Facebook Instagram Linkedin X Youtube
Home Blog Page 810

Evolving lifestyles among households: The Philippine property market finds its next phase

Freepik

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor

The Philippine real estate market has been showing remarkable resilience on the back of the country’s economic momentum. While economists posit that natural disasters and the ongoing corruption scandal involving government flood control projects may dampen economic growth in the third quarter, the Philippines maintains an optimistic target of 5.5%-6.5% growth amid a gloomy global environment.

Inflation remains subdued at an average of 1.7% for the first nine months of the year. Recently, the Bangko Sentral ng Pilipinas Monetary Board even lowered benchmark borrowing costs for a fourth straight meeting, bringing the policy rate to 4.75%.

Such an environment tempered headwinds in the property market. For the residential sector in particular, while Metro Manila continues to see dampened take-up for mid-income condominium projects, the same cannot be said of luxury and high-end developments.

According to real estate analysts Colliers Philippines, the sluggish take-up in mid-income markets prompted major property developers into “aggressively offering attractive and innovative” ready-for-occupancy promos to lure buyers, including hefty discounts for spot cash purchases, extended terms, free appliances, and other concessions. The promos appear to be working, with Colliers recording improved take-up practically across all condominium price segments in Metro Manila.

“What we are seeing now is a more pronounced influx of luxe — high-end property developments dominating supply thru new launches and demand as represented by positive net take-up for luxury to ultra luxury units,” Colliers said in their Q2 2025 Property Market Report.

It is clear the Filipino market still has a healthy appetite for new developments. The slow take-up within Metro Manila only signals to developers that Filipinos are becoming more discerning with their real estate purchases, particularly with their location and value. Property firms, Colliers noted, have become more prudent with their launches within and outside Metro Manila, taking advantage of a consumer base that was “awash with cash and proactively taking advantage of capital value appreciation opportunities even outside Metro Manila.”

A separate report by property experts Cushman and Wakefield pointed out that decentralized growth is becoming more prominent as investment activity spreads into regional hubs outside the country’s capital, bolstered by improved infrastructure and local economic development.

According to the firm’s Q2 2025 Philippine Office and Investment MarketBeat Report, urban professionals and mid-market buyers are driving demand for suburban hubs in Cavite and Laguna. Regional hubs like Cebu, Clark, and Davao are gaining traction as decentralization creates opportunities for future-ready developments in secondary markets.

“The Philippine real estate market continues to reflect the country’s economic momentum, driven by strong consumption patterns, tourism recovery, and advancing logistics demands. Each sector is adapting to the evolving needs of end-users, creating long-term opportunities for developers and investors alike,” Claro Cordero, director and head of Research, Consulting & Advisory Services at Cushman and Wakefield, said.

“Investors are now shifting their focus to secondary markets, which offer more attractive entry points and opportunities for diversification,” said Mr. Cordero.

The mark of luxury

At the same time, sustainability is also taking center stage across these developments, with property firms increasingly prioritizing green-certified and disaster-resilient buildings to align with long-term environmental goals.

The idea of a residential community that engenders a holistic, sustainable lifestyle has become the defining trend of the next generation of real estate. As hybrid work models continue to grow more popular among millennials and Gen Z professionals, developers have started focusing on offering wellness-oriented spaces and flexible living terms.

“These trends reflect a shift in how businesses view real estate — no longer just as a functional space but as a strategic asset that supports growth, sustainability, and employee well-being,” Mr. Cordero said.

This is especially true for higher-income households. The flush of new luxury residences in the market is capitalizing on the demand for living spaces that prioritize good design, privacy, and high-end amenities.

“Today’s high-end investors value tourism-driven developments that seamlessly integrate thoughtful design, privacy, and personalized service with lifestyle-enhancing amenities such as wellness facilities, curated leisure spaces, and tech-enabled living,” Elizabeth Ventura, president of luxury real estate developer Anchor Land, said in an email.

“For them, true luxury lies not only in the quality of life but also in long-term wealth preservation — owning a tourism-inspired property that balances exclusivity, functionality, and investment stability in a prime, strategic location.”

Sustainability, Ms. Ventura noted, has become a mark of true luxury. Investors are increasingly drawn to properties that emphasize efficiency, sustainability, and long-term livability. Modern developments now commonly feature green spaces, natural ventilation, energy-efficient systems, and smart home technologies, reflecting a broader shift toward wellness-oriented and environmentally conscious design.

“We’ve embraced this evolution at Anchor Land. Integrating smart technology is no longer an afterthought but a key principle embedded early in our design process. Our team actively keeps pace with the latest advancements in green architecture and collaborates with regional experts to ensure our developments meet global sustainability standards,” she said.

“We also place great importance on open, breathable spaces — seen across all our projects through offerings that range from resort-style settings to pockets of gardens thoughtfully woven into expansive outdoor amenity floors — promoting a lifestyle centered on wellness, comfort, and balance,” Ms. Ventura said.

Real estate has always mirrored the economy, but today it also mirrors changing aspirations. A resilient economy may have opened doors, yet it is discernment that is defining the next evolution of the Philippine residential property market.

Developers are no longer competing on scale or speed, but on purpose — designing homes that use less, last longer, and respond to the way Filipinos actually want to live.

Former Sun Life Philippines president joins AB Capital board

ALEXANDER S. NARCISO — PHILSTAR FILE PHOTO

AB CAPITAL and Investment Corp. has named former Sun Life of Canada (Philippines), Inc. President Alexander S. Narciso as an independent director, after securing the Bangko Sentral ng Pilipinas’ (BSP) approval of his appointment.

Mr. Narciso brings decades of leadership experience in the life insurance and financial services industries, the company said in a statement on Wednesday.

As president of Sun Life Philippines, he oversaw the firm’s operational, financial, and regulatory performance, it added.

Under his leadership, Sun Life posted total premiums of P55.79 billion and new-business annual premium equivalent (NBAPE) of P10 billion in 2023, maintaining its position as the country’s top life insurer for 13 consecutive years, the company also said.

During his tenure, Mr. Narciso also restructured Sun Life’s salesforce into a high-performing network of around 21,000 advisors, it noted.

“Over this period, the company earned the Trusted Brand Platinum Award in Life Insurance for 14 consecutive years and repeatedly produced the most Million Dollar Round Table qualifiers nationwide.”

Mr. Narciso serves as an independent trustee for the Jesuit Volunteers Philippines Foundation and the World Surgical Foundation.

He holds a degree in philosophy from Ateneo de Manila University, a master’s in industrial economics from the Center for Research and Communication, and is a fellow (with distinction) of the Life Management Institute. — Alexandria Grace C. Magno

China’s Oppo sees AI driving demand, not worried about a bubble

BARCELONA — Chinese smartphone maker Oppo is seeing signs of new artificial intelligence (AI) features in phones helping boost demand in China and is upbeat about growing in Europe, unfazed by the risk of an AI bubble in the industry, a top executive said on Tuesday.

Oppo’s Chief Executive for Europe, Elvis Zhou, told Reuters its observation of the Chinese market had led it to believe that “AI will drive people to think about replacing their phones.”

“So we believe that with AI, we will see that the overall market will also grow in the smartphone industry,” he said, speaking in Mandarin through a translator. He spoke during a launch in Barcelona of its phone model Find X9 Pro, which includes AI features.

Mr. Zhou said company surveys were showing that users under 35 were particularly driven by AI features in their phones, including for translation and photo editing.

“I don’t think it’s a bubble for our industry,” he said, referring to AI.

Announcements of multi-billion-dollar investments in AI have raised concerns among investors in recent months about the formation of a bubble reminiscent of the 1990s dotcom boom that subsequently crashed.

Mr. Zhou said Oppo saw the European market as second only to China in terms of growth potential. It would not be driven by prices, as Oppo considers it a market for high-end smartphones, but rather by phone features such as durability, he added.

In the second quarter of this year, Oppo ranked fifth among phone brands in terms of shipments to Western Europe, according to data provided by the company. — Reuters

Morning coffee and mourning

RAJA CERAMIC URN — SAMSARA.PH

HOW WOULD YOU like coffee with a reminder of death?

It sounds macabre at first, but at Myth Café in Makati, death is business as usual: aside from offering Filipino-forward drinks, the café doubles as an urn showroom for the creations of Samsara Designs, founded by friends Camille Ayala and Eber Sy (no relation to the conglomerate families).

During a visit on Oct. 25, the two ladies sat down with BusinessWorld over a cup of their hot chocolate (P260, made with Davao cacao tablea, served with a torched marshmallow). Ms. Ayala appeared in a black lace outfit, bells on her jewelry announcing her arrival. Ms. Sy wore a black T-shirt over white pants, and simple sandals.

Myth opened just this year, in June, but the urn business started in 2020 — a year of death, right smack in the misery of the COVID-19 pandemic. Ms. Sy says that she had planned to open a business related to the death industry since 2019 (caskets), but decided to scale down. The required cremations of remains and the rush of funerals during the pandemic gave them a bittersweet start.

Ms. Sy had been a frequent visitor of funeral homes due to deaths in the family during her childhood. This led to a fascination with death rituals (she’s quite cheerful if you meet her), and their expense.

“The funeral homes here in the Philippines, we just follow the death rituals of the US,” she said.

Based on her own observations and some of her studies, including of the book The American Way of Death by Jessica Mitford (a British noblewoman turned communist who used the book to criticize the expense of funerals; where grief is exploited for profit), Ms. Sy concluded, “Nakaka-konsensya (it triggered my conscience).” From her initial plans to open a new kind of funeral home (something less gloomy, as per her memories), she tried her hand at designing caskets, then switched to cremation urns, as part of her own ethical decisions. “It’s a lesser evil,” she said, citing her concerns about the environmental effects of embalming fluid, and the land use for burials.

When the women started the urn business, they had two lines: the premier Samsara urns (P20,000 to P45,000), designed by them and manufactured in the Philippines; and Sara, a less-expensive line of urns (P9,000 to P15,000) imported from India. Sara was in response to the hyperinflation of funeral expenses during the pandemic. Ms. Sy recalls urns sold at funeral homes for P60,000 for the most basic designs, while their imported urns could be sold at P10,000, with profit.

Ms. Ayala said, “We would get messages from funeral homes. Nasisira daw business nila (we’re ruining their business).” Ms. Sy said she had to change her name on Facebook because she was being harassed — by funeral homes, during a mass-death event.

Ms. Sy discussed the challenges they face in an industry ruled by tradition, legacy, name recall, and age: “People don’t know they have a choice,” she said, citing her own experiences.

Ms. Ayala, meanwhile, showed us some of the Samsara urns: there’s one shaped like a bomb, in marble; then one with a chic contrasting lid. Another has a lid with a sharp object (either a nail, or a sword; up to interpretation), but most charming of all is an urn made of limestone, carved to have grooves. The grooves fit fingers, almost as if holding a loved one again.

The urns use local materials, such as wood, nacreous shell, or rattan — in a way it’s celebrating Filipino craftsmanship from cradle to grave (urn). Ms. Ayala also pointed out that everything in the café is also made from local ingredients. Their beans are from Atok in Benguet, while the salts used for the excellent Artisanal Sea Salt Cream Latte (P240), come from Pangasinan, Guimaras, and Zambales.

“We have an abundance of beautiful things that we use as home decor. The way we see urns, we see them as someone’s final home. It’s more than just a container of ashes. It’s someone’s final resting place,” she said.

Of course it’s essentially a heavy vase, but Ms. Ayala told us about the design considerations. A cremated person weighing about 200 lbs. would yield ashes weighing about two to three kilograms — each urn then, has to be about 200 cubic inches to fit all of that.

COFFEE AND COFFINS (SORT OF)
The women recall that finding a space for the showroom took them a whole year. Landlords refused them because they first thought there would be dead bodies involved. When told that the urns would be empty, they were told that the business might invite bad luck into the building (they are located above a dive shop). Besides, “It’s not like we can invite people inside an urn showroom, and change their perspective about death,” said Ms. Ayala.

“We thought of something that’s more familiar, more welcoming, and more approachable,” she said.

The name Samsara comes from the Hindu belief of the cycle of death and rebirth — “What they want to do is escape that cycle,” said Ms. Ayala. “What we want to do with our brand is promote death positivity.”

Ms. Sy says, “Right now, we’re playing a slow game. We introduced the café to young people. In a way, the café introduces our urns also.”

The cyclical nature of Samsara is reflected in the café’s design: sails (suggestive of the journey to the afterlife) are arranged in concentric circles. Bulul guardians stand in some niches within the café, because there are almost no corners: there is therefore an air of softness and warmth all around. Ms. Ayala said that she wanted the place to look like a shrine, or a temple: a place of peace. As for the name of the café itself, it comes from how their friends didn’t believe that they combined the two businesses together (thus making it a “myth”).

Not to say they haven’t received flak: comments on social media joke about them using ashes as part of their recipes, or all of it being a part of a gimmick, but for them, what was important was a grieving customer shopping for a loved one’s urn saying, “Bili nga rin ako ng coffee (maybe I should get a coffee),” thus making that one customer’s day a little better.

They’ve recently hosted events, such as a botanical sculpting workshop, called “We Too Shall Wither,” and a Halloween film screening and portrait session. All of these events are under an umbrella theme: Memento Mori (Latin for “Remember you will die.”)

“It’s part of life. It’s acknowledging nature: of being born, and then, later on, dying,” said Ms. Ayala.

On the urns again, we mention that she calls them someone’s final home. They have to be beautiful, she says, because “It’s the thing that your relatives see when they visit you. It’s nice if what they see is something that would remind them of you.”

Myth is on the 4th floor of the BABS Bldg., 9304 Kamagong St., Makati. It’s open from 10 a.m. to 8 p.m., except on Tuesdays and Wednesdays, when they open at noon. — Joseph L. Garcia

Security Bank raises P21 billion from issuance of 5-year corporate bonds

BW FILE PHOTO

SECURITY BANK Corp. has raised P21 billion from the sale of five-year fixed-rate corporate bonds to support its operations.

This was the bank’s largest bond issuance to date, it said in a disclosure to the stock exchange on Wednesday.

The final issue size was upsized from the initial P5-billion plan.

“Strong investor demand prompted the bank to exercise its oversubscription option,” Security Bank said in a statement.

“Proceeds will be used to diversify the bank’s funding sources and support its lending activities across key sectors.”

The bonds that fall due in 2030 were priced at a fixed rate of 6% per annum.

They were issued out of the bank’s P200-billion peso bond and commercial paper program.

The offer period ran from Sept. 22 to Oct. 17. The papers were sold in minimum denominations of P500,000 and in increments of P100,000 thereafter.

Security Bank listed the bonds on the Philippine Dealing & Exchange Corp. on Wednesday.

“We’re grateful for the market’s confidence. This successful issuance reaffirms investor trust in our strategy and strengthens our ability to fund growth while delivering on our BetterBanking promise,” Security Bank Executive Vice-President and Financial Markets Segment Head Price Edward “Jim” C. Yap said.

Philippine Commercial Capital, Inc. and Security Bank Capital Investment Corp. were the joint bookrunners, joint lead arrangers, and selling agents for the issuance.

Security Bank last tapped the domestic bond market in July 2024, raising P20 billion from an offering of five-year fixed-rate peso corporate bonds that were priced at 6.05% per annum.

Its net income grew by 7.85% year on year to P3.04 billion in the second quarter, bringing its earnings for the first semester to P5.86 billion, up by 7.59%.

The bank’s shares climbed by P2.50 or 3.65% to close at P71.05 each on Wednesday. — Aaron Michael C. Sy

Crisis = Opportunity

VISUAL SUPPLIED BY THE AUTHOR

Political uncertainty has increasingly taken hold of narratives on the country, with Fitch Ratings and Japanese investment bank Nomura being just the latest to warn that the current crisis of governance could hit the Philippines’ investment and overall economic growth hopes.

And when was the last time that mutually antagonistic business and labor groups agreed on a particular issue, after major industry chambers and the Church issued their respective statements? I do not recall, but this cannot be “good” (depends on whether one regards the current situation as a glass half-empty or half-full, I guess).

Still, this governance crisis has not yet developed into a political crisis, much less into an economic crisis (despite the peso falling to a new record-low P59.13 to the dollar at the end of Oct. 28 trades, partly due to governance worries1). The central bank’s third-quarter Business Expectations Survey, conducted from July 4 to Aug. 17, showed that overall sentiment has been generally optimistic, although the quarterly reading for the “next 12 months” has been on a general decline since the first quarter of 2024 to 48.1% of late.2

The view from the ground bears such cautious optimism. For instance, nearly half of German investors in the Philippines who were polled for the Sept. 29 to Oct. 17 AHK World Business Outlook Fall 2025 Survey that was conducted for the German-Philippine Chamber of Commerce and Industry said they still expect business conditions to remain stable in the next 12 months, even as they cited the need for “[a] stable, predictable and accountable governance environment… [to] further deepen investor confidence, attract high-quality long-term investments, and strengthen the Philippines’ position as a competitive and reliable partner in the region.”3

MINDSET
Optimist that I am, I am always reminded of the Chinese character for “crisis,” consisting of the character for “danger” (wei) on the left and “crucial/turning point” (ji on the right — but which in the West is translated, somewhat erroneously, to “opportunity”). But since Northeast Asian reading convention runs from right to left, one would read the character for “crucial/turning point”/“opportunity” first.

What “opportunity” could possibly arise from the current situation?

Well, businessmen have complained of worsening graft and corruption over the past decade and well into this administration — a sentiment captured in the Philippines’ deteriorating performance in the annual Corruption Perceptions Index that is watched closely by investors. Governance indicators have long figured prominently among metrics tracked regularly by global competitiveness surveys.

Hence, all eyes are now on whether this administration will crack down on top corruptors, starting with those close to it, not just the handful of lawmakers and bureaucrats who the Independent Commission on Infrastructure has recommended for prosecution (and there, apparently, lies the current problem).

TIME TO COMMUNICATE BETTER
Amid increasingly polarized political discourse, especially in social media, it was thus refreshing to exchange views with a visiting expert international communicator last Monday.

Jack Valero, cofounder of the United Kingdom-based Catholic Voices — formed in 2010 to train lay Catholics to talk in various media about controversial topics related to the Catholic Church — gave practical tips identified by his group that could prove useful for us ordinary folks as we discuss with even those with contrary views alternatives through and out of the current crisis.

Having said in 2009 that “We can build a better world together, even though we disagree on many things,” Mr. Valero told an audience at the University of Asia and the Pacific in Pasig City on Oct. 26 that “[e]very controversy is an opportunity to communicate” on matters which society may not otherwise address in normal times.

“Basically, what happens with a controversy is that it brings to fore a matter that people wouldn’t talk about before,” he told me in a chat on Monday.

“And it is in those times that people are listening to what I have to say, whereas in other times, they may not be as interested.”

STARTING POINT
The first thing one must do to communicate better on controversies, Mr. Valero said, is to “reframe” the starting point of discussions by looking for common ground. He noted that “[e]very criticism appeals to a value… which we share.”

“Conversation is so much more fruitful when we start from a common ground,” he said.

“We are meeting because we want this problem never to happen again. Now, let’s hear different proposals, and let’s evaluate them to see whether they will help us achieve the objective… because we all have the same aim.”

Current corruption controversies, for example, point to the need for integrity — something on which everyone from all political affiliations and persuasions agree.Although I can imagine that not a few eyebrows were raised when Cardinal Virgilio S. David revealed that a couple of lawmakers named in the current budget insertion controversy who sought his counsel had expressed doubts about the immorality of patronage politics

“When it comes to massive corruption… you wouldn’t expect people would be interested in me talking to them about a life of integrity, and how to educate the young in virtue… They may say: ‘Well, that is all very well, but… I’m busy with things I have to do,’” Mr. Valero said.

“Whereas now, we’re in a situation where everyone wants to know not just the short-term answer — who has done this and who can be sent to prison — but the long-term answer to the question: ‘How do we avoid this ever happening again?’” he explained, clarifying that solutions are not limited to values like integrity, but include installing more robust accountability systems.

The current corruption mess has revived decades-long attempts to operationalize a constitutional ban on political dynasties and lift restrictions on bank account information in order to make it easier to unearth ill-gotten wealth

REFRAMING TO BUILD BRIDGES
The conversations that follow from such reframing require a spirit of solidarity, whereby one does not build walls. Learn to avoid, for example, using the words, “they” or “other people,” which denote one’s separation from others from the beginning.

Actions could further back up this internal disposition, said Mr. Valero, who recalled an instance when he readily approached other guests in a public program to greet them with a smile (and “Let’s go out for drinks later”) before discussions on a divisive issue began.

That leads to another principle of good communication: communicate ideas clearly, but always with the good of the other person in mind. “We could be more concerned with our doctrine, reputation, possessions… than the wellbeing of people,” he noted.

Furthermore, “compassion counts,” he said, explaining that “people may not remember what you said, but they will remember how you made them feel.”

“… [T]his will help to get your message across, because if you make the other party feel rejected or tension, then they will not listen to you…”

Looking to build bridges — looking to provide clarity, “light, not heat” (not talking “at” the other party) — is also another requirement for good communication. “There’s a lot of heat in the world, and it’s not leading to communication,” but more to “miscommunication,” he noted.

Still another tip: “witnessing” — walking one’s talk in other people’s eyes — is more effective than any attempt at “winning” an argument. At this point, my mind immediately recalled some lawmakers who excel in such attempts in public hearings or plenary discussions. Acting consistently according to lofty principles in and out of the public eye trumps proclaiming them from rooftops anytime, if one were to convince others.

Now, effective communication, of course, does not lead automatically to dispute resolution or any other problem solving — which has other elements — but is a prerequisite of such objective.

It is, by no means, an exact science, but a way of finding enough common ground to move ahead, while laying the foundation for resolution of other points which parties may not readily agree on for the time being.

1 https://tinyurl.com/25up8b7y

2https://www.bsp.gov.ph/Lists/Business%20Expectations%20Report/Attachments/23/BES_3qtr2025.pdf

3 https://tinyurl.com/2ap8purq

 

Wilfredo G. Reyes was editor-in-chief of BusinessWorld from 2020 through 2023.

AREIT to expand portfolio with sixth property-for-share swap deal

AYALA CENTER CEBU — AYALAMALLS.COM

AREIT, INC. is set to augment its assets under management (AUM) by adding P19.5 billion worth of commercial mall properties from its sponsor Ayala Land, Inc. (ALI) through its sixth property-for-share swap.

In a disclosure on Wednesday, AREIT said its board of directors had approved the property-for-share swap with ALI and its wholly owned subsidiary Summerhill Commercial Ventures Corp. The transaction will boost AREIT’s AUM to P158 billion and expand its total gross leasable area (GLA).

Under the share swap deal, ALI and Summerhill will subscribe to 441.13 million primary common shares of AREIT in exchange for Ayala Center Cebu in Cebu Business Park and Ayala Malls Feliz on Amang Rodriguez Avenue, Pasig City.

These two assets have a combined building GLA of 375,000 square meters (sq.m.), increasing AREIT’s total GLA to 4.7 million sq.m. This includes 1.8 million sq.m. of building GLA and 2.9 million sq.m. of industrial land GLA.

After the transaction, the 1.8 million sq.m. of building GLA will be composed of 40% offices, 54% retail, and 6% hotels — boosting AREIT’s retail holdings and expanding its presence in Metro Manila and Cebu.

“This latest infusion strengthens AREIT’s portfolio with two dynamic retail destinations, enhancing both our geographic reach and asset mix. As we continue to build scale with quality, our shareholders will benefit from a larger and more diversified portfolio,” AREIT President and Chief Executive Officer Alberto M. de Larrazabal said.

ALI and AREIT plan to complete the deal in the second half of 2026.

The transaction is subject to approval by AREIT shareholders and regulatory clearance. Once finalized, total infusions for the year will amount to P40.5 billion, marking the largest annual increase in AREIT’s history.

Similar to past transactions, the company said this infusion is expected to support dividend growth and improve yields.

At the local bourse on Wednesday, AREIT shares fell by 0.12% or 5 centavos to close at P43 apiece, while ALI shares declined by 2.66% or 55 centavos to P20.15 each. — Alexandria Grace C. Magno

How a Naples museum protects its treasures with forensic mapping

THE MUSEUM houses over 21,000 pieces, among them a miter encrusted with nearly 4,000 precious stones. — TESOROSANGENNARO.IT

NAPLES — With the art world on high alert for any sign of the missing Louvre jewels, one Italian collection says its method of creating a photographic fingerprint of its own priceless gems and artifacts could make them harder to break apart and sell on.

A team of gemology experts has spent more than a decade studying the most valuable pieces of the collection at Naples’ Tesoro di San Gennaro. Using microscopes and specialized equipment, the team has photographed more than 10,000 stones.

As well as the armed security and alarmed displays that provide physical protection for the site, the process has allowed them to certify the unique characteristics of the gems to provide a kind of forensic fingerprint that experts liken to DNA.

Major European museums have declined to comment on their security protocols in the wake of the Louvre theft, but the Naples method offers a rare insight into some of the measures used by institutions.

LOUVRE DIRECTOR HAD WARNED ABOUT SECURITY
“If the Louvre had adopted this security system, thieves would not be able to resell the stones from the stolen jewelry,” Ciro Paolillo, a former professor of investigative gemology at La Sapienza University in Rome, who led the mapping work, told Reuters.

“The stones would be identified, even if cut, at the first official quality certification by an international body.”

Reuters was unable to verify whether the French museum had undertaken a comparable analysis of the stolen stones. The museum did not respond to requests for comment.

Louvre director Laurence des Cars has said she had repeatedly warned that the centuries-old building’s security was in a dire state. She said exterior security cameras did not offer full coverage of the facade, adding that the window through which the thieves broke in was not monitored by CCTV.

The Paris prosecutor said on Sunday suspects had been arrested over the robbery, but declined to give further details, saying newspaper reports about the arrests would hinder the search for the stolen jewelry and the perpetrators.

MUSEUM WAS MAFIA TARGET IN 1975
The San Gennaro treasures, a trove of sacred art and jewels, have been assembled over seven centuries from donations from popes, royals, and the wealthy. It includes a cross adorned with emeralds and diamonds given by Joseph Bonaparte, the eldest brother of Napoleon, who was king of Naples in the 1800s.

Nestled beside Naples’ cathedral, the museum houses over 21,000 pieces, among them a miter encrusted with nearly 4,000 precious stones and a necklace with over 1,500 gems.

It is named after the 4th century martyr who is the patron saint of the southern Italian port.

Although no official appraisal of the collection has ever been conducted, Francesca Ummarino, the museum’s director, told Reuters that the miter and the necklace together have an estimated value of around €100 million ($116 million).

It also includes 53 silver busts, most dating back to the 17th and 18th centuries, each weighing around 200 kg, she said.

The Italian team led by Mr. Paolillo analyzed samples of silver and gold to trace their origins to specific workshops in Naples’ historic Goldsmiths’ Quarter.

However such metallurgical mapping, no longer possible as alloys are now standardized by law, would not help in case of a heist.

“The criminals would melt down the masterpieces, making it impossible to understand the alloy,” Mr. Paolillo said.

Unlike most religious artifacts in Italy, the collection does not belong to the Vatican or the state. It is owned by the people of Naples and managed by the Deputazione, a lay institution founded in 1527.

The Treasure of San Gennaro was kept in the vault of the Bank of Naples for nearly 30 years following an aborted robbery attempt orchestrated by the local mafia, the Camorra, in 1975.

It was reopened to the public in 2003, and since then, no robbery has been reported, despite the city’s crime index remaining high.

“We have anti-theft security windows, all equipped with alarms. We have a military patrol on duty 24 hours a day at the museum entrance, and if, unfortunately, any objects were to be stolen, the mapping of the stones would allow us to recognize them,” said Riccardo Carafa d’Andria, vice-president of the Deputation.

“Out of deep devotion to their patron saint, Neapolitans do not touch the Treasure of San Gennaro — and they would never allow anyone else to touch it either.” — Reuters

Anker’s soundcore R60i NC wireless earbuds now available in PHL

ANKER INNOVATIONS

ANKER INNOVATIONS’ premium audio brand soundcore has launched the R60i NC true wireless earbuds in the Philippines.

The earphones are priced at P1,795 and are now available exclusively on its Shopee store. They will be sold across all platforms starting Nov. 8.

The brand said the new earbuds feature significant upgrades from their predecessor, the R50i NC.

“As the first R-Series earphones with Hi-Res Audio certification and LDAC (Lossless Digital Audio Codec) support, the R60i NC sets a new benchmark for affordable premium sound with tons of new and improved features,” it said.

The R60i NC promises up to 40 hours of battery life with active noise cancelling (ANC), and up to 50 hours when the ANC is turned off.

“Its ANC also jumps from -42dB to -52dB ANC, raising the bar and making it one of the strongest in its category. Using Helmholtz resonance chambers and four high-precision microphones, its intelligent algorithm dynamically analyzes your environment every 0.007 seconds to maintain uninterrupted calm wherever life takes you,” Anker said.

“It also features an 11mm titanium-coated driver with a 0.2mm magnetic gap, so you can enjoy deep bass, delivering a rich and immersive listening experience.”

The earphones also have artificial intelligence (AI) translation support for over 100 languages and dialects and can translate real-time and face-to-face conversations via its AI assistant feature called Anka.

“With its 6-mic AI Clear Call system that optimizes voice pickup and its multi-point connection, the R60i NC is also a perfect companion for busy students who attend online classes and remote workers who jump into video calls, who need to seamlessly change devices,” the brand added. — BVR

EastWest Bank launches debit card for SMEs

EAST WEST Banking Corp. (EastWest Bank) has launched a debit card for small and medium enterprises (SMEs) powered by Visa as it looks to expand its offerings for the segment.

The EastWest BizAccess Visa Debit card unveiled on Tuesday comes with a checking account and an online platform where SME owners can manage funds for their business.

The checking account has a minimum maintaining balance of P25,000. Meanwhile, the EasyBiz Online Business Banking platform allows business owners to view balances, monitor transactions, pay suppliers, and manage their cash flow, including processing government payments via eGov, paying corporate bills, and other transactions.

“A lot of our business banking clients are already SMEs. What this gives us right now is really a step-up in offering. With Visa’s capability, EasyBiz in terms of online, we can offer extra value-added services and offers that a small business would normally need, not only in order to start, but also to thrive… So, the real fight is really to go more into this area because they’re really the backbone of the economy at the end of the day,” EastWest Bank Chief Executive Officer Jerry G. Ngo said at a media briefing.

As of end-2023, the Philippines had about 1.2 million micro, small and medium enterprises that accounted for more than 99% of business establishments and about 66% of total employment in the country.

“We’ve already realized that a lot of our customers are already using our services for their own businesses… What we’re hoping to do is through this initiative — through this new set of products, services, and value proposition — is to formalize that,” Mr. Ngo said.

He said they want to help provide financing to SMEs that want to expand their business.

“You’ve been running your business for three to five years, but you want to scale up. At that point, you really need funds. You need capital. You need access to credit — access to the ability to scale up. And in many instances, if you haven’t kept your data clean or you’ve mixed it, it’s difficult for the bank to assess it. It’s hard to approve. And so that’s what we were trying to encourage right now, to get that conversation going, because if you need to start and to scale up, that’s the time that you really need access to the formal banking sector.”

Business owners may issue up to ten EastWest BizAccess Visa Debit cards to their staff.

It also features travel accident insurance, transaction notifications, and access to exclusive Visa promos and rewards for SME clients.

EastWest Bank is also offering welcome deals and waived over-the-counter fees for deposits and withdrawals for the card.

The online business banking platform also allows cardholders to lock and unlock their cards.

EastWest Bank’s attributable net income rose by 28.51% year on year to P2.297 billion in the second quarter, driven by its consumer segment.

This brought its first-semester profit to P4.13 billion, up by 18.51% from the same period last year.

The bank’s shares edged up by two centavos or 0.18% to close at P11.42 apiece on Wednesday. — A.M.C. Sy

Governance by blockchain

STOCK PHOTO | Image by Archistella from Freepik

Governance by blockchain is becoming institutionalized in public administration. Within weeks of each other, the Department of Public Works and Highways (DPWH), the Securities and Exchange Commission (SEC), and the Supreme Court (SC) have all announced their respective blockchain initiatives.

I am concerned, however, that this government use of blockchain technology is creating expectations that don’t consider the potential for failure if baseline infrastructure is weak. And by baseline, I refer to the policy and regulatory environment, as well as the pillars of law, audit, energy, and human capacity.

Blockchain technology is a digital system for recording and verifying information shared across multiple computers linked together, instead of being stored in a single location. Every new record, called a block, is linked to the previous one, forming a chain that cannot be easily changed.

In short, blockchain is a “public notebook” that everyone can view and verify, and that no one can secretly erase or rewrite. Each page or block is filled, signed, and time-stamped before the next one is added. And any attempt to tamper with the record leaves visible evidence.

Current government documentation, recording, audit, and legal processes remain largely analog, with information written on physical documents that cannot be easily accessed and may be lost, altered, or destroyed. It is logical to migrate government documentation from paper to digital systems.

Blockchain promises unchangeable records, time-stamped transactions, and public visibility. These are features seemingly designed to deter manipulation and corruption. But like every reform that weds technology to bureaucracy, success will depend on compliance. And the more crucial question is whether blockchain in governance can stand the test of law, audit, and sustainability.

DPWH’s Integrity Chain initiative aims to use blockchain to document and track infrastructure projects, from budgeting and procurement to construction milestones. SEC’s VERITAS system will authenticate corporate filings such as articles of incorporation and financial statements, giving digital documents the same legal force as notarized papers. The SC will secure court records through a blockchain-backed records management system.

All three initiatives seek to address an enduring weakness in governance: the vulnerability of records to manipulation. Blockchain, once a tech buzzword, is now entering the bureaucratic bloodstream. And this, to me, raises the stakes, especially since these programs will affect millions of people.

For DPWH, blockchain promises tamper-proof project ledgers to deter ghost projects, falsified inspections, or duplicate or fraudulent payments. For SEC, it ensures that corporate filings are verifiable, resistant to forgery, and traceable to their legitimate origin. For SC, it means that court orders, pleadings, and decisions can be authenticated digitally without fear of alteration.

These efforts share a common goal: to create an immutable chain of trust in how government handles documents. But they also share a common challenge: blockchain records must be legally recognized as official, audit-admissible, and court-admissible documents, not merely digital copies of written ones.

Until that recognition becomes explicit, with a clear basis in law, these ledgers may not have legal weight. If a dispute arises between a contractor and the DPWH, or if a litigant challenges a court record, it remains uncertain whether the blockchain entry itself constitutes the “official record” or merely a certified digital copy. Without formal recognition, the technology may promise integrity while still relying on paper for legitimacy.

Legally, some foundation already exists. The Electronic Commerce Act of 2000 (RA 8792) recognizes electronic records and signatures, granting agencies authority to digitize official transactions. However, the law predates blockchain. It validates only the data message, but not the distributed ledger (blockchain) that intends to store it.

In effect, RA 8792 opens the door, but agencies like DPWH, SEC, and the Supreme Court must still cross the threshold by formally declaring blockchain entries as official government records that are audit-admissible, court-admissible, and covered by public-sector accountability laws. To be safe, I believe we should codify the use of blockchain ledgers for government records.

RA 8792 can serve as the starting point for legal recognition of blockchain-based systems. It may be the legal key that unlocks digital transformation, but I don’t think it can be the definitive framework that governs it. The law did not anticipate decentralized validation or consensus mechanisms involving networked computers as data repositories.

Also, it doesn’t seem like RA 8792 automatically confers “official record” status on blockchain entries for audit or evidentiary purposes. And while RA 8792 authorizes e-transactions, it does not create a central body to coordinate blockchain deployments across agencies. It also lacks provisions for energy resilience, cybersecurity, and continuous availability of connectivity and power for digital operations.

For blockchain in governance to work, there must be formal recognition of blockchain entries as government records under evidence, audit, and records-retention laws. SEC appears to be asserting this principle by giving blockchain-verified documents the same effect as notarized filings. A dedicated national law could institutionalize this approach so that agencies need not rely on piecemeal circulars for different agencies.

Legal recognition through legislation will protect agencies and assure citizens and investors that what they see on any official blockchain ledger is binding, admissible, and enforceable. Without that, blockchain risks becoming a transparency showcase rather than a true governance system.

Another concern is that blockchain systems demand reliable electricity, secure data centers, and consistent network access. Yet many regional government offices still suffer from unstable power and poor connectivity. Do we have the dependable infrastructure required to effectively and efficiently employ blockchain technology in public administration?

A blockchain-based filing system or project ledger cannot function if the servers hosting it go dark during brownouts, or if provincial data centers fail to synchronize data due to limited bandwidth. In the private sector, downtime is a nuisance. But in government, it can halt transactions, delay payments, or even stall justice.

The great risk is that we may be building critical digital platforms on fragile physical foundations. Blockchain may promise incorruptible records, but only if electricity and connectivity are equally dependable. The ledger may secure the data, but who secures the grid?

Every aspect of blockchain operations depends on uninterrupted power. As more government functions move online, from procurement to business registration to court records management, public-sector performance will increasingly depend on the reliability of the energy sector and the strength of the digital backbone. Energy and IT security are prerequisites to governance integrity.

I also worry that the DPWH, SEC, and SC and possibly other agencies are all adopting blockchain independently, without a unifying plan. This risks creating individual chains that cannot communicate with each other, or that operate in parallel but with inconsistent standards. A law on blockchain governance should therefore provide a national framework with unified standards and clear public oversight.

Such a framework should include a needs assessment to determine where blockchain genuinely adds value; standards for validation, interoperability, cybersecurity, and data sovereignty; compliance with procurement and privacy laws; legal bases for recognizing blockchain-recorded data as official and enforceable; promotion of more investments in energy capacity, data centers, and reliable networks to complement blockchain adoption; and, integration and interoperability among agencies, with a single point of oversight for governance, audit, and maintenance.

The use of blockchain-secured records points toward a digital republic that can make corruption harder and accountability easier. But policymakers must first understand what the technology truly does. Without clear legal authority, blockchain records are merely digital references. And without reliable electricity and connectivity, they will remain government electronic filing systems that are, ironically, often offline.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

PLDT taps Ciena’s optical tech to boost PHL digital infrastructure

WIKIMEDIA COMMONS/PATRICKROQUE01

PLDT INC. hopes to enhance the Philippines’ domestic backhaul infrastructure through a partnership with US-based Ciena Corp., which will deploy advanced optical technology to improve data transmission from the Asia Direct Cable (ADC) system to local end users.

“PLDT is committed to strengthening the country’s digital backbone by ensuring that the international capacity carried by the ADC system translates into world-class connectivity for users nationwide,” PLDT Senior Vice-President and Enterprise Business Head Patricio S. Pineda III said in a media release on Wednesday.

By utilizing Ciena’s optical technology, PLDT can provide faster and more reliable services boosting the country’s digital economy from individual users to enterprises and even hyperscalers, Mr. Pineda said.

“The Philippines is a key destination for many global cloud providers and enterprises seeking to expand their presence in Asia… Ciena’s market-leading optical technology provides a seamless connectivity link to advance international trade and digital transformation within the Philippines,” said Ciena Vice-President for Asia Pacific Matt Vesperman.

Ciena focuses on optical network, data transmission, and network management.

ADC is a low latency subsea cable utilizing emerging technology and offering access to PLDT’s hyperscale data center like its VITRO Sta. Rosa.

ADC also complements trans-Pacific cables like Jupiter Cable System, which links the Philippines to Japan and the United States.

PLDT is deploying Ciena’s WL5e coherent optical technology to support multi-terabit traffic, enabling low-latency, high-capacity connectivity from the ADC landing station to its backbone network.

Ciena’s navigator network control suite will also enhance operational efficiencies for PLDT’s network by accelerating and simplifying network planning, it said.

PLDT through its corporate arm PLDT Enterprise will continue to ramp up its digital investments to optimize enterprise operations.

At the stock exchange on Wednesday, PLDT shares rose by P2, or 0.18%, to end at P1,112 apiece.

Hastings Holdings Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings Inc., holds a majority stake in BusinessWorld through the Philippine Star Group. — Ashley Erika O. Jose

1...809810811...14,274Page 810 of 14,274
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube