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Recreate the way you learn with Globe’s prepaid WiFi internet kit for education

The start of the academic school year proved challenging for students, parents, and educators. After years of face to face interactions in classrooms, everyone had to adjust by going online. This has placed great pressure on everyone involved, especially when connectivity issues begin to impact the overall learning experience. To address this crisis, a growing list of learning institutions have partnered with Globe for its Prepaid Internet Kit for Education.

“Learning institutions have realized that a reliable internet partner is an effective tool for education. Globe is helping them seamlessly adapt to the changing times with an affordable and reliable device that will help both students and teachers in distance learning,” says Mark Abalos, Globe Segment Head for Education.

The prepaid kit comes with a WiFi modem that can support online learning. For just P999 per device, students have access to Globe’s nationwide LTE and 3G networks. Each kit comes with a free 10GB data allocation valid for seven days. It is easy to install and has no monthly fees, so students can plug in the device and get started on online classes. It can connect multiple users so families can share it.

Moreover, Globe customized affordable mySchoolSURF internet promos with large data allocations. For just P199 a week, students get 34GB of data, including 6GB of open access data and 4GB daily for learning, productivity, and communication apps like Canva, Course Hero, and Canvas.

To date, over 90,000 students and teachers from  Ateneo de Davao University, Arellano University, Cebu Technological University, STI, De La Salle University, APEC Schools, Mapua University, National University, and the PHINMA Education Network (Araullo University and Cagayan de Oro College) enjoy mySchoolSURF offers.

The Prepaid Internet Kit for Education is designed to help educators and parents integrate technology and digitally transform learning amid the COVID-19 crisis. As the education sector continues to adjust to the pandemic, Globe is strengthening its position as the country’s most reliable and trusted connectivity and ICT solutions partner for 21st-century learning.

On a much larger scale, Globe supports the call of the United Nations Global Compact (UNGC) to address UN’s Sustainable Development Goals (UNSDGs). Globe has been committed to particularly uphold 10 UNSDGs, which included Education, to help address the country’s most pressing social and environmental issues.

As a purpose-led organization, Globe Telecom seeks to create a wonderful world by combining innovation with the power of collaboration, to achieve inclusive and sustainable development for all. As the business continues to grow, the company strengthens its contribution to nation-building with an engaged and empowered workforce. Hinged on four (4) sustainability strategy pillars: Digital Nation, Care for the Environment, Care for People, and Positive Societal Impact.

For more information, visit the website at https://www.globe.com.ph/business/sme/prepaid-internet-kit-education.html#

Health sector gets 2021 budget boost

By Charmaine A. Tadalan, Reporter

THE BICAMERAL Conference Committee on Wednesday approved next year’s P4.5-trillion national budget, which is aimed at supporting economic recovery after a record recession due to the coronavirus disease 2019 (COVID-19) pandemic.

The bicameral conference committee report on the General Appropriations Act of 2021  was ratified by the House of Representatives and the Senate on Wednesday evening. The budget bill will then be sent to President Rodrigo R. Duterte for his signature before Christmas.

The Bicameral Conference Committee agreed to increase the allocation for the health sector by 42% to P287.47 billion, from the P203.1 billion originally proposed by the Budget department under the National Expenditure Program (NEP). The funds will go to the Department of Health (DoH), Philippine Health Insurance Corp. and healthcare personnel, among others.

“When the NEP was prepared, wala pang usapan sa vaccine, maliit lang ang allocation (there was no talk of a vaccine, and the allocation was small). So we had to adjust,” Senator Juan Edgardo M. Angara said in a briefing live streamed on Facebook, Wednesday.

Mr. Angara said one of the challenges was to source funds for the COVID-19 vaccine, which will likely be distributed by mid-2021.

Under the budget, P72.5 billion will be set aside for the implementation of a COVID-19 vaccine program. Of this, P2.5 billion is under the DoH, while the remaining P70 billion will be unprogrammed funds.

The amount is lower than the Senate-approved P83-billion allocation for vaccines, which includes P8 billion under DoH budget and P75 billion in unprogrammed funds for vaccine procurement, distribution and storage.

Mr. Angara, joined by Appropriations Chairman and ACT-CIS Rep. Eric G. Yap, was speaking after the bicameral panel approved the reconciled version of the spending plan.

He said an advance copy of provisions of the budget has been sent to the Department of Budget and Management while the Executive branch awaits the enrolled copy, signed by both Senate President Vicente C. Sotto III and Speaker Lord Allan Jay Q. Velasco.

The chambers are working to avoid a repeat of the 2019 budget scenario that led to the reenactment of the 2018 budget for over four months. The delay stemmed from impasse between the House and the Budget department, and later with the Senate. The 2019 budget was also reenacted for less than a week in 2020, after President Rodrigo R. Duterte signed the 2020 budget only on Jan. 6.

The largest share of the 2021 budget goes to the education sector with P708.18 billion, in line with the Constitution.  The education sector’s budget, however, was 6.12% lower than initially proposed under the NEP.

The second-largest chunk goes to the Department of Public Works and Highways (DPWH) with P694.82 billion, up by 4.12%, as the government ramps up infrastructure projects to drive the sluggish economy.

Gross domestic product (GDP) slumped by 11.5% in the third quarter, after a 16.9% contraction in the second quarter pushed the country into its first recession in nearly three decades.

“Education sector is always highest under the Constitution. Infrastructure because a lot of projects, as we mentioned earlier, were not fully funded under the 2020. So, a lot of those were carried over,” Mr. Angara said.

Mr. Yap said the DPWH budget will include funding for the construction of additional COVID-19 quarantine facilities and repair of roads damaged when a string of typhoons hit the country last month. 

The bicameral panel also agreed to increase the budget of the Department Labor and Employment (DoLE) by 33.1% to P36.6 billion, the Department of Social Welfare and Development by 3.19% to P176.65 billion, while the Transportation department’s budget was cut by 39.1% to P87.44 billion.

“We also increased ’yung mga job programs for temporary employment, may mga programs ang DoLE d’yan and we also increased DFA (Department of Foreign Affairs) and DoLE ’yung repatriation funds nila because we are expecting OFWs (Overseas Filipino Workers) to return,” Mr. Angara said.

Also among the agencies with the largest budget were the Department of Interior and Local Government (P247.5 billion), Department of National Defense (P205.47 billion), Department of Agriculture (P68.6 billion) and the Judiciary (P44.1 billion).

Mr. Angara assured the final version has itemized provisions, in accordance with the Supreme Court ruling, declaring lump sum appropriations as unconstitutional.

“We avoided lump sum as much as possible, we tried to itemize them… secondly, there’s no, in terms of pork barrel, there’s no post-enactment identification or participation on the part of legislators,” he said.

The panel also did away with the provision, allowing the Commission on Elections (Comelec) to waive procurement safeguards for the 2022 elections.

Further, the 2021 budget will provide for the implementation of new laws, such as the law granting medical scholarship and chalk allowance for public teachers, and the creation of the Philippine Space Agency.

Jobless rate likely to remain high until 2022

By Beatrice M. Laforga , Reporter

THE GOVERNMENT now expects the unemployment rate to average 7-9% by 2022, as the coronavirus pandemic triggered massive layoffs.

The latest National Economic and Development Authority (NEDA) report on the October Labor Force Survey showed the government aims to bring down the jobless rate to 7-9% by 2022, after the unemployment rate averaged 10.2% so far this year.

Under the Philippine Development Plan (PDP) adopted in 2016, the unemployment rate was expected to hover around 3-5% by 2022.

The NEDA has updated employment targets in the country’s medium-term blueprint to take into account the impact of the pandemic on the economy.

The updated PDP and revised goals will need final approval from the NEDA Board — which is chaired by President Rodrigo R. Duterte, according to NEDA National Policy and Planning Staff (NPPS) Director Reynaldo R. Cancio.

“The extensive impact of the COVID-19 pandemic has taken a toll on the government’s employment related targets in the PDP 2017-2022. This outturn warrants more aggressive policy actions to ensure that the revised targets will be achieved,” the report read.

The NEDA report showed the government failed to meet its initial target to lower the jobless rate to 3.8-5.2% in 2020 as many businesses were badly affected by the strict lockdown and economic slowdown.

Official data showed the unemployment rate eased to 8.7% of the labor force in October, from 10% in July and the record 17.7% in April. Underemployment rate — or the proportion of those already working but still looking for more work or longer working hours, dropped to 14.4% in October from July’s 17.3%.

The increase in the jobless rate meant 2.571 million jobs were shed for the entire year, missing the initial goal of adding up to 1.1 million jobs by year’s end.

“Amid the extraordinary circumstances brought by the COVID-19 pandemic, the majority of the employment related targets in the PDP 2017-2022 were not met in 2020,” NEDA said.

The government was not able to meet the goal of reducing the jobless rate among youth to 9.2% after official data showed this spiked to 19.4% this year. It also failed to increase the labor force participation rate of women to 50.5% this year, with the actual rate slipping to 45.8%.

The government only reached two goals and exceeded one out of its seven employment targets for the year, with underemployment rate outside the capital region hitting 17.3% (within 16.9-18.9% target); percentage of youth not in education, employment or training lowered to 18.5% (within the goal of 17.5-19.5%); and the target of reducing discouraged job seekers to 3.9% (exceeding the 11% target).

“Providing relevant and timely policies will be crucial to stay on track in improving employment profiles,” the NEDA said.

At the same time, the socioeconomic planning agency set bleaker employment targets for other indicators such as the youth unemployment rate which is now targeted to settle within 20.5-22.2% by 2022, drastically far from the initial goal of lowering the rate to 8-11%.

A more ambitious target for underemployment levels in areas outside Metro Manila was set at 15.5-17.5% by 2022 from the goal set in 2016 at 16-18%.

The NEDA has set new targets in increasing the participation rate of women in the workforce to 48.5-50.5% by 2022; reducing the percentage of discouraged job seekers to 11%; and bringing down the percentage of youth not in school, employment or training to 17-19%.

To achieve these revised employment goals, NEDA said the government should boost the agriculture sector’s resilience to natural disasters and climate change, while mass transport should be ramped up further amid looser quarantine rules to support resumption of economic activity.

Cash-for-work programs and ramping up the “Build, Build, Build” infrastructure program can also boost job generation across the country as well as other relief measures the government provides to hard-hit sectors such as emergency cash grants and loan programs.

“Upskilling and retooling of displaced workers, especially those from vulnerable groups may be prioritized. Training programs need to be designed to develop in-demand skills as we transition to the new normal (i.e. digital adeptness and technological skills). Targeted training modules may need to be developed to address the needs of the youth, displaced workers, new entrants to the labor force, and the vulnerable sector,” the report said.

The NEDA said job creation would depend on the pace of economic recovery, so the timely passage of next year’s P4.5-trillion budget and bills proposed to lower corporate income tax and create special purpose vehicles where banks can offload bad assets onto are crucial to achieving these targets.

“These will ensure the accelerated implementation of the country’s main growth drivers such as projects under the (infrastructure) program and digital infrastructure developments. Overall, these are expected to create more employment opportunities and drive productive activities across industries,” it added.

Power rates go down in December

Typical households in Metro Manila will likely see a P7 cut in their power bills this month. — PHILIPPINE STAR/MICHAEL VARCAS

HOUSEHOLDS in Metro Manila can expect to see a P7 reduction in their power bills this month, after Manila Electric Company (Meralco) on Wednesday announced a cut in overall rates due to lower demand in the Luzon grid.

In a statement, the distribution utility said the December electricity rate fell by P0.0352 per kilowatt-hour (kWh) to P8.4753 per kWh from the November level. This is the lowest overall power rate since September 2017, Meralco added.

Typical households consuming 200 kWh will see a P7 cut in this month’s bills, while those consuming 300 kWh, 400 kWh and 500 kWh will see a reduction of P11, P14, and P18, respectively in their bills.

Meralco said the generation charge fell by P0.0502 per kWh to P4.1516 per kWh this month due to the P0.1881 per kWh reduction in charges from the Wholesale Electricity Spot Market (WESM) and a decline in demand from the Luzon grid.

“Luzon grid’s power supply situation improved in November following a drop in demand which decreased due to successive weather disturbances. From October 2020’s peak demand of 10,344 megawatts (MW), November 2020 peak demand decreased to 9,886 MW,” Meralco said.

The cost of power from Independent Power Producers (IPPs) slipped by P0.2577 per kWh because of improved average plant dispatch and the appreciation of the peso against the US dollar. Power Supply Agreement (PSA) charges also decreased by P0.0214 per kWh as the peso strengthened against the greenback.

WESM, IPPs and PSAs comprise 9%, 39% and 52% of Meralco’s energy requirements, respectively.

Transmission charges for residential customers slid by P0.0044 per kWh due to lower power delivery and ancillary service charges. Taxes and other charges logged a net increase of P0.0194 per kWh.

Meralco said that the collection of the Universal Charge – Environmental Charge of P0.0025 per kWh has been suspended, in accordance with the Energy Regulatory Commission’s (ERC) guidelines.

Meralco’s distribution, supply and metering charges remained unchanged for 65 months, following registered reductions in July 2015.

It reiterated that it does not earn from the pass-through charges, such as the generation and transmission charges.

“Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP (National Grid Corporation of the Philippines). Taxes and other public policy charges like the Universal Charges and the FIT-All (Feed-In Tariff Allowance) are remitted to the government,” the company said.

Meralco said that it would continue to serve the public during the general community quarantine (GCQ), as its business centers will continue to process service applications, payments and other transactions.

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 a stake in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang

Senate panel endorses amendments to AMLA

THE SENATE Committee on Banks and Financial Intermediaries on Wednesday endorsed for plenary action the measure strengthening the country’s regulations to counter money laundering.

Senate Bill No. 1945 will amend Republic Act No. 9160, the “Anti-Money Laundering Act of 2001,” in line with the recommendations of the Financial Action Task Force (FATF) which sets standards against money laundering and terrorist financing.

“We are implored to immediately act on it by the Asia/Pacific Group on Money Laundering as a form of national economic emergency due to the very serious economic cost, arising from non-compliance,” Senator Grace S. Poe-Llamanzares said in her sponsorship speech, Wednesday.

Failure to enact and implement the AMLA amendments puts the Philippines at risk of being gray-listed, along with Albania, Pakistan and Syria. The Philippines was originally given until October to address deficiencies in the anti-money laundering law, but this was extended by the FATF to February 2021 due to the pandemic.

Its counterpart, House Bill No. 7904, was approved on third and final reading on Dec. 1. Congress has until Dec. 19 to act on the measure before it goes on a month-long break until Jan. 17.

The measure has been certified as urgent by President Rodrigo R. Duterte, allowing the chamber to approve the measure on second and third reading on the same day.

“Being on this (gray list) is a very strong signal to market participants and regulators globally. It has implications which we must avoid as much as we can, especially during the time of a global pandemic,” Ms. Poe-Llamanzares said.

She noted the European Union and other countries will likely impose an enhanced due diligence (EDD) on Filipino nationals and businesses, resulting in additional cost, higher interest rates and processing fees for Filipinos doing business abroad. The EDD will also affect the cost of sending remittances for overseas Filipino workers.

“To make matters worse, the Philippines will incur a ‘reputational risk’ that would certainly result in reduced investor and lender confidence,” the senator said.

“All of these things will be a major setback in our efforts to achieve an ‘A’ credit rating before 2022. This is a scenario that we have to steer away from.”

The bill proposes to enhance the Anti-Money Laundering Council’s (AMLC) investigative powers and to give it the power to apply for a search warrant and obtain information on ultimate beneficial ownership. AMLC will also be authorized to implement targeted financial sanctions on proliferation financing.

The council may also preserve, manage or dispose assets subject to asset preservation order and judgment forfeiture and prohibit the issuance of injunctive relief against freeze orders and forfeiture proceedings.

Under the measure, the AMLA will now cover real estate developers and brokers with single transactions involving at least P5 million. Initial versions of the bill provided for a P1-million threshold, but was increased upon the recommendation of the real estate industry.

The Philippine Association of Real Estate Boards had earlier said the P1-million cap on single cash transactions will affect the promotion of real estate investment in the Philippines.

Real estate activities, according to Ms. Poe-Llamanzares, is widely used as a front for money laundering and terrorist financing. She further noted that internet-based casinos, including offshore gaming operators and service providers, will be covered by the AMLA. — Charmaine A. Tadalan

MPIC, KIT to acquire petroleum storage facility

By Arjay L. Balinbin, Senior Reporter

METRO PACIFIC Investments Corp. (MPIC) has partnered with Keppel Infrastructure Trust (KIT), a business trust listed in Singapore, to acquire a company that operates the “largest” petroleum products import terminal in the Philippines, the former announced on Wednesday.

In a disclosure to the stock exchange, MPIC and its partner said they entered into a sale and purchase deal with the Philippine Investment Alliance for Infrastructure to acquire the Philippine Coastal Storage & Pipeline Corp.

The Philippine Investment Alliance for Infrastructure is a 10-year closed-end fund managed by Macquarie Infrastructure and Real Assets.

MPIC said it would initially hold a 20% stake in the parent firm of the Philippine Coastal Storage & Pipeline, the Philippine Tank Storage International Holdings, Inc., for a purchase consideration of $67 million. KIT will indirectly hold 80% of the shares.

The Philippine-based unit investment holding company of the First Pacific Co. Ltd. said it is discussing with its partner to give MPIC an option to increase its interest in the Philippine Coastal Storage & Pipeline “up to 50%.”

MPIC Chairman Manuel V. Pangilinan noted the 150-hectare facility is a vital energy infrastructure for the Philippines, as it accounts for 36% of the total import terminal storage requirements of the country.

The facility is located in the Subic Bay Freeport Zone. It is the “largest independent storage facility in the Philippines with a storage capacity of approximately 6.0 million barrels, when it completes an expansion in early 2021,” MPIC said.

Mr. Pangilinan said MPIC and its partner “look forward to further expanding” the facility’s capacity to provide Filipinos with “added energy security.”

“Through this investment, MPIC will be able to diversify its portfolio and revenue streams in a new industry vertical with strong growth potential,” the Philippine-based firm said.

MPIC also noted the Philippine Coastal Storage & Pipeline generates “stable cash flows via take-or-pay contracts with high quality off-takers.”

Keppel Infrastructure Fund Management Pte Ltd, the trustee-manager of KIT, said the acquisition of the Philippine Coastal Storage & Pipeline would “grow and strengthen” the resilience of the business trust’s distributable cash flow.

The acquisition “presents an attractive opportunity for KIT to capture opportunities arising from the strong macroeconomic outlook as well as robust growth fundamentals for imported petroleum products in the Philippines,” said Matthew Pollard, chief executive officer of Keppel Infrastructure Fund Management.

MPIC reported core net earnings of P2.4 billion for the third quarter, lower by 37%  from a year ago.

The company anticipates its full-year core net income to end at a little over P10 billion, down from its P15.6-billion finish last year.

MPIC shares closed 3.52% lower at P4.39 apiece on Wednesday.

MPIC is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in BusinessWorld through the Philippine Star Group.

FHC wins bid for 25-year lease to develop hotel in Baguio City

FILINVEST HOSPITALITY Corp. (FHC) won a bid for a 25-year lease to develop a 200-room hotel in Baguio City under an agreement with the Bases Conversion and Development Authority (BCDA) and the John Hay Management Corp.

The Filinvest Development Corp. (FDC) subsidiary will develop the 5,700-square meter property at Camp John Hay, which will be managed by Chroma Hospitality Inc., Filinvest said in a press release on Wednesday.

The agreement was signed by BCDA President and Chief Executive Officer Vivencio B. Dizon, JHMC  President and Chief Executive Officer Allan Garcia, and FHC Senior Vice President Francis Gotianun on Wednesday.

Mr. Gotianun said the hotel will be ready for guests in three to four years, which he said is in line with anticipated tourism recovery and the company’s expectation that Baguio will remain a top tourist destination.

“As early as now, since the loosening of the lockdown and implementation of more efficient health and safety protocols, we are beginning to see signs of that recovery,” he said.

Baguio City last week raised its tourist cap to 1000 people, which was set at 500 in October. Travellers must submit a negative result of an RT-PCR or rapid test done 72 hours before the planned travel.

Tourism revenue this year fell almost 80% to P81 billion in the first 10 months, the Department of Tourism said last month, adding that it recorded no tourism spending from April to October.

BCDA in March published the bid invitation for the Sheridan Drive Center in the John Hay Special Economic Zone for a hotel with commercial and retail components.

The minimum bid was P5.1 million or the equivalent starting annual lease payment on the fifth year of the 25-year renewable contract.

The Filinvest hotel will be the first dual property under both the Grafik Hotels and Resorts and Quest Hotels and Resorts brands. Quest operates in Cebu, Clark and Tagaytay, while a Grafik resort is being developed in Cebu.

Chroma Hospitality is a joint venture  hotel management company between FDC and Archipelago International of Singapore. FHC is a wholly owned hospitality development and asset management subsidiary of FDC.

Shares in FDC went up two cents or 0.21% to P9.54 apiece on Wednesday. — Jenina P. Ibañez

Cebu Pacific offers ‘piso sale’ as it seeks to boost air travel

CEBU PACIFIC said on Wednesday it would have to continue its efforts to boost air travel as the budget carrier cannot afford to wait for a coronavirus vaccine.

“I think we cannot afford to wait for the vaccine to get here before we start to confidently fly again because of the impact of travel and tourism on the economy,” Candice A. Iyog, Cebu Pacific vice president for marketing and customer service, said at a virtual forum on Wednesday.

She said the low-cost carrier, operated by Cebu Air, Inc., is “finding the right balance based on the information it has, based on the technology, and based on what it has in place today so that it can already start calibrating and moving closer towards where its peers are.”

On Monday, Cebu Air President and Chief Executive Officer Lance Y. Gokongwei said at a Palace briefing that the “airline sector is really under severe stress.”

“This year, we will lose almost P25 billion. But I think that’s part of doing business,” he added.

Mr. Gokongwei said the company’s main priority for now is to operate the airline “in a very safe and secure manner for both its passengers and employees” in order to regain people’s confidence in flying amid the pandemic.

The low-cost carrier also announced on Wednesday that it will be offering its trademark “piso” seat sale from Dec. 10 to 12 for travels from Aug. 1 to Nov. 30 next year.

“A lot of us are looking forward to experiencing the wonders of travel again, especially now that we are seeing more domestic destinations reopen its doors for tourists. We firmly believe the holiday season is the perfect time to share this gift with everyJuan,” Ms. Iyog said.

Cebu Air’s net loss for the third quarter of the year widened to P5.54 billion from the P375.67 million loss it incurred a year earlier, mainly as a result of low passenger traffic.

Its revenues for the third quarter dropped 89.4% to P2.01 billion.

Cebu Air’s shares closed at P51.35 each on Wednesday, gaining five centavos or 0.10%. — Arjay L. Balinbin

Solar Philippines targets 1 GW in projects next year

SOLAR PHILIPPINES plans to build over 1 gigawatt (GW) of projects in Batangas, Cavite, Nueva Ecija and Tarlac next year, in a bid to boost the country’s installed solar capacity, the company said on Wednesday.

These ventures would represent the first, second and third largest solar projects in the Philippines, the company said, citing data from the Energy department.

These projects will “nearly double the country’s total installed solar capacity as of 2020, and answer the power demand of around 10 million Filipinos,” Solar Philippines said.

“The 1 GW of solar projects are planned to create over 20,000 jobs during construction, which will last until 2022, and support government efforts to boost investments in the countryside,” the firm added.

Solar Philippines said it is currently on-boarding partners and professionals to help out in its projects in line with its new strategic direction, as seen in its Batangas and Tarlac solar farms.  — Angelica Y. Yang

Century Pacific extends contract with Vita Coco

FOOD manufacturer Century Pacific Food, Inc. (CNPF) has extended its long-term agreement with coconut water brand Vita Coco.

In a stock exchange disclosure on Wednesday, the company said its $165-million multi-year contract as the original equipment manufacturer for Vita Coco will strengthen its position as a top coconut water exporter.

“The extension of our long term agreement with the global leader in packaged coconut water is proof positive that both parties are fully confident that, together, we will continue on the growth trajectory we have seen over the last few years into the foreseeable future,” CNPF Vice President and general manager for coconut business Noel M. Tempongko, Jr. said.

CNPF Executive Chairman Christopher T. Po added that the long-term agreement with Vita Coco will bode well for the company as it assists in creating value for the said fruit.

“For CNPF, our growing presence in the global coconut market is in line with our long-term vision of a diversified portfolio of shelf-stable food and beverage products,” Mr. Po said.

“We will continue to leverage on our manufacturing expertise to capitalize on emerging global trends, particularly towards health and wellness products,” he added.

The company said its extended deal with Vita Coco is projected to benefit coconut farmers in Mindanao as they are assured of market access for their produce over the next few years, thus increasing their income.

CNPF recently partnered with non-profit organization Friends for Hope for the annual donation of 100,000 coconut seedlings in the next five to eight years to smallholder coconut farmers that will replace senile trees in Mindanao.

“In addition to supporting farmer incomes and expanding long-term coconut supply in the region, planting the coconut trees will sequester about 416,680 metric tons (MT) of greenhouse gas emissions over the next eight years, allowing the company’s coconut subsidiary aims to be ‘carbon-neutral’ by 2028,” the company said.

The company earlier invested P300 million for the improvement of its coconut manufacturing capacity in order to keep up with international demand for high-value coconut products.

Shares of CNPF rose 2.17% or 38 centavos to end at P17.90 apiece on Wednesday. — Revin Mikhael D. Ochave

LIMA Estate to be expanded

ABOITIZ GROUP’S Lima Land, Inc. will expand its Batangas estate to bring in more industrial locators and create around 20,000 jobs.

Lima Land plans to develop over 100 hectares of its 700-hectare LIMA Estate for new locators and redevelop its 30-hectare business district to house new commercial lots, outsourcing companies, and office buildings, Aboitiz said in a press release on Wednesday.

The developer also plans to accommodate dormitories, schools, hospitals, hotels, and civic centers in the business district.

Lima Land plans to complete the expansion by the third quarter of 2022.

Aboitiz Integrated Economic Centers First Vice President Rafael Fernandez De Mesa said the company is developing the area into a smart city with digital infrastructure.

“A smart city in Calabarzon opens up a new wave of opportunities, with data at the forefront of improved operations across the city,” he said.

The LIMA Technology Center economic zone has 124 domestic and international locators employing 55,000 people. Aboitiz Group developed the area into a mixed-use estate after acquiring it in 2014.

The company added that metal processing business Philippines TRC Incorporated will be expanding its LIMA-based facilities next year, and Japanese wire harness manufacturer Leading Co. Ltd. will start building facilities in December 2021 to start operating by March of the next year.

“We have been speaking to several potential locators for all of our Integrated Economic Centers throughout the lockdown, and what makes LIMA a great investment is its existing, fully established ecosystem already in place,” Aboitiz Integrated Economic Centers Vice President for Business Development Eduardo Aboitiz said.

Aboitiz Group’s listed holding company, Aboitiz Equity Ventures, Inc. (AEV), posted a 55% income decline to P4 billion in the first semester.

Shares in AEV went up P1 or 2.23% to end at P45.75 apiece on Wednesday. — Jenina P. Ibañez

US cybersecurity firm FireEye discloses breach, theft of tools

FIREEYE, one of the largest cybersecurity companies in the United States (US), said on Tuesday that it had been hacked, likely by a government, and that an arsenal of hacking tools used to test the defenses of its clients had been stolen.

The hack of FireEye, a company with an array of contracts across the national security space both in the United States and its allies, is among the most significant breaches in recent memory. The company’s shares dropped 8% in after-hours trading.

The FireEye breach was disclosed in a public filing with the Securities and Exchange Commission citing CEO Kevin Mandia. A blog post by the company said “red team tools” were stolen as part of a highly sophisticated, likely government-backed hacking operation that used previously unseen techniques.

It is not clear exactly when the hack initially took place, but a person familiar with the events said the company has been resetting user passwords over the past two weeks.

Beyond the tool theft, the hackers also appeared to be interested in a subset of FireEye customers: government agencies.

The chairman of the House Intelligence Committee, Rep. Adam Schiff, said he would ask for more information. “We have asked the relevant intelligence agencies to brief the Committee in the coming days about this attack, any vulnerabilities that may arise from it, and actions to mitigate the impacts.”

There is no evidence that FireEye’s hacking tools have been used or that client data was stolen. But the Federal Bureau of Investigation (FBI) and Microsoft Corp are helping to look.

“The FBI is investigating the incident and preliminary indications show an actor with a high level of sophistication consistent with a nation state,” said Matt Gorham, assistant FBI director for the Cyber Division.

A former Defense Department official familiar with the case said that Russia was high on the early list of suspects. In the run-up to the US elections, where Russian interference was a prime concern, US officials exposed some Russian hacking techniques.

Other security companies have been successfully hacked before, including Bit9, Kaspersky Lab, and RSA, underscoring the difficulty in keeping anything digital away from the most sophisticated hackers.

“Plenty of similar companies have also been popped like this,” said a Western security official who asked not to be named.

“The goal of these operations is typically to collect valuable intelligence that can help them defeat security countermeasures and enable hacking of organizations all over the world,” said Dmitri Alperovitch, co-founder and former chief technology officer at top rival CrowdStrike.

FireEye disclosing what happened and which tools were taken is “helping to minimize the chances of others getting compromised as a result of this breach.”

FireEye said it has been working to shore up defenses against its own tools with different software makers, and it released countermeasures publicly.

Those showed that the tools uses modified versions of public programs, said Vincent Liu, chief executive of security firm Bishop Fox and a former National Security Agency (NSA) analyst.

The stolen computer kit targets a myriad of different vulnerabilities in popular software products.

FireEye CEO Mandia wrote that none of the red team tools exploited so-called “zero-day vulnerabilities,” meaning the relevant flaws should already be public.

Past hacking attacks on government agencies and contractors have captured such higher-value hacking tools, and some of those tools have been published, wrecking their effectiveness as defenses are put in place.

Both the NSA and CIA have been burned this way in the past decade, with Russia a key suspect. Russian and Iranian tools have been hacked and published more recently. Private surveillance software makers have also been targeted.

Experts said it is hard to estimate the impact of a tool leak that focuses on known software vulnerabilities, but it could make attackers’ jobs easier.

“Exploitation tools in the wrong hands will lead to more victimization of people who don’t see it coming, and there’s already enough problems like that,” said Paul Ferguson, threat intelligence principal at security company Gigamon. “We don’t really need more exploitation tools floating around making it easier — look at ransomware.”

Whenever private companies learn of a vulnerability in their software products, they often offer a “patch” or upgrade that nullifies the issue. But many users do not install these patches at once, and some do not for months or longer. — Reuters

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