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AboitizPower launches EV fleet program
Aboitiz Power Corporation recently launched its corporate electric vehicle fleet transformation program with the presentation of new plug-in EVs in an event held at the Blue Leaf Cosmopolitan in Quezon City. The launch kickstarts its support of Republic Act 11697, the Electric Vehicle Industry Development Act, as part of its contribution to greener and cleaner mobility in the country. The EVIDA mandates that at least 5 percent of industrial and commercial companies’ fleets are electronic vehicles, to bolster the use and development of EVs and reduce the local transport sector’s dependence on imported fossil fuels. “As a leader in the energy industry, we want to incorporate innovations that will improve the efficiency and sustainability of our operations. The world is facing developments in climate change, global connectivity, population growth, urbanization and digitalization, and these changes demand that businesses like ours transform to remain relevant,” said AboitizPower president and CEO Manny Rubio. “The mobility sector has always had a history of being the highest energy-consuming sector in the country. In fact, the sector accounts for 31.3 percent of total final energy consumption with over 11 million tons of oil equivalent. Globally, it is a major contributor to air pollution and greenhouse gas emissions,“ he added. “With an ever-growing demand for powered mobility, we recognize that deeper electrification of mobility is a key enabler in achieving a cleaner and more sustainable world energy system. After all, a broad range of mobility applications can be powered with electricity from cleaner or zero-emission sources.” The EVs were manufactured by Build Your Dreams and will soon be deployed to the three key cities of AboitizPower distribution utilities, namely Visayan Electric, Davao Light and Cotabato Light. “Bound to be deployed in the franchise areas we serve in Visayas and Mindanao, with land areas more than six times the size of Metro Manila, these vehicles are geared to prove their efficiency and reliability in this new age of electric mobility,” said AboitizPower Distribution Utilities COO Anton Perdices. “We aim to achieve 30 percent electrification for our four-wheeled vehicles and motorbikes by 2030 and finally transform and electrify 100 percent of the AboitizPower DU fleet by 2040.” The EV fleet transformation program reinforces the demand for cleaner energy sources and aligns with AboitizPower’s growth strategy of adding 3,700 megawatts of renewable energy — like solar, wind and geothermal — to its generation portfolio in the next 10 years. Overall, this complements the Philippines’ aspiration to reduce its heavy reliance on fossil fuel importation for transportation and electricity generation via the harnessing of cleaner and indigenous sources. Aside from reduction of emissions, it also contributes to the company’s bottom line in terms of improved energy efficiency and transportation economics, as the cost per kilometer traveled of a unit is at least half compared to internal combustion engine vehicles. “Electrifying our fleet will help us further reduce carbon emissions, lower operating costs and contribute to cleaner air in the cities where we operate. This way, we are also helping empower the evolution of the cities we serve,” Perdices said. Together with its partners, AboitizPower currently has the largest and most diversified renewable energy platform in the Philippines in terms of installed capacity under its operational control. Currently, close to 1,000 megawatts of renewable energy projects — including wind and solar farms and more geothermal capacities — are in the pipeline. The post AboitizPower launches EV fleet program appeared first on Daily Tribune......»»
‘Margaritaville’s’ Jimmy Buffett, 76
“Margaritaville” singer-songwriter Jimmy Buffett has died on 1 September at his home in Sag Harbor, New York. He was 76. A statement from his official website reads: “Jimmy passed away peacefully on the night of September 1st surrounded by his family, friends, music and dogs. He lived his life like a song till the very last breath and will be missed beyond measure by so many.” Buffett succumbed to Merkel cell skin cancer to which he was diagnosed four years ago. “He continued to perform during treatment,” the statement said while playing his last show, a surprise appearance in Rhode Island, in early July. Buffett, whose real name is James William Buffett, was born on Christmas day in 1946 in Pascagoula, Mississippi, and grew up in Alabama. He earned a bachelor’s degree in history from the University of Southern Mississippi in 1969. He credited early years playing and singing in the streets and bars of New Orleans. Buffett’s recording career spans more than 50 years. His hits include “Margaritaville,” “Come Monday” and “It’s Five O’Clock Somewhere.” His fans call themselves “Parrot Heads.” He also wrote songs about his plane being shot at by Jamaican police (“Jamaica Mistaica”), getting lost in the Sahara Desert (“Buffet Hotel”) and smugglers he had known around the Florida Gulf Coast (“A Pirate Looks at 40”). Buffett also authored bestsellers on both the fiction and non-fiction lists of the New York Times Book Review. The bona fide business mogul put up diversified lifestyle brand businesses, such as Margaritaville hotels, restaurants and retirement communities, along with sidelines such as Land Shark beer. Buffett is survived by his wife of 46 years, Jane (Slagsvol) Buffett, his daughters Savannah Jane (Joshua) and Sarah Delaney, his son Cameron Marley (Lara), his grandson Marley Ray and devoted dogs Lola, Kingston, Pepper, Rosie, Ajax and Kody. He is also survived by his Montana sister, Laurie Buffett McGuane (Tom), their children Heather Hume, Anne Buffett McGuane, Maggie McGuane and Thomas McGuane IV; his Alabama sister, Lucy Buffett and daughters Mara Delaney Buffett O’Dwyer and Melanie Leigh Buffett “and many more wonderful cousins, nieces and nephews.” His family requests that donations be made to Jimmy Buffett’s Foundation Singing for Change, Brigham and Women’s Hospital, Dana Farber Cancer Institute or MD Anderson Cancer Center. The post ‘Margaritaville’s’ Jimmy Buffett, 76 appeared first on Daily Tribune......»»
Aboitiz, GCNP spotlight corporate sustainability and SDGs
In the recently held GT Capital Thought Leadership Series at the Grand Hyatt, Manila, the Aboitiz Group emphasized the fundamentals of corporate sustainability by highlighting the United Nations’ Sustainable Development Goals and the company’s alignment with the global framework. As a board member of the UN Global Compact Network Philippines, Aboitiz Equity Ventures' FVP and chief reputation and sustainability officer Ginggay Hontiveros-Malvar presented essential strategies for enterprises to maximize their impact in fostering positive societal change and environmental stewardship. Hontiveros-Malvar cited the connection between responsible business practices and global sustainable development. The principles, communicated through voluntary reporting mechanisms, facilitate transparent communication of corporate values aligned with the 17 SDGs. “Sustainable development is a concept that focuses on meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. It recognizes the interconnections between economic development, social inclusion and environmental protection,” she said. “In other words, sustainable development aims to achieve a balance between economic growth, social well-being and environmental stewardship,” she added. Hontiveros-Malvar also touched on the nation's progress in terms of SDG integration, underscoring the necessity of coordinated efforts between government and non-government actors to optimize resource management and maximize SDG progress. “In the last few years we celebrate many businesses that have come together to create this era of action and attract others to join this global movement. May all of us continue to act responsibly, find opportunities and continue to inspire and advocate. We are united because this is bigger than just one business. We are stronger together and better together. And when we act collectively, imagine the change we can drive, and the better future we can shape as one. The possibilities are endless,” she said. Together with UN GCNP, the Aboitiz Group places utmost importance on sustainability as part of the group's transformation into becoming the Philippines’ first “Techglomerate” by utilizing innovation, sustainable solutions and community empowerment. The integration of sustainability into the Aboitiz Group's DNA has been showcased through various programs that demonstrate the group's commitment to sustainable practices that benefit both society and the environment. Aboitiz Equity Ventures, Inc. is the portfolio management company of the Aboitiz Group, with investments in power, banking and financial services, food, infrastructure, land and cutting-edge fields like data science and artificial intelligence. The post Aboitiz, GCNP spotlight corporate sustainability and SDGs appeared first on Daily Tribune......»»
A journey of innovation and creativity among kiddie entrepreneurs
IDEAYALA 2023 offers an opportunity for the next generation of entrepreneurs to showcase their innovative business ideas and turn them into action. In addition to encouraging the youth’s creative thinking and problem-solving skills, the affair also aims to instill in them a sense of confidence and determination to pursue their dreams. Spearheaded by Ayala Malls in partnership with Kiddo-preneur, IDEAYALA’s commitment to supporting and recognizing the potential of these young minds exemplifies the group’s dedication to nurturing the next generation of business leaders in the Philippines. Following the launch at Greenbelt earlier this year, Ayala Malls and Kiddo-preneur continue to empower the youth, ages five to 17, as they make rounds at various Ayala Malls in the coming weeks and months: Market! Market! on 26 and 27 August, Ayala Malls Circuit on 2 and 3 September, Glorietta on 23 and 24 September, Ayala Malls Solenad on 7 and 8 October, Ayala Malls The 30th on 21 and 22 October, Ayala Malls Feliz on 11 and 12 November and Ayala Malls Marikina on 18 and 19 November. Future leaders Launched in 2014 as the brainchild of Mariana Zobel de Ayala and Paloma U. Zobel, IDEAYALA is a visionary project that aims to inspire, train and challenge young minds to innovate and create viable, sustainable and market-inclusive mall experiences or entrepreneurial concepts. Seeking to envision the “mall of the future,” some of these ideas may even hold the potential to address the country’s social and environmental concerns. Previously, IDEAYALA mostly engaged college students through talks, mentorship programs and competitions. After seeing how the pandemic affected numerous businesses, particularly the micro, small and medium enterprises, IDEAYALA took on a different shape. This year’s IDEAYALA initiative focused on developing a new generation of strong business leaders by engaging entrepreneurs as young as five years old. This shift in approach sparked a partnership between IDEAYALA and Kiddo-preneur, a socially oriented non-profit organization dedicated to nurturing entrepreneurship among the youth. Together with Ayala Malls, Kiddo-preneur is driving meaningful change by propelling the next generation of young entrepreneurs forward. “IDEAYALA was created by our need to define the ‘mall for the future,’” shared Mark Sablan, vice president and head of Leasing of Ayala Malls. “Fast forward to today, after the pandemic, we revisited the concept of IDEAYALA together with Kiddo-prener because we believe these young minds will be the source of inspiration and new concepts that we’ll be discovering in the next coming years.” IDEAYALA co-founder Zobel de Ayala added, “It’s exciting to be in the midst of all this creativity. It’s also impressive to see kids this young conceptualizing and executing fresh ideas and new solutions. Our goal now at IDEAYALA is to nurture this mindset and encourage the kids to keep imagining new and sustainable business models and ideas for the future.” Opportunities Hundreds of kids launched their businesses through IDEAYALA. Some of the businesses showcased at recently concluded events in Greenbelt, TriNoma and Fairview Terraces were eight-year-old Mariella Oreta’s Science in a Jar, an education-oriented business that sold live caterpillars; Zara, Zree and Zac Chua’s Cafe de Slime, which sold slime sets; and siblings Vino and Bella Bugayong’s VB Pantry, which sold treats and refreshments to hungry mallgoers. Other notable highlights were the Build-A-Brand Workshop, where 50 young kiddo-preneurs were challenged to get creative and create and present their very own shampoo brand. The kids also got the chance to listen and learn from industry titans: Jollibee Foods Corporation president and chief executive officer Ato Tanmantiong and the founder and namesake of the well-loved Mary Grace Café, Mary Grace Dimacali, who shared their humble beginnings and how they grew their businesses into the empires they are today. The post A journey of innovation and creativity among kiddie entrepreneurs appeared first on Daily Tribune......»»
Gov’t seeks Indon capital
Finance Secretary Benjamin Diokno presented to Indonesia’s business community the Philippine economic plans for securing investments in infrastructure, energy and technology. In a statement by the Department of Finance on Thursday, it said Diokno conducted the talk in Jakarta City on Wednesday ahead of the 10th ASEAN Finance Ministers and Central Bank Governors’ Meeting from 24 to 25 August. The listeners included members of the Indonesian Chamber of Commerce and Industry and the Philippine Business Club Indonesia, and officials of foreign embassies in Jakarta. Diokno said the Philippine lawmakers are now studying all measures for faster public-private partnerships or PPPs as the Marcos administration aims to build 197 infrastructure flagship projects, including railways, airports and water management, among others. PPP crucial “The PPP Act, which is currently pending in the Senate, consolidates all legal frameworks on PPP and creates a unified system for investors to refer to when engaging in PPP projects,” DoF said. To build more capital for Philippine infrastructure development and diversify investment channels, Diokno said government agencies are now crafting the rules and regulations of the Maharlika Investment Fund. “This is the Philippines’ first sovereign investment fund that will serve as a platform for investors to engage in direct equity investments in Philippine ventures,” he said. Diokno said both the legislative proposal and newly approved sovereign fund will support economic expansion from liberalized investment laws passed by the previous Duterte administration. Diokno shared amendments to the Public Service Act which now allows full foreign ownership from 40 percent previously of various businesses, such as airlines and telecommunications. Amid growing concerns with climate change, the finance chief said this applies also to renewable energy facilities, such as solar plants. Indonesia, along with China and India, is among the world’s largest exporter of coal, according to the International Energy Agency. However, Indonesia vowed to achieve net-zero carbon emissions by 2060, while it is 2050 for the Philippines. To ensure efficient management and profitability of infrastructure, Diokno said the government also eased processes for foreign investors under the Build-Operate-Transfer Law. “To help foster the development of high quality, modern, and sustainable infrastructure in the country, we wasted no time in building a fertile business and investment ecosystem for private players,” Diokno said. The post Gov’t seeks Indon capital appeared first on Daily Tribune......»»
DBM mulls change in procurement process
The Department of Budget and Management released its plans to change the government procurement process on Tuesday to allow the agencies to purchase some goods and services straight from suppliers without public bidding. During the Malacañang Press Briefing, DBM officials said one of the suggested amendments is the creation of an e-marketplace similar to the online shopping apps that would allow government agencies to buy goods and services from qualified merchants. Other amendments to Republic Act 9184 or the Government Procurement Reform Act are also divided into six items. Pangandaman said these items include: Innovative procurement methods, efficiency in the process, procurement planning and budgeting, digitalization and innovation, green procurement, and miscellaneous provisions. DBM officials added that the government aims to amend the bidding process for small items since government agencies can buy directly from businesses as long as they are legal, technically and financially sound. They pointed out that DBM also wants to fully implement the Most Economically Advantageous Tender, which the government uses only to buy services. “This will promote efficiency because the things that should be submitted for competitive bidding will no longer be done that way. Instead, the procuring entity will establish its own technical requirements and then collaborate with the suitable market operator to supply the goods,” DBM Undersecretary Dennis Santiago said. Santiago said the government always aims for the lowest and cheapest items under the Lowest Calculated Response Bid. However, he noted that the quality is not always good. Hence, they are looking at an area wherein the government can advance this and improve the evaluation methodology. “Now we will apply it to goods and even infra where we use percentages. There’s a certain percentage for the technical aspect, there’s a certain percentage for the financial aspect, and you put them together, you have the highest-rated bid, the most economically advantageous tender,” Santiago added. When asked about the threshold, Santiago said that the DBM is considering P250,000 as the minimum amount for goods and services that don’t need to be bid on but that Congress still needs to decide about it. For context, DBM presented the proposed amendments to President Ferdinand Marcos Jr. after the Chief Executive for a New Government Procurement Law during his second State of the Nation Address last month. Budget Secretary Amenah Pangandaman, who was also during the briefing, said Marcos agreed with the amendments, except for several items. “We need to understand that he worked from a local government unit, so he understands the procurement process. As a result, he mentioned the challenges faced by entities like LGUs and government personnel when they procure,” Pangandaman said. “We’ll have to write the specific amendments per provision; just maybe give us two weeks. Technical writing is required for this task,” she added. The post DBM mulls change in procurement process appeared first on Daily Tribune......»»
No more public bidding for small items under proposed DBM amendments
The Department of Budget and Management released its plans to change the government procurement process on Tuesday to allow agencies to purchase some goods and services straight from suppliers without public bidding. DBM officials said in Malacañang that one of the suggested amendments is the creation of an e-marketplace similar to online shopping apps that would allow government agencies to buy goods and services from qualified merchants. Other amendments to Republic Act 9184 or the Government Procurement Reform Act are divided into six items: innovative procurement methods, efficiency in the process, procurement planning and budgeting, digitalization and innovation, green procurement and miscellaneous provisions. DBM officials said the government aims to amend the bidding process for small items since government agencies can buy directly from businesses as long as they are legal and technically and financially sound. DBM also wants to fully implement the Most Economically Advantageous Tender, which the government uses only to buy services. "This will promote efficiency because the things that should be submitted for competitive bidding will no longer be done that way. Instead, the procuring entity will establish its own technical requirements and then collaborate with the suitable market operator to supply the goods," DBM Undersecretary Dennis Santiago said. Santiago said the government always aims for the lowest and cheapest items under the Lowest Calculated Response Bid. However, he noted that the quality is not always good. Hence, the department is looking at how the government can improve its evaluation methodology. "Now we will apply it to goods and even infra where we use percentages. There's a certain percentage for the technical aspect, there's a certain percentage for the financial aspect, and you put them together, you have the highest-rated bid, the most economically advantageous tender," Santiago added. When asked about the threshold, Santiago said that the DBM is considering P250,000 as the minimum amount for goods and services that don't need any bidding, but that Congress still needs to decide about it. DBM presented the proposed amendments to President Ferdinand Marcos Jr. for a New Government Procurement Law during his second State of the Nation Address last month. Budget Secretary Amenah Pangandaman said Marcos agreed with proposed the amendments, except for several items. "We need to understand that he worked from a local government unit, so he understands the procurement process. As a result, he mentioned the challenges faced by entities like LGUs and government personnel when they procure," Pangandaman said. "We’ll have to write the specific amendments per provision; just maybe give us two weeks. Technical writing is required for this task," she added. The post No more public bidding for small items under proposed DBM amendments appeared first on Daily Tribune......»»
US-ASEAN Business Council: US companies eager to foster Phl business connections
President Ferdinand Marcos Jr. on Wednesday acknowledged the US-ASEAN council's crucial role in the Philippine development. During the courtesy call of the American business leaders at the Malacañang Palace, Marcos hoped that alliances, partnerships, and arrangements with its members would be sustained. "I recognize the critical role that the United States and American businesses have played in advancing a robust and inclusive economic growth in the Philippines, not only in this period but for a very long time now," Marcos said. Marcos also acknowledged that the US-ASEAN Business Council is significant in discussing concrete steps in upholding socioeconomic cooperation. These steps include agriculture, clean energy, infrastructure, climate change, digital connectivity, and post-pandemic recovery. Marcos also assured the Council of concrete steps that he and US President Joe Biden have identified to make the two countries' alliance and partnership "relevant and responsive to the current emerging challenges in the defense, security, and economic spheres." "I invite the members of the esteemed Council to continue being valuable partners of the Philippines. Let us push for greater economic engagement between our two countries for our mutual benefit and the prosperity of the region," he added. Ted Osius, a former US ambassador and current President of the Council, mentioned that US companies are eager to strengthen their collaborations with the Philippine government and foster additional connections with businesses in the nation. Osius also stressed the importance of the country's participation in the Indo-Pacific Economic Framework and the Asia-Pacific Economic Cooperation (APEC). "We're very much focused, and you highlight these themes on sustainable development, transformative digitalization, innovative healthcare solutions, supply chain resilience, and ease of doing business," Osius said. "We are determined that we come here not just to talk but also bring a lot of action to create real partnerships and to show our commitment in the form of investments," he added. Established in 1984, the US-ASEAN Business Council is a nonprofit entity dedicated to researching and analyzing economic, financial, political, social, and environmental conditions within the ASEAN member states. Globally, the Council's membership exceeds 175 companies, collectively generating nearly USD 7 trillion in revenue and providing employment for over 14.5 million individuals. This Council holds the unique distinction of being the sole American organization formally acknowledged within the ASEAN Charter. Annually, it engages with the Finance, Trade, and Energy Ministers during their respective meetings. The organization's roster comprises the largest American corporations conducting operations within ASEAN. These companies range from newcomers in the region to those with a century-long history of business in Southeast Asia. The post US-ASEAN Business Council: US companies eager to foster Phl business connections appeared first on Daily Tribune......»»
Forked-tongue promises
Commitment to transparency is among the qualities of a corporation that investors and the public look at before making the crucial decision to either infuse some capital into it or buy its products. Power companies have the bigger responsibility for disclosures during the difficult period of rising prices, coupled with the global effort to save the earth from climate catastrophe as a result of greenhouse gases. In 2017, a movement among global big businesses for full disclosure of their projects that may impact the environment called Task Force on Climate-Related Financial Disclosures, or TCFD, was launched. Since then, the country’s biggest corporations have signed up to the global transparency movement but not San Miguel Corp. Instead, SMC said in its annual report that it “developed a comprehensive, standardized data template to capture pertinent data and disclosures on our material ESG topics from our various subsidiaries,” without actually signing up for the global accord. Among companies engaged in power generation, SMC also lags in terms of its climate commitments. Think tank Center for Energy, Ecology and Development said in 2019 that First Gen of the Lopez Group announced it will “lead the transition to a decarbonized energy system in line with the United Nations target of limiting global warming to 1.5 degrees Celsius.” SMC, which now dominates energy production through fossil fuel, also has not made any commitments to align with the 1.5°C Paris temperature goal. CEED said that unlike some of the biggest conglomerates in the country, SMC has yet to indicate unqualified support for TCFD. The body was created to develop recommendations on the types of information that should be disclosed by corporations to support investors, lenders and insurance underwriters in appropriately assessing and pricing a specific set of risks related to climate change. The Aboitiz Group, through its holding company Aboitiz Equity Ventures Inc., was the first local supporter of TCFD. The global movement said on its online site that companies that express support for TCFD recommendations “join a cohort of leading companies that take action against climate change and are thoughtful to consider how climate change will impact their businesses.” “Easing transparency makes markets more efficient, and economies more stable and resilient,” Michael Bloomberg, TCFD chairperson said. According to CEED, the disclosure of climate risks in key private undertakings would guide SMC and its shareholders in making informed choices in “an increasingly carbon-constrained world.” It added that the value of climate-disclosure information and SMC’s plans for a low-carbon economy are becoming increasingly valuable for stakeholders. SMC, by the way, has major shareholders affiliated with the Catholic Church that have kept silent amid the reluctance of the Asian giant for full disclosure. Church groups, ironically, have been calling for action and accountability from financial institutions, energy and extractive companies, and government leaders to contribute to efforts to save the planet. In July 2021, SMC announced plans to move away from building new coal facilities, including those that use “clean technology,” and move towards clean energy. SMC, however, never discloses which power plant projects will be dropped except for three projects in Quezon and Cebu that have total capacities of 1,500 megawatts. CEED said data from the DoE from July 2020 showed plans for new coal-fired power plants with a total capacity of 3,628 MW until a moratorium imposed by the Department of Energy disrupted these plans. SMC also stated that it is aggressively pursuing more sustainable sources of energy which include expensive liquefied natural gas. The duplicity is very apparent since the company’s environmental commitments clash with its actual program to dominate power generation through imported fossil fuel. The post Forked-tongue promises appeared first on Daily Tribune......»»
Pinyapel, Bakong products diversify, fight climate change
The Design Center of the Philippines has made 200 products out of Pinyapel, a paper from pineapple leaves, and Bakong, an aquatic plant, and helping build 60 small businesses while protecting the environment in the process. The Filipino-made products have resulted from 170 intellectual properties since 2019 under the center’s Smart Materials Development Program. This aims to conserve wastes and natural resources by transforming them into innovative products while generating jobs for the less privileged. “Pinyapel and Bakong highlight the design center’s response to the growing local and international call for global action on climate resiliency, addressing social, economic and environmental issues that threaten the general public,” Rose Marie O. Mendoza, the center’s chief industrial specialist, told the Daily Tribune last Friday. Mendoza, a recipient of this year’s The Eight Bravo Empowered Women Awards organized by the Security Bank Corp. and Zonta Club of Makati & Environs Foundation Inc., shared that the Philippines is the world’s third largest producer of pineapples. Alternatives to plastic Their leaves are processed mostly into alternatives to plastic packaging and dining materials in reducing air and garbage pollution. The DCP aims to help cut plastic production in the world by at least 300 million tons. Mendoza, however, said the center continues to explore other ways to use Pinyapel. “On top of this is a boiling pot of materials and products that has great potential to help the country mitigate climate change while brewing potential industries to contribute to the country’s economic complexity,” she said. Bakong, meanwhile, is a plant growing year-round near Bangalao Lake in Cagayan whose fibers are mostly used to make fabrics, furniture, bags and home accessories. Sustainable clothing material Mendoza said the DCP plans to increase manufacturing of Bakong as luxury brands have taken notice of the sustainable clothing material. Luxury clothes are projected to rake in global revenues up to $278 billion by 2031, more than double of the $103 billion this year. “Supported by the sustainable research and development framework of creation-protection-commercialization -industrialization, the design center will not stop introducing new products to the market, rather push these materials and products to scale,” she said. The DCP is an agency of the Department of Trade and Industry mandated to promote design as a creative tool towards the production of new products, purpose-driven design decisions and human-centered products and systems that improve the quality of human life. The post Pinyapel, Bakong products diversify, fight climate change appeared first on Daily Tribune......»»
Global labor becoming ‘cash strapped’ — PwC
“Great resignation” remains an issue among workers worldwide, wherein in the Philippines, 29 percent of workers wanted to change employers due to various factors, including the work-life balance, the latest survey from PwC Philippines said. The inclination may have been influenced by a labor force that is increasingly short of cash. The PwC survey noted that the proportion of the global workforce who said they have money left over at the end of the month has fallen to 38 percent, down from 47 percent last year. In a press briefing in Makati City on Thursday, PwC Philippines consulting managing principal Veronica Bartolome said, quoting the result of the 2023 Hopes and Fears Global Workforce Survey, workers are likely to change jobs in the next 12 months, up from 19 percent last year. Scanning for better jobs Employees who said they are most likely to change employers include those who feel overworked (44 percent), struggle to pay the bills every month (38 percent), and Gen Z (35 percent). “In the Philippines, 29 percent (vs. 30 percent for Asia Pacific) say they are likely to change employers in the next 12 months, and they are more likely to be in the Engineering; Construction (35 percent) and Hospitality; Leisure (31 percent) industries,” she said. The survey results showed with the high inflation rates experienced in early 2023, Filipino employees are also much more likely to ask for a pay raise (70 percent) and promotion (59 percent). As of April 2023, the Philippine Statistics Authority reported that the employment rate in the country was posted at 95.5 percent, higher than the estimates in April 2022 (94.3 percent) and January 2023 (95.2 percent). No money to spend According to the survey, which details the attitudes and behaviors of nearly 54,000 workers in 46 countries and territories, revealed the cooling economy is creating a cash-strapped workforce. It also found that one in five workers (21 percent) now work multiple jobs, with 69 percent doing so because they need additional income. The share of workers with multiple jobs is higher for Gen Z (30 percent) and ethnic minorities (28 percent). “The global workforce is divided into two — those with valuable skills who are well set to keep learning, and those without. We found that often, those without the skills are less financially secure and less able to access training in the skills of the future,” Bob Moritz, PwC Global chairperson, said. Transform to succeed In a world where CEOs know they need to transform their businesses to succeed, they need to combine the benefits of technology with a plan to unlock the talents of all workers. It is in no one’s interest for businesses to chase the same group of skilled workers while the rest of society gets left behind,” Moritz added. Moreover, the survey said that workers struggling financially are also less able to meet the challenges of the future including the need to develop new skills and adapt to the rise of artificial intelligence. Compared to workers who can pay their bills comfortably, those who struggle or cannot pay their bills are 12 percentage points less likely to say they are actively seeking out opportunities to develop new skills (62 percent vs. 50 percent). Similarly, those workers who are more financially secure are more likely to seek feedback at work and use it to improve their performance (57 percent) than those who are struggling financially (45 percent). The post Global labor becoming ‘cash strapped’ — PwC appeared first on Daily Tribune......»»
Trash your indifference
Tons of plastic waste are disposed of daily, and most people don’t mind, don’t care, or don’t know about it until they see inorganic matter washing up on our shores or floating in our flooded houses come typhoon season. Plastic bags, bottles, food wrappers, and containers are part of our daily lives. We throw them in the trash, unmindful of where they go. Up to now post-post-‘Ondoy’ and all the other terrible typhoon names we remember people still chuck a candy wrapper out a vehicle window or carelessly kick a plastic cup out of the way. Trash bags from residential and commercial establishments are groaning. Broken plastic pails and dirty drinking tumblers are rejected in a pile that goes into garbage bins or the waterways. Plastic wrap, bubble wrap, nifty little individual packs that provide such convenience — they meet the trash can pretty quick and we never hear of them again. The planet is dying. As for our lovely islands surrounded by vibrant oceans that amaze divers from around the world, a plastic crisis is at hand. The Philippines reportedly generates some “2.7 million tons of plastic waste per year.” What does this mean? It means we are destroying our environment. We are guilty of taking the quick and easy way and sacrificing our very home, our Mother Earth, to get immediate gratification. Millions and tons are words alone that should alarm anyone — but, really, what is most alarming is that plastics are non-biodegradable. They “stick around the environment for ages,” says Friends of the Earth, and the way they go into our food chain, they can even be in some “food we eat.” One day, a plastic avalanche will overcome the planet. Long have environment warriors fought to make “recycle, reuse, reduce” a lifestyle mantra. Yet following the recent typhoons, we can say we have a long way to go. Environment Secretary Maria Antonia Yulo-Loyzaga during World Environment Day said the country is “not winning the war” against single-use plastics. In a report, she said, “The daily waste generation has increased to 61,000 metric tons from only 16,000 MT in 2016.” DENR-Environmental Management Bureau data reveals that “at least 12 percent or 7,090 MT of the total garbage being produced every day are plastic waste.” Now the government is pushing for reforms — from policies and laws made to suit each person’s daily personal habits. First should come consumption and proper waste disposal. Another aspect is production and corporate responsibility. In his second State of the Nation Address, President Ferdinand Marcos Jr. called for prioritization and solutions to address the plastic crisis. This year, Congress proposed measures to solve the problem of plastic waste. Tax measures are being proposed to reduce its use. It is also calling for companies to “take responsibility for the plastic packaging waste they produce.” A refill system — one that countless companies have been undertaking for years — should cause businesses to change their game. Aside from refill stations, they should moreover encourage reusable packaging. Like everything else the Marcos government is trying to fix, this environmental problem will need everyone’s cooperation and commitment. There really isn’t much of a choice if we want the planet to prosper. The post Trash your indifference appeared first on Daily Tribune......»»
Quick AI response as small biz magnet
Digital banking powered by artificial intelligence or AI is increasingly becoming the norm. How fast and flexible industry players can maximize benefits from this technology to provide credit to most small businesses is the edge, Edwin Bautista, president and CEO of Union Bank of the Philippines, told the Daily Tribune. [caption id="attachment_164549" align="aligncenter" width="585"] Edwin R. Bautista, president and CEO, UnionBank of the Philippines[/caption] “All we know is AI will disrupt industries, so the earlier you try to figure out how to adopt it, the better. Now, the question is, how many financial institutions are prepared to make that bet of lending using alternative data sources using AI?” Bautista said. UBP’s digital banking arm UnionDigital Bank is shifting gears to provide small businesses with accessible loans using AI. It collects data from the Internet and humans and organizes them into qualitative and quantitative categories to generate text, images, audio and videos. Many small business owners usually need financial statements on paper, as they sell products and services primarily online through social media, such as Facebook, Instagram and TikTok. However, Bautista said their financial capabilities could be traced and analyzed even without the formal documents required by traditional banks, such as income tax returns, financial statements, and trading partners profiles. He stressed AI does not discriminate. “When you look at the smaller businesses, they appear as an underground economy, so they cannot produce those kinds of documents. AI will help us because what it does is it puts together different information about that particular business or person and flow of sales so it can give a prediction on whether the small business owner will pay you back or not.” This technology is critical to lenders, including informal lenders, as micro, small and medium enterprises comprise 99 percent of all businesses in the country and drive most of its economic activities. Global market researcher McKinsey & Company said Philippine-based lenders can boost their growth by tapping the country’s bankable population, which is expected to expand by 30 percent to 85 million by 2030, along with owners of small and medium enterprises. “The Philippines has an estimated 15 million informal entrepreneurs and self-employed workers. Meanwhile, retail lending is heavily concentrated in a narrow band of wealthy households,” the researcher said. McKinsey reported a few domestic digital banks had gained traction, with three digital banks, including UnionDigital, growing a total market value by $3 billion. In contrast, traditional banks only saw a $2.2 billion growth between January 2021 and January 2023. However, McKinsey stressed digital banks in the Philippines have been limiting their services to mobile payments. “While competition in digital financial services intensifies, dominant players have yet to emerge outside the mobile-payments subsector. Six digital banks have recently launched operations in the Philippines, but none lend at scale.” Unlike informal lenders, Bautista said digital banks can reach more borrowers as AI learns about all people with access to the Internet and produces sound data correlations. “The theory is that if you have many friends and are grounded in a particular community, chances are you will not just run away from your debt. The minute borrowers go outside their community. It’s challenging for informal lenders because they already do not know the people they are lending to.” With the developments in AI, Bautista said UBP is redesigning its brick-and-mortar banks by tapping digital technologies and its UnionDigital to exchange market insights, systems, and people skills to boost mutual growth. “We think we can be the number one Consumer Bank in the Philippines in the next three years. Why? Because Our growth path is based on broadening the base on which we can learn to adapt. You can only do that if you’ve transformed your front, middle, and back office accordingly.” Bautista said this means the ever-changing skills development of people of both banks. While AI has been demonized by some of the labor force and business owners worldwide, saying it will replace traditional jobs and employees, Bautista said the future remains uncertain. Still, it can also highlight innately human jobs. “AI may rather have pluses and minuses. You will be affected negatively, but you will also have a positive impact if new jobs are generated.” Bautista said proof of this is the human eye, intuition, and brain need to verify whether AI-generated data matches customers’ changing preferences and needs. “So today, I can know instantly what my customer sentiments are. If my back-end operations take me six months, what good is knowing today if I can act on it? And the only way I can act is I have people with the ability to modify their things and a back end that allows me to change my products and features near real-time.” The post Quick AI response as small biz magnet appeared first on Daily Tribune......»»
PBBM urges gov’t, business sector collaboration
President Ferdinand Marcos Jr. has called for a partnership between the government and the business sector to advance sustainable growth and climate action. In his speech at the APEC Business Advisory Council meeting in Cebu on Friday, Marcos underscored that the business sector is not only a major contributor to the economy but also an “aggressive agent of social change." Marcos added that the two sectors must work together to identify practical, pragmatic, and promising solutions to pressing issues such as energy insecurity, the triple threat of climate change, pollution, and biodiversity loss. "We can pursue innovative technologies and approaches, for example, in the exploration of nuclear energy and small modular reactors as viable options for low or zero carbon energy sources," he said. Marcos also urged the business sector to help the government in its transition to clean energy. He said that shared investment would alleviate the financing burden of governments, while the expertise of businesses in areas such as planning, operations, and execution could be mainstreamed in the sustainability projects of the government. In addition, Marcos called for the standardization of data templates, indicators, and baselines across APEC economies. This would facilitate data collection and exchange, which would in turn strengthen technical cooperation within APEC. He also called for the business sector to take the lead in setting up standards for responsible business conduct that would encourage sustainable practices while balancing rapid growth. "Opportunities abound for our people if APEC preserves its strength as an incubator of ideas, driven in large part by the significant contributions of ABAC and the dynamism of the business community in our region," President Marcos said. He went on to say that the business sector needs to not only work with the government but also take the lead in setting standards for responsible business behavior that will support sustainable practices while keeping fast growth in check. The Chief Executive also thanked the ABAC Philippines for holding the Meeting and told its members to get ideas from their surroundings to finish the deliverables and make the most of the tools they have access to. The post PBBM urges gov’t, business sector collaboration appeared first on Daily Tribune......»»
DENR’s Loyzaga meets with US-ASEAN Business Council
“Climate change adaptation is very important to us, and any contributions by way of nature-based solutions for adaptation and for disaster risk reduction are what we’d like to build our relationship with you on." This is what Environment Secretary Antonia Loyzaga told the delegates from the United States-ASEAN Business Council (US-ABC) when she recently met them to discuss how both organizations can work together in the fields of climate adaptation, disaster risk reduction (DRR), and plastic pollution. The meeting, held on July 12 in Taguig City, was a follow-through of the Memorandum of Understanding between the Department of Environment and Natural Resources (DENR) and US-ABC to strengthen collaboration on sustainability, climate change, green finance, and environmental protection. Loyzaga said the DENR is looking at investment in prevention or ex-ante value from the private sector, particularly nature-based solutions such as forest conservation, control of river erosion, water conservation efforts, and investment in gray and green infrastructure. “We realize that the goal of the private sector has been primarily in providing relief during disasters, which we understand is valuable but is essentially an ex-post value to the country and to the communities. We hope that the (US-ABC) can also be an advocate for adaptation and not just mitigation which are both sides of the same coin,” Loyzaga told the US-ABC delegation. The other end of the stake, Loyzaga said, would be DRR which is ultimately what would impact the country’s trajectory toward economic and social development. Loyzaga encouraged the private sector to look beyond compliance to environmental, social, and governance or ESG in terms of emissions reduction, renewable energy, energy efficiency, and pollution management. She also urged them to look to adaptation and resilience-building of the communities where they work, as well as the ecosystems that they rely on. Loyzaga likewise reminded the private sector to help “clean up whatever it is you produced and released.” She said that one of the calls of the DENR is the need for businesses to look at investment and research towards the replacement of plastic. “What we want to do is to look for ways to produce materials which are sustainable, which are biodegradable, which are affordable but have the same functionality as the packaging materials that we now are using because they are optimal in terms of the products that we produce. That investment in the chemistry that is needed, I think, is within your reach and so that is one of the big pushes,” she said. Loyzaga also expressed hope the US-ABC can help the DENR bring forward the upliftment of the informal waste sector consisting of waste pickers in dumpsites and communal waste collection points. “The sector is particularly impacted by hazardous environments because of the waste that we generate and their involvement in the solid waste management industry,” Loyzaga said. “We hope that we can share that advocacy and we look for ways to actually innovate.” She added: “Waste picking, waste collection, waste sorting is a phenomenon not just in the Philippines, but in all countries in ASEAN. And so, we’re not the only ones who have that informal sector involved in this whole circular economy. They have been locked out of the value chain but they are part of the supply chain of the circular economy.” Loyzaga has been pushing for the integration of the informal waste sector into the expanded producer responsibility or EPR system for plastic packaging waste to ensure that no one is left behind as the country transitions toward a circular economy. US-ABC is the premier advocacy organization for American corporations operating within the Southeast Asian region. Worldwide, the Council's membership of nearly 170 companies generates almost US$7 trillion in revenue and employs more than 14.5 million people. The post DENR’s Loyzaga meets with US-ASEAN Business Council appeared first on Daily Tribune......»»
Execs chart retail sector’s future
Influential figures in the retail sector who have demonstrated dedication, and hard work in their respective fields are converging to shape the future of the industry through the National Retail Conference and Expo 2023. Coming this 10 August 2023, the PRA will be staging the 29th edition of the NRCE, the country’s largest retail industry event at the SMX Convention Center Manila. Panel discussion will center on “Revolutionizing Retail: Exploring the Key to Unlocking Future Success.” Visionary leaders will guide retailers in addressing the challenges they currently face and help them explore strategies and business models for sustainable growth. Heavyweight panel The panel features influential leaders from the premier shopping centers including Christopher Maglanoc, president of Ayala Malls; Graham Coates, first vice president and head of Megaworld Lifestyle Malls; Faraday Go, executive vice president and general manager of Robinsons Malls; and Steven Tan, president of SM Supermalls. Leading the session as moderator is Cathy Yang, PLDT and SMART Group head for Corporate Communications. Industry experts will share practical insights and real-life examples of how their respective businesses have successfully implemented innovative ideas, nurtured a growth mindset, embraced continuous learning and improvement, and remained at the forefront of the competition through their adaptability to change. “Success may be a challenging journey, but by guiding one another, we can unlock endless possibilities for growth,” PRA president Roberto Claudio Sr., who’s also the chairman of Quorum International Inc., shared. The post Execs chart retail sector’s future appeared first on Daily Tribune......»»
Nasugbu unites in demand for quality electricity
Frustration over persistently subpar electricity services has ignited a sweeping movement in Nasugbu, as residents and establishments join forces to demand a transformative change. More than twenty-two thousand (22,000) signatures adorn a resounding Petition Letter, representing nearly 70% of all households in the municipality, urging the transfer of their electricity service from BATELEC I to the renowned MERALCO. In recent months, Nasugbu has been plagued by frequent and prolonged brownouts, coupled with voltage fluctuations wreaking havoc on appliances and equipment, both at homes and businesses. The accumulating complaints from the community have become impossible to ignore, prompting them to rally behind their Mayor, Tony Barcelon, authorizing him to initiate discussions with MERALCO to turn their aspiration into a reality. The groundswell of support for the Petition underscores the unwavering determination of Nasugbu's residents to secure a brighter future. "This isn't just about electricity; it's about uplifting our livelihoods," said a passionate petitioner, encapsulating the sentiment echoed throughout the bustling municipality. Mayor Tony Barcelon, a vocal advocate for the cause, has tirelessly conveyed the grievances of his constituents to both BATELEC I and relevant government agencies overseeing electric cooperatives. In an exclusive interview with the esteemed Regioneer, a leading local newspaper in the Province of Batangas, Mayor Barcelon called on BATELEC I to collaborate with the local government to explore viable options for transferring electricity services to MERALCO. As the movement gains momentum, Nasugbu's residents stand firm, confident that their vision of quality electricity services will only come to fruition with the support of their government leaders. The unyielding spirit of the community serves as a beacon of hope for others across the nation, igniting a fervent call for change and progress in the realm of electricity provision. According to Mayor Tony Barcelon “Nasugbu stands united, echoing the voice of over 22,000 signatures, demanding nothing short of excellence in electricity services. Together, we urge a transition to MERALCO, symbolizing our unwavering pursuit of quality power for our progressive community” The post Nasugbu unites in demand for quality electricity appeared first on Daily Tribune......»»
Creating safer and more resilient communities
With a thorough understanding of the Philippines’ urban landscape and the risks it is exposed to as one of the most disaster-prone countries in the world, SM Development Corporation has long been a forerunner in the development of sustainable, resilient communities. Recognizing the value of a robust social fabric in building resilience, SMDC recently launched “Ready To Rescue,” a disaster-preparedness training program that aims to educate more Filipinos on the impacts of climate change and the knowledge and skills needed to respond and recover from disasters effectively. In partnership with Philippine Red Cross, City Disaster Risk Reduction and Management Offices, and its Quick Response division, SMDC gathered local government members and community volunteers for a two-day training session in Iloilo and Bacolod. Rene Tamayo, barangay tanod team leader of Brgy. In Bacolod City, Granada was one of the many attendees of Ready to Rescue’s Bacolod leg. When averting the loss of life and damage to property, he said: “I now realize that unpreparedness is not an option.” Meanwhile, Alfredo Talimodao Jr., chairman of Brgy. Granada said as a community leader, he found early warning systems, as well as the timely and effective dissemination of information, to be imperative. “[I plan] to collaborate with local authorities and fellow community members to establish a comprehensive disaster response plan, focusing on improving communication channels and educating others about the importance of preparedness,” said Talimodao Jr. The training introduced concepts such as the DRRM and the Incident Command System, enabling a systematic response to disasters. Demonstrations and practical knowledge were provided on fire, earthquake, flood, and tropical cyclone survival and evacuation, simple first aid for injuries, and essential life support. A Disaster Control Group was also developed during the sessions. Good guys help save lives Did you know that one blood bag can save up to three lives? A reliable and adequate blood supply can make a life-saving difference in medical emergencies, surgeries, and critical treatments. Steadfast, in its partnership with Philippine Red Cross, SMDC is a leading advocate of blood donation. Through their “Good Guys Help Save Lives” initiative, SMDC empowers residents, tenants, employees, and members of neighboring communities to help address the persistent challenge of blood shortages in healthcare facilities through blood donation. Regularly conducted in different SMDC properties and SM offices across the country, the “Good Guys Help Save Lives” initiative raises awareness of the importance and benefits of blood donation and fosters a culture of care and compassion. Shared social responsibility The idea of shared social responsibility is at the core of disaster risk reduction and management. Climate change is a global concern that knows no borders. It affects ecosystems, economies, and livelihoods on a worldwide scale. As such, it demands a collective, “whole-of-society” response from individuals, businesses, and governments. A recipient of Carousell Property Awards’ “Best Developer for Building Sustainable Communities” and Dot Property Philippines Awards’ “Special Recognition for Corporate Social Responsibility,” SMDC seeks to be a partner in nation-building in all aspects — advocating for humanitarian agenda, pushing sustainable development forward, and strengthening public-private partnerships to help make the Philippines more resilient. For one, SMDC and its parent company, SM Prime Holdings Inc., are members of the Private Sector Alliance for Disaster Resilient Societies — a global network of private sector entities led by the United Nations Office for Disaster Risk Reduction that collaborate to implement the targets of the Sendai Framework. It also co-chairs the National Resilience Council in the Philippines. The post Creating safer and more resilient communities appeared first on Daily Tribune......»»
Teching up mompreneurs through digitized transactions
Making good on its commitment to empowering Filipino micro, small, and medium enterprises through technology and promoting cashless payments, Union Bank of the Philippines once again supported the Momzilla Fair as a digital payment provider that allowed shoppers to pay for their purchases securely and conveniently via QRPh. The Momzilla Fair is an event that aims to provide moms with an avenue to discover businesses and brands catering to parents. The annual event attracts more than 200 MSMEs offering baby care products, most of which are mompreneurs, with thousands of visitors per exhibit. The event held last 1 and 2 July at The Fifth at Rockwell in Makati City is the third of five planned for this year. “Momzilla is an event for moms, and we know how busy moms can be. By providing them with a more convenient cashless option to pay for their purchases, they won’t need to take time out of their busy schedules to withdraw from an ATM or visit a bank branch,” said Kato Lim, Momzilla founder. “But more than making life easier for the shopping moms, the partnership is also about empowering Filipino MSMEs through UnionBank’s superior digital banking capabilities, allowing them to digitize their business and maximize growth in today’s digital economy,” Jaypee Soliman, UnionBank’s Business Banking head, added. With the help of UnionBank, Momzilla merchants could collect payments from shoppers easily via QRPh. This also eliminated the need to give the exact change and ensured that every transaction was secure and accounted for. Shoppers, in return, could pay quickly with the banking app or e-wallet of their choice, as QRPh accepts payments from a wide range of options. UnionBank also had a booth during the event where customers could learn more about the bank’s products and services and even digitally open their bank account on the spot. Aside from helping MSMEs thrive in the digital economy, UnionBank’s partnership with Momzilla is also part of its efforts to help promote the broader adoption of digital payments in the country in line with the Digital Payments Transformation Roadmap of the Bangko Sentral ng Pilipinas. This, in turn, is part of the Bank’s “Tech-Up Pilipinas” advocacy, which includes providing digital solutions to MSMEs and players in the retail segment. For those who missed the last Momzilla Fair, another exhibit will be on 2 and 3 September at The Fifth at Rockwell in Makati City. The final leg for the year will be held on 18 and 19 November at the SMX Aura in Bonifacio Global City in Taguig City. The post Teching up mompreneurs through digitized transactions appeared first on Daily Tribune......»»
CA conundrum
What gives in the recent Court of Appeals decision that effectively emasculated the Energy Regulatory Commission? The ruling, in effect, said SMC was correct in its petition to the ERC asserting a “change in circumstance” to allow it to set aside the fixed-price provision in its contract with Meralco. Moreover, the ruling favored SMC’s claim that the adjustment would result in the least electricity cost, which was the conglomerate’s contention when it filed the petition with ERC. In its plea, SMC’s power units sought a 30 to 34 centavos per kilowatt hour increase in the rate it charged Meralco. Meralco as the electricity distributor then passes on the cost to consumers in their monthly bills. The court in its decision weighed the impact of the various options and favored the one that SMC proffered as having the most benefit to consumers. The ERC in its October decision dismissing the petitions of SMC arms, South Premiere Power Corp. and San Miguel Energy Corp., cited the straight pricing scheme in the power supply agreements of both firms with Meralco. SMC, instead of petitioning ERC for a review, went straight to the Court of Appeals to seek temporary restraining orders for both SPPC and SMEC. The CA through its 13th Division promptly issued a TRO on SPPC which in effect suspended its contract with Meralco, as SMC had warned if the ERC did not go along with its wish for a price adjustment. President Ferdinand “Bongbong” Marcos Jr. then urged the court to review the TRO, fearing that it would result in higher electricity bills. The CA’s 16th Division then rejected the TRO petition of SMEC but allowed the consolidation of the cases with the 13th Division, which issued a ruling later upgrading the SPPC TRO into a writ of preliminary injunction. The latest 13th Division ruling was the provision of permanent injunctions to both SMEC and SPPC. Going by the principle of honoring contracts, ERC, as the regulator, needed to enforce the fixed-price provision in the PSAs which covered about 1 gigawatt of electricity supply to Meralco. SMC in the deliberations with the ERC said that it had been hemorrhaging money — P15 billion since 2021 from operating the Sual coal and the Ilijan natural gas power facilities amid high global coal prices and unilateral natural gas supply restrictions from Malampaya. The CA’s ruling overturned the ERC and thus allowed SMC to recover its claimed losses by passing it on to consumers. SMC can also seek new adjustments retroactively from the time that it was considered to have been affected by the high global prices and natural gas supply restrictions, based on the rulig. The CA decision would have the immediate effect of a likely price increase since the PSA would be terminated, forcing Meralco to buy electricity from the spot market. The ultimate effect of the CA decision, however, would be to weaken the regulatory function of the ERC since it will set a precedent for parties in a contract to undermine the regulator’s decision by going directly to the CA. The ERC, thus, is fighting to uphold its function under the Electricity Power Industry Reform Act or Epira with its vow to appeal the CA decision in the Supreme Court. “The decision is not yet final and we will still file a motion for reconsideration. If granted, that's another discussion. If denied, we will go all the way to the Supreme Court,” said ERC chairperson Monalisa Dimalanta. It is indeed disconcerting that businesses that can pull all the strings overstep the rules, including the sanctity of contracts, aided by the court. Solicitor General Menardo Guevarra in defending the ERC said the CA’s 13th Division “violated the separation of powers and overstepped its boundaries when it directed the parties (SMC and Meralco) to enter into good faith negotiations” on the PSA of SPPC. He said that the 25 January resolution granting the writ of preliminary injunction and issuing the directive to renegotiate the terms of the contract “impinges on the executive jurisdiction of both the Department of Energy and respondent ERC.” Guevarra said that a renegotiation “was not even prayed for in the petition.” The $64,000 question is what prompted the CA to go out of its way to favor SMC despite the business behemoth effectively breaching its contracts with Meralco. The post CA conundrum appeared first on Daily Tribune......»»