Category: Business Mirror

Ocean Sun AS and ACEN-Silverwolf Pte Ltd., a joint venture between ACEN Renewables International Pte. Ltd. (ACRI) and Silverwolf Capital Ltd., signed a memorandum of understanding (MoU) to establish a framework that will accelerate the former’s utility-scale floating solar project across selected Asian markets.

In a disclosure to the stock exchange on Wednesday, ACEN Corp. said Ocean Sun will leverage its patented technology and established maritime expertise to support this collaboration with ACEN-Silverwolf’s ‘strong credentials’ in renewable energy and regional project development experience.

‘This MoU establishes a clear pathway to scale Ocean Sun’s floating solar technology together with a highly experienced renewable energy developer. It supports our capital light licensing strategy in the utility segment and provides a structured route from pilot projects to utility scale deployment, particularly in competitive freshwater environments,’ said Kristian Torvold, CEO of Ocean Sun AS.

For ACEN-Silverwolf, chairman Kelvin Yuen said the MoU provides a structured way to support and deploy Ocean Sun’s technology.

‘Ocean Sun brings a floating solar technology that has been developed and refined over many years, with a clear focus on robustness and suitability for freshwater installations. For ACEN-Silverwolf, this is an important consideration as we assess technologies that can be deployed at scale across our portfolio.’

ACEN-Silverwolf and its group companies own and operate over 100 megawatts of commercial and industrial renewable energy assets across China, Hong Kong, Malaysia, Thailand, and Singapore.

Last April, ACEN reported that it delivered ‘resilient core performance’ in 2025. Core net income after tax reached P6.3 billion last year, up 4 percent year-on-year, while core attributable EBITDA went up by 17 percent to P22.5 billion.

‘Financially, 2025 presented a more challenging operating environment. Weather-related disruptions, including typhoons in the Philippines, affected asset availability. Lower irradiance in key markets and softer spot market conditions also weighed on generation and revenues. Accounting provisions further impacted reported earnings,’ said company president Eric Francia.

THE tropical season calls for a refreshing dessert. Imagine: Layers of light chiffon cake with rich yet smooth vanilla custard spread, topped with glossy gelatin and seasonal fruits. Each bite is a burst of flavors-a sweet treat in this hot weather. Pastry chefs Leslie Bitoy and Elijah Coronado believe Crema de Fruta is more than just a confection in many Filipino homes.

‘It is a quiet marker of celebration, arriving at the table only when something meaningful is being marked: Birthdays, anniversaries, holidays, reunions-moments when the house feels fuller, louder, warmer,’ they explained.

‘Every bite feels like a reminder that celebration does not always need grandeur-sometimes it only needs something cold, something made with care, and something shared and meant to be enjoyed together,’ they added.

The culinary experts recommend the decadent Filipino cake for those who crave something sweet but not heavy, rejuvenating but not plain, in this balmy weather. ‘Masarap, hindi masyadong matamis,’ as a tita would say.

‘Chilled and delicate, each slice carries contrast,’ they added. ‘It is very light on the eyes and the mouth as it offers a balance of rich, sweet and sour flavors.’

Beyond its sensory appeal, the chefs noted its practical execution. As a traditional Filipino refrigerated cake, it can be assembled and served in a single pan, requiring minimal complex finishing. This summer, the chef-educators shared their recipe for the dessert-ideal for this season’s tropical treat, ideal for summer gatherings.

THE majority leader of the House of Representatives has filed a measure seeking to establish a mental health voucher system under the Philippine Health Insurance Corporation (PhilHealth) to expand access to mental health services for low- and middle-income Filipinos.

The proposed Mental Health Voucher Act, filed by House Majority Leader Ferdinand Alexander A. Marcos, aims to help cover the cost of consultations, therapy, medication, and other services, ensuring that financial constraints do not prevent individuals from seeking care.

‘Mental health care should not be a privilege available only to those who can pay for it out of pocket,’ Marcos, who represents Ilocos Norte, said in the bill’s explanatory note.

Marcos said the measure is intended to make mental health services more accessible and affordable, in line with President Marcos’ push to strengthen healthcare access and Speaker Faustino Dy III’s legislative agenda addressing the everyday needs of Filipino families.

He added that the measure envisions a system where students, parents, and workers dealing with stress, anxiety, or depression can seek professional help early.

House Bill 9327 proposes expanding PhilHealth’s mental health coverage through a voucher mechanism that would grant qualified members and their dependents pre-approved subsidies for services and medication.

The bill builds on Republic Act 11036, or the Mental Health Act, by introducing a direct financing system aimed at addressing gaps in access caused by high treatment costs.

Under the proposal, PhilHealth would issue non-transferable vouchers to beneficiaries diagnosed with mental health conditions by licensed physicians. These vouchers may be used only with accredited mental health providers.

Applicants must submit a mental health assessment certificate issued by a psychiatrist from a Department of Health-accredited government hospital, detailing the diagnosis, treatment plan, and prescribed medication.

PhilHealth would also be tasked with developing a simplified application process, including digital platforms, to facilitate access to the program.

Approved vouchers would specify the benefit package, covered services, and validity period, which would range from six to 12 months and could be renewed annually upon reassessment.

The bill outlines tiered benefit packages: a basic package for early-stage conditions, a standard package for moderate cases, and a comprehensive package for severe or chronic conditions. The basic package would include six to 10 psychiatric consultations annually, at least six therapy sessions, and monthly medication support. The standard package would expand coverage to up to 15 consultations, at least 12 therapy sessions, and access to diagnostics. The comprehensive package would provide more extensive consultations, at least 20 therapy sessions, and expanded support for medication and rehabilitation.

Marcos emphasized that mental health issues have far-reaching effects beyond individuals.

The measure also proposes the creation of a dedicated mental health fund pool within PhilHealth, to be sourced from its funds, annual appropriations, and other revenues such as sin taxes. PhilHealth would serve as the lead implementing agency, in coordination with the Department of Health and the National Mental Health Council, which would help set standards, accredit providers, and monitor the program’s implementation.

THE Bangko Sentral ng Pilipinas (BSP) may start requiring publicly listed banks to disclose ‘sustainability-related’ financial information by 2027.

In a draft circular, the central bank released a set of proposed guidelines on the adoption of the Philippine Financial Reporting Standards (PFRS) S1 and S2 on Sustainability-related Disclosures.

According to the BSP, the amended requirements aim to enhance the quality, consistency, and comparability of sustainability-related information disclosed by banks, strengthen market discipline, and support stakeholders in making ‘well-informed’ assessments of sustainability-related risks, opportunities and long-term resilience.

Moreover, the amendments promote ‘better integration’ of sustainability-related risks and opportunities into banks’ corporate governance and risk management frameworks, the central bank noted.

As such, the BSP said Section 153 of the Manual of Regulations for Banks (MORB) shall be amended.

Under the Disclosure Requirements, publicly listed banks and Universal and Commercial Banks (UKBs) are subject to a tiered implementation schedule.

Under tier 1, the proposed amendment noted that publicly listed banks with market capitalization of more than P50 billion as of December 31,2025, or as of the date of listing after December 31,2025 are scheduled to start reporting in 2027, for fiscal year beginning on or after January 1,2026.

For tier 2, publicly-listed banks with market capitalization ranging from P3 billion up to P5 billion as of December 31,2025 and non-listed UKBs with capital of more than P50 billion as of December 31,2025 are obliged to start reporting in 2028 for fiscal year beginning on or after January 1, 2027.

Meanwhile, under tier 3, the following may be required to start reporting in 2029 for fiscal year beginning on or after January 1,2028: publicly listed banks with market capitalization of P3 billion or less as of December 31,225 or at the date of listing after December 31,2025; publicly listed banks whose debt securities are listed solely on the Philippine Dealing and Exchange Corp. (PDEx) and have no equity securities listed in PSE, and non-listed UKBs with capital of P50 billion or less as of December 31,2025. As for reporting requirements, BSP said publicly-listed banks and UKBs, excluding branches of foreign banks, shall submit to the Department of Supervisory Analytics of the Bangko Sentral a Sustainability Report either as an attachment to, or as an integral part of, their Annual Report.

To facilitate a ‘smooth’ implementation to the sustainability-related disclosure requirements under PFRS S1 and PFRS S2, BSP said certain provisions shall be observed during the initial years of implementation.

The BSP said banks may limit their disclosures to climate-related risks and opportunities during the transition phase. This applies for the first year of adoption for Tiers 1 and 2, and for the first two years of reporting for Tier 3. Another provision noted that for the first year of adoption, banks may submit their Sustainability Report after the publication of their related audited financial statements, either: together with the next second-quarter or half-year interim financial statements; or within nine months from the end of the reporting period, if no interim financial statements are issued.

This relief, the BSP said, applies to all tiers for the first reporting year. The BSP said in its circular that these non-listed banks shall disclose the following minimum information in their Annual Reports:

a. Overall Sustainability strategic objectives and risk appetite

b. Overview of EandS risk management system, including how the same interacts with credit, operational, and/or liquidity risk management, among others;

c. Products/services aligned with the bank’s Sustainable Finance Framework or with internationally recognized sustainability standards and practices. This shall include the issuance of green, social or sustainability bonds, including other sustainable bonds falling within acceptable definitions and other permissible instruments, as provided under Secs. 246 and 614;

d. Breakdown of EandS risk exposures of the bank per industry or sector or location;

e. Information on existing and emerging EandS risks and their impact on the bank; and

f. Other initiatives to promote adherence to internationally recognized sustainability standards and practices, including the progress of implementation of efforts undertaken to integrate sustainability principles into the bank’s governance framework, risk management system, business strategy, and operations.

THE United States Embassy convened law enforcement officials and cultural heritage specialists from Asean member states for the workshop on ‘Combating Cultural Property Trafficking in Southeast Asia.’

Funded by the U.S. Department of State and hosted in the Philippines during its Asean Chairship Year, the workshop held from May 5 to 8 at the Ayala Museum in Makati City strengthened the national security of the US and Asean member states. It enhanced regional cooperation to disrupt criminal networks and terrorist organizations that steal and sell artifacts to finance organized crime and other criminal activities.

‘When cultural objects are stolen, communities lose part of their history and identity,’ Chargé d’Affaires a.i. Y. Robert Ewing of the US Embassy said in his opening remarks. ‘Cultural property trafficking is closely tied to transnational organized crime, and in some cases, to terrorist financing.’

Ewing noted that ‘groups like ISIS have used the sale of antiquities to generate revenue, turning cultural heritage into a tool for violence and instability.’

‘Strong relationships between investigators, prosecutors, and cultural experts are essential,’ the embassy official added. ‘The US stands with Asean partners in this effort. Together, we can disrupt these networks and protect the cultural heritage that defines this region.’

Complexities uncovered

THROUGHOUT the four-day workshop implemented by US nonprofit organization Antiquities Coalition, 20 participants from across Southeast Asia learned about the scope and complexity of cultural property trafficking in the region; the links between antiquities trafficking and financial crimes; approaches to strengthen coordination across agencies within their governments; and provisions of international, regional, and national legal instruments that govern the protection of cultural property.

Executive Director Tess Davis of Antiquities Coalition said cultural trafficking persists due to the art market’s global reach, high value, and weak regulation.

‘This is not a problem any country can solve alone. This trade harms cultural heritage, local communities, and national economies,’ Davis said. ‘That is why the partnership between the US and Asean matters so much. It is fitting that we are gathered in a country whose cultural heritage is among the richest in the region.’ Officials from the US Department of State, Federal Bureau of Investigation, Customs and Border Protection, and Homeland Security Investigations presented American approaches to investigating and prosecuting cultural property crimes. They highlighted the value of Cultural Property Agreements-bilateral agreements with partner countries that prevent trafficked artifacts from entering the US.

Roadmap developed

AT the end of the workshop, participants examined their respective countries’ cultural heritage protection frameworks and developed a roadmap for sustained cooperation among Asean nations, the US, and other stakeholders to combat the illicit antiquities trade. The workshop was built on a high-level US-Asean meeting on cooperation to combat cultural property trafficking held in Jakarta last April, and aligns with US efforts to secure Cultural Property Agreements with countries across the region. The issue spans all three pillars of the Asean community: sociocultural, economic, and security, making the cooperation essential to safeguarding cultural heritage, protecting tourism and local economies, as well as strengthening regional security.

Criminal syndicates and terrorist organizations generate millions of dollars by looting temples, archaeological sites, and museums across the world, then selling stolen objects on the international market to finance terrorist groups and organized crime-the same networks that engage in drug trafficking, money laundering, and armed conflict.

US law enforcement has led global efforts in this fight, as it recovered more than 2,500 trafficked items between 2011 and 2023 tied to the Kapoor network valued at more than $143 million.

THE new Senate leadership on Wednesday announced more changes in permanent committee chairmanships, including the influential Blue-Ribbon panel, which Sen. Panfilo Lacson yielded to Sen. Pia Cayetano-contrary to speculations it would go back to Lacson’s antagonist, Sen. Rodante Marcoleta.

Marcoleta, however, was named the Senate’s representative to the Judicial and Bar Council (JBC), replacing Sen. Francis Pangilinan.

With the Blue-Ribbon panel, Sen. Pia Cayetano now holds three key committees under the term of her brother Alan Peter Cayetano, elected in a coup last March 11.

Sen. Imelda Josefa Remedios Marcos, the President’s estranged sister, got back her post as chairman of the Foreign Relations committee, replacing Sen. Erwin Tulfo, one of the nine senators in the minority.

Sen. Camille Villar, who with her brother Sen. Mark Villar bolted to the Cayetano camp to oust Vicente Sotto III as Senate President, keeps the Committee on the Environment, Natural Resources and Climate Change.

Camille got a new committee to lead: that of Government Corporations and Public Enterprises, vice Mark Villar.

Sen. Robinhood Padilla is the new chief of the Committee on Constitutional Amendments, vice Sen. Francis Pangilinan. Padilla has become the subject of calls to be charged with obstruction of justicefor helping Sen. Ronald dela Rosa escape from the Senate premises at dawn of March 14, to avoid a warrant of arrest from the International Criminal Court (ICC), where he is tagged as co-conspirator in the crimes against humanity case of former President Rodrigo Duterte.

Dela Rosa, missing since May 14, was the chief enforcer of Duterte’s dirty war on drugs that was marred by thousands of extra-judicial killings.

WOMEN from the Philippine Embassy in Amman, led by Madame Geraldine C. Lucero-Santos, participated in the Asean Ladies’ Circle in Amman (ALCA) meeting hosted by the Embassy of Malaysia under the leadership Madame Datin Rosidah Shafawi at the Embassy of Malaysia.

Held under the theme ‘Spices, Motifs and Kebaya: The Baba and Nyonya Experience,’ the gathering in mid-April aimed at strengthening camaraderie and solidarity among Asean diplomatic ladies in Jordan. The event provided an engaging cultural immersion into Malaysian heritage, highlighting the rich traditions of the Baba and Nyonya community.

The participants enjoyed a program that featured a cultural introduction, a sing-along of traditional songs called ‘Rasa Sayang,’ and a batik-painting activity. A raffle draw added excitement and created a warm, friendly atmosphere.

During the meeting, ALCA members discussed upcoming activities and initiatives, reinforcing the organization’s commitment to promoting unity and cooperation within the Asean community in Amman.

The group warmly welcomed two new members: Ambassador Jirapon Jirampaikool of Thailand, and Ambassador Rita Nursuhaila Ridzuan of Malaysia, then bid farewell to five others.

The ALCA remains an active platform for promoting Asean identity, advancing friendship among member nations, and providing an avenue for cultural initiatives in the Kingdom of Jordan.

After prevailing in its court fight with Elon Musk, OpenAI-the ChatGPT maker valued at $852 billion-remains on track for what could be one of the largest initial public offerings in history.

Musk had been seeking the ouster of his fellow OpenAI co-founder, CEO Sam Altman, among other changes to the company. But with testimony from witnesses who called Altman dishonest, he’s hardly emerged unscathed.

At a time of growing concern about artificial intelligence’s impacts, the landmark trial also shed new light on the flaws and outsize ambitions of the small number of billionaires steering the development of the breakthrough technology.

The trial was a reminder, said Sarah Kreps, director of Cornell University’s Tech Policy Institute, ‘of how much the future of AI still depends on a remarkably small group of powerful tech figures and their personal rivalries.’

‘The trial highlighted not just a dispute between Musk and Altman, but a broader disconnect between the people building these systems and many of the people increasingly expected to live and work alongside them,’ Kreps said.

Musk had accused OpenAI, Altman and his top lieutenant Greg Brockman of betraying a shared vision for it to remain a nonprofit dedicated to guiding AI’s development for the good of humanity. Altman, in turn, accused Musk of trying to hobble the ChatGPT maker for the benefit of his own AI company.

On Monday, the nine-person federal jury in Oakland, California, found that Musk waited too long to file his lawsuit and missed a statutory deadline. After a three-week trial that included hundreds of pieces of evidence and some of tech’s biggest names on the stand, the jury deliberated less than two hours before returning a verdict essentially on a technicality.

Musk said he will appeal and called Judge Yvonne Gonzalez Rogers, who oversaw the trial, a ‘terrible activist Oakland judge, who simply used the jury as a fig leaf’ to create a bad precedent. ‘She just handed out a free license to loot charities if you can keep the looting quiet for a few years!’ Musk wrote on his social media platform X. It was the second major courtroom loss for Musk in less than two months.

Gonzalez Rogers made it clear early on in the trial that she did not want it to become a debate over AI’s dangers. But the unresolved questions about the risks AI poses for job losses, mental health issues and even humanity’s extinction served as a backdrop for the proceedings, with protesters decrying both Musk and Altman becoming a regular presence outside the federal courthouse. Demonstrators’ signs declared the real losers were regular people industry controlled by out-of-touch billionaires who can’t get along.

‘This is a funny microcosm of this moment where we have this hugely important technology that’s being developed by for-profit corporations run by people like Musk and Altman and not as the part of some government-led initiative,’ said Columbia Law School professor Dorothy Lund.

The trial laid bare some of Silicon Valley’s messy inner workings, with emails, diary entries and sometimes embarrassing text message exchanges shown as evidence. Texts between Altman and a former OpenAI executive became meme fodder and the subject of parody songs. The trial shed light on Altman’s removal from the OpenAI board in 2023, before he returned to his role a few days later. Several witnesses including two ex-board members, Helen Toner and Tasha McCauley, said there were concerns about Altman’s truthfulness.

Throughout the trial, OpenAI brushed off Musk’s allegations of betrayal as an unfounded case of sour grapes aimed at undercutting the company’s rapid growth and bolstering Musk’s own artificial intelligence company, xAI, which is now part of SpaceX.

Both Musk’s SpaceX and OpenAI are planning massive initial public offerings, as is Anthropic, which was formed by a group of seven ex-OpenAI leaders.

‘It’s a lot of dirty laundry that doesn’t look very appealing, I suppose, and so that may hurt their reputation and may have downstream effects on all kinds of things that you can’t even anticipate,’ said University of Richmond Law School professor Carl Tobias. ‘But you know, AI is likely to come forward and continue even if it isn’t OpenAI.’

THE Embassy of Israel in the Philippines, led by Ambassador Dana Kursh and Consul Moti Cohen, recently conducted an online dialogue with more than 70 business owners and stakeholders in Siargao where they tackled recent public discussions on Israeli visitors on the island.

The virtual meeting was organized following the cancellation of a planned in-person gathering in General Luna, Siargao. The embassy explained that the physical dialog could not proceed due to coordination and protocol considerations after the meeting’s program could no longer be maintained as originally planned.

Despite the cancellation, Kursh emphasized the importance of continuing open and constructive communication with the local community.

‘We are here because we care about Siargao, its people, its future, and its reputation as a world-class tourism and surfing destination,’ the ambassador said. ‘Our intention in visiting Siargao was to listen, to learn, and to strengthen cooperation with the local government, communities, and the business sector.’

She also expressed appreciation to Mayor Johnson Y. Sajulga, Vice Mayor Dr. Romina Rusillon-Sajulga and the local government unit of General Luna for their hospitality, partnership, and openness throughout the embassy delegation’s visit.

During the discussion, participants openly raised questions and concerns regarding tourism, community relations, and public behavior on the island. Kursh and Cohen addressed the issues raised, and reaffirmed the embassy’s commitment to responsible engagement and continued dialogue with local stakeholders.

The embassy cited ongoing public discussions-including conversations circulating on social media-regarding some Israeli visitors’ behavior on the island.

Participants were encouraged to report legitimate incidents of misconduct through proper legal channels and local authorities to ensure due process and fact-based investigation. The embassy reiterated that Philippine authorities retain jurisdiction over local legal matters. It also called for balanced and constructive discussions, emphasizing that dialogue, verified information, and cooperation are more effective than online hostility, speculation, or public confrontation.

Meeting in executive session, the U.S. Senate has confirmed Florida businessman Lee Lipton as Ambassador to the Philippines, by a narrow 46-43 vote, US Congressional Records showed.

His appointment marks the first time since 1969 that a political appointee, rather than a career Foreign Service officer, will serve in Manila – widely regarded as one of America’s most crucial diplomatic posts in Asia.

Lipton’s confirmation was part of a bloc of executive and diplomatic nominations recorded in the Congressional Record, which also included ambassadors to Iceland, Sri Lanka, Vietnam, Slovenia, and ASEAN, as well as U.S. Attorneys, Assistant Secretaries, and members of regulatory commissions.

Lipton’s Background

Lipton is a Florida-based businessman and political appointee with long ties to President Trump. Before entering public service, he founded and led an apparel business in New York City, overseeing design, manufacturing, marketing, and distribution for licensed brands such as Calvin Klein, St. John Knits, and Guess.

He later moved into hospitality, owning oceanfront restaurants in Florida, including Benny’s on the Beach in Lake Worth Beach.

By early 2025, Lipton was serving as Interim Permanent Representative to the U.S. Mission to the Organization of American States, where he handled mission operations and interagency coordination.

Reports describe him as a loyal Trump ally and member of the exclusive Mar-a-Lago club. He holds a bachelor’s degree from Bryant University.

Senate Hearing AgendaAt his confirmation hearing on March 5, Lipton pledged to confront China’s ‘unlawful expansion’ in the South China Sea and strengthen Manila’s resilience.

He cited U.S. investments in the Luzon Economic Corridor as a counterweight to Beijing’s influence and vowed to prioritize implementation of the Philippines Enhanced Resilience Act (Pera), which authorizes $500 million in grants and $1 billion in loans for defense modernization.

He also warned of AI-driven disinformation and cyberattacks ahead of the Philippines’ 2028 elections, advocated exploring nuclear energy partnerships to address high electricity costs, and acknowledged the importance of the Filipino-American community.

Romualdez’s Welcome

Philippine Ambassador to Washington Jose Manuel G. Romualdez welcomed Lipton publicly on X, writing: ‘Pleasure to meet incoming U.S. Amb to the PH Lee Lipton before he departs to PH. We had a productive exchange on PH-US relations #FriendsPartnersAllies and opportunities as we commemorate 80 yrs of PH-US relations. Looking forward to working with him!’

Romualdez’s remarks highlight Manila’s readiness to engage with Lipton as both countries mark the 80th anniversary of diplomatic relations and the 75th anniversary of the Mutual Defense Treaty.