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PLDT-Smart: Almost 3 million customers shifted to paperless billing

PLDT, Inc. and its wireless arm Smart Communications, Inc. on Thursday said nearly three million of their combined customers have shifted to paperless billing as mobility restrictions continue.

“The telco has seen over 2.91 million customers shift to paperless billing as of February 2021,” PLDT and Smart said in an e-mailed statement.

PLDT and Smart said they expanded their digital payment channels and online billing services for transactions to encourage their customers to stay home.

“By using online payment channels, our customers do not have to physically go to our stores to pay their bills. It saves them time, money, and at the same time, protects them from possible exposure to COVID-19,” said Jane J. Basas, senior vice-president and head of consumer wireless business at Smart.

Alfredo S. Panlilio, Smart president and chief executive officer and PLDT chief revenue officer, noted both companies have various platforms for their customers to allow them to accelerate their own digital transformation.

Last year, PLDT saw its total revenues grow 7% to P181 billion, with service revenues increasing 8% to P173.63 billion amid an accelerated shift to digital services.

PLDT’s telco core income grew 4% to P28.09 billion.

The company attributed the 73% of its net service revenue of P171.5 billion to data.

Its individual business contributed P82.7 billion (up 15%) to the service revenues, followed by home at P41.4 billion (up 11%), and enterprise at P41.2 billion (up 5%).

PLDT intends to spend between P88 billion and P92 billion this year, mainly to support the rise in mobile data traffic.

PLDT shares closed 0.16% lower at P1,248 apiece on Thursday.

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. — Arjay L. Balinbin

Non-completion of financial condition caused termination of Balagtas water deal – Manila Water

MANILA WATER Co., Inc. said its concession deal in Balagtas, Bulacan was terminated after the area’s water district’s failure to complete a section in the issued notice of award.

In a regulatory filing on Thursday, the east zone water concessionaire disclosed that the notice of award was revoked and terminated as a result of the non-completion by Balagtas Water District (BWD) of a precedent financial condition.

Manila Water did not disclose the specific financial condition but said it was decided upon by the parties during the issuance of the notice of award.

“With this and despite the best efforts of both parties, the joint venture between the consortium of Manila Water and Manila Water Philippine Ventures, Inc. (MWPV) and the BWD will no longer proceed,” the company said in the disclosure.

Manila Water announced in a stock exchange disclosure on March 23 that it had officially received BWD’s decision to revoke and terminate the notice of award for the water project.

In April 2018, the consortium of Manila Water and MWPV was awarded a 25-year concession deal to implement P400 million worth of water and used water projects in Balagtas. The deal was estimated to provide 22 million liters of water to customers in the area. 

Under the concession deal, Manila Water was set to create a joint venture company together with BWD and MWPV for the water project.

The joint venture was supposed to design, construct, rehabilitate, operate, maintain, finance, expand, and manage the water supply system and water and sanitation services in Balagtas.

Manila Water reported an attributable net income of P4.50 billion last year, a drop of 18.2% year on year, as a result of lower contribution from its domestic subsidiaries because of the pandemic.

The company disclosed that its consolidated operating revenues for 2020 fell 2.4% year on year to P21.13 billion due to weaker contributions from its Estate Water and Boracay Water.

BusinessWorld sought the comment of BWD regarding the concession deal but has not received a response as of deadline time.

On Thursday, shares of Manila Water at the stock exchange fell 0.42% or six centavos to close a P14.30 apiece. — Revin Mikhael D. Ochave

‘Marupok’ is Best Song at 11th Himig tilt

OUT OF 12 original compositions which made it to the finals, a song about easily developing feelings for someone was named Best Song at the Himig 11th Edition (Himig Handog).

Hosted by Edward Barber, Jayda, and Jona, the finals night for the songwriting contest was streamed via ktx.ph on Mar. 21. Organized by ABS-CBN Corp. and its music subsidiary Star Records, Himig Handog was held annually from 2000 to 2003, and revived in 2013.

The winning song, titled “Marupok,” was composed by Danielle Balagtas and performed by singer KZ Tandingan.

“I wanted this to be a symbolism [sic] for a girl who is labeled as ‘marupok’ (fragile) to remember that we all have the capacity to grow and be empowered women,” Ms. Balagtas said in a statement. As the grand prize winner, Ms. Balagtas is receiving a cash prize of P300,000, as well as a house and lot.

The song —  which begins with the line: “Huwag kang kakatok kung hindi ka rin papasok (Do not knock if you are not going to enter)” —  was inspired by someone the songwriter was obsessed with.

“‘Marupok’ is a song that’s closest to who I am as an artist, so if it didn’t become a finalist for Himig, this would definitely still be part of my album. It sounded like it was meant for me,” Ms. Tandingan, who also performed Himig’s Best Song in 2014, Edwin Marollano’s “Mahal Ko o Mahal Ako,” said in a statement.

“[Her] (Ms. Tandingan’s) beauty, her uniqueness and artistry gives so much flavor to the song,” Ms. Balagtas said in a video.

The song’s music video, directed by Gelo Yellow, also won the MYX Choice for Best Music Video special award, which comes with a P25,000 cash prize.

Brothers John Francis and Jayson Franz Pasicolan’s composition, “Kahit Na Masungit,” was named second Best Song, which comes with a P200,000 prize. The song was originally recorded by Jeremy G and Kyle Echarri, but Bugoy Drilon performed it live on finals night.

The third Best Song went to 2019 Best Song winner Dan Tañedo’s entry titled, “Ibang Planeta,” interpreted by ZILD. The prize comes with P150,000.

Kenneth Reodica’s “Ang Hirap Maging Mahirap” and Daryl Cielo’s “Kulang Ang Mundo”  were named fourth and fifth Best Song, respectively, which come with cash prizes of P100,000 and P80,000 respectively.

Meanwhile, SJ Gandia’s “Tinadhana Sa ’Yo,” interpreted by Zephanie, bagged two special awards: the MOR Entertainment Choice and TFC’s Global Choice.

David Mercado’s “Kahit Kunwari Man Lang,” interpreted by Agsunta and Moira Dela Torre, was the Most Streamed Song, while Mariah Moriones’ “Tabi-Tabi Po,” interpreted by JMKO, bagged the Himig TikTok Choice after garnering 8,179 votes on TikTok.

The Himig 11th Edition compilation album can be found on Spotify (https://open.spotify.com/album/0wRJCialEivD3FdxS78nN0?fbclid=IwAR15zMSC1R_4Ept93VAnObpE-znJAiAZccD3lFRuVgnonG1D3ZzjtNxfBtY). —  MAPS

Jay Leno apologizes to Asian Americans for decade of ‘wrong’ jokes

LOS ANGELES — Television host Jay Leno has apologized for more than a decade of jokes about Asian Americans, saying he had committed a “legitimate wrong.”

The apology by Mr. Leno, the former host of US TV’s popular Tonight Show, follows a long campaign by the Media Action Network for Asian Americans (MANAA) and a spike in hate crimes against the community that has received renewed attention since a shooting in Atlanta last week that left eight people dead, six of them Asian-American women.

MANAA said that between 2002 and 2012 Mr. Leno made at least nine documented jokes about Koreans or Chinese people eating dogs or cats. The group has been seeking an apology ever since 2002 and said on Wednesday that it received one in a February call with Mr. Leno.

“At the time I did those jokes, I genuinely thought them to be harmless,” Mr. Leno said in the call, according to a statement issued by MANAA that it said had been agreed with Mr. Leno. “I was making fun of our enemy North Korea, and like most jokes, there was a ring of truth to them.

“At the time, there was a prevailing attitude that some group is always complaining about something, so don’t worry about it. Whenever we received a complaint, there would be two sides to the discussion: either ‘We need to deal with this’ or ‘Screw ‘em if they can’t take a joke.

“Too many times I sided with the latter even when in my heart I knew it was wrong. That is why I am issuing this apology. I do not consider this particular case to be another example of cancel culture but a legitimate wrong that was done on my part,” Mr. Leno added.

Mr. Leno, now 70, hosted The Tonight Show for more than 20 years until he bowed out in 2014.

He is due to host a revival later this year of the 1950s radio and TV quiz show You Bet Your Life.

MANAA said Mr. Leno’s apology had resolved the group’s grievances with the comedian. Representatives for Mr. Leno did not return requests on Wednesday for further comment. — Reuters

Fraud risks rise as pandemic stretches on

POLICY MAKERS, private stakeholders and financial consumers need to take extra steps to manage fraud risks amid the surge in digital transactions due to the pandemic, experts said.

In a BusinessWorld Insights session on Thursday, Anti-Money Laundering Council (AMLC) Executive Director Mel Georgie B. Racela and Kaspersky General Manager for Southeast Asia Yeo Siang Tiong discussed how to address fraud during this time.

“Legislators as well as policy makers need to continue educating ourselves. We need to learn how frauds are being undertaken nowadays,” Mr. Racela said, noting money launderers have taken advantage of the pandemic.

The AMLC chief said boosting partnerships with foreign regulatory counterparts is also instrumental in fraud management.

“They may already have the solutions to the problems that we are encountering. Our foreign partners, they are able to share their experience, so it is also beneficial to us,” he said.

Mr. Racela presented the results of AMLC’s COVID-19 Financial Crime Trend Analysis and Typology Brief during the session, which showed nearly half (49%) of suspicious transaction reports from March 16 to Aug. 31 last year were related to skimming, phishing, and unauthorized transactions.

These transactions had an estimated value of P2.7 billion, but Mr. Racela said unreported cases mean these may have been higher in value.

Last year, the central bank received about 20,000 complaints from financial consumers, of which the bulk were about fraud and unauthorized transactions.

As criminals equip themselves with digital tools, regulators also need to invest in technology to protect financial consumers and institutions against fraud, Mr. Racela said.

For his part, Kaspersky’s Mr. Yeo noted that cybercriminals found more avenues to attack due to the work-from-home situation as people use various websites, social media platforms, and streaming devices. He echoed Mr. Racela’s call for international cooperation, saying cybercrime knows no borders.

“What this means is that the attack surface for the cybercriminal has increased a lot. What is important is that we know how to keep safe, for ourselves, for the company that we work with, and also the community,” he said.

Mr. Yeo also urged Filipinos to be careful about their transactions, especially as Holy Week draws near, as trends show cybercriminals plot attacks over holidays.

“This may be Holy Week for the Philippines but it’s not a holiday for other countries. What that means is they will work because it is a good time to strike,” he said.

Both speakers also emphasized the need for continuous education and awareness as fraudsters step up their game in a fast-changing, technology-driven world that is still in crisis. — Luz Wendy T. Noble

US firm to restore geothermal well in EDC’s 180-MW Leyte plant

US-BASED GreenFire Energy, Inc. said on Thursday that it entered into an agreement with Lopez-led Energy Development Corp. (EDC) to restore an idle geothermal well within the local firm’s 180-megawatt (MW) project in Leyte.

In a press release, GreenFire said it would install and commission a heat mining system in EDC’s Mahanagdong geothermal facility by the fourth quarter. The system is said to help correct the “high level of non-condensable gases produced from the geothermal well when flowing.”

EDC’s public relations department confirmed the development.

GreenFire, which is headquartered in California, uses GreenLoop technology — a patented, closed-loop energy system — which generates power from geothermal sources where conventional geothermal systems cannot effectively operate.

“We have been looking at GreenFire Energy’s closed-loop approach to geothermal for some time and are happy to see the progress. While we see potential for the technology in large greenfield projects too, we see the fast payback on well retrofits as the easiest way to start,” EDC Senior Vice-President and Head of Facilities Operations and Maintenance Group Liberato S. Virata said in a statement.

Mr. Virata added that being able to generate steam from EDC’s idle geothermal wells will allow the firm to supply clean, reliable and stable power.

Joseph Scherer, GreenFire Energy’s chief executive officer said, “We really appreciate EDC’s willingness to consider and implement new solutions to geothermal wells and resources that have excellent potential but with production issues that can’t be addressed by conventional technology. Many geothermal operators around the world have similar needs, but EDC is one of the most innovative so we’re pleased to have the opportunity to work with them.”

In its media release, GreenFire said that it is also working with EDC to analyze unproductive geothermal wells and less productive geothermal fields “where the potential for using the technology will be of the greatest technical and economic benefit.”

EDC has a total installed capacity of over 1,400 MW, which account for 20% of the country’s installed renewable energy capacity. The firm also has an installed geothermal portfolio of over 1,200 MW, which make up 62% of the country’s total installed geothermal capacity.

Shares of EDC’s parent firm First Gen Corp. in the local bourse improved 1.69% or 50 centavos to finish at P30 each on Thursday. — Angelica Y. Yang

NFT artwork by humanoid robot sells at auction for nearly $700,000

FACEBOOK.COM/REALSOPHIAROBOT

HONG KONG —  A digital artwork by humanoid robot Sophia was sold at auction on Thursday for $688,888 in the form of a Non-Fungible Token (NFT).

NFTs, a digital signature saved on blockchain ledgers that allows anyone to verify the ownership and authenticity of items, have become the latest investment craze, with one artwork selling this month for nearly $70 million.

Sophia, who was unveiled in 2016, produced her art in collaboration with 31-year-old Italian digital artist Andrea Bonaceto, known for colorful portraits, some of which depict famous people, such as Tesla’s chief executive, Elon Musk.

The robot has combined elements from Mr. Bonaceto’s works, art history, and her own physical drawings or paintings on various surfaces multiple times in a process her creator David Hanson describes as “iterative loops of evolution.”

Titled Sophia Instantiation, the digital work is a 12-second MP4 file showing the evolution of Mr. Bonaceto’s portrait into Sophia’s digital painting, and is accompanied by a physical artwork, painted by Sophia on a printout of her self-portrait.  — Reuters

Basic Energy secures contract for 50-MW wind project in Mabini

LISTED firm Basic Energy Corp. said that it had received from the Energy department a service contract for its planned 50-megawatt (MW) wind project in Mabini, Batangas.

In a disclosure to the local bourse on Thursday, Basic Energy said that the wind energy service contract (WESC) provides for a non-extendible, five-year, pre-development stage and a 25-year development stage, counted from contract signing.

The development stage may be extended for another 25 years, subject to the approval of the Department of Energy (DoE).

The wind project will be undertaken by Mabini Energy Corp., a wholly owned unit of Basic Energy. The parent firm said that the planned project, which will cover over 4.860 square meters of land in the Mabini Peninsula, is targeted to begin its commercial run by 2027 or five years from the date of the WESC awarding.

A WESC is awarded to eligible applicants that pass the legal, technical and financial evaluations on proposed wind power projects, which are meant for commercial use, the DoE said in its work program on on-shore wind projects.

In a separate disclosure on Thursday, Basic Energy said that it had amended its articles of incorporation to double its authorized capital stock to P5 billion from the P2.5 billion.

The firm said that it added two more provisions in its amended by-laws, including conferring the honorary title of chairman emeritus to a former chairman, and the deletion of the profit-sharing provisions for directors and officers.

Last month, Basic Energy said that the board of directors of the Mabini Energy Corp. gave the go signal for Oscar L. de Venecia, Jr., the parent firm’s president, to sign the service contract.

Shares of Basic Energy in the local bourse improved 24.66% or 18 centavos to finish at P0.91 apiece on Thursday. — Angelica Y. Yang

DBP net profit down by 30.4%

THE Development Bank of the Philippines (DBP) posted a lower net profit of P3.9 billion in 2020 on higher credit loss provisions and operating expenses.

The state lender’s net income decreased by 30.4% last year from P5.6 billion recorded in 2019, DBP Executive Vice-President for Corporate Services and Concurrent Head of Operations Marietta M. Fondevilla said in a statement on Thursday.

“DBP’s financial standing mirrors the general trend in the industry as the majority of the banks amplified actions in ensuring ample reserves to cover probable losses as a result of dwindling economic activity,” Ms. Fondevilla said.

The bank’s loan portfolio rose 19% to P423.32 billion as of December from P356.75 billion a year earlier.

More than half (53.4%) of the loans or P225.9 billion were disbursed for infrastructure and logistic projects. Meanwhile, the bank also facilitated loans meant for social services and community development (P78.9 billion); environmental projects (P44.8 billion); and micro, small and medium enterprises (P32.8 billion).

“We remain committed to the collective and purposive efforts of the National Government to bolster resiliency and carve a steady path to recovery and growth especially of our traditional customer segments,” DBP President and Chief Executive Officer Emmanuel G. Herbosa was quoted as saying.

DBP’s deposits also jumped 47.6% to P817.9 billion last year from P554.18 billion in 2019, while investments increased 26% to P260.1 billion from P206.57 billion.

These brought the bank’s total assets to P1.04 trillion at end-2020, rising by 37% from P761.24 billion in the prior year.

Meanwhile, the bank’s gross margin increased 5% to P20.91 billion from P19.9 billion in 2019.

In December, DBP listed P21 billion in two-year peso-denominated bonds with a coupon rate of 2.5%. Proceeds from the fundraising exercise will be used to support its lending activities.

DBP is the sixth-largest bank in the country in terms of assets and has been designated as the country’s infrastructure bank by the National Government. — L.W.T. Noble

‘No Zoom’ Oscars causes backlash, Hollywood media reports

LOS ANGELES —  The “No Zoom” policy for this year’s Oscars ceremony is proving a headache for multiple nominees who live outside the United States and who are still under pandemic restrictions, according to Hollywood publications.

Variety and Deadline Hollywood reported on Wednesday that publicists and some studio executives have complained to the film academy about logistics, costs, and quarantine issues raised by the decision to bar nominees from taking part in the ceremony remotely.

The Academy of Motion Picture Arts and Sciences, which organizes the ceremony, did not return a request for comment on the reports.

Due to the coronavirus pandemic, the Apr. 25 show to hand out the highest honors in the movie industry will be held both at Union Station in Downtown Los Angeles and the traditional home of the Academy Awards at the Dolby Theater in Hollywood.

Producers said last week that there will “not be an option to Zoom in for the show” and encouraged nominees to attend in person.

At least nine nominees, including Promising Young Woman director Emerald Fennell and star Carey Mulligan, live in Britain. England next week is expected to ban nonessential international travel until mid-May.

Representatives of the five international feature films — submitted by Denmark, Hong Kong, Romania, Tunisia, and Bosnia — could also face hurdles getting to Los Angeles, Variety and Deadline noted.

Some of the other 200 or so nominees will be working on productions that require quarantine or living in restricted “bubbles” with cast and crew, the publications said.

Visitors to California are currently expected to quarantine for 10 days. Travelers to nations outside the United States are also subject to varying quarantine requirements.

Variety said a meeting this week to discuss the issues between the Academy, movie studio executives and publicists had been canceled.

Other awards shows in recent months have replaced the usual in-person gatherings at gala dinners and on stage with pre-recorded appearances or virtual events, or a combination of those with small in-person gatherings.

But television audiences have slumped, with the Golden Globes and the Grammys attracting the smallest numbers in decades. — Reuters

Globe to also launch 5G in North America, Europe

GLOBE TELECOM, Inc. said on Thursday it would also be launching fifth-generation (5G) roaming services in North America and Europe.

To recall, the Ayala-led telco announced on March 10 that it would be launching 5G in more parts of Asia and the Middle East for its customers traveling abroad, especially overseas Filipino workers.

On Thursday, Globe said in an e-mailed statement: “The recent launch of Globe’s 5G roaming services in the United Arab Emirates and Thailand are set to continue with upcoming launches across Asia, Middle East, North America, and several countries in Europe.”

Globe, the first telco to offer the latest generation of wireless technology in the Philippines, said its 5G is currently available in 1,200 areas in the country.

Globe previously reported a 13.04% decline in its core net income for 2020, mainly because of the impact of the coronavirus pandemic on its businesses except for the home broadband segment.

The company’s EBITDA (earnings before interest, taxes, depreciation and amortization) for 2020 totaled P73.51 billion, down 3.31% from P76.03 billion in the previous year.

The company set a capital expenditure (capex) budget of about P70 billion for 2021, higher than the previous year’s revised capex guidance of P50 billion.

Globe Telecom shares closed 0.52% lower at P1,900 apiece on Thursday. — Arjay L. Balinbin

House OK’s PDIC charter amendments

THE HOUSE of Representatives has approved a bill on the revised charter of the Philippine Deposit Insurance Corp. (PDIC), which will include allowing the agency to adjust its insurance limit per depositor.

Lawmakers on Thursday voted 185 affirmative to six negative and one abstention for the approval of House Bill 8818 or the proposed law that aims to strengthen the powers of the PDIC and expand the maximum deposit insurance coverage in the country.

If enacted, the revised charter will make the PDIC an attached agency of the Bangko Sentral ng Pilipinas (BSP) to streamline overlapping functions of both entities. The PDIC is currently under the Department of Finance.

The bill will also give the PDIC the authority to increase the maximum deposit insurance coverage subject to review every three years, with the amount determined by the PDIC indexed to inflation and other economic factors. The current maximum deposit insurance amount is P500,000 per depositor per bank.

The revised charter will also allow the PDIC to have access to records, books of accounts and depository reports if there are issues of fraud or unsafe banking activities related to deposits. The BSP shall have access to the examination reports of the PDIC.

Both the PDIC and the BSP may look into deposit records of a bank, with bank officials and employees required to disclose the information.

Bayan Muna Rep. Carlos Isagani T. Zarate, who voted against the bill’s approval, said the new charter of the PDIC expands the BSP’s powers to examine deposit accounts and “indirectly amends the Bank Deposit Secrecy Law.”

“If the bill passes, the confidential nature of bank deposits are no longer effectual. This practically opens the floodgates to the examination or investigation of bank records by any person the BSP would authorize. The confidentiality of bank deposits is no longer essentially true,” he said during the plenary on Thursday. — G.M. Cortez

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