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EDC unit eyes P3-B upgrade of Negros Oriental power plant

PNA/MARY JUDALINE FLORES PARTLOW

GREEN CORE Geothermal, Inc. (GCGI), a subsidiary of Energy Development Corp. (EDC), is planning a P3.02-billion expansion of its 112.5-megawatt (MW) Palinpinon 1 Geothermal Power Plant Project in Negros Oriental.

In its filing with the Department of Environment and Natural Resources, GCGI said it is proposing to increase the plant’s capacity to 126 MW by replacing the existing three 37.5-MW turbine-generators.

“This upgrade is prompted by the fact that two of the turbine rotors are approaching the end of their asset life within two to three years,” the company said.

The replacement of turbines will not require any additional land, changes in process technology, or increased steam usage, it said.

“Furthermore, there will be no increase in emissions or condensate generation, as the enhanced efficiency of the new turbines compensates for the capacity increase,” the company said.

GCGI is targeting the completion of all unit upgrades by the third quarter of 2028.

“The proposed project will use geothermal power generation, supporting renewable energy sources as part of the Energy Reform Agenda. It will provide consistent electricity aiding in national growth,” it said.

The company said the project is expected to meet the projected needs of the Visayas grid and promote renewable energy development in the country.

EDC took over operations of the geothermal power plant in 2009 from the National Power Corp., in line with the goals of the Electric Power Industry Reform Act to privatize power generation assets.

Aside from the Palinpinon geothermal power plant, GCGI also operates the 123-MW Tongonan 1 geothermal power plant in Leyte.

Its parent, EDC, is the renewable energy arm of Lopez-led First Gen Corp., which holds an installed capacity of 1,480.19 MW — representing around 20% of the country’s total installed renewable energy capacity. — Sheldeen Joy Talavera

RCBC Trust eyes double-digit growth in assets under management this year

RCBC TRUST Corp., the stand-alone trust and investment arm of listed Rizal Commercial Banking Corp. (RCBC), saw its assets under management (AUMs) rise by 14% year on year to P186 billion as of end-March.

However, its AUMs declined quarter on quarter from the P194.77 billion recorded at end-2024 “due to e-wallet outflows and a bearish equity market,” RCBC Trust President and Chief Executive Officer Robert B. Ramos said in a statement late on Wednesday.

“E-wallets are quite volatile. The funds come in and out often,” he said.

The trust company aims to increase its AUMs by 10-15% this year, with its growth plans focused on high net-worth individuals, institutional accounts, and services like estate planning and investment advisory.

RCBC Trust is looking to accelerate its digital shift, it said.

Part of these efforts include making unit investment trust fund (UITF) products accessible via the RCBC Pulz app for easier investment management onboarding.

“Clients want intuitive and seamless access. We are creating a digital investment boutique — whether you want corporate bonds, government securities, or time deposits, it should all be in one space,” Mr. Ramos said.

He added that they have observed increased interest in environmental, social, and governance (ESG)-related investments.

RCBC Trust’s net earnings jumped by 82% year on year in the first quarter, with growth driven by its service upgrades, institutional mandates, and digital investment tools.

Return on equity improved to 54% as of end-March from 41% a year prior, while its operating profit margin climbed to 29% from 21%.

The standalone trust unit’s revenues rose by 24% in the period, which it said was driven by “rigorous investment management accounts (IMA) and retirement fund mandates.”

The improved financial performance came on the back of “improved client service, particularly in the stock transfer operations,” Mr. Ramos said.

RCBC Trust began operating in January 2024 after its listed parent bank spun off its trust group’s into a stand-alone company.

Its parent RCBC’s attributable net income rose by 10.26% year on year to P2.43 billion in the first quarter.

Its shares rose by 30 centavos or 1.19% to close at P25.45 apiece on Thursday. — A.M.C. Sy

Public ownership of public policy

STOCK PHOTO | Image from Freepik

More than 20 years ago, an International Monetary Fund (IMF) working paper defined policy ownership in these terms: “…a willing assumption of responsibilities for an agreed program of policies, by officials in a borrowing country who have the responsibility to formulate and carry out those policies, based on an understanding that the program is achievable and is in the country’s best interest.” (James M. Boughton and Alex Mourmouras, “Is Policy Ownership an Operational Concept?” April 2002)

The Fund recognized that some public authorities would only agree to some policy initiatives like higher interest rates to control inflation or increased taxes to reestablish fiscal space, ensure funding of the national budget and achieve higher targeted economic growth, in order to get financing. Among other factors, non-policy ownership leads to half-hearted implementation of such public policies and ultimately, program failure. When the authorities own the policies, there is greater likelihood the corresponding policy reforms shall be pursued with more serious, more determined follow through even after the conditional program is over.

When this is the case in an economy, policy ownership does not involve a mere perfunctory assent; it is more a genuine effort to see reforms take root and produce a more sustainable economic growth and stability.

We were involved in 28 out of the 44 years that the Philippines was in active use of Fund resources under various adjustment programs including Stand-By and Extended Fund Facility. Yes, there were a number of IMF policy errors, especially those restrictive monetary and fiscal policies in the context of very difficult, recessionary periods. Looking back, however, the country’s failure to embrace those reforms in agriculture, oil industry, infrastructure, taxation, public financial management, and most especially governance could explain the slow progress in these areas.

In principle, those reforms saw the light of day when Congress became more actively involved, and there was better understanding between the IMF and the Philippine Government on the rationale for those public policy reforms. It’s difficult to deny though that there were indeed significant gaps in the implementation.

There was very little public ownership of those public policies.

How then does one propose for the Philippine Government to persuade civil society to support fiscal consolidation through more conscientious payment of taxes, or new taxes, and appreciate a more deliberate, more calculated public expenditure when the second highest official of the land, Vice-President Sara Duterte can seem to get away with her articles of impeachment?

Taxpayers would have second thoughts if VP Sara could simply betray public trust by allegedly misspending public funds paid by them. In her first two years as vice-president, she was alleged to have direct control of some P612.5 million, all of which “were wantonly and questionably spent in exorbitant, if not fictitious, expenses,” according to the articles of impeachment. In just 11 days, her office was also cited for having spent all of P11.4 million per day on surveillance and monitoring, as well as the rental of safehouses. Some P254.9 million in confidential funds were supposed to have also been spent and disbursed to fictitious persons. Some of these expenses were not for confidential activities and expenses, and therefore Congress charged that the funds were malversed.

The same pattern was observed in the Department of Education (DepEd) which VP Sara headed for a time. Some P112.5 million was disbursed under condition of non-accountability and non-transparency. Congress also alleged instances of misuse, misappropriation, and malversation.

There are three problems here. First, VP Sara signed the certifications on the Documentary Evidence of Payment (DEPs) under oath as well as the Accomplishment Reports, which subsequent investigation showed that out of 1,992 names, at least 1,322 names could not be supported by birth records and thus, are fictitious. Second, Congress established in the articles of impeachment that what she had done in the Office of the VP and DepEd appeared to be similar to what she had committed when she first became a public official, starting in 2007 as vice-mayor and later mayor of Davao City for three terms. The pattern seemed unmistakable.

Most important, third, the Philippine Senate appears to be prejudging the case by attempting to dismiss it or causing the House of Representatives to ensure its constitutionality. If they would simply follow the 1987 Philippine Constitution, the senators-judges would just have to hear all the evidence of the articles of impeachment and decide whether the respondent vice-president ought to be stripped of her position of authority or not.

If we go by the rules of the civil courts, only very few senators-judges would remain to try the case. The public has every reason to demand that certain senators should inhibit themselves from hearing the case at all.

Which is why we find it difficult for the Filipinos to support additional fiscal measures to address the imperative of more public borrowing to pay the existing debts and finance the budget for 2026. As of end-May 2025, the Philippine Government has already accumulated debt amounting to P16.92 trillion. By end-June and when the GDP numbers become available, it will not be shocking to know that might already breach 62% of GDP.

Actually, the Philippines is caught in a bind. With fiscal space continuing to narrow, fiscal consolidation might be too challenging to meet. If the government decides to increase the tax rates, or enact new tax laws, that could be a disincentive for businesses and households. But without such, the government will be pushed to the wall and borrow. Borrowing means adding more burden both to the budget and taxpayers. Otherwise, public spending could not support economic growth, push the Philippines out of the lower middle-income trap, and win an A rating from major credit rating agencies. Bragging rights before the next presidential election may not materialize.

Without policy ownership by the taxpayers, even those proposed by Congress and endorsed by the Fund would have rough sailing. More infra spending means more taxes, human capital development means more taxes, land use and agricultural productivity means more taxes. If policy ownership is deeply embedded in the social fabric, having more taxes is not completely unacceptable as long as the government itself plays an active role in promoting good governance and anti-corruption policies and practices. We avoid perverse incentive, if the guilty of corruption do not succeed in keeping their bribe money and commissions, and moral hazard, if they fail to get away with it.

Good governance and digitalization can by all means optimize current resources that would minimize the need for imposing incremental burden on the people in terms of higher taxes and more borrowings.

Public ownership then should aim for political openness and unity, or the absence of major obstacles to reform, and administrative capacity, or the ability of government to formulate and implement public policy. As the Fund’s working paper shows, both World Bank or World-Bank related studies and Fund and Fund-related studies indicate that policy reforms and adjustment programs proved more successful in countries with greater political stability, which are unaffected by ethnic or political differences, and which have democratic governments. It is easier to win confidence and policy ownership when these basic ingredients are secured.

If we adapt the Fund-specific studies to national situations, the government ought to understand the domestic political economy and ensure the contents of the reform program are consistent with the people’s needs and aspirations. There ought to be greater latitude for flexibility and empowerment to those who would be affected by the policy change. Taxation policy, for instance, should be progressive. Those who would be paying taxes should not be disillusioned by a flagrant display of fund misuse and corruption, as well as any semblance of tolerance by the State. This is how to build goodwill and trust with civil society. Better and more effective communication of public policy is very critical. On such bases, policy ownership is indeed an operational concept.

It is hard to imagine one demolishing something that he owns.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

EU Court rules ‘I love’ sign cannot be trademarked for clothing

STOCK PHOTO | Image from Freepik

BRUSSELS — The European General Court on Wednesday ruled against German company sprd.netrd.net in its bid to trademark the “I love” sign, with a heart symbolizing “love,” for clothing items such as T-shirts, sweatshirts, and pullovers.

The Court upheld the European Union Intellectual Property Office’s (EUIPO) 2022 rejection of sprd.net’s trademark applications. The company had sought to register the “I love” sign, featuring a red heart, in specific positions on garments, including the left chest, the back of the neck, and the inside label.

EUIPO originally rejected the applications on the grounds that the mark lacked distinctiveness. According to the office, the “I love” expression is immediately understood as a general message of affection and not a sign capable of distinguishing the clothing as originating from a particular brand.

The Court, the EU’s second-highest, agreed.

“The sign in question is commonly used and universally recognized as meaning ‘I love,’” the Court said. “Its placement does not give it a distinctive character that would allow consumers to identify it as originating from a particular business.”

Sprd.netrd.net did not immediately respond to an e-mailed request for comment. — Reuters

‘Green’ jobs touted as employment engines

A wind turbine is seen in this file photo. — REUTERS

By Adrian H. Halili, Reporter

JOBS in environmental preservation and climate resilience hold the potential to bring in more people into the workforce, union officials and analysts said.

“Green jobs will not only contribute to climate resilience but also improve labor participation by creating new, future-ready employment opportunities,” Federation of Free Workers President Jose G. Matula said via Viber.

On Tuesday, the Department of Labor and Employment (DoLE) launched the National Green Jobs Human Resource Development Plan, with the aim of developing a skilled workforce to support the economy’s green transition.

“Green sectors can be made to expand enough to make up for carbon-intensive industries shedding workers,” IBON Foundation Executive Director Jose Enrique A. Africa said via Viber. “This shedding can even be mitigated by active social protection and retraining to ensure a just transition with livelihood security for all.”

The labor force consisted of 52.32 million workers in May, up from 50.74 million in April and 50.97 million a year earlier, the Philippine Statistics Authority  said.

Republic Act No. 10771, or the Philippine Green Jobs Act, incentivizes businesses that use green technology to produce environmental goods and services.

“Green jobs have remained more of a buzzword than a lived reality for most workers. That’s why this plan is urgent,” Mr. Matula said.

He said that the Philippines can compete in the global green economy through better incentives and strong labor-market alignment, and called for the inclusion of trade unions, indigenous peoples, and women.

Mr. Africa said that the Philippines has the potential to be competitive in the global green jobs market through long-term industrialization.

“The country will need more and more energy, and already has strong potential from hydroelectric, geothermal, solar, wind, and biomass sources,” he added.

Mr. Matula urged the government to invest in skills training tied to green jobs demand and ensure that foreign investment includes technology transfer and decent work.

He also called for the protections of workers from the business process outsourcing, manufacturing, and energy during the green transition, and the expansion of social protections to cover potential climate shocks.

Labor Secretary Bienvenido E. Laguesma said the limited number of qualified trainers, the delayed development of standards and systems, limited resources, and weak public awareness is holding back green job certification.

“To address this, DoLE, the Climate Change Commissions, and the International Labour Organization (ILO) have been pilot-testing the Green Jobs Certification System since 2018, while TESDA rolls out green skills training and developed training regulations in key sectors like auto and welding,” he said via Viber.

He added that these initiatives were augmented by efforts to integrate green standards into national labor and development plans, improve communication, and develop an online portal.

“(These are) steps meant to clarify, simplify, and scale green job recognition,” Mr. Laguesma said.

A shift to a more green economy is expected to create about 24 million jobs globally by 2030, the ILO said.

SM Offices targets BPO growth with new Laguna tower

THE CORE TOWERS — SM OFFICES

SM PRIME HOLDINGS, Inc.’s commercial property arm, SM Offices, is expanding its regional footprint with the launch of The Core Tower Three office project in Sta. Rosa, Laguna.

The Core Tower Three is the 15th development by SM Offices outside Metro Manila, the company said in a statement on Thursday.

It forms part of the P1.6-billion, three-tower The Core Towers project located within the SM City Sta. Rosa complex, which offers more than 27,000 square meters of office space to the South Luzon market.

With the launch, SM Offices said its total leasable footprint has grown to over 1 million square meters, with more than a fifth located in key regional growth corridors.

“The Core Towers reflects the growing demand for future-ready office spaces in regional growth centers like Sta. Rosa,” SM Prime Vice-President and SM Offices Head Alexis L. Ortiga said.

“We are seeing sustained interest from companies looking for scalable locations that combine operational efficiency with strong local talent pools,” he added.

Each tower is equipped with 100% backup power, modern building systems, and direct connectivity to the South Luzon Expressway, Cavite-Laguna Expressway, and the Old National Highway.

The development offers flexible fit-out options, 24/7 building management, and high-speed telecom connectivity. Tenants also have access to retail, dining, and public transit options within the mall complex.

SM Offices said the project is designed to serve a growing base of business process outsourcing (BPO), technology, and professional services firms seeking workspaces in Calabarzon.

Leasing activity is ongoing, with several firms already in operation, the company said.

The Core Towers project is expected to generate over 6,000 local jobs through tenant operations and building services.

The project was designed by Architect Albert Yu of ASYA Design Partner, an architectural firm with projects in major Philippine cities and key markets in China, including Shanghai, Chengdu, and Suzhou.

SM Prime earlier said it had allocated P6 billion this year to develop new office towers and workspaces, including the Six E-Com Center in the Mall of Asia Complex.

On Thursday, SM Prime shares rose by 1.83% or 45 centavos to P25.05 apiece. — Revin Mikhael D. Ochave

Fed minutes show little support for July rate cut

REUTERS

WASHINGTON — Only “a couple” of officials at the US Federal Reserve’s June 17-18 meeting said they felt interest rates could be reduced as soon as this month, with most policymakers remaining worried about the inflationary pressure they expect to come from President Donald J. Trump’s use of tariffs to reshape global trade.

Mr. Trump has demanded immediate, steep cuts, and called for Fed Chair Jerome H. Powell to resign. The minutes released on Wednesday, however, showed only narrow support for a near-term reduction in borrowing costs among the Fed’s 19 policymakers, with “some” of them feeling no rate cut would be needed at all.

“Most participants” at the Fed’s meeting last month anticipated rate cuts would be appropriate later this year, with any price shock from tariffs expected to be “temporary or modest,” the minutes said. There was no indication that any policymaker felt the US central bank’s benchmark overnight rate, currently in the 4.25%-4.5% range, should be cut by several percentage points, as Mr. Trump wants.

“Several” policymakers indeed felt the current policy rate “may not be far above” the neutral level, at which economic activity is neither stimulated nor restricted, and previously published policymaker forecasts show even the most dovish of the 19 US central bankers see less than a percentage point of cuts this year, and no more than another percentage point in 2026.

Despite what it characterized as “considerable uncertainty” over the exact inflationary effects of tariffs, the minutes “underscored the lack of urgency to cut rates anytime soon,” Priscilla Thiagamoorthy, senior economist at BMO Capital Markets, wrote in a note.

The central bank’s policy-setting Federal Open Market Committee last month voted unanimously to leave rates unchanged.

After the minutes of that meeting were published, traders pared their already miniscule bets on a rate cut at the Fed’s July 29-30 gathering, with rate futures continuing to point to 50 basis points of cuts by the end of this year, matching the median forecast from central bank policymakers.

“Participants generally agreed that, with economic growth and the labor market still solid and current monetary policy moderately or modestly restrictive, the Committee was well positioned to wait for more clarity on the outlook for inflation and economic activity,” the minutes said.

While many policymakers agreed rate cuts might be appropriate later this year, there was broad division about the outlook.

“Some participants … saw the risk of elevated inflation as remaining more prominent,” the minutes said. In updated projections issued after the June meeting, seven Fed policymakers anticipated no rate cuts this year.

“A few participants saw risks to the labor market as having become predominant,” the minutes stated.

‘CAREFUL APPROACH’
Fed policymakers also were split on how they see underlying demand, with “several” pointing to solid consumer spending and “several” others pointing to signs of softening. Several policymakers also noted that lower-income households were switching to lower-cost items and could be disproportionately affected by tariff-related price increases.

But officials seemed, in large part, wary of changing monetary policy while so much remained up in the air about the final tariff rates that Mr. Trump intends to impose and how businesses and consumers will respond.

Fed officials “agreed… it remained appropriate to take a careful approach in adjusting monetary policy,” according to the minutes.

The comments in the minutes were reflected in the interest rate projections issued after last month’s meeting, with the median rate outlook pointing to two quarter-percentage-point reductions by the end of 2025. Investors expect an initial cut at the Fed’s meeting in September and a second one in December.

Fed Governor Christopher Waller and Fed Vice Chair for Supervision Michelle Bowman have since said they felt rates could fall as soon as this month’s meeting. — Reuters

The Deep Thinker rising through a shallow Pentagon

ELBRIDGE COLBY, Under Secretary of Defense for Policy — CSIS|CENTER FOR STRATEGIC & INTERNATIONAL STUDIES/FLICKR

By Andreas Kluth

IN NATIONAL SECURITY as in other policy areas, US President Donald Trump has been gutting what he derides as the “deep state,” and turning it into what some scholars now call a “shallow state” — a government in which careers depend less on expertise and more on sycophancy.

But even a government of the shallow, by the shallow, for the shallow needs depth in certain functions. This means that the remaining people in the administration who know their brief, as long as they’re also politically adroit, may play an outsized role in setting strategy.

One such official is Elbridge Colby, the Under Secretary of Defense for Policy. Already influential in Trump’s first term, Colby is now masterminding the next National Defense Strategy, slated to be published in late August.

If Colby has his way, it will say — under the label “America First,” of course — that the United States is overextended and exploited by its friends, and that it must do much less in Europe, the Middle East, and other places in order to concentrate on the one defining contest to come. This is the looming confrontation against China, initially over Taiwan but ultimately over the regional hegemony in Asia which Beijing seeks and Washington must deny.

Guided by that stance, Colby has been putting his signature on all sorts of other policy moves. The other day, the US abruptly paused deliveries to Ukraine of various munitions, from artillery rounds to Patriot batteries, ostensibly because America needed to conserve its own stockpiles. That initiative came from Colby, who views Ukraine as a job for the European allies but a distraction for Washington. The weapons halt blindsided not only Kyiv but also the State Department and Congress, where concerned Republicans and Democrats demanded that Colby explain himself.

Colby was also behind an unexpected “review” of AUKUS, a trilateral quasi-alliance among the US, Britain, and Australia, under which Washington is supposed to give Canberra several top-notch, nuclear-powered attack submarines. An odd target for Colby, perhaps, since AUKUS is meant to contain China, Colby’s bugbear. But he worries that Washington doesn’t have any whizzbang boats to spare. Or he may just be pressing Australia to pick up more of the bill, a tactic that would please Trump. An update on the review is expected this week.

Colby is a curious person to wield so much sway in such an ostentatiously populist and anti-elitist administration, and in a Pentagon run by an underqualified TV personality. In biography and pedigree, he’d be better cast in a deep-state role: He’s a preppy (Groton, Harvard, Yale) with both the name and the mane to show for it, and for good measure also the grandson of a former CIA director. And he has an erudite side, which he displayed when we met before he joined this administration.

Colby — “Bridge,” to his colleagues — considers himself not an isolationist (a label that better fits the MAGA fringes), he told me, but a realist in the tradition dating back to Thucydides. (A think tank he co-founded is named Marathon, after the battle won by the Athenians of Thucydides’ father’s generation.) Having read some of my columns, Colby labeled me a “rationalist.”

But Colby also has — or has learned to present — another side, one that has kept him close to the power circles around Trump but estranged him from many of his colleagues in the establishment. After Trump lost to Joe Biden in 2020, Colby lined up with those who spread the lie that the election was “stolen.” He later gave a slick interview to Tucker Carlson, an influencer who was rabidly pro-Trump. He started tweeting and posting in ways that seemed tailored to the attention spans of MAGAs (especially the top one) rather than wonks. It evidently worked. During Colby’s confirmation hearings, Donald Trump, Jr., the president’s eldest son, tweeted that “any Republican opposing @ElbridgeColby is opposing the Trump agenda.”

None of this would count as criticism in any normal administration, where Colby would be just one among many experts in the Pentagon, National Security Council, State Department, and Intelligence Community, debating the pros and cons of policies, the known unknowns and the unknown unknowns, and the rest of it.

But that intellectual rigor no longer exists. Marco Rubio, who among top officials comes closest in expertise to Colby, is overstretched running both the State Department and the National Security Council, both of which are in turmoil after firings and selective re-hirings. The directors of national intelligence (Tulsi Gabbard) and the CIA (John Ratcliffe) have in effect become flunkies.

Substantive criticism now comes from outside the government, and often from policy veterans. One such is Lisa Curtis at the Center for a New American Security (where Colby also did a stint), who served in the National Security Council of the first Trump administration, and in the CIA and State Department before that.

Colby sees US foreign policy “as a zero-sum game and I just, I don’t see it that way,” Curtis told me. The US is a global power “and we can’t pick and choose our theaters” — ignoring Ukraine and focusing on Taiwan, say. “And by the way, what happens in one theater impacts the other.” Beijing is certainly watching how much resolve Washington brings to resisting the Kremlin. “It doesn’t need to be an either or, and I think that’s the way Bridge Colby sees it.”

These are discussions that should be carried out in the Oval Office and the situation room but no longer are. By all accounts, the people around those tables are too eager to affirm a president who ultimately believes only in his own gut and acts on whim. (Trump now says the US will keep sending weapons to Ukraine after all. And he certainly didn’t listen to Colby when he ordered the bombing of Iran.)

But strategy still matters in the slower-moving realms of government, where ships, nukes, drones, bases, and other things are planned years in advance, delineating the future parameters of American power. And this gives sway to the few people at or near the top who still have a clue, like Colby. If he has his way — irrespective of what Trump does tomorrow or the day after — America will keep weaning itself from Europe and the Middle East, and eventually cease being a global leader to become a North American and Pacific power.

BLOOMBERG OPINION

English version of animated Chinese hit Ne Zha 2 heading to theaters

A still from the film Ne Zha 2. — IMDB

LOS ANGELES — A24 and CMC Pictures are teaming up to bring an English-language version of the globally successful Chinese animated film Ne Zha 2 to theaters in the US, Canada, Australia, and New Zealand on Aug. 22, the companies said on Wednesday.

The animated blockbuster overtook Pixar’s Inside Out 2 in February to become the highest-grossing animated film globally, according to data from ticketing platform Maoyan.

Ne Zha 2 amassed a total box office of 12.3 billion yuan ($1.71 billion) including pre-sales and overseas earnings, making it the eighth highest box office film worldwide.

The English-language cast will include Academy Award winner Michelle Yeoh. No other voice actors have been announced so far.

“I’m honored to be part of Ne Zha 2, a landmark in Chinese animation and a powerful reminder of how universal our stories can be,” the Malaysian actor said in a statement.

The sequel follows the first Ne Zha film from 2019 and is based on Chinese mythology.

The story follows Ne Zha, a rebellious young boy, who is feared by the gods and born to mortal parents with wild, uncontrolled powers.

He’s faced with an ancient force intent on destroying humanity and must grow up to become the hero the world needs.

The film, which will be released in IMAX and 3D, was written and directed by filmmaker Yang Yu, who also developed the first movie.

Over 99% of the mythological movie’s box office income came from mainland China, starkly in contrast to Hollywood films, which typically rely on a more global distribution strategy.

Ne Zha 2 is based on a 16th century Chinese novel The Investiture of the Gods, depicting a hero boy with magic power who tried to defend Chentangguan, a fortress town. — Reuters

Unions: Amazon ‘Prime Day’ puts extra strain on workers

STOCK AI-GENERATED IMAGE | Image by TyliJura from Pixabay

BRUSSELS — Dehumanized and disposable is how Amazon workers in Poland, Germany and France described how they felt working in the online retail giant’s warehouses.

“You are no longer Julie or Ludovic, you are number 412, and you can be replaced by number 313,” El Djoudi Laouedj, an area manager and trade union member at Amazon’s Lauwin-Planque warehouse in France told the Thomson Reuters Foundation.

With Amazon’s global Prime Day deals taking place between July 8-11, there will be even more deliveries to prepare during the longest sale yet, in which the company typically does 1-2% of its annual business.

In interviews, European warehouse workers and union representatives said Prime Day meant extra hours in sometimes sweltering temperatures and a heightened risk of injuries.

A report commissioned by Democratic Senator Bernie Sanders’ office last year found the shopping event was a “major source of injuries” for workers in the US.

The company, the biggest US online retailer, said its goal was to have the “safest workplaces in our industries.” It said it had invested more than $2 billion in safety improvements since 2019, and that injuries requiring more than basic first aid were down 34% in the past five years.

Amazon workers and labor leaders told the Thomson Reuters Foundation they wanted the e-commerce giant to come to the bargaining table and make work more sustainable.

“It’s a company that has created lots of jobs around the world. We don’t want Amazon to close,” said Laouedj. “We want conditions to improve.”

Prime Day has turned July, typically a slow time for retailers, into a season when shoppers look for bargains.

Although not officially requested by management or artificial intelligence tools used by workers, the pressure of extra Prime Day orders is “felt on the floor” of the warehouse, Laouedj said, as trucks need to be filled and orders despatched.

“Thank god we can still go to the toilet, but if we take too long a manager will come to check,” said Habib Latreche, a logistics operator and Yellow Vest union member.

The pressure to work at a dangerous pace, performing repetitive motions, with sometimes broken cooling systems, can lead to injuries, a situation that has worsened in recent years, according to workers.

“It creates a continual stress, we have to work well and we have to be safe, but we have to work fast,” Mr. Latreche said, adding that workers were the ones “paying the price” of ever-faster deliveries.

The pace of work and repetitive movements can result in a musculoskeletal disorder, commonly known as strain and sprains, which make up 57% of all recordable injuries at Amazon globally, according to the company.

To address this, Amazon has invested in safety improvements including adjustable height workstations, and robotic systems that handle repetitive tasks and heavy lifting, as well as measures to prevent heat stress.

Yet some German workers still criticize the high pressure to perform, and constant digital monitoring, leading to high levels of psychological stress, according to Monika Di Silvestre, trade union secretary of UNI Europa affiliate ver.di union in Germany.

Some workers in Polish warehouses said the pressure was relentless. Agata Wypior, leader of Solidarity Amazon Poland, said according to the union’s survey, more than 44% of employees gave up breaks to meet a target.

“Amazon sets targets through artificial intelligence that only a robot, not a human, can meet,” Ms. Wypior said, adding that the pressure was not limited to peak periods. “We have Prime Day every day.”

Asked about the workers’ comments, an Amazon spokesperson said in e-mailed responses: “The safety and wellbeing of our people is our top priority. We assess performance based on safe and achievable expectations and take into account time and tenure, peer performance and adherence to safe work practices.”

The company also says performance is only measured when an employee is at their station and logged in. It also said internal data showed that around 80% of employees in Poland eat at the canteen and the rest bring their own meals.

Adding to the pressure is the fear of being replaced by robots and artificial intelligence. “A human gets sick, pregnant, injured; a robot doesn’t,” Laouedj said. Robotization is a recurrent theme in union discussions across Europe, as the company rolls out more robotics in its depots.

In response to questions over automation, Amazon cited a study commissioned with the Massachusetts Institute of Technology last year that found that 60% of employees across nine countries who work with robotics and AI expect positive impacts on their productivity and safety.

To address workers’ fears, unions are calling for safer workplaces and relief from relentless pressure, a battle that has spread to the political arena.

EU lawmakers have stepped up their scrutiny of working conditions at Amazon. During a parliamentary hearing on June 26, senior company leaders were invited to answer questions on labor practices, but lawmakers and Amazon disagreed over which executives should attend to answer questions.

“We remain open to dialogue about our commitment to being a responsible employer in Europe,” the Amazon spokesperson said in an e-mailed response to questions over whether it would be willing to attend a new hearing in Brussels.

Workers remain hopeful of driving change, and in some cases a return to working conditions that existed when they first started work a decade ago. Some even cite the firm’s ‘Day One’ culture of not getting complacent after achieving success.

“They say it’s always Day One at Amazon. So we can always go back to being amazed. I still hope so,” said Ms. Wypior. — Thomson Reuters Foundation

NexGen seeks foreign partners for project pipeline

STOCK PHOTO | Image by Pixabay from Pexels

NEXGEN ENERGY CORP. is seeking foreign partners to help develop its pipeline of renewable energy projects, its president said.

“NexGen is continually in active discussions with investors from Japan, China, Europe, and the Middle East, who have expressed strong and serious interest in co-developing NexGen’s pipeline project,” NexGen President Eric Y. Roxas said in a statement on Thursday.

“Pursuing and moving our pre-development phases forward, we generate more interest in our projects as well as enhance our shareholder value,” he added.

The company is currently pursuing 14 renewable energy projects — two solar, seven offshore wind, and five onshore wind — all with awarded service contracts, Mr. Roxas said.

Four of these projects are already in advanced stages.

Among the company’s solar initiatives, NexGen is expanding its solar farm in Palauig, Zambales, by developing another solar facility with a capacity of 9.9 megawatts (MW), which is targeted to begin operations by mid-2026.

For its wind projects, NexGen said it has successfully erected a 120-meter meteorological mast — a structure used to confirm wind resource potential — at the sites of its 2,000-MW Real and 300-MW Mauban offshore wind projects.

The company is also preparing to install the met mast for its 200-MW Pandan Onshore Wind Project.

“With these milestones being reached, the company has registered for the government’s Green Energy Auction Program (GEAP) for the Palauig Solar Farm and plans to register for the upcoming GEAP 5 for its offshore wind projects,” the company said.

The government is preparing to launch the fifth green energy auction, which will cater to offshore wind power.

NexGen currently owns and operates three solar farms and has a development pipeline totaling over 1.5 gigawatts of wind and solar projects. — Sheldeen Joy Talavera

The importance of strengthening K-to-12

In Nelson Mandela’s words, “Education is the most powerful weapon which you can use to change the world.” In the Philippine context, giving our youth a solid education empowers them to change their world and that of their families. Education is a basic human right.

For too long, Philippine graduates, especially at the high school level, were considered unprepared for the demands of higher education or immediate employment. The 10-year cycle often left students lacking the depth of knowledge and critical thinking skills needed in an increasingly complex global landscape. Additionally, the 10 years of basic education ranked among the shortest in the world, which made our graduates less competitive on a global scale.

The business sector experienced this gap, facing a persistent “skills mismatch” where industries struggled to find the right talent despite a large pool of job-seeking graduates. K-to-12, with its additional two years of senior high school (SHS), was designed to address this by offering specialized tracks that help students achieve better learning outcomes through the development of job-specific skills or preparation for higher education.

The promise of K-to-12 is a population that is not only larger in number but more importantly, of higher quality. Graduates are expected to be more mature and equipped with 21st century skills, including critical thinking, problem solving, communication, and collaboration. The technical-vocational tracks, in particular, offer great potential for direct employment, creating a pool of skilled workers who can immediately contribute to various industries without needing a college degree.

In response to recent calls to repeal the K-to-12 basic education framework enacted in 2013, FINEX, along with Philippine Business for Education and other representatives from the private sector, the business community, and civil society, signed a statement reaffirming our strong support for K-to-12 and echoing the call of President Ferdinand R. Marcos, Jr. to improve its implementation. We continue to view this as essential for preparing young Filipinos for employment, lifelong learning, and active citizenship; items that are vital for a stronger Philippines.

However, the success of K-to-12 depends on implementation, and this is where the program has encountered significant challenges and criticisms. Simply adding two years of education does not address the problem, and we recognize major obstacles in its rollout. These include ongoing shortages of classrooms, and the curriculum itself has also been criticized for being “congested” and for not always fully aligning with the needs of higher education or specific industries, leading to a continued “skills-job mismatch.”

K-to-12 has also faced criticism for increasing the financial burden on families, especially those from lower-income backgrounds, who now have to cover two more years of schooling expenses. Although the program aims to enhance the immediate employability of SHS graduates, many still struggle to find work. Some critics have even called for ending the program, claiming that the system is “flawed” and has not delivered on its promised benefits.

Despite these challenges, proposals to repeal K-to-12 would be detrimental and our focus should be squarely on strengthening K-to-12’s execution as weak learning outcomes are observed long before SHS. The statement referenced a World Bank study that identified that more than 90% of Philippine students aged 10 years old cannot read a simple sentence.

Education has the power to transform a nation. Take the example of South Korea after the Korean War, when it was one of the poorest countries in the world, and compare it to today, when it is an economic powerhouse and a global leader in various high-tech industries including semiconductors, automobiles, shipbuilding, and consumer electronics. This transformation was achieved through a deliberate and substantial long-term investment in its education system, aimed at developing a highly skilled and educated population. South Korea made public and secondary education compulsory and practically universal. There was a focus on s cience, technology, engineering, and mathematics or STEM and vocational training, aligning these efforts with national development goals.

We all need to commit to making K-to-12 successful so the Philippines can reach our goals and prepare our youth to make a difference in the world. It will require a collective effort to strengthen core skills and align learning outcomes with our nation’s needs.

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

 

EJ Qua Hiansen is the chief financial officer of PHINMA Corp. and the president of the Financial Executives Institute of the Philippines.

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