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Roero DOCG 2017 and Roero Riserva 2016

MY NEXT few columns, starting with this one, will look deeper into the wines I blind tasted at the Nebbiolo Prima 2020. For this week I will center on the Roero DOCG wines from vintage 2017, and the Roero Riserva from vintage 2016.

Roero is the least known and smallest of the three wine regions (the other two being Barolo and Barbaresco) featured at Nebbiolo Prima.

It is also the youngest among the three when it came to being established as a wine designated zone. Roero became a DOC (Denominazione di Origine Controllata) in 1985 and was promoted to DOCG (adding the “Garantita”) — the highest ranking among Italian wine classifications — in 2004. While Barolos and Barbarescos only have their famous reds, made from 100% Nebbiolo grapes, Roero has a white version, one of Piedmont’s proudest white wines, Arneis, classified as Arneis Roero DOCG. Roero DOCG reds are often known as a poor man’s Barolo or Barbaresco, given that the price is normally 30-50% cheaper than their more illustrious counterparts, with a bigger gap with Barolo than those of Barbaresco.

ROERO DOCG PARTICULARS
Based on numbers released by the Nebbiolo Prima organizers for the newly released vintages, Roero DOCG (red) only has 249 hectares of vineyards versus Barolo’s 2,091 hectares, and Barbaresco’s 750 hectares. The total production from the vineyards is just slightly below 500,000 bottles, or a miniscule 2.6% of the over 18.7 million bottles produced by the combined DOCG regions of Barolo, Barbaresco, and Roero. Roero’s better pricing against the other Nebbiolo DOCG wines is because of the less-strict rules on commercial release and barrel aging requirements that apply to it. For Roero DOCG, a minimum of 20 months aging, of which a minimum of six months should be in a barrel, are required before the earliest commercial release, and this is basically pegged at July 1 in the second year from vintage. For Barolo, it is 38 months minimum, with 18 months in a barrel. For Roero Riserva DOCG, a minimum of 32 months, of which a minimum of six months should be in a barrel, are required before the earliest commercial release on July 1 of the third year from vintage. A Barolo Riserva needs to be aged for 62 months, of which 18 months is in a barrel. Therefore, in reality, at our Nebbiolo Prima 2020 which took place late January, the Roero DOCG 2017 vintage and the Roero Riserva DOCG 2016 vintage that we were blind tasting were already being sold, either export or domestically, since July of 2019.

While Roero DOCG requires only 95% of the wine to be made from Nebbiolo grapes, the vast majority of the Roero producers use 100% Nebbiolo on their wines, same as neighboring Barolo and Barbaresco.

ROERO DOCG IMPROVEMENT
Roero is not a household name in wines and would probably never be given its miniscule size. My first Roero wine experience was when I attended Nebbiolo Prima 2015. Prior to that I had tasted Roero Arneis, the white Roero, but not the red version. In my first Nebbiolo Prima, Roero DOCG was previewing its 2012 vintage. I only gave three of the 24 Roero DOCG entries a score of 90 and above, or a measly 12.5%.

But in at this last Nebbiolo Prima, the 2017 vintage (not exactly a poster year for the region) of Roeros still seemed to be improving. I had some very animated conversations with my fellow journalists, and the common theme was that Roero wines are getting better with every new vintage. This year, we had slightly more Roero wines than last year: a total of 14 Roero 2017, versus last year’s 11 Roero 2016 entries. But my scores were higher too, with six of the 14 wines rated at 90 points and above, equivalent to 43% of total wines tasted. Last year, only four of 11 Roeros scored 90 points and above, equivalent to 36%. For the Roero Riserva 2016, the blind tasting result was even better. I loved several of the Roero Riserva 2016, scoring 10 of the 18 participating wines at 90 points or more, equivalent to an impressive 55.6%.

THE 2017 VINTAGE
The 2017 vintage in this entire Piedmont region stood out against its previous years because of its hot climate and little rainfall. The 2017 also came at the heels of two extremely good vintages in 2015 and 2016. Speaking to a few wine producers during our get-togethers, most admitted that the harvest of Nebbiolo grapes began in September, the earliest in memory from recent vintages. But quality is somehow still out for the jury to decide, as some wineries are talking of exceptional quality, while others experienced too much “burn” resulting in a lack of that much needed acid backbone.

MY RATINGS:
Please note these wines were tasted blind, and each wine was tasted for only a few minutes, given the huge quantity being tasted at any given morning during the entire Nebbiolo Prima event. Also understand that judgment of these wines was purely based on my personal biases and experience drinking, appreciating, and enjoying wines.

BEST ROERO DOCG 2017
My top six wines from this lot of 14 are the following:

1. Doltetto 1953 Roero 2017: 93 points. “fragrant nose of vanilla, figs, deep and luscious, minerally, yet easily approachable, and silky at the end”

2. Monchiero Carbone Roero 2017: 92 points. “deep and flavorful nose, notes of lavender, sweet oak, luscious and lingering finish”

3. Battaglino Fabrizio Roero 2017: 92 points. “lavender, perfumed, very round, minty, herbaceous, supple all the way”

4. Marsaglia Roero 2017: 91 points.

5-6. Both with 90 points. Bric Castelve Roero 2017 and Cascina Val Del Prete Roero 2017

Not surprisingly, in the blind tasting last year of Roero 2016 DOCG wines, I also gave Battaglino Fabrizio and Marsaglia a score of over 90 points.

BEST ROERO RISERVA DOCG 2016
My top 10 with 90 points score and over from a group of 18 wines:

1. Deltetto 1953 Roero Riserva 2016: 94 points. “tangy, very fresh, ripe, full bodied, screaming out of the glass, cassis, raisins, just incredible fruit power, full, viscous, long delicious finish”

2. Pelassa Roero Riserva 2016: 92 points. “hawthorn berries, deep and very lengthy, figs, well-structured, medium bodied, satin-like, suave all the way”

3-7. All with 91 points. Pace Roero Riserva 2016; Valdinera Roero Riserva 2016; Renato Buganza — Radici E Filari Roero Riserva 2016; Taliano Michele Roero Riserva 2016

Lorenzo Negro Roero Riserva 2016: 91pts.

8-10. All with 90 points. Malvirà Roero Riserva 2016; Monchiero Carbone Roero Riserva 2016; Cascina Del Pozzo Roero Riserva 2016

The biggest revelation to me was that Deltetto 1953 came as my No. 1 in both Roero DOCG 2017 and Roero Riserva DOCG 2016 in my blind tasting… an amazing feat indeed. When I checked my notes from Nebbiolo Prima 2015 and 2016, I found that Deltetto 1953 only participated in Nebbiolo Prima in 2016, and even then, I gave their Roero Riserva 2012 a high score of 91 points. Roero Riserva is the real bargain for me, and if you come across this wine region, please buy a few bottles as Roero no longer lives under the shadows of Barolo and Barbaresco, and their Riserva range is already an exceptional expression of what Nebbiolo grapes bring to the wine.

In my next column, I will tackle the Barbaresco 2017 vintage.

The author is a member of the UK-based Circle of Wine Writers (CWW). For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at protegeinc@yahoo.com.

JPMorgan executives say bank is big enough to weather any storm

JPMORGAN CHASE & Co. signaled an expectation of slow, steady growth over the medium term. — REUTERS

JPMORGAN CHASE & Co. executives tried to reassure investors on Tuesday that the bank can thrive during times of market and economic stress, due to the sheer size and breadth of its global operations.

At its annual investor day in New York, management offered updates on JPMorgan’s four main business lines but did not upgrade profit targets — signaling an expectation of slow, steady growth over the medium term.

JPMorgan has spent much of the last decade capitalizing on healthy markets and strong customer demand to prepare for hard times, Chief Executive Jamie Dimon said. That means the bank’s balance sheet is strong enough not only to get through a downturn but make investments in the future, he said.

“Downturns present great opportunities,” Mr. Dimon said.

As executives spoke, major stock indexes were falling on concerns about the coronavirus epidemic. The illness, which has now spread from China and neighboring countries to Europe, the Middle East and North America, is the latest in a string of problems that have whipsawed markets recently.

JPMorgan is the largest US bank by assets, with operations spanning the globe and a leading market share in many of its businesses. That poses natural obstacles for growth, but it also gives JPMorgan the flexibility to invest where weaker rivals pull back, and to fund experiments in the future of financial services.

For instance, JPMorgan has opened dozens of new locations in targeted markets and installed sleek, new ATMs across its branch network, each one costing about $30,000.

The bank is chasing 40,000 prospective small-business customers it found at new branches across the East Coast and Midwest, said Doug Petno, head of commercial banking.

Thasunda Duckett, who runs JPMorgan’s consumer bank, highlighted efforts to attract younger customers. Roughly 25% of the bank’s new checking accounts come from college students in targeted cities like Durham, North Carolina, she said.

JPMorgan’s new digital wealth-management tool was another initiative highlighted by Mary Callahan Erdoes, head of asset and wealth management.

The product, called You Invest, is offered through a smartphone app and targets customers with relatively little wealth. In addition, JPMorgan handles investments for just 5% of US households with $1 million to $10 million in assets but hopes to expand that in the coming years, Ms. Erdoes said.

JPMorgan developed You Invest to compete with tools offered by rivals, as well as standalone “roboadvisors” like Betterment and Wealthfront.

In his typically blunt style, Mr. Dimon noted that JPMorgan is big enough to invest in novel products to one-up the competition.

“We earn $47 billion; we can burn a billion in order to do something better, rather than be disrupted,” Mr. Dimon said.

HO-HUM TARGETS
Though executives sprinkled their presentations with new details, JPMorgan kept stable the forward-looking benchmarks that investors and analysts focus on the most.

Chief Financial Officer Jennifer Piepszak said the bank continues to aim for a return-on-tangible-common-equity (ROTCE) of 17%. That metric determines how much profit a bank can wring from shareholder funds. Last year, JPMorgan produced an ROTCE of 19%.

JPMorgan cut its outlook for net interest income to $57 billion for 2020 from $57.8 billion in 2019, blaming lower interest rates. It forecast $60 billion or more in net interest income for 2021, which was above analysts’ estimates.

The bank also forecast higher expenses of $67 billion, compared with $65.3 billion last year, despite a “reduction in structural expenses.”

Management’s outlook for the bank’s returns on equity in each of its four units — Consumer & Community Banking, the Corporate & Investment Bank, Commercial Banking, and Asset & Wealth Management — remained unchanged.

The one target JPMorgan did raise relates to financing of environmentally friendly, socially responsible or economic development initiatives.

JPMorgan pledged to put $200 billion toward such projects by 2025 as a lender, underwriter or intermediary, up from a prior $175 billion goal it had set in 2017.

The update came after years of criticism from environmental activists. Some stood outside JPMorgan’s investor day, partially blocking some entrances and demanding that the bank get rid of fossil-fuel clients.

Although JPMorgan’s financial targets did not change, analysts said they were generally in line with expectations. The bank’s shares were down 2.7% at $128.56 in afternoon trading, tracking lower than the broader market.

Evercore ISI analyst Glenn Schorr noted that the bank has posted better revenue growth, profits, returns on equity and overhead expenses than major rivals, which he characterized as “amazing given their size.” — Reuters

How PSEi member stocks performed — February 26, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, February 26, 2020.

DTI’s Lopez: multinational HQ decisions driving plant closures

TRADE-SECRETARY Ramon M. Lopez warned that multinationals could continue to rationalize their operations amid trade tensions and epidemics and acknowledged that the Philippines might not be viewed as a significant market by many corporate headquarters.

“Look at the world, we’re a small country compared to global world demand so you can expect a lot of this rationalization ‘pag global HQ ang nag-aral ng mga resources nila (when global organizations review the distribution of their resources,” he told reporters on Monday.

He was being asked about the recent plant closures and job losses in the Philippine operations of multinational companies.

Honda Cars Philippines, Inc. (HCPI) announced that it would halt operations at its Laguna facility in March. Wells Fargo & Co. is planning to cut 700 Manila jobs and Nokia Technology Center Philippines is closing its research and development unit in Quezon City.

After a meeting with HCPI on Monday, Mr. Lopez said that Honda’s global headquarters decided to shutter its Philippine operation after overall weakness in automotive industry influenced the company to review its global operations.

Mr. Lopez said US-China trade tensions and the coronavirus outbreak as factors that have impacted the world market.

Mr. Lopez said the Philippines is not the only country vulnerable to factory closures, noting that companies will retain manufacturing in certain locations if they are competitive.

“They may not be competitive in the Philippines, but it has something to do with the competitiveness structure ng industry nila (of their industry)… Look at Honda. Ang patok dito ‘yung (What sells here are the) motorcycles, not the cars,” he said, referring to Honda’s continued manufacturing of motorcycles in the Philippines.

“In reality, ‘yun ang malakas na negosyo nila dito, so meron sila negosyo na bagay dito i-ke-keep nila.” (In reality, the motorcycle business is strong here, so they will keep the business that suits this market).

He said that if the global economy improves, multinationals may once more expand and diversify their production bases. — Jenina P. Ibañez

Cayetano calls for public-works stimulus to offset epidemic

SPEAKER Alan Peter S. Cayetano said economic managers must fast-track infrastructure projects to help cushion the impact of the coronavirus epidemic on the economy, particularly on the tourism sector.

“’Yung appeal ko sa economic team… habang ‘yung uncertainty ng Covid-19 nandiyan, at habang maaapektuhan ang international tourism, agahan niyo ang pag-release at pagpapagawa ng infra projects (My appeal to the economic team is that while the uncertainty generated by Covid-19 is affecting international tourism is that it accelerate the funding release and construction of infrastructure projects),” Mr. Cayetano told reporters on Feb. 24, referring to the formal name of the coronavirus epdemic originating in China.

He added that the construction projects lined up under the “Build, Build, Build” program as well as other government programs can “create jobs in various parts of the country and boost local economies.

He believes that these can help absorb the possible “temporary displacement” in tourism-related jobs during this “uncertain period” as authorities struggle to contain the epidemic, with measures including travel bans.

“Number one, so ‘yung ibang tourism-related jobs, pwedeng tumulong sa construction. Number two, para tamaan niyo ‘yung March, April, May na tag-init na mas maraming magagawa. (the first point is that displaced tourism workers can be redeployed to the construction sector. Second point, we need to maximize the peak construction months of March, April and May,” Mr. Cayetano said.

He urged local government units to ensure their national funding is released promptly by the national government to prevent delay in project implementation.

“God willing, after the second half of this year, wala nang Covid-19 or under control na, so dagsa na naman ang tourists. So, in the meantime, itong first two quarters, sana “Build, Build, Build” tayo (By the second half maybe Covid-19 will dissipate or be under control, which will mean tourism could return. In the meantime, we should let “Build, Build, Build” carry the load),” he said. — Genshen L. Espedido

MRT-7 QC Memorial Circle station redesign to be presented Friday

THE Department of Transportation (DoTr) said that it will meet with the Quezon City government and holders of the Metro Rail Transit Line 7 (MRT-7) concession on Feb. 28 after the city suspended construction of a station of the commuter rail line near the Quezon City Memorial Circle (QCMC).

“Yung concern na ni-raise ng Quezon City… is currently being addressed both by our concessionaire, San Miguel (Corp.) and the DoTr. In fact, sa Feb. 28, sa Friday, we are expecting ’yung initial proposal ng concessionaire natin on how to address those concerns (Quezon City’s concerns are being addressed by San Miguel Corp. and the DoTr. In fact, San Miguel will present its initial proposals on the station redesign on Friday, Feb. 28,” Undersecretary Timothy John R. Batan told reporters on the sidelines of a House hearing Wednesday.

Mr. Batan said that the department will need to review the additional cost of changing the design of the station. The initially-proposed design has raised concerns it will unduly interfere with the Quezon City Memorial Circle, a monument and city landmark as well as a public park.

“Itong additional cost is something that we will review as the proposal comes in. Siguro we will update you na lang once the plans are more definite (We wll review the cost as the proposal comes in. We will update you once the plans are more definite),” he said.

“We absolutely agree that there’s a cost to delaying projects. Unfortunately, malaki po talaga yung naging delay sa MRT-7 (The delays to MRT-7 are really significant),” Mr. Batan said, adding that the main concern of the redesign is to ensure that reductions to system capacity are minimized.

He said that the redesigned station should be large enough to handle expected passenger volumes.

“We have to make sure po na upfront, especially po if it’s an underground structure… ay sapat po yung kapasidad natin in terms of floor area and in terms po of yung mga circulation area (We need to ensure upfront that the underground structure is sufficient in capacity in terms of floor area and circulation area),” Mr. Batan said.

Mr. Batan said that the “win-win” solution in the MRT-7 case would be to “reduce the footprint” and to avoid disrupting the public’s use of the QCMC monument and park. “Ayaw naman nating matakpan ’yung vista ’nun. And at the same time, to the extent na kayang underground yung mga… facilities natin, we will do that (We don’t want to block any views. At the same time, to the extent that we can build facilities underground, we will do that),” he said.

He said MRT-7 construction is “still on track” for partial operability by the end of 2021.

The city government issued a temporary cease-and-desist order against the “above-ground construction” of the MRT-7 station at QCMC, saying that “environmentalists and historians pointed out that the station was encroaching on the integrity” of the site.

Separately, Light Rail Transit Authority (LRTA) spokesman Hernando T. Cabrera assured that repairs on the LRT-2 line will be completed on or before June.

“We’re confident that in June or even prior to June we can complete the repair and (start) provisional operations,” he said.

Mr. Cabrera also noted that the LRTA board decided to engage a third-party expert to assist in the restoration of the damaged railways.

“The board decided to get a third-party expert to validate the findings of the LRTA engineering team and also to validate prices as well as to assist in the implementation and the interface of the different systems,” he said..

“The bids and awards committee has completed the bidding process and made its recommendation to the board last Friday. It was reported during the board meeting and the board has required time to evaluate the findings. And we’ll soon be coming out with the approval of the recommendations for award,” he added.

The next activity for the restoration of LRT-2 is procurement of the project’s power, telecommunications and signaling equipment, Mr. Cabrera said. — Genshen L. Espedido

Cold storage firms urged to increase presence near food production centers

AGRICULTURE Secretary William D. Dar said the cold storage industry needs to set up operations nearer food production centers to ensure quality produce and minimize spoilage.

In a recent meeting with the Cold Chain Association of the Philippines (CCAP), Mr. Dar asked the industry to establish more cold storage facilities in wholesale trading centers, fishports, slaughterhouses, and fish ports.

He said ensuring the quality of produce and limiting post-harvest losses will help raise farmer incomes and boost the food supply, keeping prices low for all consumers.

“With more cold storage facilities located near major farm production areas, trading centers, livestock slaughterhouses and poultry dressing facilities, fishing grounds and municipal fishports, we will be able to reduce post-harvest losses by at most 35% that could be added up to the national food supply, thus bringing down prices for the benefit of millions of Filipinos,” Mr. Dar said.

“With access to modern refrigeration and storage facilities, farmers and fishers could sell their quality vegetables, meat and marine products at better prices to consumers,” he added.

CCAP president Anthony S. Dizon said that its 130 members store about 450,000 metric tons (MT) of perishables annually. The industry has a fleet of 10,000 refrigerated vehicles and containers.

Mr. Dizon said the cold chain industry expects to grow about 9% annually due to the rising population numbers and a greater share of food purchases from supermarkets and e-commerce platforms.

The Department of Agriculture (DA), through its National Meat and Inspection Service (NMIS), previously partnered with CCAP on the so-called “pork-in-a-box” project which delivered Mindanao pork for sale in Metro Manila. — Revin Mikhael D. Ochave

SMC power unit open to proposals to settle PSALM obligation

A SAN MIGUEL CORP.-owned power firm told legislators it “welcomes” any proposals to settle its obligations with the Power Sector Assets & Liabilities Management Corp. (PSALM), which its parent company has long disputed.

Jupiter M. Cabaguio, representing South Premiere Power Corp. (SPPC) at a House hearing conducted by the committees on good government and public accountability and on public accounts, said the firm will evaluate any plans to settle the obligations, which PSALM estimates at P245.76 million.

“For the meantime your honor… we will welcome any plans or any proposals to settle this,” he said.

San Miguel Corp. President and CEO Ramon S. Ang has long disputed PSALM claims that its power unit owes money to PSALM, adding that the company, which operates the Ilijan gas-fired plant in Batangas, has adhered to the terms of its Independent Power Plant Administration Agreement (IPPA) awarded in 2010.

The committees were tackling the issue of PSALM’s receivables, with one senior committee member urging SPPC to consider “the public good.”

“It’s very clear (in the) record that SPPC is making money. They issued dividends. I think it’s about time you should reconsider. At the end of the day, you should relay to your (superiors that) what we’re doing here is for the public good,” Representative Luis Raymund F. Villafuerte, Jr., a Deputy Speaker from Camarines Sur said.

In her presentation during a House hearing on Feb. 19, PSALM President and Chief Executive Officer Irene Joy J. Besido-Garcia reported a total of P95.42 billion worth of overdue receivables, as of the end of 2019.

PSALM’s corporate life will end on June 2026. According to Ms. Besido-Garcia, if PSALM fails to collect the unpaid receivables, the national government will take over the job of collecting.

PSALM was tasked to manage “the orderly sale, disposition and privatization” of power generation assets with the objective of “liquidating all (National Power Corp.) financial obligations and stranded contract costs in an optimal manner.”

PSALM’s collections will go towards settling the maturing obligations of the National Power Corp. — Genshen L. Espedido

Economic team to advise BARMM on revenue

THE ADMINISTRATION’S economic managers will represent the national government in the fiscal policy body formed to assist the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) with revenue generation.

In a statement Wednesday, the Department of Finance (DoF) said Secretary Carlos G. Dominguez III will co-chair the Intergovernmental Fiscal Policy Board (IFPB) along with BARMM Chief Minister Ahod Ebrahim.

Also representing the national government on the board are Socioeconomic Planning Secretary Ernesto M. Pernia, Budget Acting Secretary Wendel E. Avisado and Trade Secretary Ramon M. Lopez.

BARMM representatives on the board are Minister Abu Amri Taddik, Minister Naguib Sinarimbo, Deputy Speaker Hatamil Hassan, Mohajirin Ali, and Said Salendab.

Finance Undersecretary Bayani H. Agabin said the IFPB will first meet in the third week of March.

Citing a report presented during a recent meeting, DoF Legal Group Director IV Jesus Nathaniel B. Gonzales said the national government representatives have agreed to appoint a point person for each of the agencies for better coordination.

The National Government-Bangsamoro Government Intergovernmental Relations Body (IGRB), tasked to coordinate and resolve issues between the national government and the autonomous region, convened its first meeting in december last year in Davao City.

The Office of the Presidential Adviser on the Peace Process (OPAPP) will provide the joint secretariat of the IGRB, handling administrative requirements and documenting the meetings of the intergovernmental body.

“The IGRB is tasked to exhaust all means to resolve issues brought before it, which include the effective implementation of the Bangsamoro Organic Law and the national programs and projects of the national government in the BARMM. It also aims to resolve territorial issues, and issues of devolution and jurisdiction; and the creation of the other intergovernmental relations mechanisms enumerated under the BOL,” the DoF said. — Beatrice M. Laforga

BFAR tightens watch on vessels operating in distant waters

THE Bureau of Fisheries and Aquatic Resources (BFAR) toughened its regulation of fishing vessels operating in “distant waters,” and sought to establish a monitoring list of such vessels suspected of engaging in illegal, unreported, and unregulated fishing (IUUF).

The new rules were outlined in an administrative circular claiming authority from Section 32 of Republic Act (RA) 8550, or the Philippine Fisheries Code, as amended by RA 10654.

The new circular implements stiffer fines for violations committed by Philippine-flagged vessels.

The Philippines is committed to crack down on IUUF at the insistence of trading partners like the European Union.

In an e-mail interview, BFAR Information Officer Nazario C. Briguera said that the amendment strengthens the regulatory regime for distant-water fishing.

“Our policies must… adapt (to) evolving issues in fisheries resource management,” Mr. Briguera said.

Monitoring of Philippine-flagged fishing vessels is performed via the BFAR’s Integrated Marine Monitoring Systems. — Revin Mikhael D. Ochave

Infrastructure seen driving growth of IT-BPM, creative industries

THE Department of Trade and Industry (DTI) said Wednesday that infrastructure and innovation were key to ensuring the continued growth of the Information Technology and Business Process Management (IT-BPM) and creative industries.

The DTI was testifying before the Senate Committee on Finance, which was assessing the government’s performance in guiding industrialization and generating jobs.

Trade Undersecretary Rafaelita M. Aldaba said the Philippines remains competitive in the IT-BPM sector in the voice segment, but may be left behind due to technological advances.

“We are number one in the world, in terms of voice, but in AI (Artificial Intelligence), it’s highly likely that our position will be displaced, hence it is really very important (to catch up),” Ms. Aldaba told the committee.

The Department of Information and Communication Technology (DICT) said it is working with the industry on “very targeted programs” to develop and upgrade skills.

“We’re targeting to train about 5,000 people for this year and with 70% absorption possibly,” DICT Assistant Secretary Emmanuel Rey R. Caintic said.

In addition, the Department is also assisting the industry with ease of doing business and identifying next-wave cities.

“We are at the forefront of helping the Anti-Red Tape Authority push the central business portal and the unified employee reporting system,” Mr. Caintic said.

Mr. Caintic said the DICT identified 20 cities, which it will review to ensure they are ready to host BPOs.

Trade Secretary Ramon M. Lopez said the Philippines also has the potential but lacks the technology and infrastructure in the creative sector.

“We have the potential, the human capacity is there, but we need all this new technology that should allow us to leapfrog our capabilities and optimize our potential,” he told the panel.

Senator Juan Edgardo M. Angara, who chairs the panel, said the DTI should look into further developing the film industry.

The Film Development Council of the Philippines said the Philippines still lacks infrastructure and an incentive regime attractive to international productions.

“There are many aspects of infrastructure that we still need to work on, sound stages being one,” Executive Director David D. Fabros said. “The other aspect is incentives.”

He noted that last year the industry was granted P15 million worth of incentives, which is expected to double foreign productions in the Philippines.

“A lot of productions have been filming here without the incentive, so they’re really interested in the country, but with the incentive we’re expecting it to double,” he said. — Charmaine A. Tadalan

Cash-transfer beneficiaries targeted for skills training

THE Labor department said it signed an agreement with the Social Welfare department to prepare beneficiaries of the government’s cash-transfer program to enter the workforce.

The deal between the Department of Labor and Employment (DoLE) and the Department of Social Welfare and Development (DSWD) covers beneficiaries of the Pantawid Pamilya Pilipino Program (4Ps), which provides financial aid to the poorest families.

The departments signed a Memorandum of Understanding (MoU) on Wednesday with manpower agency Starboard, Inc. to equip 4Ps beneficiaries with skills training and employment.

“DSWD partners with various organizations to ensure that appropriate assistance is given 4Ps beneficiaries towards improving their well-being enabling them to eventually transition out of poverty,” the DSWD said in a statement.

Starboard will deliver free training for 4Ps beneficiaries pre-qualified by the DSWD. The agency will also endorse potential hires to its employer-partners for job opportunities here or overseas. — Gillian M. Cortez

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