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POPTV to launch VOD service for bus riders

By Arjay L. Balinbin, Senior Reporter

MASS market video-on-demand (VOD) platform POPTV is set to launch in the third quarter a service intended for bus riders in the Philippines.

“We want people inside buses watching us all the time, so we have created a new technology for that. We are introducing this new tech in the next quarter,” POPTV Co-Founder and Chief Executive Officer Jyotirmoy Saha told BusinessWorld in a recent Zoom interview.

“There are a few bus companies that we are wiring up right now,” he added.

With the new POPTV technology, users will be able to watch any of its content in an unlimited manner for the duration they are inside a bus “without spending one penny on data.”

“All you need to do once you are inside a bus is that you switch on your own phone, and you watch whatever you feel like watching. I think that’s going to be our major differentiator,” the POPTV co-founder said.

He noted there are more than half a billion passenger trips — between provinces or between cities — taken in the Philippines every year.

“Imagine the number of people and the captive audience around that, so we are hoping to tap into that.”

He said offering the service to jeepney riders is also a possibility.

“Theoretically, we can do jeepneys as well, but we also have to take a look at the social behavior inside the jeepney. In the NCR area, there is a safety factor; and, in general, people will never take their phone out and hold it in front of them.”

POPTV, a new company, has approximately 800,000 users. According to Mr. Saha, the company’s new users are increasing at a rate of 8,000 to 10,000 per day, depending on the day of the week.

“Our services are extremely affordable. You can buy our service for P20, P49, or P99. You have the option… Currently, we do want to keep it in that price range,” he added.

Yields on term deposits climb on concerns over US inflation

REUTERS

YIELDS ON THE central bank’s term deposits increased on Wednesday due to concerns over US inflation, which could affect the US central bank’s future policy path, and as the market priced in a possible easing in restriction measures due to the decline in the daily tally of local coronavirus cases.

Demand for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) amounted to P599.126 billion on Wednesday, going beyond the P520 billion on the auction block and the P572.605 billion in bids logged last week.

Broken down, tenders for the seven-day term deposits amounted to P140.165 billion, lower than the P150-billion offer as well as the P158.544 billion in bids seen during the previous auction.

Accepted rates for the tenor ranged from 1.7% to 2.49%, a wider band compared with the 1.7% to 1.73% logged a week ago. This caused the average rate of the one-week papers to rise by 3.82 basis points (bps) to 1.7582% from 1.72% last week.

Meanwhile, demand for the two-week term deposits amounted to P458.961 billion, going beyond the P370 billion auctioned off by the BSP and the P414.061 billion in tenders recorded a week ago.

Banks asked for yields ranging from 1.65% to 1.88%, a slightly wider band versus the 1.6875% to 1.9% logged in the previous auction. With this, the 14-day papers fetched an average rate of 1.795%, inching up by 0.09 bp from the 1.786% quoted on June 2.

For the 33rd straight auction, the BSP did not offer 28-day term deposits to give way to its weekly offerings of bills with the same tenor.

The central bank uses the term deposits and the short-term bills to gather excess liquidity in the financial system and to better guide market rates.

Yields inched up due to market concerns ahead of the release of latest US inflation data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

The US Labor department will report May consumer price index data this Thursday. In April, US inflation stood at 0.8%, which was its quickest pace since June 2009.

Investors are growing nervous about whether the beginning of the end of enormous monetary stimulus and low interest rates is near as some think the Federal Reserve’s tapering could be hastened if US inflation runs hotter than the 0.4% monthly clip that economists expect.

Mr. Ricafort added that the term deposits fetched higher yields as local coronavirus infections continued to ease, which could strengthen the case for a further reopening of the economy.

Coronavirus disease 2019 cases in the country hit 1.28 million, with 4,777 new cases logged on Tuesday, based on data from the Department of Health.

Government officials have been eyeing a further relaxation of restrictions. Socioeconomic Planning Secretary Karl Kendrick T. Chua has said families should be given leeway to engage in more activities to boost the economy through consumption. — L.W.T. Noble

Google loosens its search engine grip on Android devices in Europe

REUTERS

BRUSSELS — Google has bowed to pressure from rivals and will let them compete for free to be the default search engines on Android devices in Europe, widening a pledge to EU antitrust regulators two years ago.

The move by the world’s most popular internet search engine comes as the 27-country bloc considers rules that could be introduced next year to force Google, Amazon, Apple and Facebook to ensure a level playing field for competitors.

Google’s Android mobile operating system runs on about four-fifths of the world’s smartphones. The US tech giant said in 2019 that rivals would have to pay via an auction for appearing on a choice screen on new Android devices in Europe from which users select their preferred search engine.

Google’s change of heart followed a €4.24-billion ($5.16 billion) fine handed out by the European Commission, the EU antitrust authority, in 2018 for unfairly using Android to cement the dominance of its search engine.

“We are now making some final changes to the Choice Screen including making participation free for eligible search providers. We will also be increasing the number of search providers shown on the screen,” Google director Oliver Bethell wrote in a blog post on Tuesday.

The changes will come into effect in September, the blog added.

The Commission said it had discussed possible changes with Google following concerns raised by a number of its rivals, adding that those announced were positive developments.

Google said the five most popular eligible search engines in each EU country according to StatCounter, including Google, would be displayed in random order at the top of the screen while up to seven will be shown at the bottom.

It had previously only allowed four competitors, chosen in separate auctions for each EU country, to be displayed on Android screens.

However, DuckDuckGo, a rival search engine that has long complained about the auction process, said Google should go further.

“Google is now doing what it should have done three years ago: a free search preference menu on Android in the EU,” CEO Gabriel Weinberg tweeted.

“However, it should be on all platforms, e.g., also desktop Chrome, accessible at all times, i.e., not just on factory reset, and in all countries.”

Search engine Ecosia, which together with four other rivals complained about Google’s initial proposal to the Commission last year, welcomed the changes.

“With this, we have something that resembles a level playing field in the market,” its CEO Christian Kroll said in a statement.

“Search providers now have a chance to compete more fairly in the Android market, based on the appeal of their product, rather than being shut out by monopolistic behavior.” — Reuters

Axelum receives Fairtrade International certification

AXELUM Resources Corp. has obtained certification from nonprofit association Fairtrade International as part of efforts to boost its social programs for local coconut farmers.

The listed coconut product manufacturer and exporter said in a regulatory filing on Wednesday that 1,000 farmers are currently enrolled in its Fairtrade program, grouped into nine clusters in the towns of Medina, Magsaysay, Salay, Talisayan, and Gingoog City in Misamis Oriental, and covers 2,300 hectares of organic coconut farms.

Axelum said Fairtrade encourages a global system that links farmers and workers from developing nations with consumers and businesses across the globe to change for the better.

“Our core values are aligned with Fairtrade’s mission of bridging producers and businesses across the globe, who share a common belief in espousing equitable and sustainable livelihood, empowering marginalized producers to overcome poverty and build towards a brighter future,” Axelum Chairman and CEO Romeo I. Chan said in the disclosure.

According to Axelum, it launched its Fairtrade program in 2019 for the benefit of local coconut farmers and as part of expanding its sustainability development platform.

The company said Fairtrade-certified companies face rigorous and independent audit screenings that comply with the ISEAL Assurance Code, an international code for sustainability standards.

Highlights of the Fairtrade system includes the setting of a “Fairtrade Minimum Price,” which indicates the base amount that producers are paid when selling their products under Fairtrade, and the “Fairtrade Premium,” which is extra money paid aside from the selling price that is used to fund cluster-initiated projects.

“In coordination with the Axelum Fairtrade Team, each cluster conducts a thorough needs assessment study through a structured and collaborative exercise,” the company said.

“Initially, majority of clusters identified priority issues related to food supply, medicines, educational assistance, alternative livelihood and organic farming. As such, a portion of the Fairtrade Premium budget was deployed to support consolidated efforts to address these concerns,” it added.

Axelum said that the “Fairtrade Premium” initiative and the entire program are audited by an external auditor appointed by Fairtrade, together with a separate audit done by the company’s internal audit department.

Currently, the company said it is working with a multinational consumer giant for its desiccated coconut products under Fairtrade prices.

As part of Fairtrade terms, Axelum is allotting a portion of the money from each sold product as “Fairtrade Premium,” which is deposited in an independent bank account accessible to farmer clusters.

Meanwhile, Mr. Chan said the company is committed to initiatives that promote social welfare towards farming communities.

“With this certification, our customers can be assured that our products are backed by a supply chain that strongly adheres to the highest ethical principles, providing a conducive sustainable working environment that is free of exploitative labor and abuse of natural resources,” Mr. Chan said.

During the first quarter, Axelum posted a 20.4% increase in its net income to P145.60 million resulting from higher sales. Its net sales for the period increased 22.5% to P1.47 billion.

On Wednesday, shares of Axelum at the stock exchange ended flat at P3 per share. — Revin Mikhael D. Ochave

Dining In/Out (06/10/21)

Locally sourced shopping at Robinsons Malls

ROBINSONS Malls, through the partnership between Robinsons Malls and Department of Agriculture, presents Locally Sourced V2, a rolling market that will visit select Robinsons Malls nationwide. Aside from a wide variety of fresh vegetables an seafood, this year, Locally Sourced also carries specially made food products by small and medium entrepreneurs (SMEs) such as organic smoothies, pure honey, dried fish, local red wine, dried fruits, and many more. The Locally Sourced roving market will be at Robinsons Place Santiago from June 10-16; Robinsons Magnolia from June 10-13 and June 17-20; Robinsons Galleria on June 22-27; Robinsons Angeles on June 24-30; Forum Robinsons on June 25-27 and July 2-4; Robinsons Starmills on June 29 to July 15;  Robinsons Metro East  on July 8-11 and July 15-18; Robinsons Place GenTrias on July 1-4 and July 15-18; Robinsons Place Antipolo and Robinsons Place Malolos on July 15-18; Robinsons Town Mall Malabon on July 22-25 and July 29 to Aug. 1; and, Robinsons Place Dasmariñas  from July 30 to Aug. 1. For more information, visit www.robinsonsmalls.com or like Robinsons Malls on Facebook; follow @RobinsonsMallsOfficial on Instagram and @RobinsonsMalls on Twitter.

Grab to hold food safety training

IN CONJUNCTION with World Food Safety Day, Grab Philippines has announced new initiatives to raise the bar for safety, hygiene, and quality standards in the food delivery industry through its partnership with the Food Safety and Hygiene Academy of the Philippines (FoodSHAP), and additional measures to help ensure cleanliness, safety, and quality throughout the entire food delivery life cycle. These efforts add to Grab’s broader GrabProtect program. First there is food safety training for all merchant- and delivery-partners. Starting this month, Grab Philippines and FoodSHAP will conduct monthly food safety and quality training for its merchant-partners through the GrabAcademy Merchant platform and webinars. Grab Philippines will also conduct mandatory food safety training to its delivery-partners through the GrabAcademy platform, offering online courses developed by FoodSHAP. Apart from the food safety and quality training, Grab Philippines will also introduce new measures to help merchant-partners continuously improve their service quality standards. It will provide merchant-partners with real-time consumer feedback focusing on food safety and quality, allowing them to address key consumer issues and enhance their service quality and performance. This will be done through the introduction of the Merchant Quality Score where performance against key performance indicators and customer feedback on food safety and quality will be shared directly with merchant-partners in-app. Grab Philippines will hire an internal auditor to conduct food safety and quality audits to ensure that merchant-partners are able to continuously maintain the service quality and adhere to the food safety protocols.

Crimson Hotel offers Father’s Day deals

THE CRIMSON Hotel in Alabang presents “Delightful Deals for Dad” for Father’s Day. Plus, he gets a free Crimson Panama hat for every P1,500 purchase. The hotel’s Café Eight will offer the All Fired Up BBQ Bundle for P2,000 net. This hot BBQ takeaway bundle includes tomato burrata caprese, assorted BBQ with char grilled vegetables, Tart Tropezienne, and a free Alibi’s Iberico Whiskey Sour Cocktail Kit. The meal comes in a self-heating portable hotbox. Each order is good for up to four people. Meanwhile, Firehouse Pizza offers Pizza for Pops for P2,000 net. The bundle, which is good for up to four people, includes one signature pizza, one classic pizza, eight pieces of Parmesan fried chicken wings with garlic aioli, one pan of Truffle Pasta, and a Dessert in Jar of rice pudding with peach compote. For this Father’s Day special, place an order between June 1 to 17, from 11 a.m. to 8 p.m., or at least two days prior to the pick-up date. The pick up of order/s is between June 18 to 20, from 11 a.m. to 8 p.m. at Firehouse Pizza. Then there is the Gentleman’s Box by Baker J for P699 net. The gift box includes: homemade cold cuts (pulled pork rillette, paté en croute, cooked garlic sausage, country paté), sliced sourdough bread, one moringa croissant, and one chocolate banana croissant. For this Father’s Day special, orders may be placed until June 17, from 7 a.m. to 7 p.m., or at least two days prior to the pick-up date. Orders may be picked up between June 18 to 20, 7 a.m. to 7 p.m., at Baker J. Meanwhile, Alibi, the hotel’s soon-to-open Prohibition Era-style lounge and dining concept, offers a unique Iberico Infused whiskey sour cocktail kit for P550 net. The kit includes Iberico Infused Bourbon Whiskey, Laphroaig Single Malt, apple sauce, lemon juice, cinnamon syrup, and walnut butter. Avail of the kit separately or get it for free for every purchase of Café Eight’s All Fired Up. Orders are being accepted until June 17, 7 a.m. to 7 p.m., or at least two days prior to the pick-up date. Orders may be picked up between June 18 to 20, 6 a.m. to 9 p.m., at the Ground Lobby of Crimson Hotel. For orders, call 8863-2222 local 1612, 0998-961-3409, or e-mail dining@crimsonhotel.com

Special Yum Cha for Father’s Day at New World Makati

AS FATHER’S Day approaches, the New World Makati Hotel presents an all-you-can-eat dim sum feast of Jasmine’s best-selling favorites including barbecued dishes, noodles, soup, dessert and more with free-flowing iced tea and one round of local beer. All dads who dine on Father’s Day will also receive a special gift. Among the savory selections on offer for the occasion is the Crispy pork belly — an add-on dish which is now part of the promo rate just for Father’s Day — complemented by an array of appetizers, dim sum, main courses, and dessert. Main courses are ideal for two guests to share per serving. The Father’s Day Yum Cha will be available June 20 for lunch and dinner, and priced at P1,288 net per person inclusive of free-flowing iced tea or one round of local beer. Meanwhile, Jasmine celebrates the annual Dragon Boat Festival with its machang (sticky rice dumplings), also called zongzi. This year’s festival falls on June 14. Jasmine’s machang is available in two flavors: traditional with pork, yellow bean, salted egg, mushroom and glutinous rice wrapped in lotus leaf; and red bean with glunitous rice also wrapped in lotus leaf. An option for single or double layered filling is also offered. Packaged in dim sum basket-inspired boxes with gold foil logo stamping, these flavorful treats are best enjoyed with oolong tea or any hot tea of choice. Single and double layer machang are at P798 and P1,388, respectively. Prices are net. Pick-up of orders is until June 30. Deliveries may be made for bulk orders within a 3 km distance. Bulk orders of 30 or more also get a 20% discount while Club Epicure members get 15% off. Guests may call 8811-6888 ext. 3679, e-mail fb.reservations@newworldhotels.com for reservations, inquiries, and orders.

Panda Express heading to Pasay City

FOLLOWING the launch of its first restaurant at the SM Megamall in 2019 and its second store at SM City North EDSA last February, American Chinese restaurant chain Panda Express will open its third restaurant at Double Dragon Meridian Park in Pasay City. The Panda Express menu includes a variety of entrées with influences from the eight traditional cuisines of China. Its bestselling the Original Orange Chicken, crispy chicken wok-tossed in sweet and tangy sauce, is inspired by Panda Express co-founder Andrew Cheng’s hometown flavors of Yangzhou, China. It recently introduced two new dishes to the Philippine menu: Honey Walnut Shrimp, which features tempura-battered shrimp, lightly coated in honey sauce and topped with glazed walnuts, and Mongolian Pork, made with pork shoulder and crisp vegetables, wok-tossed in a savory garlic soy sauce. Panda Express is also available via Facebook Messenger and food delivery apps GrabFood and foodpanda. Delivery locations are within Metro Manila only.

Filipino dishes Independence Day at Subic

THE SALT Bar+Restaurant in the ACEA Subic Beach Resort celebrates Independence Day with select Pinoy dishes. Indulge an all-day breakfast while enjoying the restaurant’s view of the ocean and Mt. Cinco Picos. Breakfast includes ACEA-made beef tapa, tocino, and longganisa, all made from scratch. The lineup includes sinigang na hipon, beef nilaga, beef sinigang in lemongrass and tamarind, kare-kare, crispy pata, ginataang sitaw, pakbet with hipon, and lechon kawali. Restaurant reservations and inquiries may be made at (047) 252-2232, and 0917-114-1111. Visit https://www.facebook.com/acearesortssubic and on Instagram @aceasubicbeachresort to stay updated. ACEA Subic Beach Resort is located at San Bernardino Road, Subic Bay Freeport Zone.

Al fresco spaces for safe dining at Shangri-La Plaza

SHANGRI-LA Plaza continues to make mall guests feel well taken care of in the new normal by enhancing its al fresco dining spaces, giving every nook and cranny that signature Shang touch. Shang has now opened the enhanced Dine Al Fresco at the Ledge Level 6, which now features greenery and natural elements as well as string and mood lights, making it more conducive not only to dining but also to working. This space is fashioned in a way to make it a great spot for meetings, virtual or in person, intimate gatherings, or small celebrations. To provide a safer and better dining experience at every touchpoint, Shang has also implemented its new Safe Dining Made Easy protocols that aim to lessen interactions between people when mall guests are ordering food. Mall guests now have the option to scan their preferred restaurant’s QR code to check its digital menu. The QR codes also allows them to order from any of the Shang restaurants. For added protection, they can also request for their food to be served in takeaway boxes, and for acrylic barriers to be installed on their table. Diners also have the presence of their own Concierge or Butler services to ensure pleasurable dining experiences. As a safety measure, only the representative from the guest’s preferred restaurant can take their orders and handle their payments. All cards are sanitized and placed inside a holder before they’re handed back to the guest after processing payment. As diners can remove their face shields and masks only when they’re about to eat, they should wear both face coverings when dealing with the restaurant reps. Aside from Dine Al Fresco at the Ledge Level 6, guests can also dine at the Balcony at Level 5 and ground level Streetscape. Visit www.facebook.com/shangrilaplazaofficial or follow the Shang on Instagram: @shangrilaplazaofficial for more details.

Eastwood Café+Bar opens al fresco dining area

AFTER more than a year of serving solely takeaway food for pickup and delivery, Eastwood Richmonde Hotel’s Eastwood Café+Bar has reopened its doors to dine-in guests with the launch of the Richmonde Banchetto on June 4. The restobar’s al fresco area is set-up for fun, casual dining with seats arranged to accommodate proper social distancing. Diners can take their pick from the array of comfort food prepared fast and fresh by the hotel’s kitchen team at the live cooking stations. Kicking off Eastwood Café+Bar’s reopening, Richmonde Banchetto will serve up pork and chicken barbecue, isaw, pork and chicken satay, brick oven pizza, birria tacos, chicken inasal, Peruvian chicken, goto, tokwa’t baboy, plus beer and other drinks. Prices of the food items go for as low as P50. The Richmonde Banchetto is open every Friday and Saturday, 4 to 9 p.m. All freshly cooked items are available not just for dine-in, but for takeout, curbside pickup, and delivery as well. Charges apply for deliveries within Metro Manila but deliveries within Eastwood City are free. For inquiries, takeaway orders, deliveries, and table reservations, call 8570-7777 or 0917-821-0333.

Father’s Day specials at Sofitel

SOFITEL Philippine Plaza Manila celebrates Father’s Day weekend with Brews and Barbecue at The Food Truck, featuring grilled specialties, food truck fare, and sizzling platters paired with free-flowing beverages. Dig in to foie gras cheeseburger slider, softshell crab taco, truffle bellychon, Hungarian sausage, and jerk chicken. DJ Mafia sets the tone for the al fresco celebration with a view of Manila Bay and its sunset. Brews and Barbecue at The Food Truck will be available on June 17-20, 6 to 9:30 p.m. for P3,500 nett. Over at the Spiral restaurant, indulge in an assortment of meats spread across 21 dining ateliers. Enjoy cassoulet toulousain from the French Stove, beef-wrapped asparagus from the Japanese Atelier, Peking duck roll from the Chinese atelier, wagyu beef rump from the Churrasco, and lechon from the Filipino atelier. The Father’s Day at Spiral is available for brunch (P4,500) and dinner (P3,900) on June 20. For inquiries and reservations, call 8832-6988 or e-mail H6308-FB12@sofitel.com.

DoT, TikTok  promote local food tourism

THE DEPARTMENT of Tourism (DoT) and video making and sharing app Tiktok launched the  campaign #SarapMagingPinoy to encourage locals to celebrate Filipino pride by sharing treasured dishes from all over the country and promote local cuisines. The campaign has garnering more than 35 million views since it was launched on June 1. Under the #SarapMagingPinoy campaign, content creators from Luzon, Visayas, and Mindanao were tapped to share clips of homemade recipes and dishes on the TikTok platform, with each video showcasing local produce and the diverse cooking styles found in the archipelago. Some videos featured home cooks preparing the dishes amidst the scenic destinations where these recipes were made popular. Users can still take part in the #SarapMagingPinoy campaign until June 15 by posting recipe videos that feature the best dishes from their cities. Video entries must contain a short introduction that provides viewers with information on the dish and its city of origin. The video introduction should also include the campaign’s thematic messaging of showcasing Filipino pride, and mention the key line, ‘Sarap maging Pinoy.’ In the video caption, users must include the hashtag #SarapMagingPinoy, along with a hashtag that indicates their city of origin, using the format #Lutong(city), for example #LutongCebu. To view the campaign, visit https://vt.tiktok.com/ZSJHQf25c/

Max’s Restaurant holds Pinoy Fried Blowout on Independence Day weekend

Max’s Restaurant is celebrating Philippine Independence Day this weekend by treating customers with discounts on select whole chicken orders, while also bringing back All-You-Can Weekend, a long-time tradition of feasting on unlimited Max’s favorites. Max’s Pambansang Blowout: Pinoy Fried Para sa Pinoy Pride will be offering a P123 discount on its fried chicken from June 11-13 for every purchase of one whole Regular or Family Fried Chicken. Happening on the same Independence Day weekend is Max’s All-You-Can, with free-flowing Sarap-To-The-Bones Fried Chicken, Max’s Spicy Tofu, Chicken Sisig, Chicken Lumpiang Shanghai, and rice for P499 per head. Dine-in customers can Max Up their orders for a complete feast by adding P99 for unlimited Halo-Halo Solo or P49 for up to two drinks. Max’s All-You-Can is available for dine-in only, while the P123 discount can be applied for dine-in, delivery, and take-out transactions. Both promos are available in all stores nationwide. For more information, visit the official Facebook page at @MaxsRestaurant.

Nespresso’s latest limited edition collection

NESPRESSO has collaborated with Italian entrepreneur Chiara Ferragni who transformed Nespresso machines and accessories with her iconic style. The Nespresso x Chiara Ferragni collaboration includes a limited-edition collection, exclusive international events, summer-inspired coffee recipes, and behind the scenes access. For the Nespresso x Chiara Ferragni  collaboration, the Essenza Mini has been updated with a vibrant colored pattern showcasing each brand’s distinctive visual signature. The limited edition Nespresso x Chiara Ferragni Aeroccino 3 offers a quick and sleek way to prepare hot or cold milk froth. Perfectly matching the Essenza Mini, this accessory can elevate espressos into a luxurious milky coffee. The collaboration’s Nomad Travel Mug comes in pastel pink color. The limited edition Nespresso x Chiara Ferragni summer collection will be available in selected Nespresso stores in August.

Ajinomoto launches new liquid seasoning

AJINOMOTO Philippines Corp. (APC) has come up with the new Sarsaya Liquid Seasoning, an affordable, easy to use, and tasty kitchen partner. As compared to soy sauce, the liquid seasoning has a well-rounded profile that blends notes of saltiness, sweetness, and savoriness. It can be enjoyed in many ways, either as a tabletop seasoning for fried dishes or an ingredient when marinating or cooking. The new liquid seasoning comes in 250 ml PET bottles and 25 ml sachets. The ₱8-sachet provides homecooks a more affordable and easy-to-use option.

PHL financial sector sees rise in digital fraud attempts

THE FINANCIAL SECTOR saw the largest increase in suspected digital fraud attempts among major industries in the early part of the year amid a continued rise in online transactions, a study by a global remittance firm found.

Suspected digital fraud that targeted financial services firms grew by 50.39% from January to May 1 versus the last four months of 2020, based on a TransUnion research. This was the highest increase seen among the industries that were part of the study. Attempted fraud in the financial sector also rose by 19% in the same period.

“The rate of fraud attempts was up globally and especially in the financial services industry because fraudsters understand this is where the most high-value transactions are taking place,” TransUnion Philippines President and Chief Executive Officer Pia Arellano was quoted as saying in a statement on Wednesday.

“While this industry is traditionally known for in-person transactions, fraudsters have recognized its rapid digital acceleration and are trying to capitalize,” Ms. Arellano added.

Globally, fraud attempts in digital financial services surged by 149% from January to May 1, the study found. Identity theft was the most prominent attack type logged.

After financial services, the local travel and leisure sector saw the second-highest growth in suspected fraud at 31.5%, with credit card fraud the most prevalent. Transactions in online communities, which include online dating and forums, came in third where suspected fraud, mostly related to profile misrepresentation, rose by 10.16%.

On the other hand, the study found fewer fraud attempts in other local industries such as logistics (-60.5%), telecommunications (-28.6%), and retail (-27.42%).

“The key takeaway for businesses is that fraudsters do not treat every industry equally. They often pick and choose an industry to focus on based on the time of year or what businesses are seeing more transactional activity,” Ms. Arellano said.

Last year, the Bangko Sentral ng Pilipinas (BSP) received some 20,000 complaints from consumers. Around 13% of these complaints were related to fraudulent and unauthorized transactions, BSP Governor Benjamin E. Diokno said. — LWTN

Philippine trade year-on-year performance (Apr. 2021)

PHILIPPINE international trade value doubled in April as both exports and imports of merchandise goods posted record growth, the Philippine Statistics Authority (PSA) reported on Wednesday. Read the full story.

Philippine trade year-on-year performance (Apr. 2021)

How PSEi member stocks performed — June 9, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, June 9, 2021.

BSP’s Diokno backs legislated path to economic liberalization

Benjamin E. Diokno, Bangko Sentral ng Pilipinas Governor — BLOOMBERG

THE opening of the economy to foreign investment will be more easily accomplished via legislation rather than the government’s preferred method of constitutional change, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

“The first best option is for Congress to relax the restrictive provisions in the 1987 Constitution, given the political economy. I’m thinking of opening up the economy — education, media, ownership restrictions, etc. This does not appear to be feasible less than a year before the next election,” Mr. Diokno said in a Viber message.

“(I) think what is feasible are some bills pending in Congress — public service act, foreign investments act, retail trade reform act,” he added.

In the House, the resolution to revise the economic provisions of the constitution passed on final reading earlier this month.

Senators have said they are unlikely to prioritize the approval of a resolution to ease foreign ownership limits in the 1987 Constitution.

Congress is adjourned until the State of the Nation Address on July 26. It will be the last to be delivered by President Rodrigo R. Duterte in his six-year term.

Mr. Diokno said pushing to relax the “restrictive provisions” in the Constitution is “absolutely” to be relegated for “after the presidential election next year.”

ING Bank NV-Manila Senior Economist Nicholas Antonio T. Mapa said measures to spur the economy in the near and medium term should be priorities to effect an economic recovery.

“A two-pronged approach of pushing for both short-term stimulus to jump-start economic activity while also pursuing important structural reforms that will enhance economic growth once the Philippines is back on its feet would be an optimal strategy,” Mr. Mapa said in an e-mail.

The proposed P401-billion Bayanihan III stimulus package was approved on third reading by the House. The measure, which if passed will be the largest stimulus package so far, remains pending at the committee level in the Senate.

Mr. Mapa noted that the Corporate Recovery and Tax Incentives for Enterprises Law which reduces corporate income tax immediately to 25% from 30% is a welcome development that will improve the country’s competitiveness over the medium term.

“However, such reforms tend to take time before the benefits manifest and tend to take hold during times of economic expansion. They can be viewed as enhancers to medium-term growth prospects but do considerably less in terms of resuscitating an economy in recession,” he said. — Luz Wendy T. Noble  

Philippines rounding up funding to support sustainable energy shift

THE Department of Finance (DoF) said it is currently in talks with various development partners such as the Asian Development Bank (ADB), the UK government and the World Bank to support the Philippine energy industry’s pivot to renewables.

Paola Sherina A. Alvarez, assistant secretary and DoF spokesperson, said the department is currently working with the ADB for pilot implementation of the Coal Replacement Fund. She gave no details.

Finance Secretary Carlos G. Dominguez III said in April that the government may have to set up a fund to acquire all power plants in Mindanao and eventually shut them down while the generation capacity of the Agus-Pulangi hydropower plant increases.

Ms. Alvarez said the ADB will provide technical assistance to support a feasibility study, evaluate how the plants will be repurposed, and how to ensure energy security during the transition phase.

“We will initiate our transition by exploring how sustainable finance can be utilized to improve the generating capacity of the Agus-Pulangi hydropower plant in Mindanao while at the same time, we will acquire all coal-fired power plants in the region to repurpose them as we increase the capacity of renewable energy,” Ms. Alvarez said in a roundtable discussion Wednesday.

“This proposal aims to shift most of Mindanao’s energy requirements to hydropower, which will eventually spur more investment from companies seeking to expand their operations in areas powered by clean energy,” she added.

She said the government is also working on developing a carbon pricing mechanism with the World Bank.

“Right now, you have to understand that it’s not easy. We really need to transition… because even if we talk about new coal-fired power plants, there are still negotiable instruments related to these contracts. Under the law, you cannot just cancel these contracts without repercussions,” Ms. Alvarez said.

The Philippines is planning to cut 75% of its greenhouse gas emissions by 2030 under its first Nationally Determined Contribution, its commitment to the Paris Agreement on climate change.

The government is also hoping to increase the share of renewable energy in the power mix to 55.8% by 2040.

“What we understand from the Department of Energy (DoE) is the Philippines needs to balance its economic stability in terms of energy security, while at the same time (effecting a) transition towards low-carbon energy development,” she said.

The DoF said the Philippines will have to invest more than $4.12 billion in 2015-2030 to mitigate climate change risk to energy, forests, industry and transport.

“Climate change adaptation and disaster risk reduction will become an even bigger challenge for the country if natural hazards are less predictable in the future,” Ms. Alvarez said.

She said the government is also teaming up with the UK to help with the energy transition.

“We’ve been working with the UK, the EU (European Union), and now we are also in talks with the US on how we can move investments towards these cleaner sources of energy,” she added.

Coal accounted for 44.5% of the power generation mix according to 2015 estimates by the DoE, while natural gas made up 22.9%. Renewables had a combined share of 25.4%, with solar at 0.2% and wind at 0.9%. — Beatrice M. Laforga

Small exporters left behind due to ‘digital divide’

PHILIPPINE STAR/EDD GUMBAN

LIMITED ACCESS to digital resources disadvantaged smaller exporters despite government policies that allowed the sector to continue operating throughout the pandemic, a Philexport official said.

Smaller businesses accounting for the bulk of the industry have fewer resources to help on-site employees, Philexport Executive Vice-President and Chief Operating Officer Senen M. Perlada said at the BusinessWorld Insights virtual event Wednesday.

Exporters were allowed to run some on-site operations even during the strictest phase of the lockdown last year.

“Exporters were lucky in the sense that the sector was considered essential, but there is a digital divide and there is a big gap because the major, big exporters in the export processing zones — they have resources to help on-site employees so they can really continue to operate,” Mr. Perlada said.

This was not possible for smaller exporters, he added. Micro-, small-, and medium-sized enterprises (MSMEs) represent 95% of Philexport membership.

“So even if… I’d call it now maybe even lip service that exporters are there and they’re able to operate, that is not actually the reality on the ground.”

Exporters are now facing logistics delays. Vessel space and container shortages and an ensuing surge in freight rates are causing shipment delays and losses for companies, Philexport said in May. Shipment waiting times continue to be long even as market demand recovers.

Small businesses were also hit hard by the lack of financing and a demand slump while most of the population is not yet vaccinated, Philippine Disaster Resilience Foundation President Rene S. Meily said at the same event.

“MSMEs are not that familiar with the digital world that we’re seeing taking place all around us. COVID accelerated the digital shift by at least 10 years, and we’ve all had to catch up.”

Diana Crizel Montes, Eastern Communications Strategic Segment marketing manager, added that MSMEs face connectivity limitations and remote employee management issues.

“The bricks-and-mortar business set up has been a reliable model for most MSMEs ever since, but I think they can break from these limitations by exploring readily-available social media platforms to reach their audience,” she said.

To help small businesses recover, Mr. Meily said that the companies must prepare emergency cash reserves, business continuity plans, and digital strategies. — Jenina P. Ibañez

NGCP power reserve compliance inadequate, key legislator claims

SENATOR Sherwin T. Gatchalian, who heads his chamber’s energy committee, said Wednesday that regulators must strictly enforce the ancillary services (AS) requirements, a scheme for ensuring adequate reserve power, to improve supply on the grid.

He said that the Department of Energy (DoE) ordered the National Grid Corp. of the Philippines (NGCP) two years ago to enter into AS contracts to prevent rotating power outages, known in the industry as “brownouts.”

“The NGCP (is) not contracting the right amount of reserves. Clearly, they are violating that policy… (The) ERC (Energy Regulatory Commission) should now implement the policy. The foundation has been laid down by the Supreme Court that DoE produces the policy and ERC enforces the policy. In this case, since NGCP is not contracting, ERC should punish them,” he said during a virtual news forum Wednesday.

According to the DoE, the grid operator contracted regulating, contingency, and dispatchable reserves of 237 megawatts (MW), 180 MW, and 145 MW, respectively, for the Luzon grid as of the fourth quarter.

The Luzon grid’s required minimums for regulating, contingency and dispatchable reserves are 491 MW, 647 MW, and 647 MW. These reserves are also known as AS.

Aside from the lack of compliance on reserves, the Philippines has yet to address the “big problem” of red tape, according to Mr. Gatchalian.

“Red tape is a barrier to entry for new power plants… It takes two years to get the permits of these power plants approved. Imagine two years with your permit, another four years to build the plant, that’s six years from start to end to get new power,” he said.

Mr. Gatchalian said the reserve shortfall and bureaucratic paperwork are just two of the issues which the country needs to solve to improve its power supply.

The NGCP placed the Luzon grid under red alert for three consecutive days last week following forced plant outages and higher temperatures.

On Thursday, the Senate Committee on Energy is set to hold a hearing to discuss long-term solutions to the power shortage during the dry months, and ensuring the quality and reliability of electric supply.

Asked to comment, NGCP Spokesperson Cynthia P. Alabanza said the NGCP’s AS requirement was contracted “for the most part.”

“The ancillary services are there, but they’re being dispatched by the IEMOP (Independent Electricity Market Operator of the Philippines) as supply, because in times of deficiency like now, supply for consumption should be prioritized over reserve,” Ms. Alabanza told BusinessWorld.

At the end of 2020, the NGCP had a deficit of 72 MW in its contingency reserve or about 11% of the requirement for the Luzon grid.

“But the others (are) over contracted,” she said, referring to regulating and dispatchable reserves from firm and non-firm contracts. — Angelica Y. Yang

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