IPOPHL to adopt Cloud computing strategies for IP registration services

By Andrea E. San Juan

THE Intellectual Property Office of the Philippines (IPOPHL) announced it would adopt Cloud computing strategies for intellectual property (IP) registration services to improve internal processes and efficiencies in data management.

IPOPHL Director General Rowel S. Barba said at a side event at the World Intellectual Property Organization’s (WIPO) 64th General Assemblies where the IP offices of Norway and Uganda also discussed their respective digital transformation initiatives, IPOPHL said.

Mor eover, the agency said Barba shared IPOPHL’s experiences in using the current version of the IP Administration System, its limitations, “pain points,” and his wish list for the new IPAS 4.0 implementation.

A ccording to IPOPHL, the IPAS is a software developed and owned by WIPO and is offered to IP offices under collaborative arrangements for its provision, hosting and maintenance.

The software, it noted, enables the electronic processing of IP registration documents and is customizable to adopt internal workflows that reflect an office’s rules and procedures.

T he most recent release known as IPAS version 4.0 will be exclusively hosted in an Amazon Web Services (AWS) based in the EU, IPOPHL said.

Meanwhile, an earlier version, the IPAS 3.x was installed in IPOPHL in the early days of 2012 and is now showing its age. Barba reiterated that upgrading to IPAS 4.0, though very challenging, is the most logical choice for IPOPHL.

“ We know that the majority of the features previously missing in IPAS 3.x now come built-in as part of the IPAS 4.0

Too early to declare victory against inflation–BSP chief high. Core inflation was at 7.4 percent in June and averaged 7.7 percent in the first six months of the year. “It’s too soon to declare victory. Core inflation remains high. There are still upside risks to inflation. For example, risks in the form of El Niño and further supply shocks.

IT’S too soon to declare victory.

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Authority (PSA) in the first week of August would be included in the analysis of the Monetary Board that will determine its decision on policy rates.

Inflation is one of three challenges of the central bank mentioned by Remolona on Friday. The other two are the payment system and banking supervision.

Remolona said, however, the BSP is making headway in terms of payment systems. He said the BSP will rely on the “magic of digitalization” to meet its target of raising to 70 percent the ratio of Filipinos with bank accounts.

He said banking supervision is still a challenge, even as he reiterated his earlier observation that the banking system is strong and was part of the solution in the speedy recovery from the pandemic. Cai U. Ordinario package. It is also expected to include workflow fixes that had resulted in downtimes in the old version,” Barba said.

B arba revealed that WIPO has already committed to exploring how it can best support IPOPHL’s new requirements as the latter transitions to the latest IPAS version. WIPO has already given IPOPHL access to navigate the IPAS 4 test version by end-July, allowing the office more time to prepare for the transition.

“ We are truly grateful to WIPO for its valuable technical assistance. We hope to engage with them soon to have a deeper exchange on the level of support we will need to implement IPAS 4. We want to transition smoothly and sustain it at minimal costs and disruption as we move toward greater ICT ambitions in the long term,” Barba added.

Last week, the IPOPHL chief told reporters that one of the vital amendments that IPOPHL wishes to see in the Intellectual Property code is the modernization of the intellectual property system.

“It ’s modernizing our IP system kasi nga kalakaran na sa mundo ngayon, puro tech na so gusto natin makasabay sa iba’t ibang mga IP offices sa iba’t ibang countries para ma-modernize natin yung system natin dito,” Barba said last week.

H e also noted, “Right now, we’re proud na I think IPOPHL is one of the government agencies na online. Salahatngmga filings naminngayondito, payment, 100 percent.”

Saturday, July 29, 2023

Bank officers’ survey: Households, businesses got more loans in Q3

By Cai U. Ordinario

HOUSEHOLDS and businesses may have secured more loans in the third quarter of the year, according to the second quarter 2023 Senior Bank Loan Officers’ Survey (SLOS) of the Bangko Sentral ng Pilipinas (BSP).

Based on the Q2 2023 Senior Bank Loan Officers’ Survey (SLOS), which uses the diffusion index (DI) method, respondent banks expect a net increase in overall credit demand from enterprises due to higher financing requirements.

The same trend in the third quarter is also expected among households due to expectations of higher household consumption and housing investment.

This was despite the second quarter 2023 results showing broadly unchanged loan demand from businesses at 69.6 percent and households at 65.6 percent.

Meanwhile, in terms of lending standards for loans to enterprises, data revealed that a larger proportion of respondents, at 89.1 percent, kept credit standards for businesses unchanged in the second quarter of 2023.

“The DI approach pointed to a net tightening of overall lending standards across all borrower firm sizes due to the following factors cited by respondents: (1) deterioration

MIF draws Malaysian biz leaders’ interest–PBBM

in the profitability of banks’ portfolios, (2) less desirable borrowers’ profiles, and (3) reduced tolerance for risk,” the BSP, however, said.

Over the next quarter, the SLOS showed expectations of generally unchanged credit standards for businesses, while the DI method pointed to bank respondents’ anticipations of net tightening of loan standards.

BSP said banks foresee an overall net tightening in loan standards for enterprises in the third quarter of 2023 given certain considerations.

These are the weakening profitability and liquidity of banks’ portfolios; deterioration of borrowers’ profiles; and reduced tolerance for risk.

In terms of Commercial Real Estate Loan (CREL), BSP said, the results showed that most respondent banks at 83.3 percent pointed to broadly steady lending standards CRELs.

“Results from the DI method indicated a net tightening of loan standards for CRELs in the second quarter of 2023 for the 30th consecutive quarter mainly due to weakening of borrowers’ profiles and lower risk tolerance,” BSP, however, said.

“In the next quarter, banks anticipate maintaining their credit standards for CRELS based on both the DI-based method and the modal approach,” it added.

Meanwhile, the majority of the surveyed banks or 69.7 percent also broadly retained their loan standards for loans extended to households in the second quarter of 2023.

However, the DI approach, BSP said, indicated a net easing of credit standards for household loans, particularly for housing, credit card, and personal/salary loans.

“Bank respondents associated the easing of lending standards for consumer loans mainly with an improvement in the profitability of banks’ portfolios, an increase in risk tolerance, less uncertain economic outlook, and more aggressive competition from banks and nonbank lenders,” BSP explained.

In the third quarter, the modal approach indicated a higher percentage of surveyed banks expecting generally unchanged credit standards for household loans.

The DI approach showed bank respondents’ expectations of a net easing in household loan standards in the third quarter of 2023 due to increased risk tolerance; improving profitability of banks’ portfolios for this market segment; and more desirable borrowers’ profiles.

The data also showed that in the second quarter of 2023, a higher percentage of bank respondents at 73.3 percent maintained overall credit standards for residential real

PCG searches for missing passengers of ill-fated motor boat in Laguna Lake estate or housing loans. However, the DI-based method indicated a net easing of credit standards for housing loans, which was due to improving borrowers’ profiles and less uncertain economic outlook.

“While most respondent banks expect to maintain credit standards for housing loans in the third quarter of 2023, the DI method shows a net easing of housing loan standards for the following quarter,” BSP said.

The SLOS consists of questions on loan officers’ perceptions relating to the overall credit standards of their respective banks, as well as to factors affecting the supply of and demand for loans to both enterprises and households.

The analysis of the results of the SLOS focuses on the quarter-on-quarter changes in the perception of respondent banks.

The responses for the second quarter of 2023 SLOS were gathered between June 5 and July 12, 2023 from 48 banks out of the total 62 bank participants. The response rate of 77.4 percent is higher compared to the response rate of 75 percent in the first quarter of 2023 SLOS.

It should be noted that the number of respondents also decreased following the merger of Bank of the Philippine Islands (BPI) and BPI Family Savings Bank Inc. (BFSBI).

Groups Nix Reported Plan To Amend Fisheries Code

THE Maharlika Investment Fund (MIF) drew a lot of interest from investors during the recent State Visit of President Ferdinand R. Marcos Jr. to Malaysia.

“Everyone expressed interest because [it is related] to business,” Marcos told reporters in an interview on his return flight from Malaysia on Thursday.

W hen they were presenting the MIF to potential investors, he said they stressed the sovereign wealth fund will be “ran professionally and without undue political influence.”

T he Chief Executive said this was meant to allay the concerns of investors after what happened to the Malaysian government’s sovereign, 1Malaysia Development Berhad, which suffered losses amid allegations of embezzlement.

“Their experience here is not going to be a detriment. In fact, it is a way for them to—they are the most careful of all,” Marcos said.

T he Department of Finance (DOF) said the MIF is expected to become fully operational before the end of the year with the creation of the Maharlika Investment Corporation (MIC).

The MIC, which will be led by “non-politicians,” will be tasked to manage the MIF, which allows the go vernment to invest its surplus revenues in financial and real assets to its priority sectors, namely, agriculture, energy, digitalization, and climate-change mitigation.

But ev en if the implementation of the MIF is still pending, Marcos said he was able to secure P235 million worth of investment pledges from Malaysian companies.

H e estimated the said commitments would generate over 100,000 jobs.

Samuel P. Medenilla

INTERNATIONAL nongovernment organization Oceana and the fisherfolk group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) have expressed their opposition over the plan to amend the Fisheries Code.

Reacting to President Ferdinand R. Marcos Jr.’s 2nd State of the Nation Address (SONA) announcing the plan to revise the Fisheries Code, the groups’ leaders fear that such an amendment only aims to allow commercial fishing within the 15-kilometer municipal fishing ground exclusive for small fishermen.

Pamalakaya national chairman Fernando Hicap strongly rejected the plan to amend the Fisheries Code to allow commercial fishing vessels to catch fish in municipal fishing grounds.

A commercial fishing vessel can harvest at least 3 tons of fish in one expedition, outcompeting small and mostly subsistence fishermen who live in coastal municipalities and are taking home an average of 5 kilos of fish per day.

Small fishermen w orking together with a bigger motorized fishing boat can harvest a lot more, but unlike commercial fishing vessels, they bring home less than a three-tonner commercial fishing vessel.

“It is obvious that the announcement of President Marcos to amend the Fisheries Code purportedly for harmonization was the result of the continuous lobbying of big-fishing firms to operate within the municipal waters,” Hicap said.

For its part, Oceana believes that contrary to the President’s pronouncement in his SONA, Republic Act 10654 does not need to be amended.

“We must first comprehensively and fully implement key reforms that were introduced by RA 10654,” Oceana acting vice president Rose Liza EismaOsorio said.

According to Osorio, on top of the list that needs to be done is the sciencebased, ecosystem approach to managing our depleting fishing grounds through Fisheries Management Areas where efforts are just starting.

“We also must prioritize the implementation of transparency measures that are critical in combatting illegal, unreported, and unregulated [IUU] fishing, specifically the installation of vessel monitoring measures [VMM] on commercial fishing vessels and electronic reporting system [ERS] of fish catch that should be publicly accessible. The solution is not to amend, but instead to implement. We must ensure that all these measures are fully implemented to address the worsening conditions of our fisheries,” she said.

Oceana believes the Fisheries Management Area (FMA) system under the Fisheries Code, as amended, already provides a science-based, participatory, and transparent mechanism to sustainably manage our fisheries.

“The law is clear about the state’s policy, adopting the precautionary principle and management of the fishery and aquatic resources through the ecosystembased approach and integrated coastal management through the FMA system,” said Osorio. Among the proposed amendments presented by the Bureau of Fisheries and A quatic Resources (BFAR) together with the commercial fishing sector call for a weakening of the Amended Fisheries Code, she noted.

This includes a compromise of Section 16 of RA 10654, which defines the jurisdiction of local government units, and Section 18, which effectively opens the use of municipal waters to commercial fishing activities. It was also clear that these proposals did not undergo the required consultations by all stakeholders, including the local governments that exercise direct jurisdiction over these waters.

Clearly, this is a blatant disregard of the 1987 Constitution because the proposed amendments undermine the preferential rights of subsistence fisherfolk to the use of local marine and fishing resources in municipal waters and of the State’s duty to protect the nation’s marine wealth with the priority to subsistence fishermen. The proposed amendment is short of the foresight needed to stop the further depletion of major fishing grounds inside municipal waters. This alarming development can affect all fishing sectors—both municipal and commercial. It bears stressing that we need to sustain the resources inside municipal waters using science-based legislation because these are important to all fisheries sectors alike,” Osorio said.

Jonathan L. Mayuga

By Rene Acosta

SEARCH and rescue teams from the Philippine Coast Guard (PCG) and other government agencies are continuing to scour the Laguna Lake in search of passengers of a motorized banca that sank on Thursday afternoon, killing 26 people.

The tragedy struck as the government is busy attending to the effect of typhoon “Egay” by bringing emergency quick assistance to the affected families across the country, while at the same time, undertaking rescue operations and rehabilitation works.

“The search and rescue, and retrieval operations have resumed,” the PCG said in a statement issued on Friday as teams searched the waters of Talim Island in Binangonan, Rizal for the passengers of motor banca MB

Princess Aya.

The ill-fated vessel left Barangay Kalinawan, Talim Island in Binangonan on its way to Barangay Gulod, also Talim Island and part of Binangonan, when it capsized just 10 minutes after sailing.

The motorized banca was reportedly struck by a strong wind gust and a huge wave whipped up by Egay, which forced its passengers to panic and dashed to its left side, causing the banca to flip over.

The PCG said 26 bodies were fished out, while 40 others were rescued. Of those drowned, 14 have been identified, while 12 others remain unidentified.

The MB Princess Aya has two crews and a boat captain, and has a maximum capacity of 42 passengers, but apparently, it was carrying more than its allowed limit.

Meanwhile, the National Disaster Risk Reduction and Management Council (NDRRMC) reported that casualties from Egay have risen to seven with 12 injured and 20 missing.

At least 140,923 families or 502,782 individuals were also affected in 1,612 barangays in Regions 1, 2, 3, 4-A, 4-B, 5, 6, 10, 11 and 12, and in the BARMM and CAR.

As of Friday, at least 82 roads and three bridges in the affected regions, especially in Luzon remained impassable, while power supply in 98 cities and towns and communication lines in seven other areas in Regions 1 and 2 are still down.

Egay also damaged or totally destroyed 2,002 houses.

Damage in the agriculture sector has been pegged at P58, 362, 028.53 and another P656, 329, 100 in government infrastructure projects.

StanChart foresees interest rate cut in December until Q3 2024

THE Bangko Sentral ng Pilipinas (BSP) may cut interest rates by a total of 75 basis points starting in December this year until the third quarter of next year, according to British multinational bank, Standard Chartered.

In a briefing on Friday, Standard Chartered said they expect a 25 basis point (bps) cut in key policy rates in December 2023 and another 50 bps cut between the first and third quarters of next year.

This effort to reduce interest rates will help the country attract more investments.

Standard Chartered bank economist Jonathan Koh said high interest rates is one of the reasons foreign direct investments (FDIs) have been low in the Philippines, even after adjustments made in the Foreign Investment Act (FIA).

“Really the key issue now is in terms of interest rates being very high to counter inflation. So I think we have to see inflation come off and once you see inflation come off, then probably you can start seeing loosening in monetary conditions and that should be a bit more supportive to get started,” Koh said.

Koh added while investors are now allowed to own up to 100 percent of certain businesses in the Philippines, thanks to the amendments to the FIA and the Build Operate Transfer (BOT) Law Implementing Rules and Regulations (IRR), these came at a time when local and global interest rates are high.

He explained that with high interest rates, foreign investors are not keen on making investments because it would delay their returns on investment (ROI). This, he said is the reason the country’s FDIs are down 20 percent.

“When companies actually make their decision on investments, they actually do look at ROI and at the moment it’s very difficult to get attractive enough ROI to probably justify the high funding cost. So there’s probably going to remain, I think, a challenge for the investment side in the second-half of the year as well,” Koh said.

Given the low investments, the economy is expected to find it difficult to attain its 6 to 7 percent growth target this year. Standard Chartered only expects the economy to post a 5.3 percent growth on the back of high inflation and waning pent up demand.

Koh said pent up demand will normalize, especially with the latest employment numbers. He said while unemployment and underemployment have eased to record levels, more has to be done in terms of the quality of jobs. He noted that jobs growth in the formal sector has remained flat and most or 50 percent of the increase in the recent employment numbers have been driven by unpaid family workers as well as the self-employed.

With these kinds of jobs, Filipinos would have less spending power. This becomes a concern for a consumption driven economy like that of the Philippines.

Earlier, the National Economic and Development Authority (Neda) said more needs to be done to improve the quality of jobs in the Philippines to reduce poverty.

In a Post-Sona Briefing on Wednesday, Socioeconomic Planning Secretary Arsenio M. Balisacan said the unemployment number has declined to 4.3 percent, the kind of jobless rate found in developed countries.

However, Balisacan recognized that attaining a low jobless rate is different from creating decent jobs. These jobs, he said, would allow the Philippines to bring down the poverty rate to 9 percent by 2028.

Balisacan said by improving the workforce, the government can also attract investments that will allow the establishment of factories and new age businesses—those into artificial intelligence—that will ensure the sustainability of the growth of the economy not only today but in the years to come. By building factories and plants that create new equipment as well as investments in roads and bridges, more businesses will come to the Philippines and provide quality jobs to Filipinos. Cai U. Ordinario

Sen. Mark Villar commends Frasco’s accomplishments as Tourism chief

SENATOR Mark Villar praised the Department of Tourism (DOT) for its major accomplishments in the past year.

“I would like to commend the DOT for their efforts in the past year. As stated by President BBM [President Ferdinand R. Marcos Jr.] in his SONA [State of the Nation Address], we already had 3 million international visitors just from January to July this year, that’s already 62 percent of the 4.8 million target for year 2023. This goes to show that the DOT has been relentless in their efforts to bring more tourists in the Philippines,” Villar said.

Domestic tourism also proved to be a catalyst for economic recovery and tourism industry resurgence with about 102 million domestic trips in 2022.

“Aside from the international tourism we must also recognize the efforts of DOT in terms of our domestic tourism. Malaking bagaynanapasiglangDOT, sapangungunani Secretary (Maria Esperanza Christina) Frasco, ang ating lokal na turismo sapagkat ito ay nakaka create ng maraming oportunidad para sa ating mga kababayan,” Villar said. The President also mentioned in his SONA that tourism plays a vital role in our economic recovery.

“As long as the DOT continues its current programs and policies, I’m confident we will not only hit record numbers in international and domestic tourists but we will also be the primary tourist destination in our region.” Villar said.