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UPS plans to enhance services to small businesses

LOGISTICS company United Parcel Service, Inc. (UPS) is looking to roll out more service enhancements this year as it aims to boost its support for small and medium-sized enterprises (SMEs) in the Philippines.

“In 2020, we’ll continue to keep our fingers on the pulse of global and region trends. In doing so, we hope to respond nimbly to these trends and roll out more service enhancements that will allow our customers to maintain their own customers’ satisfaction or further expand their businesses,” the logistics firm said in an e-mailed reply to questions on Jan. 9.

UPS added: “Just as we have expanded our services in 2019 —including cut off times and delivery times — we hope to grow with our customers as we are doubling down on our efforts to support Filipino SMEs.”

The company announced in December a series of service enhancements that will benefit up to 1.4 million postal codes across 41 countries and territories in the Asia-Pacific region.

Such enhancements include reduced transit time by one day for businesses exporting from northern Malaysia to territories in Asia, Europe and the US; from northern Thailand to Europe and the US; and from territories in Asia to China with UPS Worldwide Express® Saver service.

The UPS Marketplace Shipping, which offers businesses an automated way to process their e-marketplace orders, was also expanded to 10 additional Asian markets, namely: Hong Kong, Australia, South Korea, Singapore, Taiwan, Malaysia, the Philippines, Thailand, Vietnam, and Indonesia.

“We’re very excited to have more customers take advantage of the expansion of UPS Marketplace Shipping,” UPS said.

The company noted that its customers, including businesses and individual consumers, continue to “prioritize control and customization of shipping options and fees, as well as incentives to their purchase.”

UPS also expects “private consumption” to remain as one of the main drivers of the country’s growth in 2020.

“Businesses would do well to continue engaging individual consumers with tailored outreach that takes into account their different preferences,” it added.

Assessing its performance last year, UPS said: “Closer to home in the Philippines, we saw continued growth in exporting— both within Asia, as well as with Filipino businesses who are part of global supply chains exporting to the US and Europe.”

“In addition to supporting our clients with multi-layered operations in 2019, we were heartened to see, and help more businesses who were looking to broaden their business footprint beyond our shores,” it added.

Citing its earnings from the third quarter of 2019, UPS said that the new services and solutions it introduced had helped “fuel profitable growth and higher-quality revenue.”

“These new offerings are expanding our competitive advantages and will create even more growth opportunities looking ahead,” the company also noted. — Arjay L. Balinbin

Filinvest registers P15-B bonds

FILINVEST Development Corp. (FDC) has submitted its registration statement with the Securities and Exchange Commission (SEC) for its planned offer of up to P15-billion fixed-rate bonds.

In an e-mail to reporters yesterday, the country’s corporate regulator said it received the filing for the bonds from the Gotianun-led firm on Jan. 20. The offer is composed of direct, unconditional, unsecured and unsubordinated peso-denominated obligations of up to P8 billion, with an oversubscription option of up to P7 billion.

It will be issued in two tranches, with five-year bonds due 2025 and seven-year bonds due 2027. The issuance will be made in scripless form and in minimum denominations of P50,000 each and in integral multiples of P10,000 thereafter. It will be traded in denominations of P10,000 in the secondary market.

FDC said the proceeds to be generated from the offer will be used to refinance its maturing obligations in 2020 and support other general corporate needs.

BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp. and First Metro Investment Corp. are the joint lead underwriters and bookrunners for the issuance.

FDC is the holding firm of the Gotianun family listed at the Philippine Stock Exchange. It controls Filinvest Land, Inc.; East West Banking Corp.; Filinvest Hospitality Corp.; FDC Utilities, Inc. and Pacific Sugar Holdings Corp., among others. — Denise A. Valdez

Bringing documentaries home

A DOCUMENTARY film festival has successfully reached its fundraising goal to bring home some of the oldest existing documentaries on the Philippines which are stored in the British Film Institute.

Among the 35mm films stored in the London archives are documentaries made in 1911 — Fabrication Des Chapeaux De Manille and Industrie De L’abaca A L’ile De Cebu — a film made in 1926 called Manila Street Scene, and another filmed in 1929: Glimpses Of The Culion Leper Colony And Of Culion Life, according to a Daang Dokyu press release.

The existence of the films was said to have been discovered by the Philippine Studies program of the SOAS University of London.

“[These films] should be brought home so the current generation can watch them in light with the 100 years celebration of documentary filmmaking in the Philippines,” said Cristina Juan, project head of Philippine Studies, said in the release.

“Access to these films is very difficult. To just be able to view them, one needs to be in London and pay a per-minute viewing fee. To get screening rights, you also need to pay a digitization fee and then screening fees on top of these,” said Daang Dokyu Festival Director Baby Ruth Villarama.

Ms. Juan and several others initiated a GoFundMe campaign to raise €1,670 (approximately P110,000) to “release the films from the UK to ship back to the Philippines.”

The raised funds will be used to get digitized version of the four aforementioned films, screening rights for the festival, and a digital copy with the BFI watermark for library research.

“We have reached [the funding goal] last night but [we] will continue to raise funds to scan other titles,” the festival organizers told BusinessWorld in an e-mail on Feb. 6.

They also hope to raise additional funds for live music to accompany the films during the film festival because “these are silent films. Sound on film hadn’t been invented at the time,” they said.

Daang Dokyu plans to screen said films at the festival which will be held on March 16-21 at Cine Adarna, University of the Philippines-Diliman, Quezon City.

The fundraiser, which started on Jan. 24, has raised €1,767 as of press time.

Daang Dokyu plans to screen the films at the festival, which will be held on March 16-21 at Cine Adarna, University of the Philippines-Diliman, Quezon City.

THE FESTIVAL
Daang Dokyu is a five-day documentary film festival organized by filmmakers Kara Magsanoc-Alikpala, Jewel Maranan, Monster Jimenez, and Ms. Villarama.

The festival will be held as part of the ongoing celebration of the century since the country has started filmmaking — the first Filipino film is Jose Nepomuceno’s Dalagang Bukid in 1919 — and will feature screenings of “classic and latest documentaries,” panel discussions, lectures, and masterclasses.

“[Daang Dokyu] aims to reach a broader audience for documentaries and offer the ‘docu way’ to take stock of how we are as a nation and where we are headed,” according to the festival website.

While the website has not yet released a screening schedule, among the festival events is a “supplemental exhibition presenting the expanse of Philippine documentaries” and to launch a book on Philippine documentaries.

“[The festival] will culminate with the first-ever Philippine Documentary Forum, which will be the largest gathering of documentary filmmakers in the country,” said the website.

For more information, follow Daang Dokyu on Facebook and Instagram or visit www.daangdokyu.ph. Those who want to contribute to the fundraising efforts may make a deposit at FILDOCS INC. Bank of the Philippine Islands Account No. 2951002219 or write to info@daangdokyu.ph. ZBC

 

ICTSI partners with Taiwan shipping line in Argentina

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) on Thursday said its container terminal in Buenos Aires, Argentina signed a contract with Taiwanese shipping line Evergreen Marine Corp. Taiwan Ltd. to launch shipping service to Asia and the Far East.

The listed company said in a statement on Thursday that Tecplata S.A., the operator of its terminal in Buenos Aires, Argentina, has “signed a contract with Evergreen Marine Corp. Taiwan Ltd. for the start of a new service to Asia and the Far East.”

ICTSI noted that the new service to Asia and the Far East will give Argentine companies new options for their exports and imports “while taking advantage of TecPlata’s high quality service and modern facilities.”

TecPlata began operations with Brazilian shipping line Log-In in April last year. The TecPlata and Evergreen partnership is expected to enhance the services being offered to the Argentine foreign trade operators, ICTSI said.

“Evergreen will carry out this new service in collaboration with Log-In, connecting with the largest ports in China, Taiwan, Japan, South Korea, India and others in Southeast Asia,” it added.

Located 60 kilometers from Buenos Aires, TecPlata is considered the most modern port in Argentina. Around $450 million was invested in the port, which has an initial capacity of 450,000 twenty-foot equivalent units (TEUs). — Arjay L. Balinbin

Panagbenga 2020: Staying in bloom

AS SUNFLOWERS, petunias, bonsai plants, and rose cacti decorate the public spaces in the city of Baguio at this time of the year when it holds the Panagbenga Festival, visitors learn that neither earthquakes nor viruses can keep a good city down.

On July 16, 1990, the Luzon Earthquake devastated Baguio City. Five years later, Damaso E. Bangaoet, Jr., who was John Hay Poro Point Development Corp. (JPDC) Managing Director for Camp John Hay, proposed and spearheaded the celebration of a flower festival in Baguio City as a way of raising the city from the depths it was brought to by the natural calamity. Approved by the Board of Directors of JPDC, it was decided that it be held every February.

Before the end of 1996, the flower festival acquired the local name “Panagbenga” from a Kankanaey term which means “season of blooming.” Since then, the festival has continued to be held annually and lasts a month.

With the theme “Blooming Through the Years,” the Panagbenga is marking its 25th celebration this year.

NEW SYSTEM
This year, the Baguio Flower Festival Foundation, Inc. (BFFFI) is bankrolling the entire festival this year, allocating P18 million for it. In the past, the festival recieved contributions from the Office of the Mayor.

“The city used to allocated P4 million in funds but we came into agreement with the mayor this year that we channel the P4 million instead to (Baguio City Mayor Benjamin B. Magalong’s) environmental projects,” Frederick Alquiros, former Chief Operating Officer of Camp John Hay Development Corp. and co-founder of the BFFFI told media visiting from Manila on Jan. 31.

“We at the foundation would like to still consider the festival as an LGU-private sector endeavor. Although they (Office of the Mayor) are not funding for the running of the event, they are granting us space in the city to generate funds,” he added.

He was referring to trade fair booths which will be set up along Session Road and the Baguio Convention Grounds during scheduled activities.

VIRUS OUTBREAK
On the afternoon of Jan. 31, Mayor Magalong announced the postponement of crowd-drawing events

“We are doing this because we would just like to be pro-active about it. We are very much concerned about the health of our residents and visitors in the city, and we’re just making sure that we are doing everything pre-emptive,” Mr. Magalong said in a press conference streamed live on the official Facebook page of the city’s Public Information Office.

Among the events that have been postponed or cancelled were the opening parade of the Drum and Lyre Elementary Division with eight participating schools which was scheduled on Feb. 1; the 2020 Cordillera Administrative Region Athletic Association (CARAA) event on Feb. 16 to 21; the Sunday pedestrianization and art activities along Session Road; and the International Jazz Festival scheduled on March 2 to 7.

“We might push through with it depending on the events that would evolve in the next three weeks,” Mr. Magalong told the press on Feb. 1 after the ribbon-cutting ceremony of the Baguio Blooms Landscaping Exposition and Exhibition at the Baguio Convention Center.

As of Feb. 5, the health department’s novel coronavirus 2019 tracker said that one patient has been admitted and is under investigation at the Cordillera Administrative Region. There are no confirmed cases of the virus in the area.

“We continuously send out advisories to the public from the Department of Health regarding the virus and preventive measures,” Mr. Magalong said, warning the public to “avoid crowds.”

The mayor also clarified that the city is not on lockdown. “We’d like to make it clear that we are not locking down the city. Tourists can still visit the city and enjoy our amenities, and at the same time our good weather, and our environment,” he added.

BAGUIO’S FLOWERS
Despite the postponement of the opening parade, the festival must go on.

It was a chilly 10.6 °C in the morning of Feb. 1 when the flower festival officially commenced with ecumenical prayers, followed by opening messages from Mayor Magalong, BFFFI Chairman for Life Mauricio G. Domogan, and Baguio Congressman Mark Go; and a special performance by the Gibraltar Cultural Society.

After the ceremonies, the Baguio Blooms Landscaping Exhibition and Competition was opened at the Baguio Convention Center parking area.

Eighteen participating landscapers were given a subsidy of P70,000 to design gardens in three categories: carpet, open, and vertical. The landscapes are scattered around the city — at the Baguio Convention Center, along Session Road, at the Burnham Park Lake, and at the City Hall.

One of the landscapers, Freddie Ciano, described working on his landscape — located in Burnham Lake — as a way “to take away the stress” from painting. Mr. Ciano’s entry consists of a hut with Cordillera weaving equipment and textiles, and plants in pink painted pots. This is the first time he has joined the competition.

The Baguio Blooms Landscaping Exhibition is on view until March. 8. After the competition, the gardens at the Session Road rotunda, at lower Session Road, and at the City Hall will be maintained by the City Environment and Parks Management Office (CEMPO).

Meanwhile, the pageantry that the Panabenga is known for has not been cancelled as 25 floats expected to participate in the Panagbenga Grand Float competition parade on March 1.

“It was part of the flower festival to maintain the Cordillera culture and to tell the world that the Cordillera culture still exists,” Mr. Alquiros said. “Baguio is proud to be part of the Cordillera.”

For information and updates on the schedule of activities, visit the official Facebook page of Baguio City’s public information office https://facebook.com/pio.baguio/ or at www.panagbengaflowerfestival.com/. — Michelle Anne P. Soliman

PAL readies special Xiamen flights for stranded passengers after ban

FLAG CARRIER Philippine Airlines (PAL) will be deploying “special flights” between Manila and Xiamen on Monday next week to carry stranded passengers after their flights were canceled when President Rodrigo R. Duterte ordered a travel ban.

“Philippine Airlines will be mounting special flights on February 10, 2020 Monday to assist passengers stranded as a result of the cancellation of all PAL flights to and from mainland China for the month of February, amidst the ongoing coronavirus (nCoV ARD) situation,” it said in a statement issued late Wednesday.

PAL, operated by PAL Holdings, Inc., said its flights to and from Xiamen would be staffed by pilots and crew volunteering for the operation.

It also said that it was looking to use its 199-seater Airbus A321 aircraft for the mission.

The special flight from Xiamen is expected to take Filipinos and individuals with permanent resident visas to the Philippine capital.

“The outbound flight from Manila will allow Chinese and other non-Filipino nationals to return to mainland China via Xiamen Gaoqi International Airport, which is a gateway to other points in China,” PAL said.

It added: “Flight PR 334 will depart Manila for Xiamen at 7:30 a.m. on February 10, arriving at 9:55 a.m. The return PR335 leg will depart Xiamen at 11:05 a.m., and arrive in Manila at 1:50 p.m. on February 10.”

According to PAL, special flights are subject to approval by the Philippine government.

Pilots and cabin crew, all Filipino nationals, will have to undergo a 14-day quarantine after the mission.

Local airlines canceled their flights to and from mainland China, Hong Kong and Macau after Mr. Duterte issued a travel ban order on these countries in the midst of the coronavirus scare.

The Philippines’ Health department confirmed on Wednesday a third case of the novel coronavirus (nCoV) in the country.

The patient, a 60-year old Chinese woman, flew back to China on Jan. 31 after two tests. A re-testing done on Feb. 3 confirmed she was a carrier of the new strain of the coronavirus.

The woman traveled from Wuhan City, the nCoV epicenter, and arrived in Cebu City through Hong Kong on January 20, and went on to Bohol.

The first case of nCoV in the country was reported last week in a 38-year old Chinese woman who is currently in stable condition but remains under strict monitoring. Her partner, a 44-year old Chinese man, was the second confirmed case reported in the country and the first nCoV-related death outside China.

As of Feb. 5, the Health department said there have been 133 persons under investigation (PUIs) for the nCoV, of which 115 are in quarantine while 16 have already been discharged.

Of the PUIs, 63 are Filipinos, 54 Chinese, and the rest are other nationalities. Thirty-two of the total PUIs have a travel history in Wuhan. — Arjay L. Balinbin

Reserve Bank of India keeps rates steady, opens door to more easing

INDIA’S CENTRAL BANK left interest rates unchanged for a second straight meeting, while keeping the door open for more easing to support the economy when inflation eases.

The repurchase rate was maintained at 5.15% Thursday, as forecast by all 37 economists surveyed by Bloomberg. The six-member Monetary Policy Committee (MPC) voted unanimously on the decision and retained its accommodative stance adopted in June, the Reserve Bank of India (RBI) said in a statement.

“While this decision may be on expected lines and widely discounted, it is important not to discount the Reserve Bank of India,” Governor Shaktikanta Das told reporters in Mumbai. “It has to be kept in mind that the central bank has several instruments at its command that it can deploy to address the challenges the Indian economy faces in terms of sluggishness in growth momentum.”

Indian bonds traded firm after the decision, with the yield on the benchmark 10-year bonds steady at 6.50% and the rupee little changed against the dollar at 71.225.

The RBI took steps to spur credit growth in the economy, including removing a mandatory requirement for banks to set aside cash of 4% for every new loan extended to retail automobiles, residential housing and small businesses.

With the government’s budget this month failing to deliver any big-bang fiscal boost, the onus is now back on the RBI to spur the economy. Inflation though has surged to 7.35% in December, well above the central bank’s 2%-6% target.

While the MPC said it “recognizes that there is policy space available for future action,” the outlook for inflation is “highly uncertain at this juncture.” It added that “economic activity remains subdued and the few indicators that have moved up recently are yet to gain traction in a more broad-based manner.”

Weighing on the inflation outlook are volatile onion prices, rising costs of milk and pulses, and other items. The central bank raised its inflation projection for the six months to September to 5%-5.4% from 3.8%-4% previously.

The central bank has resorted to unorthodox measures to bring borrowing costs downs, such as adopting the Federal Reserve-style Operation Twist — buying long-end debt while selling short-tenor bonds.

“It is good that the central bank is keeping some powder dry,” said Chokkalingam G, the head of Equinomics Research & Advisory in Mumbai. “The cumulative cut in the borrowing cost has been pretty big in the last one year,” he said, referring to the RBI’s 135 basis points of easing in five moves in 2019.

MILD RECOVERY
Growth in the year starting April is expected to rebound to 6% from an estimated 5% in the current fiscal year, according to the RBI. That matches the lower end of the government’s 6%-6.5% forecast and comes amid early signs of a growth turnaround in the economy.

The RBI flagged downside risks to growth from the coronavirus, saying the pandemic may “impact tourist arrivals and global trade.”

On Wednesday, central banks across Southeast Asia signaled strong policy action to counter a hit to their economies from the viral outbreak.

The Bank of Thailand cut its benchmark interest rate to a record-low, while Singapore signaled there was room for the currency to ease. Bank Indonesia Governor Perry Warjiyo said the central bank will keep policy accommodative this year. — Bloomberg

Kirk Douglas, Hollywood’s tough guy on screen and off, 103

KIRK DOUGLAS, the cleft-chinned movie star who fought gladiators, cowboys, and boxers on the screen and the Hollywood establishment, died on Wednesday at the age of 103, his son Michael Douglas said.

“It is with tremendous sadness that my brothers and I announce that Kirk Douglas left us today at the age of 103,” Michael Douglas said in a statement to People magazine and on his Facebook page.

“To the world, he was a legend, an actor from the golden age of movies who lived well into his golden years, a humanitarian whose commitment to justice and the causes he believed in set a standard for all of us to aspire to,” Douglas added.

“Kirk’s life was well lived, and he leaves a legacy in film that will endure for generations to come, and a history as a renowned philanthropist who worked to aid the public and bring peace to the planet,” Michael added, saying he was “so proud” to be his father’s son.

Douglas made more than 90 movies in a career that stretched across seven decades and films such as Spartacus and The Vikings made him one of the biggest box-office stars of the 1950s and ’60s.

He also played a major role in breaking the Hollywood blacklist — actors, directors and writers who were shunned professionally because of links to the communist movement in the 1950s. Douglas said he was more proud of that than any film he made.

Tributes poured in from Hollywood. Actor and director Rob Reiner said on Twitter that Douglas “will always be an icon in the pantheon of Hollywood. He put himself on the line to break the blacklist.”

Mitzi Gaynor, who appeared with Douglas in the 1963 movie For Love or Money, said the film would “always hold a special place in my heart.”

“Thank you for so generously sharing your amazing talent with all of us,” Gaynor tweeted.

Danny DeVito called him an “inspirational Scallywag,” while Ed Asner tweeted “I will always be in your awe.”

A stroke in 1996 at age 80 left Douglas with slurred speech and damaged facial nerves. But two weeks later he showed his spirit by attending the Academy Awards ceremony to receive a Lifetime Achievement Award. He also continued to take small acting roles through 2008 but said the stroke left him suicidal.

“Humor saved me,” Douglas told Parade magazine in 2014. “At first, I thought my life was at an end. But when I put the gun in my mouth, it hit a tooth. Ow! And that struck me funny. A toothache was stopping me from committing suicide?”

In one of his last public appearances, Douglas was frail and barely audible in a wheelchair as he helped daughter-in-law Catherine Zeta-Jones present the Oscar for best screenplay in January 2018. In November of that year he joined his son Michael as the younger Douglas was honored with a star on the Hollywood Walk of Fame.

Douglas had a distinctive chin, razor-sharp cheekbones and a jutting jaw — looks that he passed along to Michael — and that made him a natural for playing all manner of rugged characters.

He also had a demanding nature that earned him a reputation in his prime as the actor who directed directors. Long-time friend and sometime co-star Burt Lancaster loved to introduce him by saying, “Kirk would be the first to admit he is a difficult person. (Pause) I would be the second.”

“I make my own way,” Douglas once told an interviewer. “Nobody’s my boss. Nobody’s ever been my boss… I’ve been a maverick.”

Douglas said playing Vincent van Gogh in Lust for Life (1956) was his favorite role but Spartacus (1960) was his favorite film because, as producer, he took a big step toward breaking the Hollywood blacklist.

The lifetime Oscar was Douglas’ only Academy Award even though he was nominated for playing ruthless boxer Midge Kelly in Champion (1949), a movie executive in The Bad and the Beautiful (1952), and Van Gogh in Lust for Life.

Douglas’ first movie was The Strange Love of Martha Ivers, in 1946 after being suggested for the part by acting school classmate Betty Joan Perske, who became famous after changing her name to Lauren Bacall.

Douglas was known for powerful performances as characters who had to endure intense on-screen pain. He was stabbed in Ace in the Hole, crucified in Spartacus, lost an eye in The Vikings, an ear in Lust for Life, and a finger in The Big Sky.

His other notable movies were Lonely Are the Brave, The Devil’s Disciple, Victory at Entebbe, and Tough Guys, which he made with Lancaster in 1986.

Douglas’ independent streak led him to set up Bryna Production Co., which he named after his mother, in 1955, snubbing big studio bosses and helping break their monopoly on the industry.

Born Issur Danielovich on Dec. 9, 1916, in Amsterdam, New York, Douglas was the only son of seven children born to illiterate Russian immigrants.

After graduating from high school, he hitch-hiked to St. Lawrence University in Canton, New York, where he became a wrestling champion. He also staged and starred in theatrical productions and changed his name to Izzy Demsy.

After St. Lawrence, he graduated from New York’s American Academy of Dramatic Arts in 1941 and changed his name to Kirk Douglas. He joined the Navy following two small Broadway roles.

While in the Navy he married British actress Diana Dill and they had two sons, Michael and Joel, before the marriage ended after eight years.

Douglas had a reputation as a Hollywood ladies’ man. Among the lovers listed in the 1988 book The Ragman’s Son, one of several books he wrote about his life, were Joan Crawford, Marlene Dietrich, Rita Hayworth, Marilyn Maxwell, Patricia Neal, and Gene Tierney.

While making Act of Love, Douglas met and Anne Buydens, the film’s publicist, and they married in 1954. Their marriage became one of Hollywood’s most enduring despite his affairs. They had two sons, Peter and Eric.

Douglas, who survived a 1991 helicopter crash that killed two people, tried to discourage his children from following him into acting. Still, Michael became a superstar and a successful producer, Joel and Peter also were producers, and Eric was an actor until his 2004 death from a drug overdose.

“You see how they listened to me,” Douglas once said.

Douglas, who grew a long white ponytail in his later years, published several books, including a book of poetry, prose, and photographs in 2014 and Kirk and Anne: Letters of Love, Laughter and a Lifetime in Hollywood, in 2017 with his wife.

He established the Douglas Foundation for making charitable donations and in 2015 he and Anne announced plans to give away his $80 million fortune to a variety of causes. The beneficiaries included a shelter for homeless women named after Anne, the Los Angeles public school district, St. Lawrence University and hospitals.

To mark his 99th birthday in 2015 he donated $15 million to the Motion Picture and Television Fund to help build a facility for entertainment industry figures with Alzheimer’s disease. — Reuters

Mining community backing OceanaGold registers with SEC as dispute continues

A COMMUNITY coalition supporting the Australian firm OceanaGold is registering at the Securities and Exchange Commission while disputes on the mining company’s local operations continue.

“Just recently, last year, we organized and formed a group. We call that coalition of communities for sustainable development,” OceanaGold Communications Supervisor Jury D. Baguilat told reporters at a press briefing on Thursday.

“We just realized that we really need to form a group when we are meeting with government officials.”

OceanaGold’s Didipio-based gold and copper mine in Nueva Vizcaya ceased operations in Oct. 2019 as its dispute with the local government continues. Anti-mining protesters and local government want the mine shut due to environmental concerns.

Protesters have been barricading routes to the mine after the company’s financial and/or technical assistance agreement (FTAA) expired in June 2019 after 25 years.

Ms. Baguilat said the newly formed coalition supporting the mine represents 90% of indigenous peoples in the community surrounding the mine. Members of Didipio and neighboring communities are represented.

“We want the project to continue because we want our barangay to get developed because for the longest time people there were suffering from lack of good roads,” Ms. Baguilat said.

OceanaGold has been implementing development initiatives in the area, investing in infrastructure, health, and education.

The company’s application to renew its FTAA is being processed by the Office of the President.

OceanaGold said that the company may cut staff numbers if the agreement is not renewed by the end of the month.

“If we can’t get the FTAA approved by the end of February, then we have to start looking at different scenarios and there will be some impacts potentially on staff numbers on that,” OceanaGold Global Corporate Communication Manager Melissa Bowerman said.

But the company has no estimate on the percentage of employees — which currently stands at around 1500 — that may lose their jobs starting next month. The local staff is comprised mostly of Filipinos.

The Dipidio mine produced 83,913 ounces of gold and 10,255 MT of copper until October last year. For full-year 2018, Dipidio produced around 115,000 ounces of gold and 15,00 MT of copper. — Jenina P. Ibañez

Fedcoin? The US central bank is looking into it

PALO ALTO, Calif. — The Federal Reserve is looking at a broad range of issues around digital payments and currencies, including policy, design and legal considerations around potentially issuing its own digital currency, Governor Lael Brainard said on Wednesday.

Brainard’s remarks suggest more openness to the possibility of a Fed-issued digital coin than in the past.

“By transforming payments, digitalization has the potential to deliver greater value and convenience at lower cost,” Ms. Brainard said at a conference on payments at the Stanford Graduate School of Business. She did not touch on interest rates or the current economic outlook.

“But there are risks,” Brainard said, in a partial reprisal of her own and other global central bankers’ worries about the rise of private digital payment systems and currencies, including Facebook’s Libra digital currency project.

“Some of the new players are outside the financial system’s regulatory guardrails, and their new currencies could pose challenges in areas such as illicit finance, privacy, financial stability and monetary policy transmission,” she said.

Central banks globally are debating how to manage digital finance technology and the distributed ledger systems used by bitcoin, which promises near-instantaneous payment at potentially low cost.

The Fed is developing its own round-the-clock real-time payments and settlement service and is currently reviewing 200 comment letters submitted late last year about the proposed service’s design and scope, Ms. Brainard said.

But the Fed is also, she said, “conducting research and experimentation related to distributed ledger technologies and their potential use case for digital currencies, including the potential for a CBDC (central bank digital currency).”

Dozens of central banks globally are also doing such work, a recent international study showed, with China moving ahead on plans to issue a digital coin.

Less than two years ago Ms. Brainard told a conference in San Francisco that there is “no compelling demonstrated need” for such a coin.

But that was before the scope of Facebook’s digital currency ambitions were widely known. Fed officials, including Ms. Brainard, have raised concerns about consumer protections and data and privacy threats that could be posed by a currency that could come into use by the third of the world’s population that have Facebook accounts.

At Wednesday’s conference, Ms. Brainard said the Facebook Libra project “imparted urgency” to the conversation around digital currencies. “We are collaborating with other central banks as we advance our understanding of central bank digital currencies,” she said.

With more countries looking into issuing their own digital currencies, Ms. Brainard said, that adds to “a set of reasons to also be making sure that we are that frontier of both research and policy development.”

In the US, Ms. Brainard said, issues that need study include whether a digital currency would make the payments system safer or simpler, and whether it could pose financial stability risks, including the possibility of bank runs if money can be turned “with a single swipe” into the central bank’s digital currency.

Other issues include privacy and fraud protection, and even whether the coin would be considered legal tender.

“In the United States no less than in other major economies, the public sector needs to engage actively with the private sector and the research community to consider whether new guardrails need to be established, whether existing regulatory perimeters need to be redrawn, and whether a CBDC would deliver important benefits on net,” Ms. Brainard said. — Reuters

Former Goldman Sachs banker barred for role in 1MDB scandal

WASHINGTON — The US Federal Reserve said on Tuesday that it permanently barred a former Goldman Sachs Group Inc. executive from the banking industry over his role in Malaysia’s multi-billion-dollar 1MDB corruption scandal.

Andrea Vella, who was formerly co-head of Goldman’s Asia investment banking division ex-Japan, failed to escalate information he had about Malaysian financier Low Taek Jho’s involvement in three bond offerings that Goldman underwrote for Malaysia’s sovereign wealth fund, the regulator said.

Malaysian and US authorities have charged Low in connection with the theft of billions of dollars from 1MDB, which was originally set up by former Malaysia Prime Minister Najib Razak to fund infrastructure projects.

The Federal Reserve said that Vella “engaged in unsafe and unsound practices by failing to ensure” that Low’s involvement was “fully escalated within the firm.”

Vella consented to the bar without admitting or denying any of the allegations made by the regulator, according to the statement from the Federal Reserve.

Andrew Levander, a lawyer at Dechert representing Vella, said the fact that his client was not fined shows that Vella did not know about wrongdoing, such as others discussing or accepting bribes or kickbacks.

“Mr. Vella agreed to this limited settlement in order to move on to the next stage of his career and to avoid putting himself and his family through years of litigation,” Levander said in a statement.

A spokeswoman for Goldman Sachs confirmed that Vella had left the firm in recent days after being on leave since October 2018.

The US Justice Department says that $4.5 billion was misappropriated by high-level 1MDB fund officials and their associates between 2009 and 2014.

In November 2018, the US Justice Department filed criminal charges against two former Goldman Sachs bankers tied to the scandal, Tim Leissner and Roger Ng.

Leissner pleaded guilty to conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act, and agreed to forfeit $43.7 million. Ng pleaded not guilty to charges in May, and his case is currently pending in federal court in Brooklyn.

According to the US Justice Department, Goldman earned $600 million in fees for its work with 1MDB. Leissner, Ng and others received large bonuses in connection with that revenue.

Goldman is in ongoing discussions with US and Malaysian authorities over their investigations into what the bank knew about the transactions at the time. — Reuters

Netflix cancels PHL show tour stop due to virus

NETFLIX has decided to cancel the Philippine stop of the ongoing promotional tour for To All The Boys: PS I Still Love You because of the coronavirus outbreak.

“In light of the global coronavirus outbreak, we will sadly be canceling the To All The Boys: PS I Still Love You Philippines event in order to ensure the health and well-being of our fans and all those attending. We are grateful for the love and support the Philippines has shown towards Lana, Noah, and the film, and we apologize for any inconvenience caused,” a Netflix spokesperson said in a statement released on Feb. 5.

The follow-up to the hit 2018 teen romance was supposed to bring the main cast members, Lana Condor (who plays Lara Jean) and Noah Centineo (who plays Peter), to the country for a fan event on Feb. 15, preceded by a press conference on Feb. 14.

Department of Health has confirmed the third case of a person infected with the 2019 Novel Coronavirus Acute Respiratory Disease (nCoV ARD) and is monitoring an additional 133 people as of Feb. 5.

As of Feb. 5, more than 28,000 people have been infected with nCoV ARD across 25 countries and 560 have died, mostly in China. — ZBC