G7 leaders commit to increasing climate finance contributions

June 13, 2021 | 5:39 pm

G7 LEADERS (from left) Australia’s Prime Minister Scott Morrison, German Chancellor Angela Merkel, South Africa’s President Cyril Ramaphosa, South Korea’s President Moon Jae-in, British Prime Minister Boris Johnson, US President Joseph R. Biden, France’s President Emmanuel Macron, and Canadian Prime Minister Justin Trudeau attend a working session during G7 summit in Carbis Bay, Cornwall, Britain, June 12. — LEON NEAL/POOL VIA REUTERS

CARBIS BAY, England — G7 (Group of Seven) leaders will commit on Sunday to increase their climate finance contributions to meet an overdue spending pledge of $100 billion a year to help poorer countries cut carbon emissions and cope with global warming.

As part of plans billed as helping speed the finance of infrastructure projects in developing countries and a shift to renewable and sustainable technology, the world’s seven most advanced economies will again pledge to meet the target.

Some green groups were unimpressed, with Greenpeace UK saying the G7 host, British Prime Minister Boris Johnson, had “simply reheated old promises” and that it would take “nothing for granted” until nations came up with the money.

“Protecting our planet is the most important thing we as leaders can do for our people,” Mr. Johnson said in a statement.

“As democratic nations we have a responsibility to help developing countries reap the benefits of clean growth through a fair and transparent system. The G7 has an unprecedented opportunity to drive a global Green Industrial Revolution, with the potential to transform the way we live.”

It gave no details of or numbers for the new commitments.

Developed countries agreed at the United Nations in 2009 to together contribute $100 billion each year by 2020 in climate finance to poorer countries, many of whom are grappling with rising seas, storms and droughts made worse by climate change.

That target was not met, derailed in part by the coronavirus pandemic which forced the British government to postpone the United Nations’ Climate Change Conference (COP26) until this year.

G7 leaders are also expected to set out action to cut carbon emissions, including measures such as ending almost all direct government support for the fossil fuel energy sector overseas and phasing out petrol and diesel cars.

“The natural world today is greatly diminished. That is undeniable. Our climate is warming fast. That is beyond doubt. Our societies and nations are unequal and that is sadly is plain to see,” said British naturalist David Attenborough, the people’s advocate for COP26.

Mr. Attenborough said the question for 2021 was whether the world was on the verge of destabilizing the planet. “If that is so, then the decisions we make this decade — in particular the decisions made by the most economically advanced nations — are the most important in human history.”

Greenpeace UK’s executive director, John Sauven, described the track record of rich nations in honoring their commitments as “dismal” and Mr. Johnson of failing to take “real action to tackle the climate and nature emergency.”

“While commitments to provide more support to developing nations are absolutely vital, until they cough up the cash, we’re taking nothing for granted,” he said in a statement. — Reuters

China cautions G7: ‘small’ groups don’t rule the world

June 13, 2021 | 5:37 pm

CARBIS BAY, England — China on Sunday pointedly cautioned Group of Seven (G&) leaders that the days when “small” groups of countries decided the fate of the world was long gone, hitting back at the world’s richest democracies which have sought a unified position over Beijing.

“The days when global decisions were dictated by a small group of countries are long gone,” a spokesman for the Chinese embassy in London said.

“We always believe that countries, big or small, strong or weak, poor or rich, are equals, and that world affairs should be handled through consultation by all countries.”

The re-emergence of China as a leading global power is considered to be one of the most significant geopolitical events of recent times, alongside the 1991 fall of the Soviet Union that ended the Cold War.

The G7, whose leaders are meeting in southwestern England, has been searching for a coherent response to the growing assertiveness of President Xi Jinping after China’s spectacular economic and military rise over the past 40 years.

Leaders of the group — the United States, Canada, Britain, Germany, Italy, France and Japan — want to use their gathering in the English seaside resort of Carbis Bay to show the world that the richest democracies can offer an alternative to China’s growing clout.

Canadian Prime Minister Justin Trudeau led a Group of Seven discussion of China on Saturday and called on leaders to come up with a unified approach to the challenges posed by the People’s Republic, a source said.

The G7 are planning to offer developing nations an infrastructure scheme that could rival Xi’s multi-trillion-dollar Belt and Road initiative.

Beijing has repeatedly hit back against what it perceives as attempts by Western powers to contain China, and says many major powers are still gripped by an outdated imperial mindset after years of humiliating China. — Reuters

Bid of $28 million wins a rocket trip to space with billionaire Jeff Bezos

June 13, 2021 | 5:36 pm

SEATTLE — A seat on a spaceship ride with billionaire Jeff Bezos went for $28 million during a live auction on Saturday, concluding the month-long bidding process for the sightseeing trip on the Blue Origin’s maiden voyage next month.

Within four minutes of the open of Saturday’s live phone auction, bids reached beyond $20 million. The bidding closed seven minutes after the auction began. The identity of the winner — presumably an ultra-wealthy space aficionado — was not immediately disclosed.

The July 20 launch of Blue Origin’s New Shepard booster from West Texas would be a landmark moment as US firms strive toward a new era of private commercial space travel.

Blue Origin’s founder and Amazon.com, Inc. executive Mr. Bezos, the world’s wealthiest man and a lifelong space enthusiast, has been racing against fellow aspiring billionaire aeronauts Richard Branson and Elon Musk to be the first of the three to travel beyond Earth’s atmosphere.

“To see the earth from space, changes you. It changes your relationship with this planet, with humanity,” Mr. Bezos said in a video before the final bidding took place, adding that his brother Mark will join him on the trip.

As the month-long bidding process leading up to the live auction closed on Thursday, the winning figure stood at $4.8 million, fueled by entries from more than 6,000 people from at least 143 countries, Blue Origin said.

“Putting the world’s richest man and one of the most recognized figures in business into space is a massive advertisement for space as a domain for exploration, industrialization and investment,” Morgan Stanley analyst Adam Jonas told clients earlier this month.

While the funds raised from the event are earmarked for charity, Blue Origin is hoping to galvanize enthusiasm for its nascent suborbital tourism business.

However, Branson, who founded Virgin Galactic Holdings, Inc., may attempt to steal Mr. Bezos’ thunder by joining a possible test flight to the edge of space over the July 4 weekend aboard Virgin’s VSS Unity spaceplane, one person familiar with the matter said.

The race is fueled by optimism that space travel will become mainstream as nascent technology is proven and costs fall, fueling what UBS estimates could be a $3 billion annual tourism market by 2030.

Blue Origin and Virgin Galactic, as well as Musk’s SpaceX, have also discussed using their rockets to link far-flung global cities. UBS says that long-haul travel market could be worth more than $20 billion, though several barriers such as air-safety certification could derail the plans.

Blue Origin has not divulged its pricing strategy for future trips.

Reuters reported in 2018 that Blue Origin was planning to charge passengers at least $200,000 for the ride, based on a market study and other considerations, though its thinking may have changed. — Reuters

Opposition coalition names nominees for president, VP

June 12, 2021 | 10:30 pm

Opposition coalition 1Sambayan announced on Saturday its list of nominees for the two highest positions in the country, more than two months since the alliance of conservative, moderate, and progressive parties and individuals was launched.

Vice President Maria Leonor G. Robredo, former senator Antonio F. Trillanes IV and human rights lawyer Jose Manuel I. Diokno, who have boldly criticized President Rodrigo R. Duterte’s administration, are among 1Sambayan’s official nominees for president and vice president for the 2022 polls, 1Sambayan convenor and former government official Albert F. Del Rosario said during the coalition’s virtual event on Saturday as the country commemorated Independence Day.

Senator Grace Poe-Llamanzares, Batangas Rep. Vilma- Santos Recto, and Party-list Rep. Eduardo C. Villanueva, who are considered moderates in the Congress, were also nominated by 1Sambayan, Mr. Del Rosario said.

He said there may be additions to the list, which was the result of 1Sambayan leadership’s consultations with various parties and political observers.

The coalition has said its candidates would challenge the Duterte administration’s bets in the upcoming polls.

Mr. Del Rosario said the group will announce its senatorial list in a few weeks.

Retired justice Antonio T. Carpio, the coalition’s lead convenor, earlier named Manila Mayor Franciso M. Domagoso and Senator Maria Lourdes S. Binay-Angeles as potential candidates for next year’s polls.

Mr. Domagoso wrote to the coalition “saying he wanted his name taken out of the list of nominees for president and vice president,” Mr. Carpio said during the event.

Ms. Binay-Angeles earlier said she would not run for a higher post in the upcoming elections, citing family reasons.

Ms. Robredo earlier belied claims of politicians that she already decided to run for a gubernatorial post, saying she is open to a possible presidential bid.

Mr. Trillanes has said he would run for president if Ms. Robredo decides not to run for the country’s top post.

Ms. Santos-Recto last year voted in favor of a counter-terrorism measure, which critics said could be used to harass dissenters and brand them as enemies of the state.

Senator Panfilo N. Lacson recently rejected a nomination by 1Sambayan, saying that participating in the coalition, whose members have challenged the country’s revised anti-terrorism law at the Supreme Court, would go against his principle because he championed the controversial measure in the Senate.

Mr. Villanueva, a leader of an influential Christian denomination in the Philippines, currently serves as a House deputy speaker. In 2017, he said Mr. Duterte should not be blamed for the rise of extrajudicial murders.

Ms. Poe-Llamanzares was one of the most preferred presidential candidates for the 2022 national elections, according to a survey by the Social Weather Stations.

BSP dollar reserves dip in May

June 11, 2021 | 6:50 pm

The central bank’s dollar reserves dipped in May, as the government withdrew foreign currency to use for debt repayments.

Data from the Bangko Sentral ng Pilipinas (BSP) showed the gross international reserves (GIR) declined by 0.67% to $106.978 billion as of end-May, from the $107.705 billion logged as of end-April.

However, this was 14.7% higher than the $93.288 billion in foreign exchange buffers recorded as of end-May 2020.

“The month-on-month decrease in the GIR level reflected outflows mainly from the foreign currency withdrawals of the national government from its deposits with the BSP to pay its foreign currency debt obligations and various expenditures,” the central bank said in a statement on Friday.

This was partially offset by inflows from the BSP’s income from investments abroad and its foreign exchange operation. Higher gold prices in the international market also boosted the valuation of BSP’s gold holdings.

ING Bank-NV Manila Senior Economist Nicholas Antonio T. Mapa said the dip in the country’s dollar reserves also reflected outflows in the local stock market during the month.

“The buffer stock of foreign currency of the BSP dipped slightly in May as the currency weathered a depreciation spell linked to heavy foreign selling in the local equity market,” Mr. Mapa said in a note.

An ample level of foreign exchange buffers safeguards an economy from market volatility and ensures the country is capable of paying its debts in the event of an economic downturn.

The BSP’s reserves buildup follows the trend of other Asian central banks that have learned to boost their reserves after the Asian Financial Crisis.

“Malaysia, Thailand, Indonesia and the Philippines not only rebuilt their reserves but even erected great walls of foreign currency to ensure that currency runs, and the potential destabilizing episodes of the past would never happen again,” Mr. Mapa said.

At its end-May level, the Philippine dollar reserves are enough to cover 12.2 months’ worth of imports of goods and payments of services and primary income.

It was also equivalent to about 7.4 times the country’s short-term external debt based on original maturity and 5.1 times based on residual maturity.

Foreign currency deposits in May plunged by 53.7% to $2.393 billion from $5.173 billion in April and was also lower by 13% than the $2.744 billion a year earlier.

Meanwhile, foreign investments increased by 1.59% to $92.64 billion in May, from $91.188 billion the previous month and by 14.8% than the $80.676 billion in May 2020.

The BSP’s gold holdings were valued at $9.907 billion, 6.41% up from the $9.31 billion in April and 23.6% higher than the $8.015 billion a year ago.

Reserve position in the International Monetary Fund (IMF) also picked up by 0.5% to $807.9 million from $803.8 million a month ago and by 19.3% from the $677.2 million logged last year.

Special drawing rights – or the amount that the country can tap from the IMF – stood at $1.229 billion for the second straight month. It rose by 4.6% from the $1.174 billion in May 2020.

The BSP projects the GIR to reach $114 billion this year. The country’s reserves reached a record high of $110.117 billion as of end-December 2020. — Luz Wendy T. Noble

Meralco rates up in June

June 11, 2021 | 6:47 pm

Meralco_MANDALUYONG_05_VARCAS_020621 — Manila Electric Co. on Friday said overall power rates will rise this month. -- Photo by Michael Varcas, The Philippine Star

Typical households in Metro Manila will see an increase of around P16 in their electricity bills this month, after distribution utility Manila Electric Co. (Meralco) announced a rise in overall power rates due to higher spot market prices.

In a statement on Friday, Meralco said its overall rate climbed by P0.0798 per kilowatt-hour (kWh) to P8.6718 per kWh, from last month’s P8.5920 per kWh.

A typical household is defined as one that consumes 200 kWh. Households consuming 300 kWh, 400 kWh and 500 kWh can expect to see their June bills increase by P24, P32 and P40, respectively.

Charges from the wholesale electricity spot market (WESM) were up by P1.6322 per kWh due to tight supply conditions in the Luzon grid, Meralco said.

The Independent Electricity Market Operator of the Philippines (IEMOP) earlier announced that the average power price in the WESM more than doubled in May to reach P7.72 per kilowatt hour (kWh) from P3.85 in April, following supply-demand disruptions and warmer weather.

On Friday, Meralco explained that as the summer temperatures rose and economic activity picked up, the Luzon grid’s demand climbed to 11,556 MW in May, up from the 10,425 MW recorded in April.

“The Luzon grid was placed on yellow alert on May 5, due to insufficient operating reserves as average capacity on outage remained at the 3,000 MW level…. As a result, WESM prices were persistently high for extended periods, triggering the imposition of the secondary price cap on May 4-7 and then again on 20-22,” the company said.

A yellow alert is issued when reserves fall below ideal levels. A secondary price cap is defined by IEMOP as a “price-mitigating mechanism” that aims to limit high market prices.

Meanwhile, Meralco’s generation charge inched up P0.0697 per kWh to P4.6171 per kWh on the back of higher WESM charges, the company said.

However, the increase in WESM charges was offset by lower prices from the firm’s power supply agreements (PSAs) and independent power producers (IPPs), which fell by P0.0476 per kWh and P0.0037 per kWh, respectively, as a result of improved average plant dispatch and peso appreciation.

PSAs and IPPs accounted for 52% and 42%, respectively, of Meralco’s power requirements in June. On the other hand, WESM charges comprised 6%.

According to Meralco, the transmission charge, taxes, and other charges for residential customers showed a “slight increase” of P0.0101 per kWh.

The collection of the universal charge-environmental charge of P0.0025 per kWh remains suspended, based on a directive from the Energy Regulatory Commission.

“Meralco’s distribution, supply, and metering charges, have remained unchanged for 71 months, after these registered reductions in July 2015,” it said.

The firm maintained that it does not earn from the pass-through charges, such as the generation and transmission charges.

“Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP (National Grid Corp. of the Philippines). Taxes and other public policy charges like the Universal Charges and the FIT-All (feed-in-tariff allowance) are remitted to the government,” Meralco said.

The utility giant earlier reported an attributable net income of P4.33 billion in the first quarter, up by 65% from P2.62 billion year-on-year despite the slump in energy sales in the commercial sector due to the pandemic’s impacts.

Shares of Meralco at the local bourse were up 0.86% or P2.4 to close at P280 apiece on Friday.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.

Wholesale prices of general goods fastest in 14 months — PSA

June 11, 2021 | 6:45 pm

forgoods_MARKET_03_VARCAS_091120 — The country’s general wholesale price index (GWPI) increased by 2.8% from a year earlier in March. -- Photo by Michael Varcas, The Philippine Star

WHOLESALE PRICE growth in general goods picked up to its fastest pace in 14 months in March, data released by the Philippine Statistics Authority (PSA) on Friday showed.

The country’s general wholesale price index (GWPI) increased by 2.8% from a year earlier in March. This was faster than the revised growth rate of 2.5% in February and 2.3% in March 2020.

This was the fastest price growth since the 2.9% expansion seen in January 2020.

Driving the index’s rise were double-digit growth in crude materials, inedible except fuels (44.4% from 36.4% in February), and mineral fuels, lubricants and related materials (11.9% from 2.1%). Quicker price increases were also observed in beverages and tobacco (7.4% from 7.3%); chemicals including animal and vegetable oils and fats (5.2% from 4.3%); manufactured goods classified chiefly by materials (0.8% from 0.6%); and miscellaneous manufactured articles (0.7% from 0.6%).

On the other hand, food price growth slowed to 2.4% from the previous month’s 3.1%.

Price growth in machinery and transport remained unchanged for the third straight month in March at 0.5%.

Meanwhile, the GWPI performance varied among major island groups. In March, wholesale prices in Luzon grew at a slightly faster pace at 2.9% from 2.8% in February and 2.4% in March 2020.

The GWPI in the Visayas continued to post an average decline at 0.6%, slower from the 1.2% decline recorded in the preceding month. In March 2020, its GWPI registered 2.4% growth.

Meanwhile, Mindanao’s GWPI growth remains unchanged at 4.5% in March from February. This was faster compared with the 1.5% pace seen last year.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the momentum of the economy’s reopening in the early part of the year drove the faster GWPI print in March.

“Again, [the pickup in] crude materials and mineral fuels are related to re-opening efforts of the economy particularly in general production. It can also be related to inputs for import activities…,” Mr. Asuncion said.

The economist added that barring the reimposition of stricter restrictions in Metro Manila and nearby provinces in late March and April, the GWPI is “expected to be faster” in the coming months as the restrictions will likely be further eased.

“However, it is not yet expected to go back to pre-pandemic levels by the end of 2021,” Mr. Asuncion said.

Aside from measuring price level changes at the wholesale level, the GWPI is also used to monitor the economic situation of the wholesale trade sector. Moreover, it is among the indices used as a deflator in the PSA’s national accounts, as well as a guide in economic analysis, policy formulation, and forecasting.

Budget deficit to remain wide until 2022

June 11, 2021 | 6:41 pm

THE GOVERNMENT is likely to run a wide fiscal deficit until 2022 as it supports the economy amid the coronavirus crisis, Fitch Solutions Country Risk & Industry Research said.

“We see limited risks from running wide deficits in the near term given the economy’s need for demand and investment. However, longer-term pressures on public finances will warrant a substantial tightening of fiscal support over the medium term,” Fitch Solutions said in a note on Friday.

“We do not view such stimulus as a risk to the near-term public debt outlook and anticipate fiscal consolidation over the coming years,” it added. “As noted, we believe the rise in public indebtedness in the near term is warranted given the weak economic backdrop and poses limited risks to the Philippines’ well managed public debt profile.”

Fitch Solutions expects the country’s budget deficit to be equivalent to 7.7% and 6.5% of the country’s gross domestic product (GDP) in 2021 and 2022, respectively. These estimates are smaller than government’s own projections of 9.4% and 7.7% for this year and next.

The government wants to raise P3 trillion from domestic and external lenders this year to help fund its budget gap. In 2020, the fiscal deficit ballooned to 7.5% of GDP from 3.4% in 2019.

Latest data from the Bureau of the Treasury showed the budget deficit stood at P44.4 billion in April, significantly lower than the P273.9-billion gap logged a year earlier and a 76.8% drop from the P191-billion shortfall in March.

In the first four months of the year, the government recorded a fiscal gap of P365.9 billion, slightly wider than the P360-billion deficit seen in the same period of 2020, due to muted growth in spending and revenues.

“We expect revenues to pick up as mobility restrictions imposed in late March are eased and with base effects,” Fitch Solutions said.

“Funding for such plans (pandemic response) could ultimately eat into funding allocated to other areas in the 2021 budget and we believe the potential for further COVID-19 outbreaks in 2021 will mean more resources being diverted from the government’s infrastructure drive towards the healthcare and household funding response,” it added.

Meanwhile, Fitch Solutions said the passage of the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act, under which the corporate income tax was immediately reduced to 25% from 30%, could help in the economy’s recovery as it put the country’s tax rate in line with those of its regional peers such as Thailand (20%), Malaysia (24%), Indonesia (22%), and Vietnam (20%).

“However, as we have noted previously, tax reform alone will not address the issues the Philippines faces attracting FDI (foreign direct investments). The likely disruption to government infrastructure investment again in 2021 will delay much needed logistical improvements and spending on utilities that are needed to support business hubs,” Fitch Solutions said. — LWTN

Over 100 stores fail to get safety seal

June 11, 2021 | 6:35 pm

OVER A hundred applications for safety seals assessed by the Trade department have been denied due to non-compliance with health protocols, its top official said.

Trade Secretary Ramon M. Lopez said the agency assesses retail, hardware, and repair shops, while other departments cover sectors like tourism and government.

The safety seal certification program provides establishments stickers for display at their entry points if they comply with the required health safety protocols.

Over a hundred safety seal applications were approved, while 600 are still pending.

Gyms and other indoor non-contact sports venues are now allowed to operate with limited capacity in Metro Manila and its neighboring regions as soon as they have safety seals. Gym inspections are conducted by either the city or municipality.

Mr. Lopez said at the Laging Handa briefing on Friday that denied applications can be reversed once the shops have complied with the rules.

Shop inspections are still ongoing, he said.

Health safety protocols include required screening at shop entrances and the availability of hand washing stations and physical barriers for distancing. — J.P. Ibañez

CLI to develop P20-B techno-business park

June 11, 2021 | 6:31 pm

forPRA_02-Mingmori_Central-Park — Cebu Landmasters, Inc. will be the developer and manager of the P20 billion Minglanilla Techno-Business Park in Cebu. -- Company handout

The Philippine Reclamation Authority (PRA) has approved the 100-hectare reclamation project in Cebu, paving the way for Cebu Landmasters, Inc. (CLI) to develop a P20-billion techno-business park in the area.

The PRA and Minglanilla local government unit on Friday signed the agreement for the Ming-Mori Techno-Business Park.

CLI will develop and manage the techno-hub, saying it is one of the property developer’s biggest projects so far.

“Because of the scale of this project that will take several phases to develop, we have carefully and meticulously planned it to be sustainable and supportive of future generations,” CLI Chief Executive Officer (CEO) and Ming-Mori Development Corp. President Jose R. Soberano III said in a statement on Friday.

Aside from receiving the go signal from the PRA, the P20-billion project received an environmental compliance certificate from the Department of Environment and Natural Resources (DENR) in 2020 after more than five years of review.

“This is one of the start of a series of reclamation probably here because the only way for us to grow farther is to expand and to reclaim,” Environment Secretary Roy A. Cimatu said at the signing ceremony on Friday.

A detailed engineering design of the project is still needed, as well as other pre-construction requirements.

The Ming-Mori project is an “island type” of reclamation, which will be connected by bridges. The 100-hectare land area will be divided into two islands, one will span 75 hectares while the other will cover around 25 hectares. In-land filling for the project will be sourced from the mountains of Minglanilla, “as much as possible.”

“This could also start the ball rolling for more similar projects along the coast and that’s the only way we could expand because we all know that reclamation is always the answer for limited [areas],” Mr. Soberano said at the ceremony, pointing to countries like Singapore and the United States.

The hub is designed by Singapore-based Surbana Jurong Consultants Pte. Ltd.

Its first phase will feature commercial, residential, and institutional centers. It will also have its own port facility.

Cebu Landmasters said it has “solid support” from equity and bank partners for the project. It was also able to secure P3 billion notes to fund the first phase of construction, which is eyed to begin in the fourth quarter. It aims to complete the Ming-Mori project within three to five years.

Minglanilla Mayor Elanito A. Peña said the techno-business hub will help the municipality to achieve its goal of becoming a “world-class economic hub.”

“Our constituents will no longer look for jobs that require them to travel long [distances] as jobs can now be availed within reach,” Mr. Peña said. “The municipality income I think will increase, and therefore we will be able to better provide the basic needs and services to our people.”

DITO says it has nearly 900,000 subscribers

June 11, 2021 | 6:28 pm

DITO Telecommunity Corp. is aiming to reach a million subscribers “soon” after connecting about 890,000 subscribers as of Thursday.

The country’s third telco player in a briefing on Friday said that it will add 23 more locations to its commercial coverage starting Saturday.

“Concentration of areas served by DITO continues to be in the Visayas and Mindanao as we started rolling out in those areas, but Metro Manila is fast catching up,” DITO Chief Technology Officer Rodolfo D. Santiago said.

DITO has expanded its commercial services in 100 cities and municipalities after its started offering mobile services in Metro Manila and other parts of the country last month.

“By end of June, we will approximate about 150 total cities and municipalities,” Mr. Santiago said.

DITO aims to have 30% share of the market, he added.

Multinational company Nokia Corp. last month announced that DITO had chosen the firm to deploy fifth generation (5G) services in Mindanao.

DITO Chief Administrative Officer Adel A. Tamano said that the company has already made 5G technology available.

“But more actions need to be done for it to be widely available commercially,” he said.

Shares in DITO CME Holdings Corp., the controlling shareholder of DITO Telecommunity, went up 0.31% or three centavos to P9.60 on Friday. — Jenina P. Ibañez

PLDT, DENR team up for e-waste collection

June 11, 2021 | 6:26 pm

PLDT_Ewaste1 — A #SmartPlanet phone recycling bin has electronic sensors that can send out Smart e-load in exchange for used phones, chargers, and tablets. -- Company handout

PLDT Inc. and its wireless subsidiary Smart Communications, Inc. said on Friday that they have signed a deal with the Environment department to launch an initiative to collect electronic waste from cell sites and offices.

The companies will work with the Department of Environment and Natural Resources (DENR) through the Environment Management Bureau (EMB) Region 3 and its accredited provider JMR Trade and Transport Services to collect discarded phones, tablets, computers, chargers, and device accessories.

Hazardous waste like used lead acid batteries and fiber optic cables will also be collected.

The DENR-EMB Region 3 office will work with various regional offices to back the waste recovery project, and the agency will link PLDT to science researchers.

The partnership is part of PLDT and Smart’s e-Waste Program to encourage recycling discarded electronic devices.

The program is rolling out what the company calls the #SmartPlanet phone recycling bin, which has electronic sensors that can send out Smart e-load in exchange for used phones, chargers, and tablets.

The firm plans to assign bins to its offices in Bacolod, Baguio, Batangas, Bulacan, Cagayan de Oro, Cavite, Cebu, Davao City, Iloilo, Laguna, Metro Manila, and Pampanga by next month.

“With the partnership, PLDT also commits to ramping up environmental awareness and proper disposal of e-waste among its staff, employees, partners and stakeholders,” the company said in a statement Friday.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Jenina P. Ibañez