Billionaire files lawsuit against Facebook over scam ads

February 3, 2022 | 10:07 pm

REUTERS

SYDNEY — Iron ore magnate Andrew Forrest said on Thursday he is launching criminal proceedings against Meta Platform, Inc.’s Facebook in an Australian court, alleging that it breached anti-money laundering laws and its platform is used to scam Australians.

Mr. Forrest, Australia’s richest man and chairman of Fortescue Metals Group, said he was taking the action to stop people losing money to clickbait advertising scams, such as ones using his image to promote cryptocurrency schemes.

The lawsuit filed by Mr. Forrest in the Magistrates Court of Western Australia alleges Facebook “failed to create controls or a corporate culture to prevent its systems being used to commit crime.”

It also alleges Facebook was criminally reckless by not taking sufficient steps to stop criminals from using its social media platform to send scam advertisements to defraud Australian users.

The lawsuit comes after Mr. Forrest said he made several requests asking Facebook to prevent his image from being used to promote investment plans, including in an open letter to Chief Executive Mark Zuckerberg in Nov. 2019.

Facebook, which changed its name to Meta last year, declined to comment on the lawsuit but said that in general it has always taken a “multifaceted approach” to stop such ads appearing and had blocked advertisers.

“We’re committed to keeping these people off our platform,” a spokesperson for Meta said in an emailed statement.

Some advertisements, which have used Mr. Forrest’s image and claimed to promote cryptocurrency investment schemes, have appeared on Facebook since March 2019, the lawsuit said.

“This action is being taken on behalf of those everyday Australians — Mums and Dads, Grans and Grandads — who work all their lives to gather their savings and to ensure those savings aren’t swindled away by scammers,” Mr. Forrest said in a statement.

Under Australian law, a private prosecution of a foreign corporation for alleged offenses under the Commonwealth Criminal Code requires the consent of the country’s attorney general.

“The Attorney-General has given her consent to the private prosecution against Facebook in relation to alleged offenses under subsection 400.7(2) of the Criminal Code,” said Steven Lewis, principal of Mark O’Brien Legal, which will represent Mr. Forrest in the case.

The office of Attorney General Michaelia Cash did not immediately respond to a request seeking comment.

If Facebook is found guilty, it will face a maximum penalty of A$126,000 ($90,000) on each of three charges, Mr. Lewis said.

An initial hearing has been set for March 28, Mr. Forrest said.

In September last year, Mr. Forrest filed a separate civil case against Facebook in the Superior Court of California, County of San Mateo.

Facebook has been under pressure in Australia after disagreeing initially with a new law that required it and Google to pay for links to media companies’ content. — Reuters

Harrell’s last-minute bucket seals Wizards’ win over 76ers

February 3, 2022 | 9:58 pm

KYLE Kuzma scored 24 points, Montrezl Harrell added 14 and the Washington Wizards defeated the host Philadelphia 76ers 106-103 on Wednesday.

Spencer Dinwiddie added 14 points, 12 rebounds and 10 assists and Rui Hachimura had 11 points for the Wizards, who snapped a six-game losing streak. Corey Kispert also had 11.

Harrell’s clutch runner in the lane with 52.5 seconds remaining gave the Wizards a 102-98 lead.

The Wizards played without three-time All-Star Bradley Beal (wrist) and Thomas Bryant (ankle).

Joel Embiid had 27 points, 14 rebounds and six assists for the Sixers.

Embiid was just named the Eastern Conference Player of the month for the second straight time, but the Sixers couldn’t extend their five-game winning streak.

Tyrese Maxey added 22 points, eight rebounds and seven assists and Tobias Harris contributed 18 points and nine rebounds. Georges Niang scored 12 points and Isaiah Joe had 11.

Seth Curry (back), Shake Milton (back) and Furkan Korkmaz (knee) sat out for the Sixers.

The Wizards bolted to a 12-point lead midway through the second quarter before the Sixers responded and closed within 53-50.

Embiid stayed hot, hit a short jumper and Philadelphia trailed 54-52 with 3:01 remaining.

Washington missed eight straight shots and went more than four minutes without a field goal before Kuzma connected on a 3-pointer with 1:19 left.

Still, the Wizards went into the locker room with a 59-54 advantage at half time thanks in large part to Kuzma’s 17 points.

The Sixers came out aggressive in the third and went ahead 64-61 with 8:40 to go after a thunderous one-handed dunk by Embiid.

The Wizards regained the lead 70-68 with 5:03 left after Kispert dropped in a trey from the corner.

Washington held on for an 81-79 advantage at the end of the third.

Kispert hit another 3-pointer and the Wizards pulled out to an 86-81 lead with 9:22 remaining.

Trailing 88-85, Embiid drove to the basket and converted a three-point play to tie the game with 7:00 left. Embiid then found a wide open Niang for a layup and a two-point lead. On the Sixers’ next offensive trip, Niang hit a 3-pointer for a 93-88 advantage.

The Wizards closed within 95-94 when Harrell scored in the lane with 4:01 to go. — Reuters

Super Bowl LVI projected to generate $1B in legal wagers

February 3, 2022 | 9:57 pm

SUPER Bowl LVI between the Los Angeles Rams and Cincinnati Bengals is expected to generate $1 billion in legal wagers, according to PlayUSA.com.

The company’s projections would put this year’s handle at roughly double last year’s total, which topped an estimated $500 million.

“One billion in legal wagering on a single game would be an impressive milestone for the industry,” said Dustin Gouker, lead analyst for PlayUSA.com. “It would have seemed impossible just a few years ago to reach such heights, but with the expansion of sports betting over the last year it is inevitable that legal wagering will soar.”

While the Super Bowl is the most wagered-on single sporting event, the projections are a reflection of the proliferation of legal sports betting in the US. When kickoff of Super Bowl LVI comes Feb. 13, sports betting will be legal in 30 states and Washington, DC, a reach of 166.9 million people.

There were 21 states where sports betting was legal at last year’s Super Bowl.

“The sports betting landscape has changed dramatically since last year’s game,” said Eric Ramsey, data analyst for PlayUSA. “More than half of all Americans now live in a legal jurisdiction, and even well-established markets such as New Jersey and Nevada have grown significantly over the last year as mobile betting gains in popularity.” — Reuters

Senegal triumphs over gallant Burkina Faso to reach final

February 3, 2022 | 9:56 pm

YAOUNDE — Senegal struck three times in the last 20 minutes to book their place in Sunday’s Africa Cup of Nations final as they overcame Burkina Faso 3-1 in Wednesday’s semi at Yaounde’s Ahmadou Ahidjo Stadium.

Abdou Diallo shot home from close range after a corner in the 70^th minute for the first and a strike from Bamba Dieng doubled Senegal’s lead six minutes later.

Blati Toure pulled a goal back to make it 2-1 in the 82^nd minute but Sadio Mane added a final flourish with a breakaway goal five minutes later to restore Senegal’s two-goal advantage as their quality triumphed over a gallant Burkinabe outfit.

Senegal, who was runner-up at the last edition in 2019, will meet host Cameroon or Egypt in the final.

Diallo snapped up the opportunity to fire home from close range after center back partner Kalidou Koulibaly played the ball back into the danger zone from a corner with a bicycle kick.

Dieng made it 2-0 as TV replays showed he was first to a cut back from Mane, applying the decisive touch ahead of teammate Idrissa Gana Gueye, who also claimed the goal.

Burkina Faso then brought on two strikers in a bold bid to get back into the contest and with eight minutes left pulled one back after Bertrand Traore and Issa Kabore set up an attack that was finished off by the knee of Toure.

The prospect of a frenetic search for a dramatic equalizer was on cards but Toure and Edmond Tapsoba lost the ball in a midfield mix-up and Mane was able to sprint away, slamming home a left-footed shot with just the goalkeeper to beat to finish it off in the 87^th minute.

“We knew it would not be easy, it was a semifinal of the Cup of Nations after all,” said Mane. “And we were up against a good Burkina Faso team who gave us a lot of problems. We were calm and we took our opportunities and I think we deserved this victory.”

There were two penalty awards for Senegal in the first half but both were overturned after the referee Bamlak Tessema of Ethiopia was encouraged to review his decision by VAR.

He handed Senegal a penalty midway through the first half after goalkeeper Herve Koffi came out for high ball and punched away, hitting Cheikhou Kouyate in the face.

But he made contact with the ball first and so the penalty award was rescinded, although Koffi was injured in the fall with Kouyate and had to go off.

Deep into stoppage time at the end of the first half, Gana Gueye’s shot from the edge of the area hit Tapsoba and the referee pointed to the spot, but again on review changed his decision when he saw on the pitchside VAR screen that there was no handball.

Hosts Cameroon and Egypt meet in the second semifinal at Yaounde’s Olembe Stadium on Thursday. — Reuters

Super Golf League offers Ian Poulter up to $25M

February 3, 2022 | 9:56 pm

THE Saudi Arabia-backed Super Golf League has offered English golfer Ian Poulter up to $25 million to join the upstart circuit, multiple outlets reported on Wednesday.

Accepting the SGL’s offer would mean lifetime bans on Poulter’s European Tour as well as the Professional Golfers’ Association (PGA) Tour, which would include Ryder Cup competitions.

The SGL is also reportedly targeting Sweden’s Henrik Stenson and Lee Westwood of Great Britain, among many others.

Reports last May surfaced that negotiators for those behind the SGL — previously known as the Premier Golf League — had been in South Florida making lucrative offers to several marquee players in the range of $30 million to $50 million.

“Everyone in the top 100 of the world has been approached,” Phil Mickelson said on Wednesday from Saudi Arabia, site of the Saudi International which tees off Thursday. “I’m appreciative of the fact that there is competition, and that leverage has allowed for a much better environment on the PGA Tour.

“We would not have the increase in the FedExCup money. We would not have the increase in The Players Championship to $20 million this year if it wasn’t for this threat,” Mickelson said.

American World No. 5 Dustin Johnson said “we’ll see” when asked if he would be tempted to join the SGL. He was asked if had a similar offer to Poulter’s.

“I’m not allowed to disclose. You’d have to ask Ian that one,” Johnson said, adding when pressed, “No, not similar. It’s not similar.”

Poulter has 17 victories across all competitions and career earnings of $27.79 million on the PGA Tour alone. — Reuters

Tom Brady

February 3, 2022 | 9:55 pm

Considering Tom Brady’s status as the best of the best, it was far from surprising that his retirement from the sport wound up being preempted. As the Buccaneers began their playoff run, there were loud whispers of his desire to hang up his jersey should he wind up claiming a second straight and record eighth career Super Bowl championship. At 44 and widely acknowledged as the greatest of all time, he no longer had anything left to prove, and he aimed to leave while at the top in order to further underscore his ascendancy.

In the aftermath of the Buccaneers’ divisional round loss, Brady noted that he needed to take stock of where he stood before making a decision on his future. Not long after, however, news was rife that he had already made up his mind to bid goodbye to football — prompted in no small measure by a tweet from TB12 Sports, his own company, that seemed to point to his exit. He then debunked speculation, or, to be more precise, sort of debunked speculation by saying he still hadn’t made a choice one way or the other. Everybody now knows that he had already made up his mind, of course; he was just trying to pin down the right date to announce it. And given his myriad successes on the field, there was certainly irony in his inability to time his departure properly.

True, Brady’s move was still second guessed, in part because of previous pronouncements that he deemed himself fit to play until he’s 45, and in part due to his wish to make history. And when the Buccaneers fell short last month, fans hoped — perhaps against hope — that he would be inclined to take another shot at the ring. Then again, it was also clear to all and sundry that anything he would have done after last year’s triumph signified mere icing on the cake.

Not that Brady will permanently avoid the klieg lights. His competitive nature will simply not allow him to shun his celebrity and enjoy domestic bliss. As he disclosed in an Instagram post that formally put his cleats to storage the other day, “the future is exciting. I’m fortunate to have co-founded incredible companies… that I am excited to continue to help build and grow.” Which is to tantamount to saying he has moved the goalposts, not forgotten about them altogether.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Peso moves sideways ahead of inflation data

February 3, 2022 | 9:39 pm

THE PESO moved sideways versus the greenback on Thursday ahead of the release of January inflation data and as oil prices remain elevated due to tight supply.

The local unit closed at P51.05 per dollar on Thursday, barely changed from its P51.045 finish on Wednesday, based on data from the Bankers Association of the Philippines.

The peso opened the session stronger at P51 versus the dollar. Its weakest showing was at P51.10, while its intraday best was at P50.92 against the greenback.

Dollars exchanged went down to $1.052 billion on Thursday from $1.187 billion on Wednesday.

A trader said the peso inched down on Thursday as the market was waiting for the release of January inflation data.

The Philippine Statistics Authority will report the January consumer price index (CPI) on Friday. It will have 2018 as its base year from 2012 previously.

A BusinessWorld poll held last week yielded a median estimate of 3% for January headline inflation.

The Bangko Sentral ng Pilipinas (BSP) on Thursday did not provide its usual monthly inflation range, saying they want to see first the historical series for the recalibrated CPI in order to update their own inflation models used for monetary policy analysis and macroeconomic forecasting. However, it noted that last month’s inflation may be driven by higher prices of food and fuel, with lower electricity costs seen as an offsetting factor.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the market also factored in the recent uptick in oil prices.

Reuters reported that oil prices slipped on Thursday, although tight supply remains an issue that could push prices higher as major oil producing countries are still keen on moderating output increases.

Brent crude dropped 17 cents or 0.2%, to $89.30 a barrel by 0420 GMT, after rising 31 cents on Wednesday. Meanwhile, the US West Texas Intermediate crude dipped 31 cents or 0.4% to $87.95 a barrel following a six-cent uptick on Wednesday.

For Friday, Mr. Ricafort gave a forecast range of P50.90 to P51.10 per dollar, while the trader expects the local unit to move within P50.85 to P51.15. — L.W.T. Noble with Reuters

Stocks drop on profit taking, weak manufacturing

February 3, 2022 | 9:36 pm

PSE-720p-2 — PHILIPPINE STAR/KRIZ JOHN ROSALES

STOCKS dropped on Thursday due to profit taking following their two-day climb and the release of data showing a weak performance by the manufacturing sector in January.

The 30-member Philippine Stocks Exchange index (PSEi) declined 76.22 points or 1.02% to end 7,382.77, while the broader all shares index skidded 26.87 points or 0.68% to 3,906.20 on Thursday.

“The local bourse pulled back as investors took profits out of its preceding two-day rally,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

Mr. Tantiangco noted that trading weakened, with value turnover at P6.75 billion with 1.69 billion issues on Thursday against the P7.84 billion with 1.53 billion shares that switched hands the previous trading day.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said weaker manufacturing activity in January affected market sentiment.

Manufacturing growth lost steam in January, as the impact of Typhoon Odette and the surge in coronavirus disease 2019 (COVID-19) infections hampered demand and production, IHS Markit said on Wednesday.

The IHS Markit Philippines Manufacturing Purchasing Managers’ Index reading slipped to 50 in January, from 51.8 in December 2021, ending four straight months of growth.

A reading of 50 indicates no changes in manufacturing conditions, while a reading above signals improvement and anything below suggests the opposite.

“Traders may also be on the watch of the US market after it had climbed by four days now, hitting resistance, and it too may fall subject to some interim corrective actions,” COL Financial Group Chief Technical Analyst Juanis G. Barredo said in a Viber message.

All three Wall Street benchmarks ended higher on Wednesday, rising for a fourth straight session after a turbulent start to the year, aided by upbeat earnings from Google-parent Alphabet and chipmaker Advanced Micro Devices, Reuters reported.

The Dow Jones Industrial Average rose 224.09 points or 0.63% to 35,629.33; the S&P 500 gained 42.84 points or 0.94% to 4,589.38; and the Nasdaq Composite added 71.54 points or 0.50%, to 14,417.55, Reuters reported.

Back home, all sectoral indices ended in the red. Property went down 51.32 points or 1.54% to 3,273.84; holding firms declined 107.94 points or 1.49% to 7,118.68; industrials retreated 59.72 points or 0.55% to 10,763; mining and oil fell 49.34 points or 0.47% to 10,346.72; financials lost 5 points or 0.28% to 1,741.50; and services slipped 0.72 point or 0.03% to 1,964.07.

Decliners outnumbered advancers, 115 against 83, with 57 names closed unchanged.

Net foreign buying dropped to P162.06 million from the P980.43 million logged on Wednesday.

“The index did reach its previous high of 7,475 which may have also placed resistance pressure on the market,” Mr. Barredo said.

He put the PSEi’s next resistance target at 7,800 and support at 7,280. — MCL with Reuters

Citi named Investment Bank of the Year in Asia by Banker Magazine

February 3, 2022 | 5:13 pm

CCO Aftab Ahmed — Citi Philippines CEO Aftab Ahmed

Citi Philippines plays role in win with banking team supporting institutional clients both in country and around the world

Citi was named Investment Bank of the Year in Asia for 2021 by the Financial Times owned Banker Magazine. Decided by an advisory panel including the Banker’s investment Banking editor, the award recognized Citi’s support for clients during the award period across its regional network.

Citi was also named globally as Investment Bank of the Year, Investment Bank for IPOs and Investment Bank for M&A.

Last year, Citi led multiple landmark deals across equity capital markets, debt capital markets, and mergers and acquisitions in the region including in the Philippines. This included roles on the successful US$1bn equivalent Monde Nissin IPO and Ayala Corporation’s US$400m perpetual bond. Citi has also led transactions that raised over US$10bn from global capital markets for Manila based the Asian Development Bank in 2021.

“Asia-Pacific is increasingly expected to be main growth region for global economic development in the coming years and, as a result, its vibrant capital markets are also expected to continue their strong upward trajectory. Citi, with its almost unrivalled international network, has been in a strong position to build up its presence and establish itself as a leading force within the region’s capital markets. The bank leverages the full breadth and depth of its cross-franchise strengths and relationships globally to deliver a comprehensive suite of solutions for clients in the region. It supports clients in established markets, as well as emerging markets,” read part of the editorial write up for the award.

Commenting on the strong performance of Citi Philippines’s institutional banking business, Citi Philippines CEO Aftab Ahmed noted, “We continuously enhance our relationships with institutional clients by working closely with them to understand their needs and find solutions that can help them manage and grow their businesses further. Citi’s global network in close to 100 markets enables us to provide clients with not only our full suite of products and services, but more importantly, value-added insights, best practices and thought leadership. This is our priority as a network bank, to connect our global clients to the Philippines and support our clients both locally and across Citi’s global network.”

Jan Metzger, head of banking, capital markets and advisory for Asia-Pacific at Citi, says: “We are running at record levels for capital raising for clients. This is a mix of balance sheet strengthening and financing to support growth. There is massive transformation happening across all industries, and with a global network this has helped sharpen our dialogue with clients as they increasingly want a global perspective.”

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vivo V23’s innovative photochromic design is sure to delight and impress

February 3, 2022 | 4:46 pm

V23lifestylephoto — The vivo V23 Series includes a photochromic technology that allows the smartphone to change in color when exposed to UV light.

Watch out for the arrival of V23 series in the Philippines!

This 2022, vivo makes a splash in the new year with the much-awaited launch of the V23 series that’s bound to be next “it” phone for influencers, style leaders, and content creators—the selfie set—with its revolutionary photochromic design and outstanding performance. Head on to https://www.vivoglobal.ph/v23-prelaunch/ to know more about vivo’s latest series smartphone.

Taking selfie phones to the next level, the V23 features an impressive 50 MP Front Camera for amazing detail coupled with an 8 MP Dual Front Vlog Camera—go ahead, strike a pose, day or night! It’s custom JNV chip assures of images that are brighter and more beautiful while videos look more natural and crisp-clear.

Delighting design

Like you and your ever-changing hues, the V23 series is first in its class to feature a stunning color changing glass process that instantly changes color when exposed to UV light—shifting in intensity and shades; in mood and feel. A real game changer!

Capture your life’s best moments

Be it for vlogging, or selfies, the V23 series is there to provide users with a powerful device that brings out the artistic filmmaker and keen-eyed photographer in you.

For those who love taking selfies with the gang, its 8MP Super Wide-Angle Camera allows for portrait shoots like never before, ensuring no one is left out in the frame. The V23 series’ custom JNV chip is also equipped with the highest-pixel sensor in the industry that allows its user to take poster-level selfies, where even the finest of details are captured distinctively.

Attuned to your lifestyle

In keeping with today’s active consumer lifestyles, the V23 series is designed to be the perfect partner on the go with its Dual 5G Standby and VoNR. Users can also enjoy freedom and power in their hands with its 12GB RAM + 256GB ROM with 4GB RAM Extended 2.0—allowing for more files, more videos, and more high-definition movies to be stored with no loss in performance. The Extended RAM also enables users to run multiple apps at once, at consistently fast speeds.

As Gen Z’s embrace more immersive and connected experiences that’s enabled through technology, their authentic selves easily shine through. With the style and power that the vivo V23 series provides, they can now share their life’s most exciting moments to the world!

For more updates about the V23 Series, visit vivo Philippines’ official website, Facebook, Twitter, and Instagram channels.

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DoST issues last call for technology business incubator programs

February 3, 2022 | 4:30 pm

Universities and startups have until this month to apply for grants funded by the Department of Science and Technology (DoST).

The HEIRIT (Higher Education Institution Readiness for Innovation and Technopreneurship) program prepares select universities to establish and operate technology business incubators (TBIs); while the Startup Grant Program provides funding support to startups with early-stage prototypes.

The HEIRIT program will be closed after this round.

“We already established 32 TBIs,” said Russell M. Pili, chief science research specialist and chief technology transfer officer of DoST PCIEERD (Philippine Council for Industry, Energy, and Emerging Technology Research and Development)’s Research Information and Technology Transfer Division.

“Depending on the circumstances for the next three to five years, PCIEERD will focus on strengthening TBIs and increasing their client reach,” she said in an e-mail. “Our long-term plan includes expanding our TBIs to science and technology parks in universities.”

A target of 25 universities will be selected to undergo training and preparation for TBI operations for the year 2022–2023 round, which closes on Feb. 14.

The HEIRIT program aims to assist higher education institutions in building their capacity for establishing and running an incubator.

Successful university applicants will be “handheld” in their first year of TBI operations; funding support between P10–15 million will be provided in the second year upon approval of a project proposal.

“We understand that the list of requirements may be daunting for universities, but we may also be surprised how determined some universities can be if they are really hungry for this opportunity,” Ms. Pili told BusinessWorld. “That zeal and enthusiasm are good qualities for future TBIs, and us in the government will be assured that our investments are in good hands.”

Among the recent TBIs launched under the program are Mapúa University’s Think and Tinker Laboratory, a fintech-focused business incubator; the Adamson University Technology Business Incubator for Neo-Environmental Science and Technology (AdUNEST); and Iloilo Science and Technology University’s Kwadra, which nurtures creative science and tech entrepreneurs.

STARTUPS
The Startup Grant Program, meanwhile, is open for applications until Feb. 18. Startups requesting fund assistance should aim to overcome R&D (research and development) roadblocks, strengthen intellectual property, and establish initial market traction.

PCIEERD will provide R&D funding support up to P5 million to startups with proposals for early-stage prototypes to market-ready products.

The five priority areas under the program are sustainable industries, learning/education, remote work productivity tools, content and talent development for the creative industries, and industry data-driven solutions.

“For startups to increase their chances to be approved for the program, we encourage them to attend the proposal writeshop conferences,” said Edward Paul H. Apigo, senior science research specialist for DOST PCIEERD, in an e-mail. The conferences provide tips on proposal writing and also explain each proposal component.

The startup grant is one of the commitments of the DoST under the Innovative Startup Act. Said Ms. Pili: “Of course, it will still depend on the availability of funds, but support for startups right now is a priority for us.” — Patricia B. Mirasol

For more information on HEIRIT, contact Russell M. Pili <rmpili@pcieerd.dost.gov.ph> and Leizl D. Sueno <ldsueno@pcieerd.dost.gov.ph>

Application requirements and details about the Startup Grant Program can be downloaded here. Startups can also register for the next writeshop conference on Feb. 10.

Spectrum, Ajinomoto partner to advance sustainability goals

February 3, 2022 | 4:07 pm

Spectrum, a wholly owned subsidiary of Manila Electric Company (Meralco), has partnered with Ajinomoto Philippines Corporation (APC) Group to help the latter reduce its carbon footprint through a pilot solar project in Bulacan province.

Under the partnership, Spectrum will install a solar photovoltaic (PV) system with a total capacity of 1,015.56 kilowatt-peak (kWp) at APC’s plant in the municipality of Guiguinto.

This will allow APC Group to generate approximately 1,331,500 kilowatt-hours of energy per annum, which translates to an estimated annual savings amounting to Php 700,000.

On February 3, Spectrum and APC Group held a ceremonial contract signing for this sustainability initiative that is expected to help APC Group achieve its goal to reduce its environmental impact by 50% while improving its business operations.

Speaking during the ceremonial signing, APC President Tsutomu Nara said: “APC Group considers this venture as a good investment in establishing a WIN-WIN solution as both our company and the Filipino society would benefit greatly from this endeavor. This is only the beginning of more developments in this area as we continue to expand our sustainability efforts.”

This project enables APC Group to contribute to parent company Ajinomoto Company Inc.’s sustainability targets by utilizing solar power.

Once Spectrum completes the installation, APC will be able to reduce its carbon footprint by an estimated 865 metric tons, which is equivalent to planting 1,950,523 trees or reducing 2,352,456 miles in vehicle travel per year.

Spectrum President and CEO Ferdinand Geluz, for his part, said: “We are proud and excited to partner with Ajinomoto in their first solar project here in the Philippines. This project is a symbol of our shared focus on sustainability, and one of our goals of reducing our reliance to non-renewable energy sources to ensure a more sustainable and brighter future.”

Seen in above photo (L-R) Spectrum COO Patrick Henry T. Panlilio, APC President Tsutomu Nara, and Spectrum President and CEO Ferdinand O. Geluz during the contract signing held in Makati City on February 3, 2022.

Spectrum is a renewable energy solutions provider offering tailor-fit solutions for industrial, commercial, and residential customers through an in-depth understanding of energy consumption behaviors and strategic partnerships with world-class technology partners.

APC Group, on the other hand, markets Ajinomoto products in the Philippines. The local unit of Japanese multinational firm Ajinomoto Co., Inc. aims to bring happiness to every Filipino through their products and services that contribute to food and wellness, and to better lives for the future.

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