Sony’s new AI beats humans in Gran Turismo racing game

February 11, 2022 | 12:06 am

SONY said on Wednesday it has created an artificial intelligence (AI) agent called Gran Turismo Sophy (GT Sophy) that was able to beat the world’s best drivers of the PlayStation racing simulation game Gran Turismo.

To get GT Sophy ready for the game, different units of Sony brought in fundamental AI research, a hyper-realistic real world racing simulator, and infrastructure for massive scale AI training, the company said in a statement.

The AI first raced against four of the best Gran Turismo drivers in July, learnt from the race and outperformed the human drivers in another race in October.

“It took about 20 PlayStations running simultaneously for about 10 to 12 days to train GT Sophy to race from scratch to superhuman level,” said Peter Wurman, director of Sony AI America and the leader of the team who designed the AI.

While AI had been used to defeat humans in the games of chess, Mahjong, and Go, Sony said the difficulty in mastering race car driving was the many decisions that need to be made in real time.

Sony’s rival, Microsoft, which recently bought Activision for $69 billion, has been using games to improve AI by offering up new challenges for AI models to solve.

Gran Turismo, a racing simulation video game, made its debut in 1997 and has sold over 80 million units.

Sony wants to apply the learnings to other PlayStation games.

“There are a lot of games that pose different challenges for AI and we’re looking forward to starting to work on those problems,” he said. — Reuters

SEC plans sustainability, responsible fund standards

February 11, 2022 | 12:05 am

THE Securities and Exchange Commission (SEC), along with the ASEAN Capital Markets Forum (ACMF), is planning to develop Sustainable and Responsible Fund Standards (SRFS) for investment firms in the country.

The ASEAN SRFS aims “to provide disclosure and reporting requirements that can be consistently applied by fund managers in the ASEAN (Association of Southeast Asian Nations) jurisdiction.”

“The ACMF will explore the feasibility of developing sustainable and responsible fund standards and will consult the Fund Managers in the region on the technical requirements and feasibility considerations,” the regulator said.

Under proposed recommendations, the SEC and the ACMF said qualified funds may be listed as an “ASEAN Sustainable and Responsible Fund” on a webpage on ACMF’s website.

Funds may also be required to make information and other reports accessible through their own website or on its fund management company’s (FMC).

The ASEAN SRFS would make investment funds provide disclosures on environment, sustainability, and governance (ESG) initiatives, sustainable and responsible investment (SRI) objectives, and sustainability investment strategies.

An FMC will be required to prepare an annual report on its ESG/SRI/sustainability-related funds, which should include investment strategies and objectives on top of a review on their sustainability aspects.

“FMCs are also encouraged to provide more frequent periodic reporting which would increase transparency and investor confidence,” the regulator said.

The ASEAN SRFS will also require disclosure of the processes in place to ensure ESG compliance. The benchmarks and/or indices used for a fund’s strategies and objectives should also be included.

“Regular monitoring by the FMC of the ESG/SRI/Sustainability-related funds are required to ensure that the funds are continuously in compliance with the disclosures made and fund managers are required to update the respective regulators if there are any material changes to the funds,” the regulator said.

Investment firms, fund managers, and other individuals who deal with investment companies may submit comments and/feedback on the proposed features of the ASEAN SRFS by Thursday next week, Feb. 17. — Keren Concepcion G. Valmonte

Barry Diller-owned Dotdash ends print editions of six magazines

February 11, 2022 | 12:05 am

DOTDASH Meredith, owned by media mogul Barry Diller’s IAC, has decided to stop publishing the print editions of six magazines including Entertainment Weekly and InStyle as part of a digital push.

The move would result in 200 job losses and impacted titles also include EatingWell, Health, Parents, and People en Español, Dotdash Meredith Chief Executive Officer Neil Vogel said on Wednesday in a memo to staff that was seen by Reuters.

The job losses represent less than 5% of the company’s workforce and the April issues of all six magazines would be their final print editions, the company said.

Dotdash had acquired the magazines in October in its $2.7 billion deal for Meredith Corp, bringing titles such as People, Allrecipes, and Investopedia under one umbrella.

“Buying Meredith was about buying brands, not magazines or websites,” Mr. Vogel said in the memo. “We are very serious about investing for growth — in 2022 alone we will be investing over $80 million in content across our brands.”

Newspaper and magazine publishers have faced pressure in recent years from a decline in print-advertising revenues, while tech giants like Google and Facebook have pocketed most of the ad dollars in the digital space.

The COVID-19 pandemic has added to the industry’s woes as it accelerated a shift to online news platforms, bringing newsstand sales to a halt.

Dotdash — the digital media arm of IAC — reaches about 100 million online consumers monthly and its collection of 14 media brands in health, finance, and lifestyle are among the fastest-growing online media brands. — Reuters

Off-form Obiena jumps to eight place in Sweden

February 11, 2022 | 12:05 am

ERNEST JOHN “EJ” Obiena continued to search for form as he wound up only eighth out of 11 participants after clearing just 5.70 meters in the Beijer Pole Vault Gala in Uppsala, Sweden on Thursday.

The Asian record-holder went for a season-best 5.81m but failed in three attempts.

The Southeast Asian (SEA) Games gold medalists came through with the same clearance as in the ISTAF Indoor in Berlin, Germany less than a week ago.

Olympic champion and world record owner Armand Duplantis of Sweden blew away the competition with a 6.04m with Americans Christopher Neilsen and KC Lightfoot plucking the silver and bronze medals, respectively, with identical 5.92m.

Mr. Obiena will have a chance to make improvements as he plunges back into action in the Orlen Cup tomorrow in Lodz, Poland.

Mr. Obiena, whose best performance was 5.93m he registered in the 2021 Golden Roof Challenge in Innsbruck, Austria, is still out to get back in full strength after going under the knife to repair a torn meniscus last month.

He is also still recovering from a messy controversy he is currently embroiled with the Philippine Athletics Track and Field Association (PATAFA), which accused the former of allegedly falsifying liquidations concerning payments to Ukrainian coach Vitaly Petrov.

Mr. Obiena has repeatedly denied it. — Joey Villar

AJ Edu training anew after recovery from knee injuries

February 11, 2022 | 12:04 am

aj-Edu-fb — AJ EDU OF TOLEDO ROCKETS — AJ EDU FB

AJ EDU, the Gilas Pilipinas youth team standout, is back in training for the Toledo Rockets in the US National Collegiate Athletic Association (NCAA) after recovering from multiple knee injuries in the past two years.

The 6-foot-10 cager attended the Rockets’ last game at the Savage Arena with hopes of returning to official action as early as next week after absorbing another setback in his recovery last July.

“It feels good to see AJ back in uniform,” the Rockets posted on their social media account following their 77-62 win over Ohio.

Mr. Edu, who joined forces with 7-foot-3 Kai Sotto in the 2019 International Basketball Federation (FIBA) U-19 World Cup, had an ACL tear on his left knee last year after previously suffering the same injury plus a meniscus tear on his right knee.

The Filipino-Nigerian prospect is a junior in Toledo, which sports a pretty chance to enter the US NCAA national tournament next month with an impressive 19-5 record so far in the Mid-American Conference.

Mr. Edu, 22, previously reassured his desire to play for Gilas anew especially with a triple-tower combo potential with close pal Mr. Sotto and naturalized player Ange Kouame.

Returning Gilas coach Chot Reyes has also reaffirmed Mr. Edu’s status as an integral part of the program being a member of the original 23-for-23 pool for the country’s FIBA World Cup hosting next year. — John Bryan Ulanday

OceanaGold expects Nueva Vizcaya mine to ramp up output

February 11, 2022 | 12:04 am

MULTINATIONAL gold producer OceanaGold Corp. on Thursday said its Didipio gold-copper mine in Nueva Vizcaya would ramp up operations this year.

“We expect to reach full underground production rates early in the second quarter of 2022 and, as a result, expect full year production of between 100,000 and 110,000 ounces of gold along with 11,000 to 13,000 metric tons (MT) of copper,” OceanaGold said in a statement.

For the full year, the mine’s by-product all-in sustaining cost (AISC) is expected to range between $500 to $600 per ounce sold, while by-product cash costs are expected to range between $350 to $400 per ounce sold.

The company said its capital requirements are primarily related to underground mining and general operating costs related to plant upgrades.

“Didipio will continue to sustain modest growth capital ranging between $5 [million] to $10 million per year related to the continued build-out of panel two of the underground mine. We will resume drilling of the Didipio ore body in 2022 with an aim to extend mine life through discoveries at depth,” OceanaGold said.

Beyond 2022, Didipio is expected to produce between 110,000 and 120,000 ounces of gold per year and 12,000 to 14,000 tons of copper per year at similar AISC and cash costs.

OceanaGold acquired the underground gold and copper mine in 2006 through a merger with Climax Mining Ltd.

Commercial production as an open-pit operation began in 2013. By 2015, the mine transitioned to underground operations. — Luisa Maria Jacinta C. Jocson

Spotify chief content officer calls Joe Rogan events a ‘learning experience’

February 11, 2022 | 12:04 am

alexander-shatov-w-qqwn5O-4I-unsplash — ALEXANDER SHATOV/UNSPLASH

SPOTIFY’S chief content officer Dawn Ostroff told advertisers at a conference on Wednesday that the backlash around popular US podcaster Joe Rogan’s podcast had been a “real learning experience” for the streaming service.

“We do feel that we have a responsibility to support creator expression, but also balance that creator expression with safety for our users and for our advertisers,” said Ms. Ostroff, who has been a key driver in Spotify’s work to turn the platform into a top podcast hub, speaking at an Interactive Advertising Bureau annual conference in New York.

The streaming giant has been under fire after Mr. Rogan, who signed a $100-million deal with Spotify in 2020, aired controversial COVID-19 views on his show and drew protests from artists Neil Young, Joni Mitchell, and India Arie. Mr. Young said Spotify had “become the home of life-threatening COVID misinformation.”

Last week, Mr. Rogan apologized and Spotify said it would add a content advisory to any podcast episodes on its platform with discussion of the virus. On Saturday, Mr. Rogan apologized again for using racial slurs after a montage video surfaced showing him repeatedly saying the N-word.

“We have been speaking to Joe Rogan and to his team about some of the content … of his shows, particularly his history of racially insensitive language, and Joe decided to take episodes off of our platform,” Ms. Ostroff said. She said Spotify does not have editorial control over The Joe Rogan Experience podcast but that it supported this decision.

Spotify’s Chief Executive Officer Daniel Ek said in a recent letter to staff seen by Reuters that he condemns racial slurs and other comments made by Mr. Rogan but would not be removing him from the platform.

The controversy marks the latest instance of a major tech company facing furor over its content moderation practices. Social media platforms such as Meta Platforms, Inc.’s Facebook, video sites like Alphabet’s YouTube and streaming service Netflix have all come under scrutiny over the material they allow on their services.

Ms. Ostroff called “the dilemma of moderation versus censorship” the biggest challenge facing “every single platform today.” She said there was no silver bullet but that Spotify’s team was always looking to see how it could do better.

She also urged advertisers to participate and help in the company’s evolution, saying “we really want to be able to be good partners.”

Spotify has invested over $1 billion in the podcasting business. Last week, it posted higher than expected fourth quarter revenue and reported 406 million active monthly users, up 18% from last year, though its subscriber forecasts for the current quarter came in lower than Wall Street estimates. — Reuters

SMC aims to double cement plant capacity

February 11, 2022 | 12:03 am

SAN MIGUEL Corp. (SMC) said it wants to double the capacity of its P10-billion cement manufacturing facility in Davao to lessen the delays of infrastructure projects.

SMC’s cement unit, Southern Concrete Industries Corp., will work on an expansion plan for the new cement grinding plant. It is expected to be ready for commercial operations in July.

“This plant was built to support infrastructure development and investments in Mindanao, to help sustain economic development, growth of local industries, and the creation of jobs. We will make sure we will hit the ground running when we start operations by July this year,” SMC President and Chief Executive Officer Ramon S. Ang said in a media release.

The cement grinding plant can produce up to 2 million metric tons of cement per year, equivalent to around 50 million bags. It is expected to eventually expand capacity to 100 million bags.

“Our focus will be to immediately serve the needs of the Mindanao region, to fill in supply gaps, especially the demand for local cement. Right now, there is heavy reliance on imported cement. But our government’s goal is to lessen our dependence on imports, especially since supply, price, or quality issues directly impact, disrupt, or delay critical infrastructure development. That is why we will look right away at doubling the capacity of the plant,” Mr. Ang said.

“Apart from the plant itself, SMC also invested in building its own pier facility, which can receive clinker, gypsum, and limestone. It is also seen to help decongest the Davao commercial port,” he added.

In the third quarter of 2021, the company’s net loss attributable to parent was at P1.1 billion, a reversal of its P7.17-billion profit year on year.

From January to September 2021, attributable net income was at P11.97 billion, a turnaround from its net loss of P425 million the year before.

At the stock exchange on Thursday, SMC shares rose 0.83% or 90 centavos to close at P109.90 apiece. — Luisa Maria Jacinta C. Jocson

Entertainment News (02/11/22)

February 11, 2022 | 12:03 am

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First Lady on GMA Telebabad

GMA Network’s First Lady, a romantic comedy series directed by L.A. Madridejos, premieres on Feb. 14, 8 p.m. on the network’s Telebabad lineup. The sequel of the hit series First Yaya, the story follows the life of Philippine President Glenn Acosta (Gabby Concepcion) and former yaya (nanny) Melody (Sanya Lopez) as a married couple, and their three kids played by Cassy Legaspi, Patricia Coma, and Clarence Delgado.

ABS-CBN partners with YouTube for exclusive series

ABS-CBN announced its partnership with YouTube to develop and produce a new original series that will stream exclusively on the video streaming platform. How to Move On in 30 Days is a romantic-comedy featuring the team-up of Maris Racal and Carlo Aquino, which will premiere on YouTube this year. The co-production deal is the latest initiative of ABS-CBN to expand its digital content and reach a wider audience on YouTube. In the series, a woman is unceremoniously dumped by her ex-boyfriend and promises to move on from him within 30 days. She chronicles her journey on a vlog and later hires a man to play her fictitious boyfriend with the intention of fully healing from heartbreak. Directed by Benedict Mique and Dick Lindayag, the series also stars Albie Casiño, John Lapus, Jai Agpangan, Sachzna Laparan, Kyo Quijano, Sherry Lara, Poppert Bernadas, Hanie Harrar, Elyson De Dios, and James Bello. ABS-CBN has been streaming its live and on-demand shows via Kapamilya Online Live on YouTube. It also offers “Made for YouTube” entertainment, lifestyle, and music shows, and ABS-CBN Superview, which offers free streaming of hit movies. The digital shows can all be viewed on ABS-CBN Entertainment YouTube channel.

Google, Ben&Ben promote internet safety

GOOGLE, together with Filipino folk pop band Ben&Ben have released a new song to promote internet safety and digital responsibility. Entitled “Mag-Ingat,” the song is part of Google’s way of helping Filipinos use the internet safely and responsibly. The song addresses online threats including scams, misinformation, and catfishing, and the importance of critical thinking and verifying information using trusted sources to protect oneself and others. It also reminds netizens to be wary of bad actors who lurk in the online space, just like in the real world. “Filipinos are highly social people and most of us interact with one another digitally. In such a world, it’s no wonder that while the internet brings so many advantages, it also opens us up to many dangers if we are not careful enough. With ‘Mag-ingat,’ we wanted to use our music to spread awareness on such a timely and important issue — because all of us are responsible for making sure that the internet is a safe and positive space for everyone,” Miguel Benjamin of Ben&Ben said in a statement. “By partnering with Ben&Ben and through their music, we believe that we can teach internet safety to more people in a way that deeply resonates with and becomes part of their everyday lives,” Head of Communications and Public Affairs, Google Philippines Mervin Wenke said in a statement. The music video is available on Ben&Ben’s official YouTube channel and on all digital music services worldwide.

Nearly 40% of PHL workers ‘overeducated,’ study finds

February 11, 2022 | 12:03 am

NEARLY 40% of employed people in the Philippines hold academic credentials beyond what their jobs require, and earn only 5% more for the extra schooling, the Philippine Institute for Development Studies (PIDS) said.

Citing a study, “Surveying the Extent and Wage Consequences of Education-Job Mismatches in the Philippine Labor Market” published in the Philippine Journal of Development in January, PIDS said 39% of working people are “overeducated,” while a quarter are “undereducated.”

This results in lower job satisfaction, along with “large wage penalties that signal inefficiencies in the labor market.”

“Investments in time, money, and other resources do not translate to improved employment outcomes or higher wages,” researcher Monica M. Melchor said.

“Such negative effects are significant in a developing economy context, where education quality is highly variable and low incomes are prevalent.”

Using data drawn from 2006 and 2012, the report found that the extra years of schooling have a lower return of 5%, compared to the 7%-19% range seen for each required year of education.

In response, Ms. Melchor said that labor market policies should support job skills matching or improve access to information about work, such as job fairs.

“Policies to facilitate job-skills matching can alleviate challenges in the Philippine labor market, such as the continued gender disparities in labor outcomes,” she said.

The government could also consider more targeted subsidies aimed at lower income groups.

“Arguments that publicly subsidized higher or tertiary education will translate into improved wage prospects for highly educated individuals or higher productivity may not bear out in reality, raising concerns over the efficiency of public investment in tertiary schooling,” Ms. Melchor said.

“Subsidies for those from the lower income and vulnerable groups, combined with strong social safety nets, can better balance tradeoffs between efficient public investments and sufficient social support.” — Jenina P. Ibañez

Banks’ end-December 2021 NPL ratio lowest in 11 months

February 11, 2022 | 12:03 am

PHILIPPINE BANKS’ end-December nonperforming loan (NPL) ratio reached its lowest in 11 months as the economy continued to reopen and improved borrowers’ capacity to pay.

The industry’s NPL ratio went down to 3.99% as of end-December from 4.35% as of end-November, based on preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday. However, it was still higher than the 3.63% at end-2020.

The end-December bad loan ratio is the lowest in 11 months or since the 3.72% in end-January. It is also better than the 5-6% end-2021 projection of the BSP.

The industry’s NPL ratio hit a 13-year high of 4.51% in July and August 2021, but both are still below the 17.6% seen in the aftermath of the Asian Financial Crisis in 2002.

“[The] bad loan ratio is declining because credit growth is starting to pick up given a more sustained economic reopening,” Asian Institute of Management economist John Paolo R. Rivera said in a Viber message.

In December, bank lending rose for the fifth straight month by 4.6% year on year, BSP data showed.

After the Delta-driven surge in coronavirus cases that started in August, the government gradually relaxed restriction measures starting October. By December, Metro Manila and many provinces were placed under Alert Level 2, allowing businesses to operate at higher capacity.

Central bank data showed bad loans declined by 5.7% to P454.493 billion at end-December from P481.879 billion a month ago, although it increased by 15% from P394.867 billion a year earlier.

“Bad loans continue to increase year-on-year because job and income stability is still in the process of catching up with improvements in economic conditions,” Mr. Rivera said.

The loan portfolio of Philippine banks expanded by 4.75% to P11.389 trillion as of end-2021 from P10.872 trillion at end-2020 and by 2.8% from the P11.08 trillion a month earlier.

Past due loans held by Philippine banks increased 9.4% year on year to P531.062 billion as of end-December from P485.236 billion. This brought the share to total credit to 4.66% from 4.46% a year earlier.

Meanwhile, restructured loans climbed by 70.6% to P356.35 billion from P208.86 billion the previous year. These borrowings made up 3.13% of banks’ portfolio from 1.92% previously.

The industry’s loan loss reserves reached P397.097 billion, growing by 8.15% year on year from P367.165 billion. This is equivalent to 3.49% of banks’ loans, as compared with the 3.38% a year earlier.

NPL coverage ratio at the end of 2021 stood at 87.37%, inching down from the 92.98% in the previous year.

Asset quality of Philippine banks may continue to improve this year amid continued economic recovery, Rizal Commercial Banking Corp. Chief Economist Michael L Ricafort said in a Viber message.

The economy rebounded with a 5.6% growth in 2021 versus the record 9.6% contraction in 2020. This year, economic managers expect gross domestic product to grow by 7-9%.

Mr. Ricafort said the Financial Institutions Strategic Transfer (FIST) Law will also help to bring down NPLs this year. The law allows banks to offload their bad assets to FIST corporations or asset management companies that will be granted tax incentives.

The Department of Finance has earlier said five FIST corporations have been registered with the Securities and Exchange Commission since Republic Act 11523 was passed in February 2022.

Earlier, BSP Assistant Governor Lyn I. Javier said the central bank already received 11 master list applications for nonperforming assets that can be disposed of through the law. — Luz Wendy T. Noble

Wesley So battles Alexei Shirov to 31-move draw of Roy Lopez

February 11, 2022 | 12:03 am

PHILIPPINE-BORN Wesley So of the United States fought former world title challenger Alexei Shirov of Spain to 31-move draw of a Ruy Lopez of Berlin to move on the verge of claiming a semifinals seat in the FIDE Grand Prix 2022 in Berlin, Germany on Wednesday night.

Like in the usual Berlin Defense set up with black, Mr. So gave a up a central pawn but found a way to turn it to an opposite-colored bishops ending, which ended in a three-fold repetition for the split.

This kept Mr. So at the helm of Pool D with 3.5 points but allowed fellow American Leinier Dominguez Perez to cut the former’s one-point lead to just half a point after the latter turned back India’s Pentala Harikrishna in 51 moves of a Sicilian Alapin.

So, the world Fischer-Random king and two-time US champion, will have a chance to book an automatic semis berth with a triumph over Mr. Harikrishna in the sixth and final round of the group stages at press time.

But if Mr. So and Dominguez Perez, who was battling Mr. Shirov, wound up at tied, the two will play tie-break matches to decide who is advancing to the knockout phase of this series staking two slots to the Candidates Tournament 2022 set June 16-July 7 in Madrid, Spain where the winner will get the chance to battle Magnus Carlsen for the world standard crown.

And Mr. So hopes he’s the one. — Joey Villar