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Century Pacific’s property arm launches Pampanga housing project

PO-LED Century Pacific Group, Inc.’s wholly owned real estate firm started construction for its first project in Magalang, Pampanga.

Pacifica Homes Development Corp. (PHDC) has model units ready for prospective buyers. The launch of its Hamana Homes Magalang marks PHDC’s first dip into the affordable real estate segment, which is said to be the company’s response to the country’s growing housing backlog.

“It is truly value for money because our project taps sustainable building design and construction techniques, yet is priced within reach,” PHDC President Teodoro Alexander T. Po said in a statement.

Hamana Homes Magalang will include a clubhouse, swimming pool, parks, and a basketball court.

PHDC received its sell permits and its building permit from the Magalang municipality at the same time.

As of end-January, the company said the construction of the project’s slope projection, perimeter wall, and landfill compaction for the model unit area are being completed.

“PHDC’s very first project here in Pampanga will not only help lessen the gap due to the huge housing backlog, but it would for sure set the bar in the affordable but superior value housing segment,” Department of Human Settlements and Urban Development Region 3 OIC Director Atty. Felix V. Brazil, Jr. said. — Keren Concepcion G. Valmonte

Insurance industry’s share in PHL economy likely at record in 2021

BW FILE PHOTO
THE insurance sector’s contribution to gross domestic product is expected to have hit a record in 2021. — BW FILE PHOTO

THE INSURANCE industry’s contribution to gross domestic product (GDP) last year likely surpassed record figures after it inched up in the four years to 2021 as more of the population seek insurance products, the Department of Finance (DoF) said.

The industry’s contribution to GDP increased to 2.03% by the third quarter of last year from 1.64% in 2017, the DoF said in a press release on Wednesday.

“We will see that the highest ever penetration rate was achieved at the end of 2020, and we see bright figures for 2021. I believe that the highest ever penetration rate will even be surpassed in 2021,” Insurance Commissioner Dennis B. Funa said in a report to the Finance department.

The contribution to GDP by the end of 2021 would have to surpass the 1.71% end-2020 figure to exceed the record. The most recent insurance industry data available so far is the end-September 2021 period.

The industry’s net income, based on Insurance Commission data, grew to P37.5 billion as of the third quarter of 2021, up 34.6% from P27.86 billion in the same period in 2017.

Gross premiums as of end-September 2021 reached P278.7 billion, up 50% from P185.5 billion in the same period in 2017.

Mr. Funa said the amount spent by each Filipino for insurance — known as insurance density — reached P2,528 as of the third quarter of last year, higher than the P1,768 in the same period in 2017.

“For 2021, I see a record insurance density figure, especially with people becoming more conscious of the benefits of insurance, especially after the peak of the COVID pandemic in 2020,” he said.

He reported that the industry’s gross premiums and net income slowed down in 2020 as economic activity fell during the pandemic.

“This is due primarily to the life insurance sector, which was impacted more by the COVID pandemic,” he said. “However, in spite of all these, our third-quarter figures for last year show a strong rebound.”

Gross premiums as of end-2020 inched up 1.18% to P308.3 billion year on year, while net income dropped 8.6% to P41.2 billion.

By the end of the third quarter of 2021, gross premiums increased 28.7% to P278.66 billion compared with the same period a year earlier, while net income grew 31% to P37.5 billion.

“This pandemic has just brought to people’s attention the risks in life and the realization that livelihoods can be wiped out in a flash,” Finance Secretary Carlos G. Dominguez III said. — Jenina P. Ibañez

SEA Games qualifying chess tourney unfolds today

GRANDMASTER JOEY ANTONIO — NATIONAL CHESS FEDERATION OF THE PHILIPPINES

GRANDMASTERS Joey Antonio, Darwin Laylo and John Paul Gomez vie for slots to the Hanoi Southeast Asian (SEA) Games-bound national Hanoi as they see action in the National Chess Federation of the Philippines (NCFP) qualifying tournament unfolding today at the PACE in Quezon City.

With the exception of International Master (IM) Daniel Quizon and WGM Janelle Mae Frayna, who already secured spots to the squad after topping the National Championship in December last year, the winner of the blitz and rapid events for men and women will automatically qualify to the biennial meet set on May 12-23.

Messrs. Antonio, Laylo and Gomez have SEA Games experience and all are eager to reclaim their place to the squad that would be bankrolled by the Philippine Sports Commission.

Also joining in the men’s side are IMs Jan Emmanuel Garcia, Ronald Dableo, Paulo Bersamina, Ricky de Guzman, Ronald Bancod, Michael Concio, Jr. and John Marvin Miciano, and FIDE Master Alekhine Nouri.

In the women’s class, WIMs Jan Jodilyn Fronda, Kylen Joy Mordido and Bernadette Galas and WFMs Shania Mae Mendoza, Cherry Ann Mejia and Allaney Jia Doroy are among those tipped to challenge Ms. Frayna for the title.

Other entries are Aglipay Obrero, Mark Jay Bacojo, Jerish John Velarde and Janmyl Dilan Tisado in the men’s and Christy Lamiel Bernales, Vic Glysen Derotas, Viona Nepascua, Justnin Macapuno, Franchesca Largo, Ma. Elayza Villa, Mhage Gerriahlou Sebastian and Rowelyn-Joy Acedo in the women’s.

Chief arbiter Reden Cruz, an International Arbiter title-holder, said the tournament will implement a knockout format where each pair will play six games in blitz and four in rapid. — Joey Villar

Dynamic AI gaining interest from country’s utility, real estate firms

TRUSTPAIR.COM

By Arjay L. Balinbin, Senior Reporter

AUTOMATION platform Yellow.ai said Dynamic AI (artificial intelligence) is gaining traction in the utility, e-learning and real estate sectors in the Philippines.

“In the Philippines specifically, maximum traction is from the BFSI (banking, financial services and insurance) and retail and commerce sectors, with interest gradually coming in from the utility, e-learning and real estate sectors,” Rashid Khan, co-founder and chief product officer at Yellow.ai, told BusinessWorld in an e-mail interview.

The company said its enterprise-grade Dynamic AI Agents combine AI and human intelligence to provide a “highly differentiated and enhanced customer experience” for large ​organizations in the Philippines, Southeast Asia and around the world “at a fraction of the current operational cost.”

“Conventionally, one would see brands investing more to automate their customer experience strategies. However, the pandemic has resulted in transformation leaders giving equal focus to improving employee experience strategies to compete for scarce talent and engage employees with fulfilling experiences,” Mr. Khan said.

“The need of the hour for every industry is to eliminate the silos that exist between their customer experience and employee experience strategies. We believe it is highly crucial for brands across industries to adopt a total experience automation strategy that simultaneously addresses the customer experience and employee experience journeys, especially the parts that intersect, creating a superior shared experience for everyone,” he added.

Citing data from research and consulting company Gartner, Mr. Khan said by this year, 70% of white-collar workers are expected to interact with conversational platforms on a daily basis.

“Enterprises need to realize that incorporating conversational AI capabilities on top of their existing digital stack for various business processes will provide a more seamless experience to the employees where one platform can resolve all their queries and tasks without the need to switch applications and portals,” he added.

“For instance, we have seen a 70% reduction in ticket resolution time as a result of our conversational AI solutions, leading to increased employee productivity by at least 30%. This has greatly helped improve the digital dexterity of the organization.”

Conversational AI helps streamline customer interactions. Customers expect immediate assistance, and its 24/7 availability is seen as beneficial.

“Case in point, Yellow.ai’s Dynamic AI Agents understand past interactions across all systems and channels and inform the customer proactively whether there is an attractive offer or an unexpected upcoming change,” Mr. Khan said.

“This is done via the customer’s preferred channel of communication — text or voice outreach, through an app or e-mail,” he added.

The company offers a unified platform for all inbound and outbound conversations and take the step further of assisting the customer via self-serve choices or connecting to a human agent. This ensures the “quality and speed of interaction,” Mr. Khan said.

Data and analytics company GlobalData expects that global AI platform revenue will reach $52 billion by 2024, up from $28 billion in 2019, as businesses seek to accelerate digital transformation and development.

“The ongoing… pandemic has acted as a catalyst for AI adoption. According to GlobalData’s Global Emerging Technology Trends Survey 2020, more than three-quarters of companies believe AI has played a role in helping them survive the pandemic. The pandemic has also expedited AI research in federated learning, which allows for collaboration on models without disclosing sensitive information,” GlobalData senior analyst Nicklas Nilsson said in a statement.

Celebrating life with chocolate

AUTHOR and chef Gene Gonzalez celebrated World Chocolate Cake Day on the last week of January by baking the Catalina Chocolate Cake, made with Catalina Cocoa Powder. Meanwhile, on the first week of February, YouTube chef Sheilla Lopez made Cocoa-Rubbed Baby Back Ribs with Cocoa Barbecue Sauce.

Catalina Cocoa Powder is a series of Dutch-Processed cocoa powders that comes in four varieties: Black & Bold, Creamy & Rich, Premium & Pure, and Natural Dark.

For her ribs, Ms. Lopez used Premium and Pure and Black & Bold. She describes Black & Bold as having a strong flavor and slightly bitter aftertaste — ideal for savory dishes. Premium & Pure, meanwhile, also has a strong flavor and a reddish-brown color. Mr. Gonzalez used the same blend in his cake.

Ms. Lopez rubbed the ribs with cocoa powder, along with brown sugar, salt, garlic, Cajun spice, oregano, and butter. She let the ribs bake in an oven at 240°C for 30 minutes. The sauce, meanwhile, was made with garlic, tomato ketchup, the two Catalina powders, coffee powder, sugar, white vinegar, Cajun seasoning, and some water. “It’s always nice to try and create something new,” she said during a livestream.

Meanwhile, Mr. Gonzalez made cake batter out of the cocoa powders, flour, eggs, butter, vanilla, baking powder, and baking soda. The cake was baked at 176.7°C (350°F) for 50 minutes. While the cake was baking, he made butter caramel filling, which he laced with some coffee, and thickened and enriched with cornstarch and egg yolks.

For the icing, he first made a chocolate fudge sauce made with butter, fresh milk, condensed milk, sugar, and both cocoa powders. Once cooled, he whipped this with some vanilla extract.

After the cake was done, he spread caramel sauce and chocolate icing over his creation and garnished it with some broken-up chocolate bars. With a smile, he said, “Life is chocolate.”

Catalina Cocoa Powders are available through EZbake.com, the online platform of Innovatrade Ingredients Corp. The complete recipes for the dishes and the dessert can be found on the Facebook page of EZbake (facebook.com/ezbakehomebaking/). — Joseph L. Garcia

Aboitiz Construction completes Cebu ecotourism park’s site development

ABOITIZ Construction, Inc. announced on Wednesday that it recently completed the development works for the future ecotourism site of Magspeak Nature Park, Inc. in Balamban, Cebu.

“This site development project is a significant milestone to us as we strengthen our capabilities in infrastructure,” Alex P. Garciano, Aboitiz Construction’s vice-president for construction operations, said in an e-mailed statement.

The company said the project includes 630-meter road pavements, concreting sidewalks, curbs, gutters, and improving the drainage system.

“Aboitiz Construction also prepared parking areas, trail paths, and benching of sloping areas to protect people from the soil erosion hazard,” it added.

The company has said it expects completion of various projects this year, including the construction of a 6,000-square-meter warehouse in Iloilo City and a water infrastructure in Batangas.

It is also constructing a warehouse for Therma Visayas, Inc. in Toledo City, Cebu.

The company has started work on its projects in Parañaque City, which include the construction of a 26,000-square-meter warehouse and office buildings.

The company intends to further expand into water and transportation infrastructure, projects for ready-built factories, and maintenance services.

According to the company, among its accomplishments last year was the completion of maintenance and shutdown works at the Sarangani Energy Corp.’s thermal power plant.

Civil works for the expansion of a fuel storage facility in Subic, Zambales and construction works for a local manufacturer and distributor of high-grade oleochemicals in Misamis Oriental were also completed last year. — Arjay L. Balinbin

NLEX welcomes Matt Nieto ahead of PBA resumption

CONTRACT signing of Matt Nieto with the NLEX team. — NLEX/JOVIT CABALLERO

NLEX welcomed its 2019 Philippine Basketball Association (PBA) Gilas Pilipinas Draft pick Matt Nieto into the fold ahead of the resumption of its Governors’ Cup campaign.

The Road Warriors (4-1) signed Mr. Nieto to a three-year contract as they fortify a backcourt that’s still missing the services of ace playmaker Kiefer Ravena, who’s currently playing in Japan. Mr. Nieto joined Kevin Alas, Jericho Cruz, Kris Rosales and Philip Paniamogan in the NLEX guard line.

“From what I saw from the player three years ago to the player I’ve seen just recently, I think he has become even better and more matured,” NLEX coach and general manager Yeng Guiao said of Mr. Nieto, whom he selected third in the Special Gilas Draft of 2019.

The brainy guard out of Ateneo Blue Eagle was one of five Gilas mainstays recently released by the Samahang Basketbol ng Pilipinas to their respective PBA mother ballclubs after a two-year national team service.

Mr. Nieto’s twin brother Mike Nieto earlier agreed to a two-year deal with Rain or Shine while Rey Suerte and Allyn Bulanadi signed up with Blackwater and Alaska, respectively.

PBA commissioner Willie Marcial said the Gilas boys, once lined up, may already plunge into action when the Governors’ Cup resumes tomorrow at the Smart Araneta Coliseum.

NLEX battles Meralco (2-0) in the 3 p.m. curtain-raiser while pacesetting Magnolia (3-0) renews its rivalry with its Philippine Cup conqueror TnT (2-2) in the 6 p.m. main game. — Olmin Leyba

Thailand’s central bank holds rates, warns of inflation risks amid nascent recovery

THAILAND’S central bank held off raising its benchmark interest rate to support a nascent economic recovery, even as it sees rising risks from inflation that has breached its target range.

The Bank of Thailand’s rate-setting committee decided unanimously Wednesday to hold the key rate at a record-low 0.5% for a 14th straight meeting, as expected by all 24 economists in a Bloomberg survey.

Economies globally are seeking to navigate a recovery path between tenacious virus variants and inflation pressures, while Southeast Asia faces a particular risk to capital flows as the US Federal Reserve prepares to raise interest rates.

Indonesia, which decides policy on Thursday, has turned hawkish, while Singapore has tightened policy twice since October.

The Thai bank “is likely to remain somewhat cautious about the economic outlook in the wake of rising COVID-19 cases. However, its job will have become more complicated” as price pressures build, said Mitul Kotecha, chief emerging markets Asia & Europe strategist at TD Securities in Singapore. “With inflation rising and major central banks becoming more hawkish, pressure to shift policy will grow in the months ahead.”

The baht was up 0.1% to 32.89 per dollar at 2:17 p.m. local time. The benchmark SET Index Stock extended the day’s gains to 1.3%, reaching its highest level since August 2019.

Prime Minister Prayuth Chan-Ocha’s government has resumed quarantine-free visa entry and planned talks on travel bubbles with China and Malaysia to revive its tourism industry. Meanwhile, it’s also controlling key food and fuel prices to help minimize inflation’s impact on consumers.

Consumer prices accelerated by 3.23% in January, the fastest since last April and above the central bank’s 1%-3% policy target range for this year set in December.

“Headline inflation in 2022 would be higher than previously assessed and could exceed the target range in the early part of the year,” the central bank said in its statement, though it said the average for the year would be within the target’s upper bound. Its most recent inflation forecast for 2022, issued in December, was 1.7%.

COVID-19 cases are rising again due to the highly contagious Omicron variant. New daily infections have risen above 10,000 since Feb. 5, after staying below that level since late October.

“The strength of the economy will be a prime consideration for the central bank, which today described the recovery as fragile. Virus cases are rising again, fueled by the spread of the Omicron variant,” said Gareth Leather, senior Asia economist at Capital Economics Ltd. “Whereas some economists are penciling rate hikes for this year, we think interest rates will be left unchanged until the end of 2023.” — Bloomberg

Ayala firms amend ownership percentage in asset-for-share swap

AYALA-LED listed companies AC Energy Corp. (ACEN) and ACE Enexor, Inc. on Wednesday said they had amended their deed of assignment for the transfer of the former’s rights and interests in five energy assets to the oil and gas exploration company.

“The sole amendment sought to correct the reference to the resulting ownership percentage of [ACEN] in ACEX from 89.96% to 89.78% of the outstanding capital stock of ACEX,” ACEN said referring ACE Enexor’s stock symbol.

The amendment, which was executed on Jan. 31, was applied to the following assets: Palawan55 Exploration & Production Corp., Bulacan Power Generation Corp., CIP II Power Corp., Ingrid3 Power Corp., and One Subic Power Generation Corp.

On Dec. 29, 2021, ACE Enexor announced the signing of an agreement assigning its 339,076,058 shares to ACEN at P10 apiece in exchange for the latter’s five assets. The total value of shares to be transferred to ACEN is at P3.39 billion.

The agreement prompted the Philippine Stock Exchange to suspend the trading of ACE Enexor until further disclosure on the deal.

“As a result of the foregoing transaction, power generation business or assets will be infused into ACEX,” the exchange had said.

At the local bourse on Wednesday, ACEN dropped 15 centavos or 1.61% to close at P9.15 per share. ACE Enexor shares rose P0.60 or 1.76% to close at P34.60 apiece. — M.C. Lucenio

AIA Philippines launches variable unit-linked life insurance product

SCOTT GRAHAM-UNSPLASH
AIA PHILIPPINES launched a new life insurance product meant to protect against accidents and some illnesses. — SCOTT GRAHAM /UNSPLASH

AIA PHILIPPINES unveiled a life insurance product, which also offers protection against accidents and some critical illnesses, responding to Filipinos’ increased need for financial security amid the pandemic.

The variable unit-linked life insurance plan called AIA All-In-One Plus will include protection against accidents, disability, and critical illnesses aside from death, the insurer said in a statement on Wednesday.

“The pandemic made everyone realize the need for protection, even among those who are non-believers of insurance,” said Tennyson Paras, AIA Philippines associate director for products.

The product also includes AIA Vitality, the wellness program of the insurer. It is likewise packaged with a Double Vitality Booster feature, giving active members additional coverage and a loyalty bonus.

The product was launched in line with findings from a 2021 study of AIA Group, the parent company of the insurer, which showed consumer spending allocation for insurance products increased 27% in 2021. This reflected the heightened interest for insurance products amid uncertainties brought by the pandemic, AIA Philippines said.

Results of the study also showed stronger interest for insurance products as 75% of Filipinos said it has become more important in case of unexpected incidents. Meanwhile, 27% said they are eyeing to increase the funds they set aside for insurance.

“We recognize that aside from their physical health, Filipinos these days are equally concerned about their financial well-being,” Mr. Paras said.

Policyholders of the AIA All-In-One Critical Plus can also grow their savings through diversified investment funds available to the product suited for their risk profile.

In 2020, AIA Philippines had the largest assets among life insurers with P291 billion, based on data from the Insurance Commission.

It ranked second in terms of net income worth P4.52 billion, and placed fourth in its net premiums amounting to P16.77 billion. — L.W.T. Noble

Miller looking for best outcome in Beijing Winter Olympics

FIL-AM ALPINE SKIER ASA MILLER — ASA MILLER FB PAGE

FIL-AM alpine skier Asa Miller said improving on his past performance is a more realistic goal than striking gold in the Winter Olympics in Beijing, China.

“I don’t think I’m in contention to win gold, but I’m certainly in a position to improve my performance,” said the 21-year-old Mr. Miller, the country’s lone bet and one of the rare few from Southeast Asia who made the cut to the quadrennial meet.

“But I want to be better, improve on my previous performance and give a proud representation of the Philippines,” he added.

The Portland, Oregon native, whose trip is being bankrolled by the Philippine Sports Commission chaired by William Ramirez and Philippine Olympic Committee President Abraham Tolentino, is eyeing to eclipse his 70th-place finish in the 2018 Pyeongchang Winter Games where he debuted as a 17-year-old.

Mr. Miller, like everybody else, is expected to brave the harsh conditions posed by the Ice River — the giant slalom course they will compete at that is located at the slope of the Xiaohaituo Mountain.

The landscape was so tough that two-time gold medalist Mikaela Shriffin of the United States was booted out as early as the second round on Wednesday that quashed her hopes of grabbing a third mint.

Mr. Miller will also be eyeing to improve on a 42nd-place effort by Ben Nanasca in the 1972 Saporro Games, which stands until today as the best finish by a Filipino in the event thus far.

Mr. Nanasca and Jun Cipriano were the first Filipinos and Southeast Asians to make it to the Winter Games. And Mr. Miller hopes he could set a record of his own. — Joey Villar

Apple to launch Tap to Pay feature in challenge to Square

TRUSTPAIR.COM

APPLE, INC. confirmed plans to release its much-anticipated Tap to Pay feature on the iPhone later this year, giving merchants an alternative to Block, Inc.’s Square technology.

The option will let sellers accept payments through Apple Pay, credit cards and digital wallets without additional hardware, the company said in a statement. The system relies on near field communication, or NFC, to securely connect. Apple’s plan, which was previously reported by Bloomberg, sent shares of Block down as much as 3.2% after it was announced on Tuesday.

“Tap to Pay on iPhone will provide businesses with a secure, private and easy way to accept contactless payments and unlock new checkout experiences,” Jennifer Bailey, vice-president of Apple Pay and Apple Wallet, said in the statement.

Apple has been working on the new feature since around 2020, when it paid about $100 million for a Canadian startup called Mobeewave that developed technology for smartphones to accept payments with the tap of a credit card.

The feature includes technology that will let third-party payment networks adopt the system for their own users. Stripe, Inc. will be the first payment platform to offer the feature to customers, with more coming later this year, Apple said.

“Whether you’re a salesperson at an internet-first retailer or an individual entrepreneur, you can soon accept contactless payments on a device that’s already in your pocket: your iPhone,” Billy Alvarado, Stripe’s chief business officer, said in the statement.

It’s hard to say how much the rollout could affect Square, whose equipment and services are used by many small businesses. Barclays analyst Ramsey El-Assal said on Tuesday that there isn’t an immediate threat. After dipping on Tuesday, Block’s shares mostly recovered to close down less than 1% to $102.29.

“We do not expect the inclusion of Apple’s Tap to Pay will have a material impact on current competitive dynamics,” he said.

The feature also puts the spotlight on a key antitrust argument against the iPhone maker: Apple’s grip on mobile payments. Various payment services have complained to governments for years that the tech giant reserves the iPhone’s NFC chip for its own payment system, Apple Pay. The European Union and other entities have investigated Apple over this practice.

The new service may ease those concerns by allowing outside vendors like Stripe to access the functions. Still, some payment companies are asking for more interoperability. MagicCube, Inc. Chief Executive Officer Sam Shawki, whose company makes similar technology to Apple’s new service, is hopeful he will be able to use the iPhone NFC chip for his own offering.

MagicCube’s service lets third-party apps accept tap-to-pay credit cards. So far, that system only works on Android because of the closed nature of the iPhone’s hardware.

“In payments, open solutions work,” he said. “We’d love if everyone would be open. Can you imagine if you were a merchant and your system would only work with an iPhone or Android?” — Bloomberg

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