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BSP approves new ‘dirty money’ risk assessment system

A NEW SYSTEM for assessing “dirty money” and terrorism financing risks in financial institutions has been approved by the Bangko Sentral ng Pilipinas (BSP).

In Memorandum No. M-2020-084, BSP Deputy Governor Chuchi G. Fonacier said the Money Laundering/Terrorism Financing Risk Assessment System (MRAS) will replace the current Anti-Money Laundering (AML) risk rating system.

“The MRAS is a tool to assess the money laundering/terrorism financing and proliferation financing (PF) risk profile of BSP-supervised financial institutions (BSFIs), taking into account their risk and context, business models and operations, among others,” Ms. Fonacier said.

The new system will be used alongside the Supervisory Assessment Framework which take effect in January 2021.

“Enforcement actions shall be implemented as warranted, such as in cases of excessive risks that are not adequately managed, presence of serious weaknesses in the BSFI’s money laundering, terrorism financing, and proliferation financing risk management system and violations of anti-money laundering and counter-terrorism financing laws or BSP regulations,” it said.

The MRAS will use a four-point rating scale to gauge money laundering and terrorism risks, ranging from low to high.

Factors to be assessed include inherent risk, quality of risk management, self-assessment systems, and the net money laundering/ terrorism financing and proliferation risk in BSFIs.

To measure inherent risk, the nature of the business and relationships of BSFIs will be looked into, particularly the total size, value and nature of products and services, client base profile, delivery channels, and geographic locations.

“The large volume and high value of the product or activity make it easier to conceal the high amount of proceeds from illegal activities,” the BSP said.

The central bank identified correspondent banking services, electronic fund transfers, and private banking as some services with high inherent risk.

Meanwhile, the BSP will assess the quality of risk management by BSFIs using a four-point rating scale, ranging from weak to strong.

Factors that will be considered are the quality of board and senior management oversight, adequacy of the money laundering and terrorism financing program and its implementation, as well as the effectiveness of internal controls on key anti-money laundering, counter-terorrism financing, or counter proliferation processes.

In this regard, the BSP will monitor compliance with policies on suspicious transaction reporting, freeze orders and sanctions, and record-keeping of relevant documents, among others.

For the self-assessment system, the BSP will check compliance function and internal audit mechanisms relative to the complexity of the institution’s organizational setup.

The Financial Action Task Force placed the Philippines under an observation period until February 2021. The country needs to address gaps in addressing its anti-money laundering and counter-terrorism financing measures before the deadline or risk being gray-listed. — Luz Wendy T. Noble

BusinessWorld Virtual Economic Forum opens


THE BusinessWorld Virtual Economic Forum, the newspaper’s flagship and award-winning event, is set to open today with the theme, “Forecast 2021: ReBoot. ReThink. ReShape.”

The two-day forum, which goes online for the first time this year, will feature insightful keynote speeches, conversation panels, fireside chats, breakout sessions, “Ask the Expert” talks, virtual exhibits, and business networking.

Keynote speakers include Børge Brende, president of the World Economic Forum, and Bernardo Mariano, Jr., chief information officer of the World Health Organization (WHO), for today’s forum; and Ndiamé Diop, World Bank country director for Brunei, Malaysia, Philippines and Thailand, and Kelly Bird, Asian Development Bank country director, on Nov. 26.

DAY 1 (NOV. 25)
The Conversation Panel, with the topic “Responding to the Pandemic”, will feature Karl Kendrick T. Chua, acting secretary of the National Economic and Development Authority; Dr. Selva Ramachandran, resident representative of UNDP Philippines; Michael Peiyung Hsu, representative of Taipei Economic and Cultural Office in the Philippines; Dr. Edsel T. Salvaña, director of Institute of Molecular Biology and Biotechnology, National Institutes of Health University of the Philippines Manila; and Guillermo Mr. Luz, chief resilience officer of Philippine Disaster Resilience Foundation.

For the fireside chats, Jean-Antoine Zinsou, country general manager of Sanofi Pasteur Philippines, will discuss the race for a vaccine, while Bank of the Philippine Islands President and CEO Cezar P. Consing, will talk about banking in the new normal. Palafox Associates Principal Architect and Founder Felino A. Palafox, Jr. will discuss how cities will be reshaped by the crisis.

For the first breakout session, attendees can choose between “Bright Spots: The Future of Travel and Tourism” or “On the Rise: E-Commerce and Logistics.”

Tourism Secretary Bernadette Romulo-Puyat,  World Travel & Tourism Council Vice President Tiffany Misrahi, PwC Philippines Chairman and Senior Partner Alexander P. Cabrera, and AirAsia Philippines CEO Ricardo P. Isla will discuss developments in the tourism industry.

Meanwhile, Martin Cu, country head of Ninja Van Philippines; Ramakrishna Maganti, senior vice-president for marketing and innovation of Holcim Philippines; and Ray N. Alimurung, CEO of Lazada Philippines will talk about the e-commerce industry.

In the second breakout session, guests can attend “The Youth Market: Marketing to Gen Z and Millennials Post-COVID” or “High-Tech and Secured: IT and Cybersecurity in the Post-COVID Era.”

Gary C. de Ocampo, CEO of the Insights Division of Kantar Philippines; Pauline G. Fermin, managing director of Acumen Strategic Consulting, Inc.; and Elly V. Puyat, CEO of Ogilvy & Mather Philippines, will talk about marketing trends.

National Privacy Commission Chairman Raymund E. Liboro; Angel T. Redoble, first vice-president and chief information security officer of ePLDT Group, PLDT Group, and Smart Communications; and Andres Jomas Capellan, security services sales leader at IBM Philippines will discuss cybersecurity.

For the “Ask the Expert” session, Kristine A. Romano, managing partner of McKinsey & Company, Philippines, will answer questions from the audience.

DAY 2 (NOV. 26)
For the CEO Panel, top business leaders Ayala Corp. Chairman and CEO Jaime Augusto Zobel de Ayala, Manila Electric Co. President and CEO Ray C. Espinosa, and Magsaysay Group of Companies President and CEO Doris Magsaysay-Ho will discuss leadership and the country’s road to recovery.

Fireside chats will feature Bangko Sentral ng Pilipinas Deputy Governor Francisco G. Dakila Jr., who will talk about monetary policy; Willis Towers Watson Philippines Head James Matti, who will discuss the workforce of the future; and Bain & Company Asia-Pacific Regional Managing Partner Satish Shankar, who will discuss consumption trends.

The first breakout session will feature two panels: “Reimagining Mobility: How COVID-19 will Change Transportation and Connectivity” or “What We Need: Ensuring Food Security and Boosting the Agriculture Sector.”

The mobility session will include Christophe Vicic, country head of JLL Philippines, Inc.; Alfredo S. Panlilio, president and CEO of Smart Communications, Inc. and chief revenue officer of PLDT, Inc.; and Dr. Ting Wu, partner at McKinsey & Company, China.

Issues facing the agriculture sector will be discussed by Shahidur Rashid, director for South Asia, International Food Policy Research Institute; Paul Teng, senior fellow and adviser in food security at S. Rajaratnam School of International Studies; and Tamara Palis-Duran, assistant representative for Programmes at Food and Agriculture Organization of the United Nations.

The second breakout session will feature two topics: “Accelerating Digital Transformation” or “Towards a Cashless & Contactless Digital Payment Ecosystem.”

Discussing digital transformation will be Jeremiah B. Belgica, director-general of Anti-Red Tape Authority; Khor Chern Chuen, chief operating officer of SAP Southeast Asia; and Dorjee Sun, CEO of Perlin.net and co-founder of International Chamber of Commerce AOKpass.

Panelists for the digital payments session include Eduardo V. Francisco, president of BDO Capital & Investment; Martha M. Sazon, president and CEO of GCash; Hans B. Sicat, country manager of ING Philippines; Paolo Azzola, COO of PayMaya Philippines; and Mamerto E. Tangonan, digital payments expert.

Anthony Oundjian, managing director and senior partner at Boston Consulting Group (BCG), will take questions from the audience in the “Ask the Expert” session.

Attendees will receive free or discounted copies of the latest issues of BusinessWorld In-Depth — BusinessWorld’s on-demand digital magazine; Top 200 Consolidated Corporations in the Philippines; and the Quarterly Banking Report.

Held annually since 2016, the BusinessWorld Economic Forum serves as a platform for industry leaders and key figures in the society to tackle key issues and challenges affecting the country.

BusinessWorld Virtual Economic Forum is presented by BusinessWorld Publishing Corp., with co-presentor LT Group, Inc.; gold sponsors BDO, Globe Telecom, San Miguel Corp., SM Investments Corp.; silver sponsors Alveo, DivinaLaw, Meralco, Stradcom, Toyota, Turkish Airlines, and Vista Land; bronze sponsors Ayala Corp., Century Properties, Federation of Filipino-Chinese Chambers of Commerce & Industry, Inc., First Gen Corp., PAGCOR, Philex Mining Corp., Mega Global Corp., PLDT, Smart, Sanofi, and SGV & Co; and donor NutriAsia.

The event is open to BusinessWorld subscribers, readers, and the public. To register and for more information about the program and the access passes available, visit www.bworldonline.com/BWVirtualEcoForum

Megawide says NAIA rehab proposal still valid

MEGAWIDE Construction Corp. said its proposal to rehabilitate the Ninoy Aquino Airport (NAIA) remains valid.

The company issued the statement late Monday night after a news website reported that the National Economic and Development Authority (NEDA) had “junked” the proposal.

Megawide said, “The letter of Secretaries (Carlos G.) Dominguez and (Karl Kendrick T.) Chua, as chair and co-chair of the NEDA-ICC (Investment Coordination Committee), dated 19 November 2020, merely asked for the full submission of the requirements from the Megawide-GMR (GMR Infrastructure Ltd.) consortium to demonstrate capabilities to deliver a first-world NAIA.”

A paragraph from the letter, according to the company, stated: “May we request DOTr (Department of Transportation) to kindly ensure that all the requisite requirements…are complied with by the private proponent in form and substance, and evaluated by the DOTr in accordance with Rule 5 and Sections 10.5, 10.7 and 10.8 of the Amended BOT (build-operate-and-transfer) Law and its IRR (implementing rules and regulations), prior to the endorsement or resubmission of the unsolicited proposal for NEDA/ICC Board action.”

Megawide said it submitted on Nov. 20 additional documents to prove its financial capability to undertake the project.

“Under the new arrangement, Megawide will have a majority stake at 60% while GMR has agreed to provide forty per cent (40%) of the equity requirement for the project,” the company explained.

Messrs. Dominguez and Chua have yet to comment on the matter.

NEDA said in a statement on Monday: “NEDA can’t comment as the subject project is still in process. Thank you for understanding. We’re not also sure what’s the source of the site.”

On Nov. 16, Megawide Director Manuel Louie B. Ferrer said he was hoping the Swiss challenge for the project would be completed by the first quarter of 2021.

The company expects to spend P12 billion for the first phase of the project and P20 billion for the second phase in the first three to four years of implementation, according to Megawide Chairman and Chief Executive Officer Edgar B. Saavedra.

The project will involve improvements to airside and landside; construction of a new passenger terminal building; and apron and taxilane improvements. Also, the cargo terminal and fuel farm will be moved to accommodate the new passenger terminal building and prevent disruption in operations.

The company will also build a bus rapid transit and elevated railway that will ferry passengers within the NAIA complex.

Megawide shares on Tuesday closed 4.26% lower at P9.90 apiece. — Arjay L. Balinbin

Maynilad extends water service interruption to Nov. 29

WEST ZONE water concessionaire Maynilad Water Services, Inc. said the rotational service interruptions its customers are experiencing will be extended until Nov. 29.

In a service update on Tuesday morning, the water provider confirmed that the removal of sludge from one of its three sedimentation basins in La Mesa treatment plant due to the turbid, raw water caused by Typhoon Ulysses is taking longer than projected.

“We are therefore constrained to extend up to November 29 the rotational service interruptions that are currently in place, to ensure that all affected customers will still get water supply daily despite the reduced production of our treatment facilities,” Maynilad said.

“Per our latest estimate, it will take another five days to get the last basin working fully, ramp up production, refill all major reservoirs, and build up pressure in the pipelines,” it added.

However, Maynilad said one of its sedimentation basins is already fully operational while the other one is currently being refilled after having been cleared of sludge.

The water provider added that the actual service interruption schedules that will be experienced by its customers would shorten after the continuous build-up of water pressure in pipelines.

Water service will be fully restored in most areas in Maynilad’s concession before Nov. 29, Maynilad said, adding that only customers living in the highest and farthest points will experience interruption until the said date.

“We apologize to our affected customers for the inconvenience that this situation has caused. We are working without let-up to facilitate our clearing operations and restore water service sooner rather than later,” it said.

Maynilad provides water to areas in the west zone of the National Capital Region such as Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, Malabon, Manila, Makati, and Quezon City, as well as parts of Cavite province including Bacoor, Imus, Kawit, Noveleta, and Rosario.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

URC ventures into rubbing alcohol production

UNIVERSAL Robina Corp. (URC) is opening a rubbing alcohol business as the demand for sanitation products surged due to the coronavirus disease 2019 (COVID-19) pandemic.

In a statement on Tuesday, the Gokongwei-led food company said it is diversifying its product line to include two pharmaceutical-grade alcohol brands: Shield+ and BioSure.

The rubbing alcohol business will be handled by URC’s agro-industrial and commodities division. The La Carlota distillery of the company in Negros Occidental will supply the ingredients in the long term.

“This is aligned with our core values of looking after the Filipino community, in light of the ongoing pandemic. We have the capability, and we want to help. There’s demand out there. It just makes sense,” Vincent C. Go, managing director of URC’s agro-industrial group, said in the statement.

URC said that the alcohol category was valued at P4.1 billion last year. Because of the COVID-19 outbreak, its sales jumped 76% to P1.8 billion in the first quarter of 2020.

The BioSure products are already being sent out to community stores and institutions early this month, while the Shield+ alcohol brand will begin distribution in December.

As early as July, URC obtained approval from its board of directors to amend its articles of incorporation and include production of pharmaceutical-grade alcohol as its secondary purpose.

The goal is to leverage the company’s sugar distillery facilities in producing bio-ethanol fuel products from sugarcane.

URC generated an attributable net income of P7.5 billion in the first three quarters of the year, higher by 7% than last year, due to lower costs and expenses.

It shares closed at P147.20 apiece on Tuesday, down P4.80 or 3.16% from the last session. — Denise A. Valdez

IP E-Game Ventures’ investment unit eyes $50-million fund with Malaysian firm

A SUBSIDIARY of listed IP E-Game Ventures, Inc. is partnering with a Malaysian investment company to form a $50-million fund for startup investments in the ASEAN.

In a disclosure to the exchange on Tuesday, IP E-Game said its wholly-owned subsidiary New Wave Strategic Holdings Ltd. entered into an initial documentation with Emissary Capital Growth Fund 1 LLP for the plan.

New Wave and Emissary Capital will form a joint venture that will target technology companies with links or presence in Malaysia.

New Wave will have an investment of up to $7.5 million as a limited partner to the fund. Its purpose is primarily to build a stronger Malaysia-Philippines relationship for technology and venture capital, it said.

“We are looking to strengthen the corridor between Malaysia and the Philippines, as well as with the rest of Southeast Asia. Technology businesses today must have a regional outlook and entrepreneurs must demonstrate ability to scale this way,” New Wave Director Enrique Gonzalez said in the statement.

“Our fund is looking to invest in Southeast Asia’s growth companies led by founders that have proved resilience and success,” he added.

The companies said they both look forward to a stronger digital economy as a tool for post-coronavirus recovery. “[T]he investment firms are keeping a bullish outlook on Malaysia and the Philippines as growth hubs, especially for tech-based startups,” the statement said.

New Wave handles more than $40 million of assets under its belt, while Emissary Capital is a boutique investment firm with a focus in the ASEAN. The investment of the two companies is still  subject to definitive documentation and closing conditions. — Denise A. Valdez

Fruitas to introduce self-branded ice cream lines

FOOD and beverage kiosk operator Fruitas Holdings, Inc. is venturing into ice cream production with the addition of two new premium ice cream lines in its product portfolio.

In a statement on Tuesday, the company said it is introducing a dairy-based and a soy-based ice cream line under the brands Fruitas and Soy & Bean, respectively.

These will be distributed through the company’s Babot’s Farm and Soy & Bean physical stores, and eventually, its own delivery service CocoDelivery and select kiosks.

“Ice cream has long been the go-to dessert of Filipinos… Recognizing this customer need, Fruitas came up with two new premium ice cream lines which will certainly make Filipinos happy, yet keep them healthy at the same time,” Fruitas President and CEO Lester C. Yu said in the statement.

The company claims to use all-natural ingredients to make the ice cream. The Fruitas brand will have eight flavors: mango, mango melon, strawberry calamansi, four seasons, strawberry melon, mango pineapple, dark chocolate and Benguet coffee. The Soy & Bean brand will have three lactose-free flavors: classic, chocolate and coffee.

Earlier this year, Fruitas partnered with Carmen’s Best Ice Cream to carry its products across select locations. This is part of Fruitas’ plan to open more revenue streams by expanding its product offerings.

Fruitas currently has more than 20 brands in its portfolio, such as Fruitas Fresh from Babot’s Farm, Buko Loco, De Original Jamaican Pattie, Juice Avenue, Black Pearl, Shou La Mien Hand-Pulled Noodles, and Sabroso Lechon.

As of November, the company has re-opened about 800 kiosks and put up nearly 20 community stores under the Babot’s Farm and Soy & Bean brands. It targets to open 30 community stores by end-2020 and 100 by end-2021.

In the nine months through September, Fruitas booked an attributable net loss of P32.23 million, reversing last year’s profit of P52.98 million, due to a 55% drop in gross revenues from closing its stores during the coronavirus-related lockdown.

Shares in Fruitas at the stock exchange increased five centavos or 3.27% to close at P1.58 each on Tuesday. — Denise A. Valdez

Pumping stations, dredging spared some towns from flooding — SMC

MALABON AND NAVOTAS cities did not experience heavy floods during the onslaught of typhoons Rolly and Ulysses because of the presence of the government’s water pumping stations, which were complemented by San Miguel Corp.’s (SMC) Tullahan-Tinajeros river dredging project, the firm said on Tuesday.

“Based on the feedback we received from representatives of the local governments of Malabon and Navotas, no major floods were reported. This is largely due to the pumping stations installed by the government, particularly the Metro Manila Development Authority that easily channels flood waters out to the Tullahan River,” SMC President Ramon S. Ang said in a statement.

Mr. Ang said that the Tullahan River in Malabon did not overflow during that time.

“This is because we’ve already dredged and deepened the mouth of the river going to Manila Bay, to up to five meters,” he said.

The P1-billion Tullahan-Tinajeros river dredging project is an SMC initiative that aims to dredge the 27-kilometer river to boost flood mitigation efforts. Mr. Ang said that the company had extracted some 60,532 metric tons of silt and solid waste from Tullahan River, as of Nov. 14.

River dredging is one of the immediate safeguards that needs to be put in place to prevent widespread flooding, an Environment official said separately on Tuesday.

“As immediate action, we need to restore the river by doing dredging,” Department of Environment and Natural Resources Undersecretary for Climate Change Service and Mining Concerns Analiza Rebuleta-Teh said in a webinar hosted by international research organization Stratbase ADR Institute.

According to Ms. Teh, the planting of the appropriate tree species along the river bank, enhanced watershed management, and reforestation, among others, must also be done to prevent heavy flooding. — Angelica Y. Yang

ING launches account for electronic payments

DIGITAL mobile lender ING Bank N.V. Manila launched on Tuesday an account for electronic payments for bills and retail purchases.

ING Philippines on Tuesday introduced ING Pay, which allows customers to pay bills using its mobile app for more than 70 companies, including those in the utilities, insurance, and credit card industries, it said in an online briefing. Transactions do not require enrolment and no transfer fees will be charged.

The account also provides a free virtual debit card which customers can use to make digital retail payments. ING Philippines said it will also soon launch a physical debit card to enable withdrawals at BancNet-enabled automated teller machines (ATMs).

“With a strong focus on customer-centricity, we are able to leverage technology and make banking processes easy, so customers do not have to spend more time than necessary. We deliver personal and instant insights so customers can take actions or just have a peace of mind that their finances are being taken care of,” ING Philippines Head of Retail Banking Mohamed Keraine said in the briefing.

The bank is offering 5% cashback for purchases using its debit card until the end of December. Customers can spend up to P1 million and receive a total of P50,000 in cashback.

ING Philippines said only customers can access their account details and they can also freeze their debit cards on the bank’s mobile app as a security feature.

The bank also plans to launch consumer loan products next year to help expand online banking in the country.

“We are a really customer-centric company. You can expect that in the course of 2021. The ING’s lend offer is going to be introduced,” Mr. Keraine said.

Even with more financial technology firms offering various services in the country, ING Philippines said digital banking is only beginning to gain ground among Filipinos.

“There is a full transformation happening, but I think we’re just at the beginning of it. There will be more players in the long term, and ING is focused on offering complimentary services,” Mr. Keraine said.

ING last year rolled out its digital savings account. The bank said so far, its customer base has doubled and its balance in deposit accounts has grown by over 10 times.

Under its Digital Payments Transformation Roadmap for 2020 to 2023, the Bangko Sentral ng Pilipinas (BSP) wants 70% of adult Filipinos to have a bank account by 2023. It also targets 50% growth in the volume of electronic retail payments by that year.

BSP Governor Benjamin E. Diokno said on Tuesday that the central bank will roll out tools and initiatives to boost digital banking in the country.

The BSP will launch a person-to-merchant QR code system, which will allow payments from consumers to retail stores using smartphone cameras.

Another is a bills payment facility that will allow firms to collect from their customers, even if the payment service providers of the billers are different from those of the customers. Through its request-to-pay service, consumers will be able to pay in full or by installment.

The central bank will also open a direct debit facility, which will let consumers issue an electronic authority to billers to regularly transfer funds for their rentals, loan amortization, or insurance premiums.

“Recognizing that digital payment services are increasingly becoming indispensable in our daily lives, the Bangko Sentral embraces a governance approach where innovation is encouraged while the accompanying risks are effectively managed,” Mr. Diokno said in his speech at the online event.

The BSP also wants to implement an open banking system that uses application programming interfaces (APIs) to easily share financial data from customers, which will help banks design products, reduce charges, and speed up delivery of services.

“Open banking through APIs will allow the exchange of banking and associated financial data across software applications. It will assist in on-boarding financial consumers and ease the high costs associated with customer due diligence procedures,” Mr. Diokno said.

The volume of e-payments made up 10% of total transactions in 2018 from just 1% in 2013, according to a Better than Cash Alliance report. By value, digital transactions comprised 20% of the total in 2018 from only 8% in 2013. — K.K.T. Jose

CCP Encyclopedia of Art goes digital

ACCURATE information about Philippine art can now be accessed on one’s phone — and laptop, iPad, desktop… — as the Cultural Center of the Philippines (CCP) launched the digital version of its Encyclopedia of Philippine Art (EPA) in a webinar last week.

The encyclopedia can be accessed via epa.culturalcenter.gov.ph. Subscription fees are currently at P75 per month, P450 for six months, and P900 for one year. As of the time of writing, the rates have been slashed to P350 (six months) and P675 (one year). Discounted rates are also available for institutional subscribers. However, the EPA Overall Project Coordinator, CCP Vice-President and Artistic Director Chris Millado said during the webinar that a “free-mium” website is forthcoming, with free access to five articles every month.

The website has nine sections. The section on “Peoples of the Philippines” contains master essays on 54 ethnolinguistic groups, arranged alphabetically from Aeta to Yakan. The next eight sections focus on the eight arts, namely: Architecture, Visual Arts, Film, Dance, Music, Theater, Broadcast Arts, and Literature.

Each section is further divided into Historical Essays, Forms and Types, Aspects, Works, and Artists and Organizations.

The EPA Digital also contains hundreds of video excerpts from plays and dance and music performances, all sourced from the vast video archives of the CCP. The site contains more than 5,000 articles and photos from the print edition. It will be continuously updated, and has an auto-citation tool for researchers. While the first one — in print — was published in 1994, a second edition was published in 2018. The current project took about two years to finish, according to Nicanor Tiongson, Editor-in-Chief of the EPA. “This version is substantially the 2017 printed edition, but with entries updated and many more new ones added,” he said.

Mr. Millado said that he had proposed an online version five years ago, when planning the 2018 publication of the 2017 edition. The proposal has been met with “fierce opposition from the editors and writers who insisted that the print version was essential and important.” He was glad to have been proven wrong: apparently the print edition has become the bestselling publication of the CCP. “Despite the fact that it weighs more than 100 pounds.”

The appearance of the online edition is timely due to the COVID-19 pandemic lockdowns which have boarded up schools. “The digital version comes at a most opportune time because it hopes to be of great use to teachers and students who have been forced by the pandemic to hold classes online.”

CCP Chair Margarita Moran-Floirendo said that the EPA has come a long way in ensuring that its information on Philippine art and culture are properly recorded in an academic manner. “It is with this mission that the CCP has always been determined in democratizing diverse artistic knowledge and providing access to this information to every Filipino.”

“The digital edition of the CCP Encyclopedia of Philippine Art is not just a website. It is the portal to the Filipino soul and imagination,” said Mr. Millado. — Joseph L. Garcia

Solar Philippines appoints Marty Crotty as chief executive officer

SOLAR Philippines has named a new chief executive officer (CEO) to lead the company a month after signaling a new strategic direction in onboarding professional management, the solar energy provider said on Tuesday.

Power industry veteran Marty Crotty is now the new CEO of the firm, which was previously helmed by Leandro L. Leviste.

“Given the amazing progress Solar Philippines has made on its pipeline of development assets, I’m extremely grateful to have the opportunity to lead the team with a laser focus on achieving Leandro’s vision to accelerate the transition to renewable energy,” Mr. Crotty said in a statement.

Mr. Crotty served as the president of AES Asia, a position that allowed him to manage power plants in various Southeast Asian countries, including the 600 megawatt (MW) Masinloc coal plant in Zambales, the company said in a press statement. He previously worked with Upwind Solutions, a US-based wind asset management company as its CEO, and managed the operations of solar and wind plants at EDF Renewables.

This new development comes as the renewable energy provider is gearing up for its initial public offering.

Solar Philippines said that Mr. Leviste will remain as the sole shareholder of the firm.

“We’re now finding more and more partners and colleagues who can see the time for solar in the Philippines is now. With our new partners and colleagues, we are more optimistic than ever that we can deliver the largest portfolio of renewable energy projects in Southeast Asia,” Mr. Leviste said in a statement.

Last month, he announced the start of a separate company, which will invest in provincial real estate properties powered by Solar Philippines’ projects. — Angelica Y. Yang

Former Goldman Sachs banker says he warned bosses about Jho Low, IMDB

EX-GOLDMAN SACHS Group, Inc. banker Roger Ng has asked for the foreign bribery case against him to be dismissed. — REUTERS

FORMER Goldman Sachs Group, Inc. banker Roger Ng asked for the foreign bribery case against him to be dismissed, saying he “warned” the bank not to do business with Malaysian financier Jho Low.

Mr. Ng, who says he told Goldman that Mr. Low was “not to be trusted,” is facing trial next year on charges of bribery and money-laundering conspiracy. He is accused of helping Malaysia’s former prime minister and others embezzle at least $2.7 billion from the 1Malaysia Development Berhad fund, known as 1MDB. Mr. Low is accused of masterminding the scheme.

In a 126-page filing, Mr. Ng says the US has no business prosecuting him because the alleged crimes were committed in Malaysia. He also argues that his former boss, Tim Leissner, an ex-Goldman banker who has agreed to plead guilty and testify against him, is really the central figure in the scheme because he ultimately persuaded the bank to do business with Mr. Low.

As early as March 2010, Ng “specifically warned” his superiors at Goldman to “use caution in dealing with Low,” defense lawyer Marc Agnifilo says in the filing. “Ng’s warnings were shared with the highest levels of the compliance and legal divisions of the company. The company did not listen to him.”

Goldman spokeswoman Maeve DuVally, Mr. Leissner’s attorney Henry Mazurek and John Marzulli, a spokesman for Acting US Attorney Seth DuCharme in Brooklyn, New York, whose office is prosecuting the case, declined to comment on the filing. Mr. Low, who has denied wrongdoing, is considered a fugitive and has been charged in absentia in Malaysia and the US with money laundering and other offenses.

Goldman has agreed to pay billions of dollars in penalties to the Justice department and other US authorities for its role in the 1MDB scandal, the biggest foreign bribery case in US enforcement history.

‘RAIN-MAKING PARTNER’
Mr. Ng concedes that he first introduced Mr. Low to the bank, but says that was “in early 2009, when no one had reason to know that Mr. Low was running a fraud scheme.” By 2012, he says, Mr. Leissner had become Mr. Low’s main Goldman contact and the “more powerful” and “rain-making partner.”

“It was Leissner, and Leissner alone, who thereafter lied for Low, protected Low and ultimately became a full-fledged criminal in the service of Low,” he argues.

Mr. Leissner, who was one of Goldman’s top bankers in Asia, admitted to conspiring to launder money and violating US anti-bribery laws as he participated in a kickback scheme from 2009 to 2014 to get 1MDB’s business. He is scheduled to testify against Mr. Ng at the trial.

In the filing, Mr. Agnifilo also assails a “silence” provision he says the US put in place as part of its multibillion-dollar deferred prosecution agreement with Goldman. The requirement means that any Goldman official Ng warned about Mr. Low will now be “afraid” of telling the truth, worried it would void the bank’s deal with the US, he says.

He says the provision, “enforced at the sole discretion of the government, ensures that no Goldman employee will contradict the government’s narrative relating to Goldman’s misconduct — including Mr. Ng’s alleged misconduct for which he is charged.” Mr. Agnifilo argues that “this creates a constitutional issue in this case” by constraining Mr. Ng’s use of witnesses in his defense as Mr. Ng, who is free on a $20-million bond, is scheduled to go on trial in March.

The case is US v. Ng Chong Hwa, 18-cr-0538, US District Court, Eastern District of New York (Brooklyn). — Bloomberg

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