Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 803

‘Large number’ of Americans’ metadata stolen by Chinese hackers, senior official says

REUTERS

WASHINGTON – A large number of Americans’ metadata has been stolen in the sweeping cyberespionage campaign carried out by a Chinese hacking group dubbed “Salt Typhoon,” a senior U.S. official told journalists on Wednesday.

The official declined to provide specific figures but noted that China’s access to America’s telecommunications infrastructure was broad and that the hacking was still ongoing.

“We believe a large number of Americans’ metadata was taken,” she told reporters. Pushed on whether that might include every American cell phone’s records, the official said: “We do not believe it’s every cell phone in the country, but we believe it’s potentially a large number of individuals that the Chinese government was focused on.”

Dozens of companies across the world had been hit by the hackers, the official said, including “at least” eight telecommunications and telecom infrastructure firms in the United States.

U.S. officials have previously alleged the hackers targeted Verizon, AT&T, T-Mobile, Lumen others and stole telephone audio intercepts along with a large tranche of call record data.

Call record metadata is sometimes described as the who, what, when, and where of phone calls. It doesn’t include the content of a call but can include who a call was placed to, how long it lasted, and where it was made from. Even without the content, call record metadata — especially when captured in bulk — can reveal extraordinarily granular details about a person’s life, work, and intimate relationships.

The official said the White House had made tackling the Salt Typhoon hackers a priority for the federal government and that President Joe Biden had been briefed several times on the intrusions.

The press call occurred as U.S. government agencies were due to hold a separate, classified briefing for all senators on Salt Typhoon’s efforts to compromise American telecommunications companies, according to officials and a notice seen by Reuters. — Reuters

BoI-approved investments hit P1.58T

Philippine flags line the road in the City of Dasmariñas in Cavite, June 2, 2023. — PHILIPPINE STAR/EDD GUMBAN

THE BOARD of Investments (BoI) has approved a total of P1.58 trillion in investment pledges as of November, putting it on track to hit its P1.6-trillion target for the year.

In a statement on Wednesday, the Department of Trade and Industry (DTI) said the total investments approved in the first 11 months represent 98.7% of its full-year target.

Year on year, BoI-approved investment pledges rose 43.6% from P1.1 trillion.

The approved investments are primarily in the renewable energy (RE) sector, accounting for P1.35 trillion. This was a 48% increase from a year ago.

The government saw an increase in RE projects after it allowed full foreign ownership in the sector, which was previously capped at 40%.

Other top-performing sectors are air and water transport, which attracted P121.2 billion in investments; real estate with P34.67 billion; manufacturing with P30.4 billion; and water supply, sewerage, waste management, and remediation with P16.28 billion.

Around P10.5 billion of the investment pledges are in the agriculture, forestry, and fishing projects; P8.25 billion for wholesale and retail projects; and P7.26 billion for the information technology and business process management sector.

Of the total, P1.2 trillion came from local investors, while P379.31 billion came from foreign investors.

The top international sources were Switzerland, the Netherlands, Japan, South Korea, Singapore, Thailand, and the United States.

“This growth is fueled by a significant 254% increase in local investments, with Filipino companies contributing P1.06 trillion,” the DTI said.

“The Calabarzon Region is the leading recipient, with P623.19 billion in investments, followed by Central Luzon with P277.08 billion and Western Visayas with P245.95 billion,” it added.

Secretary Frederick D. Go said that the robust investments in key sectors reflect the steady progress in realizing the country’s national priorities.

“This growth is driven by the government’s steadfast implementation of investor-friendly policies — such as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act,” said Mr. Go.

Last month, President Ferdinand R. Marcos, Jr. signed into law the CREATE MORE Act, which further reduces the corporate income tax to 20% from 25% for registered business enterprises.

Mr. Go, who heads the Office of the Special Assistant to the President for Investment and Economic Affairs, said that the law enhances the country’s competitiveness in attracting local and foreign investments.

“These efforts are vital in sustaining our country’s strong economic growth and ensuring that the Philippines remains a prime investment destination,” he added.

Meanwhile, Trade Secretary Ma. Cristina A. Roque attributed the investment growth to investors’ confidence in the Philippines.

“These figures underscore our commitment to sustained economic growth that transforms the Philippine economy. We are focused on creating a virtuous cycle of growth by empowering the private sector through market-based tools,” she said.

“This underpins the Philippines’ continuously improving investment climate, sending clear signals that we are ‘Making It Happen in the Philippines,’” she added. — Justine Irish D. Tabile

Nomura sees slower PHL growth

Shoppers look for Christmas decorations in Divisoria, Manila. Nomura Global Markets Research expects 6% growth for the Philippines in 2025. — PHILIPPINE STAR/RYAN BALDEMOR

NOMURA Global Markets Research has trimmed its gross domestic product (GDP) growth forecast for the Philippines next year, citing risks such as from US President-elect Donald J. Trump’s policies and domestic political tensions.

“We expect growth to gradually improve in 2025 but still undershoot official targets. The economy is vulnerable to Trump policies but public investment and election-related spending will support domestic demand,” it said.

Nomura clipped its GDP growth forecast to 6% for 2025 from its earlier projection of 6.1%. This would be the lower end of the government’s revised 6-8% growth target for next year.

However, it kept its 5.6% estimate for this year, lower than the 6-6.5% government target.

Nomura cited “strong external headwinds” that could dampen growth, especially in the second half of 2025.

“As we have highlighted, the Philippines is among the most vulnerable in the region to Trump’s policy proposals and is likely to be caught in the crossfire of deteriorating US- China ties.”

Mr. Trump’s planned restrictive trade policies may impact the Philippines, which heavily relies on the United States for business and economic activity.

“Therefore, we pencil in slow growth of goods and services exports, with the tariffs likely to weigh on external demand, while worker remittances, which support domestic consumption, are likely to be negatively affected by tighter immigration policy in the US, similar to Trump’s first term.”

“Sharply weaker global growth and higher global trade protectionism pose downside risks to growth. Escalating geopolitical tensions, particularly in the South China Sea, could also generate more growth headwinds,” it added.

On the domestic front, Nomura also flagged political uncertainty from the upcoming elections as well as recent tensions between the country’s top officials.

“Domestically, a weak result during the midterm elections for the administration and its allies could reignite political risks, as well as a continued intensification of the conflict between President (Ferdinand R. Marcos, Jr.) and Vice-President (Sara Z. Duterte-Carpio).”

Impeachment talks have gained ground in Congress amid lawmakers’ probe of Ms. Duterte-Carpio’s confidential funds at the Office of the Vice-President and the Department of Education, which she led for about two years under the Marcos administration.

On the other hand, domestic demand is seen to act as a buffer to these headwinds.

Economic growth is seen to be supported by increased investment spending, which will be ramped up amid the upcoming elections, Nomura said.

“We think public investment spending will remain a significant growth engine, as the government pushes for more progress on infrastructure projects, which remain a top priority of the Marcos administration.”

An improving inflation outlook will also boost consumer sentiment and private consumption, it added.

Nomura projects inflation to average 2.7% in 2025 and 3% in 2026, well within the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target.

The central bank expects inflation to average 3.1% this year.

Nomura said the BSP will likely embark on an “aggressive” easing cycle, with a 25-basis-point (bp) cut at the next four Monetary Board meetings.

“Our policy rate forecasts suggest BSP’s terminal rate will be 5%, which is similar to the BSP’s estimate of the neutral rate. If inflation continues on a downward path, as we expect in the near term, BSP will likely look to further remove the restrictiveness in the monetary stance to support a recovery in domestic demand,” it said.

BSP Governor Eli M. Remolona, Jr. earlier said that the Monetary Board could reduce or keep rates steady at its Dec. 19 meeting, its last policy review for the year.

The central bank has lowered borrowing costs by 50 bps since August, bringing the key rate to 6%.

The BSP chief also signaled further easing next year in the ballpark of 100 bps, though not necessarily at every meeting or every quarter, he added.

“A shallower cutting cycle by the Fed will unlikely be a significant constraint, taking into account BSP’s laissez-faire approach on currency weakness, if interest rate differentials with the US become narrower,” Nomura added.

It also expects the BSP to deliver another 200-bp reduction in the reserve requirement ratio (RRR), bringing it to 5% by mid-2025.

The BSP slashed the RRR for universal and commercial banks and nonbank financial institutions with quasi-banking functions by 250 bps to 7% from 9.5%, effective on Oct. 25.

Mr. Remolona earlier said they are eyeing to bring down big lenders’ RRR to as low as zero before his term ends in 2029. — Luisa Maria Jacinta C. Jocson

BSP eyes issuance of new polymer banknotes in Q1

BANGKO SENTRAL NG PILIPINAS FB PAGE

By Luisa Maria Jacinta C. Jocson, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to issue the country’s first polymer banknote series by the first quarter of 2025.

The central bank in a social media post said it is readying the First Philippine Polymer (FPP) banknote series with “smarter, cleaner and stronger features.”

“The BSP is targeting to launch the new polymer banknote series in the first quarter of 2025,” it said in a follow-up statement.

In April 2022, the central bank issued the polymer version of the P1,000 banknote, which featured the Philippine eagle, the Sampaguita flower and the Tubbataha Reefs. At that time, the BSP said it was the first note in a new series that will focus on ‘the country’s rich flora and fauna.”

The BSP has said it chose the P1,000 bill to be the first polymer banknote as it is the most circulated denomination in the country.

In 2021, it was also the most counterfeited currency.

The central bank has yet to announce the specific design of the rest of the polymer series but will continue to feature the country’s natural resources.

“The BSP has always featured the country’s heroes and natural wonders in banknotes and coins. While the paper banknotes — which will remain in circulation — feature heroes, the polymer series will showcase the country’s rich biodiversity,” it said.

“Featuring different symbols of national pride in our banknotes and coins reflects numismatic dynamism and artistry and promotes appreciation of the Filipino identity.”

The BSP earlier said that it has printed and minted more than 70 circulated and commemorative coins, banknotes, and medals featuring national heroes.

However, paper banknotes will still remain in circulation, the BSP noted.

“The new polymer banknotes shall be circulated alongside the existing paper banknotes. Paper banknotes shall remain legal tender.”

“They (the national heroes) will not be removed from the paper banknotes, which will co-circulate with polymer banknotes,” it added.

The shift to polymer banknotes is part of the BSP’s efforts to “improve banknotes in response to the evolving needs of Filipinos and the availability of modern technologies.”

Polymer notes are more secure, sanitary and durable than paper, it added. Polymer lasts two to five times longer than paper and is resistant to water and dirt.

It is also more eco-friendly and cost-effective as it has a smaller carbon footprint and uses less resources to produce.

“When deemed unfit, these banknotes can be recycled to produce various products such as building components, plant pots, and garden furniture.”

The central bank’s initiative to introduce polymer banknotes was partly driven by the coronavirus disease 2019 pandemic.

“The smoother, non-absorptive surface of polymer banknotes makes them cleaner. Based on studies reviewed by our Department of Health, the survival time of bacteria and viruses in polymer banknotes is significantly shorter than in paper banknotes.”

Most central banks revise banknote designs on an average of 10 years, the BSP said earlier.

Countries that use polymer banknotes include the United Kingdom, Canada, Australia, New Zealand, Malaysia, Mexico, Fiji, and Vietnam.

The BSP initially rolled out 10 million pieces of the P1,000 polymer banknote, or 0.7% of the total P1,000 bills in circulation.

From October 2022 to June 2023, the total polymer banknotes hit 500 million pieces, equivalent to 31.9% of the overall P1,000 banknotes in circulation.

The central bank earlier this year said it was looking to issue an additional one billion more pieces of polymer notes.

PHL worsens in anti-money laundering index

A Philippines peso note is seen in this picture illustration on June 2, 2017. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINES’ SCORE in a global anti-money laundering index worsened as its ranking declined to the 49th place out of 164 countries.

This, as President Ferdinand R. Marcos, Jr. on Wednesday cited the Philippines’ “progress toward exiting” the Financial Action Task Force’s (FATF) “gray list.”

“This is a very, very important item,” Mr. Marcos said in a speech at the 33rd regular meeting of the Anti-Terrorism Council, based on a transcript from his office.

Philippines worsens in the Anti-Money Laundering Index

“I know that it’s not spoken about a great deal in the public domain but nonetheless, as an obstacle to the continuing transformation of our economy, to the continuing transformation of our place in the world, this, us exiting from the gray list is a significant move,” he added.

The Philippines is targeting to exit by February the FATF’s gray list of jurisdictions under increased monitoring for “dirty money” risks. It has been on the gray list for over three years or since June 2021.

In the latest edition of the Basel Anti-Money Laundering (AML) Index published by the Basel Institute on Governance, the Philippines ranked 49th with an overall score of 5.84 (out of 10). It was worse than its previous rank of 53rd out of 152 jurisdictions, with an overall score of 5.64.

The index ranks a jurisdiction based on its risks of money laundering and terrorist financing and its capacity to counter them. It uses a 0-10 system, where a score of 10 indicates the highest risk level.

Myanmar topped the Basel AML index with a score of 8.17, followed by Haiti, Democratic Republic of the Congo, Chad and Venezuela.

The Philippines’ score was higher than the global average of 5.30.

“Issues of financial transparency are this region’s main weak spot, with more than half of jurisdictions having a high risk score in the Financial Secrecy Index,” the report said.

In the East Asia and the Pacific region, Myanmar had the highest score, followed by Lao PDR (6th), China (11th), Vietnam (15th), Cambodia (21st), Solomon Islands (35th) and Thailand (39th).

East Asia and the Pacific’s weakest area is financial transparency and standards, it added.

It cited low effectiveness scores for beneficial ownership transparency; the investigation, prosecution and sanctioning of money laundering offenses; and the prevention of proliferation of weapons of mass destruction.

“Almost half of the jurisdictions receive high risk scores for fraud and financial crimes,” it added.

Meanwhile, the countries that scored the lowest risk were San Marino (2.96), Iceland (3.00), Finland (3.07), Estonia (3.16) and Andorra (3.29).

Analysts said that the Philippines still has much to do to address in strengthening its money laundering/terrorist financing systems.

“It is indeed ironic that despite all the talk about the Philippines exiting the gray list, the world’s perception is that money laundering and the related issues in governance have worsened,” Filomeno S. Sta. Ana III, a coordinator of Action for Economic Reforms, said.

At its October plenary, the FATF kept the country in its list of jurisdictions under increased monitoring for dirty money risks.

However, the FATF said it initially determined that the Philippines has “substantially completed” the recommended action items to improve its anti-money laundering and counter financing of terrorism regime.

“Philippine officials and their apologists think that putting in place the technical standards would be enough for us to be taken off from the gray list. But what matters is the substantial compliance of rules,” Mr. Sta Ana said.

Chester B. Cabalza, founding president of Manila-based International Development and Security Cooperation said the country must “show consistency and transparency” in its goal of exiting the gray list.

“We have legal instruments to support and strengthen our institutions. The Philippines must stringently enforce it and prosecute violators to become more compliant,” he added.

Antonio A. Ligon, a law and business professor at De La Salle University in Manila, said: “The country needs to strictly enforce the anti-money laundering laws. Make sure to have strong monitoring measures.”

The FATF is set to conduct an onsite assessment in the Philippines to verify the progress of its action plan and implementation of reforms, which will likely take place early next year.

However, the Basel report also noted that exiting the gray list is just one step in a country’s anti-money laundering journey.

“Being delisted is naturally a cause for celebration and hope, but it’s not the end of the story. FATF standards continue to evolve and to strengthen, so jurisdictions need to constantly improve in order to keep up.”

“Avoiding or graduating from the gray list is one step along a never-ending journey to a resilient system that successfully wards of money laundering and related threats while not limiting financial inclusion and innovation,” it added.

Lacking job security, Filipino call center workers face AI threat

WORKERS around the world fear they may be displaced by artificial intelligence (AI). — REUTERS/DADO RUVIC/ILLUSTRATION

MANILA — Mylene Cabalona has been taking calls for foreign companies from the Philippines since 2010, the same year when the country overtook India to become the world’s call center capital of the world, employing more than half a million people.

Since then, Ms. Cabalona has seen business process outsourcing (BPO) become the largest private sector job provider in the Philippines, now employing some 1.3 million people.

The sector has faced many challenges — from a lack of workers’ rights to occupational health risks — but now many fear they could lose their jobs altogether due to artificial intelligence (AI).

“Multinational companies came here because of our skill in customer care,” she told the Thomson Reuters Foundation. “And that’s the first to be displaced by AI.”

Along with remittances from Filipinos working abroad, BPO is one of the main engines of the Philippine economy, contributing around $30 billion a year.

The growth of AI creates demand for some new jobs such as AI trainers or content moderators but could render thousands of low-skilled jobs in call centers obsolete. The government plans to address the problem by retraining workers to work with AI.

But for Ms. Cabalona, who also leads the labor association BPO Industry Employees’ Network (BIEN), the promise of upskilling workers to tackle the challenge of AI should go hand-in-hand with resolving deep-seated issues such as lack of labor rights within the industry.

ARE CALL CENTERS READY FOR AI?
More than half of the 60 companies surveyed this year by the IT and Business Process Association of the Philippines (IBPAP) said they were “actively working” on integrating AI into their workflows.

Ten percent of the companies said they had fully implemented AI technology, with customer service or support services, data entry and processing, and quality assurance roles most impacted.

While investing in AI tools is not cheap, industry experts foresee significant cost savings by automating BPO jobs.

But it is not without its issues. David Sudolsky, chief executive officer of Boldr, an outsourcing company with offices in the Philippines, South Africa, Mexico and Canada, said automation of the lowest-skilled jobs, primarily in e-commerce, had made it harder to hire new people or backfill some roles.

“If AI reduces the volume of entry-level roles that BPOs and call centers once provided, what’s next?” asked Mr. Sudolsky. “I think there’s a significant risk of displacement.”

For Mr. Sudolsky, the industry will no longer scale with “hundreds of thousands of jobs” for fresh graduates like before but may introduce “roles requiring technical skills and comfort with tech tools,” like training chatbots and algorithms.

BPO companies have long striven to cut labor costs, replacing staff with new and cheaper hires, and now by AI.

Ms. Cabalona said the only way to protect BPO workers was to create labor unions to lobby for wage increase, security of tenure and health and safety at work.

“But BPO in the Philippines is a non-unionized industry,” she said, and the government “seems to want to keep it that way as a catch to investors.”

Ms. Cabalona said workers were summarily dismissed “if the client no longer wants you because they feel like you’re not productive, or not meeting their metrics.”

UPSKILLING WORKERS
Ms. Cabalona said Filipino BPO workers were trained in voice and soft skills, such as being able to empathize.

She said this created a huge skills gap between traditionally trained call center agents and those with the technical ability to work with AI and are able to use AI tools to answer customer queries, annotate or label data for AI or train AI bots for audio or text.

Mr. Sudolsky said the looming AI shift may favor people with a tech mindset and leave other workers behind.

“Is training BPO workers to use AI enough to secure their employment? It’s a minimum requirement, but those who really understand AI are the ones who’ll thrive. Those who don’t engage with it may need to find new jobs,” he said.

The government and private sector see upskilling of BPO workers as a solution to address possible job displacement.

IBPAP said many BPO companies were “proactively training their employees to acquire the specific skills needed for AI-augmented operations.”

This includes training them in programming, data science, data analytics, and AI ethics.

But beyond upskilling, Ms. Cabalona said the labor rights of BPO workers must first be protected.

“Multinational BPO companies are here because they wanted to lower production costs and earn more profit and often, workers’ unions are present in their countries,” she said.

BIEN supports the proposed House Bill No. 8189 or the Magna Carta for BPO Workers, which proposes a standard entry-level and living wage for the industry.

“One legislator even told us we’re in a better position than some overseas Filipino workers who suffer abuses. Why is it like that for BPO workers? We deserve better,” Ms. Cabalona said. — Thomson Reuters Foundation

The Thomson Reuters Foundation is the charitable arm of Thomson Reuters.

Enhancing export competitiveness through sustainable practices

The ribbon-cutting ceremony kicking off National Exporters’ Week was graced by (from L-R): Philippine Trade Training Center (PTTC) OIC Executive Director Fe Avila; Bureau of Customs (BoC) Port Operations Service Acting Director Atty. Geniefelle P. Lagmay; Department of Trade and Industry — Export Management Bureau (DTI-EMB) Director Bianca Pearl R. Sykimte; DTI Undersecretary Allan B. Gepty; ASEAN-Japan Center Secretary-General Kunihiko Hirabayashi, MD, PhD; DTI Undersecretary Ceferino S. Rodolfo; Philippine Exporters Confederation, Inc. (PHILEXPORT) President Sergio R. Ortiz-Luis, Jr.; PHILEXPORT Trustee for Garments Sector Diana H. Santos; ASEAN-Japan Centre Research and Advocacy Cluster Assistant Director Ishida-Yasushi; PHILEXPORT Trustee for Metals Sector Bernardo T. Benedicto III (back); and PHILEXPORT Trustee for Fabrics Sector Robert M. Young.

The constant call for sustainability has been felt by industries, pushing each to modify their strategies and transform their processes in ways that are not detrimental to the environment they work with. Likewise, the Philippine exports sector sees sustainability as an essential driver of its future, raising the need for stakeholders to foster greater understanding and more collaborative actions to enable exporters to nurture a responsible environment and deliver sustainable products and services.

Recognizing this need, the Department of Trade & Industry (DTI) Export Marketing Bureau (EMB), in collaboration with the Philippine Exporters Confederation, Inc. (PHILEXPORT) and the Export Development Council (EDC), centers this year’s National Exporters’ Week (NEW) on discussions about advancing the country’s export industry through sustainable innovation.

Presidential Proclamation 931, series of 1996 and House Resolution No.33 declared the first week of December as the Exporters’ Week to obtain total government and private sector commitment to continuously sustain export promotion and development.

Department of Trade and Industry Undersecretary Ceferino S. Rodolfo opened this year’s National Exporters Week with the theme “Sustainability: Shaping the Future of Philippine Exports” and highlighted the vital role of sustainable practices in driving the growth of the export sector.

Happening this Dec. 2-6 at the Conrad Manila, NEW 2024 is anchored on the theme “Sustainability: Shaping the Future of Philippine Exports.” As part of the broader objective of the Philippines to be an Agile Export Powerhouse in Key Export Industries, the 2024 theme focuses on the importance of adopting sustainable practices as a core strategy in building long-term competitiveness and growth of Philippine exports. The theme emphasizes the importance of sustainable materials and production methods, ethical sourcing, cost-effective strategies, and responsible supply chains to ensure long-term competitiveness. The theme also seeks to contribute to the country’s goal to transform the Philippines into Southeast Asia’s hub for smart and sustainable manufacturing and services by empowering the private sector through market-based tools.

A highlight of the NEW 2024 will be the National Export Congress (NEC), which aims to emphasize the growing importance of sustainable practices in driving the future of the export industry as shaped by market regulations, business practices, and consumer preferences. The congress will gather key stakeholders to examine the impact of sustainability regulations in global markets and to explore how sustainable practices can shape businesses and help them meet evolving consumer demands.

PHILEXPORT President Sergio R. Ortiz-Luis, Jr. delivering a message during the Opening Ceremony, focusing on the role of government and private sector in “developing and nurturing export winners.”

NEC 2024 will have four sessions. The first session, titled “Sustainability Practices and Regulations in the International Market,” will delve into the dynamic and evolving landscape of sustainable exporting, emphasizing the significant role of current and emerging government regulations. The impact of market regulations and trade policies will be a central point, examining policies that are designed to promote greener practices among exporters.

Session 2, titled “Sustainability from the Business and Consumer Perspectives,” will look at the current sustainability practices of businesses and the broader impact of these efforts. The discussions aim to delve deeper into the growing awareness on the importance of sustainability and how it is shaping trends, influencing consumer behavior, and affecting economic dynamics worldwide.

Also, during the congress, select Philippine exporters will be recognized at the third session for their achievements and contribution to the country’s export industry. Select government agencies will also be recognized for their significant contribution in supporting and facilitating the growth of exporters.

Capping off this gathering, the fourth session will feature initiatives aimed at creating opportunities for women-led businesses to thrive in global markets while promoting sustainable trade practices. Select sustainability initiatives in the country will also be presented to support efforts Philippine businesses to adopt sustainable business practices.

Aside from NEC, the NEW 2024 features thematic sessions on various export-related topics, particularly those promoting responsible supply chains, ethical sourcing, and innovative production methods.

Day 1 of the National Exporters Week: Usapang Exports discussion on Free Trade Agreements focused on the Philippines and Japan relations was led by PHILEXPORT Executive Vice-President Senen M. Perlada.

A series of information sessions under “Usapang Exports” to equip exporters on sustainability and market trends. Key sessions include discussions on maximizing the benefits of free trade agreements (FTAs) with Japan and the launch of the Philippine FTA Information Portal, both on Dec. 2

On Dec. 3, “Usapang Exports” held a session catering to women-led or owned businesses under the SheTrades Philippines Hub, as well as another where DTI trade attachés will lead a deep dive into digitalization and sustainable practices in international markets.

Day 2 of the National Exporters Week: Usapang Exports session on “Know Your Markets” with the PHILEXPORT Vice-President for Advocacy, Communications and Special Concerns Ma. Flordeliza C. Leong moderating the discussion with trade attaches for Guangzhou, Vice-Consul Froilan Emil D. Panganiban; Brussels, Magnolia Misolas-Ashley; UAE, Vichael Angelo Roaring; Malaysia, Norjamin G. Delos Reyes; and Los Angeles, Eric C. Elnar.

Aside from “Usapang Exports,” the NEW 2024 features “ARISE Plus Philippines” sessions, which aim to contribute to unlock business opportunities for Philippine micro, small and medium-sized enterprises (MSMEs) in the European Union (EU) market.

Accounting for 99.5% of all enterprises, MSMEs represent 60% of the country’s exporters, and generate 25% of export revenues, which is higher than in other ASEAN countries. The EU market represents substantial market opportunities for Philippine businesses. It is estimated that the EU market represents a further USD 11 billion worth of unrealized export potential for the Philippines. Philippine exports to the EU, however, remain comparatively low relative to those of other ASEAN countries.

The “ARISE Plus Philippines” sessions will included the EU-Philippines Partnership Conference on Dec. 4, delving into the market opportunities and challenges for exporters in the EU market, with a particular focus on the implications of the EU Green Deal. Following the conference, on Dec. 6, in-depth masterclasses will provide practical guidance on ensuring food product compliance with EU regulations and navigating the upcoming EU Deforestation Regulation.

The NEW 2024 also showcases select Philippine exporters at the Exporters’ Exhibit from Dec. 2 to 5, culminating in the Export Enablers Exhibit, where key government agencies and private sector partners will provide direct assistance to Philippine exporters. The exhibit runs daily throughout the NEW from 9 a.m. to 5 p.m., and it is open to the public.

Grand Taipan marks ninth year with the unveiling of Verano Greenhills: A new chapter in luxury urban living

Grand Taipan proudly unveiled Verano Greenhills, a majestic 57-floor mixed-use residential development situated on Annapolis Street. The event was held on Nov. 30, 2024. The new development represents the company’s commitment to luxury urban living and innovative architectural design.

Bank representatives and future homeowners were among those gathered with eager anticipation to explore the residential jewel that seamlessly integrates modern luxury with suburban serenity. The goal of Verano Greenhills is to redefine urban living, offering hotel-grade facilities that foster a tranquil and enriching environment for its residents.

With its strategic location, Verano Greenhills offers residents the best of both worlds: easy access to the city’s pulsating energy and a quiet refuge from its hustle and bustle. The residential development is set to be handed over to residents in January 2025, in line with the city’s blueprint for progressive urban expansion.

The celebratory event included an elegant dinner at Icho Japanese Restaurant, cementing relationships among partners and clients. A notable highlight of the evening was the ceremonial illumination of Verano Greenhills, a beacon of innovation and sustainability, followed by a breathtaking fireworks spectacle that enthralled attendees.

As Grand Taipan looks to the future, Verano Greenhills stands as a testament to its vision for a more sustainable tomorrow, inviting the community to adopt a lifestyle that balances modern conveniences with ecological mindfulness.

For additional details about Verano Greenhills, kindly visit veranogreenhills.com.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

AboitizPower sees strong 2024 finish

ABOITIZ POWER CORP. has set a growth strategy of adding 3,700 megawatts (MW) of new renewable energy capacity en route to 4,600 MW by 2030. — ABOITIZPOWER.COM

ABOITIZ POWER Corp. (AboitizPower) expects to close 2024 with a strong performance, driven by new capacities coming from its power plants and improvements in infrastructure, its president said.

“We’ve got immense availability, more capacity coming online, growth in our distribution business, improvements in our infrastructure. So many small things all adding up,” AboitizPower President and Chief Executive Officer Danel C. Aboitiz told reporters last week.

For the nine months ending in September, AboitizPower registered an attributable net income of P27.27 billion, up 2% from last year’s P26.74 billion.

Gross revenues declined by 4% to P148.32 billion from P154.64 billion a year ago.

Given the positive earnings for the nine-month period, the AboitizPower executive expects the company’s growth momentum to continue toward the end of the year.

“I think we’ll meet our targets, and I think we’ll exceed the consensus of the analysts,” Mr. Aboitiz said.

For 2024, AboitizPower has earmarked P73 billion in capital expenditures (capex), more than double the P26 billion last year.

Of the total, 72% of the capex is allocated for its renewable energy pipeline.

The company has set a growth strategy of adding 3,700 megawatts (MW) of new renewable energy capacity en route to 4,600 MW by 2030.

As part of the initial phase of 1,200 MW, the company energized its 17-MW binary geothermal power plant in Tiwi, Albay, and the 159-MW solar plant in Laoag, Pangasinan.

The rest of the P73-billion budget for 2024 is allocated towards further improving the reliability of AboitizPower’s baseload power plants, land acquisition, and new substations and meters for its distribution business.

At present, the company has around 3,962.25 MW of total attributable net sellable capacity. — Sheldeen Joy Talavera

The chocolate man

CMV Txokolat’s Christian Valdes is focusing on luxury chocolate that is distinctly Filipino

WHEN we bite into chocolate, we only get its taste, and it becomes easy to ignore all the processes that go into making a tiny bite. The chocolate that Christian Valdes, founder of CMV Txokolat, brings attention to all the work everybody else has done to bring the chocolate from bean to bar — for him, he’s simply the last link in a chain extending hundreds of years.

Recently, Mr. Valdes received his Level 1 and 2 cacao bean grader and taster accreditations from the International Institute of Chocolate and Cacao Tasting (IICCT). The desire to earn a certification came from his studies in France under Chloe Doutre, one of the world’s best chocolate makers. “There were concepts that I unlearned the moment I walked through that door,” he said during an event with Moda Interni in November.

He cites learning more about fermentation, drying, and roasting: “If you mess up on one thing, you can actually ruin six months of growth.”

A box of his pralines can go for up to P2,400.

Mr. Valdes shot to fame with his unique chocolates in the mid-2010s because of his use of Filipino ingredients: he has a Gin Pomelo praline, one with calamansi (a Philippine citrus), another with santol (cotton fruit), then barako coffee, and our personal favorite, his gumamela (hibiscus) praline infused in a white chocolate ganache then placed in a dark chocolate shell.

Since he recently started working with the Department of Science and Technology (DoST), he can now be found going through fields and up mountains.

“They wanted me to be a point person to teach the farmers how to not only analyze the quality of their beans, but they also wanted me to be able to show them how to make tablea chocolate (chocolate used for hot chocolate drinks) — that way, they can not only taste the fruits of their labor, but they can also turn it into something, and create other revenue streams,” he said.

In other work he’s doing for the DoST, they are also trying to figure out where else cacao can be grown in the country. One of their concentrations is in Kalinga, in the Cordilleras.

“There are so many parts of the Philippines where cacao can grow. We are in that green spot. Now what I really want to be able to do is highlight the cacao in that area. I do find that there is terroir,” he said, using the term from the wine industry referring to the characteristic taste and flavor that is imparted to something by the environment in which it is grown. “Some of the flavors in the soil actually contribute to it,” he said of the cacao. “They’re trying to break free from the norm where they are just known for planting tobacco, rice, coffee, sugarcane. They want to be able to try bringing cacao in,” he said.

“That way, we can boost tourism, and also boost buying. That way, the farmers can earn more.”

Mr. Valdes grew up in San Francisco, California, and had a string of “boring” (his word) jobs before coming to the Philippines in 2010, and starting his chocolate business soon after. He remembers his first taste of really good chocolate — Scharffen Berger chocolates which his mother brought in a balsa-wood box. “Little squares about that big. It’s at 93%. When I bit into it, I was like, ‘holy shit; I thought that 93 was going to be bitter…’ I already knew at that point in time that I loved chocolate.”

He goes deeper into his love for Filipino ingredients, including the aforementioned gumamela: “It was really my way of remembering. I don’t have the best memory… but it was kind of learning about the Philippines; learning about my roots.

“I didn’t have a childhood here,” he said. He heard stories of his friends blowing bubbles out of the flower: “I never experienced this. It was like recreating what childhood is like here. It’s innocent, it’s fun.”

More importantly, however, he says that using Filipino ingredients is a way to break free from importation, and its effects on local farmers: “We’re importing so much of it that we’re losing our industry, and we’re not giving focus on the (people) who need it.”

Of all the industries he could enter, chocolate is the one he chose, because, “I love it. It reminds me of family. It makes me feel safe. It gives me comfort.  If it’s my safe place, and it brings me peace, that’s where I want to be.”

He’s taken what is a luxury product to something truly artisanal: asked about what all his studies in cacao and his work with farmers has taught him, he says, “It’s actually made me more humble. When I first started, I had this mindset — I’m doing this, it’s cool — but then, the more I learned, I realized that this is a profession for patience; a profession where you go and help other people. This isn’t a profession for ego and thinking you’re the best.”

CMV Txokolat can be found at https://cmvtxokolat.com/shop/. — Joseph L. Garcia

MSpectrum tapped for Laguna solar project

(L-R) EKPI Country Finance Director Archimedes Angeles, EKPI President Alexander Ong Oh, MSpectrum President and Chief Executive Officer Ma. Cecilia M. Domingo, and MSpectrum Chief Operating Officer Patrick Henry T. Panlilio.

MSPECTRUM, Inc., a wholly owned solar subsidiary of Manila Electric Co. (Meralco), has entered into a partnership with food manufacturer Edward Keller Philippines, Inc. (EKPI) for a solar project in Laguna.

In a statement on Wednesday, the company said it will install a 630-kilowatt-peak (kWp) solar facility at EKPI’s industrial facility in Carmelray Industrial Park, Canlubang, Calamba, Laguna.

Slated for completion in the second quarter of 2025, the project is expected to generate approximately 714,553 kilowatt-hours of clean energy per year.

“This project not only helps us cut energy costs by P1.2 million a year, but also helps us reduce our carbon footprint by 422 metric tons,” said EKPI President Alexander Ong Oh.

EKPI is one of the brands of DKSH Philippines that manufactures ingredients for food, personal care, specialty chemicals, and pharmaceutical industries.

Last month, the Meralco solar unit also formed a partnership with Emperador Distillers, Inc. (EDI), a subsidiary of brandy and whiskey producer Emperador, Inc.

Under the agreement, MSpectrum will put up a 640-kWp solar facility at EDI’s manufacturing plant in Sta. Rosa, Laguna.

MSpectrum offers tailor-fit solar solutions for industrial, commercial, and residential customers “through an in-depth understanding of energy consumption behaviors and strategic partnerships with world-class technology partners.”

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by 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. — Sheldeen Joy Talavera

A touch of home at The Giving Café’s new branch

WHILE The Giving Café opened its second branch — in Addition Hills, Mandaluyong — only on Nov. 15, this particular branch has a story reaching all the way back to the 1950s.

It is in a mid-century house built by the grandfather of The Giving Café founder Michael Harris Conlin, the Asian Games Bronze Medalist Juan Bautista Lee. It’s the same home where Mr. Conlin’s mother and her siblings grew up, and during the media tour on Nov. 22, guests were presented with vignettes of what the family could possibly have been doing in different parts of the house — an afternoon tea setup had tea, coffee, and chocolate, and their family’s lumpiang ubod (the spring roll filled with heart of palm was strongly garlicky); while the main living room and dining room boasted of feasts from childhood memory — kaldereta (goat meat stew), their pancit (a noodle dish), and a Chinese-style stuffed roast chicken (Mr. Conlin told us though that since the family favorite is Sweet and Sour Pork — they use this dish to test new cooks).

The Giving Café is the public face for the various coffee businesses under Mr. Conlin’s belt: he’s also the head of Henry & Sons, their roastery which sells coffee to industrial clients; his social enterprises, namely the Foundation for Sustainable Coffee Excellence which helps fund programs for farming communities including educational assistance, sustainable farming practices seminars, and basic health care access; and the Institute for Coffee Excellence, an educational component that trains baristas.

He has the credentials for the latter: he placed 15th at the World Barista Championship Semifinals in 2019, and in 2022, he won a silver for the Latte category Signature Coffee Award, and a bronze for the Brewing category at the Global Coffee Championship. In both cases, he won using coffees from two Filipino farms: one in Benguet and another from Laguna.

GIVING VALUE
“One of my personal advocacies is to give more value to Philippine coffee. One of the best, fastest ways to give value to Philippine coffee is to bring it abroad, and compete with it; be confident in it,” he said in an interview.

By adding value to Philippine coffee, it could be priced correctly. He gives an example of coffee being priced low at P60 a cup: if everybody down the value chain gets a little something from the P60, “How much is the farmer, the first step, getting?” The Giving Café is more than a name: a portion of the proceeds goes towards the Foundation for Sustainable Coffee Excellence, and thus to the farmers.

It’s not all just lip service, too: one of the communities where they source their coffee, in Itogon, Benguet, started out with 60 families yielding five kilograms of coffee each. Now, collectively, the community yielded five tons of coffee. Mr. Conlin said that the coffee was priced at $43 a kilogram, a third of the harvest was bought by businesses in Australia; another third went to Montreal. The final third was bought by them. “It’s not just about indulging in food — it’s indulging in the stories: the people, the lives we touch,” he said.

“What we realized as a social enterprise is, we cannot adopt every community that comes to us,” he said, which is why they opened a second branch.

In the short time it has been open, they’ve got new regulars, and they have booked parties. There’s more giving in this café: while the first branch seats about 70, this one seats about 168 customers.

LOVE OF COFFEE
His love of coffee began when he started working for his family’s abaca export business. He had to wait for partners in different time zones to wake up, so he spent half the working day keeping himself up with coffee. “I loved coffee so much that I decided that since I was roasting my own coffee, I might as well make it into a business.”

More importantly, what’s there to love about coffee is the story. “Coffee has been around for generations. Centuries. It touches so many lives,” he said.

“Coffee contains over 1,000 volatile aroma compounds. Some are positive, some are negative. But like life, just like us, there is good in all. There is no bad coffee. It’s just how you brew it.”

The second branch of The Giving Café is at 858a A. Mabini St., Brgy. Addition Hills in Mandaluyong City. It’s open from Tuesday to Sunday, from 10 a.m. to 8 p.m. The first outlet is on the corner of Sheridan and Pines Streets, Highway Hills, Mandaluyong City. It is open from Monday to Sunday from 7 a.m. to 10 p.m. Follow @tgcsocialentrep on Facebook and Instagram; for reservations call 0927-247-1490, 0985-128-4751 or 8518-9291. — Joseph L. Garcia

1...802803804...12,741Page 803 of 12,741
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube