represented by its President Jan Vincent Mercado (upper left) for their Trash to CashBack program.

Metro Pacific Investments Corporation (MPIC), the country’s leading infrastructure investment company, further reinforces its thrust towards sustainability, after signing a Memorandum of Agreement (MOA) with the Basic Environmental Systems & Technologies, Inc. (BEST) and BEEPXTRA Philippines Inc. (bXTRA) for their Trash to CashBack program.

Through this partnership, the company aims to help minimize waste pollution through the promotion of proper segregation at source and recycling that supports a circular economy. MPIC will collaborate with BEST and bXTRA to implement an effective and cost-efficient solid waste management program.

“Our commitment to national progress always takes environmental impact into utmost consideration,” said MPIC Chairman and President Manuel V. Pangilinan. “Implementing programs like this with like-minded organizations help us further achieve our goal of creating a cleaner, greener, and more sustainable Philippines.”

Transforming Trash to Cash

BEST and bXTRA initiated the program to encourage households, offices, other establishment and communities to properly segregate recyclables from their sources, referred to as My Basurero Eco-Communities or MBE-Cs. In the process, they receive environmental points equivalent to CashBack in order to encourage them and make this practice sustainable.

“Partnering with MPIC, a company that embeds environmental stewardship in its strategies, helps us ensure the cost-effective implementation of solid waste management programs,” says BEST Senior Vice President Dwight Ramos. “With our partnership, we are together in pushing forward the new NIMBY or ‘Now In My Backyard’, where each one of us ensures that our waste is reused, converted into new products in the circular economy, and supports sustainable living.”

bXTRA President and Managing Director Jan Vincent Mercado acknowledged the importance of this partnership to be implemented at the community level, particularly at the communities along Laguna de Bay, to increase awareness on waste management. MPIC, along with its subsidiary Maynilad, have developed the Laguna de Bay Welfare Awareness Program (LAWA) to jointly protect the Laguna Lake and its surrounding provinces, cities, and towns.

“This program is a mode of prevention from the actual collection of waste in Laguna Lake, as we are actively preventing the waste from physically reaching the lake,” says Mercado. “This is a very promising partnership, and we believe that with everybody’s help, we can really make a difference.”

MPIC will implement the Trash to CashBack program as part of its strategy to create a sustainability mindset among its employees. By end of the year, the environmental points will be converted to grocery items, which will be distributed to its partner communities in low-income areas.

“As we tackle climate change, we must also take urgent action to address the growing concern on waste pollution that causes adverse effects on the environment, people’s health, and even economic growth,” says Chief Finance, Risk, and Sustainability Officer Chaye A. Cabal-Revilla. “We hope that by being good environment stewards, we will create more awareness and contribute to our country’s sustainable development.”

MPIC’s partnership with BEST and bXTRA is aligned with Gabay Kalikasan, one of the MVP Group’s Gabay Advocacies for a Sustainable Philippines. It is also in line MPIC’s efforts to contribute to the United Nations Sustainable Development Goals (SDG), particularly SDG 11 Sustainable Cities and Communities and SDG 12 Responsible Consumption and Production.

 


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Blockchain project Ronin hit by $615 million crypto heist

Blockchain project Ronin said on Tuesday that hackers stole cryptocurrency now worth almost $615 million from its systems, in what would be one of the largest cryptocurrency heists on record.

The project said that unidentified hackers on March 23 stole some 173,600 ether tokens and 25.5 million USD Coin tokens. At current exchange rates, the stolen funds are worth $615 million, but they were worth some $540 million at the time of the attack.

This makes it the second-largest crypto theft on record, according to blockchain analysis firm Elliptic.

Ronin is used to power the popular online game Axie Infinity, which uses non-fungible tokens (NFTs) and is the biggest NFT collection by all-time sales volume, according to NFT market tracker CryptoSlam.

Ronin said in a blog post that the hacker had used stolen private keys – the passwords needed to access crypto funds – to make off with the funds.

Ronin said it had discovered the hack on Tuesday. “We are working directly with various government agencies to ensure the criminals get brought to justice,” it said, adding that it was discussing with Axie Infinity how to ensure no users’ funds were lost.

Ronin‘s users are unable to withdraw or deposit funds on the network, it said.

Ronin did not immediately respond to a request for comment sent via Twitter. It said it was working with major blockchain tracker Chainalysis to trace the stolen funds. Most of the funds are still in the hacker’s digital wallet, Ronin said.

Hacks have long plagued crypto platforms.

The cryptocurrency arm of Jump Trading said last month it had restored more than $320 million to crypto platform Wormhole after the decentralized finance site was hit with one of the largest crypto heists on record. Read full story

Last August, hackers behind likely the biggest ever digital coin heist returned nearly all of the $610 million-plus they stole from the DeFi site Poly Network. Read full story

In 2018, digital tokens worth some $530 million were stolen from Tokyo-based platform Coincheck. Mt. Gox, another Japanese exchange, collapsed in 2014 after hackers stole half a billion dollars of crypto.

Ronin is developed by Singapore-based game studio Sky Mavis, which owns Axie Infinity. Sky Mavis does not give contact details on its website. It did not immediately respond to a request for comment sent via LinkedIn. – Reuters

Powering the Philippines’ energy transition

By Bjorn Biel M. Beltran, Special Features Writer

Energy has long been a topic of conversation when it comes to envisioning the society of the future. Advancements in energy have historically led to massive surges in technological progress, with the most notable being the first industrial revolution in which the use of fuel sources like coal and steam power transitioned mankind from an agrarian and handicraft society to one dominated by industry and machine manufacturing.

Many leaders are pushing for a new, similar transition today. In November last year, the United Nations Secretary General António Guterres issued a global road map to achieve a radical transformation of energy access and transition by 2030, while also contributing to net zero emissions by 2050.

“We face a moment of truth,” Mr. Guterres said. “Close to 760 million people still lack access to electricity. Some 2.6 billion people lack access to clean cooking solutions. And how we produce and use energy is the main cause of the climate crisis. We must solve these challenges this decade. And we must start today. With the global road map at hand, we can together realize the potential of energy as a crucial enabler for the achievement of the Sustainable Development Goals and the objectives of the Paris Agreement, ensuring a more prosperous, equitable and sustainable future for people and the planet.”

As the effects of climate change continue to be felt worldwide, exacerbated by the  impact of the COVID-19 pandemic, more people are beginning to realize the critical significance of transitioning to cleaner, more sustainable ways of living.

As a signatory to the Paris Agreement on Climate Change, the Philippines has pledged to cut its greenhouse gas emissions to a 75% reduction by 2030. Among such initiatives towards reaching this goal are the Department of Energy’s (DoE) various programs towards facilitating energy transition, including the National Renewable Energy Program (NREP).

The NREP aims to realize the country’s renewable energy goals by institutionalizing a comprehensive approach to address the challenges and gaps that prevent and/or delay wider application of RE technologies in a sustainable manner; and outlining the action plans necessary to facilitate and encourage greater private sector investments in RE development.

Specifically, the NREP intends to raise the country’s geothermal capacity by 75.0%; hydropower capacity by 160%; deliver additional 277-MW biomass power capacities; attain wind power grid parity with the commissioning of 2,345-MW additional capacities; mainstream an additional 284-MW solar power capacities and work towards achieving the aspirational target of 1,528 MW; and develop the first ocean energy facility for the country.

Other plans such as the 2040 Philippine Energy Plan (PEP) are also made to usher in a new era for Philippine energy. The PEP was designed to increase the production of clean and indigenous sources of energy to meet the growing economic development of the country; decrease the wasteful utilization of energy through the use of energy efficiency tools and strategies; and ensure the balance between the provision of reliable and reasonably priced energy services, support for economic growth, and protection of the environment.

“The Philippine energy sector has witnessed unprecedented times over the past two years mainly due to the impact of the COVID-19 pandemic. The country’s energy woes have intensified due to declining and unstable gas supply from Malampaya field, resulting in a need for an immediate LNG supply solution. This has evidently led to changes in both energy supply mix and consumption patterns across various sectors,” Karthik Sathyamoorthy, president of AG&P LNG Terminals & Logistics, told BusinessWorld in an e-mail.

“With the economy slowly recovering and getting back to its pre-pandemic levels, I expect the DoE 2040 Philippine Energy Plan to go full swing with the country’s aspiration to fast-track clean energy fuels such as Liquefied Natural Gas (LNG) and renewables. DoE forecasts Natural Gas (NG) from LNG imports to account for 40% of the power generation by 2040 that is equivalent to 17 MTPA LNG requirement for power generation in the country.”

With the Malampaya gas field, which supplies 30% of Luzon’s energy, expected to be depleted by 2024 alongside the fact that the country also has a growing population with the highest electricity costs in Southeast Asia, Mr. Sathyamoorthy pointed out that the need to establish energy security, reliability, and affordable power has never been higher.

“In this regard, I foresee continued focus by both public and private sectors for the industry to move away from conventional energy sources to cleaner alternatives such as natural gas and liquefied natural gas that will play a crucial role in energy transition in the country,” Mr. Sathyamoorthy said.

“We at AG&P expect that the Philippines’ energy industry will transform itself into a more robust, globally connected, and clean energy driven segment. Combined with gas power’s ability to stabilize the electric grid, LNG opens the door to more renewables, which are inherently volatile. Thus, LNG in combination with renewables has a net decarbonizing effect. Hence, we are actively pursuing LNG/NG supply initiatives that will also support the growth of renewables and usher in reliable and affordable power supply across the various downstream value chain segments such as transport, commercial and industrial sector,” Mr. Sathyamoorthy added.

Building the country’s foremost TMT law firm and beyond

Gorriceta Africa Cauton & Saavedra (Gorriceta)

By Adrian Paul B. Conoza, Special Features Assistant Editor

It usually takes decades to build a legacy in the Philippine legal industry — an industry that heavily depends on long-term client relationships, consistent exemplary services rendered, and leading expertise in the multitude of legal fields. And yet, defying odds, within seven years from its inception, Gorriceta Africa Cauton & Saavedra (Gorriceta) already propelled itself as among the top-tier full-service law firms in the country, moreso claiming undisputed leadership in a hotly contested field of law — Technology, Media, and Telecommunications (TMT).

When Gorriceta started in 2015, it heavily focused on Corporate, Capital Markets, Mergers & Acquisitions, Taxation, Intellectual Property, and Litigation Law, which Gorriceta’s managing partner, Atty. Mark S. Gorriceta, noted are relatively traditional practice areas for any Manila-based law firm.

“This has allowed the firm to build its initial set of clients and foster a culture of excellence amongst its founding team of lawyers,” Mr. Gorriceta told BusinessWorld in an e-mail.

Later on, Gorriceta expanded to Anti-Trust and Competition, Project Development and Finance, Labor and Employment, Real Estate, Infrastructure and Special Projects, Immigration, Data Privacy & Cybersecurity, Banking and Financial Services, and of course, TMT Law.

Key to its fast-paced growth is its relentless and driven team of legal professionals which, as Atty. Gorriceta described, “on average, are young, tech-savvy, and agile in adopting and spearheading legal developments to meet innovations in the market” as led by its current nine partners, three junior partners, and seven counsels.

Gorriceta’s remarkable growth is easily validated by its numerous recognitions by reputable legal ranking institutions here and abroad.

Leading its trophy cabinet is its three-year reign (2019, 2020, & 2021) as the top TMT Law Firm in the Philippines recognized by Asia Business Law Journal in its annual Philippines Law Firm Awards. Gorriceta has also been awarded for three consecutive years (2019, 2020 & 2021) as the TMT Law Firm of the Year by Asian Legal Business, a Thomson Reuters company.

Since 2017, when it won as Rising Law Firm of the Year, Gorriceta has steadily increased its nominations and wins in the Philippine Law Awards, bagging Innovative Law Firm of the Year (2019 and 2021), Construction and Real Estate Law Firm of the Year (2020), Data Privacy and Protection Law Firm of the Year (2021), Philippine Deal Firm of the Year (2021), and Equity Market Deal Firm of the Year (Midsize) (2021), among others.

Atty. Gorriceta was also awarded as Managing Partner of the Year in 2020 and Dealmaker of the Year in 2021 in the Philippine Law Awards. The Legal 500 also names Gorriceta as among its recommended Philippine firms in the Capital Markets, Mergers & Acquisitions, TMT, Intellectual Property, Dispute Resolution, and Labor and Employment.

With TMT as its current legal centerpiece, Atty. Gorriceta’s open secret is the firm’s “heavy investment and expansion in TMT projects, by engaging both stakeholders: from regulators, to startups, to the general public in developing TMT as an instrument of public good.”

“We have built strong links with the TMT and FinTech space — whether globally or locally, private or governmental — in order to have firsthand knowledge of the new technologies that could be brought into or developed within the Philippine market,” Mr. Gorriceta explained. “In turn, [as we open ourselves to] discovering and/or familiarizing ourselves with such new technologies, we bridge regulators and private stakeholders into applicable Philippine laws and regulations that allow for the creation of entities or structures that can roll out these new products and services.”

This has been a winning formula, with heavyweights in the Philippine TMT space adorning its roster of clients, such as: UnionBank, UBX, Coins.PH, GCash, Kumu, Shopee, ShopeePay, Robinsons Group, Filinvest Group, Multisys Technologies, Angkas, and Foodpanda. It also holds an expansive list of up-and-coming startups and organizations that rely on the firm for Philippine legal and regulatory advice in the TMT/fintech space.

As part of its professional responsibility, Atty. Gorriceta continued, the firm also assists legislators and government regulators in developing and upgrading existing laws and regulations to meet the demand for innovative products and services that are potentially of great benefit to the public — such as the open finance ecosystem, the rise of blockchain-based technologies, and many others, thus acting as a key mediator at the crossroads of innovation and regulation.

“We have assisted traditional business clients in developing a tech and/or fintech arm to bridge their products and services into the growing digital economy. We have also facilitated several Securities and Exchange Commission (SEC) and Bangko Sentral ng Pilipinas (BSP) license applications that have enabled the expansion of much-needed financial services in the country, which in turn, propelled more business growth for our clients,” Atty. Gorriceta said.

Beyond its leadership in the TMT space, Gorriceta has also solidified its track record in equity market deals and closed notable mergers and acquisitions that continue to change the business landscape in the country. Its all-around legal services have also been heavily tried and tested during the pandemic, emerging triumphantly when the firm saw “an exponential increase in legal services rendered.”

Yet, with such an expansive reach and steady leadership, Gorriceta remains hungry for new opportunities.

“The firm is now looking to expand to energy law in order to assist the energy sector and the country with the ever-pressing demands for energy regulation, project development for renewable and non-renewable energy, electric generation and transmission, and various other environmental law concerns,” Atty. Gorriceta said. To realize this, it has further boosted the number of its legal professionals and invested heavily on further legal training and development, particularly in this new journey towards Energy Law.

While Gorriceta acknowledges that its legacy in the Philippine legal industry remains young and suspect to an unfathomable set of future challenges, it remains optimistic that these challenges can be met by a culture of perseverance, dedication to legal excellence, and a penchant for finding and developing the right lawyers that are driven to make a mark for themselves.

Built on solid aviation and transportation expertise

Ocampo & Manalo Law Firm (OMLAW)

When it comes to aviation and transportation law, a firm that easily comes to mind is The Ocampo & Manalo Law Firm (OMLAW), one of the winners in Asia Business Law Journal’s Philippines Law Firm Awards 2021 for Aviation.

Since its establishment in 1997, OMLAW has built a strong emphasis in aviation and transportation law, owing to the partners’ prior experience as counsel to one of the Philippines’ biggest local carriers. Atty. Manolito A. Manalo, managing partner of OMLAW, recognized that being in the forefront of such practice for close to 25 years, many local and international carriers and companies have entrusted their businesses, issues, and requirements to the firm.

“From traffic rights, franchises, charter permits, accident insurance, to joint ventures and commercial agreements, the firm ensures dependable advice and opinions relative to regulatory compliance and petitions; and when necessary, represent clients before government boards and agencies including assistance in policy formation by the government regulators,” Atty. Manalo said in an e-mail to BusinessWorld.

OMLAW’s client roster includes Qatar Airways, RyanAir, Turkish Airlines, Tigerair Taiwan, Xiamen Airlines Cambodia Airways, JC (Cambodia) International Airlines, AirSWIFT Airlines Philippines, Philippines AirAsia, AirAsia Berhad, Jeju Air, YTO Cargo Airlines, Deutsche Lufthansa, Condor Airlines, Magnum Air (Skyjet Airlines), Starlux Airlines and Vietnam Airlines.

Nonetheless, OMLAW has evolved into a full-service law firm with an active and vibrant practice in various fields such as Corporate Mergers & Acquisitions and Dispute Resolution, as well as in vital industries such as real estate and engineering, energy and natural resources, insurance, retail trade, logistics, and infrastructure development.

“Through the years, the goodwill generated through this rich practice has allowed the firm to keep growing,” Atty. Manalo added.

Moreover, as it recognizes the value of strengthening ASEAN ties, OMLAW has expanded its reach beyond the Philippines through a formal affiliation with JLPW Legal Group, based in Kuala Lumpur, Malaysia, and its regional affiliates. “Through this alliance, the firm can tap into the network of ASEAN-based law firms for assistance with clients and other legal services” Atty. Manalo said.

The firm also collaborates regularly with the Singapore offices of HFW and Milbank, both global legal powerhouses. OMLAW is also an active member of associations like LAWASIA and the Asian Business Aviation Association or AsBAA.

While the COVID-19 pandemic has brought challenges to business, including the massively impacted aviation industry, OMLAW was able to bank on and further enhance its existing IT structure not only to be very accessible for urgent matters that needed legal advice and assistance but, in some cases, to be one step ahead.

“Clients’ myriad business concerns were addressed in a timely manner resulting in minimal damage, if at all, and allowed quick recovery under the ‘new normal,’” Atty. Manalo shared. “Investments in and the intelligent use of technology, both old and new, allowed the firm to deliver effective services.”

Atty. Manalo further stated that as their firm expects clients to seek legal services in making sense of the changes happening under the new normal, OMLAW stands ready to guide them toward development. “The firm will continue to utilize current technologies and be open to adapt other tools that will encourage productivity and ease of work, thereby converting challenges posed by the ‘new normal’ into stimuli for growth.”

An innovator of valuable solutions for industries

Photo shows 8 Rockwell building, home of PJS Law since 2015.

Puyat Jacinto & Santos (PJS Law)

Because creating solutions that not only meet the requirements and demands of clients bring high potential for social impact on a national scale, particularly existing and emerging businesses, lawyers are considered agents of nation building. This is the mindset that Puyat Jacinto & Santos (PJS Law) upholds in developing expertise and serving clients across various areas for nearly 25 years.

PJS Law’s beginnings can be traced back to 1997 when three young lawyers — Dave Puyat, Reggie Jacinto-Barrientos, and Roy Santos — decided to establish a startup firm with five core practice areas in a corner office of about 25 square meters in Ayala Avenue.

The practice has expanded to a comprehensive range of legal services, marked with in-depth knowledge and extensive transactional experience in specialized fields such as energy, infrastructure, corporate/merger & acquisitions, banking, finance and capital markets, and conflict resolution which includes litigation and arbitration.

Through continuous innovation and creation of effective solutions uniquely suited to the needs and specifications of each client, the firm handled several innovative and pioneering transactions. “PJS Law also cultivates a robust practice in the fields of intellectual property & information technology, fintech, labor and employment, real estate, taxation, and immigration,” Atty. Santos, the firm’s managing partner, shared in an e-mail to BusinessWorld.

Among these various areas, PJS Law is recognized by the Philippine Law Firm Awards for 2021 as one of the best firms under the Energy, Private Equity & Venture Capital, and Projects & Infrastructure practice areas. Atty. Santos notes that PJS Law’s ability to understand not just the legal framework but also the technical and financial nuances of the its clients’ businesses, and the industries that they belong to, remains the strongest point of the firm.

“We think of ourselves as strategic partners of our clients, who contribute value in every phase of the transaction; ‘from the drawing board to the balance sheet’ is what we say,” Atty. Santos said. “We continuously innovate and create effective solutions uniquely suited to the needs and specifications of each and every client. This paved the way for the firm to handle several innovative and pioneering transactions.”

Over the years, PJS Law has gained international recognition as one of the leading firms in its various practice areas and has been consistently cited in AsiaLaw Profiles, Chambers and Partners Global, IFLR1000, and The Legal 500.

Aside from the innovation mindset that mitigated the adverse effects of transitioning from analog to largely digital way of doing work brought about by the COVID-19 pandemic, PJS Law also benefitted from its consistent investment in technology and the digitization of its processes.

The firm has collaborated with Talino Venture Labs and Amihan Global Strategies Phils., Inc. in their development and implementation of SafePass and RapidPass, respectively, which formed part of the government’s immediate response to the health crisis. 

More recently, the firm partnered with Unawa Asia, the first regulatory-tech venture in the Philippines, in developing SignSecure, a recently-launched digital solution that securely signs documents.

“Our teams are also accustomed to legal practice in evolving industries, so our lawyers are trained to anticipate changing and fluid regulatory landscape. This proved critical during the height of pandemic as we leveraged on the different strengths of our members in responding to immediate requirements of clients,” Atty. Santos added.

Last year, founders Atty. Jacinto-Barrientos and Atty. Santos assumed the leadership posts of CEO and managing partner, respectively. From a three-partner firm, PJS Law now boasts of more than 40-fee earners today.

In this new normal, in time with the firm’s 25th anniversary this year, PJS Law welcomes opportunities from developments in the legal space, such as the introductions of new laws and regulations in the international and local markets. Equally important as well is the resolve to grow and sustain development.

“With dedication, mutual trust, and unwavering commitment of every member of the firm, we are optimistic that we will achieve a global footprint in the legal world,” Atty. Santos said. — Allyana A. Almonte

A perfect storm to propel the legal industry into a new age

Photo from freepik

By Bjorn Biel M. Beltran, Special Features Writer

Disruption has been the name of the game in the past decade, with the emerging technologies heralding the arrival of the Fourth Industrial Revolution. All of it has culminated in the past two years when the COVID-19 pandemic pushed the world past a tipping point, when digital technology became so ingrained into daily life past a point of no return.

The legal industry is no exception. Mark S. Gorriceta, managing partner at Gorriceta Africa Cauton & Saavedra, said in an e-mail to BusinessWorld, that the rapidly evolving landscape has had a significant effect on how the legal business is done.

“For the past two years, we have seen the increase in demand to embrace digital transformation. We have seen innovative and rapid-changing solutions; new technologies that accelerated during the pandemic. With the unprecedented change in technology and the country’s rapid shift to digital economy, the legal industry also had to embrace and adopt new digital protocols,” he said.

Mr. Gorriceta noted that such conditions were the “perfect storm” to propel industries like media and telecommunications, as well as banking and financial services into the spotlight, as such industries remain integral to the country’s pandemic response.

Brick-and-mortar businesses, which massively felt the pandemic’s economic impact, were buoyed up by digital channels that enabled economic transactions as part of the Philippines’ rising digital economy. Mr. Gorriceta said that such digital infrastructure also allowed government services and regulators to provide continuity in essential services and allow “our social and economic lives in general to remain interconnected notwithstanding prolonged physical and social restrictions.”

Mr. Gorriceta further noted that the legal industry also faced the regulatory and compliance demands of these sectors.

“In this regard, the legal industry, together with the regulators, have brought the necessary legal and regulatory framework to allow these industries to germinate and boom,” he said.

“There has been an unprecedented pressure on the legal industry to create better and more efficient systems in order to keep up with the demands of its clientele. Like any other industry, work-from-home and/or hybrid working arrangements have become the norm during the height of the pandemic, which allowed continuous legal services to be rendered,” Mr. Gorriceta added.

Atty. Manolito A. Manalo, managing partner at the Ocampo & Manalo Law Firm (OMLAW), echoed the sentiment, saying that there was an increase in the use of digital technology to enhance legal services.

“Increased dependence on digital communication between lawyer and client as well as among team members especially during the period of lockdowns, allowed [OMLAW] to retain efficiency by using and improving on available resources to understand and meet clients’ needs,” he said.

One instance of these sweeping changes to the legal industry is the rise in compliance, monitoring, and enforcement of data privacy laws. Mr. Gorriceta noted that the National Privacy Commission’s mandate to protect data privacy rights of Filipinos and Philippine residents became imperative amidst the exponential increase in data collection and processing activities during the pandemic.

Mr. Manalo pointed out that, as the pandemic further challenged all industries across the world, more businesses have been seeking legal aid for guidance in navigating the changing landscape.

“The increased work resulting from clients and business who were negatively affected by the pandemic as well as those who operated in a ‘business as usual’ perspective were aided by the utilization of digital communication technology already in place and long entrenched in our firm’s culture,” he said.

Furthermore, Mr. Manalo said that his firm continues to strengthen their digital communications technological requirements and ensured that updated rules and laws under the ‘new normal’ are available for reference and dissemination to clients for application.

Mr. Gorriceta, for hist part, said that their firm is assisting their clients to shift to purely digital or digitized business models that enable their operations to continue and survive in this ‘new normal’.

“We have also facilitated various licensing and compliance requirements of several Finance & Technology (fintech) companies — from conglomerates pivoting to fintech to founder-led start-ups,” he said.

“In support of the Technology, Media, and Telecommunications and fintech sector, our firm continues to participate in key stakeholder discussions with regulators to create laws and regulations to further develop the industry while balancing and protecting the consumer and/or investing public’s rights under the law,” Mr. Gorriceta added.

Even as the country moves past the pandemic, its impact will be felt for years to come. Mr. Gorriceta said that he foresees fintech, particularly emerging technology initiatives such as blockchain, will continue to make disruptions in the sector and assist the government in reaching more unbanked and underbanked Filipinos.

Mr. Manalo, meanwhile, expects an increased use of technologies like video conferencing by the courts and other government agencies, as well as more reliance on online filings and submissions with regulators. Changes introduced under the “new normal” will also open it up to competition from similarly positioned firms as well as other non-legal partnerships offering services that were previously solely provided by law firms.

Leaders in the Philippine legal industry

Gorriceta Africa Cauton & Saavedra and OMLAW are both winners in the Asia Business Law Journal’s recently concluded Philippine Law Firm Awards 2021, which recognized the best law firms in the country in the past year.

 

The awards identified one Law Firm of the Year, four Best Overall Law Firms, and four winners each in 22 practice areas, all of which have demonstrated excellence in the industry despite the disruptions. The winners were selected based on the votes, references and qualitative information received from in-house counsel and other legal professionals in the Philippines and around the world.

Law Firm of the Year was awarded to ACCRALAW for the second time in a row. It was identified as among the best firms in the Philippines across 15 categories in the awards this year.

“The firm has been at the forefront of embracing technology to constantly improve its services, and technology has been a real game-changer for firms in the past two years since the pandemic forced lawyers to work from home,” Asia Business Law Journal stated.

ACCRALAW was also recognized among the four Best Overall Law Firms, alongside Cruz Marcelo & Tenefrancia; Romulo Mabanta Buenaventura Sayoc & de los Angeles; and SyCip Salazar Hernandez & Gatmaitan.

 

 

BW Insights | Corporate HERoes: Women on the Frontlines of Business Battlefields

The latest “Women in Business” report published by Grant Thornton International revealed that the Philippines ranks first globally in terms of women in leadership positions. And according to a Harvard Business Review article, companies “with more women in senior positions are more profitable, more socially responsible, and provide safer, higher-quality customer experiences — among many other benefits.”

How are women executives facing and winning their battles in and beyond the boardrooms today?

Learn that and more straight from corporate HERoes in a special episode of BusinessWorld Insights in partnership with McDonald’s Philippines and P&A Grant Thornton LIVE and FREE on Monday, March 28 at 11 a.m. on BusinessWorld’s and The Philippine STAR’s Facebook page.

This session of #BUSINESSWORLDINSIGHTS is supported by the British Chamber of Commerce of the Philippines, Management Association of the Philippines, Philippine Chamber of Commerce and Industry and The Philippine STAR.

Belle Corporation announces schedule of shareholders’ meeting on April 28

Belle Corporation | Notice of Annual Shareholders’ Meeting

Please see below for the Notice of the Annual Shareholders’ Meeting of Belle Corporation.

TO ALL SHAREHOLDERS:

The annual meeting of the shareholders of Belle Corporation (the “Company”) will be held on April 28, 2022, Thursday at 2:00 P.M. Given the current circumstances, the meeting will be conducted virtually and voting conducted in absentia through the Company’s secure online voting facility.

AGENDA

  1. Call to Order
  2. Proof of Notice of Meeting and Quorum
  3. Approval of the Minutes of the Annual Meeting of Shareholders held on June 25, 2021
  4. Approval of 2021 Operations and Results
  5. Ratification of all Acts of the Board of Directors and Management during their term of office
  6. Election of Directors for 2022-2023
  7. Appointment of External Auditors
  8. Other Matters
  9. Adjournment

The Board of Directors has fixed the end of trading hours of the Philippine Stock Exchange, Inc. on March 21, 2022 as the record date for the determination of shareholders entitled to the notice of, participation via remote communication, and voting in absentia at such meeting, and any adjournment thereof.

The conduct of the meeting will be streamed live, and shareholders may attend the meeting by registering via https://asmregister.bellecorp.com/ and submitting the supporting documents listed there until April 25, 2022. All information submitted shall be verified and validated by the Corporate Secretary.

Stockholders who wish to cast votes through a proxy may accomplish the corresponding proxy form (which need not be notarized) and submit the same on or before April 19, 2022. In view of the community quarantine, scanned forms will be accepted. Paper copies shall be sent to the office of the Corporate Secretary at 2704 East Tower, Philippine Stock Exchange Centre, Exchange Road, Ortigas Center, Pasig City once the community quarantine is lifted.

Stockholders who successfully registered can cast their votes in absentia through the Company’s secure online voting facility for this meeting. In order to participate remotely, they will also be provided with access to the meeting that will be held virtually. The “Guidelines for Participation via Remote Communication and Voting in Absentia” as appended to the Information Statement labeled as “Schedule A” will be posted in the Company’s website (https://www.bellecorp.com/ASM2022) and PSE Edge.

Pasig City, March 22, 2022.

(Sgd.)
JASON C. NALUPTA
Corporate Secretary

 


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