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PHL decarbonization seen drawing major investments

ACENERGY.COM.PH

THE Philippines’ decarbonization drive is viewed as a “massive” investment opportunity because of the sheer volume of renewable capacity needed to make significant progress towards a green economy, McKinsey & Co. said.

“Our modelling shows that more than 100 gigawatts or more than 100,000 megawatts of additional capacity in renewables will be needed for the Philippines to accelerate and move towards (decarbonization),” McKinsey & Co. Senior Partner Vishal Agarwal said on Wednesday at the Arangkada virtual forum.

The Philippines currently has about 26,000 megawatts of installed power capacity of all types. Mr. Agarwal did not elaborate on the assumptions behind the 100,000 MW estimate, or whether the projection contemplates renewa-ble sources working side by side with non-renewable ones.

The United Nations defined “green economy” projects as low carbon, resource efficient, and socially inclusive, while preventing the loss of biodiversity and making fewer demands on the ecosystem.

Mr. Agarwal said business opportunities are plentiful in renewable energy, large-scale battery storage, advanced solar power system technology and assembly, and grid modernization.

He also noted the increasing opportunities in other sectors such as transportation in using biofuel for road transport and aviation; the industry sector in carbon capture, carbon dioxide storage and usage; in the waste sector in switching to waste-to-energy; and in the land use, land-use change and forestry in domestic and international carbon trading.

“It is a tough task, but it is important for us to have a not narrow view how much emissions the Philippines or each country is having, to look at on the risk (that) climate change (imposes) on the Philippines,” Mr. Agarwal said.

He noted that the Philippines is the 35th largest polluter in the world and is considered the fifth most-affected by climate change over the last 20 years.

“It is also very important to look at this as an opportunity for value creation that enables us to accelerate towards more and more sustainability,” he added.

The Philippines has committed to reduce its greenhouse gas emissions by 75% by 2030. Around 72.29% of this total will rely on climate financing, technology, and capacity development support from developed countries. — Marielle C. Lucenio

Cryptocurrency transactions up 362% at midyear

BANGKO SENTRAL NG PILIPINAS GOVERNOR BENJAMIN E. DIOKNO — PHILIPPINE STAR/ GEREMY PINTOLO

CRYPTOCURRENCY transactions in the Philippines rose 362% as of the first half, in line with the broader growth in digital financial transactions, the central bank said.

“The volume of transactions involving virtual assets grew 362% year on year to nearly 20 million in June 2021. These transactions were worth P105.93 billion in June, up 71% over the same period,” Mr. Diokno said in an online briefing Thursday.

The Bangko Sentral ng Pilipinas (BSP) said such transactions with virtual asset service providers continue to gain traction, though they come with risks.

“Deal only with registered virtual asset service providers. Be reminded that virtual assets are not considered legal tender and not insured by the Philippine Deposit Insurance Corp.,” Mr. Diokno said.

He said the value of e-money transactions rose 62% year on year.

Mr. Diokno said there are 64 licensed electronic money issuers (EMIs), of which 35 are non-bank EMIs.

In November, the BSP announced that it will close applications period for non-bank financial institutions seeking to become EMIs.

Mr. Diokno said all applications received by the BSP until Dec. 15 will be processed on a first-come, first served basis, and those are found to be deficient will be returned and not attended to.

“We have to recalibrate our approach in order to have a better understanding and ability to deal with the evolving nature and increasing complexity of e-money solutions and market players,” he said. — Luz Wendy T. Noble

Trade dep’t views RCEP as beneficial to agriculture

REUTERS

THE agriculture industry will benefit from the Regional Comprehensive Economic Partnership (RCEP) trade agreement by providing opportunities to farmers, the Department of Trade and Industry (DTI) said.

Trade Assistant Secretary Allan B. Gepty said RCEP offers enhanced market access, trade facilitation, consultation services for resolving trade issues, and more investment in research and development for the agricultural scienc-es and manufacturing.

“Our farmers and producers should view RCEP as an opportunity for them to have a stable access to cheaper farm inputs and implements such as fertilizer, pesticide and farm machinery,” Mr. Gepty said in a statement Thursday.

“They can also export their products to the RCEP region at a preferential and more trade facilitative arrangement, and in the process RCEP will encourage investment in food processing and even R&D… In sum, our agricultural sec-tor will reap these benefits while at the same time enjoying tariff protection on certain agricultural products,” he added.

RCEP involves Southeast Asian countries, China, Japan, South Korea, Australia, and New Zealand.

Mr. Gepty said some agricultural products that are deemed politically sensitive in the Philippines are excluded from the schedule of commitments, which means that these products will remain protected by tariffs.

The protected products include pork, poultry meat, potatoes, onions, garlic, cabbage, sugar, carrots, and rice.

According to the DTI, 74% of the country’s imports of fertilizer are from RCEP partners like China, Indonesia, Malaysia, South Korea, Vietnam, and Japan, while 70% of imported insecticides are from China, Malaysia, Indonesia, Japan, and South Korea.

It added that 78% of imported agricultural machinery is from Thailand, China, and Japan.

Mr. Gepty said RCEP provides more flexibility on trade, contrary to the allegations that it will restrict trade remedies.

Farmer groups and nongovernment organizations recently issued a statement declaring their opposition to RCEP due to the lack of consultation.

“RCEP parties can still avail of the safeguard measures provided for in the World Trade Organization (WTO) agreement, thus, the RCEP transitional safeguard measure is in fact an additional trade remedy for the farmers. The RCEP Agreement even provides a mechanism to modify concessions should there be a need to do so,” Mr. Gepty said.

Mr. Gepty said the DTI is urging the Senate for its immediate concurrence to the RCEP agreement, which is set to take effect on Jan. 1, 2022.

Currently, six ASEAN members — Brunei, Cambodia, Singapore, Laos, Thailand, and Vietnam — and four ASEAN free trade partners — Australia, China, Japan, and New Zealand — have turned in their respective instruments of ratification.

“The size of the market alone and the extent of economic activities happening in the region demand that the country be part of this free trade area. This is not to mention that this is an ASEAN-led free trade agreement (FTA),” Mr. Gepty said. — Revin Mikhael D. Ochave

7-Eleven ramps up ATM network, digitalization

BW FILE PHOTO

PHILIPPINE Seven Corp. has reached its goal of installing its “cash-recycler” automated teller machines (ATMs) to a thousand 7-Eleven stores and has consolidated its customer support system into one platform.

In an e-mailed statement on Thursday, the listed operator of 7-Eleven convenience stores said the ATMs are now available in Metro Manila, Cavite, and Laguna.

“Installing ATMs in more stores is one of the key pillars of our Convenience Plus strategy. Convenience Plus has been our approach to meeting more customer needs since the start of this pandemic,” said Jose Victor P. Paterno, president and chief executive officer of Philippine Seven.

The company said the installment of ATMs is a solution to the convenience stores’ cash management requirements.

“The sales are deposited by our store operators and the ATMs ‘recycle’ the cash to fund withdrawals of the customers of the different banks. This also creates a lot of value to the individual bank account owners because of hav-ing ATMs available 24/7 in a safe and secured location,” Philippine Seven Head of Finance Lawrence M. de Leon said.

Philippine Seven said it aims to have 1,200 ATMs activated in 7-Eleven stores in Metro Manila and in “major markets in Luzon” by the end of the year.

The company aims to achieve the number through the help of Pito AxM Platform, Inc. (PAPI), a fully owned subsidiary of Seven Bank Ltd. Of Japan.

“Our stores now offer not only a wider assortment of merchandise, but we are also leveraging our store network to offer bills payments, e-wallet cash-ins, and other financial services to serve our communities better,” Mr. Pat-erno said.

According to a separate e-mailed statement by software firm Freshworks, Inc., 7-Eleven was able to digitalize and consolidate its customer support system by using Freshworks’ automated platforms.

7-Eleven uses Freshdesk and Freshdesk Contact Center, both of which “quickly resolves queries to deliver the same in-store conveniences to their regular customers and online shoppers.”

“We got Freshdesk up and running in minutes and it helped us automate over 100,000 requests last year with easy-to-use automations on a platform that’s intuitive for our guests,” 7-Eleven Customer Care Specialist Aeruh Di-malanta said.

Requests are to be resolved automatically with a service-level agreement (SLA) rate of 95%. Freshworks said it was able to help the convenience store chain retain its consumer base through the improved shopping expe-rience.

The Freshdesk platform addresses general store queries and questions about payment.

Meanwhile, the CLiQQ group also handles issues related to 7-Eleven Loyalty program through the Freshdesk platform. The 7-Eleven CLiQQ application has since logged an increase in downloads, Freshworks said.

“Freshdesk and its contact center are built to scale for consumer brands like 7-Eleven. We pride ourselves with the ease of use of Freshdesk for support agents and are thrilled to see the business benefits that result from a bet-ter customer experience,” said Prakash Ramamurthy, chief product officer at Freshworks.

On Thursday, Philippine Seven shares at the local bourse closed lower by 0.56% or 50 centavos to end at P88.50 apiece. — Keren Concepcion G. Valmonte

SEC seeking P2.6B for digitalization push over next five years

https://www.sec.gov.ph/

THE Securities and Exchange Commission (SEC) is proposing a P2.6-billion program over five years for its digitalization programs, the Department of Finance (DoF) said.

SEC Chairman Emilio B. Aquino, in a report to the Department of Finance (DoF), said the commission has launched initiatives to digitalize its registration and filing processes.

It is planning more digitalization initiatives such as an external auditors accreditation registry system, an evaluation system, stress testing for capital market intermediaries, an e-Media hub, and a complaints management sys-tem.

“The SEC is seeking a budget of P2.6 billion over a five year-period from 2021 to 2025 to fully implement these digitalization initiatives,” the DoF said in a statement Thursday.

The SEC wants to use more technology for human resource management, online performance management, integrated learning, asset management, procurement monitoring, financial management, and records management systems, Mr. Aquino said.

The SEC also plans to create additional units to protect its systems from cyberattacks and data leaks.

These units include compliance examination and audit, cybersecurity and risk mitigation, cybercrime and forensics, and corporate communications and investor education.

The commission has been setting up online processes as mobility restrictions designed to curb the spread of the coronavirus disease 2019 (COVID-19) limit in-person transactions.

Mr. Aquino in his report to the DoF said the commission has processed 26,875 business registrations online through its Electronic Simplified Processing of Application for Registration of Company.

In March, the commission launched its electronic payments and electronic filing and submission systems.

Meanwhile, the SEC has been planning to put up an office that encourages small- and medium-sized enterprises to embark on initial public offerings. It recently launched an office that supports financial technology (fintech) firms.

Government agencies plan to more closely supervise fintechs on taxation and regulation after their activities surged during the pandemic, the DoF said last month. The SEC plans to come up with fintech-specific requirements for licensing and data security. — Jenina P. Ibañez

Pinoy artists dominate Spotify’s top charts in PHL

Ben&Ben

Ben&Ben was Spotify’s most streamed local artist in the Philippines according to the music streaming service’s yearend wrap-up.

Spotify released the lists of the top artists, albums, songs, playlists, and podcasts “that defined how more than 381 million people around the world listened and discovered audio in 2021,” the company said in a release on Dec. 2.

“Spotify 2021 Wrapped celebrates the millions of quirky and wonderful ways to listen, as well as look back at how audio helped listeners discover new favorites — while creators soundtracked the world around us,” says the statement.

The Spotify Wrapped report shows that Filipinos are listening to local artists, music, and podcasts, as well as musicians with Filipino roots.

For the second year in a row, Ben&Ben was the Philippines’ Top Streamed Local Artist, followed by Moira Dela Torre, Skusta Clee, Zack Tabudlo, and rising star, Arthur Nery in the top five.

Mr. Nery’s Letters Never Sent is the Top Local Album in the country, followed by Eraserheads’ Anthology, a compilation of the band’s greatest hits.

The Most Streamed Song in the country in 2021, according to the report, is Mr. Tabudlo’s “Binibini.” Global artists with Filipino roots took two of the top five spots: Olivia Rodrigo’s “drivers license” (No. 3) and Bruno Mars’ “Leave the Door Open” (No. 5). Rounding out the top five are K-Pop group BTS’ “Butter” (No, 2) and Pink Sweat$’s “At My Worst” (No. 4).

The top two Most Repeated Local Songs in the country were love songs by the same artist: Mr. Tabudlo’s “Binibini” and “Nangangamba.” Pinoy Hip-Hop  rounded out the top five in the category PDL, Flow G, Skusta Clee, and Yuridope’s “Pauwi Nako,” and Skusta Clee’s “Dance With You” and “Lagi.”

Spotify’s EQUAL program, a global initiative to foster gender equity in music, shines a light on local female artists. Jana Garcia’s “Di Biro” was the Top Streamed Song for EQUAL Philippines’ playlist, followed by Yeng Constantino’s “Ako Muna” and Nadine Lustre’s “Wildest Dreams.”

Aside from OPM, K-Pop is also popular in the Philippines. BTS was the Top Streamed K-Pop Artist in the country, followed by TWICE, BLACKPINK, IU, and SEVENTEEN.

When it comes to the spoken word, Filipino creators were also popular here, filing the slots in the Top Five Most Popular Podcasts in the Philippines. Wellness podcasts skypodcast and Sleeping Pill with Inka took the top two spots, followed by advice-type conversations Dear MOR: The Podcast, Boiling Water PH, and SUPERHUMAN with Will Dasovich.

PERSONALIZED WRAPPED FEATURES

Spotify has released new personalized Wrapped features to remind listeners how their aural year went. These include 2021: The Movie, a video montage of the listeners’ top played songs paired with iconic scenes from cinema to make a movie abut the listener; Your Audio Aura, a mashup the listener’s mood, tempo, liveliness, and artist/album art; Playing Cards, an interactive data-based game of truth and lie about the listener’s audio habits that they can play with a friend; Wrapped 2021: Blend, which taps the new Blend feature launched this year, to see how the listerner’s music taste matches up with friends.

Spotify’s users will be able to access and share their personalized Listener Wrapped experiences with features, which provides a deep dive into the music and podcasts that defined their year.

Spotify 2021 Wrapped Philippine Top Lists

Philippines’ Most Streamed Artists:

  1. BTS
  2. Taylor Swift
  3. Justin Bieber
  4. Ben&Ben
  5. Ariana Grande

Philippines’ Most Streamed OPM Artists

  1. Ben&Ben
  2. Moira Dela Torre
  3. Skusta Clee
  4. Zack Tabudlo
  5. Arthur Nery

Philippines’ Most Streamed Albums

  1. SOUR, Olivia Rodrigo
  2. Justice, Justin Bieber
  3. Fearless (Taylor’s version), Taylor Swift
  4. BE, BTS
  5. =, Ed Sheeran

Philippines’ Most Streamed Local Albums

  1. Letters Never Sent, Arthur Nery
  2. Anthology, Eraserheads
  3. Patawad, Moira Dela Torre
  4. LIMASAWA STREET, Ben&Ben
  5. Malaya, Moira Dela Torre

Philippines’ Most Streamed Songs

  1. “Binibini,” Zack Tabudlo
  2. “Butter,” BTS
  3. “drivers license,” Olivia Rodrigo
  4. “At My Worst,” Pink Sweat$
  5. “Leave the Door Open,” Bruno Mars

Philippines’ Most Streamed Local Songs

  1. “Binibini,” Zack Tabudlo
  2. “Nangangamba,” Zack Tabudlo
  3. “Paraluman,” Adie
  4. “Dance With You,” Skusta Clee and Yuri Dope
  5. “Ikaw Lang,” NOBITA

Philippines’ Most Popular Spotify Playlists

  1. Hot Hits Philippines
  2. Today’s Top Hits
  3. OPM Favorites
  4. Acoustic Favorites
  5. Kalye Hip Hop

Philippines’ Most Popular Podcasts

  1. skypodcast
  2. Sleeping Pill with Inka
  3. Dear MOR: The Podcast
  4. Boiling Waters PH
  5. SUPERHUMAN with Will Dasovich

Spotify 2021 Wrapped Global Top Lists:

Top Global Artists

  1. Bad Bunny
  2. Taylor Swift
  3. BTS
  4. Drake
  5. Justin Bieber

Top Global Streamed Albums

  1. SOUR, Olivia Rodrigo
  2. Future Nostalgia, Dua Lipa
  3. Justice, Justin Bieber
  4. =, Ed Sheeran
  5. Planet HER, Doja Cat

Top Global Streamed Songs

  1. “drivers license,” Olivia Rodrigo
  2. “MONTERO (Call Me By Your Name),” Lil Nas X
  3. “STAY (with Justin Bieber),” The Kid LAROI
  4. “good 4 u,” Olivia Rodrigo
  5. “Levitating (feat. DaBaby),” Dua Lipa

Top Global Podcasts

  1. The Joe Rogan Experience
  2. Call Her Daddy
  3. Crime Junkie
  4. TED Talks Daily
  5. The Daily

Most Popular Podcast Genres Globally

  1. Comedy
  2. Society & Culture
  3. Education
  4. Health & Fitness
  5. Music

Converge claims nationwide pure fiber connectivity

CONVERGE ICT SOLUTIONS INC./YOUTUBE

CONVERGE ICT Solutions, Inc. on Thursday said its fiber internet service now covers the whole nation, with 5.5 million ports deployed.

The company has opened 23 business centers nationwide as of end-November.

“We’ve achieved a record rollout of 654,188 ports in the third quarter of 2021 alone, a solid testament to the robust demand we continue to see throughout the country,” Converge Chief Executive Officer Dennis Anthony H. Uy said in an e-mailed statement.

By 2023, the company hopes to cover 55% of Philippine households with its fiber internet service.

It targets to reach more unserved and underserved areas of the country.

The company said it recently opened new business centers in Laoag City, Ilocos Norte; Candon, Ilocos Sur; La Trinidad, Benguet; Tuguegarao, Cagayan; and Bayombong, Nueva Vizcaya in Northern Luzon.

It also opened branches in Gapan, Nueva Ecija in Central Luzon; Valenzuela and San Juan City in Metro Manila; Batangas City and Lemery, Batangas; and Imus and Dasmarinas, Cavite in Southern Luzon; Sorsogon in the Bicol Re-gion; Iloilo City in the Visayas; and Cagayan de Oro and Davao City in Mindanao.

The company said it now serves 440 municipalities and cities. It has around 1.6 million residential subscribers as of September.

“Converge just this November completed its domestic subsea cable project connecting all the major islands of the Philippines to its national fiber backbone,” it noted.

The company’s attributable net income for the January-to-September period went up by 137% to P5.20 billion from P2.19 billion in the same period in 2020.

Revenues for the period increased by 76% to P18.83 billion from P10.68 billion last year.

Mr. Uy has said that Converge is looking at potential new partnerships to serve its clients in areas other than broadband internet, such as fintech, e-games, and content, among others.

Converge ICT shares closed 0.65% lower at P30.80 apiece on Thursday. — Arjay L. Balinbin

Sorcery the focus of Folklore’s Pinoy episode

A SCENE from HBO Asia’s series Folklore

A SMALL town, a mysterious illness, a worried policewoman, and a sorcerer are the ingredients that make up the Philippine episode of the second season of HBO Asia’s series, Folklore.

Folklore is a horror anthology series created by Singaporean director Eric Khoo which premiered in 2018. Each season consists of six episodes featuring stories based on Asian superstitions and national folklore and myths, with each episode helmed by a director from the specific Asian country.

The Philippine episode, “7 Days of Hell,” directed by Erik Matti, is the fourth show of the second season which premiered on Nov. 14.

Known for his work in the horror and suspense genre, Mr. Matti has directed crime thrillers like Honor Thy Father (2015) and BuyBust (2018), and horror stories including Pa-Siyam (2004), Kuwaresma/The Entity (2019), and Seklusyon (2016).

Written by Michiko Yamamoto, the episode follows Lourdes (played by Dolly De Leon), a righteous policewoman and mother who tries to save her son Eugene (Roshson Barman) from an unknown illness. When Eugene is given only a few weeks to live, Lourdes discovers that her son’s illness is caused by a powerful sorcerer’s curse. For Eugene to survive, he has to make amends with the sorcerer. Desperate to save her son, Lourdes, alongside Jong (Mon Confiado), goes to find out what he had done.

“In the episode, [the characters] confronted with something they couldn’t explain. And as policemen, they rely mostly on evidence or proof, on nothing ambiguous. But then they end up thinking [that] maybe this is the work of the supernatural,” Mr. Matti said during an online press conference on Nov. 23.

“For people who believe in logic, I think that’s interesting to watch in a story that slowly they try to veer towards illogical stuff, veer towards gut instinct, and intuition rather than provable evidence,” he added.

The episode also focuses on the theme of family. “It’s very important to know our children,” Mr. Confiado said.

In rural communities in the country, the belief in the powers of an albularyo (folk healer), and sorcerers called mangkukulam or mambabarang is still evident today. Folk healers connect with nature and the supernatural to heal ordinary illnesses and paranormal inflictions, while the sorcerers use their powers to cause harm.

Ms. De Leon said that sometimes fear stems from the unknown in people rather than in the supernatural.

“Some spirits are powerful, but the problem with people is you really can’t control them or their presence in your lives,” Ms. De Leon said.

Mr. Matti noted that horror stories can reflect something societal.

“In in this episode, more than the mambabarang, we wanted to do a police crime story. Michiko and I love crime stories, especially police stories. And Lourdes and Jong represent the detectives that we always love in the film,” Mr. Matti said. “It starts out with a crime, and you will see how the kind of corruption in a small-town police station started it all.”

Folklore’s “7 Days of Hell” premieres on Dec. 5 on both HBO and HBO GO. To watch the episode on HBO GO, stream or download the second season of Folklore. The app can be found on the App Store or Play Store. HBO GO is also accessible via Cignal or at https://www.hbogoasia.com/. — Michelle Anne P. Soliman

MAP appoints Pascual president for 2022

THE Management Association of the Philippines (MAP) said Alfredo E. Pascual will serve as its president for 2022.

MAP said in a statement Thursday that Mr. Pascual will become the association’s 73rd president since its founding in 1950.

Mr. Pascual is currently the lead independent director at SM Investments Corp., Megawide Construction Corp., and Concepcion Industrial Corp.

“His board seats include nonprofits and other organizations, such as Institute of Corporate Directors, Institute for Solidarity in Asia, FINEX Academy, University of the Philippines (UP) Foundation, Philippine Council for Foreign Relations, and the US-Philippines Society,” MAP said.

Mr. Pascual is also former president of the Rotary Club of Makati, an honorary member of Philippine-American Association of Scientists and Engineers (PAASE), and president of the global association of former employees of the Asian Development Bank.

Between 2011 and 2017, Mr. Pascual was the president and co-chair of the UP System. Prior to becoming the UP President, he was the alumni regent on the UP Board and also served as a trustee at the International Rice Research Insti-tute and Philippine Institute for Development Studies.

Other MAP officers for 2022 were Donald Patrick L. Lim, chief operating officer of DITO CME Holdings, Inc., vice-president; Wilson P. Tan, chair and country managing partner of SGV & Co., treasurer; Romeo L. Bernardo, manag-ing director of Lazaro Bernardo Tiu & Associates, assistant treasurer; Marianne B. Hontiveros, managing director of CEO Advisors, Inc., secretary; and Alexander B. Cabrera, chair emeritus and environmental, social, and governance leader of Isla Lipana & Co. and PwC Philippines, assistant secretary.

Other MAP governors are Cielito F. Habito, chair of Brain Trust, Inc., Meliton B. Salazar, Jr., president of PHINMA Education Network; and Rogelio L. Singson, president and CEO of Metro Pacific Water. — Revin Mikhael D. Ochave

Polymer 1,000 bills to be circulated in mid-2022

THE BANGKO SENTRAL ng Pilipinas (BSP) will start its pilot circulation of polymer banknotes next year, beginning with limited P1,000 bills to be delivered by the Reserve Bank of Australia (RBA).

BSP Governor Benjamin E. Diokno said the central bank partnered with the RBA for the pilot testing. A subsidiary of Australia’s central bank will deliver the first set of P1,000 polymer bills in April 2022.

“The 1,000 [polymer] notes will begin circulating in mid-2022. We have reached an agreement with RBA and its wholly owned subsidiary, Note Printing Australia [Ltd.], for the production of the polymer banknotes,” Mr. Diokno said at an online briefing on Thursday.

The new banknotes will co-exist with bills already being circulated, he said.

BSP Deputy Governor Mamerto E. Tangonan said the BSP is authorized to issue 500 million pieces of P1,000 polymer bills from 2022 to 2025.

With the initial limited circulation, the BSP will look into the lifespan of these polymer bills to see if they last longer than paper banknotes, he said.

“They (polymer bills) do last anywhere from two and a half [years], some central banks even reported 4.8. [years],” Mr. Tangonan said at the same briefing.

“We want to see if under local Philippine conditions, if the banknotes would last at least as long [as what was seen by other central banks],” he added.

Mr. Diokno said there are about 57 countries that have used polymer for their banknotes as of March 2021, incuding Canada, Australia, New Zealand, Malaysia, Vietnam, Mexico, and Fiji.

“Based on our research, among the most cited strengths of polymer banknotes are their being relatively more hygienic, difficult to counterfeit, durable and cost-effective, and environmentally friendly,” the central bank chief said.

Mr. Tangonan said they will also see if it is cost-effective to increase its circulation of polymer bills.

“Although it (polymer bills) costs a little bit more to print one banknote, but if you’re going to print much less…then that would give you a very strong justification to polymerize all denominations,” Mr. Tangonan said.

The central bank’s move towards using polymer for banknotes is expected to impact the country’s abaca industry, as the fiber is used in making paper bills.

The BSP earlier said its limited testing could displace around 0.1% or 0.2% of total abaca exports, representing about 210 to 481 jobs.

The central bank has said it will coordinate with relevant government agencies and industry representatives to address concerns over the livelihood of abaca farmers that will be affected by the move. — L.W.T. Noble

First Gen unit signs nearly P3-B loan deals

FIRST Gen Corp. unit Prime Meridian Powergen Corp. (PMPC) has signed three-year loan facilities totaling P2.8 billion with the Bank of the Philippine Islands and ING Bank N.V.

“This is the first term loan of PMPC and it is reflective of the Avion power plant’s strong and stable cash flows since starting operations in 2016,” First Gen President and Chief Operating Officer Francis Giles B. Puno said in a dis-closure to the Philippine Stock Exchange on Thursday.

PMPC owns and operates the 97-megawatt (MW) Avion dual-fired open-cycle gas turbine power plant in Batangas City. Proceeds from the loans will be used for the firm’s general and corporate working capital requirements.

Mr. Puno added that First Gen’s gas platform now stands at 2,017 MW and that the company is “working hard to deliver the country’s first Interim Offshore LNG (liquefied natural gas) Terminal Project, as well as additional nat-ural gas-fired power plants.”

First Gen’s wholly owned subsidiary, FGEN LNG Corp., entered into a five-year contract with Norway-based BW Gas Ltd. in April to charter an LNG carrier for the Lopez-led company’s offshore gas terminal project in Batangas.

First Gen said earlier that the LNG project would introduce LNG to the country by the third quarter of 2022 to serve the natural gas requirements of existing and future gas-fired plants of FGEN LNG’s affiliates and third parties.

The Avion power plant is one of the five natural gas facilities that source their supply from the Malampaya gas field in Palawan, which, the Department of Energy said earlier, will have completely depleted reserves by 2027.

First Gen also owns the three other gas facilities receiving supply from Malampaya, namely: the 1,000-MW Santa Rita, 500-MW San Lorenzo, and the 420-MW San Gabriel gas power plants.

The fifth natural gas facility fed by the deepwater gas-to-power project is the 1,200-MW Ilijan natural gas plant operated by KEPCO Ilijan Corp.

Shares in First Gen at the stock exchange declined by 0.34% or 10 centavos to close at P28.90 apiece on Thursday. — Bianca Angelica D. Añago

Stuff to do (12/03/21)

FDCP screens silent films

AFTER a series of intensive film labs, the Film Development Council of the Philippines (FDCP) presents the results of the first Mit Out Sound: International Silent Film Labs and Competition, where young filmmakers created new silent short films inspired by old Filipino classics. These silent films are on view until Dec. 3 at the FDCP Channel website (www.fdcpchannel.ph). Log in (if an existing subscriber) or create an account for free (if not a subscriber yet). Click the ISFFM 2021 tab and look for MIT OUT SOUND (MOS) SHORT FILMS.

Latest chapter of Money Heist premieres

LA CASA de Papel (Money Heist) is one of the most popular non-English series on Netflix. Part 5 Vol. 2 of the series premieres on Dec. 3. At the end of the last five episodes, Tokyo is dead and the enemy still lurks in the Bank of Spain, wounded but as dangerous as ever. To make matters worse, the Professor makes the biggest mistake of his life.

Trunc Mystery Boxes auction

TO CELEBRATE the season of giving, multi-brand online boutique Trunc is auctioning Mystery Boxes filled with luxury and premium items until Dec. 8. All proceeds will go to #MentalHealthPH, a non-profit organization that promotes and protects mental health in the Philippines. The auction is open to all residents of the Philippines. To join the auction, create an account at Trunc.ph, go to Offers page, and click the Mystery Box banner. Or visit truncmysterybox.ph. Once on the page, details about the campaign and bidding mechanics will be seen. Under it is the auction section where one can choose from a selection of Mystery Boxes whose retail values range from P9,890 to P98,000. Upon choosing a box, an electronic bidding form will appear, which should be filled out to place the bid. The minimum bid values range from P5,000 up to P48,000, depending on the preferred Mystery Box. Once the form is filled out, the customer will receive an e-mail to confirm the bid. For real time updates, refresh the page and click on the View Current Bids. The highest bidders will win their chosen boxes and will be notified through e-mail and the mobile number registered in their bidding form. They may choose to settle the amount for their boxes via bank transfer or PayPal. Once settled, Trunc will deliver the Mystery Boxes to the winners’ registered addresses. Join Trunc’s auction and support #MentalHealthPH. Visit Trunc.ph for more information.

Netflix offers Noche Buena boxes

NETFLIX is offering a limited collection of Christmas baskets that each follows a film or TV series theme. The basket selections are: The Gganbu (Squid Game), The I Louvre (Emily in Paris), The Bentesingko (Trese), The Merry Christmas as a Friend (My Amanda), The Billi Ciao (Money Heist), and The Most Wanted (Red Notice). To order the Netflix Noche Buena baskets, visit https://netflixnochebuena.com until Dec. 6. A limit of 150 orders will be accepted per day, but only one basket will be allowed per mobile number and address. Deliveries will begin on Dec. 13.

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