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TDK’s Laguna plant to run on EDC’s geothermal energy supply

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TDK Philippines Corp. is powering its entire manufacturing plant in Laguna with renewable sources after it signed up with Lopez-led Energy Development Corp. (EDC) for geothermal energy supply.

In a media release on Monday, EDC said TDK is sourcing 2.5 megawatts (MW) of geothermal energy from the First Gen Corp. unit’s facilities in Leyte.

“As a partner, we will make sure to support TDK’s sustainable business operations by supplying 100% renewable energy sourced from EDC’s Unified Leyte and Green Core Geothermal, Inc. power facilities,” said Arlene Sy Soriano, head of First Gen’s power marketing and sales.

“TDK’s green initiatives, which include cutting down carbon emissions by 50% in 2035 and achieving net zero by 2050, are aligned with our decarbonization and regeneration mission,” she added.

EDC said TDK had been implementing measures to cut its carbon footprint “by evaluating and calculating the energy-saving effect of its products since 2011.”

In its social media account, TDK is described as a manufacturer of magneto-resistive recording heads for computer hard disk drives. It listed its global group as TDK Corp., a comprehensive electronic components manufacturer based in Japan.

EDC said the TDK group’s green initiatives support the 17 United Nations Sustainable Development Goals as well as its environmental vision for a cleaner decarbonized world.

The geothermal energy producer quoted TDK President and Chief Executive Officer Tamotsu Aiba as saying: “The partnership with First Gen is a big step for TDK Philippines to achieve our environmental mission to a cleaner, decarbonized world. TDK will continue to reach its environmental targets from the perspective of the entire supply chain and create value for a sustainable society.” 

EDC said its geothermal energy supply would provide “uninterrupted baseload power rain or shine, all year round” or what it calls Geo 24/7. The renewable source will enable TDK to avoid a minimum of 13,139 tons of carbon dioxide in lieu of coal each year, it added.

TDK will also benefit from more affordable electricity rates resulting from having zero value-added tax on generation charges and fixed rates that are not indexed to fuel commodities and foreign exchange.

First Gen’s EDC unit has more than 1,480 MW of installed capacity, equivalent to about 20% of the country’s total installed renewable energy capacity. Its 1,185.4-MW geothermal portfolio accounts for 62% of the country’s installed geothermal capacity.

The Philippines is the third-largest geothermal producer in the world. — VVS

Justin Bieber is showing early signs of recovery, surgeon says

PHOTO FROM INSTAGRAM.COM/JUSTINBIEBER

LONDON — Canadian pop singer Justin Bieber is showing early signs of making a recovery after he was diagnosed with a virus that left half of his face paralyzed, according to a surgeon who specializes in face paralysis.

In a video posted on Instagram, Mr. Bieber said he had contracted Ramsay Hunt syndrome, which affected nerves in his ear and face. He noted that his right eye was not blinking.

Charles Nduka, a consultant plastic reconstructive surgeon in Britain and the co-founder of health charity Facial Palsy UK, said about 75% of patients with the syndrome who receive early treatment, including steroids and antivirals, make a full recovery.

“I did notice in the video shared by Mr. Bieber that he does appear to have some evidence of recovery, which is encouraging,” Mr. Nduka told Reuters.

“With facial paralysis one of the most obvious things is patients are unable to close their eye fully to blink and they are unable to smile,” Mr. Nduka added.

“Before the smile recovers, the first thing that will develop is there is increasingly symmetry in the face at rest. So, the base of the nose often elevates slightly, and the mouth becomes more even. On the video that was shared I could see some signs that there is some early recovery.”

Mr. Bieber, 28, said he was physically unable to perform his upcoming shows.

Mr. Nduka said he works with patients in the entertainment industry and it is important they first address any issues weakening the immune system before returning to work.

“They will be under financial pressures and all sorts of pressures to get back out there as soon as possible, but doing so will only lead to longer term problems,” he said. — Reuters

Net foreign direct investment

NET INFLOWS of foreign direct investment (FDI) slumped to its lowest in 10 months in March, as Russia’s invasion of Ukraine darkened the outlook for investments. Read the full story.

Net foreign direct investment

Benilde students’ winning designs tapped for RM Center upgrade

THE Ramon Magsaysay Award Foundation (RMAF) said it tapped 57 student-artists from the De La Salle-College of Saint Benilde to turn the Ramon Magsaysay (RM) Center into a sustainable structure.

“Benilde is an ideal partner because it has this inclusive and innovative educational activity that provides experiential opportunities for students and apply classroom-based knowledge to actual practice thereby finding solutions to challenges,” RMAF Trustee Emily A. Abrera said in a statement.

The RM Center currently houses the Ramon Magsaysay Hall, Ramon Magsaysay Plaza and Fountain, and a two-storey structure that will be home to the revamped Magsaysay Laureate Library and Museum, an Innovation Hub and a coffee shop.

The designs of the winning Benilde student teams will be incorporated in the final rendition of the renovation plans for the RM Center.

The Silver Lining group proposed a design for the RM Center’s existing library and Innovation Hub, and suggested a lift for easy PWD access.

Dalisay Team suggested a mid-century modernist look for the plaza, plus the inclusion of a mural, seating pods, and green spaces.

Team Banyuhay’s design was picked for the RM Hall, mini museum and function rooms. For the RM Hall, the team highlighted Filipino materials and craftmanship amid the brutalist structure.

Gilas Pilipinas youth team faces Kuwait and Japan in back-to-back games at FIBA U16 Asian Championship

GILAS Pilipinas youth team battles Kuwait and Japan in back-to-back games in less than 24 hours to fire off its return to international action in the 2022 International Basketball Federation (FIBA) Under 16 (U16) Asian Championship in Doha, Qatar.

Led by Filipino-American standout Caelum Harris, the national teen cagers clash against Kuwait at 1:15 a.m., followed by a big duel versus powerhouse Japan at 8:45 p.m. in Pool C. Both games are in Manila times.

Gilas youth needs to finish on top of its group to advance straight into the quarterfinals and dodge a crossover pairing against reigning champion Australia. Otherwise, Gilas would still go through a qualification among second and third-seeded squads.

That mission is anticipated to not be a walk in the park as Gilas marches into its first international action after three years in the post-Kai Sotto era.

“We’re not the same youth team that qualified for two World Cups when we had an obvious focal point in Kai. It has to be a total team effort for us. This time, we will try and we have to win games as a collective unit,” said coach Josh Reyes.

“Kuwait is a tough team and especially Japan, which has been preparing for quite a long time. They had everything in place. It will be a tough task for us,” he added.

The tourney, which is a qualifier to the FIBA U17 World Cup in Spain next month, also marks Mr. Reyes’ return to the Gilas youth program after steering the Sotto-led squad to the 2019 FIBA U19 World Cup.

Gilas youth under Mr. Sotto’s leadership also made it to the 2018 FIBA U17 World Cup for a golden era highlighted by multiple podium finishes in the Asian tilt.

In this year’s new Gilas youth batch, Mr. Harris is joined by Lebron Nieto, Jared Bahay, Mikhail Romero, Zain Mahmood, Alexander Konov, Lorenzo Competente, Jacob Bayla, Apl Mcandrei Gemao, Jayden Jones, Kristian Porter, and Sebastian Reyes.

The team was selected from a series of tryouts featuring over 40 prospects here and abroad without the presence of youth competitions in the country due to pandemic restrictions. — John Bryan Ulanday

Big banks, consumer loans expand on improved economic conditions

BW FILE PHOTO
UNIVERSAL and commercial banks continued to expand amid improving economic conditions, the Bangko Sentral ng Pilipinas chief said on Monday. — BW FILE PHOTO

PHILIPPINE universal and commercial banks (U/KB) continued to grow as economic conditions and credit activity improved amid the ongoing health crisis, the Bangko Sentral ng Pilipinas (BSP) said.

“Key U/KB performance indicators showed a steady rise in assets, loans, and deposits, and sustained profitability with ample credit loss reserves, sufficient liquidity and capital buffers,” BSP Governor Benjamin E. Diokno said at a briefing on Monday.

“The industry remains the prime mover of the Philippine banking system as it holds the lion’s share of the system’s lending at 93.6%, investing at 96.3%, and deposit-taking activities at 94.1% as of end-April 2022,” he added.

Big banks recorded a 26.7% year-on-year growth in their net profit to P61.4 billion as of March 2022 as economic conditions and credit activity improved, the BSP said.

Their assets rose by 8.2% to P19.45 trillion at end-April compared with the P17.98 trillion posted a year earlier. This was mainly driven by deposits, which increased by 8.7% to P15.18 trillion in the same period.

The total loan portfolio of U/KBs grew by 9.8% year on year to P10.7 trillion at end-April. These loans were extended to the real estate, wholesale and retail trade, and manufacturing sectors.

Loans to micro, small and medium enterprises (MSMEs) stood at P334.8 billion as of April, while lending to households, including residential real estate, reached P1.7 trillion.

“With a solid and strong performance, U/KBs provided credit support to the main segments of the economy,” Mr. Diokno said.

“Latest data on alternative compliance with reserve requirements show that the industry allocated an average of P186.6 billion in loans to MSMEs or around a 12% share of the total required reserves for the reserve week ending May 24, 2022. This is a substantial increase from the P7.4 billion in MSME loans, around a 0.6% share, reported in April 2020,” he added.

Loan quality also showed signs of recovery as their nonperforming loan (NPL) ratio — the share of soured loans to the total loan portfolio — eased to 3.6% at end-April from 3.7% as of March and the 3.9% seen at end-2021.

On the other hand, the industry’s NPL coverage ratio rose to 95.2% in April from 87.7% in the same month last year.

“The full implementation of the Financial Institutions Strategic Transfer Act and the extension of effectivity of some of BSP’s credit-related relief measures are seen to provide support to the continued growth in U/KB lending,” the central bank said in a statement.

Republic Act No. 11523, otherwise known as the Financial Institutions Strategic Transfer Act, lets banks sell their nonperforming assets to specialized asset management firms. The law took effect in February 2021.

“Moreover, U/KBs continued to be well-capitalized. They posted risk-based capital adequacy ratios of 16.2% and 16.8%, respectively, on solo and consolidated bases, at end-March 2022. This is well-above the minimum threshold of 10% set by the BSP, and 8% by the Bank for International Settlements,” Mr. Diokno said.

The industry also posted a liquidity coverage ratio of 200.3% on solo basis at end-February 2022, well-above the 100% minimum requirement.

Mr. Diokno said the BSP’s policy priorities for the banking sector for the next two years are “premised on banks’ good corporate governance, effective risk management, and strong financial position.”

These priorities include improving the operational resilience of banks,  continuing to provide a platform that allows technology innovations to flourish while ensuring that consumers are protected, and sustainability.

“The BSP’s promotion of digital transformation and sustainable finance reinforces BSP’s thrust for financial inclusion. This fundamentally involves increasing access of the unbanked and underserved to financial products and services, while protecting vulnerable segments of the society,” the central bank chief said.

CONSUMER LOANS GROW
Meanwhile, consumer loans granted by universal, commercial and thrift banks grew 0.7% year on year to P1.97 trillion at end-March following four consecutive quarters of contraction in 2021.

“This growth came largely from residential real estate loans, credit card receivables, and salary-based general-purpose consumption loans. These outpaced the declines in motor vehicle loans and other consumer loans,” Mr. Diokno said.

“The improved outlook is due to expectations of availability of more jobs and permanent employment, additional and high income, and effective government policies and programs, such as the easing of quarantine restrictions, availability and rollout of vaccines, and provision of financial assistance,” he added.

Residential real estate loans accounted for the largest share of consumer loans at 44.6% in March. This was followed by credit card receivables at 22.7% and motor vehicle loans at 22.6%. — K.B. Ta-asan

Entertainment News (06/14/22)

Valentina Ploy releases new single

THAI-ITALIAN singer-songwriter Valentina Ploy breaks down walls between herself and listeners in “Berlin,” her second single with Warner Music Asia. The track expresses the frustration of being with someone who puts up walls. The song is co-written with Richard Craker. Warner Music Asia announced on April 21 that it had formed a strategic alliance with Thai independent record company What the Duck by signing Valentina Ploy, one of its singer-songwriters. This deal will see Warner Music Asia add the established Bangkok-based star to its roster of singers and will serve to support the What the Duck label. “Berlin” is available on all music streaming platforms (https://valentinaploy.lnk.to/berlin).

Andrea Brillantes is the new Infinix ambassador

AFTER making a name for herself in the local gaming industry as a streamer, actress Andrea Brillantes is partnering with Infinix to showcase the smooth game play of the Infinix NOTE 12. The phone’s Helio G96 Ultra Gaming Processor allows commands to be instantly in sync; its Super Light AMOLED Screen also makes sure that each game is in high definition with optimized color contrast, calibration, and resolution. Aside from its high-performance processor, it can also expand its memory from 8GB to 13GB by integrating RAM and ROM. This provides extra speed when it comes to multitasking on the phone. Its rear camera has a 50MP main camera. The rear camera also provides different lenses, including an ultra-wide-angle lens and a depth lens for more artistic photography goals. There are also different settings such as Professional Night Scene Photography mode and Professional Portrait Mode. The Infinix NOTE 12 is available at Infinix Stores Nationwide and at Shopee. For more information, visit infinixmobility.com and Infinix’ Facebook Page.

KZ Tandingan collaborates with int’l producers

FILIPINO POP/R&B artist KZ Tandingan teams up with international producers GATTÜSO and Frogmonster on the clubby electronic anthem “Somebody Like You” via Liquid State and Sony Music. The team pushes the boundaries of dance music with a global collaboration that features two versions: one in English and another one in Mandarin. With collaborations under his belt with the likes of R3HAB, Steve Aoki, and Nicky Romero, GATTÜSO has made a name for himself as one of the foremost electronic producers based out of the United States in the last few years. Meanwhile, KZ Tandingan delivers indelibly catchy music that has spanned pop, jazz, folk, and R&B, and with this latest release, now adds the dance genre and another new language to her music catalog. Chinese duo Frogmonster made their name in China with the hit record “Remember Our Summer” (with over 1.4 billion streams in China), and continues to build their name as one of the most exciting progressive house duos across Asia. “Somebody Like You” is available on all digital streaming platforms.

Maluma releases new album

GLOBAL LATIN music idol Maluma has just released his new album, The Love & Sex Tape. The new album has a more urban, street, and explicit sound. Its production permeates with urban and dembow sound and tracks underscoring love, heartbreak, lust, and passion. Maluma said in a statement: “The Love & Sex Tape represents my duality and a 2022 version of my original sound.” The new album includes eight tracks, of which three were recently released singles: “Cositas de la USA,” “Mojando Asientos” with Feid, and focus track “Nos Comemos Vivos” with Chencho Corleone. Other collaborations on the album are “Sexo Sin Título” with Jay Wheeler and Lenny Tavarez, and “Tsunami” featuring Arcangel and De La Ghetto. The Love & Sex Tape is out now on all digital music platforms worldwide via Sony Music.

New singer-songwriter raven releases single

AFTER RACKING up more than 10 million streams with his debut EP Lika Na, singer-songwriter/producer raven reimagines traditional harana with a modern twist on his new single “Hara.” Bringing the distinct practice of Pinoy-style courtship to a new audience, raven serenades the object of his affection with lyrics that showcase his sincere intentions. “I want to maintain the ‘harana’ feel by putting laid-back guitar sounds to the forefront, while subtly incorporating drums, percussions, trumpets, and modern rap lines into the mix,” raven said in a statement. “Like in my last album, the song was just recorded in my bedroom. As always, I have to wait for the household and neighbors to quiet down before I can start working.” “Hara” is available on all digital music platforms via Sony Music Philippines.

Ben&Ben headlines Apple Music campaign

SMART’s latest campaign features Ben&Ben as the group headlines Apple Music’s Spatial Audio which allows subscribers to listen in surround sound with the use of compatible headphones and earphones. The service delivers an out-of-this-world listening experience apart from the Lossless Audio feature that upgrades the listening experience. Apple Music now boasts a library of over 90 million songs from every genre, all in high-quality Lossless Audio. Smart subscribers can avail of a six-month trial subscription to Apple Music. Users can download the GigaLife App and activate the Apple Music offer on the app’s home screen. Once successfully signed up for an Apple Music account, subscribers can use it on all their devices. Watch the campaign at www.youtube.com/watch?v=_HIpvJlf1XU.

Philippines places 37th in Muslim travelers’ top destinations

THE PHILIPPINES ranked 37th out of 138 destinations in the latest report that measures a country’s preparedness in tapping the Muslim travel market. Read the full story.

Philippines places 37<sup>th</sup> in Muslim travelers’ top destinations

Enderun partners with Holland America Line to offer training

ENDERUN COLLEGES partnered with American cruise line Holland America Line (HAL) to offer training in a bid to boost the competencies of Filipino employees in the food and beverage services, culinary arts, and hospitality sectors.

Endurun Colleges said its continuing education arm, Enderun Extension, signed a memorandum of agreement with HAL on June 3 that launched the training partnership. It also said that the first batch of students from HAL have been welcomed on Monday.

“With this partnership, Enderun Extension will have HAL’s potential employees be trained with courses on food and beverage services, guest services, utilities, housekeeping, including culinary, pastry, and pre-boarding orientation,” Enderun Colleges said in a statement on Monday.

“[We will be] touching so many different memories that customers will remember over and over. Allowing us to be a part of this moment where we can nurture and develop the talent with HAL is something special for us,” Enderun Colleges Lead Founder Jack Tuason said.

Oscar Herrin, HAL director for learning, culture and diversity, equity, and inclusion, said that the only way to improve a skill is for people to be informed and understand how things are done in practice.

“People’s ability and will are the keys to their success. One cannot exist without the other, and skill is crucial, and the only way to develop (a) skill is for people to get information and comprehend how things are done in practice. Enderun does an excellent job in doing that,” Mr. Herrin said.

“Majority of our people are Filipinos. Being [a] Filipino in the organization, I am very proud to have the same vision as you do in enabling people to be the best they can be,” he added.

Enderun Extension offers an open and comprehensive curriculum with courses and programs to meet the interests and needs of a diverse public. It has certificate programs in the fields of culinary, pastry arts, hospitality management, business administration, entrepreneurship, and economics.

The continuing education arm also has a variety of workshops, short courses, and conferences. It also offers courses for children who are budding chefs, hoteliers, engineers or entrepreneurs.

HAL has a fleet of 11 ships offering over 500 sailings annually across all seven continents. — Revin Mikhael D. Ochave

Israel to sharply boost construction starts

A GENERAL view of Tel Aviv’s skyline is seen through a hotel window in Tel Aviv, Israel, May 15, 2017. — REUTERS/AMIR COHEN

JERUSALEM — Israel’s government plans to sharply boost construction starts and expand a discount scheme aimed at restraining rapidly rising housing prices as demand continues to outstrip supply.

Under a joint plan by the finance, interior, and construction and housing ministries, Israel aims to start building 280,000 housing units by 2025, or 70,000 on average a year. That compares to around 55,000 a year over the past decade.

Construction and Housing Minister Zeev Elkin noted that the various incentives would mean a loss of as much as 20 billion shekels ($5.89 billion) to the country’s lands authority, which allocates Israel’s land to developers.

“The plan is not a one-step magic solution,” Mr. Elkin said at a press conference on Sunday. “(But) we believe (it)… will stabilize Israel’s housing market.”

The proposal, parts of which require parliament approval, also includes other measures, such as cutting red tape and building more housing units for rentals.

It is the latest government attempt to contain housing costs, with previous ones failing to stabilize prices.

It takes twice as long to build an apartment in Israel than it does in the United States and Britain, Finance Minister Avigdor Lieberman said at the news conference, citing data from the Israeli Central Bureau of Statistics.

Mr. Lieberman also cautioned that other factors, outside the government’s control, could slow progress.

Analysts and central bank policymakers have long said the current number of buildings starts in Israel is too low to meet demand for buyers either looking to invest or for a home.

Along with rock-bottom mortgage interest rates, housing prices have more than doubled since 2010, with a 16% rise over the past year alone.

Rent has also jumped, pricing many out of the market and contributing to rising inflation. Israeli media have reported double-digit gains in rental rates this year.

Data show that a four-room apartment in Israel averages nearly 2.5 million shekels, with prices far higher in Tel Aviv, Israel’s financial and cultural capital. — Reuters

How PSEi member stocks performed — June 13, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, June 13, 2022.

Peso weakens to over 3-year low on Fed hike fears

THE PESO fell to an over three-year low against the dollar on Monday after US inflation soared to a 40-year high in May, which could prompt aggressive tightening by the US Federal Reserve at its meeting this week.

The local unit closed at P53.30 against the dollar, shedding 30 centavos from its P53 finish on Friday, data from the Bankers Association of the Philippines showed.

This was the peso’s weakest close in over three years or since its finish of P53.59 against the greenback on Oct. 30, 2018.

The peso opened Monday’s trading session at P53.10 against the dollar, which was also its intraday best. It moved within a very narrow range as its weakest showing was its closing level of P53.30 against the greenback.

Dollars exchanged fell to $685.2 million on Monday from $949.3 million seen on Friday.

The local unit weakened as high US inflation could prompt the Fed to raise rates more aggressively, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

A trader likewise said in an e-mail that “the peso weakened significantly following the stronger-than-expected US consumer inflation report for May 2022.”

The trader warned that the local currency may fall further ahead of the release of US producer inflation data.

The US consumer price index increased by a faster-than-expected 8.6% last month, the largest year-on-year increase since December 1981, according to US Labor department data released on Friday, showing inflation has yet to peak.

This caused renewed bets of aggressive action from the Fed that could dampen growth prospects for the world’s largest economy. The US central bank will review its policy settings on June 14-15.

Mr. Ricafort added that the peso’s decline was also due to a drop in the local stock benchmark. The Philippine Stock Exchange index sank by 63.03 points or 0.96% to close at 6,467.01 on Monday, while the broader all shares index went down by 37 points or 1.05% to 3,474.93.

For Tuesday, Mr. Ricafort sees the peso ranging between P53.10 and P53.35 against the dollar, while the trader expects the local unit to weaken further and trade from P53.20 to P53.40. — TJT

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