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‘Gritty and witty’: reactions to the death of screen legend Sean Connery

SEAN CONNERY, who has died at the age of 90, was known not only for movie roles including the British secret agent James Bond but also for his support of Scottish independence from Britain. Here are some reactions:

• Nicola Sturgeon, First Minister of Scotland — “Sean was a global legend but, first and foremost, he was a patriotic and proud Scot. His towering presence at the opening of the Scottish Parliament was a sign of his dedication to his country.

“He was a lifelong advocate of an independent Scotland and those of us who share that belief owe him a great debt of gratitude.”

• British actor Daniel Craig, a fellow James Bond — “It is with such sadness that I heard of the passing of one of the true greats of cinema.

“Sir Sean Connery will be remembered as Bond and so much more. He defined an era and a style. The wit and charm he portrayed on screen could be measured in megawatts; he helped create the modern blockbuster. He will continue to influence actors and film-makers alike for years to come. My thoughts are with his family and loved ones. Wherever he is, I hope there is a golf course.”

• James Bond producers Michael G. Wilson and Barbara Broccoli — “He was and shall always be remembered as the original James Bond whose indelible entrance into cinema history began when he announced those unforgettable words — ‘The name’s Bond … James Bond’.

“He revolutionized the world with his gritty and witty portrayal of the sexy and charismatic secret agent. He is undoubtedly largely responsible for the success of the film series and we shall be forever grateful to him.”

• Australian actor Hugh Jackman — “I grew up idolizing #SeanConnery. A legend on screen, and off. Rest In Peace.”

• Sam Neill, Australian actor and The Hunt for Red October co-star — “Every day on set with #SeanConnery was an object lesson in how to act on screen. But all that charisma and power — that was utterly unique to Sean. RIP that great man, that great actor.”

• British musician Elton John —  “A true screen legend.”

• US actor and politician Arnold Schwarzenegger — “Sean Connery was a legend, one of the greatest actors of all time. He provided endless entertainment for all of us & inspiration for me. I’m not just saying that because he was a bodybuilder who placed in the Mr. Universe contest! He was an icon. My thoughts are with his family.”

• Indian actor Abishek Bachchan — “We’ve lost another legend today. After watching Highlander I hoped he’d remain immortal. He will live on through his immense work. #RIP Sean Connery. There will never be a better Bond than you.”

• British actor Elizabeth Hurley — “RIP the glorious Sean Connery.”

• American actor George Takei — “Sean Connery was a movie legend, even far into his golden years. Our strongest Bonds were formed by him, and he was Untouchable. He passed today at age 90, a suave hero to the end.” — Reuters

Citicore solar powers Bench Tower

RENEWABLE energy firm Citicore Power, Inc. is now supplying clean energy to homegrown clothing brand Bench’s 22-storey headquarters in Fort Bonifacio, Taguig for its day requirements, according to a media release on Monday.

Citicore is supplying power to Bench from its solar plants during the day, a company representative told BusinessWorld in a text message. In the evening, the Bonifacio Global City-based store receives its power supply from the grid, it added.

The power demand of the Bench Tower is around 1 megawatt (MW).

“We thank Bench for entrusting us [with] their power needs, We are delighted to partner with Bench in advocating corporate sustainability” Citicore President Oliver Y. Tan said in a statement.    

The Citicore-Bench partnership started last Monday, and it was signed by Ground 18 Realty Corp. for Bench and Citicore’s retail electricity supply arm, Citicore Energy Solutions, Inc. (CESI).

The local retail brand’s move to transition to clean, renewable power is in line with its green initiatives implemented in its headquarters—such as having a rainwater collector, virtual wall garden, green pockets, and properly placed glass windows for natural light.

Citicore’s CESI got its electricity supply license from the Energy Regulatory Commission in January 2017. It is currently supplying a total of 55 MW to contestable customers.

Citicore’s unit Citicore Renewable Energy Corp. owns and operates eight solar farms across the country.

Earlier in August, the energy firm announced that it expected its unit to reach 238 MW by next year, as it detailed its plans to complete a 75-MW solar farm in Arayat and Mexico, Pampanga, in November. — Angelica Y. Yang

Insurers urged to digitize as consumers go online

INSURERS need to digitize quicker as more consumers in the so-called “discovery generation” who prefer shopping online are seen to increase to over 310 million in the next five years, a product consultant said.

Leigh Reyes, chief product consultant of marketing firm MullenLowe Philippines, said insurers can use mobile-based web links to show their digital product catalogues and connect consumers to financial advisors.

“You have your customers in your mobile chat tool WhatsApp and you send them the digital catalogue. When they want to order, you give them the URL and when they click, the agent gets a commission,” she said in a recent webinar organized by the Philippine Insurers and Reinsurers Association.

Ms. Reyes said this new kind of direct selling originated from global cosmetics firm Avon which sustained its sales despite the lockdown caused by the coronavirus pandemic.

A survey by Facebook and research firm Bain & Co. showed people shopping online could expand to over 310 million in Southeast Asia by 2025 or more than threefold from the 2018 level.

However, Ms. Reyes said this number will be bigger soon as the pandemic has forced people to learn and adopt technologies in a year from the usual capability shifting period of five years.

The survey published last year shows a minimum growth of 64% in online shopping in the Philippines, with 72% of Filipinos surveyed willing to try new or multiple brands. However, Ms. Reyes said insurance firms must race to innovate to get brand loyalty.

“If you want to try something, it will cost you less to try it now than later because then you’re not an innovator but a third, fourth, or fifth player. Brain-wise, people only can keep two names in their head. People are binary,” she said.

Innovation in the insurance industry can also include tools for customer reviews which Ms. Reyes said can help narrow down consumer choices and make a certain brand more memorable.

“Advertising is the price you pay for a poor product. A discovery generation is also a review-hungry generation. They’re not going to trust the brand first, they’re going to trust other people first. Somebody can come up with a rating system with customers actually putting ratings for each product,” she said.

The survey also showed 86% of Southeast Asians tend to compare products both offline and online before buying them. Ms. Reyes added it takes four positive reviews to bury a negative review of a product.

Philippine Insurers and Reinsurers Association Executive Director Michael F. Rellosa agreed that insurers need to innovate faster as he said many insurers are still “in shock” due to the pandemic.

“I think our industry is stuck. We’re still in the pre-change stage and so there’s a lot of catching up to do,” he said.

“The thing is there are many ways to innovate because it’s not only the product but the service. This is a warning to insurers because we do have new companies that are innovating,” Insurance Institute for Asia and the Pacific Executive Director Francisco D. Papa, Jr. added. — KKTJ

Condominium to rise in Timog Avenue

PH1 WORLD Developers is launching its first high-rise condominium project, located in Timog Avenue, Quezon City.

The affiliate of MySpace Properties, Inc. said it is developing My Ensō Lofts, “providing extra space at no extra cost.” The condominium will have 1,204 residential units.

“PH1 World Developers is a company driven to disrupt the conventions of property development in the Philippines to transform the way Filipinos live and work. With our newest project, My Ensō Lofts, we will deliver a condo that utilizes innovative engineering to provide homeowners with extra living space at no extra cost, right in the heart of Quezon City,” said Albert Ong, PH1 World assistant vice-president for business development.

Megawide Construction Corp. has been tapped for the construction of the high-rise tower. For My Ensō, a unique engineering solution to maximize unit space called AddLoft Technology will be used. Each unit will have a loft structure to maximize its high ceiling spaces.

Residents will have access to amenities including a co-working space, a rooftop garden, underground parking, as well as commercial and retail spaces on the lower floors. The building is also equipped with 24-hour security and keyless entry locks.

My Ensō Lofts is expected to be completed by the fourth quarter of 2025.

Entertainment News (11/03/20)

‘Sidequel’ of Kingdom series in the works

STREAMING entertainment service Netflix has confirmed the production of Kingdom: Ashin of the North, a continuation of the story that captivated the world and introduced a mysterious new character. Kingdom: Ashin of the North is a “sidequel” from Kingdom season two and a backstory about the mysterious character Lee Chang’s group encountered on their journey north to discover the origins of the infected. The surprising appearance of Gianna Jun in the role of Ashin at the end of Kingdom season two intrigued audiences. In this bonus story, Jun as Ashin will unveil the mystery behind her identity. Park Byung-eun is also confirmed to star. The new story will detail what had happened to Ashin in the past in the northern region and how the two characters’ fates intertwined. Kim Seong-hun, who directed Kingdom season one and oversaw the production for season two, will team up again with Kim Eun-hee, who scripted the first two seasons, to unravel the origins of the resurrection plant and the secrets behind the infected.

Find Bruce Lee in virtual mystery hunt

THE PUBLIC are invited to find a missing statue and solve the mystery in an online mystery hunt called Hong Kong Heist. Hong Kong Tourism Board (HKTB) has collaborated with Mystery Manila to design the game so visitors can experience and virtually tour Hong Kong’s most famous landmarks in a time where travel is not yet possible. With Hong Kong Heist, HKTB and Mystery Manila promise 45 minutes of mind-boggling puzzles as Manila’s sleuths traverse the Avenue of Stars and the streets of Hong Kong in search of Bruce Lee’s missing statue. Hong Kong Heist is now available to the public via Mystery Manila. Interested participants may book their slots through Mystery Manila’s official Facebook page or website.

PhilPop 2020 introduces 2nd batch of songs

THE PHILPOP songwriting competition returns with an eclectic set of new releases from the finalists of the Visayas cluster. Distributed by Warner Music Philippines, the homegrown tracks are now available on all digital and streaming platforms worldwide. The entries include “Suyo,” composed and interpreted by Noah Alejandre and Reanne Borela (also know as the duo reon), which features back and forth banter in Bisaya and Tagalog; “Hinungdan,” composed by Michael Catarina and interpreted by James Gulles, a song about a person who is having a hard time telling his feelings for someone; and “Ayaw Na Lang,” an “old-meets-new” kind of jam composed by Jerika Teodorico and interpreted by Lourdes Maglinte.

Alex Bruce drops new jam ‘Yakap’

THE 13-YEAR-OLD Filipina rapper/songwriter Alex Bruce has had a good year — “Mind As A Weapon” and “Pull It Off” have garnered more than a million hits respectively, and teamed up with global hitmaker August Rigo for the trap banger “Go Crazy.” The rapper has just released “Yakap,” a love song in hip-hop/R&B form. The song finds Alex Bruce dealing with her first-hand experience on puppy love and infatuation. The song was a three-way collaboration with her father Alex Bruce who is currently in Australia, and music producer Cursebox. The songwriting, recording, and production were done in a span of two weeks. “Yakap” is now available on all digital platforms worldwide via Sony Music Philippines.

Filipina singer-songwriter Meagan Trees releases ‘Take Me Away’

DUMAGUETE-based singer-songwriter Meagan Trees’ latest single, “Take Me Away,” reflects on the importance of being vulnerable and taking risks. The song was based on a late night adventure at the beach with a friend. The ethereal folk ballad is now available on all streaming and digital platforms worldwide via Lilystars Records.

Globe-owned Yondu sees higher demand for tech in pandemic

TECHNOLOGY company Yondu, Inc. has been recording increased demand for its products and solutions due to unique corporate needs that were born out of the coronavirus disease 2019 (COVID-19) pandemic, the wholly owned subsidiary of Globe Telecom, Inc., said.

In a recent e-mail interview with BusinessWorld, Yondu President and CEO Joan D. Peñaflorida said the company developed new products in the past months to address specific challenges relating to employee health and e-commerce.

“The COVID-19 pandemic accelerated the digital transformation of businesses across various sectors. We felt like we are in a position to help businesses survive these dire times as the crisis forced enterprises to operate remotely and employees to work from home,” Ms. Peñaflorida said.

One of the products Yondu developed is Health Management for Enterprise (HealthMe), a mobile application that allows companies to keep track of employee health digitally and remotely.

The technology has enabled companies to gauge how to adjust their working conditions based on symptoms that employees may be exhibiting, thus preventing any work-related spread of the virus, Ms. Peñaflorida said.

Another product Yondu developed is Vessell, which Ms. Peñaflorida described as an “e-commerce platform builder” that gives entrepreneurs the free hand to create an online store.

The platform, accessible through www.vessell.ph, provides businesses with tools such as an online store, product catalog, staff account, support, cart management, secure payments, logistics, order tracking and notification, and cross-sell and upsell.

Ms. Peñaflorida said consumer behavior has changed over the past months, as the lockdown to contain the spread of COVID-19 has kept people inside their homes. In turn, many entrepreneurs are left struggling to survive in the emerging business environment.

“We will continue to help enterprises scale in a digital economy… This means leveraging our complete suite of technology solutions that seek to address specific business needs, such as e-commerce, custom development, managed services, SMS, and cloud business solutions,” Ms. Peñaflorida said.

The increased relevance of technology solutions has likewise pushed Yondu to expand its team to meet the greater demand of its clients.

“We are always looking for ways to improve our processes and upgrade our people’s competencies to help ensure our clients continue to thrive despite the ongoing challenges,” Ms. Peñaflorida said.

“The company is growing, and we are ramping up efforts to address the increasing demand for technology solutions, especially during this critical period. We have allocated an appropriate amount of capital expenditure to push our plans forward and meet our business goals,” she added.

Yondu functions as Globe’s subsidiary involved in the development of wireless products and services, which is meant to enhance the telco’s enterprise business.

Along with Electronic Commerce Payments, Inc., Yondu contributed P577 million to Globe’s P72.4-billion service revenues in the first semester, up 234% from the same period last year. — Denise A. Valdez

CTA denies BIR petition to review RCBC Savings’ tax deficiency

THE COURT of Tax Appeals (CTA) has denied the Bureau of Internal Revenue’s (BIR) petition for review over the tax deficiency case of RCBC Savings Bank, Inc. (RCBC Savings) in 2006 for lack of merit, it said in a decision.

The case stemmed from the P59.8-million tax deficiency inclusive of penalties for 2006, as assessed, which RCBC Savings protested before the BIR in February 2012.

In its initial investigation, the BIR said the tax deficiency of the bank amounted to P1.7 billion, reduced to P64.3 million in the preliminary assessment. This was changed to P59.8 million in the Final Assessment Notice (FAN).

RCBC Savings also filed an appeal in December 2013, which the BIR denied in January 2015.

Following this, the bank brought the case to the CTA for review which was granted in December 2018, cancelling the payment for the assessed P59.8-million tax deficiency.

The BIR in January 2019 asked for a reconsideration, but the court denied the motion.

The CTA explained in the 14-page ruling dated Oct. 13 that the petition for review of the BIR only reiterated its arguments in the motion for reconsideration.

“The Petition is a mere rehash of the Motion for Reconsideration filed by petitioner before the Court in Division,” the ruling said. “The arguments therein have already been extensively passed upon by the Court in Division when it resolved the said Motion for Reconsideration.”

RCBC Savings Bank was the thrift unit of Rizal Commercial Banking Corp. and was merged into the latter in 2019. — CAT

Ready-for-occupancy units available at Bria Homes

BRIA HOMES is offering house and lot packages that are ready for occupancy (RFO) in Magalang, Pampanga.

The community is located in close proximity to both Mabalacat, Pampanga, and Concepcion, Tarlac, and 35 minutes away from Clark Freeport and Special Economic Zone.

Amenities include the multi-purpose hall, covered basketball court, and the landscaped garden. The community has a guarded entrance, 24/7 CCTV coverage and a perimeter fence.

“We understand that the need for housing remains an urgent concern for many Filipinos nationwide. With scores of RFO homes available at our developments, we hope to see more Filipino families moving into affordable and comfortable dwellings in as fast a time as possible,” Rizalito “Red” J. Rosales, president and CEO of Bria Homes, said in a statement.

Bria Homes is a subsidiary of listed Golden Bria Holdings, Inc.

Earnings reports, economic data to boost PSEi

By Denise A. Valdez, Senior Reporter

PHILIPPINE SHARES may rise this week on the back of companies’ reports on their third quarter corporate earnings and the release of manufacturing and inflation data.

The bellwether Philippine Stock Exchange index (PSEi) added 74.61 points or 1.19% to close at 6,324 on Friday, declining by 160.06 points or 2.5% on a weekly basis.

Value turnover jumped 41% to an average of P11.97 billion, as net foreign buying grew more than 10 times to an average of P392.86 million.

For this week, the primary local catalysts would be corporate earnings and macroeconomic data, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said.

“Investors are expected to take cues from the upcoming preliminary third quarter/nine months corporate reports,” he said in a text message. “Signs of improvements in corporate earnings (if 3Q earnings contraction eases compared to 2Q) could give the local market a boost.”

Also scheduled this week are the release of October inflation data and September trade report by the Philippine Statistics Authority, and October factory activity in the Philippines by IHS Markit.

Aside from local news, investors will also monitor overseas events slated for the week, particularly the US elections on Nov. 3.

“After the Halloween long weekend, markets will be met by headlines coming from the US elections,” online brokerage 2TradeAsia.com said in a market note.

“Note that unlike its iterations in previous years, the 2020 elections outcome may not be announced on the same day (made complicated by early voting and mail-in ballots); this exacerbates speculation, and with it, higher volatility,” it added.

Any shift in political power commonly causes jitters among investors, 2TradeAsia.com said. But particular to this year’s elections would be the effect of the results on US-China trade relations, Iran oil sanctions and the coronavirus stimulus bill.

“As many other concerns are tied to this year’s US showdown, funds may remain guarded, until the terrain becomes less uncertain—worst-case, wait until the actual swearing off into office of a new US president (if Joe Biden wins) or reelection (if Donald Trump wins) by January 2021,” it said.

“Lingering worries offshore amid the surge in COVID-19 cases and the reimplementation of social restrictive measures primarily in Europe could serve as a downside risk to the market,” Philstocks Financial’s Mr. Tantiangco added.

But for 2TradeAsia.com, the pullbacks after the PSEi’s recent rally to the 6,000 level are “common, often even desired, as these signal more sustainable ascents.”

The brokerage is putting immediate support for the PSEi within 6,150-6,200 and resistance within 6,500-6,700. Mr. Tantiangco of Philstocks expects support within 6,000-6,100 and resistance at 6,600.

Further monetary stimulus may boost peso, push up bond yields

THE CENTRAL BANK may adjust monetary policy further to support the government’s limited fiscal space and strong balance of payments (BoP) position, Nomura said in a report, but this would result in loose liquidity, a stronger peso and slightly higher government bond yields.

In its latest scorecard of 20 emerging markets, Nomura lumped the Philippines with Brazil, India, China, Poland and Thailand as economies having a strong BoP but weak fiscal position. 

“Here there are fairly strong incentives for central banks to intervene in both the FX market and government bond market. We would expect liquidity to be loose, local currencies to be stable to stronger against USD, and government bond yields to be stable to higher,” Nomura said in its Emerging Markets Special Report dated Oct. 28.

It said central banks can also limit currency appreciation and preserve the competitiveness of exports to help with the limited fiscal space.

“The weak fiscal position justifies central banks continuing their government bond purchase programs to avoid a spike in bond yields, especially for countries with very weak GDP (gross domestic product) growth and if public debt and bond yields are relatively high,” it added.

The Bangko Sentral ng Pilipinas (BSP) has released some P1.9 trillion in liquidity into the financial system so far this year through monetary actions rolled out to help cushion the economy from the effects of the coronavirus pandemic.

To aid the government and its limited fiscal space, the BSP approved a P540-billion provisional cash advance last month. This came after the government settled its outstanding loans worth P300 billion.

The BSP can provide the government provisional advances of up to P850 billion only.

However, Nomura warned of the potential risks that may arise from these interventions.

For instance, it said central banks have the option to lower the amount of government bonds they buy, which could be due to the fear of losing monetary policy autonomy or if the potential increase in bond yields is constrained as this attracts more capital flows to the local bond market.

It said it could help manage a possible sharp appreciation of currency through reduced bond purchases and more foreign exchange intervention.

“A perhaps small but possible tail risk of the central bank  stepping back from its government bond purchases amid a weak fiscal position is that it may raise investor concerns over public debt sustainability, stoking capital flight instead of capital inflows,” it said.

Nomura expects the six countries with weak fiscal positions to maintain loose liquidity and a stable to stronger currency against the greenback, with government bond yields seen to be stable or inch up.

The country’s BoP surplus widened to $2.104 billion in September from $38 million in the same month last year. Year to date, the BoP surfeit climbed 24% year on year to $6.88 billion.

The BSP expects the overall BoP position to yield a surplus of $8.1 billion by yearend.

Meanwhile, the government’s budget deficit narrowed by 22% to P138.5 billion in September, bringing the nine-month gap to P879.2 billion, up 194% from the year prior. — B.M. Laforga

BSP exploring supply chain financing for MSMEs

THE Bangko Sentral ng Pilipinas (BSP) is evaluating a plan to provide financing to micro-, small-, and medium-sized enterprises (MSMEs) that belong to the supply chains of larger firms, easing their collateral requirements by leveraging the superior credit profiles of their major customers.

The supply chain financing (SCF) scheme will include overhauling regulations and establishing an electronic platform that can be tapped by multiple lenders.

“Along with an enabling regulatory environment around electronic invoicing, electronic signatures, and secured transactions, the strategic intervention may include the development and operation of a multi-lender electronic SCF platform which may be run by the BSP or other government agencies as has been successfully done in Mexico, China and Chile,” the central bank said in an e-mail to BusinessWorld.

Through SCF, suppliers may be able to access credit more easily as verified suppliers of large firms.

According to a study performed by the Asia-Pacific Economic Cooperation, small businesses in the Philippines, Vietnam, Chile, Mexico, and Peru need to present collateral worth about 212% to 346% of their proposed loan.

In the Philippines, MSMEs accounted for about 99% of the roughly one million registered businesses in 2018, according to the Department of Trade and Industry.

Credit extended to micro and small enterprises (MSEs) totaled P208.201 billion in the first quarter, or about 2.47% of the banking system’s loans overall. This is lower than the 10% required under Republic Act. No. 6977 or the Magna Carta for MSMEs.

“SCF not only supports the smaller firms but also their large corporate buyers in terms of improved working capital management and reduced supply chain disruptions, as well as the bank itself in terms of better credit risk management and additional revenue streams,” the BSP said.

It added that Republic Act No. 11057 or the Personal Property Security Act passed in 2018 which requires the establishment of a unified legal framework for securing obligations with personal property, will also support the development of the SCF market.

“The BSP therefore finds SCF as a compelling proposition for MSME financing, especially considering the economic onslaught of the pandemic that has significantly affected MSMEs,” it said.

The central bank cited a study by the International Finance Corp. (IFC) which found most banks in the Philippines have yet to gauge and review the SCF legal requirements.

The study identified as possible constraints technology due to “legacy systems and paper-based supply chain transactions; on-boarding and documentation challenges; and limitations of the credit infrastructure that supports industry-wide visibility of loan exposures to SMEs.”

“There are industry players that have invested in supply chain financing capabilities. Nonetheless, the SCF market at this point still has much room to grow” the BSP said.

The central bank is exploring collaborations with experts in the SCF market, including the IFC, which helped China’s central bank, the People’s Bank of China, set up its SCF platform, which has over 200,000 businesses registered and facilitated access to about $1.7 billion in credit over the past seven years. — Luz Wendy T. Noble

Finance dep’t touts CREATE bill’s role in attracting investment for renewable energy

FINANCE SECRETARY Carlos G. Dominguez III said incentives offered in pending tax reform legislation could facilitate the attraction of investment in clean energy projects, which will go hand-in-hand with the government’s recent ban on new coal-fired power plants.

Mr. Dominguez expressed his support last week for the Energy department’s plan to reduce the Philippines’ reliance on coal as a source of energy and adopt more renewable sources.

“This, in conjunction with CREATE’s performance-based fiscal incentives, will steer private capital towards new investments in renewable energy,” Mr. Dominguez told reporters on Monday via Viber.

He was referring to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill, which aims to lower the corporate income tax rate to 25% this year from 30% currently, while reforming the incentives regime by making them more performance-based and time-bound.

The bill forms part of the government’s economic recovery program but is currently pending at the Senate.

Mr. Dominguez said the measure has several provisions that give “generous and performance-based” tax incentives to investments under the Strategic Investment Priorities Plan, which will soon include the renewable energy sector. The sector’s existing incentives will be retained even after the measure is approved.

He said companies involved in renewable energy would also benefit from the measure as it offers income tax deductions for research and development.

“The enhanced deduction is designed to boost innovation, such as efficient power generation and improved battery technology,” he said.

Deductions for training could also be employed to create green, high-skilled jobs, he said.

Finance Assistant Secretary Maria Teresa S. Habitan said in a Viber message that the bill offers double deductions against gross income for investment in research and development as well as in training.

The Philippines is among the most disaster-prone countries in the world, according to the 2020 World Risk Index.

Last week, the Energy department imposed a moratorium on new coal-fired power projects and allowed foreign investors to take 100% ownership in geothermal projects.

Energy Secretary Alfonso G. Cusi said the shift will facilitate more investment in sustainable power production and make the power mix flexible.

The department is currently reviewing the Philippine Energy Plan for the next two decades. — Beatrice M. Laforga

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